TCREUR_Public/060508.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, May 08, 2006, Vol. 7, No. 90     

                            Headlines


F R A N C E

ALCATEL S.A.: Forms Joint Integration Team with Lucent
ALCATEL S.A.: Filing Registration Statement with U.S. SEC
EUROPCAR GROUPE: S&P Rates EUR250-Mln Sr. Secured Notes at BB
LOCINDUS SA: Moody's Cuts Financial Strength Rating to C


G E R M A N Y

BEQIRI BAU: Creditors' Meeting Slated for May 11
FAT FORDER: Claims Registration Ends May 11
HERHOLZ & SCHULZ: Claims Registration Ends May 15
NEU_TEC: Creditors' Meeting Slated for May 29
POHLMANN GALA: Claims Registration Ends May 11

SCHIFFSWERFT JOHNK: Claims Registration Ends May 12
SGL CARBON: S&P Lifts Long-Term Corp. Credit Rating to BB-
TREND-BAU: Claims Registration Ends May 11
TWW GMBH: Claims Registration Ends May 12
VISITAS PFLEGESERVICE: Creditors' Meeting Slated for May 11

ZIMMEREI LUHN: Claims Registration Ends May 12


I R E L A N D

ELAN CORPORATION: Cuts First Quarter Net Loss to US$33.3 Million


I T A L Y

FIAT SPA: Earns EUR151 Million in First Quarter 2006
FIAT SPA: Plans to Issue EUR1 Billion Five-Year Eurobond


K A Z A K H S T A N

AKTOBE LADA: Aktube Court Opens Bankruptcy Proceedings
ANK ALTYN: Creditors Must File Claims by May 15
DAEWOO ENGINEERING: Creditors' Claims Due May 15
DULAT-STROI: Creditors' Claims Due May 15
HOTEL ALMATY: Proofs of Claims Deadline Slated for May 15

KISANOV-A: Almaty Court Starts Bankruptcy Process
LEPSINSK HARDWARE: Court Rules on Compulsory Liquidation
RAIYS: Creditors Must File Claims by May 15
SHAGALA: Proofs of Claims Deadline Slated for May 15
ZOLOTOI KOLOS-1: Court Sets May 15 Claims Bar Date


L U X E M B O U R G

SGL CARBON: S&P Lifts EUR270 Million Subordinated Bonds to B


N E T H E R L A N D S

MOBIFON HOLDINGS: Vodafone Merger Spurs Moody's Rating Upgrades
VNU N.V.: Valcon Increases Purchase Offer to EUR8.7 Billion


R U S S I A

FACTORY OF BUILDING MATERIALS: Bankruptcy Hearing Set for July 3
IMPEXBANK: Fitch Retains Individual Rating at D/E
IRKUTSKENERGO: S&P Raises Long-term Corp. Credit Rating to B+
LOGGING DEPOT: Undergoes Bankruptcy Supervision Procedure
MOS-BRED-TORG-YUG: Claims Filing Period Ends May 11

NIZHEVOLSKAYA AGRICULTURAL: Claims Registration Ends May 11
NOVOTORYALSKIY: Bankruptcy Hearing Slated for July 1
RAPSOD TRADE: Moody's Assigns (P)Caa1 Corporate Family Rating
RUBY: Omsk Court Commences Bankruptcy Proceedings
RYBINSKIY RIVER: Proofs of Claim Deadline Slated for May 11

STARCH-TREACLE FACTORY: Claims Registration Ends May 11
STERLITAMAKSKAYA: Proofs of Claim Deadline Slated for May 11
URMANSKIY DAIRY: Undergoes Bankruptcy Supervision Procedure


S W I T Z E R L A N D

ABB LTD: ABB Lummus Sets Section 341(a) Meeting for May 30


U K R A I N E

CHERVONIJ ZHOVTEN: Court Names O. Mironova as Liquidator
KSIBONE: Court Taps Grigorij Usik as Insolvency Manager
MICHURINA: Zaporizhya Court Commences Bankruptcy Proceedings
NOTNA: Donetsk Court Opens Bankruptcy Proceedings
PERSHE TRAVNYA: Court Starts Bankruptcy Supervision

PIVDENINTEH: Court Names Talan Rostislav as Liquidator


U N I T E D   K I N G D O M

BASINGSTOKE PRESS: Appoints UHY Hacker Young Administrator
CABLE & WIRELESS: Releases Year-End Results on May 25
GRANGE BAKERY: Hires Tomlinsons to Administer Assets
ISIS MODELS: Creditors Confirm Voluntary Liquidation
J.J. PRODUCTS: Winds Up Operations & Appoints Liquidator

JEFFERSON MAINE: Names Richard Ian Williamson as Liquidator
K.C. SATELLITE: Creditors Resolve to Liquidate Company's Assets
LIFTRITE MATERIALS: Appoints Fisher Partners Administrator
MULTI-SHOT APPLICATIONS: Hires Hurst Morrison Administrator
PIVOTELLI LIMITED: Begins Winding Up Operations

PRIORITY SERVICES: Joint Liquidators Take Over Operations
RANK GROUP: Repurchases 500,000 Shares for Cancellation
RESIDENTIAL PROPERTY: Creditors Pass Winding Up Resolution
RYMARK COMPANY: Claims Filing Period Ends May 12
SAMI FASHIONS: Creditors Agree to Liquidate Company's Assets

SPRING VALE: Appoints Andrew Michaels & Co. to Administer Assets
TAILOR-MADE FILMS: Hires Rothman Pantall Administrator
TECHNOCRANE LIMITED: Financial Woes Trigger Liquidation
WEARPARTS LIMITED: Taps Stoy Hayward to Administer Assets
WOW STUFF: Appoints Joint Administrators from Moore Stephens

YORKSHIRE DESIGN: Hires XL Business Solutions Ltd. Administrator

                            *********

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


ALCATEL S.A.: Forms Joint Integration Team with Lucent
------------------------------------------------------
Alcatel S.A. and Lucent Technologies introduced the formation of
the team that will lead both companies' integration and
transition planning efforts.  The joint Integration Team will
consist of an Integration Program Office, dedicated Work Groups,
and a Steering Council.

The Integration Program Office will be responsible for the
overall project planning, schedule and results.  As previously
announced, Christian Reinaudo was appointed EVP Program Office
Leader for Alcatel.  Janet Davidson, Chief Strategy Officer of
Lucent was appointed EVP Integration Program Office Leader for
Lucent Technologies.

The Work Groups will be responsible for the detailed integration
and transition plans for their functional areas consistent with
overall project goals and objectives, including synergy
realization.  A dedicated person per function from each of the
companies will be part of these Work Groups.

The Steering Council will supervise the integration planning
efforts to ensure that all project objectives and goals are met,
including expected synergies.  The members representing Alcatel
are:

  (a) Mike Quigley, Alcatel's President and chief operating
      officer

  (b) Jean-Pascal Beaufret, Alcatel's chief financial officer,
      and

  (c) Christian Reinaudo

The members representing Lucent Technologies are:

  (a) Frank D'Amelio, Lucent's chief operating officer,
  (b) John Kritzmacher, Lucent's chief financial officer, and
  (c) Janet Davidson.

Serge Tchuruk, Alcatel's Chairman and CEO, and Patricia Russo,
Lucent Technologies' Chairman and CEO, will co-chair the overall
integration process, make final decisions and ensure reporting
to their respective Board of Directors.

                          About Lucent

Headquartered in Murray Hill, New Jersey, Lucent Technologies --
http://www.lucent.com/-- designs and delivers the systems,  
services and software that drive next-generation communications
networks.  Backed by Bell Labs research and development, Lucent
uses its strengths in mobility, optical, software, data and
voice networking technologies, as well as services, to create
new revenue-generating opportunities for its customers, while
enabling them to quickly deploy and better manage their
networks.  Lucent's customer base includes communications
service providers, governments and enterprises worldwide.

                         About Alcatel

Headquartered in Paris, France, Alcatel S.A. --
http://www.alcatel.com/-- provides communications solutions to  
telecommunication carriers, Internet service providers and
enterprises for delivery of voice, data and video applications
to their customers or employees.  Alcatel brings its leading
position in fixed and mobile broadband networks, applications
and services, to help its partners and customers build a user-
centric broadband world.  With sales of EURO 13.1 billion and
58,000 employees in 2005, Alcatel operates in more than 130
countries.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 28,
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on France-based telecommunications
equipment maker Alcatel on CreditWatch with negative
implications.

At the same time, Standard & Poor's placed its 'B' long-term
corporate credit rating on U.S.-based Lucent Technologies Inc.
on CreditWatch with positive implications. Standard & Poor's
affirmed its 'B' short-term corporate credit rating on Alcatel
and its 'B-1' short-term corporate credit rating on Lucent.


ALCATEL S.A.: Filing Registration Statement with U.S. SEC
---------------------------------------------------------
Alcatel S.A. and Lucent Technologies intend to file relevant
materials with the U.S. Securities and Exchange Commission,
including the filing by Alcatel with the SEC of a Registration
Statement on Form F-6 and a Registration Statement on Form F-4.  
The filing will include:

   -- a preliminary prospectus and related materials to register
      the Alcatel American Depository Shares; and

   -- the Alcatel ordinary shares underlying such Alacatel ADSs,
      to be issued in exchange for Lucent common shares.

Lucent and Alcatel plan to file with the SEC and mail to their
respective stockholders a Proxy Statement/Prospectus relating to
the proposed transaction.

The Registration Statements and the Proxy Statement/Prospectus
will contain important information about Lucent, Alcatel, the
transaction and related matters.  

Investors and security holders are urged to read the
Registration Statements and the Proxy Statement/Prospectus
carefully when they are available.  

Copies of the Registration Statements and the Proxy
Statement/Prospectus and other documents filed with the SEC by
Lucent and Alcatel may be obtained at no charge at
http://www.sec.gov/or from:  

         Lucent Technologies
         Investor Relations
         600 Mountain Avenue
         Murray Hill
         New Jersey 07974
         Tel: 908-582-8500
         Web: http://www.lucent.com/

         Alcatel S.A.
         54 rue La Boetie
         75008 Paris, France
         Tel: 33-1-40-76-10-10
         Web: http://www.alcatel.com/

Lucent's and Alcatel's directors and executive officers also may
be deemed participants in the solicitation of proxies from the
stockholders of both companies in connection with the
transaction described herein.  Information regarding the special
interests of these directors and executive officers in the
transaction will be included in the Proxy Statement/Prospectus.  

