TCREUR_Public/060502.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Tuesday, May 02, 2006, Vol. 7, No. 86     

                            Headlines


A U S T R I A

BAWAG PSK: Eyes Settlement Over US$1.3 Billion Refco Suit
RHI AG: Dec. 31 Balance Sheet Upside-Down by EUR181.1 Million


D E N M A R K

FS FUNDING: Moody's Cuts Planned EUR1.3BB Debt Issue to (P)Caa1


F I N L A N D

BENEFON OYJ: Hires Two Senior Executives to Lead New Brand


F R A N C E

ALCATEL S.A.: Earns EUR104 Million in First Quarter 2006
FONCIER DE FRANCE: Fitch Affirms Individual Rating at C


G E R M A N Y

AUTOHAUS ALOIS: Claims Registration Ends May 3
BOHNE UND MEINHARDT: Claims Registration Ends May 3
DASO MARKETING: Claims Registration Ends May 3
DEMEDICI GMBH: Claims Registration Ends May 3
DENEG EASYHOME: Creditors' Meeting Slated for May 4

ENGELS APPARATEBAU: Claims Registration Ends May 3
ESBEE SCHWARZ: Claims Registration Ends May 3
GRAETZ WOHNSTIL: Creditors' Meeting Slated for May 4
MBM AUTOHAUS: Claims Registration Ends May 3
MEINHARDT UND BOHNE: Claims Registration Ends May 3

WEISSE SPEDITION: Creditors' Meeting Slated for May 4


G R E E C E

OLYMPIC AIRLINES: EC Allows 9/11 State Aid to Predecessor
OLYMPIC AIRWAYS: EC Sues Greece for Failure to Recover Aid
OLYMPIC AIRLINES: Greece to Submit Rescue Plan to Brussels


I R E L A N D

ELAN CORPORATION: CHMP Issues Positive Opinion for TYSABRI(R)


I T A L Y

RENO DE MEDICI: S&P Affirms B Ratings Off Watch Negative


K A Z A K H S T A N

AIKEN TRANZIT: Court Sets May 8 Claims Bar Date
ALMALY: Creditors Must Submit Claims by May 5
AZIA MODERN: Creditors' Claims Due May 8
DJEM: Karaganda Economic Court Rules on Compulsory Liquidation
OAZIS STROI: Declared Insolvent by Almaty Court

REN COMPANY: Placed Under Compulsory Liquidation
SHEBER XXI: Creditors Must Submit Claims by May 8
TAMERLAN PRODUCTION: Proofs of Claim Deadline Set May 8
TEHNOPLASTKABEL: Creditors Must File Claims by May 5
VALUT-TRANZIT: Moody's Places Ratings for Possible Downgrade

UMUS: Gives Creditors Until May 8 to Submit Claims


P O L A N D

NETIA SA: Inks Managed Services Contract with Ericsson


R U S S I A

BUZULUKSKIY BRICKWORKS: Claims Filing Period Ends May 11
GLAV-TEXTILE: Deadline for Proofs of Claim Slated for May 11
KLINTSY-SEL-KHOZ-KHIMIYA: Appoints A. Moiseev Insolvency Manager
MONOLITH-NEDRA: Undergoes Bankruptcy Supervision Procedure
PERVOMAYSKIY: Bankruptcy Hearing Set for July 6

SISTEMA JOINT: Fitch Retains Foreign & Local Currency IDR at B+
SOVKHOZ ZVEZDNYJ: Bankruptcy Hearing Set July 17
SVETOCH: Bankruptcy Hearing Slated for July 24
TRANS-STROY ENGINEERING: Bankruptcy Supervision Procedure Begins
UZHURSKAYA SEL-KHOZ-KHIMIYA: Claims Filing Period Set May 11

VOLGOGRAD-HYDRO-STROY: Claims Filing Period Ends May 11


U K R A I N E

AGROSERVICE: Court Names Roman Gurin Interim Insolvency Manager
BERNES: Court Names Vyacheslav Letskan to Liquidate Assets
DNIPRO-SPEZ-SILGOSP-MONTAZH: Succumbs to Bankruptcy
LIGNAKOM: Mikolaiv Court Opens Bankruptcy Supervision
OPTIMA-SOFT: Court Appoints Mr. V. Zabrodin as Liquidator

TRANSBUD: Brings In Oleksandr Bandola as Insolvency Manager
UKRAGRO: Kyiv Court Commences Bankruptcy Proceedings
VERMIKULIT-92: Kyiv Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

ACTIVAID LIMITED: Creditors' Meeting Slated for May 3
AEW THURNE: Bank of Scotland Appoints PwC as Receiver
ANDROMEDA ENTERTAINMENT: In Administrative Receivership
BRAYTON ESTATES: Appoints BWC Business Solutions Administrator
CABLE & WIRELESS: Appoints Simon Ball as Non-Executive Director

CELSIUS FIRST: Meeting of Creditors Slated for May 10
CHEEKY MONKEYS: Hires UHY Hacker Young Administrator
COMPUTER PRODUCTIVITY: HSBC Bank Appoints Receiver
FIREPLACE SUPPLIES: Taps Parkin S. Booth to Administer Assets
FREERIDE DISTRIBUTION: Appoints Invocas Group Plc Administrator

GRANADA GAS: Creditors Pass Winding Up Resolution
HARDY FENCING: Names Moira Fitzpatrick Liquidator
H.C. HILL: Appoints Jeffreys Henry Jacobs Administrator
HEATSHIELD WINDOWS: Creditors Confirm Voluntary Liquidation
J.B.K TIMBER: Financial Woes Prompt Liquidation

KINGSLEY CARDS: Taps KPMG to Administer Assets
KOOLAIR LIMITED: Claims Filing Period Ends June 30
MAPLE CLOTHING: Hires Joint Administrators from Carter Backer
MISYS PLC: Buys Back 1,000,000 Shares from JPMorgan Cazenove
MONEY PARTNERS: Fitch Rates GBP12.25 Mln-Equivalent Notes at BB

P.H.E. TECHNICAL: Creditors Agree to Voluntary Liquidation
PSE SERVICES: Taps Joint Administrators from Begbies Traynor
SIRPAL TRADING: Winds Up Operations & Appoints Liquidator
RANK GROUP: Purchases 1,000,000 Shares for Cancellation
ROSE PROJECT: Appoints Smith & Williamson Administrator

SPRAYS INTERNATIONAL: Creditors' Meeting Slated for May 4
TOPTRADE INTERNATIONAL: Begins Winding Up Proceedings
TURNWELLS LIMITED: Appoints Joint Liquidators from Baker Tilly
WESTCLIFFE SUPPLIES: Joint Liquidators Take Over Operations
YELL GROUP: Successfully Completes Equity Placement

YELL GROUP: Inks Pact to Acquire Telefonica's 59.9% Stake in TPI
YELL GROUP: S&P Place BB Corp. Credit Rating on Watch Negative

* Large Companies with Insolvent Balance Sheets


                            *********

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


BAWAG PSK: Eyes Settlement Over US$1.3 Billion Refco Suit
---------------------------------------------------------
BAWAG P.S.K. is trying to reach an out-of-court settlement with
the secured creditors of Refco Inc., The Associated Press says.

According to the report, BAWAG spokeswoman Georgia Schuetz
revealed that lawyers for both parties are holding talks on a
possible compromise over a US$1.3 billion damages suit filed by
Refco's creditors at the U.S. Bankruptcy Court for the Southern
District of New York.

Director General Ewald Nowotny, in an interview with a local
television, said BAWAG is opting for a settlement to avoid a
period of uncertainty for the banks.  A settlement amount of
between EUR300 million and EUR400 million has been suggested in
published reports.

As reported in TCR-Europe on April 27, the Hon. Robert D. Drain
entered an order freezing BAWAG's US$1.3 billion in U.S. assets
after 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.  

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.

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.

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.  


RHI AG: Dec. 31 Balance Sheet Upside-Down by EUR181.1 Million
-------------------------------------------------------------
The RHI Supervisory Board approved the financial statements 2005
of RHI AG and the consolidated financial statements 2005 on
April 24.  The group's preliminary results 2005 published on
March 22, have thus been confirmed.

In 2005, the Company reported EUR99.8 million in profits,
compared to EUR99.7 million in 2004 profits.

At Dec. 31, 2005, RHI's balance sheet showed EUR181.1 million in
stockholders' deficit, compared to a EUR310.5 million deficit at
Dec. 31, 2004.

After the contract to sell the Insulating Group was signed in
January, RHI is now fully concentrating on extending the
globally leading technology and market position of RHI
Refractories.

In accordance with International Financial Reporting Standards,
RHI's consolidated revenue in 2005 amounted to EUR1.2 billion,
up 7.1% from EUR1.1 billion in revenues in 2004.  This
consolidated revenue shows the continuing refractories
operations and other revenue in the amount of EUR14.3 million.
The RHI Group's EBIT was EUR117.8 million in 2005, from EUR125.5
million in 2004.

RHI expects in the core business refractories an overall
positive market environment in 2006.  Incoming orders at the
beginning of 2006 exceed the level of the previous year.  RHI
aims to reach a two-digit EBIT margin again based on a
successful implementation of price increases to cover further
increases in costs.  RHI will publish its first quarter report
on May 4.

A full-text copy of RHI's 2005 Annual Report is available at no
charge at http://bankrupt.com/misc/RHI2005ANNUALREPORT.pdf

Headquartered in Vienna, Austria, RHI AG --
http://www.rhi-ag.com/-- manufactures heat-resistant refractory  
products such as steel making, copper and aluminum smelting, and
glass production, and in the construction of industrial kilns.


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


FS FUNDING: Moody's Cuts Planned EUR1.3BB Debt Issue to (P)Caa1
---------------------------------------------------------------
Moody's downgraded to (P)B2 the corporate family rating of FS
Funding A/S, the holding company of ISS A/S and ISS Global, and
to (P)Caa1 the rating for the proposed EUR1.3 billion high yield
notes.  The outlook on all ratings is stable.

The downgrade reflects the company's stated intention to
increase its bond issuance, originally targeted at EUR975
million, by circa EUR325 million to EUR1.30 billion, of which
EUR134 million will replace the proposed PIK note.  The
remaining EUR191 million will increase the size of the debt in
the overall capital structure beyond what Moody's had originally
factored into the (P)B1 corporate family rating.  At the time
that the initial (P)B1 rating was assigned, and prior to the
more recently stated increase in issuance, Moody's had noted
that the ratings were weakly positioned.

Approximately one third of the issuance will be fixed rate and
two thirds floating rate.  The new borrowings are expected to
increase the cash balance post issuance, but eventually to be
used towards acquisitions, thereby increasing leverage and
potentially slowing the eventual deleveraging process on which
the previous ratings were predicated.  On the basis of the new
issue size, Adj. Total Debt/EBITDA is expected to be in excess
of eight times.  The (P)Caa1 rating for the proposed bond, two
notches below the corporate family rating, continues to reflect
their subordination to priority debt representing about 73%
total debt within the revised capital structure.

