TCREUR_Public/060504.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Thursday, May 04, 2006, Vol. 7, No. 88     

                            Headlines


A U S T R I A

BAWAG PSK: Settles with Refco Creditors & Obtains Fresh Capital


F R A N C E

BELLON SA: S&P Withdraws BB Corporate Credit Rating


G E R M A N Y

ALBRECHT BAU: Creditors' Meeting Slated for June 6
ALU-BILLETS: Claims Registration Ends May 5
AUTOHAUS SCHATTLING: Creditors' Meeting Slated for June 1
B & B IMMOBILIEN: Claims Registration Ends May 5
BAUSTIL GMBH: Claims Registration Ends May 6

ELBE-TEAM: Claims Registration Ends May 9
MEINZER GMBH: Claims Registration Ends May 9
NOVA WAVE: Creditors' Meeting Slated for May 8
PEKA-THERM: Creditors' Meeting Slated for May 22
THOMAS TACKMANN: Claims Registration Ends May 5


H U N G A R Y

BORSODCHEM RT: Earns HUF14.4 Billion in 2005
BORSODCHEM RT: Eyes EUR500 Mln European Expansion


I R E L A N D

EUROFOOD: Irish Court Gets Jurisdiction on Insolvency Case


I T A L Y

ALITALIA SPA: Air One Files Appeal Over Volare Merger
LOTTOMATICA SPA: Moody's Rates New EUR750 Mln Notes at (P)Ba3
LOTTOMATICA SPA: S&P Rates 60-Year Deferrable Bond at BB+
PARMALAT: Ireland Gets Jurisdiction on Eurofood Insolvency Case
VOLARE SPA: Air One Files Appeal Over Alitalia Takeover


K A Z A K H S T A N

ABN TRADE: Court Sets May 12 Claims Bar Date
AVIEK: Creditors Must File Claims by June 13
ENERGOPROM: Creditors' Claims Due May 12
JAS: Creditors Must File Claims by May 12
KENDIK: Proofs of Claims Deadline Slated for May 12

NOTTENGEM: Claims Registration Ends May 12
REM: Court Sets May 12 Claims Bar Date
SNABSERVICE-T: Court Sets May 12 Claims Bar Date
STROILUKSSERVICE: Creditors Must File Claims by May 12
TRANZIT-LIMITED: Proofs of Claims Deadline Slated for May 12


N E T H E R L A N D S

AURELIA ENERGY: S&P Lowers US$335 Million Debt Rating to B-
GETRONICS N.V.: Reveals ICT Security Study in the U.S.


R U S S I A

ALEUSSKOYE: Bankruptcy Hearing Slated for July 26
AMURSKIY TRANSPORT: Appoints Interim Insolvency Manager
CENTERTELECOM: Annual Shareholders' Meeting Slated for June 28
EASTERN GEOPHYSICAL: Bankruptcy Supervision Procedure Begins
KEMEROVO-MOSCOW: Deadline for Proofs of Claim Slated for May 11

KULUNDINSKOYE: Creditors Have Until May 11 to File Claims
NEW WORLD: Claims Filing Period Ends May 11
OAO GAZPROM: Management Panel Approves 2006 Budget Changes
RAPSOD TRADE: S&P Assigns B- Rating on Proposed $150-Mln Notes
REGION-CONTRACT: Moscow Court Commences Bankruptcy Proceedings

STROY-COM: Deadline for Proofs of Claim Set May 11
URAL-CHER-MET: Perm Court Begins Bankruptcy Proceedings
ZNAMENSKIY MARGARINE: Undergoes Bankruptcy Supervision Procedure


T U R K E Y

COCA-COLA ICECEK: Fitch Keeps Foreign Currency Ratings at BB-
ULKER GIDA: Moody's Assigns B1 Corporate Family Rating


U K R A I N E

DNIPRO-SPORT-EXPRESS: Court Names V. Oksana Insolvency Manager
ELEGANT-FARM: Kyiv Court Starts Bankruptcy Supervision
IMPERANT: Kyiv Court Opens Bankruptcy Proceedings
KOLOS SOF: Court Names Dmitro Selevko Interim Insolvency Manager
RADUN: Kyiv Court Names Mr. E. Kondra Liquidator

SEK-TE: Court Names Volodimir Glyadchenko as Insolvency Manager
SHUMSKIJ AGROBUD: Court Names Vasil Taras Liquidator
UKRTRANSMASH: Kyiv Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

ALCHEMY ANIMEDIC: Hires Administrator from Houghton Stone
ATLANTIC DISTRIBUTIONS: Appoints Armstrong Watson Administrator
CARD CRAZY: Taps Cowgill Holloway to Administer Assets
DALES QUALITY: Appoints Kroll Limited Administrator
GLOBAL AVIATION: Creditors Resolve to Liquidate Company's Assets

HMV GROUP: Founder Drops GBP280-Mln Bid to Buy Back Waterstone's
INHURST LIMITED: Hires Joint Administrators from S. F. Plant
INMARSAT FINANCE: S&P Raises US$760 Million Debt Ratings to B+
INMARSAT VENTURES: S&P Raises Corporate Credit Ratings to BB
J. & P. ATCHISON: Hires David Rubin & Partners Administrator

JAMES ELEY: Hires Antony Batty to Administer Assets
K J SOLUTIONS: Appoints P&A Partnership Administrator
KENNEDY'S KARDS: Taps Administrator from Cowgill Holloway
LLOYD DAVIES: Taps Begbies Traynor to Administer Assets
LUCITE INTERNATIONAL: S&P Affirms BB Corp. Credit Rating

M & P ASPHALT: Creditors Pass Winding Up Resolution
MISYS PLC: Transfers 6,666 Shares to Scheme Participants
NATUREDOWN LIMITED: Appoints Elizabeth Arakapiotis as Liquidator
NORVALLS LIMITED: Hires Rothman Pantall Administrator
P.M.A STEELS: Creditors Confirm Voluntary Liquidation

PC IQ: Appoints Portland Business & Financial Administrator
PRESTON PRINTERS: Begins Winding Up Operations
PRO ACTIVE: Creditors Agree to Liquidate Company's Assets
R.F. FIELDING: Hires Joint Administrators from Milner Boardman
RANK GROUP: Buys Back 1 Million Shares for Cancellation

RANMAC EMPLOYMENT: Taps Jeffrey Mark Brenner to Liquidate Assets
REFCO INC: BAWAG Settles US$1.3 Billion Suit with Creditors
REFCO INC: 3 Creditors File Reclamation Demand to Recover Assets
REGAL ENGINEERS: Brings In Administrators from Bond Partners LLP
REGENERATE LIMITED: Creditors Affirm Voluntary Liquidation

ROWCROFT LIMITED: Financial Woes Trigger Liquidation
ROYAL & SUNALLIANCE: Sets 1.87% Fixed Spread to New Tier 1 Bonds
SABRE LIMITED: Joint Liquidators Take Over Operations
WITHAM FURNITURE: Appoints Tenon Recovery Administrator

                            *********

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


BAWAG PSK: Settles with Refco Creditors & Obtains Fresh Capital
---------------------------------------------------------------
As widely reported, BAWAG P.S.K. (Bank fur Arbeit und Wirtschaft
und Osterreichische Postsparkasse Aktiengesellschaft) reached a
settlement agreement over a US$1.3 billion suit filed by the
Official Committee of Unsecured Creditors of Refco, Inc.

Terms of the agreement were not disclosed.

"All potential claims from the U.S. are off the table with this
solution," BAWAG's Chief Executive Officer Ewald Nowotny said at
a news conference on May 1, in Vienna, Austria.

When asked whether the bank settled for US$675 million, Mr.
Nowotny said, "I won't deny that."

As previously reported, the creditors accused BAWAG of aiding a
five-year multi-million dollar fraud orchestrated by former
Refco Chief Executive Phillip Bennett that drove the group into
bankruptcy.  

                 Judge Drain Freezes BAWAG Assets

At the Creditors Committee's request, Judge Drain issued an
interim order on April 25, restraining and enjoining BAWAG and
any financial institution or custodian with assets belonging to
or in the name of BAWAG from transferring or taking any other
action with respect to BAWAG's assets in the United States.

However, parties may make transfers in the ordinary course of
business in connection with BAWAG's role as gateway operator in
Austria for the FedACH International Transatlantic Service, so
long as, with respect to any transfer, BAWAG has no right to
retain, encumber or otherwise possess the transferred amount.

Judge Drain directed the United States Marshal for the Southern
District of New York, or any person appointed by him to act in
his place, to levy within the jurisdiction immediately on the
property in which BAWAG has an interest, including but not
limited to, any debt owed to BAWAG as will satisfy the US$1.3
billion.

Judge Drain also required BAWAG to promptly produce to the
Committee the documents to identify all accounts or banks
established by BAWAG as well as the amount and location of
BAWAG's assets within the U.S.  BAWAG is also required to
produce a witness with knowledge of the assets.

                         Modified TRO

Reuters reports that the Bankruptcy Court issued a modified TRO
on Monday, authorizing BAWAG to resume its transfers out of the
U.S.  The Court, however, named four specific accounts that are
required to keep a minimum of $1.16 billion of BAWAG assets.

BAWAG and Refco agreed to the modified order, contingent on
another agreement that was filed under seal, Reuters says.

BAWAG also produced specified documents and presented witness to
the Committee.

               Austria's Last-Minute Bailout

Minutes after BAWAG announced a settlement agreement with
Refco's creditors, Austrian Chancellor Wolfgang Schuessel
revealed that local banks would provide BAWAG with up to EUR450
million in fresh capital, while the government would guarantee
EUR900 million in capital.  

The announcement came following reports that the Austrian
chancellor, with Finance Minister Karl-Heinz Grasser and other
top officials, had considered placing BAWAG under temporary
supervision.  The parties deliberated Monday whether to place
the financial group under the care of other local banks.

The parties agreed that BAWAG and parent Oesterreichischer
Gewerkschaftsbund (OeGB) would have to transfer their 20% stake
in the Austrian National Bank to the government in return for
the state guarantee, Eric Frey writes for the Financial Times.  
The Austrian Trade Union Federation also needs to disclose all
its assets to the central bank as part of the deal.

BAWAG Chief Executive Ewald Nowotny noted up to EUR100 million a
day in withdrawals.  The fresh capital and the state guarantee,
which will remain in force until July 1, 2007, allows the sale
of BAWAG's assets by OeGB.  Morgan Stanley acts as advisor for
the sale.

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.  (Refco Bankruptcy News, Issue No. 29; Bankruptcy
Creditors' Service, Inc., 215/945-7000).


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


BELLON SA: S&P Withdraws BB Corporate Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB' long-term
corporate credit rating on France-based Bellon S.A.  The company
has no rated public debt outstanding.

Bellon owns 36.8% of global food and management services company
Sodexho Alliance S.A. (BBB+/Stable/A-2).  Bellon's market asset
value coverage of total debt hit an acceptable 3.0x in February
2006, and it still benefits from adequate financial flexibility.  
Standard & Poor's will continue to closely monitor the impact of
Bellon's ownership on Sodexho's financial and governance risk
profiles.


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


ALBRECHT BAU: Creditors' Meeting Slated for June 6
--------------------------------------------------
Court-appointed provisional administrator for ALBRECHT BAU GmbH,
Herbert Feigl, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:15 a.m., on
June 6.

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

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

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

Creditors have until May 9, to register their claims with the
court-appointed provisional administrator.

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against ALBRECHT BAU GmbH on March 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The administrator can be reached at:

         Herbert Feigl
         Hansering 1
         D-06108 Halle, Germany
         Tel: 0345/212220
         Fax: 0345/2122222

The Debtor can be reached at:

         ALBRECHT BAU GmbH
         Ethel-Rosenberg-Str. 4
         06188 Plossnitz, Germany
         

ALU-BILLETS: Claims Registration Ends May 5
-------------------------------------------
Creditors of Alu-Billets Produktions GmbH have until May 5, to
register their claims with court-appointed provisional
administrator Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Kempten
         SS 240/II.
         Residenzplatz 4-6
         87435 Kempten, 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 Kempten opened bankruptcy proceedings
against Alu-Billets Produktions GmbH on March 31.  Consequently,
all pending proceedings against the company have been
automatically stayed.
       
The administrator can be contacted at:

         Michael Pluta
         Karlstr. 31-33
         89073 Ulm, Germany
         Tel: 0731/96880-0
         Fax: 0731/96880-50

The Debtor can be contacted at:

         Alu-Billets Produktions GmbH
         Daimlerstrasse 21
         87437 Kempten, Germany


AUTOHAUS SCHATTLING: Creditors' Meeting Slated for June 1
---------------------------------------------------------
Court-appointed provisional administrator for Autohaus
Schattling GmbH, Andreas Kienast, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:20 a.m., on June 1.

