TCREUR_Public/060505.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

              Friday, May 05, 2006, Vol. 7, No. 89     

                            Headlines


A U S T R I A

AGERS HANDEL: Graz Court Sets June 12 Claims Bar Date
BAWAG PSK: Bailout Prompts Moody's to Downgrade Ratings
POTTSCHINGER VERMIETUNGS: Court Sets May 8 Claims Bar Date


F I N L A N D

METSO CORP: Names Aleksanteri Lebedeff to Business Area Boards
METSO CORP: Board to Buy Back 300,000 Shares Beginning May 10


F R A N C E

EUROPCAR GROUPE: Moody's Assigns (P) Ba3 Corporate Family Rating
EUROTUNNEL: Minority Bondholders Want to Take Part in Debt Talks
FRANCE SOIR: Douai Court to Hear Sale Appeal on May 12


G E R M A N Y

E.H. BOCKELMANN: Claims Registration Ends May 10
FALK BUEROGEBAUDE: Claims Registration Ends May 10
KASSEL'S PASTETEN: Claims Registration Ends May 10
KLF-ZVL: Claims Registration Ends May 10
LINDENPARK VERWALTUNGS: Creditors' Meeting Slated for May 10

LUCKY TRANS: Claims Registration Ends May 10
ORCANIAE SENIORENBETREUUNGS: Creditors' Meeting Set On May 10
SCHOMACKER GMBH: Claims Registration Ends May 10
TELCO INFORMATIONSSYSTEME: Claims Registration Ends May 9


I T A L Y

ALITALIA SPA: Cuts Net Debt to EUR939 Million at March 31
ALITALIA SPA: Sardinian Flights Continue Despite Concession Loss


K A Z A K H S T A N

AI-DIAR: Creditors Must File Claims by May 12
ALIAS: Proofs of Claims Deadline Slated for May 12
AKVATRANS: Proofs of Claims Deadline Slated for May 12
COMPANY SLIM: Court Sets July 13 Claims Bar Date
ELGEZEK: Proofs of Claims Deadline Slated for May 12

FOLS: Creditors Must File Claims by May 12
SALYS LTD: Creditors Must File Claims by July 13
SPARTA: Claims Registration Ends May 12
STROI KOM: Court Sets July 13 Claims Bar Date
VIRA: Court Sets May 12 Claims Bar Date


N E T H E R L A N D S

GETRONICS N.V.: Release Unaudited First Quarter Trading Update
L.V.I. HOLDING: S&P Affirms Corporate Credit Rating at B+


R U S S I A

AGRO-PROM-SERVICE: Bankruptcy Hearing Slated for June 28
ALEKSEEVSKAYA: Bankruptcy Hearing Set for June 14
DOBRINKA-AGRO-STROY: Bankruptcy Hearing Set for May 25
DUBYAZSKIY BRICKWORKS: Bankruptcy Hearing Slated for May 16
ERTILSKOYE: Proofs of Claim Deadline Set for May 11

IGLIN-SEL-ENERGO: Bankruptcy Supervision Procedure Begins
SAMARA-FURNITURE-INTER-STROY: Succumbs to Bankruptcy
SIBERIAN OIL-GAS-EXPLORING: Claims Filing Period Ends May 11
UCHALINSKIY FEED: Under Bankruptcy Supervision
VERKHOVSKAYA NIVA: Undergoes Bankruptcy Supervision Procedure


S W I T Z E R L A N D

ABB LTD: U.S. Unit Taps Kirkpatrick as Bankruptcy Counsel
ABB LTD: Lummus Wants Pachulski Stang as Bankruptcy Co-Counsel


U K R A I N E

BARKLI INVEST: Court Names Yuliya Marchenko Insolvency Manager
DS TERMO: Kyiv Court Names I. Omelchenko as Insolvency Manager
KARPATI: Court Names T. Dmitrishin to Administer Assets
MAYAK: Court Commences Bankruptcy Supervision
MAYAK: Court Names I. Nikiforov Bankruptcy Supervision Procedure

STETSIVSKE: Court Begins Bankruptcy Supervision Procedure
TEKOM: Kyiv Court Taps Oleg Skvortsov to Liquidate Assets
ZAGIRTSI: Ternopil Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

ALLIED DOMECQ: S&P Removes BB Debt Ratings Off Watch Negative
COUNTY GLASS: Creditors Pass Winding Up Resolution
DAS AIR: Appoints BDO Stoy Hayward Administrator
DAVRO INDUSTRIAL: Winds Up Operations & Appoints Liquidator
DIAMOND CONCEPT: Joint Liquidators Take Over Operations

EMI GROUP: Warner Music Turns Down US$4.23 Billion Takeover Bid
GIZMONDO STUDIOS: Creditors Agree to Liquidate Assets
ENVESTA TELECOM: Board Recommends Winding-Up Proceedings
EUROTUNNEL: Minority Bondholders Want to Take Part in Debt Talks
J SMITHS: Hires Till Morris Partnership Administrator

MERILAB LIMITED: Creditors' Meeting Set Today
NORTHFIELD NURSERIES: Taps Leonard Curtis to Administer Assets
NTS FURNITURE: Hires Administrator from Bond Partners
OMIGA GLASS: Appoints Joint Administrators from Grant Thornton
PGI (UK): Taps David Rubin & Partners to Administer Assets

PLASWOOD PRODUCTS: Hires Joint Administrators from Baker Tilly
R&B AUTOMOBILES: Appoints KPMG Administrator
R.KUIT & ASHLEY: Hires Begbies Traynor Administrator
RANK GROUP: Repurchases 1,000,000 Shares for Cancellation
REALLY USEFUL: Fitch Affirms GBP38-Mil Fixed-Rate Notes at BB

RETRO HOUSE: Hires Grant Thornton Administrator
SAHA LIMITED: Begins Winding Up Proceedings
SEA CONTAINERS: Expects Going Concern Opinion in Delayed 10-K
SEA CONTAINERS: Arbitrator Wants GE Repaid for Service Breaches
SEA CONTAINERS: 10-K Delay Prompts Moody's to Junk Debt Ratings

SEA CONTAINERS: S&P Lowers Corp. Credit Rating to CCC- from CCC+
SEABIRD CONTAINERS: Taps Bond Partners to Administer Assets
SITTING PRETTY: Creditors Resolve to Wind Up Operations
SOLUTIONS BUSINESS: Creditors Confirm Voluntary Liquidation
SOUTH HERTS: Appoints PricewaterhouseCoopers Administrator

V T TECHNOLOGY: Meeting of Creditors Slated for May 10
VISCOUNT TOWN: Creditors' Meeting Slated for May 8

* Revival of M&A Weakens EMEA Industrial Credit Profiles


                            *********

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


AGERS HANDEL: Graz Court Sets June 12 Claims Bar Date
-----------------------------------------------------
The Land Court of Graz established June 12, as the last day for
creditors owed money by LLC Agers Handel (FN 44316x) to file
their written proofs of claim.

Creditors may submit their completed proofs of claims to court-
appointed property manager Norbert Kollerics at:

         Klosterwiesgasse 61
         8010 Graz
         Austria
         Tel: 0316/819291
         Fax: 0316/819291-9
         E-Mail: office@kollerics.at

Headquartered in Graz, Austria, LLC Agers Handel filed for
bankruptcy on April 7 (Bankr. Case No. 40 S 16/06k).  Chritandl
+ Partner represents the Debtor in the bankruptcy proceedings.  


BAWAG PSK: Bailout Prompts Moody's to Downgrade Ratings
-------------------------------------------------------
Moody's Investors Service has downgraded these ratings of BAWAG
PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische
Postsparkasse Aktiengesellschaft (BAWAG P.S.K.):

   -- the bank's financial strength rating (BFSR) to D- from C-;
   -- the Tier 1 debt rating to Baa3 from Baa2.  

Both ratings remain under review for possible downgrade.  At the
same time, Moody's has also downgraded to Prime-2 with stable
outlook from Prime-1 the bank's short-term debt and deposit
rating.  The A3 long-term debt and deposit ratings and the Baa1
subordinated debt rating remain on review for possible
downgrade.

Moody's says that the multiple rating actions are in response to
BAWAG's bailout by the Government of the Republic of Austria,
the country's National Bank and a number of domestic financial
institutions, in the form of a EUR450 million supplementary
capital injection and a state guarantee of up to EUR900 million,
which were necessary to settle a class action law suit filed
against the bank last week in the U.S..

Moody's adds that the ongoing external support for BAWAG
underpins the A3/P-2 long- and short-term debt and deposit
ratings, as well as its Baa1-rated subordinated debt.  Moody's
also notes that the wider notching of BAWAG's Tier-1 securities
from its senior rating reflects the bank's weakened BFSR.  The
downgrade of BAWAG's BFSR reflects the bank's weak financial
fundamentals and eroded business franchise, which prompted the
need for external support.

Moody's says it will focus the ongoing rating review for
possible further downgrade on:

   -- the potential for further erosion in financial
      fundamentals, which could require additional external
      support, and the extent to which this would be
      forthcoming; and

   -- a further evaluation of the strength of the bank's
      business franchise and its ability to conduct business
      going forward.

The stable outlook assigned to BAWAG's P-2 rating incorporates
Moody's expectation that, upon the conclusion of the review of
the bank's long-term ratings, a multiple-notch downgrade
currently appears unlikely given the explicit external support
that is currently being provided.

These ratings were downgraded as part the rating action:

   -- BAWAG P.S.K.: bank financial strength rating from C- to
      D-;

   -- BAWAG P.S.K.: short-term rating from P-1 to P-2;

   -- BAWAG P.S.K. CAPITAL Finance (Jersey) Ltd.: debt and
      deposit rating to Baa3 from Baa2;

   -- BAWAG P.S.K. Capital Finance (Jersey) II Ltd.: debt and
      deposit rating to Baa3 from Baa2; and

   -- BAWAG P.S.K. Capital Finance (Jersey) III Ltd.: debt and
      deposit rating to Baa3 from Baa2.

These ratings are under review for possible downgrade:

   -- BAWAG P.S.K.: bank financial strength rating of D-;

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

   -- BAWAG P.S.K. CAPITAL Finance (Jersey) Ltd.: debt and
      deposit rating to Baa3 from Baa2;

   -- BAWAG P.S.K. Capital Finance (Jersey) II Ltd.: debt and
      deposit rating to Baa3 from Baa2; and

   -- BAWAG P.S.K. Capital Finance (Jersey) III Ltd.: debt and
      deposit rating to Baa3 from Baa2.

Based in Vienna, Austria, BAWAG reported total consolidated
assets of EUR56 billion as of Dec. 31, 2004.