The rating outlook is stable.  As before, nominal debt is
expected to continue to rise in coming years.  In addition, the
increased borrowing, and the replacement of the PIK loan with
issued debt, will result in higher upfront cash interest
payments after the transaction, which could delay any eventual
deleveraging.  Moody's therefore notes that the company and its
shareholders have opted for a more aggressive financial policy,
which will render the company more vulnerable to potential
industry and economic volatility.

Moody's believes that the company is adequately positioned
within the current rating category.  A sustainable reduction in
Adj. Total Debt/EBITDA towards the 6.5x range accompanied by
financial policies supportive of further deleveraging could be
positive for the rating.  The ratings would come under negative
pressure if operating performance or liquidity concerns develop
as regards the company's ability to service its debt
obligations.  In addition, Moody's will closely monitor
liquidity and working capital management given that interest
payments will absorb a significant portion of cash flows.

ISS is one of the world's leading providers of facility
services, based in Copenhagen, Denmark.  Its services are
categorized as cleaning, office support, property, catering and
integrated facilities services.  In 2005, the company reported
revenues and operating profits of DKK46.44 billion (EUR624
million) and DKK2.650 billion (EUR355 million), respectively,
under IFRS.


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


BENEFON OYJ: Hires Two Senior Executives to Lead New Brand
----------------------------------------------------------
Benefon Oyj appointed Jeremy Newing as chief marketing officer.  
Mr. Newing has over 10 years of international management
experience in the mobile phone and consumer durables sectors.  
He was most recently the Regional Marketing Director of BenQ
Mobile responsible for the visualization and implementation of
the marketing strategy throughout Western Europe.  Mr. Newing
will be responsible for all marketing activities of Benefon and
reports to the chief executive officer.

In addition, Simon Button has been appointed as chief technical
officer.  Mr. Button has spent the last 12 years with Voxson in
Australia where he was chief technology officer.  Voxson, one of
the world leaders in the design of GSM mobile devices,
specialized in hardware, mechanical and software development.  
Mr. Button brings with him a wealth of experience in GSM
technology and also the Asian mobile phone market.  His
experience will enable Benefon to develop and fully realize
their new product roadmap.  He will also report to the CEO.

Both executives have been recruited to build the new consumer
brand TWIG and the planned portfolio of new personal navigation
devices beginning with the TWIG Discovery.

"Jeremy will enable the implementation of our planned marketing
strategy by region in accordance with our goal of capturing
market share by region as defined in our marketing strategy, and
Simon's main focus will be the implementation of our product
road map goal over the next two years to ensure that each
product is in line with market and consumer requirements.  
Utilizing their combined 20 years of knowledge and experience
will secure the success of the TWIG brand and TWIG product
portfolio," says CEO Jonathan Bate.

Responsive to what mobile users demand today, TWIG Navigation is
bound to become the most user friendly navigation platform
thanks to its wide range of services easily accessible by GPRS
communications.  TWIG users will also later have access to
further services.  At launch Discovery will offer TWIG Finder,
an easy way to locate and navigate to any other Discovery user.  
Simply request their location and follow the navigation
instructions to find them.

"These key appointments are an essential part of our overall
strategic plan that we have implemented and in accordance with
our disclosed strategy the next phase in our development will
allow for a proper product delivery in the correct markets,
combined with a strategically focused marketing plan", says
Brian Katzen, Benefon's Chairman.


Headquartered in Salo, Finland, Benefon Oyj --
http://www.benefon.com/-- provides mobile telematics solutions  
saving lives, securing assets and improving field management.  

At Dec. 31, 2005, Benefon Oyj's balance sheet showed EUR4.97 in
total assets and EUR7.30 million in total liabilities, resulting
in a EUR2.33 million stockholders' deficit.


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


ALCATEL S.A.: Earns EUR104 Million in First Quarter 2006
--------------------------------------------------------
The Board of Directors reviewed and approved Alcatel S.A.'s
first quarter 2006 results.  

The Company reported a 17.6% increase in revenues showing
EUR3.067 billion for year 2006, compared with EUR 2.607 billion
for the same period in 2005.  It recorded a EUR104 million net
income in the first quarter of 2006, compared to EUR124 million
in the same period last year.

Alcatel S.A.'s Chairman and CEO, Serge Tchuruk, summarized the
Board's observations:

"Alcatel has once again turned in a solid quarter with strong
revenue growth, and improving margins.  We continue to benefit
from our leading position in the triple play services that are
transforming carrier networks across the world.  We saw an
exceptionally good performance in our wireline business coming
from a favorable geographical and product mix, particularly in
our access, optical and IP activities fueled by strong growth in
North America."

"Our wireless business continues to record good momentum, in all
radio technologies spanning from 2G to HSDPA and in all regions,
with a highly competitive environment, as foreseen at the
beginning of the year.  In addition, we continue to increase our
investment in next generation mobile technologies to support our
momentum with a particular focus on video and mobile TV where we
have gained a leading position.  Our private communications
segment is still driven by our integration services activities
and our leading position in the IP telephony domain,
particularly in Europe."

"The first part of the year has been highlighted by a major
strategic evolution which has placed Alcatel at the forefront of
the much needed industry consolidation.  Thanks to the strong
and complementary geographical and technological attributes of
both companies, our pending merger with Lucent Technologies
should provide enhanced earnings opportunities for the combined
company, with the closing of the deal expected in the next six
to twelve months.  Our plan to transfer our satellite and
security assets to Thales will allow us to reinforce our
industrial partnership and open new opportunities for our
communications technology in the defense and security markets.  
Closing for this deal is expected to occur in the second half of
the year."

                          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.


FONCIER DE FRANCE: Fitch Affirms Individual Rating at C
-------------------------------------------------------
Fitch Ratings affirmed Credit Foncier de France's AA Issuer
Default Rating and removed it from Rating Watch Negative.  

CFF's Short-term, Support and Individual ratings are affirmed at
F1+, 1 and C respectively.  A Stable Outlook is assigned.  This
follows the announcement by Groupe Caisse d'Epargne and Groupe
Banque Populaire that CFF is no longer part of the Natixis
project.

In March 2006, GCE and GBP announced plans to establish a
jointly owned investment and services bank to be called Natixis,
which would include, inter-alia, Natexis Banques Populaires,
Ixis Corporate and Investment Bank and CFF.  CFF's IDR, which
benefits from Caisse Nationale des Caisses d'Epargne et de
Prevoyance's IDR due to its affiliation status, was then placed
on RWN because it was expected to lose its affiliation status
once it formed part of Natixis.

Given the announcement made by the two groups that CFF is no
longer part of the Natixis project, CFF will remain affiliated
to CNCE and its ratings would not be affected by the creation of
Natixis.

The Obligations Foncieres of Compagnie de Financement Foncier
are rated AAA.


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


AUTOHAUS ALOIS: Claims Registration Ends May 3
----------------------------------------------
Creditors of Autohaus Alois Mossbauer KG have until May 3, to
register their claims with court-appointed provisional
administrator Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.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 Hof
         Sitzungssaal 012
         Berliner Platz 1
         95030 Hof, 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 Hof opened bankruptcy proceedings against
Autohaus Alois Mossbauer KG on March 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Autohaus Alois Mossbauer KG
         Pfaffenreuth 56
         95615 Marktredwitz, Germany
         
The administrator can be contacted at:

         Joachim Exner
         Ludwigstr. 50
         95028 Hof, Germany
         Tel: 09281/8331080
         Fax: 09281/8331089


BOHNE UND MEINHARDT: Claims Registration Ends May 3
---------------------------------------------------
Creditors of Bohne und Meinhardt GmbH have until May 3, to
register their claims with court-appointed provisional
administrator Ruediger Weiss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on May 31, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Bohne und Meinhardt GmbH on March 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Bohne und Meinhardt GmbH
         Eislebener Chaussee 204
         06126 Halle, Germany

         Attn: Wolfgang Bohne, Manager
         Lichtemannsbreite 9
         06118 Halle, Germany
         
The administrator can be contacted at:

         Ruediger Weiss
         Delitzscher Str. 70
         06112 Halle, Germany
         Tel: 0345/614080
         Fax: 0345/6140810


DASO MARKETING: Claims Registration Ends May 3
----------------------------------------------
Creditors of DaSo Marketing GmbH have until May 3, to register
their claims with court-appointed provisional administrator
Stefanie Luethje.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on June 30, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Verden
         Saal 214
         Hauptgebaude
         Johanniswall 8
         27283 Verden (Aller), 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 Verden opened bankruptcy proceedings
against DaSo Marketing GmbH on March 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         DaSo Marketing GmbH
         Attn: Walter Wagener, Manager
         Gerstenkamp 2
         27299 Langwedel, Germany
         
The administrator can be contacted at:

         Stefanie Luethje
         Ostertorsteinweg 74/75
         28203 Bremen, Germany
         Tel: 0421/79257-0
         Fax: 0421/7925757


DEMEDICI GMBH: Claims Registration Ends May 3
---------------------------------------------
Creditors of DeMedici GmbH Fuer Innovatives Marketing have until
May 3, to register their claims with court-appointed provisional
administrator Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on June 2, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Saal 3201
         II. Etage
         Gerichtsplatz 1
         44135 Dortmund, 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 Dortmund opened bankruptcy proceedings
against DeMedici GmbH fuer innovatives Marketing on March 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         DeMedici GmbH fuer innovatives Marketing
         Marie-Curie-Str. 5
         59423 Unna, Germany

         Attn: Andreas Gnadt, Manager
         Alter Weg 29
         58730 Frondenberg, Germany
         
The administrator can be contacted at:

         Dr. Petra Mork
         Arndtstr. 28
         44135 Dortmund, Germany
         Tel: 0231-952063-0
         Fax: 0231-95206316


DENEG EASYHOME: Creditors' Meeting Slated for May 4
---------------------------------------------------
Court-appointed provisional administrator for deneg easyhome
GmbH, Detlef-Helmut Stuermann, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:15 a.m., on May 4.

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

         The District Court of Halle-Saalkreis
         Saal 115
         Ostertorstr. 25-31
         28195 Bremen, Germany

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m., on July 13, at the same
venue.

