TCREUR_Public/060503.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                         E U R O P E

             Wednesday, May 03, 2006, Vol. 7, No. 87     

                          Headlines

A U S T R I A

TECHNOTHERM ELEKTROWARENHANDELS: Court Closes Bankruptcy Case


C Z E C H   R E P U B L I C

TEPNA NACHOD: Financial Debts Trigger Bankruptcy Ruling


F I N L A N D

METSO CORP: Earns EUR67 Million in First Quarter Profits
METSO CORP: Inks Pact to Buy Aker's Pulping Biz for EUR335 Mln


F R A N C E

EUROTUNNEL: FSA Halts Stock Trading Until Accounts Publication


G E R M A N Y

AICOR IT: Claims Registration Ends May 5
ALLGEMEINE HYPOTHEKENBANK: Books EUR1.08 Billion 2005 Net Loss
BAUGESCHAFT FIRN: Claims Registration Ends May 5
BAUSTOFFMAGAZIN FRANZ: Claims Registration Ends May 8
ELBE WESER: Claims Registration Ends May 4

HEROS GROUP: MatlinPatterson Takes Over Operations
HOTEL ROSENAU: Creditors' Meeting Slated for May 29
KSK-SYSTEMGASTRONOMIE: Creditors' Meeting Slated for May 29
MEDA MUSIC: Claims Registration Ends May 5
PRIMACOM AG: Earns EUR240 Million in 2005

QTRON COMPUTERTECHNIK: Creditors' Meeting Slated for April 4
RAYWOOD'S SPORT: Claims Registration Ends May 8
SPIEL+FREIZEIT: Claims Registration Ends May 5


K A Z A K H S T A N

DEN-OIL: Almaty Court Sets May 8 Claims Bar Date
EKIBASTUZ-ELEKTRO-MOTOR: Claims Registration Ends May 8
ELEKTRO TRADE: Proofs of Claim Deadline Set for May 8
HANTYMANSEISKLES: Proofs of Claim Deadline Set for May 8
LEKSAND: Almaty Court Sets May 8 Claims Bar Date

PROFIL: Creditors Must Submit Claims by May 8
ROSKAZAGROSNAB: Almaty Court Sets May 8 Claims Bar Date
SHAMUS: Creditors Must Submit Claims by May 8
TAGAM AZIA: Karaganda Court Rules on Compulsory Liquidation
TNS-PLUS: Last Day for Filing of Claims Set for May 8


N E T H E R L A N D S

GETRONICS NV: Names G. Cawthorne to Lead North American Unit


R U S S I A

BLAGODATNOYE: Claims Registration Ends May 11
BOLSHESOLDATSKIY: Deadline for Proofs of Claim Slated for May 11
EVRAZ GROUP: Earns US$1.04 Billion in Fiscal Year 2005
INSTRUMENT PLANT: Claims Filing Period Ends May 11
KIRSANOV-AGRO-PROM-KHIMIYA: Court Begins Bankruptcy Process

MELEUZOVSKIY FACTORY: Claims Registration Ends May 11
PRANAT: Claims Filing Period Ends May 11
RUSSIAN FUR: Tambov Court Opens Bankruptcy Proceedings
SOUTHERN TELECOMS: Annual Shareholders' Meeting Set for June 27
UYAN: Bankruptcy Hearing Slated for July 26

VOSTOK-OIL-FACTORY-MONTAGE: Proofs of Claim Deadline Set May 11
ZDVINSKOYE GRAIN: Bankruptcy Hearing Slated for May 24


U K R A I N E

AUTO-TRANS-SERVICE: Court Names O. Kushniruk as Liquidator
DONBASS TRANS: Court Appoints T. Zhevnova to Liquidate Assets
EKOPROMGAZ: Mihajlo Shkabrij Named Interim Insolvency Manager
INKRUST: Lviv Court Starts Bankruptcy Process
INTERMEDIA GROUP: Court Names E. Kondra to Liquidate Assets

KOTLOMONTAZH-SERVICE: Court Begins Bankruptcy Process
NIZHNEGIRSKIJ' TIN: AR Krym Court Opens Bankruptcy Proceedings
SVIT: Donetsk Court Commences Bankruptcy Proceedings


U N I T E D   K I N G D O M

ABLE CUTTING: Appoints BDO Stoy Hayward Administrator
ADEPT FINANCIAL: Winds Up Operations & Appoints Liquidator
ANDIPRINT (ROYSTON): Hires Joint Administrators from Vantis
ART REPLICAS: Taps Tenon Recovery to Administer Assets
ARTSIDE LIMITED: Creditors Pass Winding Up Resolution

ASHBOURNE DEVELOPMENT: Appoints Harrisons Administrator
ASTON-EDWARDS: Appoints Theodoulos Papanicola as Liquidator
BILDOR TRANSPORT: Hires Administrator from Till Morris
BILLAWAY FACILITIES: Joint Administrators from KPMG Enter Firm
BILLINGS AND HATHAWAY: Appoints Joint Administrators from KPMG

BRIGHTON BOILER: Taps KPMG to Administer Assets
BUSINESS I: Creditors Confirm Voluntary Liquidation
C & S TAXI: Creditors Decide to Liquidate Company's Assets
CARL WINN: Financial Woes Trigger Liquidation
DIRECTION INTERNATIONAL: Joint Liquidators Take Over Operations

DLB BUILDING: Hires Moore Stephens Administrator
DOMESTIC AND INDUSTRIAL: Brings In KPMG to Administer Assets
E.C.S. ENGINEERING: M.C. Bowker Leads Winding Up Proceedings
EASYPACK SERVICES: Creditors Affirm Voluntary Liquidation
ENECO LIMITED: Appoints David Rubin & Partners Administrator

EPANDORA LIMITED: Hires Joint Administrators from Moore Stephens
EUROTUNNEL: FSA Halts Stock Trading Until Accounts Publication
F.W. COOK: Begins Voluntary Liquidation
FIRMIN & SONS: Appoints Moore Stephens Administrator
HOT TRAMP: Hires Joint Administrators from Wilson Pitts

JMG DEVELOPMENTS: Taps Middleton Partners to Administer Assets
PREMIER FOODS: Confirms Interest on Possible Acquisitions
REFCO INC: Shareholders Want Court to Appoint Equity Committee


                          *********

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A U S T R I A
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TECHNOTHERM ELEKTROWARENHANDELS: Court Closes Bankruptcy Case
-------------------------------------------------------------
The Court of Vienna closed the bankruptcy case of LLC
Technotherm Elektrowarenhandels (FN 93827g) on April 7,
following the Debtor's final distribution to its creditors.

Creditors received an 8.18% recovery on account of their claims.

Headquartered in Vienna, Austria, LLC Technotherm
Elektrowarenhandels filed for bankruptcy on Dec. 18, 2003 (Case
No. 28 S 395/03x).  Dr. Gunther Hodl served as the court-
appointed property manager in the bankruptcy case.  Dr. Andrea
Simma represented Mr. Hodl.


===========================
C Z E C H   R E P U B L I C
===========================


TEPNA NACHOD: Financial Debts Trigger Bankruptcy Ruling
-------------------------------------------------------
The Regional Court in Hradec Kralove declared Tepna Nachod
bankrupt on April 28, and named Eliska Sobkova to administer the
Debtor's bankruptcy assets, Czech News Agency reports.

Two employees filed a bankruptcy petition against the textile
company in April after the group failed to pay salaries for
January and February.  The group then reduced its workforce to
200 from 280.  According to the report, Tepna and another
creditor later joined the petition.  Ms. Sobkova said the
employees has been aware of the group's winding-up plans since
mid-May.

Tepna, with CZK174 million in liabilities at March 31, is
currently up for sale.  The administrator, CTK reports, revealed
that the company owes:

   -- CZK11 million in unpaid wages to its employee; and
   -- CZK14 million to heating utility Harpen CR.

In 2004, Tepna Nachod booked CZK41 million in total losses from
CZK261 million.  The group manufactures shirts and household
fabrics.


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


METSO CORP: Earns EUR67 Million in First Quarter Profits
--------------------------------------------------------
Metso Corporation released its unaudited interim review for the
first quarter of 2006.

Metso's net sales for the first quarter rose by 21% from the
comparison period and totaled EUR1.08 billion.  The increase was
due to the continuing good market situation, strengthened
competitiveness, and attributable to Metso Minerals and Metso
Ventures.  Five percentage points of the growth was attributable
to exchange rate changes.  Aftermarket operations accounted for
38 percent of the Corporation's net sales (excluding Metso
Ventures).

The Company's first-quarter profit before taxes almost doubled
to EUR88 million from the corresponding period in 2005.  All
business areas, particularly Metso Minerals, improved their
results.

                     Financial Results

Metso reported a EUR95.4 million operating profit, or 8.8% of
net sales in the first quarter.  Metso's profit from continuing
operations before taxes was EUR88 million, comapred to last
year's EUR45 million.

The profit for the review period was EUR67 million, compared to
EUR35 million in net profits for the same period in 2005.

At March 31, 2006, Metso's balance sheet showed EUR4.06 billion
in total assets, EUR2.7 billion in total liabilities and EUR1.4
billion in total stockholders' equity.

"We have had a strong start for 2006 in Metso.  Our growth and
profitability in the first quarter clearly exceeded the
performance in January-March last year - and year 2005 was, so
far, the best in Metso's history," Jorma Eloranta, President and
chief executive officer of Metso Corporation noted.

The growth in orders received continued to be brisk; nearly a
third more orders were received in the first quarter than in the
corresponding period last year.  Growth came evenly from Metso
Paper, Metso Minerals and Metso Automation.  Metso's order
backlog at the end of March was 15 percent higher than at the
end of 2005 and 40 percent higher than at the end of March 2005.

According to Mr. Eloranta, the good performance was based on the
strong order backlog at the end of 2005 and the continuing
favorable market situation.  Additionally, the efficiency
improvement measures and development programs carried out in
Metso have a positive effect on the profitability.

"One of the goals for this strategy period is to increase our
net sales by 10 percent annually.  To achieve this goal we have
taken actions to strengthen our sales and service network and to
make our sales processes more efficient.  In January-March our
net sales increased by 21 percent over the comparison period,"
Mr. Eloranta said.

"We estimate that both in terms of net sales and profitability,
we will in 2006 clearly exceed last year's performance," he
added.

