TCREUR_Public/060510.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Tuesday, May 09, 2006, Vol. 7, No. 91

                            Headlines


G E R M A N Y

AUTOHAUS GLASER: Claims Registration Ends May 12
BAUER BAU: Claims Registration Ends May 12
BOCKER BKP: Creditors' Meeting Slated for May 31
FRENTZ BAU: Claims Registration Ends May 14
GLASEREI GIETL: Claims Registration Ends May 15

HEIDELBERGCEMENT AG: S&P Revise Ratings on Better Performance
MAY CON: Claims Registration Ends May 16
SB VERPACKUNG: Claims Registration Ends May 15
THOMAS KELLNER: Claims Registration Ends May 16
WOHA GMBH: Creditors' Meeting Slated for May 15

WOHN- UND GEWERBEBAU: Claims Registration Ends May 10


I T A L Y

ALITALIA SPA: Has Until May 11 to Operate Sardinian Flights
BANCA ITALEASE: Fitch Affirms Individual Rating at C
IT HOLDING: Shareholders Extend Reconta E&Y as 2006 Auditors


K A Z A K H S T A N

ALMAPREEDE: Proofs of Claims Deadline Slated for May 12
AZTEL SERVICE: Creditors' Claims Due May 16
BUILD INDUSTRIES: Creditors Claims Due May 12
DATCH DESIGN: Creditors' Claims Due May 12
KONSERN-HAN-TENGRI: Creditors' Claims Due May 12

FORMEKS LTD: Proofs of Claims Deadline Slated for May 12
SBS AIR: Creditors Must File Claims by May 16
SHERBAKTINSKEI ELEVATOR: Creditors Must File Claims by May 12
SOUTH NETWORK SYSTEM: Creditors Must Submit Claims by May 12
TRANS SERVICE: Creditors' Claims Due May 12


N E T H E R L A N D S

HARBOURMASTER PRO-RATA: Fitch Puts BB Rating to EUR26-Mln Notes


R U S S I A

ALJBA ALLIANCE: Moody's Cuts Currency Deposit Rating to B3
BERDYASHSKIY GRAIN: Creditors Must File Claims by May 18
BUILDER: Undergoes Bankruptcy Supervision Procedure
ENERGO-STROY: Bankruptcy Hearing Slated for May 29
GLAZOVSKAYA: Claims Filing Period Ends May 11

IMPEXBANK JSC: Share Purchase Prompts Moody's to Lift Ratings
MONTAGE-STROY: Bankruptcy Hearing Set for July 3
MUSINSKOYE: Bankruptcy Hearing Set for June 5
ROZHDESTVENSKOYE: Bankruptcy Hearing Slated for June 24
SELENA: Bankruptcy Hearing Slated for Aug. 18

SPASSKOYE MILK: Bankruptcy Hearing Slated for June 15
SUNDYRSKOYE: Deadline for Proofs of Claim Set for May 11


S W I T Z E R L A N D

SAIRGROUP: Bondholders Have Until May 10 to Register Debts


U K R A I N E

AVTOK: Zaporizhya Court Taps Vyacheslav Rabushko as Liquidator
FIESTA-INVEST: Court Begins Bankruptcy Supervision
KALININA: Zaporizhya Court Opens Bankruptcy Proceedings
KALUSHTEPLOKOMUNENERGO: Court Names Interim Insolvency Manager
KOLOS: Court Begins Bankruptcy Supervision

MASTER: Lugansk Court Names Bojko Tetyana Insolvency Manager
VERTIKAL: Court Appoints Interim Insolvency Manager
YAGILNITSKIJ HORSE: Court Begins Bankruptcy Process
YAGUBETS: Taps Tetyana Pilipenko as Interim Insolvency Manager
ZERNOTRANS: Odessa Court Begins Bankruptcy Process


U N I T E D   K I N G D O M

AVISTA SERVICES: Creditors Pass Winding Up Resolution
BI-MAG LIMITED: Appoints Joint Liquidators from Harrisons
CENTURION PLANT: Winds Up Business & Appoints Joint Liquidators
COMPU CERT: Financial Woes Trigger Liquidation
CRYSTAL ART: Appoints Begbies Traynor to Administer Assets

EUROMET LIMITED: Creditors Confirm Voluntary Liquidation
FREEDOM FARM: Begins Voluntary Liquidation
GASKELL MACKAY: Hires BWC Business to Administer Assets
J.L. FRENCH: U.S. Unit Files Amended Plan & Disclosure Statement
KARTING 2000: Appoints DTE Leonard Curtis Administrator

LOVERIDGE PROPERTY: Taps Bond Partners to Administer Assets
MISYS PLC: Completes Sale of Misys General Insurance to Montagu
NEWPORT PRECISION: Hires Administrator from Purnells
RAILKO LIMITED: Appoints PwC Administrator
ROYAL & SUNALLIANCE: Completes US$500-Mln Debt-for-Equity Swap

VALEPLUME LIMITED: Creditors Decide to Liquidate Assets
VISION ON DESIGN: Appoints JJ Cork to Administer Assets
WAX NEW: Joint Liquidators Take Over Operations
WILLIAM D.: Creditors Agree to Voluntary Liquidation
WILLIAM RANDALL: Calls In Joint Liquidators from Cooper Parry

* Large Companies with Insolvent Balance Sheets

                            *********


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


AUTOHAUS GLASER: Claims Registration Ends May 12
------------------------------------------------
Creditors of Autohaus Glaser GmbH & Co. KG have until May 12, to
register their claims with court-appointed provisional
administrator Albert Wolff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 27, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Saal D132
         Olbrichtplatz 1
         01099 Dresden, Germany

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

The District Court of Dresden opened bankruptcy proceedings
against Autohaus Glaser GmbH & Co. KG on March 31.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Autohaus Glaser GmbH & Co. KG
         Eichenallee 3
         01558 Grossenhain, Germany
         
The administrator can be contacted at:

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


BAUER BAU: Claims Registration Ends May 12
------------------------------------------
Creditors of Bauer Bau GmbH have until May 12, to register their
claims with court-appointed provisional administrator Klaus
Albert Maier.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on June 29, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Zimmer 20
         Hauffstr. 5
         70190 Stuttgart, 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 Stuttgart opened bankruptcy proceedings
against Bauer Bau GmbH on April 11.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Bauer Bau GmbH
         Attn: Siegfried Bauer, Manager
         Wildeckstr. 21
         70469 Stuttgart, Germany
         
The administrator can be contacted at:

         Klaus Albert Maier
         Wilhelmstr. 12
         70182 Stuttgart, Germany
         Tel: 0711/164240
         Fax: 0711/1642424


BOCKER BKP: Creditors' Meeting Slated for May 31
------------------------------------------------
Court-appointed provisional administrator for Bocker BKP GmbH,
Andreas Grund, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:35 a.m., on
May 31.