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

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against deneg easyhome GmbH on Feb. 28.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         deneg easyhome GmbH
         Kurfuerstenallee 130
         28211 Bremen

         Attn: Burkhard Klaus Bleilevens, Manager
         Ernst-Kohlrautz-Str. 26
         30827 Garbsen, Germany
         
The administrator can be reached at:

         Detlef-Helmut Stuermann
         Domshof 18-20
         28195 Bremen, Germany
         Tel: 0421/3686-0
         Fax: 0421/3686-100
         Web: http://www.schubra.de/
         E-mail: InsolvenzBremen@schubra.de


ENGELS APPARATEBAU: Claims Registration Ends May 3
--------------------------------------------------
Creditors of Engels Apparatebau GmbH have until May 3, to
register their claims with court-appointed provisional
administrator Moritz Hansberg.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on June 8, 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 Bochum
         Saal A29
         Viktoriastrasse 14
         44787 Bochum, 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 Bochum opened bankruptcy proceedings
against Engels Apparatebau GmbH on March 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Engels Apparatebau GmbH
         Industriestr. 40 G
         44894 Bochum, Germany

         Attn: Frank-Michael Demski, Manager
         Marienstr. 57 B
         44866 Bochum, Germany
         
The administrator can be contacted at:

         Moritz Hansberg
         Huestrasse 34
         44787 Bochum, Germany
         Tel: 0234-96491-0
         Fax: 0234-96491-33


ESBEE SCHWARZ: Claims Registration Ends May 3
---------------------------------------------
Creditors of ESBEE Schwarz & Buedenbender GmbH have until May 3,
to register their claims with court-appointed provisional
administrator Bernd Reuss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 7, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Marburg/Lahn opened bankruptcy proceedings
against ESBEE Schwarz & Buedenbender GmbH on March 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         ESBEE Schwarz & Buedenbender GmbH
         Attn: Thomas Weyer, Manager
         Joh.-Konrad-Schaefer-Strasse 2-4
         35039 Marburg, Germany
         
The administrator can be contacted at:

         Bernd Reuss
         Fach 25
         Mainzer-Tor-Anlage 33
         61169 Friedberg/H., Germany
         Tel: 06031/7970
         Fax: 06031/797100


GRAETZ WOHNSTIL: Creditors' Meeting Slated for May 4
----------------------------------------------------
Court-appointed provisional administrator for Graetz Wohnstil
GmbH, Dr. Petra Hilgers, will present her first report on the
Company's insolvency proceedings at a creditors' meeting at 9:55
a.m., on May 4.

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

         The District Court of Charlottenburg
         II Stock Saal 218
         Amtsgerichtsplatz 1
         14057 Berlin, Germany

The Court will also verify the claims set out in the
administrator's report at 9:30 a.m., on July 6, at the same
venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Graetz Wohnstil GmbH on March 1.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         Graetz Wohnstil GmbH
         Seestr. 98
         13353 Berlin, Germany
         
The administrator can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin, Germany


MBM AUTOHAUS: Claims Registration Ends May 3
--------------------------------------------
Creditors of MBM Autohaus GmbH have until May 3, to register
their claims with court-appointed provisional administrator
Ruediger Weiss.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 31, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Saal 1043
         Justizzentrum
         Thueringer Str. 16
         06112 Halle, Germany

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

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

The Debtor can be contacted at:

         MBM Autohaus GmbH
         Eislebener Chaussee 202
         06126 Halle, Germany

         Attn: Wolfgang Bohne, Manager
         Lichtemannsbreite 9
         06118 Halle, Germany
         
The administrator can be contacted at:

         Ruediger Weiss
         Delitzscher Str. 70
         06112 Halle, Germany
         Tel: 0345/614080
         Fax: 0345/6140810


MEINHARDT UND BOHNE: Claims Registration Ends May 3
---------------------------------------------------
Creditors of Meinhardt und Bohne GbR have until May 3, to
register their claims with court-appointed provisional
administrator Ruediger Weiss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on May 31, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Saal 1043
         Justizzentrum
         Thueringer Strasse 16
         06112 Halle, Germany

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

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Meinhardt und Bohne GbR on March 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Meinhardt und Bohne GbR
         Eislebener Chaussee 204
         06126 Halle, Germany

         Attn: Wolfgang Bohne, Manager
         Lichtemannsbreite 9
         06118 Halle, Germany

         Harald Meinhardt, Manager
         Buchenweg 19
         06132 Halle, Germany
         
The administrator can be contacted at:

         Ruediger Weiss
         Delitzscher Str. 70
         06112 Halle, Germany
         Tel: 0345/614080
         Fax: 0345/6140810


WEISSE SPEDITION: Creditors' Meeting Slated for May 4
-----------------------------------------------------
Court-appointed provisional administrator for Weisse Spedition
GmbH, Dr. Wolfgang Schroder, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:45 a.m., on May 4.

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

         The District Court of Charlottenburg
         II. Stock Saal 218
         Amtsgerichtsplatz 1
         14057 Berlin, Germany

The Court will also verify the claims set out in the
administrator's report at 9:25 a.m., on July 6, at the same
venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Weisse Spedition GmbH on March 9.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         Weisse Spedition GmbH
         Wilhelm-von-Siemens-Strasse 26-28
         12277 Berlin, Germany
         
The administrator can be reached at:

         Dr. Wolfgang Schroder
         Genthiner Str. 48
         10785 Berlin, Germany


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


OLYMPIC AIRLINES: EC Allows 9/11 State Aid to Predecessor
---------------------------------------------------------
The European Commission decided to authorize some EUR2 million
of aid granted by Greece to Olympic Airways in compensation for
losses resulting from the closure of airspace between Sept. 11,
and 14, 2001.  

However, in line with established practice in respect of other
countries, the Commission is unable to accept measures taken to
compensate for flights not carried out after Sept. 14, 2001.  
The total amount to be recovered is accordingly about EUR2.8
million.

In a communication on the repercussions of the terrorist attacks
in the United States on the air transport industry, adopted in
October 2001, the Commission accepted certain types of aid,
including aid to insurance companies and aid to cover the costs
resulting from the partial closure of airspace.

The Greek aid scheme amounted to around EUR5 million.  The
formal investigation conducted by the Commission following its
decision of May 27, 2003, revealed that Greece had justified a
direct link between the losses for which compensation could be
given and actual flight restrictions, in an amount of EUR2
million of aid transferred to Olympic Airways.  The particular
losses concerned were incurred through cancellations of flights
to the United States, Canada and Israel, whose airspaces were
totally or partially closed to traffic during the days in
question.

On the other hand, another portion of the aid transferred to
Olympic Airways either concerns flights not carried out after
Sep. 14, 2001, and has already been the subject of a final
negative decision for other EU Member States, or it has not been
justified by Greece.

Finally, Greece has supplied no documents to substantiate the
aid of around EUR140,000 paid to Aegean Cronus, and the
Commission has likewise decided to recover that aid.

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


OLYMPIC AIRWAYS: EC Sues Greece for Failure to Recover Aid
----------------------------------------------------------
The European Commission will refer Greece to the European Court
of Justice for failure to comply with its state aid decision of
Sept. 14, 2005.

This decision required Greece to quantify and recover all the
unlawfully granted aid to Olympic Airways and Olympic Airlines
since December 2002.  It also asked Greece to immediately
suspend all further payments of aid to Olympic Airways and
Olympic Airlines, and gave Greece two months to inform the
Commission of the steps taken to comply.

In its decision of September 2005, the Commission found that
Greece had granted illegal and incompatible State aid through a
number of measures:

   -- EUR40 million from the Greek State and Olympic Airways to
      cover part of the costs to Olympic Airlines of leasing
      aircraft;

   -- an unjustified payment of some EUR90 million from the
      Greek State to Olympic Airways when Olympic Airlines was
      set up and transferred to the State, achieved by
      overvaluing the assets transferred to the State;

   -- the Greek State's toleration of Olympic Airways' failure
      to pay more than EUR350 million in tax and social security
      liabilities due between December 2002 and December 2004;

   -- the assumption by the Greek State of a number of Olympic
      Airways' financial obligations, e.g. in connection with
      aircraft leasing contracts and the repayment of a bank
      loan, amounting to up to EUR60 million.

Greece was required to recover the aid without delay, the exact
amount of which had to be defined during the execution of the
September 2005 decision.  It was also required to immediately
suspend all further payments of illegal aid to Olympic Airways
and Olympic Airlines.

Nevertheless, at this stage, the exact amount to be recovered
has not been determined yet.  No recovery has taken place, and
Greece has not demonstrated that it is has suspended all
payments of new illegal aid.

In May 2005, the European Court of Justice ruled that Greece had
not implemented the decision taken by the Commission in December
2002, which required Greece to recover EUR161 million of illegal
aid.  The Commission recently decided to send a reasoned opinion
to Greece for failure to comply with this Court ruling and its
2002 decision.  Depending on the answer of the Greek
authorities, the Commission may also refer Greece to the Court
on this ground to request penalty payments.

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


OLYMPIC AIRLINES: Greece to Submit Rescue Plan to Brussels
----------------------------------------------------------
The Greek government is ready to present its restructuring plan
for flag carrier Olympic Airways to the European Commission,
Agence Presse France says.

Finance Minister George Alogoskoufis said that the government
would continue operating with its current structure "at least
until October."  He added, "We need to be working on [Olympic's]
successor framework, as the one currently in operation does not
appear to be viable."

According to the report, Deputy Finance Minister Petros Doukas
said Greece has a "ready and complete" proposal, along with
Olympic's rescue plan, to be sent to the Commission.

As reported in TCR-Europe on April 25, the Greek government
plans to replace Olympic Airlines with Pantheon Airways, and act
as the successor's main shareholder.  The government, however,
admitted that Pantheon's final form depends on its talks with
the Commission.  

The government has tasked Mr. Doukas to look for possible
investors for Pantheon Airways.  Mr. Doukas has reportedly
secured around EUR100 million in financing for the new carrier.  
The deputy finance minister revealed that local and foreign
investors have expressed interest in acquiring a stake in the
new carrier.

Meanwhile, Mr. Alogoskoufis said Greece is ready to face the
suit filed by the Commission at the European Court of Justice.  
He said, "Greece has a responsibility to defend Olympic at the
European Court of Justice."

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


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


ELAN CORPORATION: CHMP Issues Positive Opinion for TYSABRI(R)
-------------------------------------------------------------
Biogen Idec and Elan Corporation, Plc disclosed that the
Committee for Medicinal Products for Human Use, the scientific
committee of the European Medicines Agency, issued a positive
opinion recommending marketing authorization for TYSABRI(R)
(natalizumab) as a treatment for relapsing-remitting multiple
sclerosis to delay the progression of disability and reduce the
frequency of relapses.

The Committee recommended that TYSABRI be used as single disease
modifying therapy either in patients with highly active
relapsing-remitting MS who have failed to respond to treatment
with a beta-interferon, or in patients who have rapidly evolving
severe relapsing-remitting MS.

In making its recommendation, the CHMP reviewed available data
from the development of TYSABRI, including data from the Phase
III AFFIRM monotherapy trial, the Phase III SENTINEL trial in
which TYSABRI was added to AVONEX(R) (Interferon beta-1a); and a
comprehensive safety analysis, which included the assessments
for cases of progressive multifocal leukoencephalopathy (PML).
The CHMP also reviewed a Risk Management plan to assess and
minimize risks, including PML and other serious opportunistic
infections.