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

         The District Court of Magdeburg
         Saal E
         Insolvenzabteilung
         Liebknechtstrasse 65-91
         39110 Magdeburg, 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 Magdeburg opened bankruptcy proceedings
against Autohaus Schattling GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed

The administrator can be reached at:

         Andreas Kienast
         Lennestr. 10
         39112 Magdeburg, Germany
         Tel: 0391/5973322
         Fax: 0391/5973333

The Debtor can be reached at:

         Autohaus Schattling GmbH
         Attn: Klaus and Birgit Schattling, Managers
         Steinbruch 7
         39418 Stassfurt, Germany


B & B IMMOBILIEN: Claims Registration Ends May 5
------------------------------------------------
Creditors of B & B Immobilien- und Bautrager-GmbH have until
May 5, to register their claims with court-appointed provisional
administrator Christian Plail.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on June 2, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Sitzungssaal 162
         Justizgebaude
         Alten Einlass 1
         86150 Augsburg, 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 Augsburg opened bankruptcy proceedings
against B & B Immobilien- und Bautrager-GmbH on March 28.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The administrator can be contacted at:

         Christian Plail
         c/o SKP Partnerschaftsgesellschaft
         Eserwallstr. 1-3
         86150 Augsburg, Germany

The Debtor can be contacted at:

         B & B Immobilien- und Bautrager-GmbH
         Attn: Uenal Bakir, Manager
         Schaezlerstr. 8
         86150 Augsburg, Germany


BAUSTIL GMBH: Claims Registration Ends May 6
--------------------------------------------
Creditors of Baustil GmbH have until May 6, to register their
claims with court-appointed provisional administrator Udo
Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 6, 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 Magdeburg
         Saal E
         Insolvenzabteilung
         Liebknechtstrasse 65-91
         39110 Magdeburg, 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 Magdeburg opened bankruptcy proceedings
against Baustil GmbH on April 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The administrator can be contacted at:

         Udo Mueller
         Editharing 31
         39108 Magdeburg, Germany
         Tel: 0391/5066030
         Fax: 0391/5066033

The Debtor can be contacted at:

         Baustil GmbH
         Attn: Olaf Stolzheise, Manager
         Karl-Marx-Str. 10
         38871 Ilsenburg, Germany


ELBE-TEAM: Claims Registration Ends May 9
-----------------------------------------
Creditors of Elbe-Team Warenhandels- und Dienstleistungs-GmbH
have until May 9, to register their claims with court-appointed
provisional administrator Albert Wolff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 20, 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 Dresden
         Saal D131
         Olbrichtplatz 1
         01099 Dresden, 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 Dresden opened bankruptcy proceedings
against Elbe-Team Warenhandels- und Dienstleistungs-GmbH on
March 31.  Consequently, all pending proceedings against the
company have been automatically stayed.

The administrator can be contacted at:

         Albert Wolff
         Weisseritzstrasse 3
         01067 Dresden, Germany
         Web: http://www.WORAKO.de/

The Debtor can be contacted at:

         Elbe-Team Warenhandels- und Dienstleistungs-GmbH
         Attn: Anita Tygielska and Peter Werner Wolki, Managers
         Spenerstr. 35
         01309 Dresden, Germany


MEINZER GMBH: Claims Registration Ends May 9
--------------------------------------------
Creditors of Meinzer GmbH have until May 9, to register their
claims with court-appointed provisional administrator Frank
Bassermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 20, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Saal IV/1 OG
         Schlossplatz 23
         76131 Karlsruhe, Germany

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

The District Court of Karlsruhe opened bankruptcy proceedings
against Meinzer GmbH on March 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The administrator can be contacted at:

         Frank Bassermann
         Lorenzstr. 29
         76135 Karlsruhe, Germany
         Tel: (0721) 160080

The Debtor can be contacted at:

         Meinzer GmbH
         Attn: Detlev Meinzer, Manager
         Bergstr. 42
         76327 Pfinztal, Germany


NOVA WAVE: Creditors' Meeting Slated for May 8
----------------------------------------------
Court-appointed provisional administrator for Nova Wave Light 01
GmbH, Martin Schoebe, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:10 a.m., on May 8.

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

         The District Court of Muenchen
         Infanteriestr. 5
         Sitzungssaal 102
         Muenchen, Germany

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m., on June 20, at the same
venue.

Creditors have until May 19, to register their claims with the
court-appointed provisional administrator.

The District Court of Muenchen opened bankruptcy proceedings
against Nova Wave Light 01 GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed

The administrator can be reached at:

         Martin Schoebe
         Ainmillerstr. 11
         80801 Muenchen, Germany
         Tel: 089/1893770
         Fax: 089/18937750

The Debtor can be reached at:

         Nova Wave Light 01 GmbH
         Fraunhoferstr. 11b
         82152 Martinsried, Germany
         

PEKA-THERM: Creditors' Meeting Slated for May 22
------------------------------------------------
Court-appointed provisional administrator for PEKA-THERM
Rohrisolierungen+Befestigungen GmbH, Ruediger Schmidt, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:45 a.m., on May 22.

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

         The District Court of Goppingen
         Saal 024
         Pfarrstr. 25
         73033 Goppingen, 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 5, to register their claims with the
court-appointed provisional administrator.

The District Court of Goppingen opened bankruptcy proceedings
against PEKA-THERM Rohrisolierungen+Befestigungen GmbH on
April 1.  Consequently, all pending proceedings against the
company have been automatically stayed

The administrator can be reached at:

         Ruediger Schmidt
         Muehlesgassle 2
         73054 Eislingen, Germany
         Tel: 07161/82018

The Debtor can be reached at:

         PEKA-THERM Rohrisolierungen+Befestigungen GmbH
         Attn: Wolfgang Hagele, Manager
         Rechbergstr. 10
         73113 Ottenbach, Germany


THOMAS TACKMANN: Claims Registration Ends May 5
-----------------------------------------------
Creditors of Thomas Tackmann GmbH have until May 5, to register
their claims with court-appointed provisional administrator
Thomas Neumann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 26, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Raum 283
         Etage 2
         Heinitzstrasse 42
         58097 Hagen, Germany

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

The District Court of Hagen opened bankruptcy proceedings
against Thomas Tackmann GmbH on April 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The administrator can be contacted at:

         Thomas Neumann
         Altenaer Str. 2
         58507 Luedenscheid, Germany
         Tel: 02351/3265
         Fax: +49235132670

The Debtor can be contacted at:

         Thomas Tackmann GmbH
         Winkhauserstr. 23
         58509 Luedenscheid, Germany

         Attn: Thomas Tackmann, Manager
         Losenbacher Landstr. 150
         58515 Luedenscheid, Germany


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


BORSODCHEM RT: Earns HUF14.4 Billion in 2005
--------------------------------------------
BorsodChem Rt. released its audited consolidated results for the
financial year 2005.

BorsodChem's net sales for 2005 increased by 17% year-on-year
and totaled HUF173 billion.  The group attributed the increase
to capacity growth and hike in sale prices.  

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem attributed the
increase to:

   -- spectacular improvement of MDI and caustic soda products
      margin;

   -- the influence of surplus sales due to capacity expansion
      on PVC, TDI and aniline products;

   -- non-closure of production plants for general maintenance.

BorsodChem's net profit was down 17.7%, to HUF14.4 billion in
2005, from HUF17.8 billion a year ago.  The approved effective
dividend of HUF51 per share provides an EPS payout ratio of
27.1%, up from 19.9% in 2004.

At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9
billion in total assets, HUF98.9 billion in total liabilities
and HUF139.02 billion in total equity.

A full-text copy of BorsodChem Rt.'s 2005 Annual Report is
available free-of-charge at http://researcharchives.com/t/s?88b

Headquartered in Kazincbarcika, Hungary, BorsodChem Rt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,  
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

                        *     *     *

The Company's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.


BORSODCHEM RT: Eyes EUR500 Mln European Expansion
-------------------------------------------------
The annual general meeting of BorsodChem Rt. on April 26, CEO
Kay Gugler presented BorsodChem's new Strategy 2012, which
maintains logical continuity with and relies significantly on
BorsodChem's globally unique business model and key products.  

Along these lines in the past 15 years BorsodChem has
transformed from a single product line local company into a
Central Eastern European player with some very successful
products such as TDI, MDI and PVC.  Implementation of the new
long-term strategy will elevate the company on to a leading
European level with strong focus on isocyanates in its product
portfolio.

Increasing global demand for TDI and uneven geographical spread
of capacities allow BorsodChem to exploit a unique opportunity
to become the number one European producer of TDI.  With regards
to the continued increasing demand for MDI and to harness the
potential inherent in economies of scale BorsodChem will
continue investing in MDI production and double its current
capacity.  To achieve this, a world-scale 160 ktpa TDI plant and
a state-of-the-art 200 ktpa MDI plant will be built by mid-2009
and 2010-2011 respectively.  The new facilities will be integral
parts of the site in Kazincbarcika.

In addition to volume expansion, BorsodChem will concentrate on
differentiating a considerable part of its downstream MDI and
TDI in order to add extra value and provide for sufficient
sustainable competitive advantage.  This move forward from
commodity products towards further processed specialty products,
polyurethane systems and solutions will enable the company to be
a price setter rather than price taker.  

To foster the related technological innovation and R&D
BorsodChem will invest heavily in its people simultaneously with
further capacity expansion projects.  As regards PVC BorsodChem
will maintain its PVC business for synergies within the
integrated product portfolio while maximizing cash generation.  
The capacity development program, which will require capital
expenditure of around EUR500 million, will elevate BorsodChem
into Europe's second largest isocyanates player by 2012.

Headquartered in Kazincbarcika, Hungary, BorsodChem Rt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,  
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

                        *     *     *

The Company's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.


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


EUROFOOD: Irish Court Gets Jurisdiction on Insolvency Case
----------------------------------------------------------
The European Court of Justice gave the High Court of Ireland
jurisdiction over the liquidation proceedings of Eurofood IFSC
Ltd. on May 2.

Eurofood, incorporated and registered in Ireland, is a
subsidiary of Parmalat Spa that provides financing facilities
for companies in the Parmalat group.

As previously reported, Bank of America asked the Irish Court in
January 2004 for the winding up of Eurofood.  BofA also sought
and obtained the appointment of a provisional liquidator, Pearse
Farrell.  In February 2004, however, a court in Parma, Italy,
started insolvency proceedings for Parmalat and appointed Dr.
Enrico Bondi as administrator.

BofA contested the Italian court's declaration of insolvency of
Eurofood.  Dr. Bondi argued that BoFA's claims against the
company should be heard in Italy.

A full-text copy of the European Court ruling is available for
free at http://ResearchArchives.com/t/s?895

                    European Court's Statement

     * Mutual trust requires that the courts of other Member
       States recognize the decision to open proceedings,
       without reviewing that jurisdiction unless it infringes
       fundamental rights.

On Dec. 24, 2003, with a view to its industrial restructuring,
Parmalat was placed under extraordinary administration in Italy
with Mr. Bondi as administrator.

At the request of the Bank of America NA of Jan. 27, 2004,
seeking the liquidation of Eurofood on account of its debts, the
High Court (Ireland) appointed Mr. Farrell as the provisional
liquidator, granting him powers to take possession of Eurofood's
assets, manage its affairs, open a bank account in its name, and
instruct lawyers on its behalf.

On Feb. 9, 2004, Eurofood was placed under the extraordinary
administration in Italy of Mr. Bondi.  On Feb. 10, 2004, the
Tribunale Civile e Penale di Parma (District Court, Parma)
scheduled a hearing for Feb. 17, 2004, on an application for a
declaration of Eurofood's insolvency.  Mr. Farrell was informed
on Feb. 13.  On Feb. 20, 2004, the Parma court, taking the view
that Eurofood's centre of main interests was in Italy, held that
it had international jurisdiction to determine whether that
company was insolvent.

On March 23, 2004, the High Court held that the insolvency
proceedings against Eurofood had been opened in Ireland on the
date of the application by the Bank of America NA, and that
those proceedings were the "main" proceedings because the center
of Eurofood's interests was in Ireland.  It also held that the
conduct of the proceedings before the Italian court in Parma
justified the refusal of the Irish courts to recognize the
decision of that court.  Finding Eurofood insolvent, the High
Court ordered its liquidation and appointed Mr. Farrell as
liquidator.  Mr. Bondi challenged that judgment.

In those circumstances, the Supreme Court of Ireland referred
several questions to the Court of Justice of the European
Communities for a preliminary ruling on the interpretation of
the Community regulation on insolvency procedures, with a view
to determining, in particular, which court had jurisdiction to
liquidate Eurofood.

     * The court with jurisdiction to open the "main" insolvency
       proceedings

According to the Community regulation, the court with
jurisdiction to open the "main" insolvency proceedings, applying
to the debtor's assets situated in all Member States, is the
court of the Member State where the center of the debtor's main
interests is situated.

The center of the main interests of a debtor company is presumed
to be the place of the registered office where the debtor
regularly administers its interests.

The Court of Justice has held that that presumption can be
rebutted only if factors which are both objective and
ascertainable by third parties enable it to be established that
an actual situation exists which is different from that which
locating it at that registered office is deemed to reflect (as
in the case of a company not carrying on any business in the
territory of the Member State where its registered office is
situated).