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

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

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

Creditors have until tomorrow, May 10, to register their claims
with the court-appointed provisional administrator.

The District Court of Hagen opened bankruptcy proceedings
against Bocker BKP GmbH on April 18.  Consequently, all pending
proceedings against the company have been automatically stayed

The Debtor can be reached at:

         Bocker BKP GmbH
         Attn: Michael Bocker, Manager
         Halver 33
         58553 Halver, Germany
                  
The administrator can be reached at:

         Andreas Grund
         Grabenstr. 28
         58095 Hagen, Germany
         Tel: 02331-397656
         Fax: +4923313976570


FRENTZ BAU: Claims Registration Ends May 14
-------------------------------------------
Creditors of Frentz Bau GmbH have until May 14, to register
their claims with court-appointed provisional administrator Udo
Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 14, 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 Hannover
         Saal 226
         2. Obergeschoss
         Hamburger Allee 26
         30161 Hannover, 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 Hannover opened bankruptcy proceedings
against Frentz Bau GmbH on April 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Frentz Bau GmbH
         Attn: Erika Ruehmkorb, Manager
         Ernst-Kohlrautz-Str. 8
         30827 Garbsen, Germany
         
The administrator can be contacted at:

         Udo Mueller
         Georgstr. 50
         30159 Hannover, Germany
         Tel: 0511/36698-0
         Fax: 0511/36698-33


GLASEREI GIETL: Claims Registration Ends May 15
-----------------------------------------------
Creditors of Glaserei Gietl GmbH have until May 15, to register
their claims with court-appointed provisional administrator Dr.
Michael Miersch.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on July 4, 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 Rosenheim
         Zi. 111
         Rosenheim, 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 Rosenheim opened bankruptcy proceedings
against Glaserei Gietl GmbH on April 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Glaserei Gietl GmbH
         Nikolaistr. 21
         83022 Rosenheim, Germany
         
The administrator can be contacted at:

         Dr. Michael Miersch
         Kufsteiner Strasse 14/II
         83022 Rosenheim, Germany
         Tel: 08031/36770
         Fax: 08031/367736


HEIDELBERGCEMENT AG: S&P Revise Ratings on Better Performance
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germany-based cement producer HeidelbergCement AG to positive
from stable.

"This reflects further improvements in the group's financial
profile in 2005 and the first quarter of 2006, as well as
reduced leverage at the Spohn Cement GmbH level," said Standard
& Poor's credit analyst Eve Greb.

At the same time, the 'BB+' long-term and 'B' short-term
corporate credit ratings, and the ratings on all outstanding
debt of HeidelbergCement and its related entities were affirmed.

The ratings on HeidelbergCement reflect the group's moderate
financial structure and the cement industry's cyclicality and
heavy capital intensity.

These factors are offset by the company's large size, broad
geographic diversity, strong market positions, and sustained
ability to generate healthy funds from operations.

The positive outlook reflects our expectation of further
improvements in HeidelbergCement's financial profile, as
probable continued growth in North America, Eastern Europe, and
Asia will bolster free cash-flow generation.  The ratings on
HeidelbergCement would likely be raised if the company continues
to strengthen its financial profile and improve its FFO-to-net
debt ratio -- adjusted for operating leases and post-tax
unfunded pension liabilities -- to a range of 25% to 30% on a
sustainable basis, when there is still a substantial level of
debt at the Spohn level.

"If the Spohn debt is repaid, the ratings on HeidelbergCement
may be raised if FFO-to-fully adjusted net debt ratios improve
to about 25%.  Significant debt-financed acquisitions, or
renewed market pressures in Germany, in particular, could
trigger an outlook revision to stable," added Ms. Greb.


MAY CON: Claims Registration Ends May 16
----------------------------------------
Creditors of May Con Handel und Maschinenbau GmbH have until
May 16, to register their claims with court-appointed
provisional administrator Frank Ruediger Scheffler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 20, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Saal D132
         Olbrichtplatz 1
         01099 Dresden, Germany

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

The District Court of Dresden opened bankruptcy proceedings
against May Con Handel und Maschinenbau GmbH on April 4.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         May Con Handel und Maschinenbau GmbH
         H. Schomburg Strasse 6
         02694 Grossdubrau, Germany
         
The administrator can be contacted at:

         Frank Ruediger Scheffler
         C. D. Friedrich Strasse 6
         01219 Dresden, Germany
         Web site: http://www.tiefenbacher.de/


SB VERPACKUNG: Claims Registration Ends May 15
----------------------------------------------
Creditors of SB Verpackung GmbH have until May 15, to register
their claims with court-appointed provisional administrator Uwe
Pirl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 26, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Raum 232
         2. Stockwerk
         68149 Mannheim, 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 Mannheim opened bankruptcy proceedings
against SB Verpackung GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         SB Verpackung GmbH
         Attn: Kurt Leiberich, Manager
         Industriestr. 22
         68766 Hockenheim, Germany
         
The administrator can be contacted at:

         Uwe Pirl
         Brueckenkopfstr. 1/2
         69120 Heidelberg, Germany
         Tel: 06221/45660


THOMAS KELLNER: Claims Registration Ends May 16
-----------------------------------------------
Creditors of Thomas Kellner GmbH & Co. KG have until May 16, to
register their claims with court-appointed provisional
administrator Peter Depre.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 27, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Karlsruhe opened bankruptcy proceedings
against Thomas Kellner GmbH & Co. KG on March 31.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Thomas Kellner GmbH & Co. KG
         Attn: Eva Kellner, Manager
         Kaiserstr. 120
         76133 Karlsruhe, Germany
         
The administrator can be contacted at:

         Peter Depre
         O 4
         13-16
         68161 Mannheim, Germany
         Tel: (0621) 120780


WOHA GMBH: Creditors' Meeting Slated for May 15
-----------------------------------------------
Court-appointed provisional administrator for WoHa GmbH
Hoch/Tiefbau, Ralf Hildebrandt, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:11 a.m., on May 15.

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

         The District Court of Montabaur
         Saal 106
         1. Stock
         Bahnhofstrasse 47
         56410 Montabaur, Germany

The Court will also verify the claims set out in the
administrator's report at 8:45 a.m., on July 24, at the same
venue.

Creditors have until June 23, to register their claims with the
court-appointed provisional administrator.

