TCREUR_Public/060501.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, May 01, 2006, Vol. 7, No. 85     

                            Headlines


A U S T R I A

BAWAG PSK: Deloitte Begins 2005 Financial Audit


F R A N C E

ALCATEL S.A.: Taps C. Reinaudo to Lead Integration Project Team
ALSTOM SA: France to Sell Stake to Bouygues for EUR1.26 Billion


G E O R G I A

BANK OF GEORGIA: Moody's Gives B3/NP Foreign Currency Rating


G E R M A N Y

ALLGEMEINE HYPOTHEKENBANK: Fitch Raises Individual Rating to D/E
ISTIKBAL DONER: Claims Filing Period Ends May 2
KABEL DEUTSCHLAND: Fitch Corrects Version Issued
KARSTADTQUELLE AG: Names Peter Wolf New Management Board Member
KARSTADTQUELLE AG: Sells EUR4.5 Bln Assets to Pay Debt Early

KF ENGINEERING: Claims Registration Ends May 2
MSW TELEFONMARKETING: Claims Registration Ends May 2
NEW TECH: Claims Filing Period Ends May 2
RUETH TEXTIL: Claims Filing Period Ends May 2
W. BERKENKAMP: Claims Registration Ends May 2


I R E L A N D

NOMOS CAPITAL: Fitch Rates New Notes at Long-Term B+


I T A L Y

DAMOVO GROUP: Weak Earnings Prompt Moody's Negative Outlook


K A Z A K H S T A N

AZI: Creditors Must File Claims by May 5
EVRO BISKUIT: Creditors Must File Claims by May 5
FARABI: Creditors Must File Claims by May 5
IGNIS: Court Sets May 5 Claims Bar Date
KENJETAI: Claims Registration Ends May 5

ROSKO: Creditors' Claims Due May 5
SARTOMAR-SK: Claims Registration Ends May 5
TEHBYTSERVICE: Court Sets May 5 Claims Bar Date
TEHNO-LEASING COMPANY: Creditors' Claims Due May 5


L A T V I A

PAREX BANKA: Fitch Rates Upcoming Eurobond Issue at BB+


N E T H E R L A N D S

CONCERTO I: Fitch Junks Ratings on Four CDO Classes


N O R W A Y

PETROLEUM GEO-SERVICES: To Release 2005 Financial Report


R U S S I A

CITRUS TRADING: Moscow Court Opens Bankruptcy Proceedings
ELANSKIY: Bankruptcy Hearing Slated Today
KIROVSKIY FLOUR: Creditors' Meeting Slated for June 7
MATYSHEVSKOYE: Deadline for Proofs of Claim Set for May 11
MIYAKINSKIY PRODUCTION: Bankruptcy Hearing Slated for Sept. 6

NOMOS-BANK: Fitch Raises Issuer Default Ratings to B+
PEREVOLOTSKIY: Claim Filing Period Ends May 11
PETERSBURG SOCIAL: Fitch Junks Issuer Default Rating
RYAZHSKAYA SEL-KHOZ-TEKHNICA: Court Set May 11 Claims Bar Date
SEL-KHOZ-KHIMIA: Deadline for Proofs of Claim Set for May 11

OAO GAZPROM: Continues Cooperation Talks with Kyrgyzstan
OAO GAZPROM: Hearing on RUB394-Mln Claim Reset for May 25
OAO NOVATEK: Reports Preliminary First Quarter Operating Results
OAO SEVERSTAL: Annual General Shareholders Mtg. Set for June 9
SIBACADEMBANK: Fitch Upgrades Issuer Default Rating to B

SOLNECHNOYE: Moscow Court Commences Bankruptcy Supervision
TRANS-DOR-STROY: Creditors Must File Claims Slated for May 11
YUKOS OIL: Moscow Court to Consider CEO Appointment by June 5


U K R A I N E

KIROVOGRADSKIJ PLODOOVOCHKOMBINAT: Succumbs to Bankruptcy
N.T.M: Court Names Oleksandr Trizna Temporary Insolvency Manager
OKTAVA: Ivano-Frankivsk Court Starts Bankruptcy Supervision
OBLAGROSHLYAHBUD: Court Names Ivanov Vladislav Liquidator
RAVADOL: Court Appoints O. Filonenko to Liquidate Assets

UKRSIBBANK: Fitch Lifts Issuer Default Rating to BB-
YUZHAGRORESURS: Zaporizhya Court Opens Bankruptcy Proceedings
ZAPORIZHYA' BOILER: C. Petro Named Interim Insolvency Manager


U N I T E D   K I N G D O M

BATES GUEST: Mounting Debts Prompt Liquidation
BLUE BUS: Creditors Pass Winding Up Resolution
BLUES DIGITAL: Appoints Irwin & Co. Administrator
BPRI CONSULTING: Hires Joint Administrators from Tenon Recovery
CAFE 39: Hires Joint Liquidators to Administer Assets

CARRICOM LIMITED: Creditors Confirm Voluntary Liquidation
CONVERGENCE HOLDINGS: Brings In Kroll Limited Administrator
CROWN ELECTRICAL: Winds Up Operations & Appoints Liquidator
DAMOVO GROUP: Weak Earnings Prompt Moody's Negative Outlook
DAVID ALLAN: Taps Joint Administrators from Critchleys

DAVID JENKINS: Names Stonham.Co to Administrator Assets
DEVINIA INTERNATIONAL: Hires Robson Rhodes Administrator
E-LOQUENTIA: Names Michael Young to Liquidate Assets
ELY WINDOWS: Creditors Name Gerald Krasner as Liquidator
FABTECH ENGINEERING: Names Jackson Jolliffe Cork Administrator

HUNTER RUBBER: Appoints KPMG Administrator
IMAGESTATE (EUROPE): Brings In Kroll Limited as Administrator
LUXFER HOLDINGS: S&P Places Junk Credit Rating on Positive Watch
JPL TECHNOLOGY: Names Kroll Limited to Administer Assets
MISYS PLC: Buys Back 500,000 Ordinary Shares

P G K BUILDING: Brings In Joint Administrators from JJ Cork
PRESSCROFT LIMITED: Hires Administrators from P&A
RANK GROUP: Repurchases 1.2 Mln Ordinary Shares for Cancellation
REFCO INC: Secured Creditors Want Budget Committee Set Up
STARDECK CATERING: Appoints Hurst Morrison Administrator

TLC LEISURE: Names Joint Administrators from Herron Fisher
VALENBECK LIMITED: Hires Tenon Recovery Administrator
WARE REALISATIONS: Joint Liquidators Take Over Operations
WARLEY PARK: Liquidates Assets & Names Clive Hammond Liquidator
W.R.D. LIMITED: Creditors Move to Liquidate Assets

* Fitch Sets Up Distressed Recovery Ratings for Europe & US

                            *********


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


BAWAG PSK: Deloitte Begins 2005 Financial Audit
-----------------------------------------------
The Managing Board of BAWAG P.S.K. appointed Deloitte on
April 3, as second auditor for the 2005 financial statements in
cooperation with the financial market supervisory authorities in
order to ensure absolute certainty.  The Austrian bank said the
auditors have already begun their work.

The balance sheet for 2005 will be prepared quickly, but under
no time pressure.  BAWAG doesn't believe that this will delay
the sale proceedings that have already been initiated.

The financial market supervisory authorities are already
examining the bank's financial statements for the previous
years.  BAWAG says it is confident that these examinations will
reveal no irregularities.

                  New Supervisory Board

BAWAG's new Supervisory Board is composed of:   

   -- Siegfried Sellitsch (Chairman), former CEO of Wiener
      Staedtische insurance group

   -- Dwora Stein (Deputy Chairperson), executive manager of
      private-sector employees - union GPA

   -- Monika Fraissl, EVN energy group

   -- Albert Hochleitner, former CEO, Siemens Austria

   -- Max Kothbauer, former board member of Wiener Staedtische
      and Creditanstalt, former CEO of P.S.K.

   -- Georg Kovarik, chief economist, Austrian Trade Union
      Federation (OeGB)

   -- Werner Muhm, director, Vienna Chamber of Labour

   -- Richard Schenz, former CEO of OMV energy group, government
      adviser for capital markets

   -- Gabriela Zraunig, chief financial controller,
      Oesterreichische Post AG

Five staff representatives were also appointed during the bank's
Annual General Meeting:

   -- Ingrid Streibel-Zarfl,
   -- Rudolf Leeb,
   -- Brigitte Jakubovits,
   -- Beatrix Proll, and
   -- Manuela Gostel.

"The supervisory and managing boards will now focus on the
future," Mr. Sellitsch said.  "The most important next step for
the bank, the restructuring of its ownership following the
OeGB's decision to offer some or all of its shares for sale,
will be well prepared and supported by the professional new team
on the Supervisory Board and the newly formed Managing Board."

The new chairman also welcomed the measures already taken by the
Managing Board under Mr. Nowotny to implement improved corporate
governance rules and a risk management and control policy.

The available figures for the first quarter of 2006 show that
BAWAG's attractive products and competitive terms continue to
enjoy strong demand.  A new capital-guaranteed mutual fund,
Global Kapitalgarant, launched in February and March pushed up
the volume of fund assets under management by EUR120 million.  
New disbursements of consumer and home-improvement loans were 10
percent above last year and new private checking accounts opened
were significantly higher than in the first quarter of 2005.

Headquartered in Vienna, Austria, BAWAG P.S.K., formally known
as Bank Fuer Arbeit und Wirtschaft AG, had total assets of
EUR56.3 billion as of Dec. 31, 2004.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 29,
Moody's Investors Service has downgraded to C- from C the bank
financial strength rating of Bawag P.S.K. Bank fuer Arbeit und
Wirtschaft und Oesterreichische Postsparkasse AG (Bawag P.S.K.)
and put this rating as well as all other short- and long-term
ratings of BAWAG P.S.K. on review for possible downgrade.

These ratings were put under review for possible downgrade:

   -- Bawag P.S.K. long-term debt and deposit rating of A3;

   -- Bawag P.S.K. short-term debt and deposit rating of P-1;

   -- Bawag P.S.K. FSR of C-;

   -- Bawag Capital Finance (Jersey) Ltd debt and deposit rating
      of Baa2;

   -- Bawag Capital Finance (Jersey) II Ltd debt and deposit
      rating of Baa2; and

   -- Bawag Capital Finance (Jersey) III Ltd debt and deposit
      rating of Baa2.


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


ALCATEL S.A.: Taps C. Reinaudo to Lead Integration Project Team
---------------------------------------------------------------
Alcatel S.A. disclosed that Christian Reinaudo, a member of the
Alcatel executive committee and currently EVP, President of
Alcatel Asia Pacific, will be appointed, EVP Integration Project
Team Leader for Alcatel, effective May 1.

The Integration Project Team will be created to manage the
integration and transition process associated with the merger
with Lucent Technologies.  Detailed information on the
Integration Project Team will be announced soon.

Frederic Rose is appointed EVP, President of Alcatel Asia
Pacific.  He will be based in Shanghai.  Frederic Rose joins the
Alcatel Executive Committee.  He was formerly President of
Alcatel's Integration and Services activities.

Stephane Terranova is appointed President, Integration and
Services activities.  He reports to Olivier Houssin, President
of Private Communications activities.