POTTSCHINGER VERMIETUNGS: Court Sets May 8 Claims Bar Date
----------------------------------------------------------
The Land Court of Eisenstadt established May 8, as the last day
for creditors owed money by LLC Pottschinger Vermietungs- und
Verpachtungsgesellschaft (FN 115699x) to file their written
proofs of claim.  

Creditors may submit their completed proofs of claims to court-
appointed property manager Werner Dax at:

         Esterhazyplatz 5
         7000 Eisenstadt
         Austria
         Tel: 05/90105500
         Fax: 05/90105510
         E-mail: guessing@rapartner.at

The court will convene a hearing at 10:45 a.m., on May 22, to
consider the case under the framework of the European regulation
on insolvency.

Headquartered in Pottsching, Austria, LLC Pottschinger
Vermietungs- und Verpachtungsgesellschaft filed for bankruptcy
on April 7 (Bankr. Case No. 26 S 31/06w).  


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


METSO CORP: Names Aleksanteri Lebedeff to Business Area Boards
--------------------------------------------------------------
Metso Corporation appointed senior vice president and general
counsel Aleksanteri Lebedeff as member of Metso Paper's, Metso
Minerals' and Metso Automation's Board of Directors.

In this connection, Harri Luoto, Senior Vice President, General
Counsel, resigns from Metso business area Boards.

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

                        *     *     *

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


METSO CORP: Board to Buy Back 300,000 Shares Beginning May 10
-------------------------------------------------------------
The Board of Directors for Metso Corporation received authority
to resolve to repurchase the corporation's own shares with its
distributable funds provided that the combined nominal value of
the shares thus acquired corresponds to no more than five
percent of the Corporation's total share capital at the moment
of acquisition.

The authorization entitled the Board to repurchase the
Corporation's own shares among other things for use as
incentives for key persons.  According to the authorization, the
shares are to be acquired through public securities trading on
the Helsinki Stock Exchange, at the share price prevailing on
the day of acquisition.

                     Share Repurchase

Based on the authorization, the Board decided on April 28, to
repurchase at most 300,000 its own shares for use as incentives
for key persons.  The shares will be acquired at the rate quoted
in public trading of the shares on the Helsinki Stock Exchange
at the time of purchase.  The acquisition price will be paid to
the sellers within the payment period stipulated by the rules
and regulations of the Helsinki Stock Exchange and the Finnish
Central Securities Depository Ltd.  The acquisition of the
shares will reduce the parent company's distributable funds,
which are currently approximately EUR261 million.

The repurchase of the company's own shares will not begin until
May 10.

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

                        *     *     *

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


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


EUROPCAR GROUPE: Moody's Assigns (P) Ba3 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a (P) Ba3 Corporate
Family Rating to Europcar Groupe S.A.  

At the same time it assigned a (P) B1 rating to its proposed
Subordinated secured floating rate notes due 2013 and (P) B2 to
its Senior subordinated unsecured notes due 2014.  Of the EUR500
million in total high yield notes issuance, the split between
two tranches is expected to be roughly equal.  The outlook is
stable.

The ratings are based on the pro-forma capital structure
resulting from the leveraged buyout transaction of the Europcar
Group from Volkswagen AG by the new shareholder Eurazeo, which
will be closed in May 2006.

Europcar's Ba3 Corporate Family Rating reflects:

   -- its strong brand and market position in the key European
      rental car markets based on a balanced segmental
      diversification in the business, private and replacement
      market segments;

   -- solid degree of regional diversification enhanced by
      stable earning contributions from its global franchise
      network;

   -- relatively stable operating performance levels through the
      cycle, and margin protection from residual value risks of
      purchased cars due to a substantial degree of buyback
      agreements;

   -- cost structure flexibility ensured by rapid vehicle
      turnover rates allowing continuous fleet size adjustments
      which in addition ensures continuous debt repayment
      ability; and

   -- relative sound financial profiles of the majority of
      Europcar's diversified car supplier base which ensures
      stability for fleet purchase conditions and buy-back
      agreements.

Factors that constrain Europcar's rating at the Ba3 level
include:

   -- its limited absolute scale;

   -- relatively weak debt protection measures which have
      further eroded as a result of the Eurazeo buyout;

   -- the prospect of increasing debt levels in line with a
      further expansion of the fleet size;

   -- fleet purchase conditions which might be burdened by a
      need to further diversify fleet composition and the recent
      plans of some volume manufacturers to cut back their sales
      to rental car companies -- a less profitable sales channel
      for OEMs compared to sales to private customers; and

   -- challenges associated with the penetration of the
      replacement rental market and the international rental car
      markets.

The stable rating outlook is based on the expectation that
Europcar will be able to pursue a continuation of its profitable
growth strategy combined with the stabilizing benefits of a
further segmental and geographical diversification of its
revenue base.  The stable outlook anticipates that the company
will maintain its cost structure flexibility as well as its
strong market position, thereby supporting modest improvements
in operating efficiency, margins and credit metrics.

The (P) B1 rating of the senior subordinated secured Floating
Rate Notes and the (P) B2 rating of the senior subordinated
unsecured notes, issued by Europcar Groupe S.A., reflect the
subordination to the EUR2.6 billion senior asset financing loan,
to be increased to EUR2.9 billion after 18 months, as well as to
any drawn portions of the Revolving Credit Facility and the
sizeable proportion of fleet/trade payables outstanding at the
operating level, which almost fully match current available
tangible assets, resulting in potentially low recovery rates in
a downside scenario for the subordinated debt.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction.  Upon a conclusive
review of the final versions of all the documents, Moody's will
endeavor to assign a definitive rating to the transaction.  A
definitive rating may differ from a provisional rating.

Headquartered in Paris, France, Europcar is one of the leading
European rental car companies with reported sales of EUR1.3
billion in 2005.


EUROTUNNEL: Minority Bondholders Want to Take Part in Debt Talks
----------------------------------------------------------------
Arco, the newly formed committee of Eurotunnel's minority
bondholders, demands to be included in restructuring talks over
the tunnel operator's EUR9 billion debt, according to published
reports.

Arco is composed of European financial institutions representing
60% of bondholders who controls a third of Eurotunnel's GBP6.2
billion of debts.  Arco Chairman Jean-Pierre Mattei said the
bondholders want to be placed on the negotiating table "on an
equal, transparent basis," Les Echos relates.  

Arco said its members have yet to receive debt-restructuring
proposals from Eurotunnel despite a lapsed deadline weeks ago,
The Evening Standard reports.  "[Eurotunnel Chairman] Jacques
Gounon seems to want to ignore us," Mr. Mattei told Les Echos.  
"There is no cooperation for the moment.  The bond holding
creditors can't be left aside."

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

                        About the Company

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

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


FRANCE SOIR: Douai Court to Hear Sale Appeal on May 12
------------------------------------------------------
The Appeals Court of Douai will convene a hearing on May 12, to
consider an appeal filed by the works council and Presse
Alliance against the sale of France Soir to buyers Jean-Pierre
Brunois and Olivier Ray, Les Echos says.

As reported in TCR-Europe on April 21, the Commercial Court of
Lille selected Messrs. Ray and Brunois as buyers for the French
daily on April 12.  

Under Messrs. Ray and Brunois' plan, France Soir will focus on
light news, celebrities and football but will scrap news on
politics and culture.  The plan also entails cutting the daily's
workforce to 51 from 112.

According to Les Echos, employees voted Monday to continue the
strike they began when the sale was announced.

Headquartered in Aubervilliers, France, France Soir --
http://www.francesoir.fr/declared bankruptcy on Oct. 27, 2005,  
after failing to pay a EUR6 million debt.  Prior to this, it
asked the court to freeze debt payments, citing insufficient
resources.  At the time, the company's assets had dwindled to
EUR350,000.  A few days later, the court placed France Soir in
compulsory administration and imposed a six-month observation
period.


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


E.H. BOCKELMANN: Claims Registration Ends May 10
------------------------------------------------
Creditors of E. H. Bockelmann Speditions GmbH & Co KG have until
May 10, to register their claims with court-appointed
provisional administrator Dr. Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 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 Stade
         Saal 113
         Wilhadikirchhof 1
         21682 Stade, 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 Stade opened bankruptcy proceedings
against E. H. Bockelmann Speditions GmbH & Co KG on April 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         E. H. Bockelmann Speditions GmbH & Co KG
         Wolf-von-Baudissin-Weg 1
         21684 Stade, Germany
         Attn: Dirck Jordan, Manager
         Pferdehof 13
         27432 Bremervorde, Germany
         
The administrator can be contacted at:

         Dr. Achim Ahrendt
         Albert-Einstein-Ring 11
         22761 Hamburg, Germany
         Tel: 040/89956-0
         Fax: 040/89956-41


FALK BUEROGEBAUDE: Claims Registration Ends May 10
--------------------------------------------------
Creditors of Falk Buerogebaude Objekt Neu-Ulm GmbH & Co. KG have
until May 10, to register their claims with court-appointed
provisional administrator Josef Nachmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Muenchen
         Infanteriestr. 5
         Sitzungssaal 102
         Muenchen, 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 Muenchen opened bankruptcy proceedings
against Falk Buerogebaude Objekt Neu-Ulm GmbH & Co. KG on
March 22.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Falk Buerogebaude Objekt Neu-Ulm GmbH & Co. KG
         Westendstr. 160
         80339 Muenchen, Germany
         
The administrator can be contacted at:

         Josef Nachmann
         Theatinerstr. 32
         80333 Muenchen, Germany
         Tel: 089/24217737
         Fax: 089/24217738


KASSEL'S PASTETEN: Claims Registration Ends May 10
--------------------------------------------------
Creditors of Kassel's Pasteten Vertriebsges mbH have until
May 10, to register their claims with court-appointed
provisional administrator Paul Wieschemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on June 22, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kaiserslautern
         Saal 8
         Bahnhofstrasse 24
         67655 Kaiserslautern, 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 Kaiserslautern opened bankruptcy
proceedings against Kassel's Pasteten Vertriebsges mbH on
April 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Kassel's Pasteten Vertriebsges mbH
         Attn: Guido and Thorsten Kassel         
         Merkurstr. 50
         67663 Kaiserslautern, Germany
         
The administrator can be contacted at:

         Paul Wieschemann
         Flickerstal 2
         67657 Kaiserslautern, Germany
         Tel: 0631/341950
         Fax: 0631/470269


KLF-ZVL: Claims Registration Ends May 10
----------------------------------------
Creditors of KLF-ZVL GmbH have until May 10, to register their
claims with court-appointed provisional administrator UIrike
Hoge-Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on June 21, 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 Frankfurt am Main
         Saal 1
         Gebaude F
         Klingerstrasse 20
         60313 Frankfurt am Main, 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 Frankfurt am Main opened bankruptcy
proceedings against KLF-ZVL GmbH on Feb. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         KLF-ZVL GmbH
         Fuchsloch 7
         60437 Frankfurt am Main, Germany
         
The administrator can be contacted at:

         UIrike Hoge-Peters
         Cronstettenstrasse 30
         D-60322 Frankfurt am Main, Germany
         Tel: 069/9591100
         Fax: 069/959110-12


LINDENPARK VERWALTUNGS: Creditors' Meeting Slated for May 10
------------------------------------------------------------
Court-appointed provisional administrator for Lindenpark
Verwaltungs GmbH, Bernd Reuss, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
11:00 a.m., on May 10.