                          About Lucent

Headquartered in Murray Hill, New Jersey, Lucent Technologies --
http://www.lucent.com/-- designs and delivers the systems,  
services and software that drive next-generation communications
networks.  Backed by Bell Labs research and development, Lucent
uses its strengths in mobility, optical, software, data and
voice networking technologies, as well as services, to create
new revenue-generating opportunities for its customers, while
enabling them to quickly deploy and better manage their
networks.  Lucent's customer base includes communications
service providers, governments and enterprises worldwide.

                         About Alcatel

Headquartered in Paris, France, Alcatel S.A. --
http://www.alcatel.com/-- provides communications solutions to  
telecommunication carriers, Internet service providers and
enterprises for delivery of voice, data and video applications
to their customers or employees.  Alcatel brings its leading
position in fixed and mobile broadband networks, applications
and services, to help its partners and customers build a user-
centric broadband world.  With sales of EURO 13.1 billion and
58,000 employees in 2005, Alcatel operates in more than 130
countries.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 28,
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on France-based telecommunications
equipment maker Alcatel on CreditWatch with negative
implications.

At the same time, Standard & Poor's placed its 'B' long-term
corporate credit rating on U.S.-based Lucent Technologies Inc.
on CreditWatch with positive implications. Standard & Poor's
affirmed its 'B' short-term corporate credit rating on Alcatel
and its 'B-1' short-term corporate credit rating on Lucent.


EUROPCAR GROUPE: S&P Rates EUR250-Mln Sr. Secured Notes at BB
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to France-based European car rental firm
Europcar Groupe S.A.  The outlook is stable.

At the same time, Standard & Poor's assigned its 'BB' issue
rating to Europcar's proposed senior secured EUR250 million
revolving credit facility.  A recovery rating of '1' was also
assigned, indicating our expectation of full recovery of
principal in the event of a payment default.

The group's proposed high-yield notes issue of EUR500 million
will be roughly split between two tranches:

   -- senior subordinated secured floating-rate notes; and
   -- subordinated unsecured notes.  

The proposed senior subordinated secured FRNs have been assigned
a 'B+' rating, with a recovery rating of '3', indicating our
expectation of meaningful (50%-80%) recovery of principal in the
event of a payment default.  The proposed subordinated unsecured
notes were assigned a 'B' rating.

"The ratings assigned principally reflect Europcar's high
financial leverage following its LBO by French investment
company Eurazeo," said Standard & Poor's credit analyst Jarrad
Oberhardt.

The ratings also reflect the competitive, cyclical, and asset-
intensive nature of the car rental industry and the group's lack
of global earnings diversity outside its main West European
markets.  These negative factors are mitigated to a large extent
by Europcar's solid competitive position in the European car
rental market, and through the substantial operational
flexibility afforded by the company's fleet purchasing
arrangements.

"Europcar's credit metrics are not expected to improve
considerably over the intermediate term, as any business growth
will lead directly to an increased fleet funding requirement,"
added Mr. Oberhardt.

As a result, gross debt reduction will only be achievable
through a reduction in fleet or the issuance of further equity,
neither of which we presently view as likely.

Although the ratings are not likely to improve, they may
deteriorate if the company's credit metrics weaken from expected
levels.  The ratings assume adjusted funds from operations to
net debt of between 12% and 15% over the cycle, and adjusted
EBIT coverage of net interest expenses of about 1.3x or above.


LOCINDUS SA: Moody's Cuts Financial Strength Rating to C
--------------------------------------------------------
Moody's downgraded Locindus' deposit ratings to A3/P-2 from
A2/P-1 and its financial strength rating to C from C+.  All
rating outlooks are stable.

Moody's said that this rating action takes into account the
continued contraction of Locindus' real estate leasing portfolio
in recent years, as well as the negative impact of lower new
commitment volumes on profitability indicators in 2005 and, most
likely, in the short-to medium-term.  This is because revenue
generation tends to materially lag the signing of new contracts
in the real estate leasing business, noted Moody's.  

In addition, Moody's said that the rating action reflects
portfolio concentration, wholesale funding and refinancing risk
levels which are consistent with A3/P-2/C ratings.  Moody's also
noted a possible increase in operational risk resulting, inter-
alia, from the likely introduction of new products and from the
credit risk management area in the context of its new business
plan.

Moody's reiterated its previously expressed view that that the
departure of Locindus' former Chairman and of several management
team members had materially weakened Locindus' transaction
origination capability in 2005.  The agency also noted that the
real estate leasing market in France was increasingly
competitive and that Locindus remained a relatively small player
in the market.  That said, Moody's positively remarked that
Locindus' new management team had quickly addressed staffing
issues and that it had developed a comprehensive business plan
to rebuild the company's asset base and to boost revenue
generation -- without compromising on asset quality and
increasing risk levels.  The business plan focuses on greater
product innovation and diversification as well as creating a
more profitable earnings and asset mix.  

It also focuses on increasing origination levels through:

   -- new hires in the commercial function;

   -- leveraging the specialist know-how of the company; and

   -- leveraging Locindus' close relationship with its clients
      and with its financing partners.  

These initiatives are all positive, even if their impact will
not be immediate, commented Moody's.

Moody's stressed that the new management team will need to
demonstrate that it can grow Locindus' lease portfolio and
restore revenue generation without raising the company's risk
profile.

Going forward, the deposit and financial strength ratings of
Locindus could be negatively affected by the unsuccessful
implementation of the management's new business plan and related
operational risks, by lower new commitment levels and a material
deterioration of the bank's financial fundamentals, as well as
by evidence of increasing risks and, notably, increasing lease
concentration levels.  Conversely, positive changes in Locindus'
deposit and financial strength rating outlooks will depend on
management's ability to generate enhanced new production
volumes, to improve the diversification of the asset mix, to
deliver higher retained earnings, and to prudently manage the
company's credit and market risks, costs, funding and liquidity.

Based in Paris, Locindus posted total assets of EUR1.1 billion
at end-2005, stable vs. 2004.  Its 2005 net profit was down by
23.4% to EUR18.2 million.  


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


BEQIRI BAU: Creditors' Meeting Slated for May 11
------------------------------------------------
Court-appointed provisional administrator for Beqiri Bau- und
Handels GmbH, Frank-Michael Rhode, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 11:05 a.m., on May 11.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:30 a.m., on July 27, at the same
venue.

Creditors have until June 13, to register their claims with the
court-appointed provisional administrator.

The District Court of Bremen opened bankruptcy proceedings
against Beqiri Bau- und Handels GmbH on April 1.  Consequently,
all pending proceedings against the company have been
automatically stayed

The Debtor can be reached at:

         Beqiri Bau- und Handels GmbH
         Mahndorfer Heerstrasse 24
         28307 Bremen, Germany
         Attn: Bodo Wendlandt, Manager
         Ziegelweg 10
         27777 Ganderkesee, Germany
         
The administrator can be reached at:

         Frank-Michael Rhode
         Graf-Moltke-Str. 62
         28211 Bremen, Germany
         Tel: 0421/3485212/113
         Fax: 0421/341078
         Web site: http://www.rhode.de/
         E-mail: info@rhode.de


FAT FORDER: Claims Registration Ends May 11
-------------------------------------------
Creditors of FAT Forder- und Anlagen Technik Verwaltungs-GmbH
have until May 11, to register their claims with court-appointed
provisional administrator Karl Dinkel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Ingolstadt
         Sitzungssaal Zi 28/I
         Schrannenstr. 3
         85049 Ingolstadt, 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 Ingolstadt opened bankruptcy proceedings
against FAT Forder- und Anlagen Technik Verwaltungs-GmbH on
March 28.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         FAT Forder- und Anlagen Technik Verwaltungs-GmbH
         Sagewerk 1B
         85117 Eitensheim, Germany
         
The administrator can be contacted at:

         Karl Dinkel
         Rosenstrasse 107
         86633 Neuburg/Donau, Germany
         Tel: 08431/7201
         Fax: 08431/7214


HERHOLZ & SCHULZ: Claims Registration Ends May 15
-------------------------------------------------
Creditors of Herholz & Schulz GmbH have until May 15, to
register their claims with court-appointed provisional
administrator Dr. Moderegger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 15, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wolfsburg
         Saal D
         Rothenfelder Strasse 43
         38440 Wolfsburg, 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 Wolfsburg opened bankruptcy proceedings
against Herholz & Schulz GmbH on May 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Herholz & Schulz GmbH
         Attn: Mike Schulz, Manager
         Brechtorfer Strasse 5
         38448 Wolfsburg, Germany
         
The administrator can be contacted at:

         Dr. Moderegger
         Schiffgraben 23
         30159 Hannover, Germany
         Tel: 0511/5700360
         Fax: 0511/3362066
         Web site: http://www.dr-modegger.de/
         E-mail: ra@dr-moderegger.de


NEU_TEC: Creditors' Meeting Slated for May 29
---------------------------------------------
Court-appointed provisional administrator for Neu_tec GmbH,
Hildegard A. Hovel, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:15
a.m., on May 29.

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

         The District Court of Bad Homburg v. d. Hohe
         Zi 302 3 OG
         Steinkaut 10-12
         61352 Bad Homburg v. d. Hohe, Germany

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

Creditors have until May 12, to register their claims with the
court-appointed provisional administrator.

The District Court of Bad Homburg v. d. Hohe opened bankruptcy
proceedings against Neu_tec GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed

The Debtor can be reached at:

         Neu_tec GmbH
         Attn: Rene Neumann, Manager
         In der Au 5
         61273 Wehrheim/Ts, Germany
         
The administrator can be reached at:

         Hildegard A. Hovel
         Raimundstrasse 98
         D-60320 Frankfurt a.M., Germany
         Tel: 069/569731
         Fax: 069/565351


POHLMANN GALA: Claims Registration Ends May 11
----------------------------------------------
Creditors of Pohlmann Gala-Bau GmbH & Co.KG have until May 11,
to register their claims with court-appointed provisional
administrator Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 1, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Muenster
         Sitzungssaal Saal 13 B
         Gerichtsstr. 2-6
         48149 Muenster, 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 Muenster opened bankruptcy proceedings
against Pohlmann Gala-Bau GmbH & Co. KG on March 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Pohlmann Gala-Bau GmbH & Co.KG
         Delsener Heide 6
         48291 Telgte, Germany
         Attn: Andrea Grothaus, Manager
         Bruckner Strasse 19 a
         48291 Telgte, Germany
         
The administrator can be contacted at:

         Dr. Stephan Thiemann
         Lublinring 12
         48147 Muenster, Germany


SCHIFFSWERFT JOHNK: Claims Registration Ends May 12
---------------------------------------------------
Creditors of Schiffswerft Johnk GmbH have until May 12, to
register their claims with court-appointed provisional
administrator Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on June 9, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Saal B 405
         4. Etage
         Sievekingplatz 1
         20355 Hamburg, Germany

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

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

The Debtor can be contacted at:

         Schiffswerft Johnk GmbH
         Attn: Gerd-Ruediger Loper, Manager
         Lotsestieg 4
         21079 Hamburg, Germany
         
The administrator can be contacted at:

         Jan H. Wilhelm
         Albert-Einstein-Ring 11/15
         22761 Hamburg, Germany
         Tel: 8995615
         Fax: 8995610


SGL CARBON: S&P Lifts Long-Term Corp. Credit Rating to BB-
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Germany-based graphite-electrodes
producer SGL Carbon AG to 'BB-' from 'B+' and removed the rating
from CreditWatch.  