Christian Reinaudo joined Alcatel in 1978 working in the
research center at Marcoussis, France.  In 1984, he joined
Alcatel's Cable Group where he held various positions before
becoming President of Alcatel's submarine networks in 1997 and
President of Alcatel Optics in 1999.  He was appointed President
of Alcatel Asia Pacific in 2003.  He has been a member of
Alcatel's Executive Committee since 2000.  Reinaudo graduated
from the Ecole de Physique et de Chimie Industrielle de Paris,
and he holds a doctorate from the University of Paris.

Frederic Rose is President of Alcatel's Integration and Services
activities.  He was previously Chief Operating Officer of
Alcatel's Network Services activities (2000-2002).  Prior to
that, he was Senior International Counsel in Alcatel's Belgian
subsidiary and a member of the Alcatel Trade and Project Finance
Team.  Prior to joining Alcatel in 1993, Frederic Rose was a
partner in the Repton Group and an associate at Marks & Murase,
both in the U.S.A.  Frederic Rose is a graduate of the
Georgetown University School of Foreign Service and the
Georgetown University Law Center.

Stephane Terranova began his career in 1986 in the satellite
activities of Alcatel followed by several positions in sales in
France, Latin America and Spain.  From 1998, he headed the
Group's Integration & Services activities to manage its
subsidiary in Spain.  From 2004, he has held international
functions in this activity, his last jobs being Senior Vice
President of Iberia and all Latin America and of the Energy
Vertical Market.  Stephane Terranova graduated from "Ecole des
Mines de Nancy."

                          About Alcatel

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

                        *     *     *

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


ALSTOM SA: France to Sell Stake to Bouygues for EUR1.26 Billion
---------------------------------------------------------------
The French government will sell its 21% stake in Alstom S.A.,
two years after purchasing the shares, to Bouygues S.A., the
Associated Press relates.

The telecom group will acquire the stake at EUR68.21 per share,
for a total of EUR1.26 billion, the French Finance Ministry
says.  Bouygues Chairman Martin Bouygues said the acquisition
would meet a "growing need for transport and power generation
infrastructure," particularly in India, China and other Asian
countries.

Bouygues has agreed to retain the stake for at least three years
and to keep its holdings below a third of Alstom's capital, AP
reports.  Bouygues, also France's third-largest mobile phone
operator, will also acquire a 50% stake at Alstom's
hydroelectric equipment business for EUR100-200 million.

The European Commission has yet to approve the deal, but is
expected not to oppose, according to published reports.

Headquartered in Paris, France, Alstom S.A. --
http://www.alstom.com/-- is a leading maker of power-generation  
systems and constructs power plants, rail equipment, luxury
passenger ships, naval vessels, and natural gas tankers.   It
also produces electrical drives, motors, and generators.  The
group generates EUR13 billion in annual revenue and employs more
than 70,000 people worldwide.  The group posted EUR865 million
in net loss and EUR1.4 billion in net debt for the financial
year 2004/2005.


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G E O R G I A
=============


BANK OF GEORGIA: Moody's Gives B3/NP Foreign Currency Rating
------------------------------------------------------------
Moody's Investors Service has assigned B3 and Baa3 long-term,
and Not-Prime and Prime-3 short-term foreign and local currency
deposit ratings, respectively, and an E+ Financial Strength
Rating to Bank of Georgia, the second largest bank in Georgia.  
The outlooks for the ratings are stable.

According to Moody's, BoG's B3 long-term foreign currency
deposit rating factors in -- and is constrained by -- foreign
currency transfer risk inherent in such instruments, and is
based on an assessment of local economic and political factors.  
Therefore, the B3 long-term foreign currency bank deposit rating
could only be upgraded as a result of a reduction in the above-
mentioned risk factors.

At the same time, the bank's Baa3/Prime-3 long- and short-term
local currency ratings are unconstrained by the foreign currency
transfer risk and are the highest currently attainable by a
Georgian bank.  These ratings reflect BoG's systemic importance
as the second-largest financial institution in the Georgian
banking sector with sizeable market share of ca.  20% as of
March 1, 2006, and hence, in Moody's view, a high likelihood
that BoG will receive financial support, in case of need, from
the Georgian authorities.  

These local currency ratings depend on the rating agency's
assessment of:

   -- the degree to which the authorities' ability to support an
      important bank may be limited due to a monetary regime
      which does not permit the creation of unlimited quantities
      of local currency; and

   -- the risk of a local currency deposit freeze.

The bank's E+ FSR, which is a measure of BoG's intrinsic
strength on a standalone basis excluding external support
factors, is underpinned by:

   -- its well-recognized name and rapidly developing franchise
      in its domestic market;

   -- the dramatically improved quality of management since a
      team of experienced Western-trained professionals took
      control of the bank;

   -- its diversified and transparent shareholder structure with
      notable influence exerted by the foreign institutional
      investors;

   -- strengthening credit policies and risk management function
      which could help to prevent asset quality problems from
      recurring in the future;

   -- the profit rebound following the loss associated with the
      large loan impairment charges in 2004;

   -- its relatively well diversified loan portfolio and deposit
      base; and

   -- its moderate level of related-party exposure compared to
      many of the bank's Commonwealth of Independent States
      (CIS) peers.

At the same time the bank's E+ FSR is constrained by:

   -- its volatile operating environment which considerably
      elevates the level of risks faced by BoG in an adverse
      scenario;

   -- its relatively small size, with profitability reliant on
      very wide interest margins with economies of scale and
      scope yet to be realized;

   -- its potentially more volatile asset quality, which is also
      weaker than for the bank's CIS peer group (though impaired
      loans are relatively well provisioned and their share has
      declined) even after the major portfolio clean-up;

   -- its unseasoned loan portfolio on the back of very rapid
      growth, especially in the retail and SME sectors, together
      with the relatively risky profile of the bank's borrowers;

   -- the relatively large, albeit shrinking, contractual
      liquidity gaps in the 3 month maturity band, due to the
      still significant, though declining, proportion of short-
      term funding; and

   -- evolving IT systems.

Headquartered in Tbilisi, the capital of Georgia, Bank of
Georgia reported total assets of US$257 million in accordance
with IFRS as at Dec. 31, 2005.  


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


ALLGEMEINE HYPOTHEKENBANK: Fitch Raises Individual Rating to D/E
----------------------------------------------------------------
Fitch Ratings placed Germany-based Allgemeine Hypothekenbank
Rheinboden's Short-term F3 and Support 2 ratings, BBB- senior
unsecured obligations, and BB+ subordinated obligations on
Rating Watch Negative.  

It assigned AHBR an Issuer Default Rating of BBB-, which is also
put on RWN.  The IDR, which replaces the Long-term rating,
applies to those obligations for which Fitch expects potential
support to be forthcoming.  

At the same time, the bank's Individual rating is upgraded to
D/E from E and remains on Rating Watch Positive.  In addition,
Fitch affirmed AHBR's outstanding public sector Pfandbriefe at
AAA while the AA+ rated mortgage Pfandbriefe was placed on RWN.

The agency downgraded AHBR's participation rights maturing in
December 2005 through to December 2008 to C/RR6 on the Recovery
Rating Scale and removed them from RWN, following the
publication of its 2005 losses.  Genussscheine maturing after
December 2008 are affirmed at CC/RR5 and removed from RWN.

The RWN on both the IDR and the Support ratings take into
account that AHBR's restructuring is likely to weaken the bank's
position as a major issuer of Pfandbriefe in the international
markets and consequently the sovereign support for it.  The
bank's owner Lone Star Funds is aiming to reposition AHBR as a
niche mortgage bank, focusing on German commercial real estate
lending.

Accordingly, AHBR intends to exit its public sector, retail and
international commercial lending during 2006.  The RWN will be
resolved when the sale of the loan portfolios, in particular the
disposal of the public sector cover pool and related
Pfandbriefe, has been materially completed.  The ratings do not
place any reliance on institutional support being provided by
Lone Star.

AHBR reported an annual loss of around EUR1.1 billion, due to
the crystallization of losses on interest rate positions and
further impairment charges in the loan book.  As a result, the
bank will create negative distributable reserves and will defer
the coupon on the profit participation rights in line with
documentation.  

The Bilanzverlust will be shared across the various capital
classes, resulting in a write-down of the face value of the
profit participation rights, subject to shareholder approval at
the annual general meeting in June 2006.  

The downgrade on the Genussscheine maturing in December 2005
through to December 2008 reflects Fitch's opinion that investors
are likely to only achieve a poor recovery while the recovery
prospects of the Genussscheine maturing after December 2008 are
below average.

The affirmation of the public sector Pfandbriefe rating relies
on the current risk profile of the cover pool compared to the
outstanding public sector Pfandbriefe being maintained,
including the existing over-collateralization.  It also assumes
that any sale of the public sector Pfandbriefe and the related
cover assets will be made to a single Pfandbriefbank with an
adequate IDR, and that the existing over-collateralization will
be transferred as well.  

The RWN on the mortgage Pfandbriefe reflects the uncertainties
concerning the future asset and liability structure of the cover
pool and the Pfandbriefe once the removal of cover assets and
the Pfandbriefe repurchase transactions as part of the
restructuring have been effected.  

In addition, the RWN addresses the upcoming change in the nature
of the cover pool from a mixed to an exclusive commercial debtor
base, including institutional investors in residential
properties.  In Fitch's view, commercial real estate exhibits a
higher risk profile than residential mortgages to private
individuals.  

The agency will pay attention to changes in the organization of
the bank's mortgage lending business once its transformation is
complete.  Finally, the resolution of the RWN of the mortgage
Pfandbriefe may also depend on any changes in AHBR's IDR.

The upgrade of AHBR's Individual rating takes into account the
on going restructuring of the bank, including its re-
capitalization.  The RWP reflects Fitch's view that the bank
will be better positioned once Lone Star completes the
restructuring, including a final closing of swap positions.  The
RWP will be resolved when AHBR's restructuring is substantially
completed and a detailed business plan becomes available.

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


ISTIKBAL DONER: Claims Filing Period Ends May 2
-----------------------------------------------
Creditors of Istikbal Doner Produktion GmbH have until May 2, to
register their claims with court-appointed provisional
administrator Hannfried Grauer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 13, 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 Chemnitz
          Saal 27
          Gerichtsgebaude
          Fuerstenstrasse 21
          Chemnitz, 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 Chemnitz opened bankruptcy proceedings
against Istikbal Doner Produktion GmbH on March 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

          Istikbal Doner Produktion GmbH
          Attn: Mehmet Aslan, Manager
          Herlasgruener Strasse 103
          08233 Treuen, Germany
         
The administrator can be contacted at:

          Hannfried Grauer
          Eckstrasse 1
          09113 Chemnitz, Germany
          E-mail: ra-grauer-chemnitz@t-online.de  


KABEL DEUTSCHLAND: Fitch Corrects Version Issued
------------------------------------------------
Fitch Ratings rectified its April 10 release on Kabel
Deutschland Vertrieb und Service GmbH & Co's free cash flow from
EUR150 million to EUR59.7 million.

This corrects the version issued by Fitch on April 10 and
published by the Troubled Company Reporter-Europe on April 13
regarding Kabel Deutschland Vertrieb und Service GmbH & Co.


KARSTADTQUELLE AG: Names Peter Wolf New Management Board Member
---------------------------------------------------------------
Peter M. Wolf, member of the Management Board at Tchibo GmbH,
Hamburg, and responsible for the Foods Division, Central and
Eastern Europe and Brand Management will move to the Management
Board of KarstadtQuelle AG, Essen on Aug. 1.

The Supervisory Board of KarstadtQuelle AG agreed to his
appointment at the group's meeting on April 25.