                     Short-term Outlook

The favorable market situation is expected to continue in the
civil engineering, mining and energy industries in 2006.  Pulp
and paper industry demand is expected to remain at least as
satisfactory as in 2005.

Of Metso Paper's products, the market prospects for new paper
and board machines are the strongest in Asia.  In Europe, demand
will be focused on rebuilds of small and medium-size machines.  
In North America, while some rebuild projects are pending, the
uncertainty prevailing in the sector is postponing decision-
making.  The markets for both new tissue machines and tissue
machine rebuilds are good.  The markets for new fiber lines are
expected to remain active in South America and good in Asia.

The demand for Metso Minerals' equipment related to aggregates
production is expected to remain good in the construction and
civil engineering sector, due to road network development
projects and other infrastructure investments.  The demand for
mining industry and metal recycling equipment is expected to
remain strong.  The large mining companies are continuing to
plan and implement extensive investments.

Metso Automation's market situation is expected to remain good
in the energy, oil and gas industry and satisfactory in the pulp
and paper industry.

It is estimated that in 2006, Metso Corporation's net sales will
grow by over 10% and operating profit will clearly surpass the
operating profit in 2005.

The estimates concerning Metso's net sales and operating profit
do not include any changes resulting from acquisitions or
divestitures, and they are based on the current order backlog
and market outlook.

A full-text copy of Metso's First Quarter 2006 Review is
available at no charge at http://ResearchArchives.com/t/s?871

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology  
corporation with 2005 net sales of approximately EUR4.2 billion.  
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

                        *     *     *

As reported in TCR-Europe on April 11, Standard & Poor's Ratings
Services revised its outlook on Finland-based machinery and
engineering group Metso Corp. to positive from stable,
reflecting improvements in the group's operating performance and
capital structure that offer it the potential to return to a low
investment-grade rating.  The 'BB+' long-term and 'B' short-term
corporate credit ratings, as well as the 'BB' senior unsecured
debt rating on the group were affirmed.


METSO CORP: Inks Pact to Buy Aker's Pulping Biz for EUR335 Mln
--------------------------------------------------------------
Metso Corporation and Aker Kvaerner signed on April 28, the
final purchase agreement whereby Metso will acquire Aker
Kvaerner's Pulping and Power business, subject to relevant
regulatory approvals.  

Metso estimates that the transaction could be finalized and the
business transferred to its ownership during the second half of
2006.

The agreed cash and interest-bearing debt-free acquisition price
is approximately EUR335 million.  The final transaction value
will be based on the balance sheet at the time of the closing.  
According to Metso's preliminary estimates the annual cost-based
synergies to be derived from the acquisition amount to EUR15-20
million after the integration and the non-recurring costs
arising from the acquisition are less than EUR10 million.

The acquisition price exceeds the book value of the acquired
business by approximately EUR380 million, of which about one-
half will be allocated to intangible assets in accordance with
the IFRS principles.  The rest will be goodwill.  The intangible
assets will be annually amortized during their economic useful
life, thereby reducing the operating result.  The amortization
of the intangible assets will have no cash flow effect.  
Goodwill will not be amortized.  Excluding the non-recurring
expenses, the acquisition is estimated to enhance Metso's
earnings per share from the closing.

Metso will pay the transaction price from its liquid assets.  
Due to the acquisition, Metso's gearing will increase by less
than 30%.

Aker Kvaerner's Pulping and Power business has nearly 2,000
employees, with the main operations in Sweden, Finland, USA and
Brazil.  In 2005, it had net sales of EUR565 million and
recorded EUR35 million operating profit after Aker Kvaerner's
corporate allocations.

The acquisition will complement Metso's product and service
offering.  Following the successful completion of the
transaction, Metso will be able to deliver all core processes
for modern pulp mills.  The demand for large chemical pulp mill
processes has developed favorably in recent years, especially in
South America and Asia.

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology  
corporation with 2005 net sales of approximately EUR4.2 billion.  
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

                        *     *     *

As reported in TCR-Europe on April 11, Standard & Poor's Ratings
Services revised its outlook on Finland-based machinery and
engineering group Metso Corp. to positive from stable,
reflecting improvements in the group's operating performance and
capital structure that offer it the potential to return to a low
investment-grade rating.  The 'BB+' long-term and 'B' short-term
corporate credit ratings, as well as the 'BB' senior unsecured
debt rating on the group were affirmed.


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F R A N C E
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EUROTUNNEL: FSA Halts Stock Trading Until Accounts Publication
--------------------------------------------------------------
The Joint Board of Eurotunnel plc and Eurotunnel S.A., resolved,
on April 11, not to approve the Group's accounts until after the
mid-point in negotiations planned for mid-May.  This was done in
the light of the evolving negotiations that the Joint Board
wanted to consider before making a decision regarding the
approval of the accounts.

Eurotunnel noted The Financial Services Authority's decision to
suspended trading in Eurotunnel shares from May 2, until
publications of the accounts, based on the postponement.

Eurotunnel obtained on April 26, a third extension of its credit
waiver through July 12.  The group disclosed that negotiations
continue with the creditors who voted for the extension.

In line with its desire to keep the markets fully informed,
Eurotunnel would like the decision to suspend its shares, taken
by the FSA as a result of the postponement of approval of the
accounts, not to be wrongly interpreted as an imminent
announcement of major developments in its financial
restructuring but rather to be seen as the logical consequence
of its statements on April 12.

                        About the Company

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

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


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G E R M A N Y
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AICOR IT: Claims Registration Ends May 5
----------------------------------------
Creditors of aicor IT-Services GmbH have until May 5, to
register their claims with court-appointed provisional
administrator Daniel Bauch.

Creditors and other interested parties are encouraged to attend
the meeting at 4:15 p.m. on May 22, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Memmingen
         Sitzungssaal 115
         Gerichtsgebaude
         Buxacher Strasse 6
         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 Memmingen opened bankruptcy proceedings
against aicor IT-Services GmbH on March 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         aicor IT-Services GmbH
         Attn: Andre Inderst and Peter Rudishauser, Managers
         Hemmerlestr. 4
         87700 Memmingen, Germany
         
The administrator can be contacted at:

         Daniel Bauch
         SKP Partnerschaftsgesellschaft
         Eserwallstrasse 1-3
         86150 Augsburg, Germany
         Tel: 0821/5093311
         Fax: 0821/5093322


ALLGEMEINE HYPOTHEKENBANK: Books EUR1.08 Billion 2005 Net Loss
--------------------------------------------------------------
Following its takeover by U.S. financial investment firm Lone
Star at end-2005, Allgemeine HypothekenBank Rheinboden AG has
this year initiated a fundamental restructuring process in
motion.  

The realignment underway after the change of ownership will see
the implementation of a business model focused on financing
commercial real estate.  The structural adjustments required
will mean a significant change in the size of the bank.  At the
same time, AHBR intends to finally clear away the legacy
positions in its interest rate and credit portfolio, which have
burdened results.  The first steps to a sustained recovery of
the bank, which has faced significant economic challenges in the
last few years, were taken in the 2005 financial statements.

         Decline in Real Estate Financing Business

New business declined overall, due in particular to the
uncertainties in the fourth quarter 2005 surrounding the sale of
ABHR.  Volume in 2005 fell to EUR3.5 billion, compared to EUR4.7
billion in 2004.  Commercial financing accounted for the largest
share of this, at EUR1.9 billion or 53%, with residential
lending at EUR1.6 billion or 47%.  International lending
represented EUR1.2 billion, or 34%, of new business, with the
emphasis on the US, France, Spain and the U.K.  The total book
of real estate loans came to EUR23.2 billion at year-end, after
EUR24.3 billion the previous year; this was divided between
Germany (EUR19.5 billion or 84%) and International (EUR3.7
billion or 16%).

      Consolidation Continues in Public Sector Lending

Public sector loan approvals totaled EUR3.8 billion, from 2004's
EUR7.3 billion.  New business remained problematic in terms of
profitability.  AHBR had already begun to actively manage the
portfolio in this segment in 2003, moving towards more
profitable lending.

Sales in 2005 amounted to EUR7.6 billion.  The portfolio volume
stood at EUR33.5 billion at the end of 2005, well below the
figure of EUR41.4 billion the previous year.  The German Lander
and borrowers for whom they act as guarantors, again formed the
largest customer group, at 30%.  There was a small rise in the
share of international lending; the volume of EUR12.2 billion
here accounted for 36% of the portfolio (previous year: 30%).

                  Lower Refinancing Volumes

Public sector Pfandbriefe were issued to the value of EUR3.9
billion, and around EUR2.7 billion of Mortgage Pfandbriefe.  
German and foreign investors received well the first issue of a
Public sector Jumbo Pfandbrief by AHBR since February 2002
(EUR1.25 billion).  Other bonds with a value of EUR7.8 billion
were issued.  The total volume came to EUR14.4 billion after
EUR16.6 billion the previous year.  Here too, the decline in new
business and uncertainty during the sale process had an impact.  
The sales volume under the CP program fell from EUR14.4 billion
to EUR6.1 billion mainly due to a setback in the Bank's rating
profile.

At Dec. 31, 2005, total assets stood at EUR67.4 billion which
was down EUR9.7 billion on the level a year earlier.  This was
due above all to the lower public sector lending, along with the
reduction in new business and unscheduled repayments of real
estate financing.

                     Financial Results

The Bank reported a loss for the year of EUR1.0834 billion.  In
accordance with contractual agreements, EUR282.0 million of this
loss was charged to silent partnerships and EUR359.8 million to
the profit participation certificates.  The remaining amount of
EUR441.6 million is reported as the Bank's balance sheet loss
for the year.

Interest income in 2005 continued to be affected by negative
margins on legacy positions in the interest rate derivatives
portfolio.  The negative impact these factors had on earnings
was largely offset by transfers from the contingency reserves
created for this purpose under Section 340f of the German
Commercial Code.  These reserves have now been fully used up.  
Net interest income fell by EUR11.6 million from the previous
year to EUR158.4 million.  The net commission loss increased
from -EUR15.8 million to -EUR17.3 million.  Net interest and
commission income thus totaled EUR141.1 million, a decline of
EUR13.1 million or 8% on the previous year.

Personnel costs stood at EUR39.6 million, around the same as
last year's figure of EUR39.8 million.

Other administrative expense rose, by contrast.  At EUR58.6
million it was significantly above the 2004 figure of EUR48.4
million, mainly due to higher legal and other advisory costs.  
Administrative expenses thus came to a total of EUR98.2 million,
compared to EUR88.2 million the year before.