Where a company carries on its business in the territory of the
Member State where its registered office is situated, the mere
fact that its economic choices are or can be controlled by a
parent company in another Member State is not enough to rebut
the presumption linked to the place of the registered office.

     * Recognition of the decision to open main insolvency
       proceedings by the courts of other Member States

The regulation provides that insolvency proceedings opened in
one Member State are to be recognized in all the Member States
from the time that they produce their effects in the State of
opening (the rule of priority).

The principle of mutual trust requires that the courts of the
other Member States recognize the decision opening the main
insolvency proceedings, without being able to review the
jurisdiction of the court of the State where proceedings were
opened.

     * Meaning of "decision opening insolvency proceedings"

The mechanism providing that only one main set of proceedings
may be opened could be seriously disrupted if the courts of
Member States, hearing applications based on a debtor's
insolvency at the same time, could claim concurrent jurisdiction
over an extended period.

In order to ensure the effectiveness of the system, the Court of
Justice has held that a decision handed down by a court of a
Member State, based on the debtor's insolvency and seeking the
opening of one of the procedures laid down by the Community
regulation involving divestment of the debtor and the
appointment of a liquidator constitutes a decision opening
insolvency proceedings.  Such divestment involves the debtor
losing the powers of management which he has over his assets.

     * Grounds for non-recognition of insolvency proceedings

A Member State may refuse to recognize insolvency proceedings
opened in another Member State where such recognition would
produce effects clearly contrary to its public policy, its
fundamental principles or the constitutional rights and
liberties of the individual.

In the context of insolvency proceedings, the right of creditors
or their representatives to participate in accordance with the
equality of arms principle is of particular importance.
Therefore, a Member State may refuse to recognize insolvency
proceedings opened in another Member State where the decision to
open the proceedings was taken in flagrant breach of the
fundamental right to be heard, which a person concerned by such
proceedings enjoys.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that   
can be stored at room temperature for months.  It also has 40-
some brand product line includes yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Headquartered in Milan, Italy, Eurofood --
http://www.eurofood.it/-- imports and distributes food  
specialties from 50 countries and five continents.  It is a
wholly owned subsidiary of Parmalat SpA.


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


ALITALIA SPA: Air One Files Appeal Over Volare Merger
-----------------------------------------------------
Air One filed Friday an appeal against the acquisition of Volare
S.p.A. by Alitalia S.p.A. with a local administrative court,
Radiocor says.

Air One, which made the second highest bid for Volare, is
appealing a March 17 government decree approving Alitalia's
EUR38 million takeover offer of Volare Group.  As previously
reported, the Italian government approved Alitalia's proposed
takeover bid for Volare, following a favorable ruling from a
Roman court.  The Hon. Antonio Lamorgese and Stefano Olivieri
had ruled that Alitalia's bid for Volare does not violate the
European Commission's regulations on state aid.  

As reported in TCR-Europe on April 26, Alitalia S.p.A. and
Volare S.p.A. signed a final takeover agreement, subject to
regulatory approval.

                         About Volare

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

                         About Alitalia

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


LOTTOMATICA SPA: Moody's Rates New EUR750 Mln Notes at (P)Ba3
-------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba3 rating
to the proposed issuance of EUR750 million deeply subordinated
notes due 2066 by Lottomatica, i.e. two notches below the
company's (P)Ba1 issuer rating assigned with a stable outlook on
Jan. 10.

The assigned rating and the basket designation assume there will
be no material variations to the draft legal documentation and
the (P) provisional feature of the rating will be removed upon
closing of the transaction, subject to implementation of the
contemplated capital structure.

Moody's said that the (P)Ba3 rating for the deeply subordinated
notes reflects the level of subordination of this security
relative to other debt obligations of Lottomatica.  In
particular, the securities will be the most junior debt
instruments of the issuer, subordinated to and ranking behind
the claims of all other unsubordinated and subordinated
creditors of the company.

The instrument will, in Moody's view, have sufficient equity-
like features to allow it to receive basket D treatment, i.e.
75% equity and 25% debt for financial leverage purposes at the
closing date of the GTECH acquisition by Lottomatica.  As the
time to maturity drops below 50 years, the basket will shift in
a more debt-like direction.  The basket allocation is based on
these rankings for the three dimensions of equity:

   -- No maturity: Moderate -- The instrument will have a
      maturity of 60 years with a first call option by the
      issuer after 10 years.  Potential redemption on a call
      date will be covered by satisfactory replacement language
      where the issuer expresses its intention that the
      instrument can only be replaced by one with the same or
      more equity-like characteristics.  After the time to
      maturity drops below 50 years, the ranking will shift from
      moderate to weak.

   -- No ongoing payments: Strong -- Deferral of interest can be
      optional/cash-cumulative or mandatory/non-cash cumulative.  
      The mandatory interest deferral is triggered upon the
      breach of a meaningful ratio of free cash flow before
      dividend and debt service to net interest below 1.35x.  In
      this event, the company would only be able to fund the
      mandatory deferred interest from equity proceeds, and not
      from internal cash flow.

   -- Loss absorption: Moderate -- In the event of liquidation,
      the claim for principal would rank junior to all other
      creditors' claims but ahead of ordinary, preference and
      savings shares.  Any accumulated coupons that are not able
      to be common share settled will have a claim in bankruptcy
      that ranks junior to savings and preference shares as well
      as equity interests other than nominal par value amounts.

Moody's notes that the instrument includes a change of control
clause according to which the securities could be redeemed in
such case; however on the occurrence of this event, Lottomatica
would be first committed to launch a tender offer for its
outstanding EUR360 million senior bond due 2008, which is
currently the only senior debt instrument in the company's
capital structure that does not benefit from a change of control
clause.  After 2008, Moody's would expect all of the company's
senior debt to enjoy the clause in order to retain the basket D
designation.

Lottomatica S.p.A is the concessionaire of the Lotto game in
Italy, and reported net revenues of EUR583 million in FYE
December 2005.  GTECH Holdings Corporation is the worldwide
leader in online lottery systems and had net revenues of
approximately USD1.3 billion for the 12 months ended Dec. 31,
2005.


LOTTOMATICA SPA: S&P Rates 60-Year Deferrable Bond at BB+
---------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'BB+' long-term
rating to the proposed 60-year, optionally and mandatorily
interest-deferrable, subordinated hybrid securities to be issued
by Lottomatica SpA (BBB/Watch Neg/A-2).  At the same time, the
rating was put on CreditWatch with negative implications,
mirroring the status of the corporate credit rating on
Lottomatica.

The two-notch differential between the 'BB+' issue rating on the
proposed securities and our 'BBB' long-term corporate credit
rating on Lottomatica reflects our notching criteria, which call
for:

     -- a one-notch differential for subordination, as the
        corporate credit rating is in the investment-grade
        category; and

     -- an additional one-notch differential for optional
        interest deferability.

There is no notching for mandatory deferability both because of
the immediately required settlement (funded by equity issuance),
and because of the ability to pre-empt mandatory deferral
through an equity issue occurring within the prior six months
for this explicit purpose.  This includes the possibility of an
advanced capital contribution from Lottomatica's majority
shareholder, De Agostini S.p.A.

The CreditWatch reflects our expectation that all ratings on
Lottomatica and related entities will be lowered to 'BBB-/A-3'
(with the exception of the hybrid securities), with a stable
outlook, if Lottomatica's acquisition of U.S.-based lottery
systems operator GTECH Holdings Corp. (BBB/Watch Neg/--) is
completed as proposed. This is expected to occur once the
necessary regulatory approvals have been received and the
proposed rights issue and hybrid placement have been completed.
Upon resolution of the CreditWatch, the rating on the proposed
hybrid securities will be lowered by one notch, to 'BB', in line
with the action on the corporate credit rating, and because the
latter will remain in the investment-grade category.

The capital securities are non-callable for ten years,
optionally and mandatorily deferrable, deeply subordinated, and
tax-deductible.  Standard & Poor's considers the notes to have
an intermediate equity content, based notably on their:

     -- long maturity of 60 years;

     -- optional cumulative non-compounding deferability of
        interest;

     -- mandatory cumulative non-compounding deferability,
        triggered by a liquidity-service ratio (the first such
        trigger among European corporate hybrids);

     -- deep subordination; and

     -- callability upon step-up date at year ten, combined with
        a tight, though not legally binding, replacement
        language.

The completion and size of the deal remain subject to market
conditions.  The issue is expected not to exceed 15% of
Lottomatica's year-end-2005 book capitalization and, therefore,
according to our criteria, would retain all the intermediate
equity content otherwise warranted by the instrument's features.

Regarding permanence, the combination of the issue's 1% margin
step-up and an issuer cash call at its tenth anniversary would
strongly reduce equity content if not for the replacement
condition, which provides that, if at anytime during the life of
the instrument the company calls the current issue for any
reason (including tax changes), it commits to do so using
proceeds from common equity or securities (ranking pari passu
with or junior to the hybrid) with specifically described terms
and conditions in line with those of the current instrument
(especially regarding subordination, step-up, replacement,
maturity, and deferability), issued no more than six months
before redemption in an amount at least equivalent to the
hybrid's outstanding amount.  The step-up's negative impact on
permanence and equity content is, therefore, substantially
mitigated.

The exercise of the coupon deferral option can happen at any
point in time, consistent with Standard & Poor's equity-credit
criteria for optional deferability.  Of the corporate hybrids
rated by Standard & Poor's, only those of DONG A/S
(BBB+/Stable/A-2) and Magyar Olaj- es Gazipari Rt. (BBB-/Watch
Neg/--) share this favorable feature. Optionally deferred
interest is cumulative but noncompounding and payable at the
earlier of resumption of shareholder distributions or ten years,
which meets our deferral criteria.

A mandatory deferral is triggered when the ratio of free cash
flow (after capital expenditures and tax payments but before
debt-servicing and employee stock-option expenses) to interest
expense (including the hybrid's) is 1.35x or less.  The
trigger's correlation with overall creditworthiness is
satisfactory, although the level is remote at this stage.
Mandatory deferred interest remains owing, non-compounding. Like
interest deferred optionally for over five years, mandatory
deferred interest can only be settled through the proceeds from
common share issuance, which Lottomatica will immediately seek
and continue to seek until full settlement. Lottomatica's board
has committed, throughout the life of the instrument, to ask
shareholders for an authorization to issue common shares,
exclusively to fund settlement of at least two years' worth of
hybrid coupons.  Also, the deferral is not mandatory if equity,
including advance capital contributions, for example from
Lottomatica's current majority owner, has been raised up to six
months before payment date for this explicit purpose. Thus, the
mandatory deferral entails no additional notching of the hybrid
rating relative to the corporate credit rating.  After settling
in stock, Lottomatica commits to no share repurchases for one
year.  Hence, the immediacy of the settlement does not reduce
equity content.  Overall, the mandatory deferral enhances equity
credit somewhat relative to only-optionally deferrable
instruments.

There is no negative pledge. Assuming a notice has been properly
served, deferring is not an event of default.  The change-of-
control clause present in the documentation is neutral to our
rating and equity-credit analysis.

The features of this issue enhance Lottomatica's financial
flexibility at the rating level.  If Lottomatica's proposed
acquisition with GTECH Holdings is successful, the combined
entity will be highly leveraged, with an expected ratio of
lease-adjusted total debt to EBITDA of about 3.5x at year-end
2006, including 50% of the nominal amount of the hybrid
securities to reflect their intermediate equity content.
Interest on the hybrid instrument will, however, be fully
treated as a financial fixed charge, including for funds from
operations calculation purposes, which is consistent with our
treatment of all corporate hybrid transactions.

S&P said it does not expect Lottomatica to return to credit
ratios more appropriate for a 'BBB-' rating until year-end 2007,
which include a ratio of lease-adjusted total debt to EBITDA of
comfortably less than 3.5x.  In addition, cash flow available
for debt reduction will be affected by significant ongoing
dividend payments.


PARMALAT: Ireland Gets Jurisdiction on Eurofood Insolvency Case
---------------------------------------------------------------
The European Court of Justice gave the High Court of Ireland
jurisdiction over the liquidation proceedings of Eurofood IFSC
Ltd. on May 2.

Eurofood, incorporated and registered in Ireland, is a
subsidiary of Parmalat Spa that provides financing facilities
for companies in the Parmalat group.
s
As previously reported, Bank of America asked the Irish Court in
January 2004 for the winding up of Eurofood.  BofA also sought
and obtained the appointment of a provisional liquidator, Pearse
Farrell.  In February 2004, however, a court in Parma, Italy,
started insolvency proceedings for Parmalat and appointed Dr.
Enrico Bondi as administrator.

BofA contested the Italian court's declaration of insolvency of
Eurofood.  Dr. Bondi argued that BoFA's claims against the
company should be heard in Italy.

A full-text copy of the European Court ruling is available for
free at http://ResearchArchives.com/t/s?895

                    European Court's Statement

     * Mutual trust requires that the courts of other Member
       States recognize the decision to open proceedings,
       without reviewing that jurisdiction unless it infringes
       fundamental rights.