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

         The District Court of Friedberg
         Saal 20a
         Homburger Strasse 18
         61169 Friedberg (Hessen), Germany

The Court will also verify the claims set out in the
administrator's report at 8:40 a.m., on June 6, at the same
venue.

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

The District Court of Friedberg opened bankruptcy proceedings
against Lindenpark Verwaltungs GmbH on April 4.  Consequently,
all pending proceedings against the company have been
automatically stayed

The Debtor can be reached at:

         Lindenpark Verwaltungs GmbH
         Attn: Michael Hahling, Manager
         Lindenstrasse 9
         61231 Bad Nauheim, Germany
         
The administrator can be reached at:

         Bernd Reuss
         Mainzer-Tor-Anlage 33
         61169 Friedberg (Hessen), Germany
         Tel: 06031/797-0
         Fax: 06031/797-400


LUCKY TRANS: Claims Registration Ends May 10
--------------------------------------------
Creditors of Lucky Trans Verwaltungs GmbH have until May 10, to
register their claims with court-appointed provisional
administrator Wilhelm Klaas.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on May 12, 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 Krefeld
         1. Etage
         Sitzungssaal H 131
         Nordwall 131
         47798 Krefeld, Germany

The Court will also verify the claims set out in the
administrator's report at 9:10 a.m., on June 30, at the same
venue.

The District Court of Krefeld opened bankruptcy proceedings
against Lucky Trans Verwaltungs GmbH on Feb. 13.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Lucky Trans Verwaltungs GmbH
         Pestalozzistr. 25
         47803 Krefeld, Germany

         Attn: Mile Anicic, Manager
         Franc-Marc-Str. 20
         22115 Hamburg, Germany
         
The administrator can be contacted at:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld, Germany


ORCANIAE SENIORENBETREUUNGS: Creditors' Meeting Set On May 10
-------------------------------------------------------------
Court-appointed provisional administrator for Orcaniae
Seniorenbetreuungs GmbH Krofdorf, Bernd Reuss, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 11:30 a.m., on May 10.

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

         The District Court of Friedberg (Hessen)
         Saal 20a
         Amtsgerichtsgebaude
         Homburger Strasse 18
         61169 Friedberg (Hessen), Germany

The Court will also verify the claims set out in the
administrator's report at 8:50 a.m., on June 6, at the same
venue.

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

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Orcaniae Seniorenbetreuungs GmbH Krofdorf on
April 4.  Consequently, all pending proceedings against the
company have been automatically stayed

The Debtor can be reached at:

         Orcaniae Seniorenbetreuungs GmbH Krofdorf
         Attn: Michael Hahling, Manager
         Wetzlarer Strasse 2
         35435 Wettenberg, Germany
         
The administrator can be reached at:

         Bernd Reuss
         Mainzer-Tor-Anlage 33
         61169 Friedberg (Hessen), Germany
         Tel: 06031/797-0
         Fax: 06031/797-400


SCHOMACKER GMBH: Claims Registration Ends May 10
------------------------------------------------
Creditors of Schomacker GmbH Bedachung und Isolierung have until
May 10, to register their claims with court-appointed
provisional administrator Henning Samisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on June 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 Stade
         Saal 113
         Hauptgebaude
         Wilhadikirchhof 1
         21682 Stade, 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 Stade opened bankruptcy proceedings
against Schomacker GmbH Bedachung und Isolierung on April 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Schomacker GmbH Bedachung und Isolierung
         Attn: Hans Hinrich Schomacker, Manager
         Pappelweg 6
         27449 Kutenholz, Germany
         
The administrator can be contacted at:

         Henning Samisch
         Muehlenkamp 59
         22303 Hamburg, Germany
         Tel: 040/650390
         Fax: 040/65039199
         E-mail: hamburg@shnf.de


TELCO INFORMATIONSSYSTEME: Claims Registration Ends May 9
---------------------------------------------------------
Creditors of TELCO Informationssysteme GmbH i.L. have until
May 9, to register their claims with court-appointed provisional
administrator Markus M. Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Chemnitz
         Saal 27
         Gerichtsgebaude
         Fuerstenstrasse 21
         Chemnitz, Germany

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

The District Court of Chemnitz opened bankruptcy proceedings
against TELCO Informationssysteme GmbH i.L. on March 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         TELCO Informationssysteme GmbH i.L.
         Hoffmannstrasse 52
         09112 Chemnitz, Germany
         
The administrator can be contacted at:

         Markus M. Merbecks
         Ludwigstrasse 58
         09113 Chemnitz, Germany
         Web: http://www.handschumacher.de/


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


ALITALIA SPA: Cuts Net Debt to EUR939 Million at March 31
---------------------------------------------------------
Alitalia S.p.A.'s net debt as of March 31, amounted to EUR939
million, with a slight reduction in net indebtedness of EUR12
million (-1.3%) compared to the situation on Feb. 28, which was
EUR951 million.

The net debt of the parent company Alitalia on March 31,
amounted to EUR917 million, with a slight increase in net
indebtedness of EUR7 million (+0.8%) compared to the situation
on Feb. 28, which was EUR910 million.

The Group's cash-to-hand and short-term financial credits on
March 31, amounted to EUR976 million.

A full-text copy of Alitalia S.p.A.'s net debt report is
available at no charge at http://researcharchives.com/t/s?89a

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in  
annual revenue and employs more than 11,000 people.  As of
March 31, 2006, its net debt stood at EUR939 million.  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,
Alitalia has yet to post its fifth profit in 16 years.


ALITALIA SPA: Sardinian Flights Continue Despite Concession Loss
----------------------------------------------------------------
National carrier Alitalia S.p.A. will still fly from Rome and
Milan to Cagliari Airport in Sardinia despite losing the route
concessions, AFX News says.

Ente Nazionale per l'Aviazione Civile, the civilian aviation
authority, has barred Alitalia from using the routes following
the latter's failure to beat the deadline for application for
renewal.  Alitalia filed for renewal on April 27, three days
after the April 24 deadline.  ENAC allowed Alitalia to fly the
routes Tuesday morning, May 2, but stopped the flights in the
afternoon.

According to the report, ENAC awarded the Cagliari routes to
carriers Air One and Meridiana.  The two airlines also gained
concessions to operate routes to Olbia and Alghero airports.  
The new concessions, which took effect on May 2, will last for
three years.  

ENAC has opened ten secondary routes to Sardinia and gave until
May 22, for interested carriers to apply for concessions.

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in  
annual revenue and employs more than 11,000 people.  As of March
31, 2006, its net debt stood at EUR939 Million.  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, Alitalia has
yet to post its fifth profit in 16 years.


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


AI-DIAR: Creditors Must File Claims by May 12
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Ai-Diar insolvent on Oct. 31, 2005.

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

         Kazybek bi Str. 50, Office 74-75
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-12-50
                       72-18-09


ALIAS: Proofs of Claims Deadline Slated for May 12
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Alias insolvent on Oct. 3, 2005.  Bankruptcy proceedings
were introduced at the company.

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

         Micro District Mamyr-2 4-24
         Almaty, Kazakhstan
         Tel: 8 (3272) 57-10-19
              8 (3335) 62 62-33


AKVATRANS: Proofs of Claims Deadline Slated for May 12
------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Akvatrans insolvent on Feb. 21.  

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

         Seifullina Str. 39-16
         Uralsk, Kazakhstan
         Tel: 8 (311(22,2) 51-27-24


COMPANY SLIM: Court Sets July 13 Claims Bar Date
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Company Slim insolvent on Dec. 9, 2005.  Bankruptcy
proceedings were introduced at the company.

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

         Sadovnikova Str. 5
         Almaty, Kazakhstan
         Tel: 8 (3272) 99-69-32


ELGEZEK: Proofs of Claims Deadline Slated for May 12
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
declared LLP ELGEZEK insolvent on Feb. 10.  

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

         Gogol Str. 177a
         Kostanai, Kazakhstan


FOLS: Creditors Must File Claims by May 12
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Fols insolvent on Dec. 19, 2005.

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

         Kazybek bi Str. 50, Office 74-75
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-12-50
                       72-18-09


SALYS LTD: Creditors Must File Claims by July 13
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Salys Ltd. insolvent on Nov. 8, 2005.  Bankruptcy
proceedings were introduced at the company.

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

         Sadovnikova Str. 5
         Almaty, Kazakhstan
         Tel: 8 (3272) 99-69-32


SPARTA: Claims Registration Ends May 12
---------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Sparta insolvent on Feb. 10.

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

         Gogol Str. 177a
         Kostanai, Kazakhstan


STROI KOM: Court Sets July 13 Claims Bar Date
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Stroi Kom Up insolvent on Dec. 26, 2005.  Bankruptcy
proceedings were introduced at the company.

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

         Sadovnikova Str. 5
         Almaty, Kazakhstan
         Tel: 8 (3272) 99-69-32


VIRA: Court Sets May 12 Claims Bar Date  
---------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Vira insolvent on Dec. 26, 2005.  Bankruptcy proceedings
were introduced at the company.

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

         Micro District Mamyr-2 4-24
         Almaty, Kazakhstan
         Tel: 8 (3272) 57-10-19
              8 (3335) 62 62-33


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


GETRONICS N.V.: Release Unaudited First Quarter Trading Update
--------------------------------------------------------------
Getronics N.V. disclosed an unaudited trading update for Q1 2006
and will provide consolidated interim results at the half-year
stage.

First half-year results will be announced on Aug. 2.