The District Court of Montabaur opened bankruptcy proceedings
against WoHa GmbH Hoch/Tiefbau on April 3.  Consequently, all
pending proceedings against the company have been automatically
stayed

The Debtor can be reached at:

         WoHa GmbH Hoch/Tiefbau
         Attn: Wolfgang Ohl, Manager
         Hasenbitze 10
         56412 Nentershausen, Germany
                  
The administrator can be reached at:

         Ralf Hildebrandt
         Friedrich-Ebert-Ring 12
         56068 Koblenz, Germany
         Tel: 0261/9149726
         Fax: 0261/9149727


WOHN- UND GEWERBEBAU: Claims Registration Ends May 10
-----------------------------------------------------
Creditors of Wohn- und Gewerbebau Wilsdruff GmbH have until
May 10, to register their claims with court-appointed
provisional administrator Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 21, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Saal D132
         Olbrichtplatz 1
         01099 Dresden, Germany

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

The District Court of Dresden opened bankruptcy proceedings
against Wohn- und Gewerbebau Wilsdruff GmbH on March 29.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Wohn- und Gewerbebau Wilsdruff GmbH
         Fabrikstr. 1
         01723 Wilsdruff, Germany         

The administrator can be contacted at:

         Bettina Schmudde
         Konigstrasse 1
         01097 Dresden, Germany
         Web site: http://www.whitecaseinso.de/


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


ALITALIA SPA: Has Until May 11 to Operate Sardinian Flights
-----------------------------------------------------------
The Regional Administrative Court in Lazio lifted Friday a ban
on Alitalia SpA flights to Sardinia imposed by civilian aviation
authority Ente Nazionale per l'Aviazione Civile, Il Sole 24 Ore
says.

As reported in TCR Europe on May 5, ENAC barred Alitalia from
using the Rome-to-Cagliari and Milan-to-Cagliari routes after
the carrier failed to beat the deadline for application for
renewal.  Alitalia filed for renewal on April 27, three days
after the April 24 deadline.  ENAC had awarded the Cagliari
routes to carriers Air One and Meridiana.  

The Court allowed Alitalia to operate the routes until May 11,
when it will convene to hear the issue.  Meridiana imposed a
EUR9 fare on the Cagliari-to-Rome from the May 5 to 11, in
response to the Court's order.

Meanwhile, unions have demanded the government to conduct a
management review at Alitalia for being "wholly inadequate" for
missing the deadline and putting hundreds of jobs at risk, Il
Sole 24 Ore relates.

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in  
annual revenue and employs more than 11,000 people.  As of March
31, its net debt stood at EUR939 Million.  Alitalia flies to
about 80 destinations in more than 60 countries from hubs in
Rome and Milan and operates a fleet of about 185 aircraft.  
Despite a EUR1.4 billion state-backed restructuring in 1997 and
a EUR1.4 billion capital injection two years ago, Alitalia has
yet to post its fifth profit in 16 years.


BANCA ITALEASE: Fitch Affirms Individual Rating at C
----------------------------------------------------
Fitch Ratings affirmed Italy-based Banca Italease's ratings at
Issuer Default A-, Short-term F2, Individual C and Support 2.
The Outlook for the Issuer Default rating remains Stable.  

At the same time the agency assigned an expected Long-term
rating of BBB+ to the bank's announced issue of EUR150 million
trust preferred securities through Banca Italease Capital Trust.

Banca Italease's IDR, Short-term and Individual ratings are
based on its good performance, which has seen a further sharp
rise in operating profit in 2005 and Q106, its access to a large
customer base for its leasing activity and acceptable asset
quality.  The ratings also reflect pressure on capital adequacy
as a result of rapid business growth and increased concentration
in the bank's loan book, as well as the risks inherent in Banca
Italease's fast growth.  

The expected ratings assigned to the trust preferred securities
reflect Fitch's standard notching policy.  The final ratings are
contingent on receipt of final documents conforming to
information already received.

Rapid business growth, which has included growth through
acquisitions of smaller leasing companies and the merger with
factoring company Factorit, has resulted in a sharp improvement
in operating profit, which reached EUR159 million in 2005, up
62% compared to the previous year.  The key drivers for stronger
profitability were higher revenues from increased business
volumes, which outpaced growth in operating expenses.

Banca Italease benefits from a good distribution network, which
includes around 4,900 branches of partner banks for leasing
products and 8,800 branches for factoring services.  The bank
renewed and extended its distribution agreement with Poste
Italiane, the Italian post office, in March 2006 for a further
three years, which gives the bank access to the over 14,000 post
office branches throughout Italy.  

In addition, the bank utilizes a network of agents and
intermediaries and operates through 37 branches.  Banca Italease
intends to continue its growth strategy and has stated that it
is evaluating the possibility of expanding outside Italy.

While business growth has resulted in stronger profitability, it
has increased loan concentration in its real estate leasing
book.  The rise in risk-weighted assets has also led to pressure
on the bank's capital adequacy as its Tier 1 ratio weakened to
6.13% at end-2005 from 7.14% at end-June 2005.  

The planned issue of trust preferred securities will lead to an
improvement in capitalization, but the bank will have to manage
its growth strategy to ensure that capital levels remain
adequate.  Fitch notes that the bank's IDR might come under
pressure if concentration in its loan book increases further or
if the bank fails to maintain its target capital ratios.

Banca Italease was Italy's largest leasing company by new
business volume in 2005.  The bank's major shareholders, which
include Banco Popolare di Verona e Novara, Banca Popolare
dell'Emilia Romagna, Banca Antonveneta and Banca Popolare di
Sondrio, have formed a shareholders' pact that controls 51.6% of
Banca Italease's shares.  The shareholders' agreement includes
measures to ensure operational, strategic and financial support
for Banca Italease, which are reflected in the bank's Support
rating.


IT HOLDING: Shareholders Extend Reconta E&Y as 2006 Auditors
------------------------------------------------------------
Shareholders of IT Holding S.p.A. approved its financial results
for the year ended Dec. 31, 2005 on April 28.

Consolidated net revenues amounted to EUR676 million and EBITDA
amounted EUR110.1 million, up by more than percentage point.

The shareholders also extended the appointment of Reconta Ernst
& Young S.p.A. as auditors of the financial statements for 2006
to 2011.

Headquartered in Italy, IT Holding S.p.A. --
http://www.itholding.it/-- is one of the leading players in the  
luxury goods sector, and controls a group of companies that
design, produce and distribute high-quality products under owned
brands -- Ferre, Malo, Exte -- as well as under license
agreements -- D&G, Versus, Versace Jeans Couture, Just Cavalli,
C'N'C Costume National.  Worldwide distributing network includes
29 directly operated stores, 111 other mono-brand stores and
over 4,000 highly selected department and specialty stores.  IT
Holding has over 1,700 employees. It went public on November
1997 and its shares are traded on Milan Stock Exchange.