Mr. Wolf assumes responsibility for Over-the-Counter Retail in
the Management Board of the Group and will also follow in the
footsteps of Prof. Dr. Helmut Merkel in his function as Chairman
of the Management Board of Karstadt Warenhaus GmbH.

Prof. Merkel will concentrate on the Procurement, Logistics and
IT division that he also assumed responsibility for in March
2006 after managing the restructuring and repositioning of
Karstadt since 2003.  The Management Board and Supervisory Board
thank Prof. Merkel for his successful engagement and important
contribution to the restructuring of the KarstadtQuelle Group.

After bank training and studies in business administration
(University of Mannheim), Mr. Wolf began his career in product
management at the brand manufacturer Henkel KGaA, Duesseldorf
and then held different management positions at the
international advertising agencies J. Walter Thompson and Ted
Bates.

In 1996, Peter Wolf transferred to the Reemtsma Group as sole
Managing Director of BTM Tabakspezialit"ten GmbH (formerly Roth-
H"ndle GmbH).

After the sale of Reemtsma to Imperial Tobacco AG through the
owner Tchibo Holding AG, Mr. Wolf was appointed to the
Management Board of Tchibo GmbH.

Headquartered in Essen, Germany, KarstadtQuelle AG --
http://www.karstadtquelle.com/-- is the country's largest      
department store and mail order group.  It has annual sales of
EUR13.5 billion and employs around 90,000.  The retailer has
been suffering from sluggish consumption and high unemployment
rate in Germany.  KarstadtQuelle posted an EBITDA of -EUR428
million in 2004.  The group is currently restructuring
operations by selling off non-core assets and implementing cost-
saving measures.

The group achieved and exceeded its targets for the 2005
financial year.  Group sales, adjusted for the strong impact of
the realignment, were EUR15.45 billion, compared to EUR16.14
billion in the previous year, down 4.2 percent.  Adjusted EBITDA
improved by 5.1 percent to EUR544 million, compared to EUR518
million in the previous year.  

In 2005, net financial liabilities were reduced by a third to
EUR3.0 billion (including Thomas Cook), down from EUR4.5 billion
in the previous year.


KARSTADTQUELLE AG: Sells EUR4.5 Bln Assets to Pay Debt Early
------------------------------------------------------------
The Supervisory Board of KarstadtQuelle AG, Essen approved the
sale of 174 of the Group's properties with a total value of
EUR4.5 billion to Whitehall real estate fund.

This means that EUR3.7 billion will flow directly into the Group
by the end of the year.  75% of this sum will be due in July,
making the KarstadtQuelle Group debt-free much sooner than
planned.

Through contractually guaranteed participation in the further
exploitation of the properties (Whitehall 51%, KarstadtQuelle
49%), the company expects further revenue to the amount of
EUR800 million in the coming three to five years.

"We anticipate high appreciation for our properties in the
coming years.  That is why we decided for a strategic model that
on the one hand completely discharges us from Group liabilities
and on the other lets us participate in the appreciation of the
properties," said KarstadtQuelle AG Chairman of the Management
Board, Thomas Middelhoff, on Tuesday after the meeting of the
Supervisory Board.

"In this way, the company has created new scope for manoeuvre
and at the same time achieved optimal results for KarstadtQuelle
shareholders."

By the end of the year, the Group will have sold a further real
estate portfolio with a value of EUR600 million.  A first
tranche with property in Berlin and a total value of EUR120
million was already disposed of in the past week.

Investmentbank Rothschild supported an examination into various
options for the exploitation of the properties.  Karstadt
Warenhaus GmbH will continue to operate the department and
sporting goods stores as a tenant with a long-term rental
contract.

Headquartered in Essen, Germany, KarstadtQuelle AG --
http://www.karstadtquelle.com/-- is the country's largest      
department store and mail order group.  It has annual sales of
EUR13.5 billion and employs around 90,000.  The retailer has
been suffering from sluggish consumption and high unemployment
rate in Germany.  KarstadtQuelle posted an EBITDA of -EUR428
million in 2004.  The group is currently restructuring
operations by selling off non-core assets and implementing cost-
saving measures.

The group achieved and exceeded its targets for the 2005
financial year.  Group sales, adjusted for the strong impact of
the realignment, were EUR15.45 billion, compared to EUR16.14
billion in the previous year, down 4.2 percent.  Adjusted EBITDA
improved by 5.1 percent to EUR544 million, compared to EUR518
million in the previous year.  

In 2005, net financial liabilities were reduced by a third to
EUR3.0 billion (including Thomas Cook), down from EUR4.5 billion
in the previous year.


KF ENGINEERING: Claims Registration Ends May 2
----------------------------------------------
Creditors of KF Engineering GmbH have until May 2, to register
their claims with court-appointed provisional administrator
Holger Bluemle.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 13, 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 Karlsruhe
         Saal IV/1. OG
         Schlossplatz 23
         76131 Karlsruhe, 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 Karlsruhe opened bankruptcy proceedings
against KF Engineering GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

          KF Engineering GmbH
          Attn: Klaus Faulhaber, Manager
          Industriestr. 52
          76698 Ubstadt-Weiher, Germany
         
The administrator can be contacted at:

          Holger Bluemle
          Kriegsstr. 113
          76135 Karlsruhe, Germany
          Tel: 0721/919570


MSW TELEFONMARKETING: Claims Registration Ends May 2
----------------------------------------------------
Creditors of MSW Telefonmarketing GmbH have until May 2, to
register their claims with court-appointed provisional
administrator Peter Henz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 23, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

          The District Court of Bielefeld
          Saal 4065
          4 Ebene
          Gerichtstrasse 6
          33602 Bielefeld, Germany

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

The District Court of Bielefeld opened bankruptcy proceedings
against MSW Telefonmarketing GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

          MSW Telefonmarketing GmbH
          Attn: Thomas Wehner, Manager
          Buschstr. 6 a
          33332 Guetersloh, Germany
         
The administrator can be contacted at:

          Peter Henz
          Rietberger Str. 28
          33378 Rheda-Wiedenbrueck, Germany


NEW TECH: Claims Filing Period Ends May 2
-----------------------------------------
Creditors of New Tech Com Europe GmbH have until May 2, to
register their claims with court-appointed provisional
administrator Dr. Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting at 12:30 p.m. on May 15, 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 Amberg
          Sitzungssaal V, 1. Stock
          Sievekingplatz 1
          Zimmer 115
          Baustadelgasse 1         
          Amberg, 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 Amberg opened bankruptcy proceedings
against New Tech Com Europe GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

          New Tech Com Europe GmbH
          Nittenauer Strasse 53
          92436 Bruck, Germany
         
The administrator can be contacted at:

          Dr. Hubert Ampferl
          Stahlstrasse 17
          90411 Nuernberg, Germany
          Tel: 0911/951285-0
          Fax: 0911/951285-10


RUETH TEXTIL: Claims Filing Period Ends May 2
---------------------------------------------
Creditors of Rueth Textil Einzelhandel GmbH have until May 2, to
register their claims with court-appointed provisional
administrator Ulrich Bert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 30, 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 Darmstadt
          Zimmer 4.312, 4. OG
          Gebaude D
          Mathildenplatz 15
          64283 Darmstadt, 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 Darmstadt opened bankruptcy proceedings
against Rueth Textil Einzelhandel GmbH on March 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

          Rueth Textil Einzelhandel GmbH
          Attn: Juergen Reimers, Manager
          Industriestrasse 15
          64807 Dieburg, Germany
         
The administrator can be contacted at:

          Ulrich Bert
          Birkenweg 24
          64295 Darmstadt, Germany
          Tel: 06151/66729-0
          Fax: 06151/66729-20
          E-mail: darmstadt@ltb-anwaelte.de


W. BERKENKAMP: Claims Registration Ends May 2
---------------------------------------------
Creditors of W. Berkenkamp Ingenieurbuero GmbH have until May 2,
to register their claims with court-appointed provisional
administrator Frank M. Welsch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 2, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Detmold opened bankruptcy proceedings
against W. Berkenkamp Ingenieurbuero GmbH on March 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

          W. Berkenkamp Ingenieurbuero GmbH
          Am Lockhauser Baum 2
          32107 Bad Salzuflen, Germany
          Attn: Franz Theodor Pauli, Manager
          Beethovenstr. 1
          32105 Bad Salzuflen, Germany
         
The administrator can be contacted at:

          Frank M. Welsch
          Villa Struck,
          Barkeystr. 30
          33330 Guetersloh, Germany
          Tel: 05241/99409-10
          Fax: 05241/9940948
          Mobile: 01725201503


=============
I R E L A N D
=============


NOMOS CAPITAL: Fitch Rates New Notes at Long-Term B+
----------------------------------------------------
Fitch Ratings rated NOMOS Capital PLC's upcoming US$150 million-
200 million issue of limited recourse three-year loan
participation notes an expected RR4 Recovery Rating and expected
Long-term B+ rating.

The notes are to be used solely for financing a loan to Russia's
Joint-Stock Investment Commercial Bank Novaya Moskva.  NOMOS
Capital PLC, an Ireland-domiciled special purpose vehicle, will
only pay noteholders amounts received from NOMOS under the loan
agreement.  The final rating is contingent upon receipt of final
documentation conforming materially to information already
received.

The loan agreement states that the claims of the noteholders
will rank at least the same with the claims of other senior
unsecured creditors of NOMOS, save those preferred by relevant
laws.  Under Russian law, the claims of retail depositors rank
above those of other senior unsecured creditors.

At end-2005, retail deposits accounted for 26% of NOMOS' non-
equity funding, according to the bank's audited IFRS financial
statements.  However, in Fitch's view, there would still be
average recovery prospects for noteholders, as reflected in the
RR4 rating.

Covenants under the loan agreement prevent NOMOS from entering
into transactions with affiliates having material adverse effect
on the bank's standing, limit acquisitions and disposals,
restrict dividend payments to 50% of IFRS net income, and
stipulate a minimum Tier 1 capital ratio of 10%, as calculated
in accordance with BIS guidelines.

The loan agreement contains a cross default clause and a
negative pledge clause in relation to the creation of liens,
although the latter allows for a degree of securitization by
NOMOS.  Should any securitization be undertaken, Fitch comments
that the nature and extent of any over-collateralization would
be assessed by the agency for any potential impact on unsecured
creditors.

NOMOS is controlled by the bank's management and the ICT group,
which is ultimately owned by three individuals.  At end-2005,
NOMOS ranked among the top 20 Russian banks in terms of assets.
NOMOS is primarily a corporate bank, active in precious metals
and securities trading, but it is also looking to develop its
SME and retail operations, albeit modestly.

Following the upgrade of the bank's ratings, NOMOS is rated
Issuer Default B+/Stable Outlook, Short-term B, Individual D,
Support 5 and National Long-term A-.


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


DAMOVO GROUP: Weak Earnings Prompt Moody's Negative Outlook
-----------------------------------------------------------
Moody's Investors Service changed the outlook for Damovo Group
S.A. from stable to negative following weaker than expected top
line performance in 2005 and a consequent deterioration in
earnings.  

Although the negative impact of lower sales was partly offset by
margin improvements reflecting a better sales mix combined with
lower operating expenses in both the trading companies and head
office, Moody's cautions that the outlook for Damovo's core
markets (Italy and the U.K.) remains weak.

The negative outlook therefore incorporates the rating agency's
view that a ratings downgrade is possible over the next 12
months given the ongoing difficult market conditions in Italy
and a material contract loss in the U.K. and noting that credit
metrics are already viewed as weak for the current rating
category.