The European Commission will consider the CHMP's positive
recommendation for TYSABRI for final marketing approval.  Final
approval customarily follows the CHMP's recommendation, which
the companies anticipate will be this summer.  The European
Commission is the final decision-making body for all centrally
reviewed medicinal products that are to be introduced in the EU
market.

                       About Biogen Idec

Biogen Idec (NASDAQ: BIIB) -- http://www.biogenidec.com/--   
creates new standards of care in oncology, neurology and  
immunology.   As a global leader in the development,  
manufacturing, and commercialization of novel therapies, Biogen  
Idec transforms scientific discoveries into advances in human  
healthcare.

                      About the Company

Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a   
neuroscience-based biotechnology company.  Elan shares trade on  
the New York, London and Dublin Stock Exchanges.

                        *     *     *

Moody's Investors Service rates Elan's long-term corporate  
family rating at Ba3.  The company's long-term foreign issuer
credit rating and long-term local issuer credit rating carry
Standard & Poor's single-B rating.

As reported by TCR-Europe on May 2, 2005, the company's net loss  
for the first quarter of 2005 amounted to US$115.6 million, an  
increase of 86% over the US$62.2 million reported in the same  
quarter of 2004.  Of the US$74.7 million net operating loss for  
the first quarter of 2005, US$58.6 million related to
Tysabri(TM).  Total revenue decreased 31% to US$102.7 million in  
the first quarter of 2005 from US$148.3 million in the first  
quarter of 2004.


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


RENO DE MEDICI: S&P Affirms B Ratings Off Watch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
and 'B' short-term corporate credit ratings on Italy-based
cartonboard manufacturer Reno De Medici SpA.  The ratings were
removed from CreditWatch, where they had been placed on Nov. 22,
2005.  The outlook is negative.

"The ratings and outlook continue to reflect our concerns about
RDM's operating performance," said Standard & Poor's credit
analyst Barbara Castellano.

Notwithstanding some signs of a light recovery in the Italian
economic environment, market conditions in the carton board
industry remain tough.  The ongoing increase in energy prices
could put pressure on 2006 earnings, as already seen in 2005.  
In 2005, RDM's free cash flow generation was flat and funds from
operations (FFO) to fully adjusted net debt was about 5%.

After the divestiture of its packaging division, RDM's product
diversification has substantially reduced. The resulting higher
dependency on the carton board industry and the Italian market
negatively affects the company's business risk profile.

RDM is the second-largest producer of recycled carton board in
Europe, with a focus on white-lined chipboard used for packaging
products.  The company has good market positions in this segment
in Southern Europe, with Italy accounting for about 53% of sales
in 2005.  Carton board markets are mature, and demand in Europe
is clearly tied to that for consumer goods.  Producers of
recycled cartonboard are exposed to volatile wastepaper and
energy prices, and industry overcapacity continues to result in
low operating rates and constant pricing pressure.  

Several other elements have also contributed to RDM's weak
financial and operational performance over the past few years:

   -- operational inefficiencies;
   -- prolonged weak demand in RDM's major markets; and
   -- the rising prices of energy.

"The ratings could be lowered if operating performance does not
show any improvement in 2006, if cash flow continues to
deteriorate, and if RDM fails to improve its credit measures
over the near-to-medium term," Ms. Castellano added.

Standard & Poor's expects FFO to net debt to improve to about
10% in medium term.


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


AIKEN TRANZIT: Court Sets May 8 Claims Bar Date
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Aiken Tranzit insolvent.  

Creditors have until May 8, to submit written proofs of claim
to:

         Micro District Taugul
         Almaty, Kazakhstan
         Tel: 8 (3272) 56-97-68


ALMALY: Creditors Must Submit Claims by May 5
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Firma Almaly insolvent.  

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

         Maulenova Str. 92
         Almaty, Kazakhstan
         Tel: 8 (3272) 67-63-59


AZIA MODERN: Creditors' Claims Due May 8
----------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Azia Modern insolvent.  

Creditors have until May 8, to submit written proofs of claim
to:

         Micro District Taugul
         Almaty, Kazakhstan
         Tel: 8 333 139 50-00


DJEM: Karaganda Economic Court Rules on Compulsory Liquidation
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region has placed LLP Djem under compulsory liquidation.  

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

         Jambyl Str. 9
         Karaganda, Region


OAZIS STROI: Declared Insolvent by Almaty Court
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Oazis Stroi insolvent on Feb. 13.

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

          Birjan Sal Str. 80-30
          Taldykorgan, Kazakhstan
          Tel: 8 (328 (22) 24-74-83


REN COMPANY: Placed Under Compulsory Liquidation
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region has placed LLP Ren Company under compulsory liquidation.  

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

         Jambyl Str. 9
         Karaganda, Region


SHEBER XXI: Creditors Must Submit Claims by May 8
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Sheber XXI insolvent.  

Creditors have until May 8, to submit written proofs of claim
to:

         Micro District Taugul
         Almaty, Kazakhstan
         Tel: 8 333 139 50-00


TAMERLAN PRODUCTION: Proofs of Claim Deadline Set May 8
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Tamerlan Production insolvent.

Creditors have until May 8, to submit written proofs of claim
to:

         Micro District Taugul
         Almaty, Kazakhstan
         Tel: 8 (3272) 56-97-68


TEHNOPLASTKABEL: Creditors Must File Claims by May 5
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Tehnoplastkabel insolvent.  

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

          Maulenova Str. 92
          Almaty, Kazakhstan
          Tel: 8 (3272) 67-63-59


VALUT-TRANZIT: Moody's Places Ratings for Possible Downgrade
------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the B1 long-term foreign currency deposit rating and
the E+ Financial Strength Rating of Valut-Tranzit Bank
(Kazakhstan).  The Not-Prime short-term foreign currency deposit
rating is not affected by this rating action.

This rating action reflects:

   -- Moody's expectations regarding deterioration in the bank's           
      financial fundamentals, namely asset quality, in 2005 on
      the back of more strict evaluation of risks inherent to
      the bank's lending activities;

   -- the failure of two attempts to sell the bank to outside
      investors which could have helped to re-capitalize the
      bank if need be;

   -- the build-up of negative publicity which increases the
      level of jitteriness among the bank's depositors and
      creditors and reduces their level of confidence.  

According to the bank's senior management, there has been no
material pressure on liquidity or loss of customers in the first
quarter of 2006.

At the same time, Moody's notes that there are a few positive
factors underpinning the ratings at their current level rather
than prompting a straight downgrade to a lower level.  Firstly,
the rating agency believes that even if the bank were to get
into financial difficulties a fair degree of external support
may be forthcoming from the authorities and/or outside investors
though its extent and timeliness are uncertain.  Secondly, there
is no evidence that the bank is not a going concern.

The review will focus on Valut-Tranzit Bank's financial
performance, liquidity and solvency, ability to manage its
business and defend its franchise under the adverse business
conditions described above.  Fitch will also try to ascertain
which external support mechanisms from outside investors and/or
authorities are available to the bank.  This review will be
concluded within the next few months.

Headquartered in Karaganda, Northern Kazakhstan, Valut-Tranzit
Bank reported total assets of US$378 million at year-end 2004
under IFRS.  


UMUS: Gives Creditors Until May 8 to Submit Claims
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Umus insolvent on Nov. 23, 2005.

Creditors have until May 8, to submit written proofs of claim
to:

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


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


NETIA SA: Inks Managed Services Contract with Ericsson
------------------------------------------------------
Netia SA (WSE: NET) signed a five-year managed services contract
with Ericsson.  

The contract covers maintenance and management of the Netia
Group's networks, as well as the support in the provision of
standard services to Netia Group customers, inclusive of the
installation of lines at customer's site.  Approximately 300
Netia employees will be transferred to Ericsson under the scope
of this contract.  The total value of the transaction does not
exceed 10 percent of Netia's total equity as at Dec. 31, 2005.

The transaction consists of two joint elements:

   (i) the contract covering services provision; and

  (ii) transfer contracts concerning employees, assets and
       agreements of the Netia Group.

The infrastructure and telecommunications lines will remain the
property of the Netia Group.  Investment projects will also
remain Netia Group's responsibility.  The Netia Group will be
the owner of network and equipment installed in the future.

Thanks to the cooperation with Ericsson the Netia Group will
gain more flexibility in extending its telecommunications
network and will expand its geographical coverage without the
increase of employment in departments dealing with network
maintenance and customer installations.  This will directly
influence the reduction of employment costs.

The contract with Ericsson provides that the employees will be
transferred on the basis of Article 231 of the Labor Code and
will retain current work and remuneration conditions.

Ericsson networks cover over 60 million customers worldwide.  
The managed services business is of strategic importance to
Ericsson's development in Poland and worldwide.  The company's
experience, flexibility in the negotiations process and the
guarantee of employment and further development of employees to
be taken over have influenced the decision to choose Ericsson
for the project.

Headquartered in Warsaw, Poland, Netia SA (B+/Stable/) --
http://netia.pl/-- is the leading alternative fixed-line  
telecommunications operator in Poland.  It operates on the basis
of its own, state-of-the-art fiber-optic backbone network that
connects the largest Polish cities as well as its local access
networks.  Netia provides a broad range of telecommunications
services, including voice, data and network wholesale services.


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


BUZULUKSKIY BRICKWORKS: Claims Filing Period Ends May 11
--------------------------------------------------------
Creditors of Buzulukskiy Brickworks have until May 11, to file
their proofs of claim to court-appointed insolvency manager Mr.
V. Ivanov at:

         Gaya Str. 23A
         460000, Orenburg Region, Russia
         Tel/Fax: (3532) 78-38-44

The Arbitration Court of Orenburg Region commenced bankruptcy
proceedings against the limited liability company with the case
docketed as A47-9302/2005-14 GK.

The Debtor can be reached at:

         Buzulukskiy Brickworks
         Buzuluk, Zarechnaya Str. 12
         Orenburg Region, Russia


GLAV-TEXTILE: Deadline for Proofs of Claim Slated for May 11
------------------------------------------------------------
Creditors of Glav-Textile have until May 11, to submit their
proofs of claim to court-appointed insolvency manager Ms. A.
Nekhina at:

         Office 37, Building 2, Korovinskoye Shosse, 10
         127486, Moscow Region, Russia
         Tel: (495) 906-00-67

The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A40-84418/05-73-274B.

The Debtor can be reached at:

         Glav-Textile
         Seligerskaya Str. 28, Pom.Pravl
         127247, Moscow Region, Russia


KLINTSY-SEL-KHOZ-KHIMIYA: Appoints A. Moiseev Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Bryansk Region appointed Mr. A. Moiseev
temporary insolvency manager of open joint stock company
Klintsy-Sel-Khoz-Khimiya (Case No. A35-3614/05 "g").  He can be
reached at:

         Goncharova Str. 63-27
         241030, Bryansk Region, Russia

The Debtor can be reached at:

         Klintsy-Sel-Khoz-Khimiya
         Klintsy, RP Zaymishe,
         Zaymishenskaya Str. 177
         243415, Bryansk Region, Russia


MONOLITH-NEDRA: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Khakasiya Republic has commenced
bankruptcy supervision procedure on close joint stock company
Monolith-Nedra (Case No. A74-1145/2006).