                        *     *     *

As reported in TCR-Europe on Dec. 16, 2005, Standard & Poor's
Ratings Services said its B- long- term corporate credit rating
on Italian fashion company IT Holding S.p.A. remains on
CreditWatch with negative implications, where it was placed on
July 28, 2005.

At the same time, Standard & Poor's lowered its rating on the
senior secured debt issued by IT Holding Finance S.A. and
guaranteed by ITH to CCC+ from B-, reflecting an increase in
prior-ranking debt in ITH's capital structure.  The rating also
remains on CreditWatch with negative implications, where it was
placed on July 28, 2005.


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


ALMAPREEDE: Proofs of Claims Deadline Slated for May 12
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Almapreede insolvent on Oct. 11, 2005. Bankruptcy
proceedings were introduced at the company.

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

         JSC Kazpochta
         PO Box 1
         Post Office 57
    050057 Almaty, Kazakhstan


AZTEL SERVICE: Creditors' Claims Due May 16
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Aztel Service insolvent on Dec. 15, 2005.  The case is
docketed under Case No. 2-4016/5.

Creditors have until May 16, to submit written proofs of claim
to:

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


BUILD INDUSTRIES: Creditors Claims Due May 12
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Build Industries insolvent on Feb. 21.

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

         Butina Str. 138
         Micro-District Taugul-3
         Almaty, Kazakhstan
         Tel: 8 333 223 07-71

    
DATCH DESIGN: Creditors' Claims Due May 12
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
Kazakh Dutch Joint Venture Datch Design insolvent on Dec. 31,
2005.  Bankruptcy proceedings were introduced at the company.

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

         JSC Kazpochta
         PO Box 1
         Post Office 57
         050057 Almaty, Kazakhstan


KONSERN-HAN-TENGRI: Creditors' Claims Due May 12
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
CJSC Konsern-Han-Tengri (RNN 600900080700) insolvent on Oct. 17,
2005.

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

         Dostyk Avenue 44-99
         Almaty, Kazakhstan
         Tel: 8 705 203 30-32


FORMEKS LTD: Proofs of Claims Deadline Slated for May 12
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Formeks Ltd. insolvent on Dec. 22, 2005.

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

         Butina Str. 138
         Micro-District Taugul-3
         Almaty, Kazakhstan
         Tel: 8 333 223 07-71


SBS AIR: Creditors Must File Claims by May 16
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP SBS Air Craft insolvent on Nov. 17, 2005.

Creditors have until May 16, to submit written proofs of claim
to:

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


SHERBAKTINSKEI ELEVATOR: Creditors Must File Claims by May 12
-------------------------------------------------------------
CJSC Sherbaktinskei Elevator has declared insolvency.  Creditors
have until May 12, to submit written proofs of claim to:

         Ordjonikidze Str. 126
         Sherbakty
         Sherbaktinskei District
         Pavlodar Region, Kazakhstan

          
SOUTH NETWORK SYSTEM: Creditors Must Submit Claims by May 12
-------------------------------------------------------------
The City Court of Arkalyk District of Kostanai Region declared
OJSC South Network System insolvent on Feb. 21.

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

         Energetikov Str. 1
         Arkalyk
         Kostanai Region, Kazakhstan  
         Tel: 8 31430 71030


TRANS SERVICE: Creditors' Claims Due May 12
-------------------------------------------
LLP Kazakh British Joint Venture Trans Service (RNN
600500073362) has declared insolvency.  Creditors have until
May 12, to submit written proofs of claim to:

         Hom Bom Do Str. 40
         Kyzlorda Region, Kazakhstan   
         Tel: 8 (3242) 24-92-92
                       22-27-83


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


HARBOURMASTER PRO-RATA: Fitch Puts BB Rating to EUR26-Mln Notes
---------------------------------------------------------------
Fitch Ratings placed Harbourmaster Pro-Rata CLO 1 B.V.'s
upcoming issue of EUR341 million floating-rate notes due 2021
expected ratings.  

The transaction, a European arbitrage collateralized loan
obligation, is a securitization of primarily senior secured
loans.  It is both the first such transaction that synthetically
references a portfolio of European leveraged loans and the first
transaction that includes exposure to the revolving credit
facilities of European leveraged loans.  This transaction is the
seventh European CLO to be managed by Harbourmaster Capital
Limited.

   -- EUR530 million senior credit default swap: not rated;
   -- EUR160 million Class A1 notes: AAA;
   -- EUR35 million Class A2 notes: AA;
   -- EUR32 million Class A3 notes: A-;
   -- EUR28 million Class B1 notes: BBB;
   -- EUR26 million Class B2 notes: BB; and
   -- EUR60 million Class C Subordinated notes: not rated.

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

The expected ratings of the Class A1 notes address ultimate
repayment of principal at maturity and timely payment of
interest when due.  For all other Classes of notes the expected
ratings address ultimate payment of principal and interest,
including deferred interest, at maturity.

The ratings are based on the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager subject to the guidelines outlined in the collateral
management agreement.  

The said guidelines limit the collateral manager's portfolio
allocations with respect to obligor, industry and asset type.
Fitch assigned Harbourmaster a CDO Asset Manager Rating of 2 for
leveraged loans in September 2004 that was affirmed in November
2005, based on the manager's strong credit underwriting and
workout experience.  The expected ratings are also based on the
credit enhancement provided to the various Classes of notes,
which consists of the subordinated notes, structural protection
covenants and excess spread.

This is the first European arbitrage CLO that enables the
manager to have larger exposure to the traditionally bank-
dominated revolving credit facility and term loan A portion of
European leveraged loan transactions.  The assets are
synthetically referenced through a credit default swap with ABN
AMRO Bank N.V.  

Through this, the issuer receives a premium from the swap
counterparty in exchange for loss protection on a reference
portfolio of senior secured and unsecured loans, which ABN AMRO
has granted across a variety of jurisdictions.

The issuer is a company with limited liability, incorporated
under the laws of the Netherlands.  The net proceeds from the
note issuance will be invested in a guaranteed investment
contract, which serves as collateral for the notes.


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


ALJBA ALLIANCE: Moody's Cuts Currency Deposit Rating to B3
----------------------------------------------------------
Moody's Investors Service downgraded the long-term foreign
currency deposit rating of Aljba Alliance Bank from B2 to B3.  

The E+ Financial Strength Rating is maintained at its current
level.  The outlook is developing for the B3 rating and negative
for the E+ rating.  The bank's short-term foreign currency
deposit rating of Not-Prime is unaffected by this rating action.  
At the same time, Moody's Interfax Rating Agency, which is
majority owned by Moody's, has downgraded the bank's long-term
National Scale Rating from Baa1.ru to Baa2.ru.