Excluding the one-off project in the Czech Republic in 2004,
primary drivers of the year-on-year revenue decline were
difficult market conditions in Italy and lower Interpolizie
network sales, combined with a marked slowdown in contract
signing with governmental organizations and agencies, and lower
sales in the UK reflecting the termination of a number of loss-
making contracts combined with lower minutes of use under
managed service contracts.  

Whilst the negative impact of the revenue decline on earnings
was cushioned by operating expense reductions in both the
operating companies and in the head office (following corporate
restructuring in 2003 - 2004) and a more favorable revenues mix
(given the low margins associated with minutes of use sales and
the higher margins earned by EDA on non-Interpolizie revenues),
earnings were also lower than expected.

In addition, the outlook for these markets remains weak given
the ongoing uncertainties surrounding the recent government
elections in Italy and the loss of Damovo's ICT services
contract with the Metropolitan Police in the U.K. (which is due
to expire in December 2006).  The Metropolitan Police contract
represented over 5% of Damovo's consolidated 2005 revenues and
over 25% of Damovo U.K.'s 2005 revenues.  Consequently the loss
of this contract could have a material negative impact on the
operations of Damovo U.K. from 2007 onwards.  Moody's notes,
however, that the possibility remains for Damovo to provide
outsourcing services to the CUBIT consortium (the successful
bidder for the Metropolitan Police's ICT services supplier
contract), which would in part offset the company's revenue
losses under this contract.

A ratings downgrade is likely if Damovo is not selected as a
service provider by the CUBIT consortium or if year-on-year
revenues decline further unless the company can execute a
substantial de-leveraging event.  Moreover, given the company's
liquidity requirements, a reduction in cash on the balance sheet
to less than EUR60 million at year-end without a credit
facility, which could happen if further working capital or
start-up costs are spent in advance of cash receipts, would also
reduce the company's liquidity cushion below comfortable limits
and result in downward pressure on the ratings.

Positive ratings momentum is considered unlikely at this
juncture given Damovo's weak credit metrics.  However, the
rating outlook could stabilize if the company can successfully
reduce its absolute level of indebtedness (e.g. through a de-
leveraging asset disposal or an IPO), whilst improving the
operating performance of its core businesses.

This outlook change follows the initial rating assignment of a
B1 corporate family rating to Damovo in April 2005.

Ratings affected:

   -- B1 corporate family rating at Damovo Group S.A.

   -- B1 rating on Damovo III S.A.'s senior secured notes.

The outlook for all ratings is negative.

Headquartered in Glasgow, Scotland, Damovo is a provider of
information and communications technology (ICT) and services to
public service organizations and larger private sector
companies.  For the year ended January 2006, the company
reported revenues of EUR542 million.


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


AZI: Creditors Must File Claims by May 5
----------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
Daughter Enterprise Azi insolvent on Dec. 29, 2005.

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

         Office 74-75
         Kazybek bi Str. 50
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-18-09


EVRO BISKUIT: Creditors Must File Claims by May 5
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
CJSC Evro Biskuit International insolvent on Dec. 26, 2005.

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

         Office 74-75
         Kazybek bi Str. 50
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-18-09


FARABI: Creditors Must File Claims by May 5
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Corporation Farabi insolvent on Dec. 22, 2005.  Bankruptcy
proceedings were introduced at the company.

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

         Chaplygina Str. 5
         Almaty, Kazakhstan
         Tel: 8 300 744 68-21


IGNIS: Court Sets May 5 Claims Bar Date
---------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
region has declared LLP Ignis insolvent.

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

         Jambyl Str. 9
         Karaganda, Kazakhstan


KENJETAI: Claims Registration Ends May 5
----------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
region has placed Kazakh American Joint Venture Kenjetai under
compulsory liquidation.

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

          Jambyl Str. 9
          Karaganda, Kazakhstan


ROSKO: Creditors' Claims Due May 5
----------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
region has placed JSC Rosko under compulsory liquidation.

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

         Jambyl Str. 9
         Karaganda, Kazakhstan


SARTOMAR-SK: Claims Registration Ends May 5
-------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan region declared LLP Sartomar-SK insolvent on Feb. 17,
2006.  Bankruptcy proceedings were introduced at the company.

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

         Jumabayeva Str. 109-301
         Petropavlovsk, Kazakhstan
         Tel: 8 (3152) 41-31-19


TEHBYTSERVICE: Court Sets May 5 Claims Bar Date
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
region has declared LLP Tehbytservice insolvent.

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

         Jambyl Str. 9
         Karaganda, Kazakhstan


TEHNO-LEASING COMPANY: Creditors' Claims Due May 5
--------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan region declared LLP Tehno- Leasing Company insolvent
on Feb. 13.  Bankruptcy proceedings were introduced at the
company.

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

         Jumabayeva Str. 109-301
         Petropavlovsk, Kazakhstan
         Tel: 8 (3152) 41-31-19


===========
L A T V I A
===========


PAREX BANKA: Fitch Rates Upcoming Eurobond Issue at BB+
-------------------------------------------------------
Fitch Ratings gave Latvia-based Parex banka's forthcoming
eurobond issue an expected BB+ rating.  Parex banka is rated
Issuer Default BB+ with a Stable Outlook, Short-term B,
Individual C/D and Support 3.

The final rating is contingent upon receipt of final
documentation conforming materially to information already
received.

The notes are to rank pari passu among themselves and at least
pari passu with all other present and future unsecured
obligations of Parex banka, save for such obligations as may be
preferred by law.

Parex banka is the third largest bank in Latvia by total assets,
and the fourth largest in the Baltics.  It is privately owned,
with two individuals collectively owning over 85% of the bank.


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


CONCERTO I: Fitch Junks Ratings on Four CDO Classes
---------------------------------------------------
Fitch Ratings upgraded Concerto I B.V's Class A and Class 1
combination notes and restated the rest below.  

Concerto I is a collateralized debt obligation backed
predominantly by high-yield bonds and leveraged loans.

   -- Class A-1 notes upgraded to AAA from AA;
   -- Class A-2 notes upgraded to AAA from AA;
   -- Class A-3 notes upgraded to AAA from AA;
   -- Class B-1 notes adjusted to B DR2 from B;
   -- Class B-2 notes adjusted to B DR1 from B;
   -- Class C notes adjusted to CC DR5 from CC;
   -- Class D-1 notes adjusted to C DR6 from CC;
   -- Class D-2 notes adjusted C DR6 from CC;
   -- Class 1 combination notes upgraded to AAA from AA; and
   -- Class 2 combination notes adjusted C DR6 from CC.

The adjustments above reflect the issuance of new long-term
credit ratings and distressed recovery ratings.  The final
criteria report explaining the methodology and implementation,
"Structured Finance Distressed Recovery Ratings" replaces the
exposure draft of the same name and is also available on the
agency's public site.

The end of the reinvestment period was Sept. 22 2005, since the
interest and principal proceeds have been used to redeem the
outstanding notes, leading to the upgrade of the Class A notes.

The Class C and D over-collateralization tests remain in breach
and subsequently interest proceeds have been diverted to further
pay down the Class A notes.  As of March 31, the Class C and D
were in breach of the interest coverage test and the weighted
average life test.

The current outstanding amount of the notes is 49.6% of the
initial.  There have been no further defaults since the review
in April 2005 and performance of the collateral pool has been
stable.  The subordination in the capital structure is
sufficient to withstand the current rating stresses.  The rating
of the Class 1 combination note is linked to the rating of the
Class A-3 notes.

In August 2000, Concerto I B.V., a limited liability company
organized under Dutch Law, issued EUR455.5 million of various
Classes of fixed and floating-rate notes and invested the
proceeds in a portfolio of sub-investment grade debt securities.


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


PETROLEUM GEO-SERVICES: To Release 2005 Financial Report
--------------------------------------------------------
Petroleum Geo-Services ASA (OSE and NYSE: PGS) will release its
2006 first quarter financial results on Thursday, May 4, 8:00
a.m. Central European Time.

A presentation has been scheduled the same day at 9:00 a.m.
(CET) at PGS' headquarters at Lysaker, Norway.

A webcast and conference call have also been scheduled that same
day at 3:00 p.m. CET (9:00 a.m. ET), to discuss PGS' first
quarter results.  

The news release concerning the 2006 first quarter financial
results and a corresponding slide presentation will be posted at
Petroleum Geo-Services' Web site at http://www.pgs.com/
Interested parties can listen to the conference call and
management's remarks to the slide presentation over the Internet
or by telephone.  

To participate on the simulcast of the conference call over the
Internet, please visit PGS' web site, http://www.pgs.com/at  
least 15 minutes early, to register and to download and install
any necessary audio software.  

Alternatively, to access the live broadcast of the conference
call by telephone, please dial-in at the number provided below,
corresponding to your location:

   Location                        Dial-In Number
   --------                        --------------
   U.S. and Canada (Toll-Free):   +1 866-253-5757
   International (Toll-Free):    00 800 4040 2020
   International (Toll):          +1 703-639-1206

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -  
Participants dialing in from Finland (990), Australia (0011),
Hong Kong (001), Japan (001), Korea (002), Singapore (001), or
Thailand (001) should use the designated International Access
Code (+) specified here in place of (+1).
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The telephone will be open for questions at the conclusion of
management's remarks.

For those that cannot listen to the live conference call, a
replay of the web cast will be made available at PGS' Web site,
http://www.pgs.com/ Alternatively, a digital replay will be  
available shortly after the conclusion of the conference call,
through Thursday, May 11, at +1 888-266-2081 (U.S. and Canada
Toll Free) or +1 703-925-2533 (International Toll).  Reference
Access Code 895045.

                 About Petroleum Geo-Services

Headquartered in Lysaker, Norway, Petroleum Geo-Services --
http://www.pgs.com/-- is a technologically focused oilfield   
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates
four floating production, storage and offloading units.    

                        *     *     *

As reported on April 3, Standard & Poor's Ratings Services
placed the 'B+' ratings on Oslo, Norway-based Petroleum Geo-
Services ASA on CreditWatch with developing implications.  The
rating action follows the company's announcement of its de-
merger plan.


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


CITRUS TRADING: Moscow Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against Citrus Trading after finding the close joint
stock company insolvent.  The case is docketed as A40-66213/05-
7V-146B.

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

         V. Kochetkov
         Building 1, Planetnaya Str. 29
         125167, Moscow Region, Russia

The Debtor can be reached at:

         Citrus Trading
         Building 5, Block 32a, Novye Cheremushki
         113461, Moscow Region, Russia


ELANSKIY: Bankruptcy Hearing Slated Today
-----------------------------------------
The Arbitration Court of Saratov Region will convene at 2:45
p.m., today, May 1, to hear the bankruptcy supervision procedure
on Open Joint Stock Company Elanskiy (TIN/KPP
6431003737/643100001) at:

         14th floor, Babushkin Vvoz Str. 1
         Saratov Region, Russia

The case is docketed as A57-751B/05-31.

Creditors are requested to file their proofs of claim to court-
appointed insolvency manager Mr. A. Kravtsev at:

         Post User Box 115
         603000, N. Novgorod Region, Russia

The Debtor can be reached at:

         Elanskiy
         Samoylovskiy Region, Svyatoslavka,
         Sovkhoznaya Str. 8
         412390, Saratov Region, Russia


KIROVSKIY FLOUR: Creditors' Meeting Slated for June 7
-----------------------------------------------------
Creditors of Kirovskiy Flour Mill will meet at 10 a.m., on
June 7, at:

         Derendyaeva Str. 14
         Kirov Region, Russia

The Arbitration Court of Kirov Region will convene at 9 a.m., on
June 22, to hear the bankruptcy supervision procedure of the
company at:

         K. Libknekhta Str. 102
         Kirov Region, Russia

The case docketed as A28-450/05-435/20.