Update Q1 2006*:

   -- total revenue increased 26% to EUR658 million, compared to       
      EUR523 million in 2005, mainly due to the acquisition of
      PinkRoccade;

   -- service revenue increased by 37% to EUR574 million,
      compared to EUR419 million in 2005, mainly due to the
      acquisition of PinkRoccade;

   -- on a comparable basis,** there was strong service revenue
      performance in the Netherlands (6.2%) and in the Rest of
      Europe (6.3%) and modest growth in Latin America (2.8%)
      and APAC/Japan (1.7%), which was partly offset by the
      negative developments in North America (-18.7%) due to the
      loss in 2005 of substantial parts of 2 major contracts;

   -- total service revenue growth on a comparable basis was
      1.2% in Q1 2006;

   -- service revenue per average employee increased in Q1 2006
      by 11% to EUR22,717 compared to EUR20,515 in Q1 2005;

   -- product revenue decreased by 19% to EUR84 million,
      compared to EUR104 million on 2005, as the Company
      continues to de-emphasize non-service related product
      sales;
     
   -- Revenue mix improved in Q1 to 87.2% services and 12.8%
      products, compared to 80.1% and 19.9% in 2005,
      respectively); and

   -- investments continue in Global Service Delivery, and the
      Company is currently undertaking major transition projects
      at a number of large international clients.  This has put
      some pressure on the overall profitability of the group in
      this seasonally weak quarter.

Getronics' outlook statement was provided on March 2, and was
repeated in the Annual Report 2005, published April 5.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* Unaudited results from continued operations.

** Growth on a comparable basis is derived by calculating
organic growth at constant rates assuming Getronics and
PinkRoccade were combined as of Jan. 1, 2005, instead of
March 14, 2005.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

                    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, following a profit  
warning.

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


L.V.I. HOLDING: S&P Affirms Corporate Credit Rating at B+
---------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on L.V.I. Holding N.V., the holding
company for the Carmeuse group, on CreditWatch with positive
implications, following the company's further debt reduction in
2005 and improved profitability.  

At the same time, Standard & Poor's placed its 'B+' long-term
rating on the senior secured debt issued by wholly owned
subsidiary Carmeuse Lime B.V. and guaranteed by L.V.I. on
CreditWatch with positive implications.

"The CreditWatch placement reflects L.V.I.'s deleveraging in
past years as a result of steadily improved operating
performance, particularly at its 100%-owned North American unit
and at its Central & Eastern Europe operations," said Standard &
Poor's credit analyst Khaled Zitouni.  

"Key credit protection measures, notably in terms of cash flow
coverage, and liquidity have improved substantially and exceed
levels needed for the current rating," he added.

While previously below par and very weak, the EBITDA margin at
CNA, the North American unit, improved in 2005, to move more in
line with the industry average and the group's European assets.  
In particular, this reflects Carmeuse's turnaround plans, which
include price controls and cost cutting.  At the same time, both
the liquidity situation and the cash flow generation have
improved from a previously tight situation.

L.V.I.'s other units, which are primarily located in Europe,
continued to display a good performance in 2005.

In resolving its CreditWatch placement, Standard & Poor's will
review the operational and market expectations for 2006 and
beyond, the financial policy, and the growth strategy.  The
review should occur over the next few weeks.


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


AGRO-PROM-SERVICE: Bankruptcy Hearing Slated for June 28
--------------------------------------------------------
The Arbitration Court of Kursk Region will convene at 11:40
a.m., on June 28, to hear the bankruptcy supervision procedure  
on limited liability company Agro-Prom-Service (TIN 4603003312)
at:

         K. Marksa Str. 25
         305004, Kursk Region, Russia

The case is docketed under Case No. A35-158/06 g.

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

         Post User Box 98
         308036, Belgorod-36,
         Russia
         Tel/Fax: (4722) 555-823

The Debtor can be reached at:

         Agro-Prom-Service
         Glushkovskiy Region, GLushkovo
         Lenina Str. 218
         307450, Kursk Region
         Russia


ALEKSEEVSKAYA: Bankruptcy Hearing Set for June 14
-------------------------------------------------
The Arbitration Court of Tatarstan Republic will convene on
June 14, to hear the bankruptcy supervision procedure on
decorative weaving factory OJSC Alekseevskaya (Case No. A65-
1070/2006-sg-39).

Ms. G. Iksakova has been appointed temporary insolvency manager
and can be reached at:

         Kazan, Sibirskiy Trakt, 34
         Post User Box 44
         420029, Tatarstan Republic
         Russia

The Debtor can be reached at:

         Alekseevskaya
         Alekseevka
         Tatarstan Republic, Russia


DOBRINKA-AGRO-STROY: Bankruptcy Hearing Set for May 25
------------------------------------------------------
The Arbitration Court of Lipetsk Region will convene at 10:30
a.m., on May 25, to hear the bankruptcy supervision procedure on
building company OJSC Dobrinka-Agro-Story (Case No. A36-
5004/2005).

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

         Post User Box 1414
         398006, Lipetsk Region
         Russia

The Debtor can be reached at:

         Dobrinka-Agro-Story
         Dobrinka, Lipetsk Region
         Russia  


DUBYAZSKIY BRICKWORKS: Bankruptcy Hearing Slated for May 16
-----------------------------------------------------------
The Arbitration Court of Tatarstan Republic will convene at 1:30
p.m., on May 16, to hear the bankruptcy supervision procedure on
close joint stock company Dubyazskiy Brickworks (Case no A65-
42027/2005-SG4-27).

Mr. F. Safin has been appointed temporary insolvency manager and
can be reached at:

         Kazan, Akademicheskaya Str. 2, 212
         420097, Tatarstan Republic
         Russia

The Debtor can be reached at:

         Dubyazskiy Brickworks
         Vysokogorskiy Region, Dubyazy
         Tatarstan Republic, Russia


ERTILSKOYE: Proofs of Claim Deadline Set for May 11
---------------------------------------------------
Creditors of Ertilskoye have until May 11, to submit their
proofs of claim to court-appointed insolvency manager Mr. A.
Kuznetsov at:

         Apartment 1, Anna, Proletarskaya Str. 10
         396250, Voronezh Region
         Russia

The Arbitration Court of Voronezh Region commenced bankruptcy
proceedings against the open joint stock company (Case No. A14-
18629-2005/146/7b).

The Debtor can be reached at:

         Ertilskoye
         Ertil, Tselinnaya Str. 2
         397033, Voronezh Region, Russia


IGLIN-SEL-ENERGO: Bankruptcy Supervision Procedure Begins
---------------------------------------------------------
The Arbitration Court of Bashkortostan Republic has commenced
bankruptcy supervision procedure on limited liability company
Iglin-Sel-Energo (TIN 0224006859).  The case is docketed under
Case No. A07-42586/05-G-PAV.

Mr. R. Shaymukhametov has been appointed temporary insolvency
manager and can be reached at:

         Ufa, Oktyabrya Pr. 15/1, 57
         450001, Bashkortostan Republic
         Russia

The Debtor can be reached at:

         Iglin-Sel-Energo
         M. Gorkogo Str. 8
         Iglinskiy Region, Iglino
         452410, Bashkortostan Republic
         Russia


SAMARA-FURNITURE-INTER-STROY: Succumbs to Bankruptcy
----------------------------------------------------
The Arbitration Court of Samara Region commenced bankruptcy
proceedings against Samara-Furniture-Inter-Story after finding
the close joint stock company insolvent (Case No. A55-
28360/2005).

Mr. O. Kurbanov has been appointed insolvency manager and can be
reached at:

         432063, Ulyanovsk, 1786, Russia

The Debtor can be reached at:

         Samara-Furniture-Inter-Stroy
         Kommunisticheskaya Str. 105
         443013, Samara Region, Russia


SIBERIAN OIL-GAS-EXPLORING: Claims Filing Period Ends May 11
------------------------------------------------------------
Creditors of Siberian Oil-Gas-Exploring Company (OGRN
1037000110366) have until May 11, to file their proofs of claim
to court-appointed insolvency manager Mr. L. Dmitriev at:

         Post User Box 970
         634058, Tomsk Region, Russia
         Tel/Fax: 8-3822-965-247/8-3822-965-216

The Arbitration Court of Tomsk Region commenced bankruptcy
proceedings against the limited liability company (Case No. A67-
8193/05).

The Debtor can be reached at:

         Siberian Oil-Gas-Exploring Company
         Tomsk, Zaozernyj Per. 16/3
         634009, Tomsk Region, Russia


UCHALINSKIY FEED: Under Bankruptcy Supervision
----------------------------------------------
The Arbitration Court of Bashkortostan Republic has commenced
bankruptcy supervision procedure on open joint stock company
Uchalinskiy Feed Mill.  The case is docketed as A07-40269/
05-G-ADM.

Mr. R. Gabbasov has been appointed temporary insolvency manager
and can be reached at:

         Ufa, Kommunisticheskaya Str. 111
         450077, Bashkortostan Republic
         Russia

The Debtor can be reached at:

         Uchalinskiy Feed Mill
         Uchaly, 30 Let Pobedy Str.
         Bashkortostan Republic, Russia


VERKHOVSKAYA NIVA: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Orel Region has commenced bankruptcy
supervision procedure on agro company OJSC Verkhovskaya Niva
(TIN 5705002743).  The case is docketed under A48-7093/05-16b.

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

         Livny, K. Marksa Str. 106
         303850, Orel Region, Russia

The Debtor can be reached at:

         Verkhovskaya Niva
         Verkhovskiy Region, Verkhovye
         Orel Region, Russia


=====================
S W I T Z E R L A N D
=====================


ABB LTD: U.S. Unit Taps Kirkpatrick as Bankruptcy Counsel
---------------------------------------------------------
ABB Lummus Global Inc., the U.S. subsidiary of Swiss ABB Ltd.,
asks the United States Bankruptcy Court for the District of
Delaware for permission to employ Kirkpatrick & Lockhart
Nicholson Graham LLP, as its bankruptcy counsel, nunc pro tunc
to Apr. 21.

Kirkpatrick & Lockhart will:

   a. provide legal advice with respect to the Debtor's powers
      and duties as a debtor-in-possession in the continued
      operation of its businesses and management of its
      properties;

   b. take all necessary legal action to protect and preserve
      the Debtor's Bankruptcy Estate, including the prosecution
      of actions on behalf of the Debtor, the defense of any
      actions commenced against the Debtor, negotiations
      concerning litigation in which the Debtor is involved, and
      objection to claims filed against the Debtor's bankruptcy
      estate;

   c. prepare on behalf of the Debtor all necessary motions,
      answers, orders, reports, and other legal papers on
      connection with the administration of its bankruptcy
      estate;

   d. assist the Debtor in connection with approval of its
      disclosure statement in accordance with Section 1125 of
      the Bankruptcy Code;

   e. assist the Debtor in confirming and consummating its
      prepackaged plan of reorganization at the earliest
      possible date;

   f. perform any and all other legal services for the Debtor in
      connection with its chapter 11 case; and

   g. perform such other legal services as the Debtor may
      request.