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

         Abakan, Kolkhoznaya Str. 45-36
         Khakasiya Republic, Russia

The Debtor can be reached at:

         Monolith-Nedra
         Askizskiy Region, Askiz
         Khakasiya Republic, Russia


PERVOMAYSKIY: Bankruptcy Hearing Set for July 6
-----------------------------------------------
The Arbitration Court of Irkutsk Region will convene at 11:30
a.m. on July 6, to hear the bankruptcy supervision procedure on
Pervomayskiy (TIN 8504000660).  The case is docketed as A19-
4560/06-29.

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

         Office 414, Dekabrskikh Sobytiy Str. 55
         664007, Irkutsk Region, Russia

The Debtor can be reached at:

         Pervomayskiy
         Nukutskiy Region, Pervomayskiy
         669401, UOBAO, Irkutsk Region, Russia


SISTEMA JOINT: Fitch Retains Foreign & Local Currency IDR at B+
---------------------------------------------------------------
Fitch Ratings changed Sistema Joint Stock Financial Corp.'s
Outlook to Positive from Stable.  Its foreign and local currency
Issuer Default ratings are affirmed at B+.  At the same time,
the senior unsecured ratings on bonds issued by Sistema Capital
S.A. and Sistema Finance S.A. with maturities in 2011 and 2008
respectively are affirmed at B+.  The bonds, which are
guaranteed by Sistema, are assigned recovery ratings of RR4.

Director in Fitch's TMT team Nikolai Lukashevich disclosed,
"Sistema's key operating subsidiaries have come closer to a cash
generative stage of their business cycles, which stipulate a
Positive Outlook."

Improving creditworthiness of Sistema's key subsidiaries, a
higher percentage shareholding of key operating assets, further
improvements in cash flow generation on a group-wide basis or
successful geographic and business diversification, may lead to
an upgrade.  

Sistema's ratings reflect the credit quality of its operating
subsidiaries, its ability to move cash around the group and the
structural subordination to creditors at the operating company
level.

Although MTS, Sistema's largest subsidiary and dividend
contributor, is likely to be close to break even from the cash
flow perspective in 2006, a strong growth of its earnings and
low leverage should allow it to significantly increase dividend
payments.  Sistema's other key businesses no longer require
substantial cash contribution from the parent, and will likely
increase dividends from 2007 onwards.

Telecoms are expected to dominate Sistema's operating and
financial profiles although the holding company may gradually
diversify into other segments, e.g. real estate.  The holding
company's strategic ambitions are narrowed to seven key
industries, limiting any risk of diversification into industries
where its lacks experience, although opportunistic investments
into other sectors are not ruled out.

Sistema is planning to participate in a number of large
acquisitions, which may change its credit profile; however,
Fitch sees it as an event risk.  The holding company has
valuable non-consolidated assets on its balance sheet, which
significantly increases its financial flexibility.

In Fitch's view, Sistema is well equipped to move cash around
the group via a number of options including regular dividends,
change of capital structure of operating subsidiaries and
redistribution of cash via MBRD, its banking subsidiary.

Group leverage is modest and has declined to 0.9x net debt/OIBDA
at end-Q305 from 1.5x at end-2003.  Comstar UTS's IPO and other
operating subsidiaries' planned IPOs will translate into
improved net leverage ratios.  

Although IPO cash is unlikely to be used to repay debt, it will
be spent on acquisitions and greenfield growth and will
ultimately lead to increases in earnings, which is positive for
Sistema's credit profile.  Sistema's standalone maturity profile
has a clear bullet shape with two US$350 million Eurobonds
maturing in 2008 and 2011.  

In addition, 2011 bond has a put option in 2007, which
potentially exposes Sistema to refinancing risks.  However,
taking into account Sistema's modest leverage and a number of
credit line facilities in place Fitch does not see it as a
concern.


SOVKHOZ ZVEZDNYJ: Bankruptcy Hearing Set July 17
------------------------------------------------
The Arbitration Court of Altay Region will convene at 9:10 a.m.
on July 17, to hear the bankruptcy supervision procedure on
close joint stock company Sovkhoz Zvezdnyj (Case No. A03-
21856/05-B).

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

         Barnaul, Kosmonavtov Pr. 12/1
         656023, Altay Region, Russia
         Tel/Fax: (3852) 33-53-61

The Debtor can be reached at:

         Sovkhoz Zvezdnyj
         Ust-Kalmanskiy Region, Novokalmanka
         Altay Region, Russia



SVETOCH: Bankruptcy Hearing Slated for July 24
----------------------------------------------
The Arbitration Court of Ivanovo Region will convene at 9:30
a.m. on July 24, to hear the bankruptcy supervision procedure on
Svetoch (OGRN 1023701759513).  The case is docketed as A17-
1342/06-1B.

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

         Post User Box 1866
         153000, Ivanovo Region, Russia
         Tel: 8-903-879-0220

The Debtor can be reached at:

         Svetoch
         Rodniki, Vichugskiy Proezd, 19
         155250, Ivanovo Region, Russia


TRANS-STROY ENGINEERING: Bankruptcy Supervision Procedure Begins
----------------------------------------------------------------
The Arbitration Court of Tomsk Region has commenced bankruptcy
supervision procedure on close joint stock company Trans-Stroy
Engineering (Case No. A67-17537/05).

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

         V. Emelyanov
         Post User Box 4357
         660013, Krasnoyarsk Region, Russia

The Debtor can be reached at:

         Trans-Stroy Engineering
         K. Marksa Str. 56
         Tomsk Region, Russia


UZHURSKAYA SEL-KHOZ-KHIMIYA: Claims Filing Period Set May 11
------------------------------------------------------------
Creditors of Uzhurskaya Sel-Khoz-Khimiya (TIN 2439002287, KPP
243901001) have until May 11, to submit their proofs of claim to
court-appointed insolvency manager Mr. E. Katser at:

         Post User Box 12161
         660041, Krasnoyarsk Region, Russia

The Arbitration Court of Krasnoyarsk Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A33-11390/2005.

The Debtor can be reached at:

         Uzhurskaya Sel-Khoz-Khimiya
         Uzhur, Pobedy Sotsoalizma Str. 131
         662300, Krasnoyarsk Region, Russia


VOLGOGRAD-HYDRO-STROY: Claims Filing Period Ends May 11
-------------------------------------------------------
Creditors of Volgograd-Hydro-Stroy (TIN 3435063065) have until
May 11, to file their proofs of claim to court-appointed
insolvency manager Mr. O. Berezin at:

         Post User Box 1957
         400050, Volgograd Region, Russia

The Arbitration Court of Volgograd Region commenced bankruptcy
proceedings against the limited liability company with the
docketed as A12-22578/05-s57.

The Debtor can be reached at:

          Volgograd-Hydro-Story
          Road 6, Object 6, Volzhskiy
          Volgograd Region, Russia


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


AGROSERVICE: Court Names Roman Gurin Interim Insolvency Manager
---------------------------------------------------------------
Economic Court of Cherkassy Region appointed Roman Gurin as
temporary Insolvency Manager for LLC Agroservice (code EDRPOU
31718293).  He can be reached at:

         Gagarin Str. 95/191
         Cherkassy Region
         18021 Ukraine

The Court commenced bankruptcy supervision procedure against the
company on Feb. 16.  The case is docketed as 01/4689.

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         Cherkassy Region
         18005 Ukraine

The Debtor is headquartered in:

         Zolotonosha District Korobivka
         Cherkassy Region
         19772 Ukraine


BERNES: Court Names Vyacheslav Letskan to Liquidate Assets
----------------------------------------------------------
The Economic Court of Kyiv Region appointed Vyacheslav Letskan
as Liquidator/Insolvency Manager for LLC Bernes (code EDRPOU
33144041).  He can be reached at:

         Dovzhenko Str. 16v/42
         03057 Ukraine, Kyiv Region

The Court commenced bankruptcy proceedings against the company
on March 10, after finding it insolvent.   The case is docketed
as 59/11b-06.

The Economic Court of Kyiv Region is located at:

         Komintern Str. 165
         Kyiv Region
         01032 Ukraine

The Debtor is headquartered in:

         Vishneve, Kiyivska Str. 8A
         Kiyevo-Svyatoshinskij District
         Kyiv Region
         08132 Ukraine

DNIPRO-SPEZ-SILGOSP-MONTAZH: Succumbs to Bankruptcy
---------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on OJSC Dnipro-Spez-Silgosp-Montazh (code
EDRPOU 00911204) on March 9.  The case is docketed as B
15/21/06.

Petro Shistopal has been appointed temporary Insolvency Manager
and can be reached at:

         Dnipropetrovsk Region a/b 5429
         49101 Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         Dnipropetrovsk Region
         49600 Ukraine

The Debtor is headquartered in:

         Sursko-Litovske, Nova Str. 1
         Dnipropetrovsk Region
         52064 Ukraine


LIGNAKOM: Mikolaiv Court Opens Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Mikolaiv Region commenced bankruptcy
supervision procedure on OJSC Lignakom (code EDRPOU 23399223) on
Dec. 28, 2005.  The case is docketed as 5/322/05.

Volodimir Shamshur has been appointed temporary Insolvency
Manager and can be reached at:

         Geroiv Stalingradu Avenue 17/47         
         Mikolaiv Region
         54025 Ukraine

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         Mikolaiv Region
         54009 Ukraine

The Debtor is headquartered in:

         Admiralska Str. 38
         Mikolaiv Region
         54014 Ukraine


OPTIMA-SOFT: Court Appoints Mr. V. Zabrodin as Liquidator
---------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. V. Zabrodin as
Liquidator/Insolvency Manager for LLC Optima-Soft (code EDRPOU
31071197).  He can be reached at:

         Kyiv Region, a/b 30
         01019 Ukraine

The Court commenced bankruptcy proceedings against on Feb. 22,
after finding it insolvent.  The case is docketed as 47/11b-06

The Economic Court of Kyiv Region is located at:

         Komintern Str. 165
         Kyiv Region
         01032 Ukraine

The Debtor is headquartered in:

         Puhivka, Radgospna Str. 1
         Kyiv Region
         Ukraine
         

TRANSBUD: Brings In Oleksandr Bandola as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Kyiv Region appointed as Oleksandr Bandola
as Liquidator/Insolvency Manager for LLC Transbud (code EDRPOU
20583883).  He can be reached at:

         S. Hohlovih Str. 6-B/31
         Kyiv Region
         04119 Ukraine

The Court commenced bankruptcy proceedings against the company
on March 2, after finding the company insolvent.  The case is
docketed as 180/2b-2005.