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

         Derendyaeva Str. 14
         610000, Kirov Region, Russia
         Tel: 8 (8332) 32-12-24


MATYSHEVSKOYE: Deadline for Proofs of Claim Set for May 11
----------------------------------------------------------
Creditors of Matyshevskoye have until May 11, to submit their
proofs of claim to court-appointed insolvency manager Mr. Y.
Dybkin at:

         Post User Box 2695
         400120, Volgograd Region, Russia

The Arbitration Court of Volgograd Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A12-17862/05-S50.

The Debtor can be reached at:

         Matyshevskoye Grain Receiving Enterprise
         Rudnyanskiy Region, Matyshevo St.
         403370, Volgograd Region, Russia


MIYAKINSKIY PRODUCTION: Bankruptcy Hearing Slated for Sept. 6
-------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic will convene at
11:00 a.m., on Sept. 6, to hear the bankruptcy supervision
procedure on open joint stock company Miyakinskiy Production
Combine.

The case is docketed as A07-56455-G-KhRM.

Creditors are requested to submit their proofs of claim to
court-appointed insolvency manager Ms. T. Nikolaeva at:

         Kirgiz-Miyaki, Shosseynaya Str. 3
         452080, Bashkortostan Republic, Russia
         Miyakinskiy Region


NOMOS-BANK: Fitch Raises Issuer Default Ratings to B+
-----------------------------------------------------
Fitch Ratings upgraded Russia-based NOMOS-Bank's ratings to
Issuer Default B+ from B and to National Long-term A- from BBB+.  
Following the upgrade, the Outlooks on both the ratings are now
Stable.  The bank's other ratings are affirmed at Short-term B,
Individual D and Support 5.

Associate Director in Fitch's Financial Institutions Group in
Moscow, Alexei Kechko disclosed, "The upgrades reflect the
ongoing positive developments in the Russian operating
environment, on the back of which NOMOS has continued to perform
fairly strongly, notwithstanding rising competition, together
with improvements in transparency."

The IDR, Short-term and Individual ratings also take into
account the bank's adequate, albeit falling, capital ratios and
reasonable liquidity, as well as sustained growth in its
business supporting the development of its overall franchise.

However, the ratings also reflect the credit and operational
risks associated with recent rapid growth and NOMOS's still
concentrated franchise.

Further expansion of the bank's scale and franchise and the
ability to maintain reasonable asset quality, notwithstanding
the rise in lending to new customer segments, could be positive
for NOMOS' ratings.  Downside pressure could result from a
significant deterioration in capitalization or asset quality
resulting from the bank's rapid growth.

NOMOS is controlled by the bank's management and the ICT group,
which is ultimately owned by three individuals.  At end-2005,
NOMOS ranked among the top 20 Russian banks in terms of assets.
NOMOS is primarily a corporate bank, active in precious metals
and securities trading, but it is also looking to develop its
SME and retail operations, albeit modestly.


PEREVOLOTSKIY: Claim Filing Period Ends May 11
----------------------------------------------
Creditors of Perevolotskiy have until May 11, to file their
proofs of claim to court-appointed insolvency manager Ms. T.
Romanova at:

         Turkestanskaya Str. 10A
         460024, Orenburg Region, Russia

The Arbitration Court of Orenburg Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A47-9669/05-14GK.

The Debtor can be reached at:

         Perevolotskiy
         Perevolotsk, Chkalova Str. 26
         Orenburg Region, Russia


PETERSBURG SOCIAL: Fitch Junks Issuer Default Rating
----------------------------------------------------
Fitch Ratings placed Russia-based Petersburg Social Commercial
Bank ratings Issuer Default CCC+ with Stable Outlook, Short-term
C, Support 5 and Individual D/E.  A National Long-term rating of
B is assigned also with Stable Outlook.

The IDR, Short-term, Individual and National Long-term ratings
reflect PSCB's small absolute size and weak capitalization,
narrow franchise, the regulatory risks inherent in its major
business activities of providing cash management and settlement
services, the high level of concentration in its loan book as
well as the high-risk operating environment.  These risks
outweigh PSCB's limited market risk exposure and high liquid
asset ratios.

A diversification from operations bearing regulatory risk, along
with a sustainable profit track record and further franchise
growth, may bring the ratings upside.  However, rating
downgrades could result from adverse developments relating to
regulatory or other risks that could threaten the ongoing
viability of the business.

PSCB operates predominantly in St. Petersburg in northwestern
Russia.  Its business focus combines cash management, current
account settlements and SME lending.  The bank has expanded its
franchise vigorously over the last five years to six branches in
St. Petersburg and two in Moscow.  PSCB is indirectly owned and
run by four entrepreneurs, each holding almost equal stakes in
the bank.


RYAZHSKAYA SEL-KHOZ-TEKHNICA: Court Set May 11 Claims Bar Date
--------------------------------------------------------------
Creditors have until May 11, to submit their proofs of claim to
court-appointed insolvency manager Mr. E. Porkhunov at:

         Office 14, Zavrazhnova Str. 5
         Ryazan Region, Russia

The Arbitration Court of Ryazan Region commenced bankruptcy
proceedings against the close joint stock company with the case
docketed as A54-113/2006 S1.

The Debtor can be reached at:

         Ryazhskaya Sel-Khoz-Tekhnica
         Ryazan Region, Russia


SEL-KHOZ-KHIMIA: Deadline for Proofs of Claim Set for May 11
------------------------------------------------------------
Creditors of Sel-Khoz-Khimia have until May 11, to submit their
proofs of claim to court-appointed insolvency manager Mr. N.
Bortnikov at:

         Solikamsk-13, Post User Box 1780
         618553, Perm Region, Russia

The Arbitration Court of Bashkortostan Republic has commenced
bankruptcy supervision procedure on the limited liability
company with the case docketed as A07-13567/05-G-ADM.


OAO GAZPROM: Continues Cooperation Talks with Kyrgyzstan
--------------------------------------------------------
Alexey Miller, Chairman of Gazprom's Management Committee met
with the Kyrgyz President Kurmanbek Bakiyev on April 26, to
discuss the prospects for cooperation in the energy sector
between Gazprom and the Kyrgyz Republic.  

The parties agreed that discussions should continue, while still
exploring and producing natural gas, upgrading existing gas
transmission capacities and developing new ones in the Republic,
and supplying oil products and liquefied natural gases.

Additionally the parties reviewed matters surrounding the
foundation of a Russian-Kyrgyz joint oil & gas venture.

On May 16, 2003, Gazprom and the Government of the Kyrgyz
Republic signed a 25-year agreement on cooperation in the gas
industry.

In particular, the Agreement provides for, among others:

   -- the exploration and development of hydrocarbon fields in
      the Kyrgyz Republic;

   -- the upgrading, construction and operation of gas mains and
      other gas facilities of the Kyrgyz gas complex; and

   -- gas transmission and delivery while implementing joint
      projects.

The Agreement also calls for joint rehabilitation of compressor
stations at the Mailu-Suu UGS facility and supply of equipment
needed for the Kyrgyz gas complex.

In January 2004, Gazprom and the Kyrgyz Republic approved a Plan
of paramount activities of Gazprom and the Government of the
Kyrgyz Republic aimed at implementing the Agreement.  The Plan
determines the scope and timetable of joint works and types of
cooperation when upgrading, constructing and operating gas
transportation facilities; jointly exploring and developing
fields and rendering various services to the Kyrgyz side.
Within the scope of the Agreement, the parties signed a
Memorandum of intentions in January 2006 to set up a Russian-
Kyrgyz joint oil & gas venture.

Kyrgyzia's proved natural gas reserves are estimated at 6 bcm.  
The Republic faces certain difficulties in developing its gas
fields due to their geological complexity and an insufficiently
developed gas infrastructure.  Kyrgyzia annually produces some
30 million cubic meter of natural gas and plans to build up its
annual production to 40 million cubic meters in 2010.

With its share in the domestic primary energy mix exceeding 30
percent, natural gas is used in Kyrgyzia's residential (42%),
industrial and power generation (58%) sectors.  Natural gas
consumption in the Kyrgyz Republic averages 700 million cubic
meters per annum.

                        About the Company

Headquartered in Moscow, Russia, OAO Gazprom --
http://www.gazprom.ru/-- produces 94% of the country's natural  
gas, controls 25% of the world's reserves, and is also the
world's largest gas producer.  It focuses on gas exploration,
processing, transport, and marketing.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 18,
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on OAO Gazprom to 'BB+' from 'BB', in
view of an increase in state support, and following the US$7
billion purchase of the company's treasury stock by the Russian
state-owned special-purpose vehicle Rosneftegas.  

The rating upgrade reflects the cash payment from Rosneftegas,
which, together with higher export prices, has allowed Gazprom
to limit increases in year-end parent debt to about US$23
billion (closer to US$28-US$30 billion including subsidiary
debt).  In particular, this helped the company to prepay US$8
billion of the US$13 billion loan raised to finance the
acquisition of Sibneft by the end of 2005.

The agency also noted that Gazprom remains subject to general
political and emerging market risks related to Russia.  The
unpredictable nature of Russian government policy, potential
investment mandates and still very low regulated domestic gas
prices (averaging US$36/mcm in 2005), together with substantial
financial debt levels, remain key constraints on the rating on
Gazprom.  At June 30, 2005, Gazprom had US$22.7 billion of
consolidated on-balance-sheet debt, US$2.7 billion in
guarantees, and about US$1 billion of postretirement
liabilities.


OAO GAZPROM: Hearing on RUB394-Mln Claim Reset for May 25
---------------------------------------------------------
The Moscow Arbitration Court deferred until May 25, the hearing
on OAO Gazprom's RUB383.9 million claim against the National
Reserve Bank, Interfax News says.

The National Reserve Bank endorsed on Dec. 27, 2000, a RUB383.9
million promissory issued by Bank Imperial.  Imperial, however,
went bankrupt in May 2004 and is currently in receivership.

The Court dismissed Gazprom's claim, but was ordered to
reconsider it on Jan. 25.  A hearing was set on April 26, but
was postponed after Imperial's lawyers did not receive proper
hearing notice, Interfax relates.

                        About the Company

Headquartered in Moscow, Russia, OAO Gazprom --
http://www.gazprom.ru/-- produces 94% of the country's natural  
gas, controls 25% of the world's reserves, and is also the
world's largest gas producer.  It focuses on gas exploration,
processing, transport, and marketing.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 18,
2006, Standard & Poor's Ratings Services raised its long-term
corporate credit rating on OAO Gazprom to 'BB+' from 'BB', in
view of an increase in state support, and following the US$7
billion purchase of the company's treasury stock by the Russian
state-owned special-purpose vehicle Rosneftegas.  

The rating upgrade reflects the cash payment from Rosneftegas,
which, together with higher export prices, has allowed Gazprom
to limit increases in year-end parent debt to about US$23
billion (closer to US$28-US$30 billion including subsidiary
debt).  In particular, this helped the company to prepay US$8
billion of the US$13 billion loan raised to finance the
acquisition of Sibneft by the end of 2005.