On Dec. 24, 2003, with a view to its industrial restructuring,
Parmalat was placed under extraordinary administration in Italy
with Mr. Bondi as administrator.

At the request of the Bank of America NA of Jan. 27, 2004,
seeking the liquidation of Eurofood on account of its debts, the
High Court (Ireland) appointed Mr. Farrell as the provisional
liquidator, granting him powers to take possession of Eurofood's
assets, manage its affairs, open a bank account in its name, and
instruct lawyers on its behalf.

On Feb. 9, 2004, Eurofood was placed under the extraordinary
administration in Italy of Mr. Bondi.  On Feb. 10, 2004, the
Tribunale Civile e Penale di Parma (District Court, Parma)
scheduled a hearing for Feb. 17, 2004, on an application for a
declaration of Eurofood's insolvency.  Mr. Farrell was informed
on Feb. 13.  On Feb. 20, 2004, the Parma court, taking the view
that Eurofood's centre of main interests was in Italy, held that
it had international jurisdiction to determine whether that
company was insolvent.

On March 23, 2004, the High Court held that the insolvency
proceedings against Eurofood had been opened in Ireland on the
date of the application by the Bank of America NA, and that
those proceedings were the "main" proceedings because the center
of Eurofood's interests was in Ireland.  It also held that the
conduct of the proceedings before the Italian court in Parma
justified the refusal of the Irish courts to recognize the
decision of that court.  Finding Eurofood insolvent, the High
Court ordered its liquidation and appointed Mr. Farrell as
liquidator.  Mr. Bondi challenged that judgment.

In those circumstances, the Supreme Court of Ireland referred
several questions to the Court of Justice of the European
Communities for a preliminary ruling on the interpretation of
the Community regulation on insolvency procedures, with a view
to determining, in particular, which court had jurisdiction to
liquidate Eurofood.

     * The court with jurisdiction to open the "main" insolvency
       proceedings

According to the Community regulation, the court with
jurisdiction to open the "main" insolvency proceedings, applying
to the debtor's assets situated in all Member States, is the
court of the Member State where the center of the debtor's main
interests is situated.

The center of the main interests of a debtor company is presumed
to be the place of the registered office where the debtor
regularly administers its interests.

The Court of Justice has held that that presumption can be
rebutted only if factors which are both objective and
ascertainable by third parties enable it to be established that
an actual situation exists which is different from that which
locating it at that registered office is deemed to reflect (as
in the case of a company not carrying on any business in the
territory of the Member State where its registered office is
situated).

Where a company carries on its business in the territory of the
Member State where its registered office is situated, the mere
fact that its economic choices are or can be controlled by a
parent company in another Member State is not enough to rebut
the presumption linked to the place of the registered office.

     * Recognition of the decision to open main insolvency
       proceedings by the courts of other Member States

The regulation provides that insolvency proceedings opened in
one Member State are to be recognized in all the Member States
from the time that they produce their effects in the State of
opening (the rule of priority).

The principle of mutual trust requires that the courts of the
other Member States recognize the decision opening the main
insolvency proceedings, without being able to review the
jurisdiction of the court of the State where proceedings were
opened.

     * Meaning of "decision opening insolvency proceedings"

The mechanism providing that only one main set of proceedings
may be opened could be seriously disrupted if the courts of
Member States, hearing applications based on a debtor's
insolvency at the same time, could claim concurrent jurisdiction
over an extended period.

In order to ensure the effectiveness of the system, the Court of
Justice has held that a decision handed down by a court of a
Member State, based on the debtor's insolvency and seeking the
opening of one of the procedures laid down by the Community
regulation involving divestment of the debtor and the
appointment of a liquidator constitutes a decision opening
insolvency proceedings.  Such divestment involves the debtor
losing the powers of management which he has over his assets.

     * Grounds for non-recognition of insolvency proceedings

A Member State may refuse to recognize insolvency proceedings
opened in another Member State where such recognition would
produce effects clearly contrary to its public policy, its
fundamental principles or the constitutional rights and
liberties of the individual.

In the context of insolvency proceedings, the right of creditors
or their representatives to participate in accordance with the
equality of arms principle is of particular importance.
Therefore, a Member State may refuse to recognize insolvency
proceedings opened in another Member State where the decision to
open the proceedings was taken in flagrant breach of the
fundamental right to be heard, which a person concerned by such
proceedings enjoys.

Headquartered in Milan, Italy, Eurofood --
http://www.eurofood.it/-- imports and distributes food  
specialties from 50 countries and five continents.  It is a
wholly owned subsidiary of Parmalat SpA.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that   
can be stored at room temperature for months.  It also has 40-
some brand product line includes yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.


VOLARE SPA: Air One Files Appeal Over Alitalia Takeover
-------------------------------------------------------
Air One filed Friday an appeal against the acquisition of Volare
S.p.A. by Alitalia S.p.A. with a local administrative court,
Radiocor says.

Air One, which made the second highest bid for Volare, is
appealing a March 17 government decree approving Alitalia's
EUR38 million takeover offer of Volare Group.  As previously
reported, the Italian government approved Alitalia's proposed
takeover bid for Volare, following a favorable ruling from a
Roman court.  The Hon. Antonio Lamorgese and Stefano Olivieri
had ruled that Alitalia's bid for Volare does not violate the
European Commission's regulations on state aid.  

As reported in TCR-Europe on April 26, Alitalia S.p.A. and
Volare S.p.A. signed a final takeover agreement, subject to
regulatory approval.

                         About Alitalia

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

                         About Volare

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


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


ABN TRADE: Court Sets May 12 Claims Bar Date
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP ABN Trade insolvent on Dec. 12, 2005.

Creditors have until May 12, to submit written proofs of claim
to:

         Kunayeva Str. 99a, Office 204
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-99-63


AVIEK: Creditors Must File Claims by June 13
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Aviek insolvent on Oct. 5, 2005.

Creditors have until June 13, to submit written proofs of claim
to:

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


ENERGOPROM: Creditors' Claims Due May 12
----------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Energoprom insolvent on Feb. 2.

Creditors have until May 12, to submit written proofs of claim
to:

         Suleimanova Str. 17 (11a)
         Taraz, Kazakhstan
         Tel: 8 (326(222) 43-25-52


JAS: Creditors Must File Claims by May 12
-----------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP JAS insolvent on Nov. 17, 2005.  

Creditors have until May 12, to submit written proofs of claim
to:

         Kunayeva Str. 99a, Office 204
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-99-63


KENDIK: Proofs of Claims Deadline Slated for May 12
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
CJSC Kendik insolvent on Dec. 26, 2005.

Creditors have until May 12, to submit written proofs of claim
to:

         Kunayeva Str. 99a, Office 204
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-99-63


NOTTENGEM: Claims Registration Ends May 12
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Nottengem insolvent on Dec. 26, 2005.

Creditors have until May 12, to submit written proofs of claim
to:

         Kunayeva Str. 99a, Office 204
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-99-63


REM: Court Sets May 12 Claims Bar Date
--------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
Nov. 24, 2005, LLP Rem insolvent.

Creditors have until May 12, to submit written proofs of claim
to:

         Kunayeva Str. 99a, Office 204
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-99-63


SNABSERVICE-T: Court Sets May 12 Claims Bar Date
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP SNABSERVICE-T insolvent on Dec. 28, 2005.

Creditors have until May 12, to submit written proofs of claim
to:

         Kunayeva Str. 99a, Office 204
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-99-63


STROILUKSSERVICE: Creditors Must File Claims by May 12
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Stroiluksservice insolvent.

Creditors have until May 12, to submit written proofs of claim
to:

         Kunayeva Str. 99a, Office 204
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-99-63


TRANZIT-LIMITED: Proofs of Claims Deadline Slated for May 12
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Tranzit-Limited insolvent on Nov. 24, 2005.

Creditors have until May 12, to submit written proofs of claim
to:

         Kunayeva Str. 99a, Office 204
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-99-63


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


AURELIA ENERGY: S&P Lowers US$335 Million Debt Rating to B-
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Netherlands Antilles-based oil
services company Aurelia Energy N.V., together with its
subsidiaries referred to as Bluewater, to 'B+' from 'BB-'.

In addition, the unsecured debt rating on Bluewater Finance
Ltd.'s US$335 million notes was lowered to 'B-' from 'B' and the
rating on Bluewater Holding B.V.'s US$600 million bank loan was
cut to 'BB-' from 'BB'.  At the same time, all ratings were
removed from CreditWatch where they had been placed with
negative implications on Feb. 13, 2006.  The outlook is stable.

"The rating action reflects Bluewater's plans to increase
capital expenditure and its aggressive financial policies," said
Standard & Poor's credit analyst Per Karlsson.  As a result of
investments, Aurelia's free-operating cash flow is not expected
to turn positive until 2008.  Bluewater's financial policy is
viewed as highly leveraged.

Bluewater was recently awarded a contract with Nexen Petroleum
U.K. that requires it to convert the Aoka Mizu hull into a
floating production storage and offloading (FPSO) unit.  The
conversion is expected to take two years and require US$435
million in capital expenditure.  Standard & Poor's expects this
to be financed by a mixture of internally generated funds and
debt.  The contract period is for a minimum of five years, with
a two times one-year extension option.

This follows Bluewater's US$210 million acquisition last year of
a 55% share in an FPSO and the acquisition of a shuttle tanker
for US$129.5 million (to be finalized in June 2006).

"We expect that Bluewater will be able to keep key credit
protection measures at levels consistent with the current rating
during the conversion of the Aoka Mizu hull into a full FPSO,"
added Mr. Karlsson.

The rating may come under pressure if Aurelia does not
successfully extend contract maturities for the Munin, Glas
Dowr, and Uisge Gorm FPSOs, which are working on fields will be
abandoned in 2008.  Any setback in the company's aggressive tax
scheme, governance issues, or additional unexpected major
capital expenditure could also put pressure on the ratings.

The rating is not likely to be reviewed for a potential upgrade
before the Aiko Mizu has been successfully taken into
production.


GETRONICS N.V.: Reveals ICT Security Study in the U.S.
------------------------------------------------------
Getronics N.V. disclosed the results of its annual ICT security
study in the US. Data from the new study reveals that security
professionals across a broad cross-section of industries believe
that regulation is strongly impacting their organizations:

   -- more than 50 percent of respondents reported that time
      spent on compliance is a leading threat to ICT security;
      but

   -- an overwhelming 89 percent of respondents indicated that
      enterprises are maturing their approach to security by
      funding initiatives across several departments, ensuring
      that ICT security is integrated throughout the entire      
      organization.

"While many security surveys appear throughout the year from a
variety of sources, Getronics has historically sought to look
beyond the metrics and expose the motives and catalysts behind
projected activities and behaviors of its current and future
clients," said Doug Goodall, Vice President of Global Security
Services, Getronics.  

Further analysis of the study shows that:

   -- ICT security spending among enterprises will increase for
      50 percent of respondents, while 41 percent of respondents
      expect to maintain current budgets through 2006;

   -- 40 percent of respondents reported that their security
      budget had increased by at least 20 percent since 2004.

   -- of those reporting the distribution of ICT security
      expense, departments most commonly sharing the bill
      include legal, finance, operations, and risk management;

   -- although more than 50 percent of ICT departments are
      performing annual compliance testing, the majority of
      departments are not conducting annual security-related       
      compliance activities.

"The diverse sources of company security funds illustrate the
emergence of security as organizationally pervasive and no
longer the sole responsibility of IT," added Mr. Goodall.  "With
multiple stakeholders within an organization, security has
become more complex and more strategic."

Getronics' study indicates a need for balance between compliance
and warns that organizations not let their operational guard
down by sacrificing annual security-related compliance
activities in the face of compliance testing.  When nearly half
of those surveyed mention compliance along with viruses, worms
and network intrusions as one of the top four threats to their
ICT security, there is cause for concern.

The 2006 ICT Security Compliance Survey received responses from
information technology and security professionals working in a
variety of industries.  The annual security study was previously
conducted by RedSiren, which Getronics acquired in 2005. As a
result of the RedSiren acquisition, Getronics owns and operates
the International Information Integrity Institute (I-4), the
world's leading information security consortium.

                      About the Company

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, 2006, 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
===========


ALEUSSKOYE: Bankruptcy Hearing Slated for July 26
-------------------------------------------------
The Arbitration Court of Novosibirsk Region will convene at 9:30
a.m., on July 26, to hear the bankruptcy supervision procedure
on open joint stock company Aleusskoye (Case No. A45-8/06-29/1).

Ms. Z. Orlova has been appointed temporary insolvency manager
and can be reached at:

         Z. Orlova
         Krasnoobsk, Post User Box 854
         630501, Novosibirsk Region, Russia

The Debtor can be reached at:
          
         Aleusskoye
         Ordynskiy Region, Ustyuzhanino, Nizhnyaya Str. 2
         632295, Novosibirsk Region, Russia


AMURSKIY TRANSPORT: Appoints Interim Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Amur Region appointed Mr. M.
Miroshnichenko temporary insolvency manager of limited liability
company Amurskiy Transport (TIN 28001087335).  The case is
docketed as A04-968/06-6/44 B.