As a consequence of the change in ownership, the Bank has
switched its strategy from its previous longer-term focus on the
restructuring and sale of non-performing real estate assets
towards an active and more short-term management of the
portfolio.  Due to the reassessment of related collateral
values, credit risk provisions increased from EUR252.7 million
in 2004 to EUR347.1 million.  Net income from securities fell
from EUR128.7 million to EUR111.2 million, resulting in net
operational risk provisions of EUR235.9 million (previous year:
EUR111.9 million).

Income from financial investments was negatively affected by
writedowns on participating interests and shares in associated
companies and fell by EUR10.8 million to EUR17.4 million.  The
result from participating interests, reflecting profit transfer
agreements, widened in the reporting period from -EUR15.7
million to -EUR34.3 million.

The extraordinary loss of EUR1.017 billion was principally due
to a provision established in respect of a contract for the sale
of derivatives with a negative market value.  This was agreed
towards the end of the business year and implemented in January
2006.  The remaining measures are due to be completed in 2006.  
In this way, the Bank is taking into account the changed
business strategy.

Under the previous corporate strategy, future adverse effects on
profits from derivatives with negative market values were always
sufficiently offset by the positive effects from interest-
earning business, existing contingency reserves and external
commitments.  The financial support contractually agreed by the
previous shareholders was fully provided and utilized by the end
of 2005.  Following the change in ownership, the Bank, under
contractual agreements, is no longer entitled to further funds
to mitigate losses as provided by the previous shareholders.

              Liquidity and Equity Capital Position

After offsetting the loss for the year, capital and reserves at
the balance sheet date were EUR239.8 million.  This includes
silent partnerships of EUR90.2 million, the reported balance
sheet loss, the subscribed capital of EUR100.3 million and
reserves of EUR490.9 million.

In order to strengthen the Bank's capital base, Lone Star
increased capital reserves by EUR871.0 million in January 2006.  
As a result, capital and reserves now amount to EUR1.1108
billion.  In addition to reinforcing the capital reserves, Lone
Star also provided funding in the form of additional
subordinated liabilities of EUR211.0 million.

Also in January 2006, the Bank agreed a EUR3.0 billion
refinancing facility with an international bank consortium.  The
amount will be gradually scaled back as the restructuring
process proceeds.  The facility replaced a credit line, which
had been made available to AHBR in November 2005 after it was
de-merged from the BHW Group, under joint support measures by
the Deposit Protection Fund and five large German private-sector
banks.

            Relaunched Bank to Start in Q4 2006

As 2006 progresses, AHBR will work on the precise form of its
future business model.  The restructuring process will lead to a
bank with a high degree of specialization, focusing on the
financing of commercial real estate.  Products and services
related to real estate and the capital markets will be more
strongly represented in the Bank's future offering.  This should
lead to both higher interest income and higher commission
income.  Our goal is to strengthen revenue generation with
flexible, client-orientated financing solutions and efficient
business processes.

The bank announced in February 2006 that it intends to withdraw
from the segments of public sector lending and retail mortgage
lending.  International business in its current form will also
be closed.

The successive reduction of selected portfolios will lead to a
considerable fall in total assets by the end of 2006.  This will
also reduce future refinancing needs.  With the closure of its
public sector lending business, the Bank will also cease to
issue Public sector Pfandbriefe.  AHBR will however continue to
issue Mortgage Pfandbriefe.

Future profit trends will largely depend on the rapid
implementation of a comprehensive restructuring program.  A
significant burden on earnings will come from the on-going
workout of the legacy interest rate derivatives portfolio.  
Given the change in ownership just a few days before the end of
the year, it was not possible to finally close out the loss-
making derivatives portfolio as set out in the Bank's new
business policy in 2005.  The second important step of the
process will be carried out in 2006.  AHBR therefore expects to
report an after-tax loss as at Dec. 31, 2006, which is likely to
be in the mid-triple-digit millions.

Despite the objections raised by silent partners and the holders
of profit participation certificates, AHBR is of the opinion
that the restructuring and repositioning can be completed
successfully.

The intention is to recommence acquiring new business under the
new business model towards the end of 2006.

Fitch Ratings placed Germany-based Allgemeine Hypothekenbank
Rheinboden's Short-term F3 and Support 2 ratings, BBB- senior
unsecured obligations, and BB+ subordinated obligations on
Rating Watch Negative.  

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

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

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

A full-text copy of Allgemeine Hypothekenbank
Rheinboden AG's 2005 results is available at no charge at
http://researcharchives.com/t/s?872.

                      About the Company

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

                        *     *     *

As reported in TCR Europe on April 26, Fitch Ratings placed
Allgemeine Hypothekenbank Rheinboden's Short-term F3 and Support
2 ratings, BBB- senior unsecured obligations, and BB+
subordinated obligations on Rating Watch Negative.  It assigned
AHBR an Issuer Default Rating of BBB-, which is also put on RWN.  
The IDR, which replaces the Long-term rating, applies to those
obligations for which Fitch expects potential support to be
forthcoming.  

At the same time, the bank's Individual rating is upgraded to
D/E from E and remains on Rating Watch Positive.  In addition,
Fitch affirmed AHBR's outstanding public sector Pfandbriefe at
AAA while the AA+ rated mortgage Pfandbriefe was placed on RWN.  
The agency downgraded AHBR's participation rights maturing in
December 2005 through to December 2008 to C/RR6 on the Recovery
Rating Scale and removed them from RWN, following the
publication of its 2005 losses.  Genussscheine maturing after
December 2008 are affirmed at CC/RR5 and removed from RWN.

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


BAUGESCHAFT FIRN: Claims Registration Ends May 5
------------------------------------------------
Creditors of Baugeschaft Firn GmbH have until May 5, to register
their claims with court-appointed provisional administrator
Stephan Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 24, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Meiningen
         Saal A 0105
         Lindenallee 15
         Meiningen, 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 Meiningen opened bankruptcy proceedings
against Baugeschaft Firn GmbH on Feb. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Baugeschaft Firn GmbH
         Attn: Firn Anja, Manager
         Fraubachtal 10
         98711 Frauenwald, Germany
         
The administrator can be contacted at:

         Stephan Mitlehner
         Walter-Benjamin-Platz 6
         10629 Berlin-Charlottenburg, Germany


BAUSTOFFMAGAZIN FRANZ: Claims Registration Ends May 8
-----------------------------------------------------
Creditors of aicor Baustoffmagazin Franz-Josef Quacken GmbH &
Co. KG have until May 8, to register their claims with court-
appointed provisional administrator Natascha Habura.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 p.m. on June 7, 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 Monchengladbach
         Sitzungssaal A 14
         Hohenzollernstr. 157
         41061 Monchengladbach, 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 Monchengladbach opened bankruptcy
proceedings against Baustoffmagazin Franz-Josef Quacken GmbH &
Co. KG on March 30.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         Baustoffmagazin Franz-Josef Quacken GmbH & Co. KG
         Suechtelner Strasse 138
         41747 Viersen, Germany
         Attn: Franz-Josef Quacken, Manager
         Cl"rather Strasse 4
         41748 Viersen, Germany
         
The administrator can be contacted at:

         Natascha Habura
         Eichendorffstrasse 25
         47800 Krefeld, Germany


ELBE WESER: Claims Registration Ends May 4
------------------------------------------
Creditors of EWL -- Elbe Weser Landschafts Hoch- und Tiefbau
Limited have until May 4, to register their claims with court-
appointed provisional administrator Dr. Christian Strauss.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 1, 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 Cuxhaven
         Saal 112
         Altbau
         Deichstr. 12a
         27472 Cuxhaven, 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 Cuxhaven opened bankruptcy proceedings
against EWL -- Elbe Weser Landschafts Hoch- und Tiefbau Limited
on March 2.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         EWL -- Elbe Weser Landschafts Hoch- und Tiefbau Limited
         Attn: Herbert Heermann, Manager
         Heide 2
         33824 Werther, Germany
         
The administrator can be contacted at:

         Dr. Christian Strauss
         Friedrich-Missler-Str. 42
         28211 Bremen, Germany
         Tel: 0421/7926260
         Fax: 0421/7926285


HEROS GROUP: MatlinPatterson Takes Over Operations
--------------------------------------------------
Financial investors MatlinPatterson will operate Heros Group
under the new name SecurLog and form a provider of cash and
securities handling services.

The Court in Hannover formally opened the insolvency proceedings
for the former Heros Group on April 28, thereby paving the way
for the sale of the assets to MatlinPatterson.  The creditors'
committee reconfirmed their confidence with this transaction.

"The creditors' committee stated their trust in the new owners,"
Insolvency administrator Manuel Sack disclosed.  "This finally
secures the survival of the business.  The task for new
management team in the coming weeks will be to create the
conditions to kick-start SecurLog."

MatlinPatterson is a financial investment company with branches
in New York, London and Hong Kong and knows the cash handling
market very well from former transactions in other countries
such as France.  Through in-depth discussions with numerous
clients during the last few weeks MatlinPatterson already begun
to set the future course for a successful restructuring of the
business.

MatlinPatterson expects their involvement to be long-term.  
David Matlin, CEO of MatlinPatterson stated, "We have the
staying power, the funds and the right management to turn
SecurLog into a leading and profitable cash and securities
handling company over the next few years."

"In this decisive transition phase when a new structure is being
set up and a future management team is being installed we call
upon the restructuring expertise of Alvarez & Marsal," he added.

Alvarez & Marsal is a consultancy that specializes in complex
restructuring cases and recently restructured successfully the
German drugstore chain Ihr Platz.

The future management team of SecurLog will consist of seasoned
sector experts as well as restructuring professionals from
Alvarez & Marsal.  SecurLog's structure will have the highest
degree of security and transparency.

At the end of 2005, Heros Group took over the German cash and
securities handling arm of Securitas.  The WSW handling company
also belonged to the former Heros Group.  In total the Heros
Group has about 4,600 employees and around 70 branches in
Germany.  The future number of employees of SecurLog was not yet
agreed.

Manuel Sack added, "We are currently examining the branch
network.  This assessment will be completed within a matter of
days.  Our talks with the workers' council have been very
constructive."

The aim is to transfer up to 3,000 to 4,600 employees to the new
company of SecurLog.  A retraining and qualification company
will be set for the rest.