The Economic Court of Kyiv Region is located at:

         Komintern Str. 165
         Kyiv Region
         01032 Ukraine

The Debtor is headquartered in:

         Klavdiyeve-Tarasove, Gagarin Str. 67
         Borodyanka District
         Kyiv Region
         07850 Ukraine


UKRAGRO: Kyiv Court Commences Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Agro-Industrial Company Ukragro (code
EDRPOU 32430756) on March 2, after finding it insolvent.  The
case is docketed as 216/2b-2005.

Oleksandr Bandola has been appointed Liquidator/Insolvency
Manager and can be reached at:

         S. Hohlovih Str. 6-B/31
         Kyiv Region
         04119 Ukraine

The Economic Court of Kyiv Region is located at:

         Komintern Str. 165
         Kyiv Region
         01032 Ukraine

The Debtor is headquartered in:

         Borodyanka, Lenin Str. 361
         Kyiv Region
         07800 Ukraine


VERMIKULIT-92: Kyiv Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Vermikulit-92 (code EDRPOU) on March 2,
after finding the company insolvent.  The case is docketed as
161/3 b-2005.

Oleksandr Bandola has been appointed Liquidator/Insolvency
Manager and can be reached at:

         S. Hohlovih Str. 6-B/31
         Kyiv Region
         04119 Ukraine

The Economic Court of Kyiv Region is located at:

         Komintern Str. 165
         Kyiv Region
         01032 Ukraine

The Debtor is headquartered in:

         Borodyanka, Industrialna Str. 3
         Kyiv Region
         07800 Ukraine


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


ACTIVAID LIMITED: Creditors' Meeting Slated for May 3
-----------------------------------------------------
Creditors of Activaid Limited will meet at 11 a.m., on May 3,
at:

         Portland Business & Financial Solutions Ltd.
         The Outlook, Ling Road
         Poole, Dorset BH12 4PY
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon, on May 2, to:

         M. Fortune
         Joint Administrator
         Portland Business & Financial Solutions Ltd.
         The Outlook, Ling Road
         Poole, Dorset BH12 4PY
         United Kingdom

Activaid Ltd. can be reached at:

         216 Lower Blandford Road
         Broadstone
         Dorset BH18 8DX
         Tel: 01202 602646
         Fax: 01202 695501
         United Kingdom


AEW THURNE: Bank of Scotland Appoints PwC as Receiver
-----------------------------------------------------
Bank of Scotland appointed Stephen Mark Oldfield, David Matthew
Hammond and Michael David Gercke of PricewaterhouseCoopers joint
administrative receivers of AEW Thurne Group Limited (Company
Number 02127019) on April 7.

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

AEW Thurne Group Ltd. offers property owning and management
services and can be reached at:

         606 Main Road
         Harwich
         Essex CO12 4LW
         United Kingdom


ANDROMEDA ENTERTAINMENT: In Administrative Receivership
-------------------------------------------------------
Sony Computer Entertainment U.K. Limited appointed Paul Clark
and Jason Godefroy of Menzies Corporate Restructuring joint
administrative receivers of Andromeda Entertainment Plc (Company
Number 02846901) on April 13.

Headquartered in London, Menzies Corporate Restructuring --
http://www.menzies.co.uk/-- is a member of Moores Rowland  
International, an association of independent accounting firms
throughout the world with some 20,800 partners and staff,
operating from 628 offices in 92 countries.  MRI, which is
ranked 8th amongst the leading international accounting
associations, achieved global revenues of US$1.8 billion in
2003.

Andromeda Entertainment Plc -- http://andromeda-
entertainment.co.uk/ -- distributes computer games.


BRAYTON ESTATES: Appoints BWC Business Solutions Administrator
--------------------------------------------------------------
Gary Edgar Blackburn and Paul Andrew Whitwam of BWC Business
Solutions were appointed joint administrators of Brayton Estates
Limited (Company Number 04752146) on April 18.

The joint administrators can be reached at:

         BWC Business Solutions
         8 Park Place
         Leeds LS1 2RU
         United Kingdom
         Tel: 0113 243 3434
         Fax: 0113 243 5049
         E-mail: bwc@bwc-solutions.com

Brayton Estates Limited (t/a APS Estate Agents) operates real
estate agencies.


CABLE & WIRELESS: Appoints Simon Ball as Non-Executive Director
---------------------------------------------------------------
Cable and Wireless plc disclosed the appointment of Simon Ball
as a Non-executive director to the Board.

Simon Ball is Group Finance Director for 3i Group plc, the FTSE
100 private equity and venture capital business, and has served
on its main Board since April 2005.

Prior to this, Simon held a series of senior finance and
operational roles over 15 years at Dresdner Kleinwort Benson and
Robert Fleming Group and, for two years, served as Director
General, Finance for the U.K. Government's Department for
Constitutional Affairs.

His appointment to the Cable and Wireless plc Board takes effect
from May 1.  He will also join the Audit and Remuneration
committees of Cable & Wireless.

"I am delighted that we have attracted Simon Ball to our Board,"
Cable & Wireless Chairman Richard Lapthorne disclosed.  "He
brings with him a wealth of financial acumen and investment
experience."

Commenting on the appointment, Simon Ball expressed, "I am
delighted to be joining the Cable & Wireless Board and very much
look forward to working with the new executive team."

                        About the Company

Headquartered in London, Cable & Wireless PLC --
http://www.cw.com/new/-- is one of the world's leading  
international communications companies.  It provides voice, data
and IP (Internet Protocol) services to business and residential
customers, as well as services to other telecoms carriers,
mobile operators and providers of content, applications and
Internet services.  Its principal operations are in the United
Kingdom, continental Europe, Asia, the Caribbean, Panama and the
Middle East.  Fitch Ratings has affirmed Cable & Wireless'
ratings at Long-term 'BB+' with Stable Outlook and Short-term
'B'.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 3,
Standard & Poor's Ratings Services said that the ratings and
outlook on U.K.-based telecommunications operator Cable &
Wireless PLC (C&W; BB-/Negative/B) were unchanged following the
group's presentation of plans for further restructuring and
refocusing of its U.K. business.

C&W is replicating the broadly successful business model of
Energis, the U.K. telecoms services company that it acquired in
November 2005.  It has announced a withdrawal from the low-
margin U.K. small-to-midsized business market and a focus on
large U.K. corporate customers.  Given this streamlining of the
customer and product base, employee numbers could reduce by up
to 3,000, resulting in additional headcount reduction and lease
exit costs.  The group is to continue investing in Bulldog, its
early stage, and largely residential, local-loop-access
operation.

This further retrenchment underlines the external and internal
challenges that C&W still faces.  The group's cash flow profile
in the U.K. is likely to be more negative than previously
anticipated, although material erosion of the gross cash
position is not currently expected.


CELSIUS FIRST: Meeting of Creditors Slated for May 10
-----------------------------------------------------
Creditors of Celsius First Limited (Company Number 00693558)
will meet at 2:30 p.m., on May 10, at:

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

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon, on May 9, to:

         S. M. Oldfield
         D. C. Chubb
         Joint Administrators
         PricewaterhouseCoopers LLP
         Plumtree Court
         London EC4A 4HT
         United Kingdom

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

Celsius First Limited (fka Frigoscandia Limited) --
http://www.celsiusfirst.com/-- specializes in temperature-
controlled distribution space and logistics.  Its services
include frozen food consolidation to retail and foodservice
business, upstream logistics, cold storage and transport
management.


CHEEKY MONKEYS: Hires UHY Hacker Young Administrator
----------------------------------------------------
Robert Edward Caunce Cook of UHY Hacker Young was appointed
administrator of Cheeky Monkeys Group Limited (Company Number
03043229) on April 20.

The administrator can be reached at:

         UHY Hacker Young
         St. James Buildings
         79 Oxford Street
         Manchester M1 6HT
         United Kingdom
         Tel: 0161 236 6936
         Fax: 0161 228 0117
         E-mail: e.cook@uhy-uk.com

The company operates a chain of toyshops.  It can be reached at:

         24 Abbeville Road
         London SW4 9NH
         United Kingdom
         Tel: 020 8673 5215


COMPUTER PRODUCTIVITY: HSBC Bank Appoints Receiver
--------------------------------------------------
HSBC Bank Plc appointed Mark Robert Fry and David Paul Hudson of
Begbies Traynor (South) LLP joint administrative receivers of
Computer Productivity Limited (Company Number 01843666) on April
18.

Headquartered in Manchester, Begbies Traynor --
http://www.begbies.com/-- assists companies, creditors,  
financial institutions and individuals on all aspects of
financial restructuring and corporate recovery.  

Computer Productivity Limited -- http://www.cpl.co.uk/-- is  
engaged in software consultancy.


FIREPLACE SUPPLIES: Taps Parkin S. Booth to Administer Assets
-------------------------------------------------------------
Robert M. Rutherford and Jonathan R. Booth of Parkin S. Booth &
Co were appointed joint administrators of Fireplace Supplies
(Liverpool) Limited (Company Number 4694375) on April 18.

Parkin S. Booth & Co http://www.parkinsbooth.co.uk/--  
independent Accountants Licensed Insolvency Practitioners is a
medium sized firm with particular expertise in its own field.  
The group deals entirely with insolvency matters.

Fireplace Supplies (Liverpool) Limited manufactures and supplies
fireplace surrounds.


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

The joint administrators can be reached at:

         Invocas Group Plc
         9 Coates Crescent
         Edinburgh EH3 7AL
         United Kingdom

The company can be reached at:

         2 Commercial Street
         Edinburgh EH6 6JA         
         United Kingdom


GRANADA GAS: Creditors Pass Winding Up Resolution
-------------------------------------------------
Creditors of Granada Gas Limited passed a resolution to wind up
the company's operations during an extraordinary general meeting
on March 9.

Subsequently, the group appointed Andrew Rosler to liquidate the
company's assets.

The company can be reached at:

         Granada Gas Limited
         10 Bolton Street
         Ramsbottom Bury
         Lancashire BL0 9HX
         United Kingdom
         Tel: 0161 797 8599
         Fax: 0161 797 2349


HARDY FENCING: Names Moira Fitzpatrick Liquidator
-------------------------------------------------
Moira C. Fitzpatrick was appointed Liquidator of Hardy Fencing
Services Limited after creditors proved that the company could
no longer continue its operations due to mounting debts.

The company can be reached at:

         Hardy Fencing Services Limited
         Tewkesbury Road
         Down Hatherley Gloucester
         Gloucestershire GL2 9PU
         United Kingdom
         Tel: 01452 731 085
         Fax: 01452 731 543
         Web: http://www.hardyfencing.co.uk/


H.C. HILL: Appoints Jeffreys Henry Jacobs Administrator
-------------------------------------------------------
C. M. Iacovides of Jeffreys Henry Jacobs was appointed
administrator of H.C. Hill Ltd. (Company Number 1863546) on
April 12.