The agency also noted that Gazprom remains subject to general
political and emerging market risks related to Russia.  The
unpredictable nature of Russian government policy, potential
investment mandates and still very low regulated domestic gas
prices (averaging US$36/mcm in 2005), together with substantial
financial debt levels, remain key constraints on the rating on
Gazprom.  At June 30, 2005, Gazprom had US$22.7 billion of
consolidated on-balance-sheet debt, US$2.7 billion in
guarantees, and about US$1 billion of postretirement
liabilities.



OAO NOVATEK: Reports Preliminary First Quarter Operating Results
----------------------------------------------------------------
OAO Novatek reported its preliminary production figures for the
first quarter 2006.

Gross production totaled 7.26 billion cubic meters of natural
gas and 637,000 tons of liquids (gas condensate and crude oil).  
Natural gas production increased by 0.62 billion cubic meters,
or 9.3%.  Gross production of liquids was boosted by 113,000
tons, or 21.7%, compared with the corresponding gross production
for the first quarter 2005 (excluding asset disposals).

In the first quarter 2006, Novatek processed 528,000 tons of
unstable condensate at the Purovsky processing plant.  Polymer
production from OAO Novatek-Polymer totaled 4,800 tons.

Headquartered in Moscow, OAO Novatek is Russia's second largest
gas company after state-controlled Gazprom, and the largest of
the country's independent gas producers.  

In the first nine months ending Sept. 30, 2005, Novatek reported
sales volumes (including purchases) of 20.6 billion cubic meters
(bcm) of natural gas all of which is sold domestically, 1.3
million tons (mt) of liquids (crude oil, stable gas condensates
and LPG), and 560,000 tons of oil products.  Total revenues in
the first three quarters amounted to RUR28.6 billion (US$995.5
million).

                        *     *     *

As reported in TCR-Europe on March 21, Standard & Poor's Ratings
Services assigned its 'BB-' long-term corporate credit rating to
OAO Novatek, Russia's largest independent gas producer.  S&P
said the outlook is stable.


OAO SEVERSTAL: Annual General Shareholders Mtg. Set for June 9
--------------------------------------------------------------
The Board of Directors of OAO Severstal scheduled an Annual
General Meeting of Shareholders on June 9, at:

         The Palace of Metallurgists (Dvoretz metallurgov)
         41, Stalevarov Street, Cherepovets
         Vologda Region, Russia

The Board also calls an Extraordinary Shareholders Meeting on
May 29.  The EGSM will be held by postal ballot.  Shareholders
must submit before May 29, signed and completed voting ballots
to:

         Office 311
         30 Central Checkpoint Building
         Mira Street, Cherepovets
         162600 Vologda Region, Russia

Shareholders who have registered on or before April 13, are
entitled to participate in the Extraordinary General
Shareholders Meeting.

                      About the Company

OAO Severstal is a principal operating company within a major
Russian industrial holding group, under common control (directly
or indirectly) of a single shareholder, which has assets in
metallurgy, mining, automobile making, machinery,
transportation, banking, insurance, woodworking and other
businesses.

Severstal is both a principal operating company within, and the
current holding company of, the Shareholder Group's steel-making
business, the principal activity of which is the production and
sale of steel products.  This division unites assets of the
Cherepovets steel mill and Severstal North America Inc, State of
Michigan, U.S.A.

                        *     *     *

As reported in TCR-Europe on Feb. 13, Standard & Poor's Ratings
Services revised its outlook on Russia-based steelmaker OAO
Severstal to positive from stable following the company's
announcement that it plans to consolidate mining assets held by
its shareholders through a shares swap.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit and 'ruA+' national scale ratings on the company.


SIBACADEMBANK: Fitch Upgrades Issuer Default Rating to B
--------------------------------------------------------
Fitch Ratings upgraded Russia-based Sibacadembank's Issuer
Default Rating to B from B-.  The Outlook on IDR remains Stable.  
The bank's other ratings are affirmed at Short-term B,
Individual D and Support 5.

Associate Director in Fitch's Financial Institutions team,
Alexei Kechko disclosed, "The IDR upgrade reflects
Sibacadembank's increasing franchise, diversification, and
longer tenor of its funding, in an improving operating
environment."

"The IDR, Short-term and Individual ratings also take into
account the bank's good asset quality to date, adequate
performance and low market-risk appetite.  However,
Sibacadembank's very rapid growth, concentrated loan book, weak
capitalization and a still challenging operating environment,
act as constraints to the ratings," he added.

Upward pressure could result from the further strengthening of
the banks franchise either by a successful merger or continued
organic growth without a worsening of its credit profile.

However, the current very aggressive growth plans bear increased
risks, which if coincided with a weakening in its capital
position could result in downside rating potential.

SAB is one of the leading banks in the Siberian Federal District
and ranked 40th in Russia by total assets at end-2005.  Business
is focused on lending to retail customers and local small and
medium-sized enterprises.  Three individuals together hold about
53% of the bank, while the EBRD has a blocking 28% stake.


SOLNECHNOYE: Moscow Court Commences Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on close joint stock company Solnechnoye.  
The case is docketed as A41-K2-27800/05.

Mr. Z. Ruzin has been appointed temporary insolvency manager and
can be reached at:

         Z. Ruzin
         Post User Box 281
         107078, Moscow Region, Russia

The Debtor can be reached at:

         Solnechnoye
         Solnechnogorskiy Region, Smirnovka, 1
         141500, Moscow Region, Russia


TRANS-DOR-STROY: Creditors Must File Claims Slated for May 11
-------------------------------------------------------------
Creditors of Trans-Dor-Story have until May 11, to file their
proofs of claim to court-appointed insolvency manager Ms. O.
Ivanova at:

         Khvalynsk, Post User Box 3
         412780, Saratov Region, Russia

The Arbitration Court of Saratov Region has commenced bankruptcy
supervision procedure on the close joint stock company with the
case docketed as A57-643B/05-31.

The Debtor can be reached at:

         Trans-Dor-Story
         Shevyrevka
         Saratov Region, Russia


YUKOS OIL: Moscow Court to Consider CEO Appointment by June 5
-------------------------------------------------------------
The Moscow Arbitration Court will convene a hearing on June 5,
to consider a suit filed by Valery Barmin against the
appointment of U.S. citizen Steven Theede as chief executive
officer of Yukos Oil, RIA Novosti reports.

Mr. Theede replaced Simon Kukes following his appointment as
Yukos president on June 24, 2004.

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

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

A 14-bank consortium led by Societe Generale filed a new
bankruptcy suit in the Moscow Arbitration Court on March 10,
2006, in an attempt to recover the remainder of a US$1 billion
debt under outstanding loan agreements.  The banks, however,
sold the claim to Rosneft, prompting the Court to replace them
with the state-owned oil company as plaintiff.

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


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


KIROVOGRADSKIJ PLODOOVOCHKOMBINAT: Succumbs to Bankruptcy
---------------------------------------------------------
The Economic Court of Kirovograd Region commenced bankruptcy
supervision procedure on OJSC Kirovogradskij Plodoovochkombinat
(code EDRPOU 01559873) on Jan. 23.  The case is docketed as
10/33.

Viktoriya Nikolayenko has been appointed temporary insolvency
manager and can be reached at:

         Kirov Str. 73/10
         Kirovograd Region
         25006 Ukraine

The Economic Court of Kirovograd Region is located at:

         Lunacharski Str. 29
         Kirovograd Region
         25022 Ukraine

The Debtor is headquartered in:

         Vistavochna Str. 2
         Kirovograd Region
         25006 Ukraine


N.T.M: Court Names Oleksandr Trizna Temporary Insolvency Manager
----------------------------------------------------------------
The Economic Court of Harkiv Region appointed Oleksandr Trizna
as temporary insolvency manager for JSCCT N.T.M (code EDRPOU
21179380).

The Court commenced bankruptcy supervision procedure on the
company on Feb. 28.  The case is docketed as B-19/16-06.

The Economic Court of Harkiv Region is located at:

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

The Debtor is headquartered in:

         Mironositska Str. 60
         Harkiv Region
         61002 Ukraine


OKTAVA: Ivano-Frankivsk Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region commenced
bankruptcy supervision procedure on LLC Oktava (code EDRPOU
30963663) on Feb. 23.  The case is docketed as B-7/31.

Oksana Kovalchuk has been appointed temporary insolvency manager
and can be reached at:

         Kalush, Martich Str. 2
         Ivano-Frankivsk Region
         77300 Ukraine

The Economic Court of Ivano-Frankivsk Region is located at:

         Shevchenko Str. 16a
         Ivano-Frankivsk Region
         76000 Ukraine

The Debtor is headquartered in:

         Kalush, Lesya Ukrainka Avenue 18b/26
         Ivano-Frankivsk Region
         77300 Ukraine


OBLAGROSHLYAHBUD: Court Names Ivanov Vladislav Liquidator
---------------------------------------------------------
The Economic Court of Odessa Region appointed Ivanov Vladislav
as Liquidator/Insolvency Manager for Association
Oblagroshlyahbud (code EDRPOU 03579182).  He can be reached at:

         Odessa Region a/b 46
         65011 Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as 2/46-05-
1373.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         Odessa Region
         65032 Ukraine

The Debtor is headquartered in:

         Zhukovskij Str. 31
         Odessa Region
         Ukraine


RAVADOL: Court Appoints O. Filonenko to Liquidate Assets
--------------------------------------------------------
The Economic Court of Kyiv Region appointed O. Filonenko as
Liquidator/Insolvency Manager for LLC Ravadol (code EDRPOU
33399529).

The Court commenced bankruptcy proceedings against the company
on March 3, after finding it insolvent.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         Kyiv Region
         01030 Ukraine

The Debtor is headquartered in:

         Kioto Str. 25
         Ukraine, Kyiv Region


UKRSIBBANK: Fitch Lifts Issuer Default Rating to BB-
----------------------------------------------------
Fitch Ratings upgraded Ukraine-based UkrSibbank ratings to
foreign currency Issuer Default BB- from B- and to Support 3
from 5.  All ratings are removed from Rating Watch Positive.  
It has also assigned the bank a local currency Issuer Default
rating of BB.  Stable Outlooks are assigned to UkrSib's IDRs.  
The Short-term and Individual ratings are affirmed at B and D/E
respectively.

In line with Fitch's methodology, UkrSib's two eurobond issues
-- US$100 million due April 5 2007, and US$125 million due
July 14, 2008 -- have been upgraded to BB- from B- and the
Recovery ratings of RR4 on these have been withdrawn.

These rating actions follow the recent completion of the
acquisition of a 51% stake in the bank by France-based BNP
Paribas.  The upgrade reflects Fitch's view of BNP's greater
ability -- as indicated by its IDR -- compared with that of
UkrSib's previous majority owners, to provide the bank with
support in case of need.

However, UkrSib's foreign currency IDR is constrained by
Ukraine's BB- Country Ceiling, while the local currency IDR also
takes into account the country's risks.

The Individual rating reflects UkrSib's relatively high degree
of concentration in its loan portfolio and customer funding,
potentially vulnerable liquidity, the risks associated with
rapid loan book growth and related-party transactions.  However,
the rating also takes into account the bank's developed and
expanding franchise, strong retail funding growth and adequate
asset quality to date.

UkrSib was founded in 1990 in Kharkov in eastern Ukraine but is
now headquartered in Kiev, the capital.  It was the fourth
largest bank in Ukraine by assets at end-2005, and had a
presence in most regions of the country.  

The bank is controlled by BNP Paribas holding 51% stake in the
bank and two shareholders with a number of substantial
industrial interests who together hold almost 49% stake in the
bank.