According to Moody's, this rating action concludes the review
process of the ratings, which were placed on review for possible
downgrade on Jan. 26, following notable delay in presentation of
audited IFRS-based financial statements for 2004.  The bank
released the statements in March 2006.  Moody's notes that
timely financial reporting under IFRS will be essential in the
future, and any undue delays may give rise to further negative
rating implications.

The downgrade of the long-term foreign currency deposit rating
from B2 to B3 reflects weakening of the bank's franchise and
growing uncertainty over sustainability of the core business, as
well as deterioration of its financial performance under IFRS in
2004.  These negative developments occurred against a background
of changes in ownership and management structure in 2004 --
1H2005.  The developing outlook was assigned to this rating due
to the fact that the bank has been taking measures aimed at
restoration and strengthening of its market positions, AFTER
reestablishing control over it in June 2005 by a group of former
shareholders.  If these efforts result in material growth of the
bank's business, the bank's long-term foreign currency deposit
rating could be upgraded, while lack of success in overcoming
current negative trends may lead to the rating's downgrade.

The negative outlook on the bank's E+ FSR mainly reflects
Moody's concerns over the future profitability of the bank's
operations and the quality of its capital.

Aljba Alliance Bank, headquartered in Moscow, Russian
Federation, and reported total assets of RUB3288 million (US$119
million) in accordance with IFRS at year-end 2004.  



BERDYASHSKIY GRAIN: Creditors Must File Claims by May 18
--------------------------------------------------------
Creditors of State Enterprise Berdyashskiy Grain Receiving
Enterprise (TIN 0228002608) have until May 18, to submit written
proofs of claim to court-appointed temporary insolvency manager
Mr. Z. Minniakhmetov at:

         Taykash, Lugovaya Str. 11
         Karaidelskiy Region
         452363, Bashkortostan Republic, Russia

The Arbitration Court of Bashkortostan Republic will convene on
May 15, 11:30 a.m., to hear the bankruptcy supervision procedure
on the company at:

         Ufa, Oktyabrskoy Revolyutsii Str. 63A, Room 115
         450057, Bashkortostan Republic, Russia

The case is docketed under Case No. A07-54919/05-G-ADM.

The Debtor can be reached at:

         Berdyash
         Karaidelskiy Region
         452372, Bashkortostan Republic, Russia


BUILDER: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------
The Arbitration Court of Bashkortostan Republic has commenced
bankruptcy supervision procedure on Builder (TIN 02280102781).  

The case is docketed under Case No. A07-39325/05-G-KhRM.

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

         R. Yamilov
         Ufa, Post User Box 132
         450112, Bashkortostan Republic, Russia

The Debtor can be reached at:

         Builder
         Karaidel, Mira Str. 13/4
         452360, Bashkortostan Republic, Russia


ENERGO-STROY: Bankruptcy Hearing Slated for May 29
--------------------------------------------------
The Arbitration Court of Rostov Region will convene on May 29,
to hear the bankruptcy supervision procedure on open joint stock
company Energo-Stroy (TIN 6143002825).

The case is docketed under Case No. A-53-25431/2005-S2-51.

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

         Gulkevichi, Post User Box 38
         352192, Rostov Region, Russia

The Debtor can be reached at:

         Energo-Story
         Volgodonsk-28
         347388, Rostov Region, Russia


GLAZOVSKAYA: Claims Filing Period Ends May 11
---------------------------------------------
Creditors of poultry farm Glazovskaya (TIN 1829015794) have
until May 11, to file their proofs of claim to court-appointed
insolvency manager Mr. N. Gulyashikh at:

         Glazov, Udmurtskaya Str. 62
         427620, Udmurtiya Republic, Russia

The Arbitration Court of Udmurtiya Republic commenced bankruptcy
proceedings against the open joint stock company with the case
docketed as A71-100/2005-G2.

The Debtor can be reached at:

         Glazovskaya
         Glazov, Udmurtskaya Str. 62
         Udmurtiya Republic, Russia


IMPEXBANK JSC: Share Purchase Prompts Moody's to Lift Ratings
-------------------------------------------------------------
Moody's Investors Service upgraded Impexbank's long- and short-
term foreign currency bank deposit ratings to Baa2/Prime-2 from
B1/Not-Prime, and the bank's foreign currency senior unsecured
debt rating to A3 from B1.

Moody's said that the bank's Baa2/Prime-2 long- and short-term
foreign currency deposit ratings are now constrained by Russia's
country ceiling for such deposits, while the bank's bonds issued
under foreign law may pierce the Baa2 sovereign ceiling for
foreign currency-denominated bonds.  The outlook for the bank's
deposit and debt ratings has been changed to stable from
positive.  The E+ financial strength rating has been affirmed,
and the FSR outlook remains positive.

The rating actions are triggered by the transfer of a 100% stake
in Impexbank to Raiffeisen International Bank-Holding AG (RI) --
a 70% subsidiary of Austria's Raiffeisen Zentralbank Oesterreich
AG (rated A1/Prime-1/C+) -- which signifies completion of the
first part of the share purchase agreement between RI and the
former owners of Impexbank.

The upgrade of the bank's deposit and debt ratings is based on
Moody's assumptions regarding RI's strong commitment to and
implicit support for Impexbank.  The foreign currency deposit
rating is expected to follow future movements of the country's
ceiling; on the upside it could move up to a level commensurate
with the bank's fundamental credit strength, which will
primarily depend on Raiffeisen Zentralbank Oesterreich AG's
ratings, together with the bank's standalone rating and the
level of implicit support from the bank's strategic shareholder.

The rating agency adds that, following the results of the annual
review meeting, Impexbank's E+ FSR could be upgraded.  In
Moody's opinion, the entry of the new sophisticated strategic
shareholder is expected to help the bank to improve its
corporate governance, risk management and financial
fundamentals.

Ratings upgraded:

   -- Long-term and short-term foreign currency deposit ratings,
      respectively, to Baa2/Prime-2 (stable outlook) from B1/Not
      Prime (positive outlook); and

   -- Long-term debt rating of 9.00% US$100 million loan
      participation notes issued by Dresdner Bank AG due in
      2007, to A3 (stable outlook) from B1 (positive outlook).

Ratings affirmed:

   -- E+ FSR (positive outlook)

Headquartered in Moscow, Russian Federation, Impexbank reported
total IFRS consolidated assets of US$1.9 billion and net IFRS
income of US$26.3 million as at Dec. 31, 2005.