Jeffrey N. Rich, Esq., a member of Kirkpatrick & Lockhart, tells
the Court that the Firm's professional bill:

       Professional               Hourly Rate
       ------------               -----------
       Partners                   US$350-$625
       Counsel                    US$260-$385
       Legal Assistants           US$170-$210

Mr. Rich assures the Court that his firm is "disinterested" as
that term is defined in Section 101(14) of the Bankruptcy Court.

Headquartered in Houston, Texas, ABB Lummus Global Inc. --
http://www.abb.com/lummus/-- offers advanced process  
technologies, project management, engineering, procurement and
construction-related services for the oil and gas, petroleum
refining and petrochemical process industries.  The group
oversees the construction of process plants and offshore
facilities.  The company filed for chapter 11 protection on
Apr. 21, 2006 (Bankr. D. Del. Case No. 06-10401).  Jeffrey N.
Rich, Esq., at Kirkpatrick & Lockhart Nicholson Graham LLP,
represents the Debtor.  Laura Davis Jones, Esq., at Pachulski,
Stang, Ziehl Young, Jones & Weintraub, LLP, serves as the
Debtor's co-counsel.  When the Debtor filed for protection from
its creditors, it estimated more than US$100 million in assets
and debts.

Headquartered in Zurich, Switzerland, ABB Ltd. --
http://www.abb.com/-- provides power and automation   
technologies that enable utility and industry customers to  
improve performance while lowering environmental impact.  The  
ABB Group of companies operates in around 100 countries and  
employs about 103,000 people.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 3,  
Standard & Poor's Ratings Services was maintaining its credit  
ratings on Switzerland-based engineering services group ABB Ltd.  
(BB+/B) and related entities on CreditWatch with positive  
implications.

Conditional on the final successful resolution of the asbestos  
litigation settlement for U.S. subsidiary Combustion Engineering  
Inc., ABB's credit ratings will be raised to 'BBB-/A-3', with  
the senior unsecured debt to be raised to 'BB+'.  S&P said the  
outlook would be positive.


ABB LTD: Lummus Wants Pachulski Stang as Bankruptcy Co-Counsel
--------------------------------------------------------------
ABB Lummus Global Inc., the U.S. subsidiary of Swiss ABB Ltd.,
asks the United States Bankruptcy Court for the District of
Delaware for permission to employ Pachulski Stang Ziehl Young
Jones & Weintraub LLP, as its bankruptcy co-counsel, nunc pro
tunc to Apr. 21.

The Debtor tells the Court that it retained Pachulski Stang as
co-counsel in order to handle any matters that may arise in its
chapter 11 case that may create conflicts issues for Kirkpatrick
& Lockhart Nicholson Graham LLP.

The Debtor assures the Court that Pachulski Stang will
compliment and not duplicate the services of Kirkpatrick &
Lockhart.  The Debtor says that it will implement appropriate
procedures to ensure that there is minimal duplication in the
services rendered.

Pachulski Stang will:

   a. provide legal advice with respect to the Debtor's powers
      and duties as a debtor-in-possession in the continued
      operation of its businesses and management of its
      properties;

   b. take all necessary legal action to protect and preserve
      the Debtor's Bankruptcy Estate, including the prosecution
      of actions on behalf of the Debtor, the defense of any
      actions commenced against the Debtor, negotiations
      concerning litigation in which the Debtor is involved,
      and objection to claims filed against the Debtor's
      bankruptcy estate;

   c. prepare on behalf of the Debtor all necessary motions,
      answers, orders, reports, and other legal papers;

   d. assist the Debtor in connection with approval of its
      disclosure statement in accordance with Section 1125 of
      the Bankruptcy Code;

   e. assist the Debtor in confirming and consummating its
      prepackaged plan of reorganization at the earliest
      possible date;

   f. appear in Court and protect the interests of the Debtor
      before the Court; and

   g. perform all other legal services for the Debtor which may
      be necessary and proper in the Debtor's chapter 11 case
      and in any related proceedings.

Laura Davis Jones, Esq., a partner at Pachulski Stang, tells the
Court that she will bill US$675 per hour for this engagement.  

Ms. Jones says that the other professionals who will render
services bills:

         Professional                  Hourly Rate
         ------------                  -----------
         Scotta E. McFarland, Esq.        US$450
         Curtis A. Hehn, Esq.             US$350
         Patricia Cuniff, Esq.            US$155

Ms. Jones assures the Court that her firm is "disinterested" as
that term is defined in Section 101(14) of the Bankruptcy Court.

Headquartered in Houston, Texas, ABB Lummus Global Inc. --
http://www.abb.com/lummus/-- offers advanced process  
technologies, project management, engineering, procurement and
construction-related services for the oil and gas, petroleum
refining and petrochemical process industries.  The group
oversees the construction of process plants and offshore
facilities.  The company filed for chapter 11 protection on
Apr. 21, 2006 (Bankr. D. Del. Case No. 06-10401).  Jeffrey N.
Rich, Esq., at Kirkpatrick & Lockhart Nicholson Graham LLP,
represents the Debtor.  Laura Davis Jones, Esq., at Pachulski,
Stang, Ziehl Young, Jones & Weintraub, LLP, serves as the
Debtor's co-counsel. When the Debtor filed for protection from
its creditors, it estimated more than US$100 million in assets
and debts.

Headquartered in Zurich, Switzerland, ABB Ltd. --
http://www.abb.com/-- provides power and automation   
technologies that enable utility and industry customers to  
improve performance while lowering environmental impact.  The  
ABB Group of companies operates in around 100 countries and  
employs about 103,000 people.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 3,  
Standard & Poor's Ratings Services was maintaining its credit  
ratings on Switzerland-based engineering services group ABB Ltd.  
(BB+/B) and related entities on CreditWatch with positive  
implications.

Conditional on the final successful resolution of the asbestos  
litigation settlement for U.S. subsidiary Combustion Engineering  
Inc., ABB's credit ratings will be raised to 'BBB-/A-3', with  
the senior unsecured debt to be raised to 'BB+'.  S&P said the  
outlook would be positive.


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


BARKLI INVEST: Court Names Yuliya Marchenko Insolvency Manager
--------------------------------------------------------------
The Economic Court of Donetsk Region appointed Yuliya Marchenko
as Liquidator/Insolvency Manager for LLC Barkli Invest (code
EDRPOU 33621222).  He can be reached at:

         Tumanyan Str. 21/3
         83077 Donetsk Region, Ukraine

The Court commenced bankruptcy proceedings against the company
on March 9, after finding it insolvent.  The case is docketed
under Case No. 5/40-B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region, Ukraine

The Debtor is headquartered in:

         Novorosijska Str. 2A
         83009 Donetsk Region, Ukraine


DS TERMO: Kyiv Court Names I. Omelchenko as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. I. Omelchenko as
Liquidator/Insolvency Manager for CJSC DS TERMO (code EDRPOU
25410791).  He can be reached at:

         Kovpak Str. 29
         03150 Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
on Feb. 27, after finding the company insolvent.  The case is
docketed under Case No. 15/618-b.

The Economic Court of Kyiv Region is located at:

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

The Debtor is headquartered in:

         Zvirinetska Str. 72
         01014 Kyiv Region, Ukraine


KARPATI: Court Names T. Dmitrishin to Administer Assets
-------------------------------------------------------
The Economic Court of Lviv Region appointed Mr. T. Dmitrishin as
Liquidator/Insolvency Manager for Agricultural LLC Karpati (code
EDRPOU 01528298).  He can be reached at:

         Naberezhna Str. 17/32
         Chervonograd
         80100 Lviv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
on March 6, after finding it insolvent.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region, Ukraine

The Debtor is headquartered in:

         Sichovih Striltsiv Str. 96
         V. Sinyovidne
         Lviv Region, Ukraine


MAYAK: Court Commences Bankruptcy Supervision
---------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy
supervision procedure on Agricultural LLC Mayak (code EDRPOU
30749524) on March 9.  The case is docketed under Case No.
B 24/09-06.

Mr. T. Chagovets has been appointed temporary Insolvency Manager
and can be reached at:

         Shakespeare Str. 12-a, Office 5-a         
         61045 Harkiv Region, Ukraine

The Economic Court of Harkiv Region is located at:

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

The Debtor is headquartered in:

         Tavilzhanka
         Dvorichanskij District
         Harkiv Region, Ukraine


MAYAK: Court Names I. Nikiforov Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Economic Court of Cherkassy Region appointed Nikiforov I. As
temporary Insolvency Manager for Agricultural LLC Mayak (code
EDRPOU 04061576).  He can be reached at:

         Rizdvyana Str. 170
         Cherkassy Region, Ukraine

The company commenced bankruptcy supervision procedure on the
company.  The case is docketed under Case No. 14/729.
         
The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region, Ukraine

The Debtor is headquartered in:

         Volodarska Str. 109
         Shpola
         Cherkassy Region, Ukraine


STETSIVSKE: Court Begins Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Cherkassy Region commenced bankruptcy
supervision procedure on Agricultural LLC Stetsivske (code
EDRPOU 31963858).  The case is docketed under Case No. 10/4013.

Valentin Gavrilchenko has been appointed temporary Insolvency
Manager and can be reached at:

         Franko Str. 79
         18000 Cherkassy Region, Ukraine
         
The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region, Ukraine

The Debtor is headquartered in:

         Stetsivka
         Chigirin District
         20914 Cherkassy Region, Ukraine


TEKOM: Kyiv Court Taps Oleg Skvortsov to Liquidate Assets
---------------------------------------------------------
The Economic Court of Kyiv Region appoints Oleg Skvortsov as
Liquidator/Insolvency Manager for LLC Tekom (code EDRPOU
31282479).  He can be reached at:

         Repin Str. 17
         Yevpatoriya
         AR Krym Region, Ukraine

The Court commenced bankruptcy proceedings against the company
on March 3, after finding it insolvent.  The case is docketed
under Case No. 44/580-b.

The Economic Court of Kyiv Region is located at:

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

The Debtor is headquartered in:

         50-Richya Zhovtnya, 1-A
         03148 Kyiv Region, Ukraine


ZAGIRTSI: Ternopil Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Ternopil Region commenced bankruptcy
supervision procedure on LLC Zagirtsi (code EDRPOU 31092222).  
The case is docketed under Case No. 15/B-718.

Mr. V. Androshuk has been appointed temporary Insolvency Manager
and can be reached at:

         Sichovih Striltsiv Str. 67/33
         Berezhani
         Ternopil Region, Ukraine

The Economic Court of Ternopil Region is located at:

         Ostrozski Str. 14a
         46000 Ternopil Region, Ukraine

The Debtor is headquartered in:

         Vishnevetska Str. 35
         Lanivtsi
         Ternopil Region, Ukraine


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


ALLIED DOMECQ: S&P Removes BB Debt Ratings Off Watch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed, and removed from
CreditWatch, its 'BB' senior unsecured debt ratings on U.K.-
based wines and spirits manufacturer Allied Domecq Ltd. (Allied;
BB/Positive/B), and related entities.