Headquartered in London, Jeffreys Henry Jacobs --
http://www.jhj.co.uk/-- offers insolvency solutions.

HC Hill Ltd. supplies scaffolding/steelwork and fencing
equipment.  It can be reached at:

         P.O. Box 137
         Beckenham
         Kent BR3 4WY
         United Kingdom
         Tel: 020 8650 7890
         Fax: 020 86500535


HEATSHIELD WINDOWS: Creditors Confirm Voluntary Liquidation
-----------------------------------------------------------
Creditors of Heatshield Windows & Conservatories Limited
confirmed the company's voluntary liquidation after members
passed a resolution to wind up the company's operations on
March 9.

Creditors also ratified the appointment of Paul John Clark and
Andrew Gordon Stoneman as Joint Liquidators.

The company can be contacted at:

         Heatshield Windows & Conservatories Limited
         14 Westfield Road
         Peterborough
         Cambridgeshire PE3 9TB
         United Kingdom
         Tel: 01733 341 488
         Fax: 01733 319 716


J.B.K TIMBER: Financial Woes Prompt Liquidation
-----------------------------------------------
Creditors of J.B.K. Timber Limited resolved to liquidate the
company's assets after proving that the company could no longer
continue its business due to financial liabilities.

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

The company can be reached at:

         J.B.K. Timber Limited
         8 Wyatt Close
         Martin Lincoln LN4 3RN
         United Kingdom
         Tel: 01526 378 313
         Fax: 01526 378 436


KINGSLEY CARDS: Taps KPMG to Administer Assets
----------------------------------------------
Francis Graham Newton and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of Kingsley Cards Limited
(Company Number 01513540) on April 18.  

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

Kingsley Cards Limited manufactures greeting cards.  It can be
reached at:

         Belle Vue Mills, Broughton Road
         Skipton BD23 1UT
         North Yorkshire
         United Kingdom
         Tel: 01756 707300
         Fax: 01756 707308


KOOLAIR LIMITED: Claims Filing Period Ends June 30
--------------------------------------------------
Creditors of Koolair (U.K.) Limited have until June 30, to send
in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors to appointed Liquidator Peter O'Duffy.

The company can be reached at:

         Koolair (U.K.) Limited
         Unit 9, Market Industrial Estate
         Yatton
         Bristol BS49 4RF
         United Kingdom
         Tel: 01934 830 077
         Fax: 01934 830 088


MAPLE CLOTHING: Hires Joint Administrators from Carter Backer
-------------------------------------------------------------
John Alfred George Alexander and Robin Hamilton Davis of Carter
Backer Winter were appointed joint administrators of Maple
Clothing Limited (Company Number 4472825) on April 19.

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

Maple Clothing Limited sells clothing and its trading name is
Emporium.  It can be reached at:

         Bbk Registrars Limited
         311 Ballards Lane
         London N12 8LY
         United Kingdom
         Tel: 01635-37888   


MISYS PLC: Buys Back 1,000,000 Shares from JPMorgan Cazenove
------------------------------------------------------------
Misys plc bought back 1,000,000 of its own ordinary shares on
April 28, at a price of 208.8547 pence per share from JPMorgan
Cazenove Limited.  The Company intends to hold these shares in
Treasury.

Following the purchase of the shares the Company holds a total
of 54,423,643 of its shares in Treasury and has 499,303,393
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 UK general insurance industry.


MONEY PARTNERS: Fitch Rates GBP12.25 Mln-Equivalent Notes at BB
---------------------------------------------------------------
Fitch Ratings assigned expected ratings to Money Partners
Securities 3 Plc's GBP500 million-equivalent mortgage-backed
floating-rate notes as follows:

   -- GBP-equivalent 129.95 million Class A1 notes due 2031:
      AAA;

   -- A1 detachable coupons due 2010: AAA;

   -- GBP-equivalent 289.8 million Class A2 notes due 2039: AAA;

   -- A2 detachable coupons due 2010: AAA;

   -- GBP-equivalent 32.5 million Class M1 notes due 2039: AA-;

   -- GBP-equivalent 22.5 million Class M2 notes due 2039: A-;

   -- GBP-equivalent 13 million Class B1 notes due 2039: BBB;
      and

   -- GBP-equivalent 12.25 million Class B2 notes due 2039: BB.

The final ratings are contingent upon receipt of final documents
conforming to information already received.

The collateral underlying the notes in this transaction consists
solely of Money Partners Holdings' originations.  MPH has a
minority share holding by The Kensington Group and the majority
shares are held by MPH's senior management team, most of whom
are ex-group senior executives.

The expected ratings are based on the quality of the collateral,
available credit enhancement, the underwriting criteria of MPH,
the primary servicing capabilities of Homeloan Management Ltd
and the special servicing capabilities of Kensington Mortgages
Ltd and the sound legal structure of the transaction.

Credit enhancement for the Class A1 and A2 notes totals 17.60%
and will be provided by the subordination of the Class M1, Class
M2 Class B1, Class B2 and an initial reserve fund of 1.55% of
the initial issue size.  The reserve fund is expected to
increase to a target amount of GBP12.25 million, funded from
available excess spread.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its U.K. Residential Mortgage
Default Model III.  The agency also modeled cash flows using the
results of the default model with structural stresses including
various prepayment and interest rate scenarios.  

The cash flow tests showed that each Class of notes could
withstand loan losses at a level corresponding to the related
stress scenario without incurring any principal loss or interest
shortfall and can retire principal by legal final maturity.


P.H.E. TECHNICAL: Creditors Agree to Voluntary Liquidation
----------------------------------------------------------
Creditors of P.H.E. Technical Services Limited agreed to
voluntarily liquidate the company's assets during an
extraordinary general meeting on March 7.

Edwin James Kirkwood was appointed Liquidator.

The company can be reached at:

         P.H.E. Technical Services Limited
         Lawrence House
         James Nicolson Link
         York YO30 4WG
         United Kingdom
         Tel: 01904 468 121


PSE SERVICES: Taps Joint Administrators from Begbies Traynor
------------------------------------------------------------
Ian M. Rose and Robert Michael Young of Begbies Traynor were
appointed joint administrators of PSE Services Limited (Company
Number 03968367) on Oct. 17, 2005.

Headquartered in Manchester, Begbies Traynor --
http://www.begbies.com/-- assists companies, creditors,  
financial institutions and individuals on all aspects of
financial restructuring and corporate recovery.  


SIRPAL TRADING: Winds Up Operations & Appoints Liquidator
---------------------------------------------------------
Sirpal Trading Company Limited is winding up its operations
after creditors decided to liquidate the company's assets during
an extraordinary general meeting on March 6.

Gagen Dulari Sharma was appointed Liquidator.

Director R. L. Sirpal disclosed that the company could no longer
continue its business due to mounting debts.

The company can be reached at:

         Sirpal Trading Company Limited
         188 Edward Road
         Balsall Heath
         Birmingham B12 9LX
         United Kingdom
         Tel: 0121 440 3200
         Fax: 0121 440 3942


RANK GROUP: Purchases 1,000,000 Shares for Cancellation
-------------------------------------------------------
The Rank Group PLC purchased 1,000,000 ordinary shares of 10
pence in the Company on April 28, for cancellation at an average
price of 228.4375 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.


ROSE PROJECT: Appoints Smith & Williamson Administrator
-------------------------------------------------------
Neil Francis Hickling of Smith & Williamson Limited was
appointed administrator of Rose Project Services Limited
(Company Number 2937250) on April 13.

Smith & Williamson -- http://www.smith.williamson.co.uk/-- is  
an independent professional and financial services group
employing over 1,200 people.  It provides investment management,
financial advisory and accountancy services to private clients,
professional practices, mid to large corporates and non-profit
organizations.

Rose Project Services Ltd. offers architectural and project
management services and can be reached at:

         The Coutyard
         Tewkesbury Business Park
         Tewkesbury
         Gloucestershire GL20 8GD
         United Kingdom
         Tel: +44 (0) 1684 278 080  
         Fax: +44 (0) 1684 274 974  


SPRAYS INTERNATIONAL: Creditors' Meeting Slated for May 4
---------------------------------------------------------
Creditors of Sprays International Limited (Company Number
2663535) will meet at 11 a.m. on May 4 at:

         1640 Parkway,
         Solent Business Park
         Whiteley, Fareham
         Hampshire PO15 7AH
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on May 3, to:

         J. Tickell
         C. Faulds
         Joint Administrators
         Portland Business & Financial Solutions Ltd
         1640 Parkway
         Solent Business Park
         Whiteley, Fareham
         Hampshire PO15 7AH
         United Kingdom
         Tel: 01489 550 440
         E-mail: carl.faulds@portland-solutions.co.uk
                 james.tickell@portland-solutions.co.uk

Headquartered in the United Kingdom, Sprays Limited --
http://www.sprays.co.uk/-- specializes in the design,  
development and manufacture of high precision molded, wear
resistant spray nozzles and accessories for agriculture,
horticulture, forestry, animal health, public health,
evaporative cooling, grocery and industrial applications.


TOPTRADE INTERNATIONAL: Begins Winding Up Proceedings
-----------------------------------------------------
Creditors of Toptrade International Limited resolved to
liquidate the company's assets during an extraordinary general
meeting on March 10.

They authorized T.C.E. Harrison to lead winding up proceedings.

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

The company can be reached at:

         Toptrade International Limited
         3 Howard Street
         Manchester M8 8EN
         Tel: 0161 834 4322
         Fax: 0161 834 4979


TURNWELLS LIMITED: Appoints Joint Liquidators from Baker Tilly
--------------------------------------------------------------
Andrew White and Susan Agnes Maund, both of Baker Tilly, were
appointed Joint Liquidators of Turnwells Limited after creditors
passed a resolution to wind up the company's operations on
March 2.

Director and Chairman R. Moore revealed the company could no
longer continue its business due to financial liabilities.

The company can be reached at:

         Turnwells Limited
         460a Old London Road
         Hastings
         East Sussex TN35 5QG
         United Kingdom
         Tel: 01424 430 845
         Fax: 01424 457 634

Baker Tilly -- http://www.bakertilly.co.uk/-- is a leading  
independent firm of chartered accountants and business advisers.


WESTCLIFFE SUPPLIES: Joint Liquidators Take Over Operations
-----------------------------------------------------------
Creditors of Westcliffe Supplies Limited passed a resolution to
wind up the company's assets during members' extraordinary
general meeting on March 2.

Gavin Geoffrey Bates and Peter John Windatt, of BRI Business
Recovery and Insolvency, will jointly liquidate the company's
assets.

The company can be reached at:

         Westcliffe Supplies Limited
         Unit 2, Courtaulds Way
         Foleshill Enterprise Park
         Coventry CV6 5NX
         United Kingdom
         Tel: 024 7668 3832
         Fax: 024 7668 3822

BRI Business Recovery and Insolvency -- http://www.briuk.co.uk/
-- is an independent company of insolvency practitioners
committed to finding the right solutions for businesses and
individuals in financial difficulty.