As reported in TCR-Europe, Heros Group and 23 of its
subsidiaries filed for insolvency proceedings on Feb. 21.  The
bankruptcy filings were made following the arrest of four
executives from its Nordcash Geldbearbeitung unit, two board
members and two lower-ranking executives, who allegedly
embezzled EUR300 million from its clients for the firm's
expansion and for personal use.

Headqaurtered in Hanover, Germany, Heros Group previously
controlled around half of Germany's money- transport business
and transports around EUR600 million a day.


HOTEL ROSENAU: Creditors' Meeting Slated for May 29
---------------------------------------------------
Court-appointed provisional administrator for Hotel Rosenau
Betriebs GmbH, Stephan Fischer, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:30 a.m., on May 29.

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

         The District Court of Alzey
         Zimmer 114
         Alzey, Germany

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

Creditors have until May 8, to register their claims with the
court-appointed provisional administrator.

The District Court of Alzey opened bankruptcy proceedings
against Hotel Rosenau Betriebs GmbH on March 1.  Consequently,
all pending proceedings against the company have been
automatically stayed

The Debtor can be reached at:

         Hotel Rosenau Betriebs GmbH
         Attn: Manfred Orsagh, Manager
         Robert-Koch-Strasse 9
         55232 Alzey, Germany
         
The administrator can be reached at:

         Stephan Fischer
         Neue Mainzer Strasse 84
         60311 Frankfurt, Germany
         Tel: 069/6773677-0
         Fax: 069/677367720


KSK-SYSTEMGASTRONOMIE: Creditors' Meeting Slated for May 29
-----------------------------------------------------------
Court-appointed provisional administrator for KSK-
Systemgastronomie oHG, Georg Welslau, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:00 a.m., on May 29.

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

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

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

Creditors have until May 8, to register their claims with the
court-appointed provisional administrator.

The District Court of Bielefeld opened bankruptcy proceedings
against KSK-Systemgastronomie oHG on March 8.  Consequently, all
pending proceedings against the company have been automatically
stayed

The Debtor can be reached at:

         KSK-Systemgastronomie oHG
         Findelshohe 41
         32457 Porta Westfalica, Germany

         Attn: Dieter Kuetemeier, Manager
         Zum Mattloh 9
         31606 Warmsen, Germany

         Frithjof Kuetemeier-Schoel, Manager
         Schmiedeweg 2
         32457 Porta-Westfalica, Germany
         
The administrator can be reached at:

         Georg Welslau
         Bismarckstr. 43
         32427 Minden, Germany


MEDA MUSIC: Claims Registration Ends May 5
------------------------------------------
Creditors of Meda Music GmbH have until May 5, to register their
claims with court-appointed provisional administrator Dr. Peter
Naarmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 1, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Saal 28
         Gerichtsgebaude
         Fuerstenstrasse 21
         Chemnitz, Germany

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

The District Court of Chemnitz opened bankruptcy proceedings
against Meda Music GmbH on March 17.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Meda Music GmbH
         Attn: Meinrad Daufratshofer, Manager
         Zwickauer Strasse 421b
         09117 Chemnitz, Germany
         
The administrator can be contacted at:

         Dr. Peter Naarmann
         Dresdner Str. 86
         09130 Chemnitz, Germany


PRIMACOM AG: Earns EUR240 Million in 2005
-----------------------------------------
In the financial year 2005 the revenues of the PrimaCom Group in
Germany remained at EUR118 million, only 3% under the previous
year.

The trading results improved in the financial year ended
Dec. 31, 2005, increasing from EUR4.1 million in 2004 to EUR4.3
million in 2005.

Earnings before interest, taxes and depreciation (EBITDA) in the
financial year 2005 decreased to EUR47.2 million, 5.2 percent
lower than in 2004.  However, EBITDA in 2005 was negatively
influenced by extraordinary expenses of EUR4.3 million relating
to the financial restructuring of the group and additionally
with start up losses of EUR5.3 million from its new business
easyTV.  Adjusted for these effects PrimaCom Germany achieved in
the financial year ended Dec. 31, 2005, an EBITDA of EUR56.8
million, 2.6 percent lower than in 2004.

Due to gains on extinguishments of debt resulting from its
financial restructuring together with a gain on the disposal of
its Dutch Subsidiary Multikabel, PrimaCom reported an annual
profit after tax for the fiscal year 2005 of EUR240.0 million.  
In the financial year 2004, the company reported a deficit of
EUR110.0 million.  As a result of these developments the Group's
Equity improved from -EUR195 million at Dec. 31, 2004, to EUR45
million at Dec. 31, 2005.

PrimaCom AG -- http://www.primacom.de/-- is a major private  
cable network operator.  The Company offers a wide palette of
analogous, digital and interactive cable services.  PrimaCom
supplies about one million customers in Germany.  

                        *     *     *

PrimaCom AG carries Moody's B2 senior unsecured debt rating.


QTRON COMPUTERTECHNIK: Creditors' Meeting Slated for April 4
------------------------------------------------------------
Court-appointed provisional administrator for Qtron
Computertechnik GmbH, Dr. Christoph Schulte-Kaubruegger, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:50 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 7, 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 Qtron Computertechnik GmbH on March 3.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         Qtron Computertechnik GmbH
         Grunewaldstrasse 14 - 15
         10823 Berlin, Germany
         
The administrator can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin, Germany


RAYWOOD'S SPORT: Claims Registration Ends May 8
-----------------------------------------------
Creditors of Raywood's Sport Shop GmbH have until May 8, to
register their claims with court-appointed provisional
administrator Mathias Cohrs.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on May 29, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Saal B 405
         4. Etage
         Sievekingplatz 1
         20355 Hamburg, 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 Hamburg opened bankruptcy proceedings
against Raywood's Sport Shop GmbH on March 10.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Raywood's Sport Shop GmbH
         Berner Heerweg 173-175
         22159 Hamburg, Germany

         Attn: Stephan Raywood, Manager
         Schonsberg 11
         22395 Hamburg, Germany
         
The administrator can be contacted at:

         Mathias Cohrs
         Kreuzweg 2
         20099 Hamburg, Germany
         Tel: 246945


SPIEL+FREIZEIT: Claims Registration Ends May 5
----------------------------------------------
Creditors of SF Spiel+Freizeit Handelsbetriebe GmbH have until
May 5, to register their claims with court-appointed provisional
administrator Dr. Helmut Eisner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 11, 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 Crailsheim
         Saal 113
         I. OG
         Schillerstrasse 1
         74564 Crailsheim, 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.

The District Court of Crailsheim opened bankruptcy proceedings
against SF Spiel+Freizeit Handelsbetriebe GmbH on March 28.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         SF Spiel+Freizeit Handelsbetriebe GmbH
         Attn: Andreas Burger and Thomas Burger, Managers
         Kirchstrasse 15
         97980 Bad Mergentheim, Germany
         
The administrator can be contacted at:

         Dr. Helmut Eisner
         Josef-Schmitt-Str. 10
         97922 Lauda-Konigshofen, Germany
         Tel: 09343/2065
         Fax: 09343/3833


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


DEN-OIL: Almaty Court Sets May 8 Claims Bar Date
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Den-Oil insolvent.  

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

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


EKIBASTUZ-ELEKTRO-MOTOR: Claims Registration Ends May 8
-------------------------------------------------------
LLP Production Firm Ekibastuz-Elektro-Motor has declared
insolvency.  Creditors have until May 8, to submit written
proofs of claim to:

         Ekibastuz, Pshembayeva Str. 2
         Pavlodar, Kazakhstan


ELEKTRO TRADE: Proofs of Claim Deadline Set for May 8
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Elektro Trade insolvent on Sept. 26, 2005.

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

         Kaldayakova Str. 89-26
         Almaty, Kazakhstan
         Tel: 8 (3272) 91-76-59
                       91-18-86


HANTYMANSEISKLES: Proofs of Claim Deadline Set for May 8
--------------------------------------------------------
OJSC Hantymanseiskles has declared insolvency.  Creditors have
until May 8, to submit written proofs of claim to:

         Gurievskaya Str. 67
         Pavlodar, Kazakhstan


LEKSAND: Almaty Court Sets May 8 Claims Bar Date
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Leksand insolvent.  

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

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


PROFIL: Creditors Must Submit Claims by May 8
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Profil insolvent on Oct. 18, 2005.  Bankruptcy proceedings
were introduced at the company.  

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

         Klochkova Str. 21-32
         Almaty, Kazakhstan
         Tel: 8 (3272) 42-52-94
                8 300 460 17-71


ROSKAZAGROSNAB: Almaty Court Sets May 8 Claims Bar Date
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
CJSC Roskazagrosnab insolvent on Dec. 30, 2005.  Bankruptcy
proceedings were introduced at the company.  

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

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


SHAMUS: Creditors Must Submit Claims by May 8
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Shamus insolvent on Oct. 17, 2005 (Case No. 2-3112/05).

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

         Kaldayakova Str. 89-26
         Almaty, Kazakhstan
         Tel: 8 (3272) 91-76-59
                     91-18-86


TAGAM AZIA: Karaganda Court Rules on Compulsory Liquidation
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region placed JSC Tagam Azia under compulsory liquidation.  

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

         Region Jambyl Str. 9
         Karaganda, Kazakhstan


TNS-PLUS: Last Day for Filing of Claims Set for May 8
-----------------------------------------------------
Atyrau Branch of the JSC TNS-Plus has declared insolvency.  
Creditors have until May 8, to submit written proofs of claim
to:

         Azattyk Ave. 48-504
         Atyrau, Kazakhstan


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


GETRONICS NV: Names G. Cawthorne to Lead North American Unit
------------------------------------------------------------
Getronics NV appointed Gary Cawthorne as President and General
Manager for Getronics North America.

A 25-year veteran of Unisys Corporation, Mr. Cawthorne joins the
company's Americas team -- led by Kevin Roche, Vice Chairman and
Executive Vice President for the Americas.  Mr. Roche, who was
running the North American business, is taking on an expanded
role in leading global service delivery for Getronics in
addition to his Americas region and Board responsibilities.

At Unisys, Mr. Cawthorne served as Vice President and managing
partner for the company's EUR1.4 billion global banking
practice.  In this role, he provided leadership in strategic
payment consulting, systems integration, and business process
outsourcing.  Mr. Cawthorne's extensive background includes
expertise in customer value management, core data processing,
consumer finance, supply chain, retail delivery, and card
management solutions for large international businesses.  
Additionally, he has held numerous positions in business
management and operations, research and development, consulting,
sales and marketing, and delivery.