MONTAGE-STROY: Bankruptcy Hearing Set for July 3
------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous Region
will convene at 9:30 a.m., on July 3, to hear the bankruptcy
supervision procedure on limited liability company Montage-Story
(Case No. A-75-1194/2006) at:

         Halls 311, Lenina Str. 54
         620012, Khanty-Mansiysk Region, Russia

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

         V. Spirov
         Melik-Karamova Str. 45/2
         628401, Surgut Region, Russias

The Debtor can be reached at:

         Kogalym, Tsentralnaya Str. 58a
         628484, Khanty-Mansiyskiy Autonomous Region, Russia


MUSINSKOYE: Bankruptcy Hearing Set for June 5
---------------------------------------------
The Arbitration Court of Novosibirsk Region will convene on
June 5, 9:30 a.m., to hear the bankruptcy supervision procedure
on OJSC Musinskoye at:

         Kirova Str. 3, Room 911
         630007, Novosibirsk Region, Russia

The case was docketed under Case No. A45-10540/05-29/94.

Mr. Ya Gomerov has been appointed temporary insolvency manager
and can be reached at:

         Krasnoobsk, Post User Box 325
         630501, Novosibirsk Region, Russia

The Debtor can be reached at:

         Kargatskiy Region, Musy
         632413, Novosibirsk Region, Russia


ROZHDESTVENSKOYE: Bankruptcy Hearing Slated for June 24
-------------------------------------------------------
The Arbitration Court of Novosibirsk Region will convene on
June 24, 11:00 a.m. to hear the bankruptcy supervision procedure
on CJSC Rozhdestvenskoye (Case No. A45-3123/06-10/14).

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

         Krivoshekovskata 1, Office 201
         630007, Novosibirsk Region, Russia

The Debtor can be reached at:

         Rozhdestvenka
         Kupinskiy Region
         632765, Novosibirsk Region, Russia


SELENA: Bankruptcy Hearing Slated for Aug. 18
---------------------------------------------
The Arbitration Court of Magadan Region will convene on Aug. 18,
at 2.00 p.m., to hear the bankruptcy supervision procedure on
OJSC Selena (Case No. A-37-206/06-10B).

Ms. N. Alekseeva has been appointed temporary insolvency manager
and can be reached at:

         Proletarskaya Str. 12, Office 81
         685000, Magadan Region, Russia

The Debtor can be reached at:

         Orotukan, Lesnoy Tupik, 3
         Yagodninskiy Region
         Magadan Region, Russia


SPASSKOYE MILK: Bankruptcy Hearing Slated for June 15
-----------------------------------------------------
The Arbitration Court of Tula Region will convene on June 15,
10:30 a.m., to hear bankruptcy supervision procedure on LLC
Spasskoye Milk (Case No. A68-28/B-06).

Mr. D. Kochetkov has been appointed temporary insolvency manager
and can be reached at:

         Zhavoronkova Str. 1, Office 507
         300012, Tula Region, Russia

The Debtor can be reached at:

         Vakhrusheva Str. 6
         Novomoskovsk
         301650, Tula Region, Russia


SUNDYRSKOYE: Deadline for Proofs of Claim Set for May 11
--------------------------------------------------------
Creditors of Sundyrskoye have until May 11, to submit their
proofs of claim to court-appointed insolvency manager Mr. V.
Sirotin at:

         Room 215, Cheboksary, Tekstilshikov Str. 10
         428008, Chuvashiya Republic, Russia

The Arbitration Court of Chuvashiya Republic commenced
bankruptcy proceedings against the open joint stock company with
the case docketed under Case No. A79-7962/2005.

The Debtor can be reached at:

         Sundyrskoye
         Morgaushskiy Region, B. Sundyr
         Sovetskaya Str. 21
         Chuvashiya Republic, Russia


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


SAIRGROUP: Bondholders Have Until May 10 to Register Debts
----------------------------------------------------------
Karl Wuethrich, the provisional liquidator for SAirGroup,
invites bondholders to register their debts in the Group's debt
restructuring proceedings.  The CHF-denominated loan bonds
issued by SAirGroup in its debt restructuring liquidation
include:

   -- 5.125% loan bond 1980-2005 (security ID number
      120.763/120.764)

   -- 4.75% loan bond 1988-2013 (security ID number 120.756)

   -- 5.125% loan bond 1989-2003 (security ID number 120.790)

   -- 5.5% loan bond 1993-2003 (security ID number 093.939)

   -- 6.25% loan bond 1994-2002 (security ID number 281.896)

   -- 6.25% loan bond 1995-2005 (security ID number 353.299)

   -- 2.75% bond-cum-warrant 1996-2004 (security ID number
      493.149)

   -- 2.125% bond-cum warrant 1997-2004 (security ID number
      726.896)

   -- 0.125% convertible bond 1998-2005 (security ID number
      917.304)

   -- 4.25% loan bond 2000-2007 (security ID number 1.034.859)

Guarantee claims against SAirGroup in debt restructuring
liquidation relating to EUR-denominated loan bonds issued by
SAirGroup Finance (NL) B.V. include:

   -- 4.375% guaranteed bond 1999-2006 (security ID number
      810425)

   -- 6.625% guaranteed bond 2000-2010 (security ID number
      1133258)

Guarantee claims against SAirGroup relating to USD-denomination
loan bonds issued by SAirGroup Finance (USA) Inc. include:

   -- 7.5% guaranteed bond 1999-2004 (security ID number
      1012231)

Bondholders have until May 10, to register their claims with the
liquidator.  Registration forms are available at
http://www.liquidator-swissair.ch/

Bondholders who do not register their claims will still be
entitled to a dividend.  They will, however, lose their
individual information and participation rights in the debt
restructuring proceedings and will not receive the Liquidator's
regular Circulars informing them of the status of the
proceedings.  Furthermore, these bondholders will not be able to
assert their individual creditor's rights nor will they have any
right to file claims against the composition of the published
schedule of claims.

Mr. Wuethrich can be contacted at:

         Wenger Plattner
         E-mail: swissair@wenger-plattner.ch
         Hotline: +41(0)43 222 3830 (German)
                  +41(0)43 222 3840 (French)
                  +41(0)43 222 3850 (English

Headquartered in Zurich, Switzerland, SAirGroup is the holding
company of SairLines and its debtor-affiliates that offer air
transportation services.  

The District Courts of Zurich and Bulach in the Canton of Zurich
provisionally approved the debt-restructuring moratorium
petitions on Oct. 5, 2001, for:

   -- SAirGroup, Zurich (holding company)
   -- SAirLines, Zurich
   -- Flightlease AG, Zurich
   -- Swissair Schweizerische Luftverkehr AG, Kloten

On Oct. 7, 2001, the Courts granted a provisional debt-
restructuring moratorium to:

   -- Cargologic AG, Zurich
   -- Swisscargo AG, Zurich

The Court appointed Karl Wuethrich at Wenger Plattner as the
Debtors' provisional administrator.  