The rating actions reflect SGL's improved financial profile
following a recent capital increase, progress toward meeting EU
anti-trust fines, and good operational performance.  The outlook
is stable.

At the same time, the rating on the EUR270 million 2012
subordinated bond issued by related entity SGL Carbon Luxembourg
S.A., and guaranteed by SGL, was raised to 'B' from 'B-' and
also removed from CreditWatch.  The ratings were originally
placed on CreditWatch with positive implications on March 17,
following the group's successful completion of a capital
increase.

The upgrade reflects SGL's stronger financial profile caused by
the recent capital raising of about EUR80 million, which was
mostly used to pre-pay about EUR69 million plus accrued interest
to the European Commission (EC) in respect of pending appeals
against anti-trust fines.

"This marks significant progress toward addressing this legacy
issue by mitigating an expected significant drain on future
operational cash flow," said Standard & Poor's credit analyst
Alex Herbert.  "In addition, the upgrade reflects SGL's
continued good operational performance evident in results for
2005 and the first quarter of 2006, notably in the group's core
carbon and graphite division but also in its specialties
business, where profitability is strengthening."

S&P expects SGL to continue to focus on improving cash flow
generation and debt reduction.  Demand conditions appear
supportive in key industries and announced price increases and
cost savings will help support profitability and cash flow,
although offsetting factors include higher raw material and
energy costs, together with anticipated larger capital
expenditures.  This final factor suggests that management might
be edging away from a focus on balance sheet repair toward
considering expansion opportunities -- a situation S&P will
follow closely.

Further upgrades are considered unlikely in the near to medium
term, as steps to settle outstanding anti-trust fines are
already factored in and the group's weak business risk profile
will likely act as a constraining factor.


TREND-BAU: Claims Registration Ends May 11
------------------------------------------
Creditors of Trend-Bau GmbH have until May 11, to register their
claims with court-appointed provisional administrator Udo
Mueller.

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

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Saal C
         Liebknechtstrasse 65-91
         39110 Magdeburg, Germany

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

The District Court of Magdeburg opened bankruptcy proceedings
against Trend-Bau GmbH on April 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Trend-Bau GmbH
         Kroatenstr. 12
         38871 Ilsenburg, Germany

         Attn: Nedzib Muric, Manager
         Danziger Str. 75
         38642 Goslar, Germany
         
The administrator can be contacted at:

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


TWW GMBH: Claims Registration Ends May 12
-----------------------------------------
Creditors of TWW GmbH & Co. KG have until May 12, to register
their claims with court-appointed provisional administrator Uwe
Miehe.

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

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Saal B
         Liebknechtstrasse 65-91
         39110 Magdeburg, Germany

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

The District Court of Magdeburg opened bankruptcy proceedings
against TWW GmbH & Co. KG on April 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         TWW GmbH & Co. KG
         Attn: Patrick Kruschel, Manager
         Stadtfeld 1-2
         39240 Calbe, Germany
                           
The administrator can be contacted at:

         Uwe Miehe
         Jahnring 29
         39104 Magdeburg, Germany
         Tel: 0391/5971240
         Fax: 0391/5971241


VISITAS PFLEGESERVICE: Creditors' Meeting Slated for May 11
-----------------------------------------------------------
Court-appointed provisional administrator for VISITAS
Pflegeservice GmbH, Frank-Michael Rhode, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:55 a.m., on May 11.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:30 a.m., on July 27, at the same
venue.

Creditors have until June 13, to register their claims with the
court-appointed provisional administrator.

The District Court of Bremen opened bankruptcy proceedings
against VISITAS Pflegeservice GmbH on April 1.  Consequently,
all pending proceedings against the company have been
automatically stayed

The Debtor can be reached at:

         VISITAS Pflegeservice GmbH
         Graf-Moltke-Str. 67
         28211 Bremen, German
         Attn: Birgit Jacobsen-Faber, Manager
         Wilseder-Berg-Str. 9
         28329 Bremen, Germany
         
The administrator can be reached at:

         Frank-Michael Rhode
         Graf-Moltke-Str. 62
         28211 Bremen, Germany
         Tel: 0421/3485212/213
         Fax: 0421/341078
         Web site: http://www.rhode.de/
         E-mail: info@rhode.de


ZIMMEREI LUHN: Claims Registration Ends May 12
----------------------------------------------
Creditors of Zimmerei Luhn GmbH have until May 12, to register
their claims with court-appointed provisional administrator Sven
Bader.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on June 6, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Sitzungssaal A234
         2. Etage
         Eiland 2
         42103 Wuppertal, 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 Wuppertal opened bankruptcy proceedings
against Zimmerei Luhn GmbH on March 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Zimmerei Luhn GmbH
         Dreherstr. 19
         42899 Remscheid, Germany

         Attn: Leon Frantzen, Manager
         Ratherstrasse 43
         42855 Remscheid, Germany

         Christoph Geis, Manager
         Hof Gueldenwerth 24
         42857 Remscheid, Germany

The administrator can be contacted at:

         Sven Bader
         Carl-Grueber-Weg 14
         42853 Remscheid, Germany


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


ELAN CORPORATION: Cuts First Quarter Net Loss to US$33.3 Million
----------------------------------------------------------------
Elan Corporation released its financial results for the first
quarter of 2006.

Elan's total revenues for the first three months of 2006
increased 30.8% year-on-year, to US$134.3 million from US$102.7
million in 2005.  

Net operating loss for the first quarter of 2005 stood at US$6.9
million, US$67.8 million lower than US$74.7 million for the same
period in 2005.

The group's first-quarter net loss amounted to US$33.3 million,
71.2% lower than US$115.6 million in 2005.  

Elan attributed the decrease in net loss to:

   -- strong growth in product revenue as a result of more
      favorable supply conditions; and

   -- improvement in operating margins due to ongoing financial
      discipline, and the voluntary suspension of Tysabri(TM) in
      February 2005.

"[Elan's] first quarter results demonstrate continued progress
across all areas of the company," Kelly Martin, Elan's President
and Chief Executive Officer, commented.  "[The company] expects
the breadth and depth of accomplishments that [it has] achieved
in this first quarter to continue and build momentum as [the
group] move through the year."

Shane Cooke, Executive Vice President and Chief Financial
Officer, said, "[The company is] very pleased with the progress
[it] made across all the business and development activities
during the first quarter.  This progress is reflected in
continued improved financial performance."

A full-text copy of Elan Corporation's first quarter results is
available free-of-charge at http://researcharchives.com/t/s?8ad

                      About the Company

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

                        *     *     *

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


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


FIAT SPA: Earns EUR151 Million in First Quarter 2006
----------------------------------------------------
Fiat S.p.A. reported its first quarter 2006 financial results.

For the first quarter 2006, the Group posted EUR12.6 billion in
revenues, up 16.7% from EUR10.8 billion for the same period in
2005.  Increase in revenue was due to Automobiles, which posted
a revenue of EUR6.1 billion, a growth of 23.2% on the back of
increased volumes tied to new product launches.

Trading profit was EUR323 million, compared with EUR47 million
in the first quarter of 2005.  

The Group's operating income showed EUR323 million for first
quarter 2006 compared with EUR729 million operating income in
first quarter 2005.  Operating income in 2005 included EUR715
million related to a portion of the payment received by General
Motors for the resolution of its relationship with Fiat Group
and EUR33 million restructuring costs.  

Net Income before minority interest for the first quarter 2006
showed EUR151 million, compared with EUR293 million for the same
period of 2005.

At March 31 2006, the Group's balance sheet showed EUR64.56
billion in total assets, EUR55.03 billion in total liabilities
and EUR9.53 billion in stockholders' equity.  

The Group's cash position at March 31 2006, was EUR8.8 billion,
up from EUR7.0 billion at Dec. 31, 2005, following a EUR1
billion Fiat bond issue and a US$500 million CNH bond issue.

A full-text copy of Fiat's first quarter 2006 financial results
is available at no charge at http://ResearchArchives.com/t/s?8b4

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial  
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                        *     *     *

In August 2005, S&P revised its outlook on Fiat to stable from
negative.  At the same time, it affirmed its 'BB-' long-term and
'B' short-term corporate credit ratings on the group.

As reported in the Troubled Company Reporter-Europe on Feb. 10,
Fitch Ratings has changed the Outlook on Fiat S.p.A.'s 'BB-'
Senior Unsecured rating to Stable from Negative.  The agency has
at the same time affirmed the Senior Unsecured and Short-term
'B' ratings.  EUR6 billion of debt is affected by this Rating
action.  The Outlook change is underpinned by early signs that
the restructuring plan is on track, the stabilization of Fiat
Auto's market shares in late 2005 and the successful resolution
of a number of credit issues.


FIAT SPA: Plans to Issue EUR1 Billion Five-Year Eurobond
--------------------------------------------------------
Fiat S.p.A. revealed on May 3, its intention to offer, subject
to market and other condition, a five-year Eurobond for a size
of EUR1 billion.  Terms of any offering will be determined on
the basis of market conditions.  

The notes are to be issued by Fiat Finance and Trade Ltd.
societe anonyme, a wholly owned subsidiary of Fiat S.p.A., under
EUR15 billion Global Medium Term Note Program and will be
guaranteed by Fiat S.p.A.  Fiat expects to make an application
for the notes to be admitted to the Official List of the Irish
Stock Exchange and traded on its regulated market.

The notes will only be offered and sold outside the United
States to institutional investors that are non-US persons under
Regulation S and have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, or any other
securities laws.  The notes may be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements.  Net proceeds of any offering are to
be used for general corporate purposes, including the potential
refinancing of the Fiat Group's existing debt.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial   
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                        *     *     *

In August 2005, S&P revised its outlook on Fiat to stable from
negative.  At the same time, it affirmed its 'BB-' long-term and
'B' short-term corporate credit ratings on the group.