YUZHAGRORESURS: Zaporizhya Court Opens Bankruptcy Proceedings
-------------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
proceedings against LLC Industrial-Commercial Enterprise
Yuzhagroresurs on March 2, after finding it insolvent.  The case
is docketed as 25/36/06.

Mr. O. Klimenko has been appointed Liquidator/Insolvency Manager
and can be reached at:

         Lenin Avenue 77, Office 95
         Zaporizhya Region
         Ukraine

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         Zaporizhya Region
         69001 Ukraine

The Debtor is headquartered in:

         Trolejbusna Str. 34
         Zaporizhya Region
         69008 Ukraine


ZAPORIZHYA' BOILER: C. Petro Named Interim Insolvency Manager
--------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Chulakov Petro
as temporary insolvency manager for CJSC Zaporizhya' Boiler-
Erection Plant (code EDRPOU 01412526).  He can be reached at:

         Zaporizhya Region a/b 7683
         69050 Ukraine

The Court commenced bankruptcy supervision procedure on the
company on March 9.  The case is docketed as 25/37/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         Zaporizhya Region
         69001 Ukraine

The Debtor is headquartered in:

         Finalna Str. 1d
         Zaporizhya Region
         69009 Ukraine


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


BATES GUEST: Mounting Debts Prompt Liquidation
----------------------------------------------
Bates Guest Partnership Limited resolved to liquidate its assets
after creditors proved that the company could no longer continue
its business due to mounting debts.

Subsequently, they appointed Martin Charles Armstrong as
Liquidator.

The company can be reached at:

         Bates Guest Partnership Limited
         Overdene House
         49 Church Street
         Theale
         Reading RG7 5BX
         United Kingdom
         Tel: 01344 299 360
         Fax: 01344 299 361
         Web: http://www.batesguest.co.uk/


BLUE BUS: Creditors Pass Winding Up Resolution
----------------------------------------------
Creditors of Blue Bus Creative Limited passed a resolution to
wind up the company's operations during an extraordinary general
meeting on March 8.

Alan H. Tomlinson was appointed Liquidator.

The company can be reached at:

         Bluebus Creative Limited
         19 Liverpool Street
         Salford
         Lancashire M5 4LY
         United Kingdom
         Tel: 0161 745 9333
         Fax: 0161 745 9888
         Web: http://www.bluebuscreative.com/


BLUES DIGITAL: Appoints Irwin & Co. Administrator
-------------------------------------------------
Gerald Irwin of Irwin & Company was appointed administrator of
Blues Digital Visual Limited (Company Number 04911498) on
April 12.  Its registered office is at Branston Court, Branston
Street, Hockley, Birmingham B18 6BA.

The administrator can be reached at:

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

The company installs digital screen networks, computer software
and hardware.


BPRI CONSULTING: Hires Joint Administrators from Tenon Recovery
---------------------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of BPRI Consulting Limited
(Company Number 4702343) on April 4.  Its registered office is
at 4-37 Edith Grove, Chelsea, London SW10 0LB.

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

BPRI Consulting Limited offers security services.


CAFE 39: Hires Joint Liquidators to Administer Assets
-----------------------------------------------------
Peter Jones and Roderick M. Withinshaw, of Royce Peeling Green
Limited, were appointed Joint Liquidators of Cafe 39 Limited
after creditors agreed to wind up the company's operations on
March 13.

Chairman J. Thompson disclosed the company could no longer
continue its business due to financial liabilities.

Royce Peeling Green Limited -- http://www.rpg.co.uk/-- offers  
audit work and operates a range of investment business
activities in England & Wales.  It is one of the oldest
independent firms of Chartered Accountants in the country.

The company can be contacted at:

         Cafe 39 Limited
         4 Grove Arcade
         Wilmslow
         Cheshire SK9 1HB
         United Kingdom
         Tel: 01625 535 703


CARRICOM LIMITED: Creditors Confirm Voluntary Liquidation
---------------------------------------------------------
Creditors of Carricom Limited confirmed the company's voluntary
liquidation after members passed a resolution to wind up the
company on March 10.

Creditors also ratified the appointment of David Anthony Horner
as Liquidator.

The company can be reached at:

         Carricom Limited
         150 Chapeltown Road
         Leeds LS7 4EE
         United Kingdom
         Tel: 0113 307 0787


CONVERGENCE HOLDINGS: Brings In Kroll Limited Administrator
-----------------------------------------------------------
Peter Mark Saville and Andrew John Pepper of Kroll Ltd were
appointed administrators of Convergence Holdings Limited
(Company Number 03999262) on April 13.  Its registered office is
at Ramillies House, 1-2 Ramillies Street, London W1F 7LN.

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


CROWN ELECTRICAL: Winds Up Operations & Appoints Liquidator
-----------------------------------------------------------
Crown Electrical Limited is winding up its operations after
creditors decided to liquidate the company's assets on March 10.

David Anthony Horner was appointed Liquidator.

The company can be contacted at:

         Crown Electrical (Northern) Limited
         3 Alnwick Close
         Hartlepool TS27 3JE
         United Kingdom
         Tel: 077 0236 7065


DAMOVO GROUP: Weak Earnings Prompt Moody's Negative Outlook
-----------------------------------------------------------
Moody's Investors Service changed the outlook for Damovo Group
S.A. from stable to negative following weaker than expected top
line performance in 2005 and a consequent deterioration in
earnings.  

Although the negative impact of lower sales was partly offset by
margin improvements reflecting a better sales mix combined with
lower operating expenses in both the trading companies and head
office, Moody's cautions that the outlook for Damovo's core
markets (Italy and the U.K.) remains weak.

The negative outlook therefore incorporates the rating agency's
view that a ratings downgrade is possible over the next 12
months given the ongoing difficult market conditions in Italy
and a material contract loss in the U.K. and noting that credit
metrics are already viewed as weak for the current rating
category.

Excluding the one-off project in the Czech Republic in 2004,
primary drivers of the year-on-year revenue decline were
difficult market conditions in Italy and lower Interpolizie
network sales, combined with a marked slowdown in contract
signing with governmental organizations and agencies, and lower
sales in the UK reflecting the termination of a number of loss-
making contracts combined with lower minutes of use under
managed service contracts.  

Whilst the negative impact of the revenue decline on earnings
was cushioned by operating expense reductions in both the
operating companies and in the head office (following corporate
restructuring in 2003 - 2004) and a more favorable revenues mix
(given the low margins associated with minutes of use sales and
the higher margins earned by EDA on non-Interpolizie revenues),
earnings were also lower than expected.

In addition, the outlook for these markets remains weak given
the ongoing uncertainties surrounding the recent government
elections in Italy and the loss of Damovo's ICT services
contract with the Metropolitan Police in the U.K. (which is due
to expire in December 2006).  The Metropolitan Police contract
represented over 5% of Damovo's consolidated 2005 revenues and
over 25% of Damovo U.K.'s 2005 revenues.  Consequently the loss
of this contract could have a material negative impact on the
operations of Damovo U.K. from 2007 onwards.  Moody's notes,
however, that the possibility remains for Damovo to provide
outsourcing services to the CUBIT consortium (the successful
bidder for the Metropolitan Police's ICT services supplier
contract), which would in part offset the company's revenue
losses under this contract.

A ratings downgrade is likely if Damovo is not selected as a
service provider by the CUBIT consortium or if year-on-year
revenues decline further unless the company can execute a
substantial de-leveraging event.  Moreover, given the company's
liquidity requirements, a reduction in cash on the balance sheet
to less than EUR60 million at year-end without a credit
facility, which could happen if further working capital or
start-up costs are spent in advance of cash receipts, would also
reduce the company's liquidity cushion below comfortable limits
and result in downward pressure on the ratings.

Positive ratings momentum is considered unlikely at this
juncture given Damovo's weak credit metrics.  However, the
rating outlook could stabilize if the company can successfully
reduce its absolute level of indebtedness (e.g. through a de-
leveraging asset disposal or an IPO), whilst improving the
operating performance of its core businesses.

This outlook change follows the initial rating assignment of a
B1 corporate family rating to Damovo in April 2005.

Ratings affected:

   -- B1 corporate family rating at Damovo Group S.A.

   -- B1 rating on Damovo III S.A.'s senior secured notes.

The outlook for all ratings is negative.

Headquartered in Glasgow, Scotland, Damovo is a provider of
information and communications technology (ICT) and services to
public service organizations and larger private sector
companies.  For the year ended January 2006, the company
reported revenues of EUR542 million.


DAVID ALLAN: Taps Joint Administrators from Critchleys
------------------------------------------------------
Anthony John Harris and Sue Roscoe of Critchleys were appointed
joint administrators of David Allan (Dallan Products) Ltd.
(Company Number 00423739) on April 12.  Its registered office is
at Units 2 & 3 Northbridge Road, Berkhamsted, Hertfordshire HP4
1EF.

Critchleys -- http://www.critchleys.co.uk/-- is a leading  
independent firm of chartered accountants.

David Allan (Dallan Products) Ltd. is engaged in metal
fabrication and can be reached at:

         Units 2-3 Northbridge Road
         Berkhamsted
         Herts HP4 1EF
         United Kingdom
         Tel: 01442 877888
         Fax: 01442 877862


DAVID JENKINS: Names Stonham.Co to Administrator Assets
-------------------------------------------------------
E. J. Stonham of Stonham.Co was appointed administrator of David
Jenkins Turfcare Equipment Limited (Company Number 04392508) on
April 10.  

The administrator can be reached at:

         Stonham.Co
         Equity & Law House
         14-15 Brunswick Place
         Southampton SO15 2AQ
         United Kingdom
         Tel: 01243 862800
         Fax: 01243 839901

The company supplies agricultural equipment and can be reached
at:

         MJF Yard, Chiddingfold Road
         Dunsfold, Nr. Godalming
         Surrey
         United Kingdom
         Tel: 44 (0) 1483 200976


DEVINIA INTERNATIONAL: Hires Robson Rhodes Administrator
--------------------------------------------------------
Dominic James Christie-Brown and Gerald Clifford Smith of RSM
Robson Rhodes LLP were appointed joint administrators of Devinia
International Limited (Company Number 4258557) on April 7.

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/-- is a  
UK partnership of chartered accountants and management
consultants, providing a wide range of auditing, assurance,
advisory and compliance services for both private and public
sectors.  The firm is a member of the RSM International, the
world's sixth largest international organization of accountants
and business advisers.

Devinia International Ltd. can be reached at:

         2nd Floor, 25 Lordswood Road
         Birmingham B17 9RP
         United Kingdom
         Tel: 01214277877   


E-LOQUENTIA: Names Michael Young to Liquidate Assets
----------------------------------------------------
Michael Young, of Vantis Business Recovery, was appointed
Liquidator of E-Loquentia Limited after creditors found out that
the company could no longer continue its operations due to
mounting debts.

The company can be reached at:

         E-Loquentia Limited
         10 Church Lane
         Teddington TW11 8PA
         United Kingdom
         Tel: 020 8274 3100
         Fax: 020 8274 3101
         Web: http://www.e-loquentia.com/


ELY WINDOWS: Creditors Name Gerald Krasner as Liquidator
--------------------------------------------------------
Creditors of Ely Windows Limited affirmed the company's
voluntary liquidation after a resolution to wind up the company
was passed on March 10.

Gerald Maurice Krasner was voted Liquidator.