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


AVTOK: Zaporizhya Court Taps Vyacheslav Rabushko as Liquidator
--------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Vyacheslav
Rabushko as liquidator/insolvency manager for LLC Avtok (code
EDRPOU 24519250).  He can be reached at:

         Melitopol, Fuchik Str. 14
         72315 Zaporizhya Region, Ukraine

The Court commenced bankruptcy proceedings against the company
on March 2, after finding it insolvent.  The case is docketed
under 25/237.

The Economic Court of Zaporizhya Region is located in:

         Ukraine Shaumyana Str. 4
         69001 Zaporizhya Region

The Debtor can be reached at:

         Melitopol, Kirov Str. 40
         72319 Zaporizhya Region, Ukraine


FIESTA-INVEST: Court Begins Bankruptcy Supervision
--------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
supervision procedure on LLC Fiesta-Invest (code EDRPOU
30952179).  The case is docketed under 25/30/06.

Vyacheslav Rabushko has been appointed temporary insolvency
manager and can be reached at:

         Melitopol, Fuchik Str. 14
         72315 Zaporizhya Region, Ukraine

The Economic Court of Zaporizhya Region is located in:

         Shaumyana Str. 4
         69001 Zaporizhya Region, Ukraine

The Debtor is headquartered at:

         Melitopol, Pivnichnij Lane 2
         72312 Zaporizhya Region, Ukraine


KALININA: Zaporizhya Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
proceedings against LLC KALININA (code EDRPOU 31581890) on
March 2, after finding it insolvent.   The case is docketed
under Case No. 25/175.

Sergij Vasiltsov has been appointed liquidator/insolvency
manager and can be reached at:

         Berdyansk
         Pratsi Avenue 33/55, Office 407
         71118 Zaporizhya Region, Ukraine

The Economic Court of Zaporizhya Region is located in:

         Ukraine Shaumyana Str. 4
         69001 Zaporizhya Region

The Debtor is headquartered at:

         Chervonoarmijske, Kalinin Str. 13
         Yakimivskij District
         72540 Zaporizhya Region, Ukraine


KALUSHTEPLOKOMUNENERGO: Court Names Interim Insolvency Manager
--------------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region appointed Volodimir
Yurkiv as temporary insolvency manager for State Enterprise
Kalushteplokomunenergo (code EDRPOU 22191644).  

The Court commenced bankruptcy supervision procedure on the
company on Feb. 6.  The case is docketed under Case No. B-7/29.

The Economic Court of Ivano-Frankivsk Region is located in:

         Shevchenko Str. 16a
         76000 Ivano-Frankivsk Region, Ukraine

The Debtor is headquartered at:

         Kalush, B. Hmelnitskij Str. 80A
         77300 Ivano-Frankivsk Region, Ukraine



KOLOS: Court Begins Bankruptcy Supervision
------------------------------------------
The Economic Court of Herson Region commenced bankruptcy
supervision procedure on Agricultural CJSC Kolos (code EDRPOU
00856511) on Feb. 3.  The case is docketed under Case No. 6/49-
B-06.

Irina Kligina has been appointed temporary insolvency manager
and can be reached at:

         Herson Region a/b 93
         73033 Ukraine

The Economic Court of Herson Region is located in:

         Gorkij Str. 18
         Herson Region
         73000 Ukraine

The Debtor is headquartered at:

         Novooleksandrivka
         Kalanchatskij District
         75800 Herson Region, Ukraine


MASTER: Lugansk Court Names Bojko Tetyana Insolvency Manager
------------------------------------------------------------
The Economic Court of Lugansk Region appointed Bojko Tetyana as
liquidator/insolvency manager for LLC MASTER (code EDRPOU
30938354).  Mr. Tetyana can be reached at:

         Stahanov, Serov Str. 134
         94000 Lugansk Region, Ukraine

The Court commenced bankruptcy proceedings against the company
on Feb. 23 after finding it insolvent.  The case is docketed
under Case No. 21/81 b.  

The Economic Court of Lugansk Region is located in:

         Geroiv VVV Square 3a
         91000 Lugansk Region, Ukraine

The Debtor can be reached at:

         Perevalsk, Miru Str. 3
         94300 Lugansk Region, Ukraine


VERTIKAL: Court Appoints Interim Insolvency Manager
---------------------------------------------------
The Economic Court of Zaporizhya Region appointed Vyacheslav
Rabushko as temporary insolvency manager for LLC VERTIKAL (code
EDRPOU 31177101).  He can be reached at:

         Melitopol, Fuchik Str. 14
         72315 Zaporizhya Region, Ukraine

The Court has commenced bankruptcy supervision procedure on the
company.  The case is docketed under Case No. 25/312.

The Economic Court of Zaporizhya Region is located in:

         Shaumyana Str. 4
         69001 Zaporizhya Region, Ukraine

The Debtor can be reached at:

         Melitopol, 8 Bereznya Str. 43
         72312 Zaporizhya Region, Ukraine


YAGILNITSKIJ HORSE: Court Begins Bankruptcy Process
---------------------------------------------------
The Economic Court of Ternopil Region commenced bankruptcy
supervision procedure on State Enterprise Yagilnitskij Horse
Plant (code EDRPOU 00855925).  The case is docketed under Case
No. 10/B-711.

Volodimir Olenchenko has been appointed temporary insolvency
manager and can be reached at:

         Protasevich Str. 8/88
         Ternopil Region, Ukraine

The Economic Court of Ternopil Region is located in:

         Ostrozski Str. 14a
         46000 Ternopil Region, Ukraine

The Debtor can be reached at:

         Chortkiv District, Nagiryanka
         48543 Ternopil Region, Ukraine



YAGUBETS: Taps Tetyana Pilipenko as Interim Insolvency Manager
--------------------------------------------------------------
The Economic Court of Cherkassy Region appointed Tetyana
Pilipenko as temporary insolvency manager for State Agricultural
Enterprise Yagubets (code EDRPOU 00709460).  He can be reached
at:

         Gagarin Str. 83/29
         Cherkassy Region, Ukraine

The Court commenced bankruptcy supervision procedure on the
company on March 9.  The case is docketed under Case No. 14/36.