As reported in the Troubled Company Reporter-Europe on Feb. 10,
Fitch Ratings has changed the Outlook on Fiat S.p.A.'s 'BB-'
Senior Unsecured rating to Stable from Negative.  The agency has
at the same time affirmed the Senior Unsecured and Short-term
'B' ratings.  EUR6 billion of debt is affected by this Rating
action.  The Outlook change is underpinned by early signs that
the restructuring plan is on track, the stabilization of Fiat
Auto's market shares in late 2005 and the successful resolution
of a number of credit issues.


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


AKTOBE LADA: Aktube Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against JSC Aktobe Lada on
March 3.


ANK ALTYN: Creditors Must File Claims by May 15
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Ank Altyn Bidai insolvent on Feb. 6.

Creditors have until May 15, to submit written proofs of claim
to:

         Gogol Str. 177a
         Kostanai, Kazakhstan


DAEWOO ENGINEERING: Creditors' Claims Due May 15
------------------------------------------------
LLP Daewoo Engineering & Construction Co., Ltd., has declared
insolvency.  

Creditors have until May 15, to submit written proofs of claim
to:

         Auezova Str. 23
         Almaty, Kazakhstan


DULAT-STROI: Creditors' Claims Due May 15
-----------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Dulat-Stroi insolvent on Feb. 16.  

Creditors have until May 15, to submit written proofs of claim
to:

         K.Libknehta Str. 21, Office 20
         Ust-Kamenogorsk, East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 57-00-26


HOTEL ALMATY: Proofs of Claims Deadline Slated for May 15
---------------------------------------------------------
The Administration of Almaty Region declared JSC Hotel Almaty
insolvent on Feb. 16.  

Creditors have until May 15, to submit written proofs of claim
to:

         Kabanbai Batyr Str. 85
         Almaty, Kazakhstan
         Tel: 8 (3232) 72-00-70


KISANOV-A: Almaty Court Starts Bankruptcy Process
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
commenced bankruptcy proceedings against OJSC Kisanov-A (RNN
090400015274) on March 3.


LEPSINSK HARDWARE: Court Rules on Compulsory Liquidation
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
placed LLP Company Lepsinsk Hardware Plant (RNN 530400000496)
under compulsory liquidation on Feb. 24.

Creditors have until May 15, to submit written proofs of claim
to:

         Jansugurova Str. 113 a, Room 208
         Taldykorgan, Kazakhstan
         Tel: 8 (328(22) 24-19-77


RAIYS: Creditors Must File Claims by May 15
-------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Raiys insolvent on Sept. 22, 2005.  Bankruptcy
proceedings were introduced at the company.

Creditors have until May 15, to submit written proofs of claim
to:

         Tashkentskaya Str. 140
         Taraz, Kazakhstan
         Tel: 8 (326(22,2) 43-17-91


SHAGALA: Proofs of Claims Deadline Slated for May 15
----------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared OJSC Shagala insolvent on Feb. 20.

Creditors have until May 15, to submit written proofs of claim
to:

         Shymkent G. Ilyaeva Str. 24
         South Kazakhstan Region
         Kazakhstan


ZOLOTOI KOLOS-1: Court Sets May 15 Claims Bar Date
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Zolotoi Kolos-1 insolvent on Feb. 7.

Creditors have until May 15, to submit written proofs of claim
to:

         Gogol Str. 177a
         Kostanai, Kazakhstan


===================
L U X E M B O U R G
===================


SGL CARBON: S&P Lifts EUR270 Million Subordinated Bonds to B
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Germany-based graphite-electrodes
producer SGL Carbon AG to 'BB-' from 'B+' and removed the rating
from CreditWatch.  

The rating actions reflect SGL's improved financial profile
following a recent capital increase, progress toward meeting EU
anti-trust fines, and good operational performance.  The outlook
is stable.

At the same time, the rating on the EUR270 million 2012
subordinated bond issued by related entity SGL Carbon Luxembourg
S.A., and guaranteed by SGL, was raised to 'B' from 'B-' and
also removed from CreditWatch.  The ratings were originally
placed on CreditWatch with positive implications on March 17,
following the group's successful completion of a capital
increase.

The upgrade reflects SGL's stronger financial profile caused by
the recent capital raising of about EUR80 million, which was
mostly used to pre-pay about EUR69 million plus accrued interest
to the European Commission (EC) in respect of pending appeals
against anti-trust fines.

"This marks significant progress toward addressing this legacy
issue by mitigating an expected significant drain on future
operational cash flow," said Standard & Poor's credit analyst
Alex Herbert.  "In addition, the upgrade reflects SGL's
continued good operational performance evident in results for
2005 and the first quarter of 2006, notably in the group's core
carbon and graphite division but also in its specialties
business, where profitability is strengthening."

S&P expects SGL to continue to focus on improving cash flow
generation and debt reduction.  Demand conditions appear
supportive in key industries and announced price increases and
cost savings will help support profitability and cash flow,
although offsetting factors include higher raw material and
energy costs, together with anticipated larger capital
expenditures.  This final factor suggests that management might
be edging away from a focus on balance sheet repair toward
considering expansion opportunities -- a situation S&P will
follow closely.

Further upgrades are considered unlikely in the near to medium
term, as steps to settle outstanding anti-trust fines are
already factored in and the group's weak business risk profile
will likely act as a constraining factor.


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


MOBIFON HOLDINGS: Vodafone Merger Spurs Moody's Rating Upgrades
---------------------------------------------------------------
Moody's Investors Service raised to Ba2 from B1 the corporate
family rating of Mobifon Holdings B.V. -- Mobifon Holdings, and
together with its majority-owned subsidiary, Mobifon S.A., the
Mobifon Group.  

Also raised was the rating of the 12.5% Senior Notes due 2010,
to B1 from B3.  The ratings have a stable outlook.  The senior
unsecured issuer rating was raised to B1 from B3, and will be
withdrawn.  

This rating action concludes the review initiated by Moody's in
2005, when Vodafone Group plc (Vodafone, rated A2 by Moody's)
announced its agreement to acquire, via its wholly owned
subsidiary Vodafone International Holdings B.V., Mobifon
Holdings B.V., which is the majority owner of Mobifon S.A., a
leading mobile telecom operator in Romania.

These ratings were raised:

Mobifon Holdings B.V.:

   -- corporate family rating, to Ba2 from B1; and
   -- rating of the 12.5% Senior Notes due 2010, to B1 from B3.

Rating raised and to be withdrawn:

Mobifon Holdings B.V.:

   -- the senior unsecured issuer rating, to B1 from B3

Moody's said the upgrade of Mobifon Holdings' corporate family
rating to Ba2 is based on the improvement in the Mobifon Group's
stand-alone credit profile, and acknowledges some degree of
financial flexibility arising from Mobifon Holdings' ultimate
ownership by Vodafone.  

Moody's said that through its majority-owned subsidiary Mobifon
S.A., the Mobifon Group enjoys a leading position in Romania's
mobile telecom market, where Mobifon S.A. had 6.1 million
subscribers at end-2005, representing approximately 46% of the
market, and up from 4.9 million at end-2004.  Although
competition from rival operators is expected to intensify, in
Moody's view the relatively low penetration rate in Romania --
estimated by Mobifon S.A. at 62% at end-2005, from 47% at end-
2004 -- implies further room for good medium-term growth in
subscriber numbers.  Mobifon SA's first mover advantage in 3G
should help in the fight for share.

The Ba2 rating therefore anticipates good volume-driven revenue
growth -- even if competitive and regulatory pressures on
pricing seem likely to constrain the pace of monthly ARPU
development.  The rating also anticipates that profitability
will remain strong, although the EBITDA margin is likely to ease
from current levels of around 45%.  Strong cash generation at
Mobifon S.A. is expected to be sufficient to finance both
capital spending for the current year, and dividend payments.

In Moody's view Mobifon S.A.'s operating performance should be
positively impacted from its position as a subsidiary within the
Vodafone Group.  In addition to benefiting from Vodafone's
global purchasing of capital equipment and handsets, revenue
synergies should benefit from the extension of the product range
and roaming agreements -- especially following the switch from
dual to full branding launched in April 2006.

However, any potential uplift to the corporate family rating
from ultimate ownership by Vodafone is tempered in Moody's view
by the Mobifon Group's relatively small scale in the context of
the Vodafone Group overall, as well as by Mobifon S.A.'s
continued use of external financing.  Moody's noted in this
connection that in September 2005, Mobifon S.A. had refinanced
the outstanding drawings under its US$300 million secured
facility with the proceeds of a new EUR200 million senior
unsecured syndicated term loan maturing in 2010.  Moody's added
that the Mobifon Group is currently largely reliant on related
party funding, in the form of the subordinated loans assigned to
Vodafone International Holdings B.V. upon completion of the
acquisition, in addition to the 12.5% Senior Notes.

From the financial risk perspective, the Ba2 corporate family
rating factors in the Mobifon Group's relatively high
indebtedness of approximately US$1.5 billion at end-2005,
including gross related party debt of roughly US$1.1 billion.  
It also takes account of the strong operating cash flow
generated by the Mobifon Group, which rose to US$367 million in
the nine months to December 2005, from US$214 million in the
comparable period in 2004, and which should be reflected in net
debt/EBITDA of under three times for the year ended March 2006.  

On the basis of third party debt alone net debt/EBITDA would
likely be under one times for the same period, which in Moody's
view is indicative of the potential financial flexibility
implied by the Mobifon Group's position within the Vodafone
Group.

With regard to the 12.5% Senior Notes due 2010, Moody's said
that Mobifon Holdings had launched a tender offer for them in
2005, following which there were now US$207 million nominal
remaining outstanding.  At B1 the rating of the 12.5% Senior
Notes is two notches lower than the Ba2 corporate family rating
reflecting the structural subordination of the Notes to
creditors at the operating level.  The Notes are senior
unsecured and do not benefit from upstream guarantees, although
they are contractually senior to Mobifon Holdings' related party
funding in the form of subordinated loans.  

As a pure holding company, Mobifon Holdings' ability to meet its
debt service obligations is dependent on payment of funds by
Mobifon S.A., including through loans, dividends or advances.

The stable rating outlook balances Mobifon S.A.'s good operating
performance against some uncertainty surrounding its longer-term
capital structure within the Vodafone Group.

Mobifon Holdings B.V., domiciled in the Netherlands, and an
indirectly wholly owned subsidiary of Vodafone Group plc,
majority owns Mobifon S.A., one of the two leading mobile
telecom operators in Romania.