The company can be reached at:

         Ely Windows Limited
         Camel Road
         Littleport Ely
         Cambridgeshire CB6 1EW
         United Kingdom
         Tel: 01353 863 769
         Fax: 01353 863 769


FABTECH ENGINEERING: Names Jackson Jolliffe Cork Administrator
--------------------------------------------------------------
Matthew Colin Bowker and David Anthony Willis of Jacksons
Jolliffe Cork were appointed joint administrators of Fabtech
Engineering (U.K.) Limited (Company Number 03814522) on
April 10.

Jacksons Jolliffe Cork -- http://www.jjcork.co.uk/-- was  
established in 1998.  It has offices in Doncaster, Harrogate,
Hull, Middlesbrough, Wakefield and York.  The firm is engaged
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.

Fabtech Engineering (U.K.) Ltd. manufactures steel fabricators
and can be reached at:

         Foundry Lane Business Centre
         Foundry Lane
         Knottingley
         West Yorkshire WF11 8AZ
         United Kingdom
         Tel: (01977) 674333
         Fax: (01977) 670555


HUNTER RUBBER: Appoints KPMG Administrator
------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of The Hunter Rubber Company Ltd.
(Company Number 04885898) on April 10.

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

The Hunter Rubber Company Ltd. manufactures work wear and can be
reached at:

         Edinburgh Road
         Dumfries DG1 1QA
         United Kingdom
         Tel: +44 (0) 1387 269591
         Fax: +44 (0) 1387 250995


IMAGESTATE (EUROPE): Brings In Kroll Limited as Administrator
-------------------------------------------------------------
Mark Saville and Andrew John Pepper of Kroll Ltd were appointed
administrators of Imagestate (Europe) Limited (Company Number
04187014) on April 12.  Its registered office is at Ramillies
House, 1-2 Ramillies Street, London W1F 7LN.

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

The company offers portrait photographic activities, other
specialist photography and film processing service.


LUXFER HOLDINGS: S&P Places Junk Credit Rating on Positive Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its CreditWatch
implications on the 'CC' long-term corporate credit ratings on
Luxfer Holdings PLC, a U.K.-based manufacturer of gas cylinders,
magnesium alloys, and zirconium chemicals, to positive from
negative.

The ratings were first placed on CreditWatch on Dec. 21, 2005,
reflecting uncertainty with regard to available liquidity on the
expiry of Luxfer's sole GBP20 million revolving credit facility.

"The revision of the CreditWatch implications reflects the
announcement by the company that adequate short-term liquidity
has now been secured by a new GBP45 million asset-backed
facility with the Bank of America," said Standard & Poor's
credit analyst Jarrad Oberhardt.  

The final resolution of the CreditWatch placement will follow
our review of the full details of the new facility and of
Luxfer's near-term operational and financial prospects.
     
"The ratings are likely to be raised back to the 'CCC' category
after our review of the new facility," Mr. Oberhardt added.

The ratings continue to reflect Luxfer's weak liquidity,
extremely challenging trading conditions in its key markets, and
its very aggressive financial structure.  These factors are only
partially moderated by the good, niche positions the company
holds in some markets.


JPL TECHNOLOGY: Names Kroll Limited to Administer Assets
--------------------------------------------------------
A. H. Maxwell and Charles Peter Holder of Kroll Limited were
appointed administrators of JPL Technology Ltd (Company Number
02729692) on April 12.  Its registered office is at Otago House,
Allenby Business Village, Crofton Road, Lincoln, Lincolnshire
LN3 1AA.

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

JPL Technology Ltd manufactures computers and process equipment.  
The company also sells vehicle media solutions.


MISYS PLC: Buys Back 500,000 Ordinary Shares
--------------------------------------------
Misys Plc bought back 500,000 of its own ordinary shares on
April 26, at a price of 211.6409 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 52,423,643 of its shares in Treasury
and has 501,303,393 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 U.K. general insurance industry.


P G K BUILDING: Brings In Joint Administrators from JJ Cork
-----------------------------------------------------------
David Antony Willis and Matthew Colin Bowker of Jackson Jolliffe
Cork were appointed joint administrators of PGK Building
Services Limited (Company Number 4188320) on Feb. 21.

Jacksons Jolliffe Cork -- http://www.jjcork.co.uk/-- was  
established in 1998.  It has offices in Doncaster, Harrogate,
Hull, Middlesbrough, Wakefield and York.  The firm is engaged
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.

P G K Building Services Ltd. is a construction company and can
be reached at:

         Unit 4,
         Orchard Court
         Knaresborough
         North Yorkshire HG5 8WZ
         United Kingdom
         Tel: 01423 797523  
         Fax: 01423 797523


PRESSCROFT LIMITED: Hires Administrators from P&A
-------------------------------------------------
D. L. Platt and M. S. E. Solomons of SPW Poppleton & Appleby
were appointed administrators of Presscroft Limited (Company
Number 03046311) on April 12.  Its registered office is at 68-
68A High Street, Alton, Hampshire GU34 1ET.

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

Presscroft sells books and newspapers and can be reached at:

         68 High Street
         Alton, Hampshire
         GU34 1ET  
         Tel: 0142083246   


RANK GROUP: Repurchases 1.2 Mln Ordinary Shares for Cancellation
----------------------------------------------------------------
The Rank Group PLC bought 1,200,000 ordinary shares of 10 pence
in the Company on April 26, for cancellation at an average price
of 225.33 pence per share.

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

                       *     *     *

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

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

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


REFCO INC: Secured Creditors Want Budget Committee Set Up
---------------------------------------------------------
Bank of America Corporation, as administrative agent for Refco
Inc. and its debtor-affiliates' secured creditors, asked the
Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York to set up a budget committee to
limit the Debtors' bankruptcy costs.

BofA said Refco is spending around US$150 million annually --
based on approximately US$42 million in administrative fees and
expenses between Oct. 17, 2005, and Jan. 31.  The bank added
that the amount approaches 40% of the outstanding principal owed
to Refco Group Ltd., LLC's bondholders.

In its court filing, BofA said Refco simply cannot long sustain
professional costs of this magnitude" since "there is no
apparent source for the payment of professional expenses."

BofA disclosed that the Court has expressed a positive view
regarding the establishment of a budget committee to monitor the
work to be performed by professionals retained in the Debtors'
bankruptcy proceedings.  The Bank believes bondholders, lenders
and other creditors must be represented in the committee.  

Judge Drain recently entered an order freezing BAWAG P.S.K.
Group's US$1.3 billion in U.S. assets, Refco creditors filed a
suit seeking compensation of similar amount from the bank.  
According to reports, the creditors accused BAWAG of aiding a
five-year multi-million dollar fraud orchestrated by former
Refco Chief Executive Phillip Bennett that drove the group into
bankruptcy.  Refco filed for bankruptcy on Oct. 17, just eight
days after it declared a shortfall in its books.

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.  


STARDECK CATERING: Appoints Hurst Morrison Administrator
--------------------------------------------------------
Robert C. Keyes and Paul W. Ellison of Hurst Morrison Thomson CR
LLP were appointed joint administrators of Stardeck Catering
Limited (Company Number 03469086) on April 10.

The joint administrators can be reached at:

         Hurst Morrison Thomson Corporate Recovery LLP
         5 Fairmile, Henley on Thames
         Oxfordshire
         RG9 2JR
         United Kingdom
         Tel: +44 (0) 1491 579866
         Fax: +44 (0) 1491 573397
         E-mail: hmt@hmtgroup.co.uk

Stardeck Catering Limited (t/a Sultan Balti Palace) sells Indian
food.


TLC LEISURE: Names Joint Administrators from Herron Fisher
----------------------------------------------------------
Christopher Herron and Nicola Jayne Fisher of Herron Fisher were
appointed joint administrators of TLC Leisure (Bromley) Ltd.
(Company Number 5039516) on April 13.  Its registered office is
at 31-33 East Street, Bromley BR1 1QQ.

The joint administrators can be reached at:

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

Headquartered in London, England, TLC Leisure (Bromley) Ltd.
operates a fitness gym.


VALENBECK LIMITED: Hires Tenon Recovery Administrator
-----------------------------------------------------
Ian William Kings of Tenon Recovery was appointed administrator
of Valenbeck Limited (Company Number 01567792) on April 11.

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

Valenbeck Limited -- http://www.valenbeck.co.uk/-- offers  
freight forwarding service and manufactures export
packing/casing.


WARE REALISATIONS: Joint Liquidators Take Over Operations
---------------------------------------------------------
Ware Realisations Limited is winding up its business after
creditors proved that the company could no longer continue its
operations due to liabilities.

They authorized Gerald Clifford Smith and John Neville Whitfield
to jointly liquidate the company's assets.

The company can be reached at:

         Ware Realisations Limited
         Watton Road, Ware
         Hertfordshire SG12 0AE
         United Kingdom
         Tel: 01727 733 125
         Fax: 01920 460 803


WARLEY PARK: Liquidates Assets & Names Clive Hammond Liquidator
---------------------------------------------------------------
Warley Park Golf Club is liquidating its assets after a winding
up resolution was passed on March 8.

Clive Robert Hammond, of PB Recovery Limited, was appointed
Liquidator.

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

Warley Park -- http://www.warleyparkgc.co.uk/-- operates a 27-
hole golf course, a fine lounge and a restaurant.  It can be
reached at:

         Warley Park Golf Club
         Magpie Lane
         Little Warley Brentwood
         Essex CM13 3DX
         Tel: 01277 224 891
         Fax: 01277 200 679


W.R.D. LIMITED: Creditors Move to Liquidate Assets
--------------------------------------------------
Creditors of W.R.D. Limited decided to liquidate the company's
assets during an extraordinary general meeting of members on
March 10.

Subsequently, they appointed Peter Anthony Jackson as
Liquidator.

The company can be reached at:

         W.R.D. Limited
         43 Dawson Avenue
         Wigan
         Lancashire WN6 8QN
         United Kingdom
         Tel: 01257 424 422


* Fitch Sets Up Distressed Recovery Ratings for Europe & US
-----------------------------------------------------------
Fitch Ratings launched Distressed Recovery ratings for US and
European structured finance transactions, affecting 977
distressed and defaulted tranches.

Fitch Ratings Managing Director Marion Silverman disclosed, "
The DRs are designed to estimate recoveries on a forward-looking
basis for distressed and defaulted securities."

According to Managing Director Oliver Delfour, "Part of an
effort to provide an enhanced analytical approach to structured
finance securities which are rated in the B category and below
and are currently distressed or defaulted."

The new DRs will affect 60 commercial mortgage-backed securities
transactions, 64 asset-backed securities, 314 residential
mortgage-backed securities and 101 U.S. and European
collateralized debt obligation deals.  DRs are being implemented
after a consultation phase that has expired.

DRs will be issued on a scale of DR1 to DR6 to denote the range
of recovery prospects given a currently distressed or defaulted
security.  

Fitch's DRs are:

   -- DR1: Outstanding recovery prospects in the event of
      default;

   -- DR2: Superior recovery prospects in the event of default;

   -- DR3: Good recovery prospects in the event of default;

   -- DR4: Average recovery prospects in the event of default;

   -- DR5: Below-average recovery prospects in the event of
      default; and

   -- DR6: Poor recovery prospects in the event of default.

In addition to the introduction of DRs, Fitch will no longer use
the D category in its LTCRs and will withdraw such ratings for
those securities where the security balance has been completely
written off or where the security's LTCR is currently C, the par
balance is greater than zero and no recovery is expected.  Fitch
also reserves the right to withdraw ratings when it is no longer
receiving information necessary to maintain a rating.


                           *********


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

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

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

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

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

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


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