The ratings were originally placed on CreditWatch with negative
implications on April 21, 2005, pending the possible resolution
of subordination issues following the acquisition of Allied by
France-based spirits manufacturer and marketer Pernod Ricard
S.A. (Pernod; BB/Positive/B).

The corporate credit ratings on Allied remain aligned with those
on Pernod.

The removal of the debt rating from CreditWatch reflects the
granting, by Pernod, of a guarantee to Allied's remaining
bondholders, that remedies--while it is in place -- the group's
structural subordination situation.  The guarantee, which will
remain valid until the repayment of the syndicated credit that
was set up by Pernod on April 21, 2005, resolves the lenders'
uneven access to group assets.

"Bank lenders at the Pernod level benefit, as part of the
syndicated credit, from a guarantee from most of the substantial
entities of the combined group, including Allied," said Standard
& Poor's credit analyst, Vincent Allilaire.  

"S&P will reassess the group's subordination issues, depending
on the evolution of its financing structure."

Only three outstanding bonds issued by Allied Domecq Financial
Services Ltd., and originally guaranteed only by Allied Domecq
Ltd., are not expected to be refinanced through the Pernod
group's multiyear, multi-tranche, EUR9.4 billion acquisition
facility, and now benefit from Pernod's guarantee.  These are:

  -- EUR600 million bond, maturing in 2009;
  -- GBP450 million bond, maturing in 2011; and
  -- GBP250 million bond, maturing in 2014.


COUNTY GLASS: Creditors Pass Winding Up Resolution
--------------------------------------------------
Creditors of County Glass and Timber Limited passed a resolution
to wind up the company during members' extraordinary general
meeting on March 7.

Kiran Mistry, of HKM LLP, was appointed Liquidator.

HKM LLP -- http://www.hkm.co.uk/-- is an independent and  
regulated firm of accountants, business and taxation advisors
and insolvency specialists.  

The company can be reached at:

         County Glass & Timber Limited
         Lingard Lane
         Bredbury Stockport
         Cheshire SK6 2QT
         United Kingdom
         Tel: 0161 406 7000
         Fax: 0161 406 6181


DAS AIR: Appoints BDO Stoy Hayward Administrator
------------------------------------------------
Malcolm Cohen and Antony David Nygate of BDO Stoy Hayward LLP
were appointed joint administrators of Das Air Engineering
Limited (Company Number 02788710) on April 12.

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

Headquartered in Surrey, England, Das Air Engineering Limited
offers schedules for air transport services.


DAVRO INDUSTRIAL: Winds Up Operations & Appoints Liquidator
-----------------------------------------------------------
Davro Industrial Fastenings Limited is liquidating its assets
after creditors passed a resolution to wind up the company's
operations on March 8.

Subsequently, Phillip Anthony Roberts was appointed Liquidator.

The company can be contacted at:

         Davro Industrial Fastenings Limited
         Unit E
         Level 2 New England House
         New England Street
         Brighton East
         Sussex BN1 4GH
         United Kingdom
         Tel: 01273 607 997
         Fax: 01273 608 007


DIAMOND CONCEPT: Joint Liquidators Take Over Operations
-------------------------------------------------------
Peter O'Hara and Simon Weir, both of O'Hara & Co, were appointed
Joint Liquidators of Diamond Concept Ceramics Limited after
creditors resolved to liquidate the company's assets on March 8.

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:

         Diamond Concept Ceramics Limited
         Curzon Business Centre
         Curzon Street
         Burton-On-Trent
         Staffordshire DE14 2DH
         United Kingdom
         Tel: 01283 511 556


EMI GROUP: Warner Music Turns Down US$4.23 Billion Takeover Bid
---------------------------------------------------------------
The Board of Directors for Warner Music Group Corp. rejected EMI
Group plc's bid to acquire all the outstanding shares of Warner
Music for US$4.23 billion, or US$28.50 per share, in a
combination of cash and EMI shares.

EMI Group submitted a "preliminary non-binding proposal" on
May 1, but was subsequently informed on May 2 that Warner did
not wish to enter into discussions regarding the proposal.  The
Warner Board determined that the proposal is not in the best
interests of their shareholders and unanimously rejected the
offer.

EMI's Board of Directors, however, continues to believe that an
acquisition of Warner Music by EMI would be very attractive to
both sets of shareholders but will only pursue a transaction
that delivers enhanced value and earnings accretion to EMI
shareholders.

Headquartered in London, EMI Group PLC --
http://www.emigroup.com//-- is the world's largest independent  
music company, operating directly in 50 countries and with
licensees in a further 20.  The group employs over 6,600 people.  
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

                           *    *    *

EMI Group's 8-1/4 percent notes due on May 20, 2008, carry
Moody's Ba1 rating since 2003.  

The same notes carry Standard & Poors' BB+ ratings since 2005.


GIZMONDO STUDIOS: Creditors Agree to Liquidate Assets
-----------------------------------------------------
Creditors of Gizmondo Studios Manchester Limited agreed to
liquidate the company's assets after proving that the company
could no longer continue its operations due to mounting debts.

Asher Miller, of David Rubin & Partners, was appointed
Liquidator.

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

The company can be reached at:

         Gizmondo Studios Manchester Limited
         10 Eden Place
         Cheadle Cheshire SK8 1AT
         United Kingdom
         Tel: 0161 610 3030
         Fax: 0161 610 3033


ENVESTA TELECOM: Board Recommends Winding-Up Proceedings
--------------------------------------------------------
The Board of Directors for Envesta Telecom PLC concluded that
there is no alternative but for the company to be wound up.  

The Board explored the possibility of the company entering a
corporate voluntary arrangement, which could give the company
the opportunity of restructuring to eventually recover some
value from shareholdings.  However, the company's principal
creditors did not support the proposed voluntary arrangement.

Envesta has no funds available to cover the cost of convening
the necessary shareholders' and creditors' meetings to put the
Company into voluntary liquidation, and the Board has sought the
financial support of the Company's dominant creditor to
facilitate this process.

The directors do not believe that, after completion of
liquidation there will be any recovery by the Company's
creditors, nor any surplus funds for distribution to the
Company's shareholders.

                      AIM Delisting

The Alternative Investments Market of the London Stock Exchange
cancelled Envesta's ordinary shares from trading effective
May 3, following the six-month suspension from trading of the
company's ordinary shares.  

Envesta disclosed on Nov. 8, 2005, the sale of its subsidiary
Seven Telecom Limited by its administrator.  Following the
completion of the sale, the company had a continuing debt to its
bank of approximately GBP900,000 with other creditors of
approximately GBP170,000.  

Headquartered in London, England, Envesta Telecom PLC --
http://www.envestatelecom.com/-- provides prepaid calling cards  
and other telecommunication services through its subsidiaries,
which include the prepaid services provider Seven Telecom.  The
company provided both managed wholesale and retail services,
Envesta Telecom plans to focus on retail sales, with a focus on
VoIP services and IP data delivery.  In 2005 the company
launched its Cheaper Call Rate service, which provides a way to
get around paying international rates for international calls.


EUROTUNNEL: Minority Bondholders Want to Take Part in Debt Talks
----------------------------------------------------------------
Arco, the newly formed committee of Eurotunnel's minority
bondholders, demands to be included in restructuring talks over
the tunnel operator's EUR9 billion debt, according to published
reports.

Arco is composed of European financial institutions representing
60% of bondholders who controls a third of Eurotunnel's GBP6.2
billion of debts.  Arco Chairman Jean-Pierre Mattei said the
bondholders want to be placed on the negotiating table "on an
equal, transparent basis," Les Echos relates.  

Arco said its members have yet to receive debt-restructuring
proposals from Eurotunnel despite a lapsed deadline weeks ago,
The Evening Standard reports.  "[Eurotunnel Chairman] Jacques
Gounon seems to want to ignore us," Mr. Mattei told Les Echos.  
"There is no cooperation for the moment.  The bond holding
creditors can't be left aside."

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

                        About the Company

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

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


J SMITHS: Hires Till Morris Partnership Administrator
-----------------------------------------------------
Duncan Roderick Morris of The Till Morris Partnership was
appointed administrator of J Smiths Haulage Limited (Company
Number 01360574) on April 19.

The administrator can be reached at:

         The Till Morris Partnership
         2 Church Street
         Warwick CV34 4AB
         United Kingdom

Headquartered in Derby, England, J Smiths Haulage Limited offers
freight transport by road services.


MERILAB LIMITED: Creditors' Meeting Set Today
---------------------------------------------
Creditors of Merilab Limited (Company Number 01736165) will meet
at 3:00 p.m., today, May 5, at:

         Premier Travel Inn
         Tapton Lock Hill off Rotherway
         Chesterfield S41 7NJ
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to:

         T. C. H. Ball
         Joint Administrator
         Mazars LLP
         Clifton Down House,
         Beaufort Buildings,
         Clifton
         Bristol BS8 4AN
         United Kingdom

Mazars -- http://www.mazars.com/-- is an international,  
integrated and independent organization, specialized in audit,
accounting, tax and advisory services.

Merilab Limited -- http://www.merilab.com/-- was established in  
the mid-1920s.  It is the oldest continual manufacturer of
production alignment equipment in the world.


NORTHFIELD NURSERIES: Taps Leonard Curtis to Administer Assets
--------------------------------------------------------------
N. A. Bennett and K. D. Goodman of DTE Leonard Curtis were
appointed administrators of Northfield Nurseries Limited
(Company Number 00791529) on April 19.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax  
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

The company can be reached at:

         Sewardstone Road
         London E4 7RG
         United Kingdom
         Tel: 02085290367   


NTS FURNITURE: Hires Administrator from Bond Partners
-----------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed administrator
of NTS Furniture Limited (Company Number 05353589) on March 31.

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

Headquartered in London, NTS Furniture Limited manufactures
furniture and veneers.


OMIGA GLASS: Appoints Joint Administrators from Grant Thornton
--------------------------------------------------------------
Richard Hawes and Nigel Morrison of Grant Thornton U.K. LLP were
appointed joint administrators of Omiga Glass Centre Limited
(Company Number 03034186) on April 7.  Its registered office is
at Unit 2, Bryn Brithdir, Oakdale Business Park, Blackwood NP12
4AA.

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- provides a comprehensive  
range of business advisory services from around 540 offices in
over 110 countries worldwide.  

Headquartered in Newport, England, Omiga Glass Centre Ltd.
offers painting and glazing services.