VNU N.V.: Valcon Increases Purchase Offer to EUR8.7 Billion
-----------------------------------------------------------
Valcon Acquisition B.V. increased the offering prices for:

   -- the issued and outstanding ordinary shares with a nominal
      value of EUR0.20 each; and

   -- all of the issued and outstanding 7% preferred shares with
      a nominal value of EUR 8.00 each,

in the share capital of VNU N.V.

Valcon is controlled by a private equity group consisting of the
affiliated funds of:

   -- AlpInvest Partners N.V.,
   -- The Blackstone Group L.P.,
   -- The Carlyle Group,
   -- Hellman & Friedman LLC,
   -- Kohlberg Kravis Roberts & Co. L.P., and
   -- Thomas H. Lee Partners, L.P.

The Offer Price per Ordinary Share is increased by EUR0.75 to
EUR29.50, and the Offer Price per Preferred Share is increased
by EUR8.00 to EUR21.00.  The new aggregate value of the
transaction is approximately EUR8.7 billion, including net
indebtedness.

                      Ordinary Shares

Following this increase of the Offer Price per Ordinary Share,
holders of Ordinary Shares who accept the Offer shall, if the
Offer is declared unconditional, receive a cash amount of
EUR29.50 per validly tendered, or defectively tendered, provided
that such defect has been waived by Valcon, and delivered
Ordinary Share.  

As described in the Offer Memorandum, the dividend per Ordinary
Share in respect of the Financial Year 2005 has been set at
EUR0.12 by the executive board of VNU with the approval of the
supervisory board of VNU, which amount was paid in full on
Aug. 23, 2005, as an interim dividend.  Accordingly, assuming
that the Offer is declared unconditional, VNU will not pay out
any final dividend or other dividend or distribution on the
Ordinary Shares prior to the Settlement Date.  The increase in
the Offer Price per Ordinary Share for all outstanding Ordinary
Shares represents an aggregate amount of approximately EUR193
million.

                     Preferred Shares

Following the increase of the Offer Price per Preferred Share,
holders of Preferred Shares who accept the Offer shall, if the
Offer is declared unconditional, receive a cash amount of
EUR21.00 per validly tendered (or defectively tendered, provided
that such defect has been waived by Valcon) and delivered
Preferred Share.  As described in the Offer Memorandum, in the
event that prior to settlement of the Offer any dividends are
paid in respect of the Preferred Shares (except for the interim
dividend in respect of the Preferred Shares in the amount of
EUR0.64 per Preferred Share, that was paid on Aug. 23, 2005),
the Offer Price per Preferred Share will be decreased by an
amount per Preferred Share equivalent to any such dividend or
distribution per Preferred Share.  The increase of the Offer
Price per Preferred Share for all outstanding Preferred Shares
represents an aggregate amount of approximately EUR1.2 million.

                    Acceptance Level Threshold

Valcon will lower the acceptance level threshold for the
Ordinary Shares tendered for acceptance under the Offer as set
out in paragraph 5.2.1 of the Offer Memorandum from 95% to 80%.  
As a result thereof, assuming that all other Offer Conditions
set out in the Offer Memorandum are satisfied or waived by the
relevant party or parties, Valcon will declare the Offer
unconditional in the event that such number of Ordinary Shares
are tendered for acceptance that these, together with the
Ordinary Shares directly or indirectly held by Valcon, its group
or the Sponsors at the Acceptance Closing Date and Ordinary
Shares which are the subject of purchase agreements in effect at
the Acceptance Closing Date, represent at least 80% of VNU's
issued ordinary share capital as at the Acceptance Closing Date,
excluding Ordinary Shares held by VNU or its subsidiaries as at
the Acceptance Closing Date.  On the date of this announcement
Valcon does not directly or indirectly own any Ordinary Shares.

The lowering of the acceptance level threshold as described
above is without prejudice to any and all rights that Valcon has
to declare the Offer unconditional at a lower acceptance level,
which it may do unilaterally if the number of Ordinary Shares
tendered for acceptance under the Offer together with the
Ordinary Shares directly or indirectly held by Valcon on the
Acceptance Closing Date represent at least 60% of VNU's issued
ordinary share capital at the Acceptance Closing Date and which
it may do with VNU's consent if the number of Ordinary Shares
tendered for acceptance under the Offer together with the
Ordinary Shares directly or indirectly held by Valcon on the
Acceptance Closing Date represent less than 60% of VNU's issued
ordinary share capital at the Acceptance Closing Date.

Valcon also reserves the right to waive any of the other Offer
Conditions as set out in the Offer Memorandum, provided that a
waiver of certain Offer Conditions shall, in certain
circumstances, be subject to the prior written consent of VNU
and that Valcon shall not waive or invoke Offer Condition 5.2.8
without the prior written consent of VNU.

Unless the Acceptance Period is further extended, Valcon will
announce in accordance with Applicable Law whether the Offer
Conditions have been fulfilled or are to be waived by Valcon and
will announce whether:
   
     (i) the Offer has been declared unconditional;

    (ii) there is still uncertainty as to the fulfillment of any
         of the Offer Conditions; or

   (iii) the Offer is terminated, as a result of the Offer
         Conditions not having been fulfilled or waived by
         Valcon, all in accordance with article 9t, paragraph 4
         of the Decree on the Supervision of the Securities
         Trade 1995 (Besluit toezicht effectenverkeer 1995/
         Bte 1995).  The Bte 1995 requires that such
         announcement be made within five Business Days       
         following the Acceptance Closing Date.

In the event that Valcon announces that the Offer is declared
unconditional (gestand wordt gedaan), Valcon will accept for
payment all Shares validly tendered, or defectively tendered
provided that such defect has been waived by Valcon, and may
continue the Offer by way of a post acceptance period for at
least five additional Business Days after the Unconditional Date
(gestanddoeningsdatum) to continue to accept for payment all
Shares validly tendered, or defectively tendered provided that
such defect has been waived by Valcon, during such period and
Valcon shall pay promptly, but in any event within three
Business Days following such tender, for such Shares.

                Acceptance Period Extension

In connection with the increase of the offer prices as set out
above, in accordance with applicable legal requirements, the
Acceptance Period, which was originally scheduled to end on
May 5, at 3:00 p.m., Amsterdam time (9:00 a.m., New York time),
is extended to May 19, at 3:00 p.m., Amsterdam time (9:00 a.m.,
New York time).

Following the extension of the Acceptance Period, any reference
in this announcement and the Offer Memorandum to the Acceptance
Closing Date shall, unless the context requires otherwise, be
deemed to be a reference to May 19, 3:00 p.m., Amsterdam time
(9:00 a.m., New York time).

If one or more of the Offer Conditions are not fulfilled, Valcon
may decide to further extend the Acceptance Period until all
such Offer Conditions have been satisfied or waived.  Extension
of the Acceptance Period may occur one or more times in
accordance with applicable laws and regulations.

                   Shares Already Tendered

Each Shareholder has the right to withdraw the Shares he or she
has tendered on or prior to May 5, in accordance with the
provisions of article 9o, paragraph 5 of the Bte 1995.  Any
Shares tendered on or prior to May 5, and not withdrawn will
remain subject to the Offer as amended in accordance with the
above.

Shares tendered after May 5, may not be withdrawn, subject to
the right of withdrawal of any tender during any further
extension of the Acceptance Period in accordance with the
provisions of Applicable Law, including article 9o, paragraph 5
of the Bte 1995.

                  Acceptance by Shareholders

Shareholders who hold their Shares through an admitted
institution of Euronext Amsterdam N.V. are requested to make
their acceptance known via their bank or stockbroker no later
than 3:00 p.m., Amsterdam time (9:00 a.m., New York time) on
May 19.

Shareholders individually recorded in the VNU shareholders
register wishing to accept the Offer prior to the Acceptance
Closing Date must deliver a completed and signed acceptance form
to:

         ABN AMRO Bank N.V.
         Attn: Issuing Institutions-Corporate Actions MF2020
         Kemelstede 2
         4817 ST Breda, The Netherlands
         Fax: +31 (0)76 5799 620)

In accordance with the terms and conditions of the Offer, the
acceptance forms must be received by ABN AMRO no later than 3:00
p.m., Amsterdam time (9:00 a.m., New York time) on May 19.  The
acceptance forms are available upon request from ABN AMBRO and:

         VNU N.V.
         Attn: Investor Relations
         Ceylonpoort 5-25
         2037 AA Haarlem, The Netherlands
         Tel: +31 (0)23 5463 600
         Email: ir.info@hq.vnu.com

The acceptance form will also serve as a deed of transfer with
respect to the Shares referenced therein.

Holders of American depositary shares representing Ordinary
Shares must follow the procedures for acceptance and settlement
contained in Schedule 1 "Procedures for Acceptance and
Settlement for ADS Holders" to the Offer Memorandum in order to
accept the Offer.

The Admitted Institutions do not submit to ABN AMRO Bank N.V.
the acceptances of the Offer by their respective customers until
the last day of the Acceptance Period, which has not yet
occurred.  Accordingly, while ABN AMRO Bank N.V. has to date
received acceptances of the Offer in respect of only a limited
number of Shares, the Admitted Institutions have not submitted
to ABN AMRO Bank N.V. all acceptances by the customers of those
Admitted Institutions and accordingly VNU and Valcon do not know
the number of Shares tendered by Shareholders at this time.

                         Settlement

In the event that Valcon announces that the Offer is declared
unconditional, Valcon will pay promptly but in any event within
three Business Days following the Unconditional Date to the
Shareholders having tendered their Shares for acceptance
pursuant to the Offer prior to the Acceptance Closing Date, the
Offer Price per Ordinary Share and/or the Offer Price per
Preferred Share in respect of each Share validly tendered (or
defectively tendered, provided that such defect has been waived
by Valcon) and delivered.

                   Admitted Institutions

The Admitted Institutions may tender Shares for acceptance only
to ABN AMRO in Breda and only in writing.  In submitting the
acceptance, the Admitted Institutions are required to declare
that:

     (i) they have registered the tendered Shares in their
         administration;

    (ii) each Shareholder who accepts the Offer irrevocably
         represents and warrants that the Shares tendered by the
         Shareholder are being tendered in compliance with the
         restrictions set out in the Offer Memorandum; and

   (iii) they undertake to transfer these Shares to Valcon on
         the Settlement Date, provided the Offer has been
         declared unconditional.

Copies of the Offer Memorandum, copies of this announcement,
copies of the articles of association of VNU and the financial
statements of VNU for the financial year 2005 ended Dec. 31,
2005, the financial year 2004 ended Dec. 31, 2004, and the
financial year 2003 ended Dec. 31, 2003, as well as the proposed
articles of association of VNU, which documents are incorporated
by reference in, and form an integral part of, the Offer
Memorandum, are available free of charge at the offices of VNU
and ABN AMRO.