The Debtor can be reached at:

         Amurskiy Transport
         Blagoveshensk, Koltsevaya Str. 59
         Amur Region, Russia

The insolvency manager can be reached at:

         M. Miroshnichenko
         Blagoveshensk, Lenina Str. 191
         675011, Amur Region, Russia


CENTERTELECOM: Annual Shareholders' Meeting Slated for June 28
--------------------------------------------------------------
OJSC CenterTelecom established June 28, at 11:00 a.m., as its
Annual General Shareholders' Meeting.  The meeting will be held
at:

         President - Hotel
         24 Bolshaya Yakimanka Street
         Moscow 119134
         Russia

The registration of participants will begin at 9:00 a.m. on
June 28.

The agenda of the meeting include:

   -- approval of the Annual Report, Annual Financial
      Statements, including Profit and Loss Report, profit
      distribution, including dividends payment, and the    
      Company's losses according to the results of the reporting
      (2005) financial year.

   -- election of members of the Company's Board of Directors.

   -- election of members of the Company's Audit Commission.

   -- approval of the Company's auditor for 2006.

   -- approval of a new edition of the Company's Charter.

   -- approval of a new edition of the Regulations on the
      Company's Board of Directors.

   -- approval of a new edition of the Regulations on the
      General Meeting of the Company's Shareholders.

   -- approval of a new edition of the Regulations on the
      Company's Audit Commission.

   -- assessment of annual remuneration to be paid to the
      members of the Company's Board of Directors.

   -- discussion on the termination of the Company's
      participation in the association of payphone operators,
      equipment manufacturers, research and development, project
      and design organizations in the field of
      telecommunications.

The list of participants in the Company's Annual General Meeting
of Shareholders, will be compiled at 6:00 p.m. on May 12.

The completed ballots for voting at the Company's Annual General
Meeting must be sent to:
   
         6/2 Degtyarny Side-Street
         Moscow 125993
         Russia
         
The issues of the dividends amount, preliminary approval of
annual report, and others, will be discussed at the annual
session of the Board of Directors, which will be held May 30.

OJSC CenterTelecom -- http://www.centertelecom.ru/eng--  
provides fixed-line and mobile communications in the Russian
Central Federal District.

                        *     *     *

As reported in TCR-Europe on Feb. 9, Fitch Ratings assigned
Issuer Default ratings to companies in the European
Telecommunications, Media and Technology sectors.  Revised
Senior Unsecured ratings now apply to the senior unsecured bond
issues of these entities.  Centertelecom now carries Fitch's B-
rating with a negative outlook.


EASTERN GEOPHYSICAL: Bankruptcy Supervision Procedure Begins
------------------------------------------------------------
The Arbitration Court of Tomsk Region has commenced bankruptcy
supervision procedure on LLC Eastern Geophysical Company (Case
No. A67-16598/05).

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

         S. Lizunov
         Govorova Str. 1a
         634057, Tomsk Region, Russia

The Debtor can be reached at:

         Eastern Geophysical Company
         Zaozernyj Per. 16/3
         634009, Tomsk Region, Russia


KEMEROVO-MOSCOW: Deadline for Proofs of Claim Slated for May 11
---------------------------------------------------------------
Creditors of ore mining company Kemerovo-Moscow have until
May 11, to submit their proofs of claims to court-appointed
insolvency manager Mr. T. Frank at:

         Post Office, Post User Box 981
         650000, Kemerovo Region, Russia

The Arbitration Court of Kemerovo Region commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A27-26114/2005-4.

The Debtor can be reached at:

         Kemerovo-Moscow
         Sovetskiy Pr. 58
         650064, Kemerovo Region, Russia


KULUNDINSKOYE: Creditors Have Until May 11 to File Claims
---------------------------------------------------------
Creditors of Kulundinskoye have until May 11, to file their
proofs of claim to court-appointed insolvency manager Mr. Ya.
Gomerov at:

         Krasnoobsk, Post User Box 325
         630501, Novosibirsk Region, Russia
         Tel: 348-60-77

The Arbitration Court of Novosibirsk Region commenced bankruptcy
proceedings against the close joint stock company (Case No. A45-
20010/05-29/279).

The Debtor can be reached at:

         Kulundinskoye
         Kupinskiy Region, Blagoveshenka
         Novosibirsk Region, Russia


NEW WORLD: Claims Filing Period Ends May 11
-------------------------------------------
Creditors of New World Sea-Food have until May 11, to file their
proofs of claim to court-appointed insolvency manager Mr. S.
Roshin at:

         Post User Box 45
         690105, Vladivostok-105, Russia

The Arbitration Court of Primorye Region commenced bankruptcy
proceedings against the close joint stock company (Case No. A51-
10466/2005 9-156).

The Debtor can be reached at:

         New World Sea-Food
         Pologaya Str. 63
         Vladivostok Region, Russia


OAO GAZPROM: Management Panel Approves 2006 Budget Changes
----------------------------------------------------------
The Management Committee has approved the updated draft budget
and investment program of OAO Gazprom for 2006, taking into
account information on the consolidated Gazprom and Sibneft
budget for 2006.

The updated draft budget and investment program are pending
endorsement by the Board of Directors.

Under the draft budget, overall income & revenues (taking into
consideration the account balance as of the start of the
reporting period) will stand at RUR2.16 trillion (US$79.4
billion), RUR270.6 billion (US$9.9 billion) up on the budget
version endorsed in February 2006.  Total expenditures will
account for RUR2.2 trillion (US$82.8 billion).  Financial
borrowings will remain unchanged totaling RUR90 billion, while
budgetary surplus at the end of 2006 is projected at RUR850
million (US$31.2 million).

The need of making amendments in the budget has been driven by
macroeconomic changes (i.e. U.S. dollar rate), conjunctural
changes (i.e. growth of hydrocarbon prices) and a number of
production & financial forecasts made by the Company.

Under the draft investment program, capital investments will
grow RUR29.5 billion to RUR307.9 billion with long-term
financial investments shrinking RUR27.1 billion to RUR337.2
billion.

Boosting capital investments mainly stems from the need of
commissioning major production and transmission facilities,
under a Plan of synchronized priority infrastructure
commissioning inclusive.

                  2006 Investment Program

When drafting its investment program for 2006, Gazprom has taken
into account four key development targets:

   -- 548 bcm of gas production;

   -- 200 bcm of gas exports including 151 and 286.3 bcm to
      foreign and domestic consumers, respectively;

   -- providing the reliability and technological safety of the
      core businesses;

   -- maintaining the required level of gas reserves.

The top business priorities of Gazprom are:

   -- building up gas, condensate and oil reserves as scheduled;

   -- commissioning prominent facilities incorporated in the
      capital construction projections for 2006;

   -- initiating construction of key facilities to be brought
      into operation in 2007;

   -- de-bottlenecking the United Gas Transmission System;

   -- upgrading core gas extraction capacities;

   -- performing design and survey works for prospective
      investment projects.

The Gazprom 2006 investment program encompasses the most crucial
investment projects including those aimed at:

   -- extracting gas (developing the Bovanenkovskoye,
      Kharasaveyskoye, Yety-Purovskoye, Vyngayakhinskoye, Yen-
      Yakhinskoye, Urengoyskoye, Zapolyarnoye, Yamburgskoye and
      other fields);

   -- constructing and upgrading gas transmission capacities
      including the North European, Northern Tyumen Region -
      Torzhok and Yamal-Europe gas pipelines, expanding the
      Urengoy gas transmission hub, etc.;

   -- creating underground gas storage capacities;

   -- creating gas processing capacities.

Capital investments are mainly intended for gas production &
transmission projects with transmission projects to be funded
with 60% of the total investment.

                        About the Company

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

                         *     *     *

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

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

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


RAPSOD TRADE: S&P Assigns B- Rating on Proposed $150-Mln Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
corporate credit rating to the owner of Russia's second-largest
outdoor advertising company, Rapsod Trade Ltd.  The outlook is
positive.

At the same time, Standard & Poor's also assigned its 'B-'
rating to the proposed US$150 million senior secured notes issue
by Gallery Capital, which is a financing subsidiary of Gallery
Group.

Gallery Group, through its operating subsidiary Gallery Services
LLC, is the owner of Russia's second-largest outdoor advertising
company, with a network of more than 6,300 advertising faces
across Russia.

"The ratings on Gallery Group are constrained by the company's
aggressive growth appetite, with an increasing need for capital,
and rising financial risk; increasing regulation, requiring
adjustments to its business model; intensifying competition in a
very fragmented and evolving market; and uncertainties regarding
Russia's complex and nontransparent administrative environment,"
said Standard & Poor's credit analyst Lorenzo Sliusarev.  

"These risks are somewhat moderated by the company's relatively
strong market position with nationwide coverage and notable
growth potential; continuing sound revenue, profitability, and
cash flow growth; and established relationships with local
administrative authorities."

There is potential for Gallery Group to materially increase its
economies of scale and strengthen its market position and
competitiveness in a dynamic and growing market.  Nevertheless,
the potential improvement of the company's business profile
through anticipated acquisitions is subject to execution,
integration, and financing risks exacerbated by their
significant combined scale.  Gallery Group's ability to manage
its aggressively increasing exposure to financial risk, marked
by a considerable debt increase and constrained financial
flexibility, will remain one of the key ratings considerations.

"The ratings could be raised if the company is successful in
continuing its business expansion, improves its economies of
scale, and increases its cash flow generation to provide
meaningful compensation for increased financial risks," added
Mr. Sliusarev.

"Conversely, Gallery Group's aggressive acquisitiveness paired
with a deterioration of its financial policy, leading to
heightened liquidity risk and deteriorated financial
flexibility, would put pressure on the ratings in the absence of
any notable improvement of its operating performance."


REGION-CONTRACT: Moscow Court Commences Bankruptcy Proceedings
--------------------------------------------------------------
The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against Region-Contract after finding the close
joint stock company insolvent (Case No. A40-79346/05-73-247B).

Mr. B. Gusev has been appointed insolvency manager and         
can be reached at:

         Kovrov, Partizanskaya Str. 1
         601914, Vladimir Region, Russia
         Tel: (49232) 3-20-17

The Debtor can be reached at:

         Region-Contract
         Room 3, Vernadskogo Pr. 93
         119526, Moscow Region, Russia


STROY-COM: Deadline for Proofs of Claim Set May 11
--------------------------------------------------
Creditors of building company Stroy-Com have until May 11, to
submit their proofs of claim to court-appointed insolvency
manager Ms. M. Zazertskaya at:

         Post User Box 5601
         443081, Samara Region, Russia

The Arbitration Court of Samara Region commenced bankruptcy
proceedings against the limited liability company (Case No. A55-
28361/2005-46).

The Debtor can be reached at:

         Stroy-Com
         Samara Region, Russia


URAL-CHER-MET: Perm Court Begins Bankruptcy Proceedings
-------------------------------------------------------
The Arbitration Court of Perm Region commenced bankruptcy
proceedings against Ural-Cher-Met (OGRN 1025901219410) after
finding the close joint stock company insolvent (Case No. A50-
37330/2005-B).

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

         O. Zhalneryunas
         Office 17, Kombaynerov Str. 34
         614036, Perm Region, Russia

The Debtor can be reached at:

         Ural-Cher-Met
         Osentsy, Promyshlennaya Str. 145
         614000, Perm Region, Russia


ZNAMENSKIY MARGARINE: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Kaliningrad Region has commenced
bankruptcy supervision procedure on open joint stock company
Znamenskiy Margarine Producing Factory (Case No. A21-
11086/2005).

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

         Gogolya Str. 12-5
         236008, Kaliningrad Region, Russia

The Debtor can be reached at:

         Znamenskiy Margarine Producing Factory
         Shosseynaya Str. 25
         Gvardeyskiy Region, Znamensk
         238200, Kaliningrad Region, Russia


===========
T U R K E Y
===========


COCA-COLA ICECEK: Fitch Keeps Foreign Currency Ratings at BB-
-------------------------------------------------------------
Fitch Ratings expected no rating impact to result from Turkey-
based Coca-cola Icecek's initial public offering, which will be
completed in May 2006.

CCI's ratings are:

   a) Foreign Currency Issuer Default rating: BB-; Outlook     
      Positive;

   b) Foreign Currency Senior Unsecured rating: BB-;

   c) Local Currency Issuer Default rating: BBB; Outlook
      Negative; and

   d) Local Currency Senior Unsecured rating: BBB.

Only existing shares will be re-distributed in the IPO and no
new shares will be issued by CCI.  However, in the IPO, Coca
Cola Satis Dagitim, a wholly owned subsidiary of CCI will sell
the 5.02% of its share in CCI that was purchased in FY05 from
the Ozgorkoy family for approximately US$42 million.  Based on
the pricing band published today, CCI could expect to receive
between YTL75 million and YTL94 million.