PGI (UK): Taps David Rubin & Partners to Administer Assets
----------------------------------------------------------
David Rubin and Asher Miller of David Rubin & Partners were
appointed administrators of PGI (U.K.) Limited (Company Number
02205438) on April 20.

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


PLASWOOD PRODUCTS: Hires Joint Administrators from Baker Tilly
--------------------------------------------------------------
Nigel Millar and Adrian Allen of Baker Tilly were appointed
joint administrators of Plaswood Products Limited (Company
Number 02400126) on April 12.

Headquartered in Birmingham, Baker Tilly --
http://www.bakertilly.co.uk/-- is a leading independent firm of  
chartered accountants and business advisers in the United
Kingdom.  The firm's annual fee income is over GBP168 million
and is part of a global network, which has 122 member firms in
85 countries as an independent member of Baker Tilly
International.

Plaswood Products Limited -- http://www.plaswood.co.uk/--  
manufactures joinery products.


R&B AUTOMOBILES: Appoints KPMG Administrator
--------------------------------------------
David John Crawshaw and James Douglas Ernie Money of KPMG LLP
were appointed joint administrators of R&B Automobiles Limited
(Company Number 2097901) on April 10.

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

The company offers automotive services.


R.KUIT & ASHLEY: Hires Begbies Traynor Administrator
----------------------------------------------------
Peter Sargent and Michael Saville of Begbies Traynor were
appointed joint administrators of R.Kuit & Ashley Ltd. (Company
Number 03319351) on April 10.  Its registered office is at 404
Liverpool Road, Platt Road, Hindley, Wigan WN2 3UE.

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.  

The company manufactures knitwear and can be reached at:

         404 Liverpool Road
         Platt Bridge, Wigan
         Lancashire WN2 3UE
         United Kingdom
         Tel: 01942866057   


RANK GROUP: Repurchases 1,000,000 Shares for Cancellation
-------------------------------------------------------
The Rank Group PLC purchased 1,000,000 ordinary shares of 10
pence in the Company on May 3, for cancellation at an average
price of 225.2375 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.


REALLY USEFUL: Fitch Affirms GBP38-Mil Fixed-Rate Notes at BB
-------------------------------------------------------------
Fitch Ratings affirmed Really Useful Theatres Finance Limited's
notes as:

   -- Class A1 GBP3.1 million secured floating-rate notes due   
      2013 at A;

   -- Class A2 GBP19 million secured 7.8608% fixed-rate notes
      due 2020 at A; and

   -- Class B GBP38 million secured 8.717% fixed-rate notes due
      2027 at BB.

This affirmation follows a review of the recent financial
performance to December 2005, which reported trailing 12-month
EBITDA debt service coverage ratio of 1.54x, compared with 1.50x
in 2004.


RETRO HOUSE: Hires Grant Thornton Administrator
-----------------------------------------------
Andrew Lawrence Hosking and Nicholas Stewart Wood of Grant
Thornton were appointed joint administrators of Retro House
Limited (Company Number 04448972) on April 4.

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- provides a comprehensive  
range of business advisory services from around 540 offices in
over 110 countries worldwide.  


SAHA LIMITED: Begins Winding Up Proceedings
-------------------------------------------
Saha (Gallery) Limited is winding up its operations after
creditors decided to liquidate the company's assets on March 1.

They authorized Peter Anthony Jackson to liquidate the company's
assets.

Jackson Gregory & Co -- http://www.jacksongregory.co.uk/ --  
specializes in debt restructuring and business recovery.

The company can be reached at:

         Saha (Gallery) Limited
         12-13 Waterloo Street
         Clifton
         Bristol Avon BS8 4BT
         United Kingdom
         Tel: 0117 317 9696
         Fax: 0117 317 9697
         Web: http://www.saha-gallery.com/


SEA CONTAINERS: Expects Going Concern Opinion in Delayed 10-K
-------------------------------------------------------------
Sea Containers Ltd. disclosed that it is not yet in a position
to file its annual report with the U.S. Securities and Exchange
Commission because it has not completed its 2005 Form 10-K and
its internal processes with respect to applicable
certifications.

The Company has continued to:

     (i) progress the proposed sale of the Silja ferry business
         and other ferry assets;

    (ii) discuss appropriate amendments and waivers of covenants
         with its bank groups; and

   (iii) work on completing its 2005 annual report on Form 10-K.  

The Company anticipates, upon completion of these processes,
that it will receive an unqualified audit report on the 2005
consolidated financial statements from its independent auditors,
which the Company expects will include an explanatory paragraph
raising substantial doubt about Sea Containers' ability to
continue as a going concern due to related uncertainties.

Sea Containers has incurred operating losses in the years ended
Dec. 31, 2005 and 2004 and anticipates operating losses through
at least 2006.  The 2005 losses included significant impairment
charges taken in the fourth quarter.  These impairment charges
impacted the Company's net worth.  At Dec. 31, 2005, Sea
Containers was not in compliance with certain financial
covenants and other requirements in various credit facilities.

                     Event of Default

The Company's failure to comply with these financial covenants
and other requirements constitutes an event of default under
some of its credit facilities.  Sea Containers is currently in
discussions with affected lenders regarding waivers or
amendments of the events of default, as well as prospective
waivers or amendments in respect of certain credit facilities.  
No lender has taken any action to exercise remedies in respect
of any events of default.

The Company's liquidity going forward will depend upon, among
other things:

     (i) its ability to eliminate operating losses and generate
         sustainable positive cash flow;

    (ii) the results of its efforts to sell the ferry business
         and assets; and

   (iii) the uses of remaining net cash proceeds from asset
         sales in light of its obligations under the public note
         indentures.  

Sea Containers management is preparing a business plan that will
be used to develop its view of the appropriate level of debt
capacity and the appropriate range of values of the Company.

In turn, the foregoing will inform the Company's approach with
respect to the stakeholders in any restructuring.  At this time,
no assurance can be given as to the results of any restructuring
including the impact upon creditors and equity holders.  Sea
Containers is considering a range of strategic and financial
alternatives.  The Company is working, and will continue to
work, to maximize the value of the Company for the benefit of
its stakeholders and intends to engage the public note holders
and other stakeholders.

                       About Sea Containers

Headquartered in London, England, Sea Containers (NYSE: SCRA and
SCRB) -- http://www.seacontainers.com/-- engages in passenger  
and freight transport and marine container leasing.  U.S.
shareholders primarily own the Bermuda-registered company and
its common shares have been listed on the New York Stock
Exchange (SCRA and SCRB) since 1974.


SEA CONTAINERS: Arbitrator Wants GE Repaid for Service Breaches
---------------------------------------------------------------
Sea Containers Ltd. received on April 28, the decision in the
arbitration regarding its dispute with GE Capital relating to GE
SeaCo -- the container leasing joint venture established between
the Company and GE Capital in 1998.

The arbitrator ruled that GE SeaCo suffered damages with respect
to four of the fifteen alleged breaches of the Services
Agreement by which Sea Containers provides certain services to
GE SeaCo.

These four breaches concerned:

     a) GE SeaCo's administration or management of the Company's
        containers on leases with customers in countries subject
        to U.S. trade controls;

     b) the calculation of the amount of office rent charged to
        GE SeaCo;

     c) the costs related to certain swapbody containers GE
        SeaCo purchased from a factory of Sea Containers; and

     d) the allocation between the Company and GE SeaCo of
        consulting fees paid to a former GE SeaCo officer.

The arbitration award directs the parties to attempt to agree
upon the amount to be reimbursed to GE SeaCo as a result of
these four breaches.  The arbitrator rejected claims by GE
Capital that GE SeaCo was entitled to recover the fees paid to
Sea Containers since the inception of the joint venture and that
GE SeaCo was damaged by other alleged breaches of the Services
Agreement.  

Based on assertions made by GE Capital during the arbitration
and taking into account the amounts Sea Containers has already
repaid to GE SeaCo to cure any alleged breaches, the Company
expects the additional amount that it will be required to pay
will be less than US$13 million, although GE Capital recently
stated that it believes the additional amount exceeds US$15
million.  If the parties are unable to agree on the amount of
damages, the arbitrator will decide the issue after receiving
further submissions from the parties.  The economic effect of
the Company's payment of additional damages to GE SeaCo will be
partially offset because a large portion of that payment will
inure to Sea Containers as a result of its ownership interest in
GE SeaCo.

In addition, based on the four breaches described above and two
additional breaches of the Services Agreement that did not
result in damages to GE SeaCo, the arbitrator ruled that the
Services Agreement would be deemed terminated on May 28.  The
Services Agreement allows GE SeaCo, at its option, to continue
the agreement for up to one year.  The economic impact of the
termination of the Services Agreement cannot be quantified at
this time.  The arbitration award also requires the Company to
pay the arbitration costs of GE Capital, including reasonable
attorneys' fees.

                       About Sea Containers

Headquartered in London, England, Sea Containers (NYSE: SCRA and
SCRB) -- http://www.seacontainers.com/-- engages in passenger  
and freight transport and marine container leasing.  U.S.
shareholders primarily own the Bermuda-registered company and
its common shares have been listed on the New York Stock
Exchange (SCRA and SCRB) since 1974.


                        *     *     *

Moody's Investors Service downgraded all debt ratings of Sea
Containers Ltd. -- corporate family rating to Caa1.  The ratings
remain under review for possible downgrade, continuing the
review initiated on March 23, 2006.  The rating actions
reflected the continuing uncertainty of Sea Containers'
financial position and liquidity, due to a further unspecified
delay in the filing of the Form 10-K for 2005 and the likely
delay in the filing of the Form 10-Q for the first quarter of
2006, as well as the uncertainty of Sea Containers' current cash
burn rate coupled with the on-going challenges in each of the
operating segments.

At the same time, Standard & Poor's Ratings Services lowered its
ratings on Sea Containers Ltd., including lowering the corporate
credit rating to 'CCC-' from 'CCC+'.  All ratings remain on
CreditWatch with negative implications; ratings were initially
placed on CreditWatch on Aug. 25, 2005, and lowered on Feb. 16,
2006, and again on March 24, 2006.
     
The rating action followed the company's announcement that it is
continuing to evaluate a range of strategic and financial
alternatives, including the "appropriate level of debt capacity,
with the intent to engage the public note holders and other
stakeholders."


SEA CONTAINERS: 10-K Delay Prompts Moody's to Junk Debt Ratings
---------------------------------------------------------------
Moody's Investors Service downgraded all debt ratings of Sea
Containers Ltd -- corporate family rating to Caa1.  The ratings
remain under review for possible downgrade, continuing the
review that was initiated on March 23.