The Information Agent outside of the Netherlands for the Offer
is:

         Georgeson
         17 State Street, 10th Floor
         New York, New York 10004
         Banks and Brokers Call: (212) 440-9800
         All Others Call Toll Free: (800) 509-0983

         Georgeson
         68 Upper Thames Street
         London, EC4V 3BJ
         Banks and Brokers Call: +44 (0)20 7019 7137

Headquartered in Haarlem, Netherlands, VNU N.V. --
http://www.vnu.com/-- operates publishing businesses and offers  
marketing and media information.  The Company publishes and
distributes telephone directories, children's books and
periodicals, and business information periodicals.  VNU also
offers television and Internet usage data and advertising
expenditure analysis.


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


FACTORY OF BUILDING MATERIALS: Bankruptcy Hearing Set for July 3
----------------------------------------------------------------
The Arbitration Court of Krasnodar Region will convene at 2:15
p.m., on July 13, to hear bankruptcy supervision procedure on
LLC Factory Of Building Materials And Products (2354007840).  

The case is docketed under A-32-1942/2006-2/13-B.

Ms. A. Yamaletdinova has been appointed temporary insolvency
manager and can be reached at:

         Anapa, Tsybanobalka, Post User Box 34
         Krasnodar Region, Russia

The Debtor can be reached at:

         Factory Of Building Materials And Products
         Kirpichnaya Str. 1
         Tikhoretskiy Region, Bratskiy
         353690, Krasnodar Region, Russia


IMPEXBANK: Fitch Retains Individual Rating at D/E
-------------------------------------------------
Fitch ratings upgraded Russia-based Impexbank's ratings to
Issuer Default BBB- from B-, Short-term F3 from B and Support 2
from 5.  All the ratings are removed from Rating Watch Positive.  
A Stable Outlook is assigned to the Issuer Default rating.  

The D/E Individual rating is also affirmed.  Impex's US$100
million eurobond issue due June 29 2007 was upgraded to BBB-
from B-, and the Recovery rating of RR4 was withdrawn.

The ratings upgrade follows the completion of the acquisition of
Impex by Raiffeisen International Bank-Holding AG.  In Fitch's
view, Austria-based Raiffeisen Zentralbank AG, which owns 70% of
RI, will have a greater ability to provide Impex support in case
of need than its previous shareholders.

Upside for Impex's IDR may result from greater integration with
the RZB group, in particular as a result of closer operational
ties or a legal merger with JSC Raiffeisenbank.  Downward
pressure on a rating is limited, although could result from any
deterioration in RZB's ability to provide support in case of
need.

RI is a holding company for RZB's financial subsidiaries in
Central and East Europe, which was partly listed in April 2004.  
RI announced the acquisition of Impex in January 2006 and took
ownership of the bank in May 2006 when it received necessary
regulatory approvals and paid the first US$500 million
installment of the purchase price.  

The remaining installment of up to US$50 million will be paid
following the publication of Impex's audited IFRS 2006 accounts
and may be adjusted depending on valuation of one of Impex's
properties, currently under construction.

RZB is one of the leading corporate banks and the central
institution of Austria's largest banking group.  It has a
Support rating of 1, reflecting the extremely high potential for
support from Austrian authorities in case of need.

Impex is one of Russia's top 30 banks, with a franchise focused
on retail and SME clients, acquired mainly through a nationwide
regional branch network.  JSC Raiffeisenbank established in
1998, is one of the top 10 Russian banks and 2.5 times larger
than Impex by end-2005 assets.  

Its franchise is mainly in Moscow, St. Petersburg and several
other large cities, where it serves primarily corporates and
high-end individuals.  Combined, the two Russian subsidiaries of
RZB form the largest foreign banking group in Russia, and RI
plans to complete the merger of the two Russian subsidiaries in
2007.


IRKUTSKENERGO: S&P Raises Long-term Corp. Credit Rating to B+
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Russia-based regional power and heat
utility Irkutskenergo, AO EiE to 'B+' from 'B'.  The outlook is
stable.

At the same time, the Russia national scale rating on
Irkutskenergo was raised to 'ruA' from 'ruBBB+'.

"The upgrade reflects the company's improved financial profile
following stronger-than-expected financial performance between
January 2004 and September 2005, and a recent increase in
regional electricity and heat tariffs," said Standard & Poor's
credit analyst Eugene Korovin.

The company's financial profile improved in 2004 and 2005 on
higher availability of hydro capacity, improving payment
collection, and effective cost control.  Positive free operating
cash flow allowed Irkutskenergo to reduce its net debt below
RUR1 billion.  Electricity and heat tariff increases of 7.5% and
13.0%, respectively, since January 2006, should support the
company's financial performance in the near term.

The ratings on Irkutskenergo remain constrained by the potential
conflicts of interest of its key shareholders, risks surrounding
the possible ownership unbundling of generation and distribution
assets, nontransparent and politicized tariff regulation, high
customer and industry concentration, and still complicated
payments collection.

The ratings are supported by the company's dominant position as
a vertically integrated, regional electricity and heat utility
in Irkutsk Oblast (foreign currency B+/Stable/--); diversified
and low cost generation capacity; good medium-term regional
power demand growth prospects; and adequate liquidity and debt-
protection metrics.

Irkutskenergo should maintain an adequate financial profile for
the rating through effective cost control and improving
operational performance.

The potential for further rating upgrades is constrained by the
possible challenges of ongoing sector reform, the potential
conflict of interest for the controlling shareholders, and weak
regional power and heat markets characteristics.

"The rating factors in the risk of restructuring arising from
the unbundling requirement," said Mr. Korovin. "Nevertheless, an
adverse restructuring scenario, leaving the company with
substantially weaker cash flow protection than the consolidated
entity, could put pressure on the ratings."


LOGGING DEPOT: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Udmurtiya Republic has commenced
bankruptcy supervision procedure on open joint stock company
Logging Depot (TIN 1803000225/180301001).  

The case is docketed under A71-124/2005-G21.

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

         Vavozhskiy Region, Vavozh,
         Sovetskaya Str. 142
         Udmurtiya Republic, Russia


MOS-BRED-TORG-YUG: Claims Filing Period Ends May 11
---------------------------------------------------
Creditors of Mos-Bred-Torg-Yug (TIN/KPP 2636036221/263601001)
have until May 11, to file their proofs of claim to court-
appointed insolvency manager Mr. K. Dovbenko at:

         Osipienko Str. 10
         355000, Stavropol Region, Russia

The Arbitration Court of Stavropol Region commenced bankruptcy
proceedings against the close joint stock company.  The case is
docketed under Case No. A63-239/2006-S5.

The Debtor can be reached at:

        Mos-Bred-Torg-Yug
        Stavropol, K. Marksa Pr. 74
        355000, Stavropol Region, Russia


NIZHEVOLSKAYA AGRICULTURAL: Claims Registration Ends May 11
-----------------------------------------------------------
Creditors of Nizhevolskaya Agricultural Industrial Group (TIN
3443037855) have until May 11, to submit their proofs of claim
to court-appointed insolvency manager Mr. P. Bashmakov at:

         Post User Box 251
         400005, Volgograd Region, Russia

The Arbitration Court of Volgograd Region commenced bankruptcy
proceedings against the close joint stock company (Case No. A12-
24445/05-s58).

The Debtor can be reached at:

         Nizhevolskaya Agricultural Industrial Group
         Zhigulevskaya Str. 14
         Volgograd Region, Russia


NOVOTORYALSKIY: Bankruptcy Hearing Slated for July 1
----------------------------------------------------
The Arbitration Court of Mariy El Republic will convene on July
1, to hear the bankruptcy supervision procedure on OJSC
Novotoryalskiy Butter Factory (Case No. A-38-184-11/94-2006).

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

         Yoshkar-Ola, Post User Box 75
         424007, Mariy El Republic, Russia

The Debtor can be reached at:

         Novotoryalskiy
         Novyj Toryal, Kolkhoznaya Str. 31
         Mariy El Republic, Rusisa


RAPSOD TRADE: Moody's Assigns (P)Caa1 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service assigned a first time Corporate Family
Rating of (P)Caa1 to Rapsod Trade Ltd.  

At the same time the rating agency also assigned a (P)Caa1
rating to Gallery Capital S.A.'s US$150.0 million senior secured
notes offering.  

Rapsod Trade Ltd. controls through various wholly owned holding
companies, the Gallery Group, the second largest outdoor
advertising network in Russia.  Gallery Capital S.A. is an
orphan special purpose vehicle which does not conduct any
revenue generating activity and was created in the context of
the notes offering.

These ratings were assigned:

   -- Corporate family rating of (P) Caa1 to Rapsod Trade Ltd;
      and

   -- US$150 million senior secured notes due 2013 at Gallery
      Capital S.A. rated (P) Caa1;

The outlook is stable for both ratings.

The Caa1 ratings incorporate the substantial execution risks
associated with the rapid roll-out of Gallery's ambitious
acquisition strategy to build the company from a relatively
small size as well as the company's considerable indebtedness
prospectively anticipated as a result of this strategy paired
with a considerable level of operating leverage.  

The ratings also reflect the risk from:

   -- the limited scale and scope of Gallery's current
      operations;

   -- uncertainties over the possible impact on operating
      performance as a result of regulatory changes in
      connection with the ban on tobacco and alcohol
      advertising;

   -- the complexity of Gallery's legal structure;

   -- a degree of cyclicality and seasonality in the company's
      advertising revenue base;

   -- potential competition from larger and better capitalized
      operators such as News Outdoor, Clear Channel and
      JCDecaux; as well as

   -- the company's exposure to the economic, regulatory,
      political, inflationary and currency exchange risks
      associated with operating in Russia (rated Baa2-Stable).

More positively, the Caa1 ratings recognise Gallery's strong
position in the Russian outdoor advertising market and its
established relationships with municipalities.  

The ratings also acknowledge:

   -- the Russian outdoor advertising market's expected growth
      rate;

   -- management's track record in building a profitable and
      cash-flow positive business in Russia;

   -- Gallery's established and diversified customer base;

   -- the competitive advantages from the company's attractive
      advertising sites; and

   -- the support from institutional shareholders, such as the
      EBRD.

The stable outlook indicated for Gallery's ratings reflects the
relatively comfortable positioning of the company within the
Caa1 rating category, which is supported by the initial pro
forma liquidity position post refinancing.

Gallery intends to use proceeds to repay outstanding debt and to
finance CAPEX and acquisitions in the very fragmented Russian
outdoor advertising market.  The company expects to execute its
expansion plan over the next 9-12 months.  Moody's notes that
funds can be used for acquisitions to be made in the outdoor
market.