"We are pleased to have an accomplished ICT industry veteran
like Gary Cawthorne assume North American leadership
responsibilities for Getronics," said Mr. Roche.

"Gary's appointment comes at an important time for Getronics'
business, as we leverage our recent successes and growth in
workspace management ICT solutions with both U.S. based and
global Fortune 500 organizations."
       
Mr. Cawthorne has a proven track record of strategic and
operational leadership in global ICT service organizations that
focus on ICT infrastructure and industry-specific software
solutions.  This experience aligns him well with Getronics'
global portfolio of workspace management solutions that span
software application management, integrated help-desk and
platform support, and advanced security management services and
consulting.

"Getronics has established a strong foundation and significant
momentum in the North American market on which we will be able
to build," said Mr. Cawthorne.

"I am pleased to be given the opportunity to lead Getronics'
high-quality, experienced team in North America and look forward
to working closely with our clients to help them optimise their
ICT workspace and achieve their business goals."

Headquartered in Amsterdam, Netherlands, Getronics N.V. --  
http://www.getronics.com/-- designs, integrates and manages ICT   
infrastructures and business solutions for many of the world's  
largest global and local companies and organizations, helping  
them maximize the value of their information technology  
investments.  Getronics has some 27,000 employees in over 30  
countries and approximate revenues of EUR3 billion.   The  
company has regional offices in Boston, Madrid and Singapore.    
Its shares are traded on Euronext Amsterdam.     

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 9,  
Standard & Poor's Ratings Services lowered its long-term  
corporate credit rating on Dutch IT services group Getronics  
N.V. to 'B' from 'B+'.   

At the same time, Standard & Poor's lowered its ratings on  
Getronics' senior unsecured notes to 'CCC+' from 'B-', still two  
notches below the corporate credit rating.  Standard & Poor's  
also lowered its ratings on Getronics' EUR300 million senior  
secured bank loan to 'B' from 'B+', the same as the corporate  
credit rating.  The loan has a '3' recovery rating, indicating  
our expectation of meaningful (50%-80%) recovery of principal in  
the event of a payment default.

All ratings remain on CreditWatch with negative implications  
where they were placed on Jan. 19, following a profit  
warning.

On Sept. 30, 2005, Getronics had gross debt of EUR518 million,  
including EUR135 million in cumulative preference shares.


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


BLAGODATNOYE: Claims Registration Ends May 11
---------------------------------------------
Creditors have until May 11, to file their proofs of claim to
court-appointed insolvency manager Mr. I. Batin at:

         Mtsensk, Kuzmina Str. 1
         303031 Orel Region, Russia   
         Tel: (48646) 2-42-92

The Arbitration Court of Orel Region commenced bankruptcy
proceedings against the open joint stock company (Case No. A48-
6578/05-16B.

The Debtor can be reached at:

         Blagodatnoye
         Zalegoshenskiy Region Arkhangelskoye
         Orel Region, Russia


BOLSHESOLDATSKIY: Deadline for Proofs of Claim Slated for May 11
----------------------------------------------------------------
Creditors of Bolshesoldatskiy (TIN 4602001489) have until
May 11, to submit their proofs of claim to Mr. O. Gorbatyuk at:

         Litovskaya Str. 12A
         305023, Kursk Region, Russia

The Arbitration Court of Kursk Region commenced bankruptcy
proceedings against the open joint stock company (Case No. A35-
3614/05-G).

The Debtor can be reached at:

         Bolshesoldatskiy
         Bolshesoldatskoye, Pochtovaya Str. 1
         307850, Kursk Region, Russia


EVRAZ GROUP: Earns US$1.04 Billion in Fiscal Year 2005
------------------------------------------------------
For the 12-months ended Dec. 31, 2005, Evraz Group reports
US$1.04 billion in net profits, compared to US$1.34 billion in
2004 profits.

At Dec. 31, 2005, Evraz's balance sheet showed US$6.6 billion in
total assets, US$3.7 billion in total liabilities, and US$2.8
billion in stockholders' equity.  

"In 2006, Evraz continues to be committed to enhancing its
position as a leading low cost producer of long products in
Russia and CIS and expanding its presence in non-Russian
markets," Valery Khoroshkovsky, Evraz Group's CEO, commented on
the outlook for 2006.  

"We will complete the integration of our recent European
acquisitions and continue to pursue further downstream
integration to secure access to attractive markets.  Management
also aims to increase production and sales of iron ore and
coking coal through de-bottlenecking production facilities and
through greenfield mining projects.  Management will focus on
further development of the asset base, roll-out of further
operational improvement programs and building of a performance-
driven culture within the organization," she said.

"The Group has enjoyed a promising start to 2006.  Steel volumes
in the first quarter increased by 11.6%, driven by continued
strength in demand for domestic construction and rail products.  
Iron ore volumes were down in the first quarter due to
optimization of inventory levels and unusually harsh weather
conditions in Russia," Ms. Khoroshkovsky continued.

"We expect some improvement in the world steel markets,
primarily in slabs.  In the Russian market the pricing outlook
is positive and stable, supported by robust demand from the
construction segment," Ms. Khoroshkovsky added.

                     Summary Results

Evraz's consolidated revenues increased by 9.7% to US$6.51
billion in 2005, from US$5.93 billion in 2004.  The majority of
this increase is attributable to higher average sales prices for
steel products in Russia, as well as a better pricing
environment for sales of vanadium slag, coke and coking
products.  Total volumes of steel products sold in 2005 did not
change significantly compared to 2004.

In 2005, consolidated cost of revenues amounted to US$4.15
billion compared to US$3.51 billion in 2004.  Cost of revenues
as a percentage of consolidated revenues increased from 59.2%
reported in 2004 to 63.9% in 2005.  Whilst during the year raw
materials prices increased significantly, the growth of Evraz's
own iron ore production shielded their effect on consolidated
gross profit to a considerable extent. Gross profit was down
4.0% year-on-year at US$2.34 billion in 2005, compared to
US$2.45 billion in 2004.

In 2005, revenues from Russian sales amounted to US$3.89
billion, or 59.8% of total sales, compared with US$3.29 billion
and 55.4% in 2004. The increased share of domestic revenues was
attributable to stronger prices in the Russian market compared
to non-Russian markets.

Profit from operations decreased by 13.7% to US$1.58 billion in
2005, compared to US$1.84 billion in 2004.  Profit from
operations as a percentage of consolidated revenues decreased
from 31.0% in 2004 to 24.3% in 2005.  This decline is
attributable to the decrease in consolidated gross profit margin
and increased selling and general and administrative expenses in
2005.

Consolidated EBITDA decreased by 7.8% in 2005 to US$1.86
billion, or 28.6% of revenues, compared to US$2.02 billion in
2004, or 34.0% of revenues.

In 2005, the Company reported consolidated net profit
attributable to equity holders of Evraz Group of US$905.2
million, compared to US$1.18 billion in 2004.  In 2005, the
income tax charge amounted to US$476.5 million, which
corresponds to an effective tax rate of 31.4%, up from 21.9% in
2004.

"We have made excellent progress against our IPO commitments in
testing business conditions for the steel industry, in
particular in the second half of the year," Evraz's Chairman,
Alexander Abramov, said.  "Strong growth in Russian markets has
reinforced our position as Russia's leading long products
producer and we have made excellent progress in diversifying
into high quality export markets.  We have expanded our mining
platform, significantly increasing our self-sufficiency levels
in coking coal and iron ore and enhancing profit potential
through vertical integration."

"Furthermore, our ongoing capex initiatives have further
improved our cost efficiency and will continue to yield further
benefits in the coming years.  We remain focused on
strengthening our superior long-term competitive position across
all of Evraz's businesses and delivering sustainable value to
shareholders irrespective of market conditions."

                      About the Company

Evraz Group is one of the largest vertically integrated steel
and mining businesses with operations mainly in Russia.  In
2004, Evraz produced 13.7 million tons of crude steel.  Evraz's
principal assets include three of the leading steel plants in
Russia: Nizhny Tagil in the Urals region, and
West Siberian and Novokuznetsk (in Siberia.

                        *     *     *

Evraz Group's 8-1/4% notes due November 2015 carry Moody's
Investors Service's (P)B2 rating, Standard & Poor's B+ rating
and Fitch's BB- rating.


INSTRUMENT PLANT: Claims Filing Period Ends May 11
--------------------------------------------------
Creditors of Instrument Plant have until May 11, to submit their
proofs of claim to court-appointed insolvency manager Mr. A.
Kozhanov at:

         Apartment 1, Mikhaylovskiy Region
         Poluyamki, Sovetskata Str. 4a
         658966, Altay Region, Russia

The Arbitration Court of Altay Region commenced bankruptcy
proceedings against the open joint stock company (Case No. AO3-
10 923/05-B).

The Debtor can be reached at:

         Instrument Plant
         Rubtsovsk, Krasnaya Str. 100
         Altay Region, Russia


KIRSANOV-AGRO-PROM-KHIMIYA: Court Begins Bankruptcy Process
-----------------------------------------------------------
The Arbitration Court of Tambov Region commenced bankruptcy
proceedings against Kirsanov-Agro-Prom-Khimiya (Case No. A64-
1122B/05-18) after finding the limited liability company
insolvent.  

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

         Office 400, 7th Gvardeyskaya Str. 2A
         400005, Volgograd Region, Russia


The Debtor can be reached at:

         Kirsanov-Agro-Prom-Khimiya
         Kirsanov, Molodyezhnaya Str. 1
         Tambov Region, Russia


MELEUZOVSKIY FACTORY: Claims Registration Ends May 11
-----------------------------------------------------
Creditors have until May 11, to file their proofs of claim to
court-appointed insolvency manager Mr. R. Gazizov at:

         Kirzavod, Meleuz
         453851, Bashkortostan Republic, Russia

The Arbitration Court of Bashkortostan Republic commenced
bankruptcy proceedings against the open joint stock company
(Case No. A07/45534/05-G-MOG).


PRANAT: Claims Filing Period Ends May 11
----------------------------------------
Creditors have until May 11, to file their proofs of claim to
court-appointed insolvency manager Mr. V. Bashmakov at:

         Building 2, Barrikadnaya Str. 19
         123242, Moscow Region, Russia
         Tel: (495) 254-87-83

The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against the close joint stock company (Case No. A40-
76195/05-124-236B).