YELL GROUP: Successfully Completes Equity Placement
---------------------------------------------------
Yell Group plc successfully completed the placing of its new
ordinary shares on April 28.

A total of 68,627,451 new ordinary shares at 1 penny each have
been placed by Deutsche Bank AG London, Goldman Sachs
International and Merrill Lynch International with institutions
at a price at 510 pence per placing share.  Based on the placing
price, the gross proceeds are GBP350 million.  The placing
shares being issued represent 9.7% of Yell's issued ordinary
share capital prior to the placing.

Application has been made for, and the placing is conditional
on, inter alia, admission of the placing shares to listing on
the Official List maintained by the UK Listing Authority and to
admission to trading by the London Stock Exchange on its market
for listed securities.  It is expected that admission will
become effective and that dealings will commence in the placing
shares on May 4.

Deutsche Bank, Goldman Sachs and Merrill Lynch are acting as
joint global coordinators and bookrunners in relation to the
placing.

Headquartered in Reading, Yell Group plc --
http://www.yellgroup.com/-- is an international directories  
business operating in the classified advertising market through
printed, online and phone media in the UK and the US.

                        *     *     *

Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on U.K.-based classified directories
publisher Yell Group PLC on CreditWatch with negative
implications.


YELL GROUP: Inks Pact to Acquire Telefonica's 59.9% Stake in TPI
----------------------------------------------------------------
Yell Group plc entered into an agreement with Telefonica S.A. to
acquire its 59.905% stake in Telefonica Publicidad e
Informacion, S.A., by way of an all cash public tender offer for
the entire issued share capital of TPI.  The Acquisition values
the equity of TPI at EUR3.07 billion (GBP2.12 billion).  Yell
will also assume or refinance TPI's estimated net debt of EUR220
million (GBP152 million) as at March 31.

Telefonica has undertaken to accept this offer in respect of its
entire interest in TPI.  Telefonica could, subject to certain
terms and conditions, be released from this undertaking if a
third party made an offer for TPI at a price which exceeded
Yell's offer by more than 10%.  In these circumstances,
Telefonica would be obliged to pay a EUR30 million break fee to
Yell.

The Offer will amount to EUR8.50 in cash for each TPI Share.  
TPI shareholders will also be entitled to retain the declared
2005 dividend of EUR0.40 per TPI share to be paid on May 5.  The
Offer represents a 4.9% discount to the closing middle market
price of EUR8.94 per TPI share on April 27.  It represents a
22.3% premium to the average price of EUR6.95 for the three
months prior to Jan. 18.

TPI is the leading publisher of print and online directories in
Spain where it publishes 182 directories and distributes over 36
million copies.  TPI also has significant positions in a number
of Latin American countries including leadership positions in
Peru and Chile.

TPI is a substantial and complementary extension to Yell's
existing business, adding a third leg to its highly successful
operations in the UK and the US.

By refocusing TPI on its core print and online directories
business and transferring Yell's proven strategy and best
practices to Spain and TPI's other markets, Yell expects to
deliver significant revenue and margin improvements to TPI's
businesses, as well as material cost synergies.

The Acquisition is expected to be earnings enhancing in the
first full year after completion and deliver a return on capital
in excess of 8.0% by the fourth full year as expected growth
rate and profitability improvements are delivered.

The transaction will be funded, following a full refinancing of
Yell's existing borrowings, by a combination of new senior
secured credit facilities and the net proceeds of a proposed
equity placing of approximately GBP350 million.

The Acquisition is conditional on Yell shareholder approval,
authorisation of the Offer by the CNMV, Spain's market
regulator, and customary regulatory approvals.  The Acquisition
is expected to complete in July 2006.

"TPI is a high quality directory business in Spain, one of
Europe's largest and most attractive economies," John Condron,
Chief Executive Officer of Yell, said.  "It is a business we
have looked at for a long time and we are confident it will add
significant value to Yell.  We have shared our strategic
thinking with TPI's senior management and we believe there is
considerable growth to be achieved by focusing TPI back to its
core businesses, simplifying its operations and benefiting from
a sharing of best practice.  We believe that the strategy of
'winning, keeping and growing' customers that has driven our
strong organic growth in the UK and in the US will also
successfully drive renewed growth in
these new and substantial markets.  We look forward to working
with TPI's existing management team led by its Chief Executive
Officer, Javier Aguilera."

John Davis, Chief Financial Officer of Yell, said: "This is a
strong value creation move.  We have identified substantial
revenue and margin upside as well as valuable cost synergies.
Our equity placing coupled with our debt refinancing maintains
our capacity to continue to drive our UK and US expansion
programmes.  The enlarged group's strong cash flows will rapidly
pay down debt as well as supporting our existing policy of
growing dividends in line with earnings."

Yell expects the Acquisition to deliver total cost synergies of
approximately EUR22 million (GBP15 million) per annum by
2008/2009.  These synergies are driven by economies of scale and
improved purchasing power together with the renegotiation of
contracts and consolidation of IT operations.

The Transaction is expected to be completed in July 2006 on the
basis that the process to obtain the approval of Yell's
shareholders and the Spanish authorities can be obtained by the
end of May.

                           Financing

The Acquisition will be financed using proceeds of a placing of
new shares expected to raise approximately GBP350 million net of
costs and borrowings made under new senior secured credit
facilities of up to GBP4.65 billion, fully underwritten by
Citigroup Global Markets Limited, Deutsche Bank AG, Goldman
Sachs International and HSBC Bank plc.  In addition, these banks
will provide Yell with an ongoing revolving credit facility of
GBP400 million.

The new secured credit facilities will be used, inter alia, to:

     (i) finance the Acquisition;

    (ii) refinance all of Yell's existing senior bank debt of
         approximately GBP1.66 billion;

   (iii) redeem in full Yell's existing Senior Notes; and

    (iv) bridge the receipt of the proceeds of the Placing.

The revolving credit facility will be available to fund the
general corporate and working capital purposes of the Group.

Assuming 100% acceptances and the completion of the proposed
equity placing, net debt for the Yell Group following the
completion of the Acquisition is initially expected to be below
5.5x expected EBITDA for the financial year 2006/2007.  Yell
expects to de-lever rapidly thereafter.

                           Placing

Yell intends to finance the acquisition in part with the
proceeds of a Placing of up to 10% of Yell's current issued
share capital or approximately GBP350 million.  The Placing,
which is being arranged by Deutsche Bank, Goldman Sachs and
Merrill Lynch International, will be the subject of an
accelerated bookbuild.  The Placing is not underwritten.  In the
event that the Acquisition does not complete, the funds raised
through the Placing will be used for general corporate purposes.

The Placing Shares will, when issued, be credited as fully paid
and will rank pari passu in all respects with the existing
issued ordinary shares of Yell, including the right to receive
all dividends and other distributions declared, made or paid in
respect of such ordinary shares after the date of issue of the
Placing Shares.

Headquartered in Reading, Yell Group plc --
http://www.yellgroup.com/-- is an international directories  
business operating in the classified advertising market through
printed, online and phone media in the UK and the US.


YELL GROUP: S&P Place BB Corp. Credit Rating on Watch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on U.K.-based classified directories
publisher Yell Group PLC on CreditWatch with negative
implications.

The action follows Yell's announcement of its agreement to buy
Telefonica S.A.'s 59.9% stake in subsidiary Telefonica
Publicidad e Informacion, S.A. (TPI) and its plan to launch a
tender offer for the remaining TPI shares listed on the Madrid
stock exchange. Including assumed debt, the total consideration
is roughly EUR3.3 billion (GBP2.1 billion), or about 15x TPI's
EBITDA.

"The negative CreditWatch implications reflect the expected
material increase in Yell's leverage as a result of the
acquisitions, to a level that might no longer be in line with
the current 'BB' rating," said Standard & Poor's credit analyst
Melvyn Cooke.  "The deal also highlights a more aggressive
financial policy, especially regarding the acquisition multiple,
despite an expected equity issue of GBP350 million to fund a
portion of the acquisitions."

Nevertheless, Standard & Poor's expects TPI to enhance Yell's
geographic diversity and its access to markets offering superior
growth prospects and better competitive landscapes than those of
its key U.K. and U.S. markets.

Following the TPI acquisitions, the U.K. and U.S. businesses
should represent an estimated 34% and 43%, respectively, of the
group's consolidated revenues and about 37%, each, of
consolidated EBITDA.

Standard & Poor's will resolve the CreditWatch status after a
review of the TPI acquisitions' impact on Yell's business and
financial risk.

"The group's future financial policy and new funding structure,
notably regarding the flexibility to pursue additional
acquisitions and return cash to shareholders, will be key in
assessing the credit profile of the combined entity," said Mr.
Cooke.  

"Assuming virtually full ownership of TPI shares and based on
the proposed transaction terms and estimated post-transaction
leverage, a one-notch downgrade would be the most likely
outcome, although we cannot rule out other scenarios at this
point."


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (421)       1,700      183


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR    (49)         142      (34)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE    
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Dollfus Mieg & Cie S.A.   DS         (11)         165      (29)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (15)         136        3
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
LVL Medical Group         LVLM.PA     (9)         105       (5)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Metaleurop S.A.           PA.PA      (24)         181      (30)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (102)       3,409     (503)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (23)         122       (7)
Senator Entertainment    
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
DryShips Inc.             DRYS        (4)         184      (29)


HUNGARY
-------
NABI Rt.                  NABHY       (2)         229   (8,950)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Grandi Viaagi S.p.A.    IGV.MI     (31)         533     (140)
Lazio S.p.A.              LAZI       (27)         426     (175)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.               NUMC      (422)       1,982      376
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)


ROMANIA
-------
Oltchim RM Valce          OLT        (45)          232     321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892     (321)
Zil Auto                            (168)         409  (10,680)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Avanzit S.A.              AVZ.MC    (117)         457     (247)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (16)         136      (34)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Avis Europe PLC           AVE.L      (24)       2,686     (420)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
British Sky Broadcasting
   Group Plc              BSY        (61)       4,157      139
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (70)         489        2
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Drax Group Limited        DRX.L     (832)       2,353       84
Easynet Group             ESY.L      (45)         323       38
Electrical and Music              
   Industries Group       EMI     (1,411)       3,235     (331)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gallaher Group            GLH       (421)       7,866        5
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (9)         875     (190)
Homestyle Group Plc       HME        (29)         409     (124)
Invensys PLC                        (963)       4,861      913
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (460)         906       60
Mytravel Group            MT.L    (1,613)       2,199     (463)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY      (405)         263     (161)
Premier Foods Plc         PFD.L      (29)       1,059       20
Probus Estates Plc        PBE.L      (28)         113     (264)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,072)       3,382      (68)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.  
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                           *********


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

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

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

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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