Pro-forma for the refinancing, leverage will be 2.9 times on a
net debt adjusted for operating leases to 2005 EBITDAR basis.  
However, the contemplated financing will bring significant gross
debt on balance sheet (pro forma gross debt/2005 EBITDA will be
around 9.2 times).  As the company spends on balance sheet cash
on acquisitions net debt leverage is expected to increase
rapidly and the difference between net and gross leverage will
decrease correspondingly.

Moody's also added that evidence of a successful track record in
integrating acquisitions coupled with evidence that the company
will be generating meaningful positive free cash flow on a
sustainable basis would lead to a ratings upgrade.

Proceeds from the notes will be on-lent by way of proceeds loans
to Outdoor One LLC and Gallery Service LLC which accounted for
approximately 97% of the company's 2005 EBITDA on a pro-forma
basis taking into account the acquisitions made.  

The Caa1 rating on the notes, at the same level as the Corporate
Family rating, acknowledges that the Notes are secured by a
first-priority pledge over the shares of other various holding
companies (Uniflex Ltd., Beckfold Trading Limited, Perabo
Investments Limited, Lockwood Group Incorporated, Craftlock
Limited) as well as over the Proceeds Loans and while also
benefiting from senior guarantees from those entities.  The
Notes are effectively subordinated to all obligations of the
company's non-guarantor subsidiaries.  

Moody's understands that these obligations are currently de
minimis and the notching does not factor in a material increase
in these obligations.  Incurrence of additional pari passu
indebtedness is bounded by a consolidated coverage ratio of
2.25x.  The rating assumes that this leeway will not be utilised
in the near-term.  The Notes indentures also carve out the
ability to secure up to US$25 million in additional borrowings.  
The use of this flexibility for any other use than short term
working capital needs (following consumption of the cash
proceeds) could cause Moody's to consider notching from the
current Corporate Family Rating in the future.

Given the seasonality embedded in outdoor advertising and the
consequent significant seasonal working capital swings
experienced by the company, Moody's expects Gallery to arrange
bank financing in order to support its liquidity needs in the
medium-term.

Headquartered in Moscow, Russia, Gallery Group currently
operates the second largest outdoor advertising network in
Russia, based on number of advertising faces owned, which
encompasses approximately 230 cities.  During fiscal year 2005,
Gallery Group reported revenues of US$33.4 million and EBITDA of
US$8.4 million.  

On pro-forma basis, including acquisitions the company has
concluded during 2005 as they if had been completed on Jan. 1,
2005, Gallery would have reported revenues of US$47.6 million
and EBITDA of US$16.3 million.


RUBY: Omsk Court Commences Bankruptcy Proceedings
-------------------------------------------------
The Arbitration Court of Omsk Region commenced bankruptcy
proceedings against Ruby (Case No. K/E-185/05) after finding the
limited liability company insolvent.  

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

         Sibirskaya Str. 47
         644082, Omsk Region, Russia

The Debtor can be reached at:

         Ruby
         Gertsena Str. 155A
         644033, Omsk Region, Russia


RYBINSKIY RIVER: Proofs of Claim Deadline Slated for May 11
-----------------------------------------------------------
Creditors of Rybinskiy River Port (TIN 7610016220) have until
May 11, to submit their proofs of claim to court-appointed
insolvency manager Mr. V. Kuznetsov at:

         Rybinsk, Post User Box 42
         152915, Yaroslavl Region, Russia

The Arbitration Court of Yaroslavl Region commenced bankruptcy
proceedings against the open joint stock company (Case No. A82-
7745/05-03-B/37).

The Debtor can be reached at:

         Rybinskiy River Port
         Rybinsk, Vvedenskaya Str. 2
         152901, Yaroslavl Region, Russia


STARCH-TREACLE FACTORY: Claims Registration Ends May 11
-------------------------------------------------------
Creditors of Starch-Treacle Factory have until May 11, to submit
their proofs of claim to court-appointed insolvency manager Mr.
S. Smirnov at:

         Apartment 68, 50 Let VLKSM Str. 25/7
         Stavropol Region, Russia

The Arbitration Court of Stavropol Region commenced bankruptcy
proceedings against the limited liability company (Case No. A63-
2364/2005-S5).

The Debtor can be reached at:

         Starch-Treacle Factory
         Izobilnyj
         Stavropol Region, Russia


STERLITAMAKSKAYA: Proofs of Claim Deadline Slated for May 11
------------------------------------------------------------
Creditors of Sterlitamakskaya Ray-Sel-Khoz-Khimya (TIN
0234001641) have until May 11, to file their proofs of claim to
court-appointed insolvency manager Mr. R. Knyazev at:

         Ufa, Post User Box 107
         450081, Bashkortostan Republic, Russia

The Arbitration Court of Bashkortostan Republic commenced
bankruptcy proceedings against the company (Case No. A07-
15675/05-G-PAV).

The Debtor can be reached at:

         Sterlitamakskaya Ray-Sel-Khoz-Khimya
         Sterlitamakskiy Region, Zagorodnyj
         453140, Bashkortostan Republic, Russia


URMANSKIY DAIRY: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Chuvashiya Republic has commenced
bankruptcy supervision procedure on open joint stock company
Urmanskiy Dairy (Case No. A79-15958/2005).

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

         Cheboksary, Guzovskogo Str. 7/54
         Chuvashiya Republic, Russia

The Debtor can be reached at:

         Urmanskiy Dairy
         Urmary, Chuvashiya Republic, Russia


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


ABB LTD: ABB Lummus Sets Section 341(a) Meeting for May 30
----------------------------------------------------------
Kelly Stapleton Beaudin, the U.S. Trustee for Region 3, will
convene a meeting of ABB Lummus Global, Inc.'s creditors at 2:00
p.m., on May 30, 2006, at the J. Caleb Boggs Federal Building,
2nd Floor, Room 2112 in Wilmington, Delaware.  ABB Lummus is the
U.S. subsidiary of Swiss ABB Ltd.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

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 $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
=============


CHERVONIJ ZHOVTEN: Court Names O. Mironova as Liquidator
--------------------------------------------------------
The Economic Court of Donetsk Region appointed Ms. O. Mironova
as Liquidator/Insolvency Manager for OJSC Kostyantinivka' Fire-
Proof Plant Chervonij Zhovten (code EDRPOU 00191862).  She can
be reached at:

         Illich Avenue 89
         83003 Donetsk Region, Ukraine

The Court commenced bankruptcy proceedings against on Dec. 21,
2005, after finding it insolvent.  The case is docketed under
Case No. 5/205 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region, Ukraine

The Debtor is headquartered in:

         Kostyantinivka, Miroshnichenko Str. 2
         85107 Donetsk Region, Ukraine


KSIBONE: Court Taps Grigorij Usik as Insolvency Manager
-------------------------------------------------------
The Economic Court of Kyiv Region appointed Grigorij Usik as
Liquidator/Insolvency Manager for LLC Ksibone (code EDRPOU
32621745).  He can be reached at:

         Pravdi Avenue 5
         04074 Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
on March 6, after finding the company insolvent.  The case is
docketed under Case No. 23/36-b.
         
The Economic Court of Kyiv Region is located at:

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

The Debtor is headquartered in:

         Komintern Str. 14
         01032 Kyiv Region, Ukraine


MICHURINA: Zaporizhya Court Commences Bankruptcy Proceedings
------------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
proceedings against LLC Agrofirm Michurina (code EDRPOU
03748963) on Dec. 8, 2005, after finding it insolvent.  The case
is docketed as 25/260.

Sergij Vasiltsov has been appointed Liquidator/Insolvency
Manager and can be reached at:

         Berdyansk
         71118 Zaporizhya Region, Ukraine

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region

The Debtor is headquartered in:

         Marinopil, Lenin Str. 56
         Rozivskij District
         70314 Zaporizhya Region


NOTNA: Donetsk Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
proceedings against LLC Production-Commercial Firm Notna (code
EDRPOU 33621264) on after finding it insolvent.  The case is
docketed under Case No. 27/40-B.  

Laskavij Kostyantin has been appointed Liquidator/Insolvency
Manager and can be reached at:

         Starobeshevska Str. 12 A
         83069 Donetsk Region, Ukraine

The Economic Court of Donetsk Region is located at:

         Novorosijska Str. 2
         83009 Donetsk Region, Ukraine


PERSHE TRAVNYA: Court Starts Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
supervision procedure on Agricultural OJSC Pershe Travnya (code
EDRPOU 00414144).  The case is docketed under Case No. 10/196-
05.  

Vitalij Bolhovitin has been appointed temporary Insolvency
Manager and can be reached at:

         Hmelnitske Shose Str. 2-A
         Vinnitsya Region, Ukraine

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region, Ukraine

The Debtor is headquartered in:

         Tereshki
         Barskij District
         23027 Vinnitsya Region, Ukraine


PIVDENINTEH: Court Names Talan Rostislav as Liquidator
------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Talan
Rostislav as Liquidator/Insolvency Manager for LLC Pivdeninteh
(code EDRPOU 20218178).  He can be reached at:

         49000 Dnipropetrovsk Region a/b 158
         Ukraine

The Court commenced bankruptcy proceedings against the company
on March 9, after finding it insolvent.  The case is docketed
under Case No. B 24/276/05.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region, Ukraine

The Debtor is headquartered in:

         Academic Lazaryan 3
         49000 Dnipropetrovsk Region, Ukraine


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


BASINGSTOKE PRESS: Appoints UHY Hacker Young Administrator
----------------------------------------------------------
Andrew Andronikous and Peter Kubik of UHY Hacker Young were
appointed joint administrators of The Basingstoke Press Limited
(Company Number 01209825) on April 12.

The joint administrators can be reached at:

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

Headquartered in Hounslow, England, The Basingstoke Press
Limited offers printing services.  


CABLE & WIRELESS: Releases Year-End Results on May 25
-----------------------------------------------------
Cable and Wireless plc will disclose on May 25, its results for
the year ended March 31, 2006.

Results presentation will be held at the JP Morgan Conference
Centre in 10 Aldermanbury, London EC2V 7RF, from 9:00 a.m. until
10:45 a.m.

A live webcast on the presentation will be available on the
Cable & Wireless Web site at http://www.cw.com/

Interested parties may register at the site or at
http://events.ctn.co.uk/ec/CableAndWireless/190/

About the Company

Headquartered in London, Cable & Wireless PLC --
http://www.cw.com/new/-- provides voice, data and IP (Internet  
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.  
Its principal operations are in the United Kingdom, continental
Europe, Asia, the Caribbean, Panama and the Middle East.  