The Debtor can be reached at:

         Pranat
         Building 1, Kedrova Str. 13
         117036, Moscow Region, Russia


RUSSIAN FUR: Tambov Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Arbitration Court of Tambov Region commenced bankruptcy
proceedings against Russian Fur (Case No. A64-11159/05-18) after
finding the close joint stock company insolvent.

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

         Office 400, 7th Gvardeyskaya Str. 2A
         400005, Volgograd Region, Russia

The Debtor can be reached at:

         Russian Fur
         Rasskazavo, Komsamolskaya Str. 59
         393250, Tambov Region, Russia


SOUTHERN TELECOMS: Annual Shareholders' Meeting Set for June 27
---------------------------------------------------------------
The Board of Directors for Southern Telecommunications Company
(RTS: KUBN, KUBNP; OTC USA: STJSY) adopted on April 27, various
resolutions to:

   -- hold Annual General Shareholders' Meeting of OJSC Southern
      Telecoms in the form of joint personal presence of
      shareholders on June 27, at:

         66, Karasunskaya Street
         Krasnodar
         350000 Russia

      The AGM will open at 11:00 a.m., Moscow time; registration
      starts at 9:00 a.m., Moscow time;

   -- set May 11, as the cut-off date for making up a list of
      shareholders entitled to participate in UTK's Annual
      General Shareholders' Meeting and to receive 2005
      dividend;

   -- determine the following mailing address at which the
      shareholders can send their filled voting instruction
      cards:

         66, Karasunskaya Street
         Krasnodar
         350000 Russia

                      About the Company

Headquartered in Krasnador, Russia, Southern Telecommunications
Co. -- http://www.stcompany.ru/-- provides local, long-
distance, and cellular telephone, paging and telegraph services.

                        *     *     *

Southern Telecommunications carries Moody's Investors' Service's
Caa1 issuer rating and B3 long-term corporate family rating
since 2004.  Standard & Poor's also assigned junk ratings to the
Company's issuer credit in 2005.


UYAN: Bankruptcy Hearing Slated for July 26
-------------------------------------------
The Arbitration Court of Irkutsk Region will convene at 10:30
a.m., on July 26, to hear the bankruptcy supervision procedure
on open joint stock company Uyan (Case No. A19-8215/06-37).

Mr. I. Kolotilin has been appointed temporary insolvency manager
and can be reached at:

         I. Kolotilin
         Office 5, 2nd Floor,
         Karla Libknekhta Str. 107 D
         664007, Irkutsk Region, Russia

The Debtor can be reached at:

         Uyan
         Kuytunskiy Region
         665312, Irkutsk Region, Russia


VOSTOK-OIL-FACTORY-MONTAGE: Proofs of Claim Deadline Set May 11
---------------------------------------------------------------
Creditors have until May 11, to file their proofs of claim to
court-appointed insolvency manager Mr. O. Ilyin at:

         Sterlitamak, Kommunisticheskaya Str. 38-88
         453100, Bashkortostan Republic, Russia
         Tel: (3473) 24-08-50

The Arbitration Court of Bashkortostan Republic commenced
bankruptcy proceedings against the open joint stock company
(Case No. A07-39424/05-G-PAV).

The Debtor can be reached at:

         Vostok-Oil-Factory-Montage
         Ufa, Bashkortostan Republic, Russia


ZDVINSKOYE GRAIN: Bankruptcy Hearing Slated for May 24
------------------------------------------------------
The Arbitration Court of Novosibirsk Region will convene at
10:30 a.m., on May 24, to hear the bankruptcy supervision
procedure on open joint stock company Zdvinskoye Grain Receiving
Enterprise (Case No. A45-3122/06-29/10) at:

         Kirova Str. 3
         Novosibirsk Region, Russia

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

         V. Bogachev
         Sirenevaya Str. 19-94
         630058, Novosibirsk Region, Russia

The Debtor can be reached at:

         Zdvinskoye Grain Receiving Enterprise
         Zdvinsk, Kalinina Str. 53
         632951, Novosibirsk Region, Russia


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


AUTO-TRANS-SERVICE: Court Names O. Kushniruk as Liquidator
----------------------------------------------------------
The Economic Court of Volinska Region appointed Oleksandr
Kushniruk as Liquidator/Insolvency Manager for OJSC
Autotransservice (code EDRPOU 04544091).  He can be reached at:

         Lutsk, Potebni Str. 52a/56
         Volinska Region
         43018 Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as 7/131-B.

The Economic Court of Volinska Region is located at:

         Lutsk, Voli Avenue 54-a
         Volinska Region
         43010 Ukraine

The Debtor is headquartered in:

         Lutsk, Kovelska Str. 177-v
         Volinska Region
         43001 Ukraine


DONBASS TRANS: Court Appoints T. Zhevnova to Liquidate Assets
-------------------------------------------------------------
The Economic Court of Donetsk Region appointed Ms. T. Zhevnova
as Liquidator/Insolvency Manager for LLC Donbass Trans Group
(code EDRPOU 32398189).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as 27/39 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         Donetsk Region
         83048 Ukraine


EKOPROMGAZ: Mihajlo Shkabrij Named Interim Insolvency Manager
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mihajlo Shkabrij as
temporary Insolvency Manager for CJSC Ekopromgaz (code EDRPOU
31238677).  He can be reached at:

         Geroiv Stalingradu Str. 18-a/54
         Kyiv Region
         Ukraine

The Court commenced bankruptcy supervision procedure on the
company on March 2.  The case is docketed as 23/11-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         Kyiv Region
         01030 Ukraine

The Debtor is headquartered in:

         Ivan Pulyuj Str. 1-a/83
         Kyiv Region
         03151 Ukraine


INKRUST: Lviv Court Starts Bankruptcy Process
---------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
proceedings against LLC Inkrust (code EDRPOU 20803511) on
Feb. 28, after finding the company insolvent.  The case is
docketed as 6/15-8/30.

Yaroslav Onushkanich has been appointed Liquidator/Insolvency
Manager and can be reached at:

         Strijska Str. 71b/3
         Lviv Region
         79031 Ukraine

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         Lviv Region
         79010 Ukraine

The Debtor is headquartered in:

         L. Ukrainka Str. 7
         Lviv-Rudno
         79000 Ukraine


INTERMEDIA GROUP: Court Names E. Kondra to Liquidate Assets
-----------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. E. Kondra as
Liquidator/Insolvency Manager for LLC Intermedia Group (code
EDRPOU 32708752). He can be reached at:

         Kyiv Region, a/b 43
         01032 Ukraine

The Court commenced bankruptcy proceedings against the company
on March 16, after finding it insolvent.  The case is docketed
as 43/181.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         Kyiv Region
         01030 Ukraine

The Debtor is headquartered in:

         Institutska Str. 16/4
         Kyiv Region
         Ukraine


KOTLOMONTAZH-SERVICE: Court Begins Bankruptcy Process
-----------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
proceedings against LLC Kotlomontazh-Service (code EDRPOU
30958297) on March 3, after finding it insolvent.  The case is
docketed as 21/59/06.

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

         Lenin Avenue 77, Office 95
         Zaporizhya Region
         69002 Ukraine

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         Zaporizhya Region
         69001 Ukraine

The Debtor is headquartered in:

         Finalna Str. 1-D
         Zaporizhya Region
         69009 Ukraine


NIZHNEGIRSKIJ' TIN: AR Krym Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy
proceedings against OJSC Nizhnegirskij' Tin Plant (code EDRPOU
05528556) after finding it insolvent.  The case is docketed as
2-5/4241-2004.

Oleksandr Yushkevich has been appointed Liquidator/Insolvency
Manager.

The Economic Court of Ar Krym Region is located at:

         Simferopol, Karl Marks Str. 18
         AR Krym Region
         95000 Ukraine

The Debtor is headquartered at:

         Nizhnegirskij, Pobedi Str. 1A
         AR Krym Region
         Ukraine


SVIT: Donetsk Court Commences Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
proceedings against LLC Svit (code EDRPOU 32794438) on Feb. 28,
after finding the company insolvent.  The case is docketed as
27/25 B.  

Gurtovij Volodimir has been appointed Liquidator/Insolvency
Manager and can be reached at:

         Makiyivka, Babushkina Str. 16
         Donetsk Region
         86123 Ukraine

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         Donetsk Region
         83048 Ukraine

The Debtor is headquartered at:

         Shvejna Str. 1 A
         Donetsk Region
         Ukraine


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


ABLE CUTTING: Appoints BDO Stoy Hayward Administrator
-----------------------------------------------------
C. K. Rayment and G. S. Kinlan of BDO Stoy Hayward were
appointed joint administrators of Able Cutting Services Limited
(Company Number 03244943) on April 5.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the U.K. member  
firm of BDO International, the world's fifth largest accountancy
network with more than 600 offices in 100 countries.  Its
services include: audit and assurance, business restructuring,
corporate finance, disputes and investigations, investment
management, risk assurance services, tax services, and
valuations.

Able Cutting Services Limited -- http://www.ablecutting.co.uk/
-- manufactures steel tubes.


ADEPT FINANCIAL: Winds Up Operations & Appoints Liquidator
----------------------------------------------------------
Adept Financial Services Limited is winding up its operations
after creditors agreed to liquidate the company's assets during
an extraordinary general meeting on March 6.

Subsequently, Stephen Robert Cork was appointed Liquidator.

The company can be reached at:

         Adept Financial Services Limited
         Portmill House
         Portmill Lane Hitchin
         Hertfordshire SG5 1DJ
         United Kingdom
         Tel: 01462 438386  
         Fax: 01462 438 379
         Web: http://www.adept-ifa.com/  


ANDIPRINT (ROYSTON): Hires Joint Administrators from Vantis
-----------------------------------------------------------
Geoffrey Paul Rowley and Simon Elliott Glyn of Vantis were
appointed joint administrators of Andiprint (Royston) Limited
(Company Number 2811639) on April 6.

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

Andiprint (Royston) Ltd. sells and offers computer consumables
and printing service and can be reached at:

         Hall Farm
         Hildersham
         Cambridge CB1 6BU
         United Kingdom
         Tel: 01954 267 067
         Fax: 01954 267 167


ART REPLICAS: Taps Tenon Recovery to Administer Assets
------------------------------------------------------
S. J. Parker and S. R. Thomas of Tenon Recovery were appointed
joint administrators of Art Replicas Limited (Company Number
3667923) on April 7.