Including shares sold by CCI, up to 23.18% of the company's
share capital is will be placed with retail and institutional
investors.  The Coca Cola Export Corporation, a subsidiary of
the global leader of the carbonated soft drinks industry The
Coca Cola Company Inc, would reduce its 35.87% stake in CCI to
no less than 20.16% and the Ozgorkey family would further reduce
its stake to 5.12%.  Anadolu Efes will not modify its 51.22%
controlling stake, thus it will continue to fully consolidate
CCI in its accounts.

The reduced ownership by TCCC is not expected to lead to a
change in its involvement in CCI.  This involvement supports the
current ratings of CCI.  The support from TCCC is provided by
the presence of well-seasoned TCCC system executives in the
management of CCI and the provision of know-how to produce and
distribute TCCC brands in Turkey and the other countries of
operation of CCI.

Furthermore, Fitch is assured by TCCC's established history of
supporting its key bottlers via the terms of payment for
concentrate product supplied, foregoing dividends when
appropriate, and, in extreme need, recapitalization.

Fitch notes that CCI's CEO referred in yesterday's press
conference to a significant increase of capital expenditure in
FY06 to YTL183 million.  The agency will meet with CCI's
management by the end of H106 in order to obtain more details
about the progression of capital expenditure after FYE06.


ULKER GIDA: Moody's Assigns B1 Corporate Family Rating
------------------------------------------------------
Moody's assigned a B1 corporate family rating to Ulker Gida San.
Tic. A.S.  The outlook is stable.

The B1 corporate family rating reflects:

   -- the company's very strong leadership in the Turkish market
      for biscuits and related products where the company's
      market shares appear steady on the whole, as foreign
      competition in the market remains minimal;

   -- the company's existing and expected leverage which remain
      quite conservative for the rating;

   -- its fairly conservative growth targets; iv) the company's
      improving margins; and

   -- the generally positive outlook for the Turkish economy.

The main constraints to the rating are:

   -- Ulker's ownership and organizational structure, which
      Moody's views as complex and characterized by significant
      related party transactions;

   -- the company's sales concentration in Turkey, albeit the
      environment is currently favorable; and

   -- the company's limited track record of comparable results,
      in light of recent acquisitions of production facilities,
      deconsolidation of certain business and the recent
      adoption of IFRS.

To date, the company's borrowings have been predominantly short-
term and predominantly in US$, due to the higher carrying cost
of YTL debt.  Moody's expects that going forward the company
will seek to lengthen the maturity profile of its borrowings.  
Moody's notes, however, that transactions with related parties
have resulted in significant volatility in cash flows in 2005,
notably with Yildiz Holding, the company's largest shareholder.  
This implies that liquidity could going forward be impacted by
the policies of its main shareholder.

The outlook is stable, reflecting Moody's expectation that there
will be no imminent change to the company's financial strategy
or operating performance.  The Ulker Group is currently
undergoing a significant structural realignment, with the end
result being that Ulker Gida, one of its operating subsidiaries,
has a limited track record of comparable operations and
accounts.  Therefore, a longer track record of comparable
operating and financial results, supported by a trend of
creditor friendly financial policies, could be positive for the
ratings.  A change in financial strategy to accelerate
geographical expansion, or a sharp downturn in domestic demand,
could be among the factors that would negatively impact the
ratings.

Headquartered in Istanbul, Turkey, Ulker Gida is the market
leader in the manufacturing of biscuits, chocolate and crackers.  
It is a sub-division of the broader Ulker Group, whose
activities span food production, packaging, and domestic and
foreign marketing.  In 2005, the company reported net sales of
YTL1.4 billion (US$1 billion) and EBITDA of YTL143 million
(US$106 million).


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


DNIPRO-SPORT-EXPRESS: Court Names V. Oksana Insolvency Manager
--------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Venska
Oksana Liquidator/Insolvency Manager for LLC Dnipro-Sport-
Express (code EDRPOU 19098036).

The Court commenced bankruptcy proceedings against the company
(Case No. B 29/6/06) on Feb. 13, after finding it insolvent.  

Ms. Oksana can be reached at:

         Rilskij Str. 137
         Dnipropetrovsk Region
         49016 Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         Dnipropetrovsk Region
         49600 Ukraine

The Debtor is headquartered in:

         Zhurnalistiv Str. 7, Room 308
         Dnipropetrovsk Region
         49051 Ukraine


ELEGANT-FARM: Kyiv Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Elegant-Farm (code EDRPOU 32048022)
on March 17.  The case is docketed as 43/184.

Zaharchuk Vitalij has been appointed Temporary Insolvency
Manager.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         Kyiv Region
         01030 Ukraine

The Debtor is headquartered in:

         Vernadskij Str. 79
         Kyiv Region
         03142 Ukraine


IMPERANT: Kyiv Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Imperant (code EDRPOU 32111921) on
March 16, after finding the company insolvent.  The case is
docketed as 43/157.

Mr. P. Bokarev has been appointed Liquidator/Insolvency Manager.

The Economic Court of Kyiv Region is located at:
         
         B. Hmelnitskij Boulevard 44-B
         Kyiv Region
         01030 Ukraine

The Debtor is headquartered in:

         Strokach Str. 1
         Kyiv Region
         Ukraine


KOLOS SOF: Court Names Dmitro Selevko Interim Insolvency Manager
----------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Dmitro
Selevko as Temporary Insolvency Manager for LLC Kolos Sof (code
EDRPOU 31648766).  He can be reached at:

         Krivij Rig, a/b 1221
         Dnipropetrovsk Region
         50027 Ukraine

The Court commenced bankruptcy supervision procedure on the
company (Case No. B 15/16/06).

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         Dnipropetrovsk Region
         49600 Ukraine

The Debtor is headquartered in:

         Novooleksiyivka, Lermontov Str.
         Sofiyivskij District
         Dnipropetrovsk Region
         53100 Ukraine


RADUN: Kyiv Court Names Mr. E. Kondra Liquidator
------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. E. Kondra as
Liquidator/Insolvency Manager for LLC Building Company Radun
(code EDRPOU 32981368).  Mr. Kondra can be reached at:

         Kyiv Region, a/b 43
         01032 Ukraine

The Court commenced bankruptcy proceedings against the company
on March 16 (Case No. 43/880), after finding the company
insolvent.  

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         Kyiv Region
         01030 Ukraine

The Debtor is headquartered in:

         Mihajlo Grushevskij Str. 28/2-A
         Kyiv Region
         Ukraine


SEK-TE: Court Names Volodimir Glyadchenko as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Volodimir
Glyadchenko as Liquidator/Insolvency Manager for LLC Sek-Te
(code EDRPOU 33063083).  He can be reached at:

         Kirov Avenue 96/13
         Dnipropetrovsk Region
         49055 Ukraine

The Court commenced bankruptcy proceedings against the company
on March 6 (Case No. B 40/21/06), after finding it insolvent.  

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         Dnipropetrovsk Region
         49600 Ukraine

The Debtor is headquartered in:

         Pidgorodne, Naberezhna Str. 50
         Dnipropetrovsk District
         Dnipropetrovsk Region
         52001 Ukraine


SHUMSKIJ AGROBUD: Court Names Vasil Taras Liquidator
----------------------------------------------------
The Economic Court of Ternopil Region appointed Taras Vasil as
Temporary Insolvency Manager for JSCCT Shumskij Agrobud (code
EDRPOU 03586733).  He can be reached at:

         Rodini Barvinskih Str. 7
         Ternopil Region
         46001 Ukraine

The Court has commenced bankruptcy supervision procedure on the
company (Case No. 17/B-720).

The Economic Court of Ternopil Region is located at:

         Ostrozski Str. 14a
         Ternopil Region
         46000 Ukraine

The Debtor is headquartered in:

         Shumsk, Vilijska Str. 1
         Ternopil Region
         Ukraine


UKRTRANSMASH: Kyiv Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Ukrtransmash (code EDRPOU 32111921) on
March 16, after finding the company insolvent.  The case is
docketed as 43/158.

Mr. K. Tsikaluk has been appointed Liquidator/Insolvency
Manager.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         Kyiv Region
         01030 Ukraine

The Debtor is headquartered in:

         Yakutska Str. 9
         Kyiv Region
         Ukraine


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


ALCHEMY ANIMEDIC: Hires Administrator from Houghton Stone
---------------------------------------------------------
Simon Thornton of Houghton Stone Business Recovery was appointed
administrator of Alchemy Animedic Limited (Company Number
03719038) on April 19.

Houghton Stone Business Recovery -- http://houghtonstone.co.uk/
-- offers accountancy and business development services to small
and medium sized owner managed businesses.

Headquartered in Langport, England, Alchemy Animedic Limited --
http://www.animedic.co.uk/-- designs and builds animal  
transportation vehicles including veterinary ambulances and
mobile surgeries.


ATLANTIC DISTRIBUTIONS: Appoints Armstrong Watson Administrator
---------------------------------------------------------------
M. C. Kienlen of Armstrong Watson was appointed administrator of
Atlantic Distributions Limited (Company Number 04596725) on
April 13.

The administrator can be reached at:

         Armstrong Watson
         Central House
         47 St Paul's Street
         Leeds LS1 2TE
         United Kingdom
         Tel: 0113 384 3840
         Fax: 0113 384 3841
         E-mail: mike.lienlen@armstrongwatson.co.uk

Atlantic Distributions Ltd. can be reached at:

         Unit 10 Penraevon ST
         Leeds LS7 2AW
         United Kingdom
         Tel: 087-0011-6914


CARD CRAZY: Taps Cowgill Holloway to Administer Assets
------------------------------------------------------
Gary Bell of Cowgill Holloway Business Recovery LLP was
appointed administrator of Card Crazy (2000) Limited (Company
Number 3807814) on April 12.  

Cowgill Holloway Business Recovery -- http://www.cowgills.co.uk/
-- specializes in business rescue and insolvency matters.  

Card Crazy (2000) Limited is a distributor of greetings cards
and gift items.  It can be reached at:

         Girt Tree
         42 The Idlewells
         Sutton-In-Ashfield
         Nottinghamshire NG17 1BP
         United Kingdom
         Tel: 01623559799   


DALES QUALITY: Appoints Kroll Limited Administrator
---------------------------------------------------
C. P. Holder and S. C. E. Mackellar of Kroll Limited were
appointed joint administrators of The Dales Quality Meat Company
Limited (Company Number 04585917) on April 18.  

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  

The Dales Quality Meat Company Limited --
http://www.dalesqualitymeat.co.uk/-- sells meat and meat  
products.  It can be reached at:

         The Mart Office
         Burtersett Road
         Hawes DL8 3NP
         United Kingdom


GLOBAL AVIATION: Creditors Resolve to Liquidate Company's Assets
----------------------------------------------------------------
Creditors of Global Aviation Support Limited resolved to
liquidate the company's assets after proving that the company
could no longer continue its operations due to mounting debts.

Subsequently, they appointed Jeremiah Anthony O'Sullivan, of
Bishop Fleming, as Liquidator.

Bishop Fleming -- http://www.bishopfleming.co.uk/-- is one of  
the biggest firms of Chartered Accountants for South West U.K.
businesses that demand expert accounting and financial accounts
management.

The company can be reached at:

         110 High Street
         Nailsea
         Bristol BS48 1AH
         United Kingdom
         Tel: 01275 850 990
         Fax: 01275 791 112
         Web: http://www.globalaviation.biz/


HMV GROUP: Founder Drops GBP280-Mln Bid to Buy Back Waterstone's
----------------------------------------------------------------
Tim Waterstone dropped his bid to buy back Waterstone's from HMV
Group PLC a week after submitting his GBP280 million offer.

Mr. Waterstone, who founded the book chain in 1982, argued that
the pre-conditions set down by HMV Group, which included a 14-
day due diligence, is unacceptable, the Associated Press
reports.  The bidding consortium is comprised of Mr. Waterstone,
former Penguin Group CEO Anthony Forbes Watson and Lazard
Private Equity Partners.  Mr. Waterstone indicated, however,
that he could renew his offer if the preconditions were
abandoned.

Sarah Butler of The Times Online reports that Mr. Waterstone has
lined up a new management team with himself as chairman and Mr.
Watson as CEO in the takeover.

Lazard notified HMV's Board of Directors that it withdrew its
support for Mr. Waterstone's attempt to acquire the book chain.

Mr. Waterstone indicated his interest in Waterstone's to the
Board in February 2006.  His proposal was conditional upon HMV
not pressing ahead with its planned purchase of rival book chain
Ottakar's, Karl West writes for The Herald.

"I don't like what's happening to Waterstone's in its decline of
market share and I don't like the Ottakar's merger," Mr.
Waterstone said.

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

                       About the Company

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

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


INHURST LIMITED: Hires Joint Administrators from S. F. Plant
------------------------------------------------------------
Simon Franklin Plant and Daniel Plant of S. F. Plant were
appointed joint administrators of Inhurst Limited (Company
Number 03839152) on April 19.