Fitch Ratings has affirmed Cable & Wireless' ratings at Long-
term 'BB+' with Stable Outlook and Short-term 'B'.

                        *     *     *

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

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

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


GRANGE BAKERY: Hires Tomlinsons to Administer Assets
----------------------------------------------------
A. H. Tomlinson of Tomlinsons was appointed joint administrator
of Grange Bakery Limited (Company Number 4218192) on April 21.

Tomlinsons -- http://www.tomlinsons.co.uk/-- is an independent  
firm of Licensed Insolvency Practitioners with offices in
Manchester, Blackburn and London.  It specializes in all types
of business recovery and insolvency procedures, as well as
offering advice to companies and individuals who believe they
may be heading towards, or are already in, financial difficulty.

Grange Bakery Ltd. can be reached at:

         Newlyn Kents Bank Road
         Bank Road
         Grange-Over-Sands
         Cumbria LA7 7EY
         United Kingdom
         Tel: 01539-535577   


ISIS MODELS: Creditors Confirm Voluntary Liquidation
----------------------------------------------------
Creditors of ISIS Models Limited confirmed the company's
voluntary liquidation after a winding up resolution was passed
during the members' extraordinary general meeting on March 8.

Creditors also ratified the appointment of Asher Miller, of
David Rubin & Partners, as 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:

         ISIS Models Limited
         5-7 Carnaby Street
         London W1F 9PB
         United Kingdom
         Tel: 020 7494 994


J.J. PRODUCTS: Winds Up Operations & Appoints Liquidator
--------------------------------------------------------
J.J. Products Limited is winding up its operations after
creditors decided to liquidate the company's assets on March 9.

Subsequently, they authorized Roderick Graham Butcher as
Liquidator.

The company can be reached at:

         J.J. Products Limited
         Pinfold Industrial Estate
         Rhyl
         Clwyd LL18 2YR
         United Kingdom
         Tel: 01745 331941  


JEFFERSON MAINE: Names Richard Ian Williamson as Liquidator
-----------------------------------------------------------
Richard Ian Williamson, of Campbell Crossley & Davis, was
appointed Liquidator after creditors of Jefferson Maine Limited
resolved to wind up the company's operations on March 13.

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

Campbell Crossley and Davis -- http://www.campbell-crossley-
davis.co.uk  -- has traded for ten years specializing entirely
in debt problems.  

The company can be contacted at:

         Jefferson Maine Limited
         Gainsborough House
         109 Portland Street
         Manchester M1 6DN
         United Kingdom
         Tel: 0161 236 4545


K.C. SATELLITE: Creditors Resolve to Liquidate Company's Assets
---------------------------------------------------------------
Creditors of K.C. Satellite Centre Limited resolved to liquidate
the company's assets after proving that the company could no
longer continue its operations due to financial liabilities.

Andrew T. Clay was appointed Liquidator.

The company can be reached at:

         K.C. Satellite Centre Limited
         10 Victoria Park Grove
         Kirkstall
         Leeds LS5 3DR
         United Kingdom
         Tel: 0113 275 8124


LIFTRITE MATERIALS: Appoints Fisher Partners Administrator
----------------------------------------------------------
Stephen Katz and David Birne of Fisher Partners were appointed
joint administrators of Liftrite Materials Handling Limited
(Company Number 01428566) on April 21.  

The joint administrators can be reached at:

         Fisher Partners
         Acre House
         11/15 William Road
         London NW1 3ER
         United Kingdom
         Tel: 020 7388 7000
         Fax: 020 7380 4900
         E-mail: skatz@hwfisher.co.uk

Headquartered in Reading, England, Liftrite Materials Handling
Ltd. offers rental services for machinery and other related
equipment.  


MULTI-SHOT APPLICATIONS: Hires Hurst Morrison Administrator
-----------------------------------------------------------
Gareth Wyn Roberts and Paul William Ellison of Hurst Morrison
Thomson Corporate Recovery LLP were appointed on April 24, as
administrators of:

   -- Multi-Shot Applications Limited (Company Number 05006177)
   -- Multi-Shot Tooling Limited (Company Number 05006179)
   -- Snowdawn Limited (Company Number 05006178)

The administrators can be reached at:

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

Multi-Shot Applications Limited -- http://www.multishot.co.uk/
-- specializes in the design and development of multi-shot and
the production of two-shot and three-shot injection molded
products.


PIVOTELLI LIMITED: Begins Winding Up Operations
-----------------------------------------------
Creditors of Pivotelli (U.K.) Limited is liquidating its assets
after creditors passed a resolution to wind up the company's
operations on March 9.

Giles Richard Frampton and Hamish Millen Adam, at Richard J.
Smith & Co, will jointly liquidate the company's assets.

Richard J. Smith & Co. specializes in insolvency and forensic
accounting.

Headquartered in Holsworthy, Pivotelli Limted --
http://www.pivotelli.co.uk/-- designs and manufactures support  
systems for T.V. and HI-FI.  


PRIORITY SERVICES: Joint Liquidators Take Over Operations
---------------------------------------------------------
Creditors of Priority Services Limited resolved to voluntarily
liquidate the company's assets during members' extraordinary
general meeting on March 10.

Ian J. Gould and Edward T. Kerr, at PKF (U.K.) LLP, were named
Joint Liquidators.

PKF (U.K.) LLP -- http://www.pkf.co.uk/-- is one of the U.K.'s  
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.  

The company can be reached at:

         Priority Services Limited
         10 Rose Hill
         Chesterfield
         Derbyshire S40 1LW
         United Kingdom
         Tel: 01246 557444  


RANK GROUP: Repurchases 500,000 Shares for Cancellation
-------------------------------------------------------
The Rank Group PLC bought back 500,000 ordinary shares of 10
pence in the Company on May 4, for cancellation at an average
price of 224.345 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 TCR 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.


RESIDENTIAL PROPERTY: Creditors Pass Winding Up Resolution
----------------------------------------------------------
Martin Charles Armstrong, of Turpin Barker Armstrong, was
appointed Liquidator of Residential Property Services Limited
after creditors passed a resolution to wind up the company's
assets on March 10.

Turpin Barker Armstrong -- http://www.turpinba.co.uk/-- is an  
independent four-partner accounting firm.

The company can be reached at:

         Residential Property Services Limited
         91 Nether Hall Rd
         Doncaster
         South Yorkshire DN1 2QA
         United Kingdom
         Tel: 01302 325573  


RYMARK COMPANY: Claims Filing Period Ends May 12
------------------------------------------------
Creditors of Rymark Company Limited resolved to voluntarily
liquidate the company's assets during members' extraordinary
general meeting on March 13.

Appointed Liquidator, Duncan R. Beat, required creditors to send
in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) on or before May 12.

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

The company can be reached at:

         Rymark Company Limited
         24 Frith Street
         London W1D 5LA
         United Kingdom
         Tel: 020 7287 1775
         Fax: 020 7287 0772


SAMI FASHIONS: Creditors Agree to Liquidate Company's Assets
------------------------------------------------------------
Sami Fashions Ltd. is winding up its business after creditors
agreed to liquidate the company's assets on March 16.

Andreas Georgiou Kakouris was appointed Liquidator.

Chairman R. Chaudhary disclosed that the company could no longer
continue its operations due to mounting debts.

The company can be reached at:

         Sami Fashions Ltd.
         A 120 Commercial Road
         London E1 1NL
         United Kingdom
         Tel: 020 7481 8605
         Fax: 020 7481 9942


SPRING VALE: Appoints Andrew Michaels & Co. to Administer Assets
----------------------------------------------------------------
Andrew T. Clay of Andrew Michaels & Co Ltd. was appointed
administrator of Spring Vale Engineering Limited (Company Number
05368321) on April 3.

The administrator can be reached at:

         Andrew Michaels & Co. Ltd.
         Concept House
         Brooke Street
         Cleckheaton
         Bradford BD19 3RY
         United Kingdom
         Tel: 0870 750 5411
         Fax: 0870 750 5412
         E-mail: info@andrew-michaels.com


TAILOR-MADE FILMS: Hires Rothman Pantall Administrator
------------------------------------------------------
R. D. Smailes and S. B. Ryman of Rothman Pantall & Co were
appointed joint administrators of Tailor-Made Films Limited
(Company Number 03883420) on March 30.  

Rothman Pantall & Co -- http://www.rothman-pantall.co.uk/-- was  
established in 1955 as a general accountancy practice, and has
grown to its present 18 offices across the South of England.  It
is one of the largest independent firms of Chartered Accountants
in the region, and rank in the top 40 in the United Kingdom.

Tailor-Made Films Ltd. can be reached at:

         16b North End Road
         Golders Green
         London NW11 7PH
         United Kingdom
         Tel: 0208-731-1700   


TECHNOCRANE LIMITED: Financial Woes Trigger Liquidation
-------------------------------------------------------
Technocrane Limited is liquidating its assets after creditors
found out that the company could no longer continue its
operations due to mounting debts.

Andrew Philip Wood and John Russell, at The P&A Partnership,
were appointed Joint Liquidators.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing  
banks and a growing number of factors and asset lenders.  

The company can be contacted at:

         Technocrane Limited
         Birkin Lane West
         Grassmoor Chesterfield
         Derbyshire S42 5ET
         United Kingdom
         Tel: 01246 857 139
         Fax: 01246 856 928


WEARPARTS LIMITED: Taps Stoy Hayward to Administer Assets
---------------------------------------------------------
Christopher Kim Rayment and Martha Hanora Thompson of BDO Stoy
Hayward LLP were appointed joint administrators of Wearparts
Limited (Company Number 923571) on April 7.

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 Lutterworth, Leicestershire, Wearparts Limited
-- http://www.wearparts.com/-- manufactures impact-, wear- and  
heat-resisting components for a wide range of industrial
applications for over 30 years.


WOW STUFF: Appoints Joint Administrators from Moore Stephens
------------------------------------------------------------
Mark Elijah Thomas Bowen and Nigel Price of Moore Stephens LLP
were appointed joint administrators of Wow Stuff Limited
(Company Number 04223252) on April 4.

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

Headquartered in Bilston, England, Wow Stuff imports and
distributes toys and assorted gift items.


YORKSHIRE DESIGN: Hires XL Business Solutions Ltd. Administrator
---------------------------------------------------------------
Jeremy Nicholas Bleazard of XL Business Solutions Limited was
appointed administrator of Yorkshire Design And Fabrication
Limited (Company Number 04448078) on April 7.

The administrator can be reached at:

         XL Business Solutions Limited
         1st Floor, 2-4 Market Street
         Cleckheaton BD19 5AJ
         United Kingdom


                           *********


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

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

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

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

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

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


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