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

Art Replicas Ltd. can be reached at:

         9 Castleham Road
         St Leonards on Sea
         TN38 9NR
         United Kingdom
         Tel: 01424 853318
         Fax: 01424 853318


ARTSIDE LIMITED: Creditors Pass Winding Up Resolution
-----------------------------------------------------
Creditors of Artside Limited passed a resolution to wind up the
company's operations during members' extraordinary general
meeting on March 13.

John Michael Munn and Joseph Gordon Maurice Sadler, of Elwell
Watchorn & Saxton LLP, were appointed Joint Liquidators.

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

Artside Limited -- http://www.artside.co.uk/-- is the home of  
the Burbage Advertiser.  It can be reached at:

         Artside Limited
         9-13 Coventry Road
         Burbage Hinckley
         Leicestershire LE10 2HL
         United Kingdom
         Tel: 01455 444 452
         Fax: 01455 444 453


ASHBOURNE DEVELOPMENT: Appoints Harrisons Administrator
-------------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
joint administrators of Ashbourne Development Limited (Company
Number 4225029) on April 10.

Harrisons -- http://www.harrisons.uk.com/-- provides advice and  
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.  

Ashbourne Development Limited develops real estate properties.


ASTON-EDWARDS: Appoints Theodoulos Papanicola as Liquidator
-----------------------------------------------------------
Theodoulos Papanicola, of Bond Partners LLP, was appointed
Liquidator of Aston-Edwards Electrical Co. Limited after
creditors resolved to liquidate the company on March 9.

Chairman R. B. Edwards disclosed that the company could no
longer continue its business due to mounting debts.

Bond Partners LLP -- http://www.bondpartners.co.uk/--  
specializes in: audit and assurance, taxation, corporate
recovery, business rescue and insolvency, bookkeeping services,
as well as financial services through Bond Financial Network.

Aston Edwards Electrical -- http://www.aston-edwards.co.uk/--is  
a medium-sized electrical company that offers electrical
machinery repair services.  It can be reached at:

         Aston Edwards Electrical Co. Limited
         Unit C, Salford Street
         Salford Trading Estate
         Birmingham B6 7SH
         United Kingdom
         Tel: 0121 327 4064
         Fax: 0121 327 7759


BILDOR TRANSPORT: Hires Administrator from Till Morris
------------------------------------------------------
Duncan Roderick Morris of The Till Morris Partnership was
appointed administrator of Bildor Transport Services Ltd.
(Company Number 01882876) on April 10.

The administrator can be reached at:

         The Till Morris Partnership
         2 Church Street
         Warwick CV34 5NL
         United Kingdom
         Tel: 01926 497 722
         Fax: 01926 497 733
         E-mail: duncan.morris@tillmorris.co.uk  

Headquartered at Milton Keynes, Bildor Transport Services Ltd.
-- http://www.bildor.co.uk/-- was founded in 1980 and is one of  
the foremost freight transport companies in the area.


BILLAWAY FACILITIES: Joint Administrators from KPMG Enter Firm
--------------------------------------------------------------
David John Crawshaw and James Douglas Ernle Money of KPMG LLP
were appointed joint administrators of Billaway Facilities
Management Ltd. (Company Number 5017853) on April 7.

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.

Billaway Facilities Management Ltd. offers construction
services.


BILLINGS AND HATHAWAY: Appoints Joint Administrators from KPMG
--------------------------------------------------------------
David John Crawshaw and James Douglas Ernle Money of KPMG LLP
were appointed joint administrators of Billings And Hathaway
Limited (Company Number 1275518) on April 10.

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.

Billings And Hathaway Limited offers construction services.


BRIGHTON BOILER: Taps KPMG to Administer Assets
-----------------------------------------------
David John Crawshaw and James Douglas Ernle Money of KPMG LLP
were appointed joint administrators of Brighton Boiler Services
Ltd. (Company Number 02287121) on April 10.

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.

Brighton Boiler Services Ltd. --
http://www.brightonboilerservices.co.uk/-- has been installing,  
maintaining and servicing boilers & central heating systems
since 1989.  Currently operating in Sussex, Surrey, Kent and
Hampshire, the company looks after over 11,000 domestic
properties and 100 commercial locations for private landlords,
housing associations, county councils and businesses.


BUSINESS I: Creditors Confirm Voluntary Liquidation
---------------------------------------------------
Creditors of Business I Media Ltd. confirmed the company's
voluntary liquidation after a winding up resolution was passed
on March 9.

Creditors also ratified the appointment of I.E. Walker, of
Begbies Traynor, as Liquidator.

Begbies Traynor -- http://www.begbies-traynor.com/--  
specializes in corporate rescue and recovery services.

The company can be contacted at:

         Business I Media Ltd
         Post Hill
         Tiverton
         Devon EX16 4NG
         United Kingdom
         Tel: 01884 250 005
         Fax: 01884 250 022


C & S TAXI: Creditors Decide to Liquidate Company's Assets
----------------------------------------------------------
C & S Taxis Limited is liquidating its assets after creditors
decided to wind up the company's business on March 14.

Harjinder Johal and George Michael, both of Ashcrofts, will
jointly liquidate the company's assets.

The company can be reached at:

         C & S Taxis Limited
         130-131 Three Colts La
         Bethnal Grn
         London E2 0DX
         United Kingdom
         Tel: 020 7613 4442
         Fax: 020 7729 1712


CARL WINN: Financial Woes Trigger Liquidation
---------------------------------------------
Creditors of Carl Winn Limited resolved to liquidate the
company's assets after proving that the company could no longer
continue its business due to mounting debts.

M. S. E. Solomons was appointed Liquidator.

The company can be reached at:

         Carl Winn Limited
         27 Tenby Street
         Birmingham B1 3EE
         United Kingdom
         Tel: 0121 233 1783


DIRECTION INTERNATIONAL: Joint Liquidators Take Over Operations
---------------------------------------------------------------
Direction International PLC is winding up its operations after
creditors agreed to liquidate the company's assets during an
extraordinary general meeting on March 3.

Stephen Robert Cork and Joanne Elizabeth Milner jointly
liquidate the company's assets.

The company can be reached at:

         Direction International Plc
         Hildenbrook House
         The Slade
         Tonbridge
         Kent TN9 1HR
         United Kingdom
         Tel: 01732 366 351
         Fax: 01732 358 369
         Web: http://www.direction-in.co.uk/


DLB BUILDING: Hires Moore Stephens Administrator
------------------------------------------------
Mark Elijah Thomas Bowen and Nigel Price of Moore Stephens LLP
were appointed joint administrators of DLB Building Limited
(Company Number 04707970) on March 31.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.

Headquartered at West Midlands, DLB Building Limited --
http://www.dlbbuilding.co.uk/-- is an experienced family-run  
business that specializes in the construction and building
services to the residential and commercial sector.


DOMESTIC AND INDUSTRIAL: Brings In KPMG to Administer Assets
------------------------------------------------------------
David John Crawshaw and James Douglas Ernle Money of KPMG LLP
were appointed joint administrators of Domestic And Industrial
Heating Spares Limited (Company Number 02661025) on April 10.

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.

Domestic And Industrial Heating Spares Limited sells fabricated
products.  It can be reached at:

         Unit 3, Centenary Ind Est
         Hughes Road
         Brighton BN2 4AW
         United Kingdom
         Tel: 01273 677670


E.C.S. ENGINEERING: M.C. Bowker Leads Winding Up Proceedings
------------------------------------------------------------
M. C. Bowker was appointed Liquidator after creditors of E.C.S.
Engineering and Conveyor Services Limited passed a resolution to
wind up the company on March 8.

The company can be contacted at:

         E. C. S. Engineering & Conveyor Services Limited
         17 Pembroke Road
         Hindley Wigan
         Lancashire WN2 4TG
         United Kingdom
         Tel: 01942 729 466


EASYPACK SERVICES: Creditors Affirm Voluntary Liquidation
---------------------------------------------------------
Creditors of EasyPack Services Limited affirmed the company's
voluntary liquidation after a winding up resolution was passed
on March 9.

Creditors also confirmed the appointment of Andrew McTear as
Liquidator.

The company can be reached at:

         Easypack Services Limited
         Wormingford Rd
         Fordham
         Colchester
         Essex CO6 3NS
         United Kingdom
         Tel: 01206 240853  


ENECO LIMITED: Appoints David Rubin & Partners Administrator
------------------------------------------------------------
David Rubin and Asher Miller of David Rubin & Partners were
appointed joint administrators of Eneco Limited (Company Number
04347232) on April 10.

David Rubin & Partners -- http://www.drpartners.com/--  
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.

Eneco Ltd. manufactures environment-friendly vehicle engines
that utilize hybrid technology and all-electric technology.  It
can be reached at:

         Spring Copse Business Park
         Unit 6, Slinfold
         West Sussex RH13 0SZ
         United Kingdom
         Tel: (+44) 1403-79 01 14
         Fax: (+44) 1403-79 95 12


EPANDORA LIMITED: Hires Joint Administrators from Moore Stephens
----------------------------------------------------------------
Mark Elijah Thomas Bowen and Nigel Price of Moore Stephens LLP
were appointed joint administrators of Epandora Limited (Company
Number 04757060) on April 4.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its UK network comprises over 1,400
partners and staff.


EUROTUNNEL: FSA Halts Stock Trading Until Accounts Publication
--------------------------------------------------------------
The Joint Board of Eurotunnel plc and Eurotunnel S.A., resolved,
on April 11, not to approve the Group's accounts until after the
mid-point in negotiations planned for mid-May.  This was done in
the light of the evolving negotiations that the Joint Board
wanted to consider before making a decision regarding the
approval of the accounts.

Eurotunnel noted The Financial Services Authority's decision to
suspended trading in Eurotunnel shares from May 2, until
publications of the accounts, based on the postponement.

Eurotunnel obtained on April 26, a third extension of its credit
waiver through July 12.  The group disclosed that negotiations
continue with the creditors who voted for the extension.

In line with its desire to keep the markets fully informed,
Eurotunnel would like the decision to suspend its shares, taken
by the FSA as a result of the postponement of approval of the
accounts, not to be wrongly interpreted as an imminent
announcement of major developments in its financial
restructuring but rather to be seen as the logical consequence
of its statements on April 12.