The joint administrators can be reached at:

         S. F. Plant
         9 Ensign House
         Admirals Way, Marsh Wall
         London E14 9XQ
         Tel: 01275 850 990

Inhurst Limited offers general mechanical engineering service
and employs 30 people.  It can be reached at:

         Romany Wks Wareham Road
         Holton Heath
         Poole
         Dorset BH16 6JL
         United Kingdom
         Tel: 01202 623822
         Fax: 01202 632354


INMARSAT FINANCE: S&P Raises US$760 Million Debt Ratings to B+
--------------------------------------------------------------
Standard & Poor's Ratings Services raised Inmarsat Finance PLC's
US$310 million senior unsecured notes and the US$450 million
senior subordinated discount notes issued by Inmarsat Finance II
PLC were raised to B+ from B.  The rating on Inmarsat
Investments Ltd.'s senior secured $550 million bank loan was
raised to BB+ from BB, and the 1 recovery rating on the bank
loan was affirmed.

At the same time, S&P raised its long-term corporate credit
ratings on U.K.-based mobile satellite services provider
Inmarsat Ventures Ltd. and related entities to 'BB' from 'BB-',
due to its expectation that the group will generate sufficient
free operating cash flow to cover dividend payments from 2006
and will grow revenues and EBITDA as commercial use of its high-
speed broadband global area network services increases over
time.  The outlook is stable.

"The upgrade primarily reflects the improved visibility
regarding Inmarsat's near-term cash flow generation given the
successful launch of the second of its two Inmarsat-4
satellites," said Standard & Poor's credit analyst Michael
O'Brien.

Growth in cash flow generation in line with the group's core
business plan is predicated on growth, primarily from 2007
onward, of revenues from its BGAN services and a substantial
lowering of capital expenditures after 2006.

This is because the group's I-4 satellites have all been built
and only the third I-4 satellite needs to be launched over the
next five years, at a cost of about $140 million.  In addition,
S&P expects that Inmarsat will be able to cover dividend
payments in line with its dividend policy, which is based on
normalized capital expenditures -- currently estimated at about
$110 million per year -- paid for with FOCF.

S&P expects Inmarsat will be able to cover dividend payments
from FOCF generation and will maintain adequate liquidity via
its undrawn revolving credit facility to cover any temporary
weaknesses in revenues due to higher competition, particularly
in the land segment.  Standard & Poor's also expects substantial
improvements in FOCF generation through 2006 and 2007 not to be
overly impaired by cash outgoings related to the eventual launch
of the third I-4 satellite or capital expenditures related to
other revenue growth possibilities, such as handheld telephony
or ancillary terrestrial component revenues.

Significant operational underperformance due to higher-than-
expected competition, satellite failure, or the introduction of
a more aggressive financial policy or change in capital
structure -- given that the senior notes are callable from 2008
-- could lead to negative rating actions.  There is, at present,
no further near-term ratings upside, given the company's
business risk profile considerations.


INMARSAT VENTURES: S&P Raises Corporate Credit Ratings to BB
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit ratings on U.K.-based mobile satellite services
provider Inmarsat Ventures Ltd. and related entities to 'BB'
from 'BB-', due to its expectation that the group will generate
sufficient free operating cash flow to cover dividend payments
from 2006 and will grow revenues and EBITDA as commercial use of
its high-speed broadband global area network services increases
over time.  The outlook is stable.

At the same time, the ratings on related entity Inmarsat Finance
PLC's US$310 million senior unsecured notes and the US$450
million senior subordinated discount notes issued by Inmarsat
Finance II PLC were raised to B+ from B.  The rating on Inmarsat
Investments Ltd.'s senior secured $550 million bank loan was
raised to BB+ from BB, and the 1 recovery rating on the bank
loan was affirmed.

"The upgrade primarily reflects the improved visibility
regarding Inmarsat's near-term cash flow generation given the
successful launch of the second of its two Inmarsat-4
satellites," said Standard & Poor's credit analyst Michael
O'Brien.

Growth in cash flow generation in line with the group's core
business plan is predicated on growth, primarily from 2007
onward, of revenues from its BGAN services and a substantial
lowering of capital expenditures after 2006.

This is because the group's I-4 satellites have all been built
and only the third I-4 satellite needs to be launched over the
next five years, at a cost of about $140 million.  In addition,
S&P expects that Inmarsat will be able to cover dividend
payments in line with its dividend policy, which is based on
normalized capital expenditures -- currently estimated at about
$110 million per year -- paid for with FOCF.

S&P expects Inmarsat will be able to cover dividend payments
from FOCF generation and will maintain adequate liquidity via
its undrawn revolving credit facility to cover any temporary
weaknesses in revenues due to higher competition, particularly
in the land segment.  Standard & Poor's also expects substantial
improvements in FOCF generation through 2006 and 2007 not to be
overly impaired by cash outgoings related to the eventual launch
of the third I-4 satellite or capital expenditures related to
other revenue growth possibilities, such as handheld telephony
or ancillary terrestrial component revenues.

Significant operational underperformance due to higher-than-
expected competition, satellite failure, or the introduction of
a more aggressive financial policy or change in capital
structure -- given that the senior notes are callable from 2008
-- could lead to negative rating actions.  There is, at present,
no further near-term ratings upside, given the company's
business risk profile considerations.


J. & P. ATCHISON: Hires David Rubin & Partners Administrator
------------------------------------------------------------
Asher Miller and David Rubin of David Rubin & Partners were
appointed joint administrators of J. & P. Atchison Limited
(Company Number 00803351) on April 10.

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

Headquartered in London, J. & P. Atchison Limited offers
printing services.  It can be contacted at 020 8523 3191.


JAMES ELEY: Hires Antony Batty to Administer Assets
---------------------------------------------------
W. A. Batty of Antony Batty & Company was appointed
administrator of James Eley & Son Limited (Company Number
03998653) on April 13.  Its registered office is at 23
Edgefield, Weston, Spalding, Lincolnshire PE12 6RQ.

The administrator can be reached at:

         Antony Batty & Company
         3 Field Court
         Grays Inn
         London WC1R 5EF
         United Kingdom
         Tel: 020 7831 1234
         Fax: 020 7430 2727
         E-mail: antonybatty@hotmail.com  

James Eley & Son Ltd. operates a real estate agency.  It can be
reached at:

         26 Wide Bargate
         Boston
         Lincolnshire PE21 6RX
         United Kingdom
         Tel: 01205 361687


K J SOLUTIONS: Appoints P&A Partnership Administrator
-----------------------------------------------------
Christopher Michael White and Allan Cooper of The P&A
Partnership were appointed joint administrators of K J Solutions
Limited (Company Number 04968122) on April 5.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing  
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors

K J Solutions Ltd. manufactures plastic packaging and can be
reached at:

         19-21 Weaver House
         Chapel Road
         London SE27 0TP
         Tel: 02087610607   


KENNEDY'S KARDS: Taps Administrator from Cowgill Holloway
---------------------------------------------------------
Gary Bell of Cowgill Holloway Business Recovery LLP was
appointed administrator of Kennedy's Kards Limited (Company
Number 01708665) on April 12.

Cowgill Holloway Business Recovery -- http://www.cowgills.co.uk/
-- specializes in business rescue and insolvency matters.  

The company sells greeting cards and gift items.   It can be
reached at:

         59A Derby Street
         Cheetham Hill
         Manchester M8 8HB
         United Kingdom


LLOYD DAVIES: Taps Begbies Traynor to Administer Assets
-------------------------------------------------------
S. L. Conn and P. Stanley of Begbies Traynor were appointed
joint administrators of Lloyd Davies Contracts Limited (Company
Number 04301287) on April 6.

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

Lloyd Davies Contracts Limited offers computer system service.


LUCITE INTERNATIONAL: S&P Affirms BB Corp. Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
corporate credit rating on U.K.-based Lucite International Group
Holdings Ltd. and removed it from CreditWatch, where it was
originally placed on Jan. 31.  The outlook is negative.

This is owing to the likelihood that Lucite's private equity
owner, Charterhouse, will not continue the sale process of the
company.

"The removal from CreditWatch and the assignment of a negative
outlook reflects our expectation that Charterhouse's strategic
alternatives for its investment in Lucite could result in an
increased leverage, which could negatively influence the
company's credit profile," said Standard & Poor's credit analyst
Khaled Zitouni.  

Lucite, with sales of GBP780 million in 2005, produces, markets
and distributes methacrylate monomers (MMAs), the principal
building block of acrylics, and derived acrylic-based polymers,
resins, sheets, and composites.  Products are sold worldwide,
including through several own brands.  Lucite has 17 facilities
located in the Americas, Europe, Africa, and Asia.

The ratings continue to reflect Lucite's satisfactory business
risk profile.  With about a 38% share of the merchant market --
products sold externally, in contrast with products used
internally -- and a 25% share of world production, Lucite is by
far the global leader for methacrylate monomers.  The MMA
business contributed about 60% of the group's 2005 sales and 88%
of EBITDA.  Lucite is also a strong player in the downstream-
acrylics market (40% of revenues), in which it benefits from a
diverse end-user base.

The ratings remain constrained primarily by Lucite's financial
profile, notably by its leveraged capital structure and limited
free operating cash flow (FOCF) base, about EUR22 million both
in 2005 and 2004.  In 2005, Lucite's debt ratios were in line
with the current rating: at year-end, funds from operations-to-
net debt was stable at 20%, and FOCF-to-net debt was also stable
at 6%.  Total debt was not diminished in 2005, remaining at
about GBP330 million at year-end.


M & P ASPHALT: Creditors Pass Winding Up Resolution
---------------------------------------------------
M & P Asphalt Limited is liquidating its assets after creditors
passed a resolution to wind up the company's operations during
members' extraordinary general meeting on March 8.

Peter Anthony Jackson was appointed Liquidator.

The company can be reached at:

         M & P Asphalt Limited
         Unit 3 Rainford Industrial Estate
         Jethro St
         Bolton
         Lancashire BL2 2PT
         United Kingdom
         Tel: 01204 403336  


MISYS PLC: Transfers 6,666 Shares to Scheme Participants
--------------------------------------------------------
Misys plc transferred 6,666 ordinary shares on May 2, to
participants in its employee share schemes at a price of 175
pence per share.  The shares were all formerly held as treasury
shares.

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

Following the transfer and cancellation of shares out of
Treasury, Misys plc holds a total of 52,416,977 ordinary shares
in Treasury.  The total number of ordinary shares in issue,
excluding Treasury shares, is 499,310,059.

Headquartered in the United Kingdom, Misys PLC --
http://www.misys.com/-- provides industry-specific software  
serving the international banking and healthcare industries and
the UK general insurance industry.

At Nov. 30, 2005, the company reported GBP155.6 million in total
stockholders' deficit.


NATUREDOWN LIMITED: Appoints Elizabeth Arakapiotis as Liquidator
----------------------------------------------------------------
Elizabeth Arakapiotis, of Kallis & Co, was appointed Liquidator
of Naturedown Limited after creditors agreed to wind up the
company on March 9.

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

Kallis & Company -- http://www.kallis.co.uk/ -- provides  
insolvency advice to companies in financial difficulties.

The company can be reached at:

         Naturedown Limited
         28 Leafield Rise
         Two Mile Ash
         Milton Keynes MK8 8BU
         United Kingdom
         Tel: 01908 561 543
         Fax: 01908 261 643


NORVALLS LIMITED: Hires Rothman Pantall Administrator
-----------------------------------------------------
R. D. Smailes and S. B. Ryman of Rothman Pantall & Co were
appointed joint administrators of Norvalls Limited (Company
Number 00554924) on April 3.  Its registered office is at 266
York Way, London N7 9PQ.

Rothman Pantall & Co -- http://www.rothman-pantall.co.uk/-- was  
established in 1955 as a general accountancy practice, and has
grown to its present 18 offices across the South of England.  

Norvalls Ltd. offers printing service and can be reached at:

         266 York Way
         London N7 9PQ
         United Kingdom
         Tel: 02076098585   


P.M.A STEELS: Creditors Confirm Voluntary Liquidation
-----------------------------------------------------
Creditors of P.M.A. Steels Limited confirmed the company's
voluntary liquidation after creditors passed a winding up
resolution on March 14.

Creditors also ratified the appointment of Jonathan Elman Avery-
Gee as Liquidator.

The company can be reached at:

         P.M.A. Steels Limited
         3 Booton Court
         Kidderminster
         Worcestershire DY10 2YZ
         United Kingdom
         Tel: 01562 609 42


PC IQ: Appoints Portland Business & Financial Administrator
-----------------------------------------------------------
James Richard Tickell and Carl Derek Faulds of Portland Business
& Financial Solutions Ltd. were appointed joint administrators
of PC IQ Limited (Company Number 05084458) on April 18.