The rating actions reflect the continuing uncertainty of Sea
Containers' financial position and liquidity, due to a further
unspecified delay in the filing of the Form 10-K for 2005 and
the likely delay in the filing of the Form 10-Q for the first
quarter of 2006, as well as the uncertainty of Sea Containers'
current cash burn rate coupled with the on-going challenges in
each of the operating segments.

Moody's is concerned about the adequacy of Sea Containers'
liquidity for meeting debt maturities as scheduled, particularly
a US$115 million note due October 15, 2006.

This concern is heightened by Sea Container's disclosure that it
now expects to incur losses from operations throughout 2006.  
The company also disclosed that once the financial statements
are completed, the independent auditors are expected to provide
an unqualified audit opinion in which the auditors will raise
substantial doubt about Sea Containers' ability to continue as a
going concern.

Moody's believes that the window for realizing a reasonable
price from the sale of Silja Oy Ab is diminishing as the
Baltic's peak summer ferry season nears.  As well, provisions in
the indenture of the 10.50% Unsecured Notes due 2012 could
require the company to tender for certain of its public notes,
which could limit the cash balances available for meeting other
scheduled debt maturities.  Moreover Sea Containers' disclosed
its intent to "engage the public note holders" as part of its
plans to restructure its operations, which could imply a debt
restructuring.

The Caa2 senior unsecured rating reflects Moody's expectation
that note holders could receive less than full recovery in a
negotiated debt restructuring.  The B3 rating on the $85 million
senior secured credit facility is up one notch from the
corporate family rating, because the facility is secured by a
portion of Sea Containers' legacy container fleet, and Moody's
believes the realizable value of the related container
collateral would be sufficient to cover this facility's
obligation in the event of liquidation.

All ratings remain on review for further downgrade due to the
heightened prospects of a debt restructuring given Sea
Containers' intent to hold discussions with public note holders,
and the uncertainties of the timing of the closing of a sale of
Silja Lines.

In its review, Moody's will focus on the resolution of the
prompt sale of Silja Lines.  With respect to the potential sale
of Silja Lines, Sea Containers could be challenged to close a
transaction before the quickly approaching peak summer ferry
season, and Moody's believes that a closing beyond June 2006
could be for lower value since the benefit of peak traffic would
not accrue to the acquirer.  Additionally, the sale transaction
will likely require regulatory approval which could delay the
closing of a transaction.

In addition, provisions in the indenture governing the notes due
2012, could require Sea Containers to use some of the proceeds
from the sale of the Orient Express shares to tender for certain
of the notes outstanding.

The Indenture requires 75% of Excess Cash Proceeds from sales of
shares of Oriental Express to be returned to note holders via
tender offers. These tenders, if required, will significantly
reduce Sea Containers liquidity.

Sea Containers last reported cash of approximately $89 million
as of September 30, 2005, and subsequently sold the Orient
Express shares for gross proceeds of approximately $300 million.

Ratings downgraded:

    1) Sea Containers Ltd.:
       
        -- Corporate Family Rating to Caa1 from B2
        -- senior secured to B3 from B2
        -- senior unsecured to Caa2 from B3 and
        -- Issuer Rating to Caa2 from B3

Sea Containers Ltd. headquartered in Hamilton Bermuda, is a
provider of ferry services, primarily in the Baltic Sea, the
franchisee-operator of the Great Northern Railroad in the U.K.,
and a lessor of cargo containers to the shipping industry.


SEA CONTAINERS: S&P Lowers Corp. Credit Rating to CCC- from CCC+
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Sea
Containers Ltd., including lowering the corporate credit rating
to 'CCC-' from 'CCC+'.  All ratings remain on CreditWatch with
negative implications; ratings were initially placed on
CreditWatch on Aug. 25, 2005, and lowered on Feb. 16, and
again on March 24.
     
The rating action follows the company's announcement that it is
continuing to evaluate a range of strategic and financial
alternatives, including the "appropriate level of debt capacity,
with the intent to engage the public note holders and other
stakeholders."  

"The announcement appears to imply that the company could
approach note holders with a proposal to restructure their
debt," said Standard & Poor's credit analyst Betsy Snyder.  "If
such a restructuring were to occur and did not provide full
value to the note holders, ratings on these notes would likely
be lowered to 'SD'."
     
Sea Containers expects its 2005 financial statements to include
language "raising substantial doubt about the company's ability
to continue as a going concern."  In addition, late last week
the company received the decision regarding its dispute with GE
Capital relating to GE SeaCo, and is "evaluating the
consequences of the decision for the company," and will make an
announcement shortly.

In the meantime, the company is continuing with the sale of its
ferry assets.  The company had previously stated that its exit
from the ferry operations would result in a noncash, pretax
impairment charge of approximately $500 million, to be taken in
the fourth quarter of 2005.  The charge would reduce Sea
Containers' net worth by approximately $475 million, and result
in noncompliance with certain net worth covenants in certain of
its bank agreements.  The company is currently in discussions
with the bank lenders regarding covenant waivers or amendments.  
If the company is unsuccessful with its restructuring plans, a
Chapter 11 bankruptcy filing could result.
     
Standard & Poor's will monitor the:

   * potential financial restructuring of the company;
   * progress on the sale of the ferry operations;
   * progress on waivers or amendments to the covenants in the
     bank facilities; and
   * resolution of the arbitration with General Electric

to resolve the CreditWatch.


SEABIRD CONTAINERS: Taps Bond Partners to Administer Assets
-----------------------------------------------------------
Theodolous Papanicola of Bond Partners LLP was appointed
administrator of Seabird Containers Limited (Company Number
04548643) on April 12.

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

Seabird Containers Ltd. manufactures wooden containers and can
be reached at:

         Unit 2/Grateley Business Pk
         Cholderton Road
         Andover
         Hampshire SP11 8SH
         United Kingdom
         Tel: 01264 889050  
         Fax: 01264 889051


SITTING PRETTY: Creditors Resolve to Wind Up Operations
-------------------------------------------------------
Sitting Pretty Furnishings Limited is liquidating its assets
after creditors resolved to wind up the company's operations on
March 14.

Gary Stones was appointed Liquidator.

The company can be reached at:

         Sitting Pretty Furnishings Limited
         Pontardulais Road
         Cross Hands Llanelli
         Dyfed SA14 6NT
         United Kingdom


SOLUTIONS BUSINESS: Creditors Confirm Voluntary Liquidation
-----------------------------------------------------------
Creditors of Solutions Business Publishing Limited confirmed the
company's voluntary liquidation after creditors passed a
resolution to wind up the company on March 9.

Creditors also ratified the appointment of Paul Michael Davis
and Timothy John Edward Dolder, of Begbies Traynor (South) LLP,
as Joint Liquidators.

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

The company can be reached at:

         Solutions Business Publishing Limited
         Airport House
         Purley Way
         Croydon CR0 0XZ
         United Kingdom
         Tel: 01883 629 930


SOUTH HERTS: Appoints PricewaterhouseCoopers Administrator
----------------------------------------------------------
Stephen Mark Oldfield and Michael John Andrew Jervis of
PricewaterhouseCoopers LLP were appointed administrators of
South Herts Waste Management Limited (Company Number 02688528)
on April 19.  

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

South Herts Waste Management -- http://www.shwm.co.uk/-- is a  
privately owned waste management company that provides flexible
solutions to all customer requirements, whether they are for
local authorities or commercial customers.


V T TECHNOLOGY: Meeting of Creditors Slated for May 10
------------------------------------------------------
Creditors of V T Technology Limited (Company Number 04955830)
will meet at 10:00 a.m., on May 10, at:

         St. Nicholas House
         31 Park Row
         Nottingham NG1 6FQ
         United Kingdom

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

         A. W. Graham
         Joint Administrator
         KPMG LLP
         2 Cornwall Street
         Birmingham B3 2DL
         United Kingdom

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


VISCOUNT TOWN: Creditors' Meeting Slated for May 8
--------------------------------------------------
Creditors of Viscount Town And Country Homes Limited (Company
Number 04595095) will meet at 10:30 a.m., on May 8, at:

         UHY Hacker Young
         St Alphage House
         2 Fore Street
         London EC2Y 5DH
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 p.m., on May 7, to:

         Andrew Andronikou
         Joint Administrator
         UHY Hacker Young
         St Alphage House
         2 Fore Street
         London EC2Y 5DH
         United Kingdom
         Tel: 020 7216 4600
         Fax: 020 7638 2159


* Revival of M&A Weakens EMEA Industrial Credit Profiles
--------------------------------------------------------
Fitch Ratings said that the credit profiles of industrial
companies in EMEA are at risk of weakening as a result of the
revival of mergers and acquisitions activity in the region.  
Sectors where M&A event risk is particularly high includes auto
supply, building materials, construction, chemicals and metals &
mining.

Author of the report and Head of Fitch's EMEA Industrials team,
Monical Insoll disclosed, "In view of the debt-funded
characteristics of most M&A activity, the effect on credit
profiles will on balance be negative in the short to medium
term."

European M&A has risen rapidly, reaching US$1.136 trillion in
2005.  With the first quarter of 2006 having already seen US$458
billion of deals, indications are that this year will be even
more active.  While the energy and utilities sector has
accounted for a significant amount of activity, industrial
sectors such as metals & mining, chemicals and building
materials have also been buoyant.  

Notable deals include Mittal Steel's EUR18 billion bid for
Arcelor, Linde's GBP8 billion bid for BOC and BASF's US$4.9
billion offer for Engelhard.  Emerging markets regions,
especially China and India, are also important target areas.

With transactions predominantly debt-funded, the M&A boom is
reflected in the strong increase in bond issuance by European
companies.  EMEA issuance of EUR79.3 billion for the first
quarter of 2006 exceeded that of the first half of 2005, of
which EUR26.9 billion was accounted by industrial companies.

On an annualized basis, this would imply total EMEA bond
issuance of some EUR320 billion in 2006, with one third of that
amount accounted for by industrials -- an all time high.  
Corporate hybrid bonds are expected to feature in many of the
M&A funding structures, as they contain elements of both debt
and equity.

Fitch continues to expect a somewhat weakened European corporate
credit trend for 2006, with downgrades probably outnumbering
upgrades.  The global corporate credit cycle showed signs of
turning in 2005, following a strong year in 2004.  

On a worldwide basis, economic activity has been resilient, with
commodity prices firm and consumer spending solid.  Negative
factors include continued aggressive shareholder-friendly
actions such as share repurchases, special dividends, asset
sales and corporate break-ups.  

Within the EMEA industrials portfolio, the bias is negative: as
at May 2, five ratings were on Rating Watch Negative and five on
Negative Outlook, while only two had a Positive Outlook.


                           *********


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
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Information contained herein is obtained from sources believed
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