                        About the Company

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

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


F.W. COOK: Begins Voluntary Liquidation
---------------------------------------
F.W. Cook Building Services Limited is liquidating its assets
after creditors proved that the company could no longer continue
its operations due to financial liabilities on March 3.

Stephen Robert Cork and Joanne Elizabeth Milner, of Smith &
Williamson Limited, were appointed Joint Liquidators.

The company can be reached at:

         F W Cook Building Services Limited
         Hildenbrook House
         The Slade
         Tonbridge
         Kent TN9 1HR
         United Kingdom
         Tel: 01732 366 351


FIRMIN & SONS: Appoints Moore Stephens Administrator
----------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint administrators of Firmin & Sons Plc
(Company Number 00009081) on April 4.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its UK network comprises over 1,400
partners and staff.

Firmin & Sons Plc -- http://www.firmin.co.uk/-- manufactures  
and supplies all uniforms & accoutrements for senior officers,
guards of honor & palace guards for state ceremonials.  The
company also supplies swords, designs and strikes medals &
medallions for all levels of military and civil award.


HOT TRAMP: Hires Joint Administrators from Wilson Pitts
-------------------------------------------------------
D. F. Wilson and J. N. R. Pitts of Wilson Pitts were appointed
joint administrators of Hot Tramp Limited (Company Number
05152979) on April 4.

The joint administrators can be reached at:

         Wilson Pitts
         Glendevon House
         Hawthorn Park
         Coal Road
         Leeds LS14 1PQ
         United Kingdom
         Tel: 0113 237 5560
         Fax: 0113 237 5561

Hot Tramp Limited sells underwear.


JMG DEVELOPMENTS: Taps Middleton Partners to Administer Assets
--------------------------------------------------------------
Michael Francis Stevenson and Julie Anne Palmer of Middleton
Partners were appointed joint administrators of JMG Developments
Limited (Company Number 04618132) on April 5.  

Middleton Partners -- http://www.middletonpartners.co.uk/-- are  
licensed insolvency practitioners and business consultants, the
partners and staff of which have many years experience in
dealing with business rescue and insolvency.

JMG Developments Limited develops and sells real estate
properties.  It can be reached at:

         Magnolia House
         24 West Street
         Wimborne
         Dorset BH21 1JS
         United Kingdom


PREMIER FOODS: Confirms Interest on Possible Acquisitions
---------------------------------------------------------
Premier Foods plc answered the recent speculations regarding its
possible interest on a number of potential acquisition
opportunities, including certain businesses within the United
Biscuits and Campbell Soup Company groups.

Premier Foods regarded acquisitions as an important part of its
strategy.  The company confirmed that it is at a preliminary
stage in evaluating a number of opportunities that could
potentially meet its acquisition criteria for value creation.  
However, there is no assurance that any of the opportunities
currently under consideration will lead to a transaction.

Headquartered in Birmingham, England, Premier Foods --
http://www.premierfoods.co.uk/-- manufactures Ambrosia custard  
and rice pudding, Branston pickle, Hartley's jams and marmalade
and Sarsons vinegar.

At Dec. 31, 2005, Premier Foods PLC balance sheet showed
GBP858.4 million in total assets and GBP876.4 in total  
liabilities, resulting in an GBP18 million stockholders'  
deficit.


REFCO INC: Shareholders Want Court to Appoint Equity Committee
--------------------------------------------------------------
Certain shareholders of Refco, Inc., ask the U.S. Bankruptcy
Court for the Southern District of New York to direct the United
States Trustee for Region 2 to appoint a committee of equity
security holders to represent Refco's non-affiliated common
stock holders.

The shareholders are JMB Capital Partners, LP, Lonestar Capital
Management, LLC, Mason Capital Management, Smith Management LLC,
and Triage Management LLC.  Collectively, they hold 8,100,217 --
26.56% -- of the non-affiliated common shares of Refco Inc.

                     Equity is "in the Money"

Paul N. Silverstein, Esq., at Andrews Kurth LLP, in New York,
tells the Hon. Robert D. Drain that Refco's unique structure and
assets make it certain that Equity Security Holders should
receive a dividend in these cases.  The valuable causes of
action held by Refco against its officers, directors, advisors,
and others put Equity Security Holders "in the money" because
Refco itself has no significant debt.

In addition, an upstream liquidating dividend may flow to Equity
Security Holders from some of Refco's solvent subsidiaries,
depending on:

   -- the ultimate value of the subsidiaries' assets; and
   -- the resolution of disputed intercompany claims.

The shareholders have commissioned Alvarez & Marsal to analyze
the issues impacting the non-insider equity holders of Refco
Inc. Alvarez & Marsal's preliminary analysis in February 2006
demonstrates that there is significant recovery to non-insider
equity depending on the outcome of these key issues:

    -- A determination of what happened to $2.6 billion of
       assets that Refco Group Ltd. reported at May 31, 2005.

    -- A forensic review and determination of the accounting
       entries related to the intercompany accounts and the
       underlying intent of those transactions.

    -- The recovery of transfers made to insiders during the two
       years prior to and after the Refco Inc. IPO:

       * The Bennett group received transfers with value of
         approximately US$2 billion; and

       * Thomas H. Lee Partners received value in excess of
         US$293,000,000.

    -- Direct actions by the Refco parent against wrongdoers.

Alvarez & Marsal also found out that that the schedules of
assets and liabilities filed with the Bankruptcy Court are
riddled with errors.  Intercompany receivables from one entity
should match the intercompany payables within the other entity.  
However, 12 of the 24 entities contain discrepancies with an
absolute value in excess of approximately $250,000,000.

Alvarez & Marsal determined that if the investment in and
advances to subsidiaries by Refco Group Ltd. as recorded in the
May 2005 Condensed and Consolidating Balance Sheet (offering
memorandum) were included and all other intercompany assets are
eliminated, about US$1,007,300,000 may be available to upstream
to Refco Inc.

If the investments and advances are excluded and the
intercompany accounts are eliminated, about 20,000,000 may be
available to upstream to Refco Inc.

These two scenarios do not include recovery values to Refco Inc.
for:

   -- distributions or interests from non-filed subsidiaries;
   -- distributions or interests from solvent debtors; and
   -- causes of action.  

According to Alvarez & Marsal, the recovery from these matters
enhances the equity value available to Refco Inc.

A full-text copy of Alvarez & Marsal's analysis is available at
no charge at http://bankrupt.com/misc/Refco_A&MAnalysis.pdf

Even if Refco were currently insolvent, Mr. Silverstein
maintains, then Refco would have actions to recover, as
fraudulent transfers, the hundreds of millions of dollars in
equity distributions that were made by Refco and its second tier
subsidiary in the last several years.  This includes an
US$82,000,000 special dividend paid to insider shareholders from
the proceeds of the initial public offering in August 2005.  
According to Mr. Silverstein, the transfers could be per se
recoverable as fraudulent transfers if these entities were, in
fact, insolvent.

Payables could be satisfied through causes of action belonging
to Refco Group, including the US$1.3 billion claim the Official
Committee of Unsecured Creditors recently asserted against BAWAG
P.S.K Bank.

The shareholders have prepared a draft complaint on behalf of
the proposed Equity Committee against certain officers and
directors, including former CEO, Phillip R. Bennett, as well as
Grant Thornton LLP, Refco's outside auditor, and THL.

The complaint set forth causes of action belonging specifically
to Refco Inc. and New Refco Group Ltd, LLC.  The complaint seeks
more than US$3 billion in damages on behalf of the Refco and New
Refco estates, and alleges colorable claims that would support a
substantial Refco recovery.

A full-text copy of the draft complaint is available at no
charge at http://bankrupt.com/misc/Refcoequitycomplaint.pdf

"If Equity Security Holders do not have an official seat at the
table, their interests will be sacrificed for those who do
resulting in an unfair and inequitable outcome of these cases,"
Mr. Silverstein says.

                           Fait Accompli

The shareholders approached the U.S. Trustee in February to seek
appointment of an equity committee.  In turn, the U.S. Trustee
solicited the views of the Debtors, the Creditors Committee and,
the agent for the secured lenders, Bank of America.

Notably absent from their responses was any contention that the
Refco parent appeared "hopeless insolvent," Mr. Silverstein
says.  Instead, the Debtors and BofA argued that it was too
early to appoint an equity committee, and that other
constituents would adequately represent equity.  The Creditors
Committee maintained that "too little is currently known" and
that it "appears premature" to conclude that equity is "in the
money."

The U.S. Trustee decided to defer her decision until the Court-
appointed examiner commences and completes his investigation of
certain causes of action.

However, delaying appointment is likely to effect a fait
accompli, Mr. Silverstein argues.  Significantly, he points out,
the Examiner has not been authorized by the Court to address
crucial issues for equity, like intercompany claims, and, even
more importantly, given the resistance of the Debtors and
creditors' committees to his appointment, will be unlikely to
negotiate a work plan or budget under which he would investigate
parent-specific causes of action in particular.

Mr. Silverstein also notes that other parties, like the
creditors' committee, have been able to bring causes of action
against various parties on behalf of lower level subsidiaries,
even though the Examiner has not even begun his investigation.

"By the time the Examiner completes his investigation -- which
does not include addressing intercompany claims and will
probably not include the parent-specific causes of action -- a
plan will have been negotiated.  At that point, it might well be
too late to appoint an equity committee."

            Other Parties Can't Represent Equity Group

Other parties do not adequately represent Equity Security
Holders, Mr. Silverstein contends.  The Debtors' management
cannot adequately represent Equity Security Holders given the
complexity of the case coupled with their primary duty to
creditors.  Major creditors selected the Debtors' current CEO.

The Creditors Committee also does not adequately represent
Equity Security Holders because the interests of creditors are
not aligned with those of equity security holders.  The
Creditors Committee will have every incentive to resolve inter-
company disputes to maximize recovery to creditors, sacrificing
the interests of parent Equity Security Holders to achieve this
result.

Mr. Silverstein also tells Judge Drain that the shareholders
cannot adequately represent Equity Security Holders on an ad hoc
basis.  Without official status, the shareholders might be
restricted from receiving confidential estate information or
formally participating in plan negotiations.  In addition,
without an official designation, the shareholders would not owe
fiduciary duties to Equity Security Holders as a whole, and
would thus be unlikely to receive Court authorization to pursue
parent level causes of action on behalf of Equity Security
Holders.

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 US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  


                         *********


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

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

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

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