The joint administrators can be reached at:

         Portland Business & Financial Solutions Ltd.
         1640 Parkway
         Solent Business Park
         Whiteley
         Fareham
         Hampshire PO15 7AH
         Tel: 01489 550 440
         E-mails: carl.faulds@portland-solutions.co.uk
                  james.tickell@portland-solutions.co.uk

PC IQ Limited -- http://www.pciq.biz/-- is U.K.'s national  
network of local computer experts.  Its services include home
and business support, networks & data cabling, wireless
networks, internet and broadband installation, website design &
hosting, leasing & rental, software solutions, training, Apple
Mac support, consumables, printer repair & maintenance, data
security and virus repair.


PRESTON PRINTERS: Begins Winding Up Operations
----------------------------------------------
Preston Printers Limited is winding up its operations after
creditors decided to liquidate the company's assets on March 8.

Peter John Windatt and Gary Steven Petit, both of BRI Business
Recovery and Insolvency, were appointed Joint Liquidators.

BRI Business Recovery and Insolvency -- http://www.briuk.co.uk/  
-- is an independent company of insolvency practitioners.

The company can be reached at:

         Preston Printers Limited
         Preston House
         Petworth Road
         Haslemere Surrey GU27 2HR
         United Kingdom
         Tel: 01428 654 941
         Fax: 01428 654 769
         Web: http://www.prestonprinters.com/


PRO ACTIVE: Creditors Agree to Liquidate Company's Assets
---------------------------------------------------------
Creditors of Pro Active Claims Limited agreed to liquidate the
company's assets during members' extraordinary general meeting
on March 10.

They appointed Alan H. Tomlinson as Liquidator.

The company can be reached at:

         Pro Active Claims Limited
         14 Milkstone Road
         Rochdale Lancashire OL11 1ED
         United Kingdom
         Tel: 01706 640 313


R.F. FIELDING: Hires Joint Administrators from Milner Boardman
---------------------------------------------------------------
Colin Burke and Gary Corbett of Milner Boardman & Partners were
appointed joint administrators of R.F. Fielding Cheshire Limited
(Company Number 02021767) on April 20.  

Milner Boardman -- http://www.milnerboardman.co.uk/-- is an  
independent firm of chartered accountants and business advisers.  

R.F. Fielding Cheshire Limited offers freight transport by road
service.  It can be reached at:

         Dean Farm
         King Street
         Woodford
         Cheshire SK7 1RL
         United Kingdom


RANK GROUP: Buys Back 1 Million Shares for Cancellation
-------------------------------------------------------
The Rank Group PLC bought back 1 million ordinary shares of 10
pence in the Company on May 2, for cancellation at an average
price of 227.176 pence per share.

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

                        *     *     *

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

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

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


RANMAC EMPLOYMENT: Taps Jeffrey Mark Brenner to Liquidate Assets
----------------------------------------------------------------
Jeffrey Mark Brenner, of B & C Associates, was appointed
Liquidator of Ranmac Employment Agency and Secure Services
Limited after creditors passed a resolution to wind up the
company on March 9.

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

The company can be reached at:

         Ranmac Employment Agency And Secure Services Limited
         801 Old Kent Rd
         London SE15 1NX
         United Kingdom
         Tel: 020 7639 3900


REFCO INC: BAWAG Settles US$1.3 Billion Suit with Creditors
-----------------------------------------------------------
As widely reported, BAWAG P.S.K. (Bank fur Arbeit und Wirtschaft
und Osterreichische Postsparkasse Aktiengesellschaft) reached a
settlement agreement over a US$1.3 billion suit filed by the
Official Committee of Unsecured Creditors of Refco, Inc.

Terms of the agreement were not disclosed.

"All potential claims from the U.S. are off the table with this
solution," BAWAG's Chief Executive Officer Ewald Nowotny said at
a news conference on May 1, in Vienna, Austria.

When asked whether the bank settled for $675 million, Mr.
Nowotny said, "I won't deny that."

                     Refco Committee's Claims

As previously reported, BAWAG commenced in November 2005 an
adversary proceeding against Phillip Bennett, certain of the
Debtors, including Refco Group Limited, LLC, and other unnamed
corporations, alleging that BAWAG was fraudulently induced to
loan approximately US$420,000,000 to one or more of the
defendants in October 2005.

The Creditors Committee sought and obtained the Court's
authority to intervene in the Adversary Proceeding to ensure
that the estate's resources are not diverted from innocent
creditors.

The Creditors Committee intends to recover from BAWAG funds
transferred in fraud of RGL's creditors and damages.  The
Creditors Committee, on RGL's behalf, asserted counterclaims
against BAWAG for:

   (1) recovery of fraudulent transfers subsequently
       distributed by Refco Group Holdings, Inc., to BAWAG
       totaling US$1.3 billion

   (2) unjust enrichment; and

   (3) aiding and abetting of Mr. Bennett's breach of his
       fiduciary duties to RGL in connection with the
       consummation of a leveraged capitalization.

According to Scott A. Edelman, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in New York, the Committee's counsel, BAWAG assisted
Mr. Bennett in consummating the leveraged capitalization of RGL,
through which both Mr. Bennett and BAWAG cashed out, while at
the same time, increasing RGL's debt obligations to $1.4
billion.

The Creditors Committee said the Fraudulent Transfers (i) were
made by RGL while insolvent, (ii) rendered RGL insolvent, or
(iii) left RGL with unreasonably small capital.

Mr. Edelman argued that BAWAG was fully aware of the harm that
Mr. Bennett was inflicting on RGL and actively assisted Mr.
Bennett in consummating the transactions as a means of
accomplishing BAWAG's own payday.

The Committee asked the Court to:

   (a) dismiss the Adversary Proceeding and deny all relief
       requested by BAWAG;

   (b) equitably subordinate BAWAG's claim pursuant to Section
       510(c) of the Bankruptcy Code;

   (c) declare that the fraudulent transfers are avoidable;

   (d) award RGL judgment against BAWAG in an amount not less
       than $1.3 billion as recovery of the Subsequent
       Transfers;

   (e) preserve RGL's transfers for its estate; and

   (f) award RGL interest commencing on the date of transfers,
       as well as damages in an amount to be determined at
       trial.

                 Judge Drain Freezes BAWAG Assets

At the Creditors Committee's request, Judge Drain issued an
interim order on April 25, restraining and enjoining BAWAG and
any financial institution or custodian with assets belonging to
or in the name of BAWAG from transferring or taking any other
action with respect to BAWAG's assets in the United States.

However, parties may make transfers in the ordinary course of
business in connection with BAWAG's role as gateway operator in
Austria for the FedACH International Transatlantic Service, so
long as, with respect to any transfer, BAWAG has no right to
retain, encumber or otherwise possess the transferred amount.

Judge Drain directed the United States Marshal for the Southern
District of New York, or any person appointed by him to act in
his place, to levy within the jurisdiction immediately on the
property in which BAWAG has an interest, including but not
limited to, any debt owed to BAWAG as will satisfy the $1.3
billion.

Judge Drain also required BAWAG to promptly produce to the
Committee the documents to identify all accounts or banks
established by BAWAG as well as the amount and location of
BAWAG's assets within the U.S.  BAWAG is also required to
produce a witness with knowledge of the assets.

                         Modified TRO

Reuters reports that the Bankruptcy Court issued a modified TRO
on Monday, authorizing BAWAG to resume its transfers out of the
U.S.  The Court, however, named four specific accounts that are
required to keep a minimum of US$1.16 billion of BAWAG assets.

BAWAG and Refco agreed to the modified order, contingent on
another agreement that was filed under seal, Reuters says.

BAWAG also produced specified documents and presented witness to
the Committee.

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

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.  (Refco Bankruptcy News, Issue No. 29; Bankruptcy
Creditors' Service, Inc., 215/945-7000).


REFCO INC: 3 Creditors File Reclamation Demand to Recover Assets
----------------------------------------------------------------
ICIS Trading, Inc., Global Partners Emerging Markets S.A., and
Inverunion S.A. Casa de Bolsa each filed with the U.S.
Bankruptcy Court for the Southern District of New York a notice
of delivery of a written demand made on Refco Inc. and its
debtor-affiliates to recover assets that are subject to
reclamation under Section 546(c) of the Bankruptcy Code.

On behalf of the Claimants, David LeMay, Esq., at Chadbourne &
Parke LLP, in New York, relates that the assets were sold in the
ordinary course of the creditors' businesses and delivered on
credit terms to, and received by, the Debtors during the 45-day
period before the Petition Date.

The creditors believe that the Debtors were insolvent at the
time they received delivery of those assets.

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.  (Refco Bankruptcy News, Issue No. 29; Bankruptcy
Creditors' Service, Inc., 215/945-7000).


REGAL ENGINEERS: Brings In Administrators from Bond Partners LLP
----------------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed administrators
of Regal Engineers & Contractors Limited (Company Number
03822989) on April 6.  Its registered office is at Unit 3,
Renwick Court, Gateshead, Tyne and Wear NE8 2SY.

The administrator can be reached at:

         Bond Partners LLP
         The Grange
         100 High Street
         London N14 6TG
         Tel: 020 8444 2000
         Fax: 020 8444 3400

Regal Engineers installs electrical wiring service and can be
reached at:

         Unit 3, Renwick Court
         Victoria Road
         Gateshead
         Tyne And Wear NE8 2SY
         United Kingdom
         Tel: 01914605151   


REGENERATE LIMITED: Creditors Affirm Voluntary Liquidation
----------------------------------------------------------
Creditors of Regenerate Limited affirmed the company's voluntary
liquidation after a winding up resolution was passed during
member's extraordinary general meeting on March 7.

Subsequently, Michael R. Ellingworth was appointed Liquidator.

The company can be reached at:

         Regenerate Limited
         Settie, Kippen
         Stirling FK8 3HN
         United Kingdom
         Tel: 01786 870 070


ROWCROFT LIMITED: Financial Woes Trigger Liquidation
----------------------------------------------------
Rowcroft (U.K.) Limited is winding up its operations after
creditors found out that the company could no longer continue
its operations due to mounting debts.

Gagen Dulari Sharma was appointed Liquidator.

The company can be reached at:

         Rowcroft (U.K.) Limited
         Unit Z
         Austin Way
         Birmingham B42 1DF
         United Kingdom
         Tel: 0121 358 7111


ROYAL & SUNALLIANCE: Sets 1.87% Fixed Spread to New Tier 1 Bonds
----------------------------------------------------------------
Royal & SunAlliance Insurance Group PLC has set a fixed spread
of 1.87% over the bid-side yield of the U.K. Treasury 4.75% due
Sep 7 2015, to determine the coupon of the new sterling
perpetual guaranteed bonds which was issued in exchange for any
or all of its U.S. dollar-subordinated bonds.

The key dates for the transaction are:

   -- May 5: Pricing and Expiration of the exchange offer;
   -- May 12: Settlement

R&SA may issue additional sterling perpetual guaranteed bonds on
the settlement date and any such new proceeds would be used to
support the Group's general insurance activities.

On April 20, Royal & SunAlliance Insurance Group PLC offered to
exchange any or all of its US$500 million 8.95% subordinated
guaranteed bonds for sterling perpetual guaranteed bonds to
improve its balance sheet and strengthen further the regulatory
capital position of the Group.

                        About the Company

Based in London, Royal & SunAlliance Insurance Group PLC --
http://www.royalsunalliance.com/-- is a FTSE 100 company,  
listed on the London Stock Exchange and in New York.  The group
consists of three regions -- U.K., Scandinavia and International
-- with operations in 30 countries, providing general insurance
products to over 20 million customers worldwide.

                           *    *    *

As reported in the Troubled Company Reporter-Europe on March 27,
Standard & Poor's Ratings Services lowered its counterparty
credit and insurer financial strength ratings on Royal & Sun
Alliance Insurance Group PLC's U.S. insurance operations (RSA
USA) to 'BB' from 'BB+'.  S&P said the outlook remains negative.  
At the same time, the ratings were withdrawn at the request of
the companies' management.


SABRE LIMITED: Joint Liquidators Take Over Operations
-----------------------------------------------------
Peter James Hughes-Holland and Frank Wessely, of Vantis, were
appointed Joint Liquidators of Sabre Limited after creditors
passed a resolution to wind up the company's operations on
March 8.

Chairman E.J. Webster disclosed the company could no longer
continue its business due to mounting debts.

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

The company can be contacted at:

         Sabre (S R C) Limited
         Fulmere
         Dukes Kiln Drive
         Gerrards Cross
         Buckinghamshire SL9 7HD
         United Kingdom
         Tel: 01753 883 225
         Fax: 01753 883 225


WITHAM FURNITURE: Appoints Tenon Recovery Administrator
-------------------------------------------------------
Dilip K. Dattani and Patrick B. Ellward of Tenon Recovery were
appointed joint administrators of Witham Furniture Limited
(Company Number 02814991) on April 13.

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

Witham Furniture Ltd. is a furniture distributor.   It can be
reached at:

         Swingbridge Rd.
         Grantham NG31 7XT
         United Kingdom
         Tel: 01476 577760
         Fax: 01476 575199


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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Information contained herein is obtained from sources believed
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The TCR Europe subscription rate is US$575 per half-year,
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