The Economic Court of Cherkassy Region is located in:

         Shevchenko Avenue 307
         18005 Cherkassy Region, Ukraine

The Debtor can be reached at:

         Yagubets, Lenin Str.
         Hristinivskij District
         Ukraine, Cherkassy Region, Ukraine


ZERNOTRANS: Odessa Court Begins Bankruptcy Process
--------------------------------------------------
The Economic Court of Odessa Region commenced bankruptcy
proceedings against LLC Zernotrans (code EDRPOU 32323291) on
March 2, after finding it insolvent.  The case is docketed under
Case No. 2/44-06-1921.

The Economic Court of Odessa Region is located in:

         Shevchenko Avenue 4
         65032 Odessa Region, Ukraine

The Debtor can be reached at:

         Gradonachalnitska Str. 4
         Ukraine, Odessa Region, Ukraine


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


AVISTA SERVICES: Creditors Pass Winding Up Resolution
-----------------------------------------------------
Creditors of Avista Services Limited passed a resolution to wind
up the company's operations during members' extraordinary
general meeting on March 15.

Subsequently, they appointed Richard Ian Williamson of Campbell
Crossley and Davis to liquidate the company's assets.

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 reached at:

         Avista Services Limited
         22 Delaware Street
         Preston PR1 5XT
         United Kingdom
         Tel: 01772 654 869


BI-MAG LIMITED: Appoints Joint Liquidators from Harrisons
---------------------------------------------------------
John C. Sallabank and Paul R. Boyle, both of Harrisons, were
appointed Joint Liquidators after creditors of Bi-Mag Limited
resolved to liquidate the company's assets on March 15.

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

Harrisons -- http://www.harrisons.uk.com/-- provides advice and  
solutions to professional advisors who found their clients
experiencing financial difficulties.  

The company can be reached at:

         Bi-Mag Limited
         Unit 5D
         Trans Pennine Trading Estate
         Gorrells Way
         Rochdale
         Lancashire OL11 2PX
         United Kingdom
         Tel: 01706 640 020
         Fax: 01706 640 096


CENTURION PLANT: Winds Up Business & Appoints Joint Liquidators
---------------------------------------------------------------
Centurion Plant Limited is winding up its business after
creditors agreed to liquidate the company's assets on March 14.

Allan Cooper and John Russell, of 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.

Centurion Plant Limited -- http://www.centurionplant.com/-- was  
formed in January 2001 by John DaCosta & Clive Walker.  It
supplies new & used plants for the construction industry.

The company can be reached at:

         Centurion Plant Limited
         Glebe Road
         Skelmersdale
         Lancashire WN8 9JP
         United Kingdom
         Tel: 01695 557 704


COMPU CERT: Financial Woes Trigger Liquidation
----------------------------------------------
Compu Cert International Limited is liquidating its assets after
creditors found out that the company could no longer continue
its operations due financial liabilities.

Gary Stones was appointed Liquidator.

The company can be reached at:

         Compu Cert International Limited
         Metropole Chambers
         Salubrious Passage
         Swansea SA1 3RT
         United Kingdom
         Tel: 01792 644 001


CRYSTAL ART: Appoints Begbies Traynor to Administer Assets
----------------------------------------------------------
Paul Michael Davis and Timothy John Edward Dolder of Begbies
Traynor (South) LLP were appointed administrators of Crystal Art
Limited (Company Number 02017979) on April 20.  Its registered
office is at 320 Selbourne Road, Luton, Bedfordshire LU4 8NY.

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

Headquartered in Bedfordshire, England, Crystal Art Limited --
http://www.crystal-art.co.uk-- manufactures crystal jewelry and  
figurines.


EUROMET LIMITED: Creditors Confirm Voluntary Liquidation
--------------------------------------------------------
Creditors of Euromet (U.K.) Limited confirmed the company's
voluntary liquidation after creditors decided to wind up the
company's operations on March 10.

Creditors also ratified the appointment of Gerald Irwin as
Liquidator.

Euromet (U.K.) Limited -- http://www.extremeracing.co.uk/--  
sells leatherwear.

The company can be reached at:

         Euromet (U.K.) Limited
         Unit F5 Brook Street Business Centre
         Brook Street
         Tipton West Midlands DY4 9DD
         United Kingdom
         Tel: 0121 520 6993
         Fax: 0121 520 6269


FREEDOM FARM: Begins Voluntary Liquidation
------------------------------------------
Freedom Farm Mobiles Limited is liquidating its assets after
creditors agreed to wind up the company's operations on
March 13.

J.A. O'Sullivan, of Bishop Fleming was appointed Liquidator.

Bishop Fleming -- http://www.bishopfleming.co.uk/-- provides  
accounting and financial accounts management services.

The company can be reached at:

         Freedom Farm Mobiles Limited
         East Moortown
         Chawleigh Chulmleigh
         Devon EX18 7EU
         United Kingdom
         Tel: 01769 580 629


GASKELL MACKAY: Hires BWC Business to Administer Assets
-------------------------------------------------------
Paul Andrew Whitwam and Gary Edgar Blackburn of BWC Business
Solutions Limited were appointed joint administrators of Gaskell
Mackay Limited (Company Number 05342719) on April 19.

The joint administrators can be reached at:

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

Headquartered in Rishton, Gaskell Mackay Limited --
http://www.gaskell.co.uk/-- manufactures carpets.  Last month,  
the company announced its closure leaving 134 of its workers
jobless.


J.L. FRENCH: U.S. Unit Files Amended Plan & Disclosure Statement
----------------------------------------------------------------
J.L. French Automotive Castings, Inc., filed an amended Plan of
Reorganization and Disclosure Statement with the U.S. Bankruptcy
Court for the District of Delaware on May 3.

The plan and disclosure statement outline how the company will
satisfy claims in its Chapter 11 case and emerge successfully as
a reorganized company.  The Plan's terms are consistent with
those outlined by the company when it filed its voluntary
petitions under Chapter 11 on Feb. 10.  The Plan also
incorporates the terms of a settlement between the company, the
official committee of unsecured creditors and the second lien
agent, on behalf of the required backstop parties.

"We are on track with our reorganization, as evidenced by
[Wednes]day's filing which has been completed in less than 60
days since we first entered Chapter 11," stated Jack F. Falcon,
chairman, CEO and president.  

"During this time, we have operated our business as we intended:
We have entered into new business agreements with major
customers, commenced shedding underutilized assets, and
maintained our organizational leadership in its entirety.  We
are optimistic that we will complete the reorganization and
emerge with a new, revitalized balance sheet by the end of the
second quarter of this year."

                        Terms of the Plan

The Plan, which outlines the treatment of claims as divided into
various creditor classes, calls for the repayment in full of the
first lien debt totaling approximately US$295 million.  All
classes related to the payment of debtor-in-possession financing
claims, administrative expenses, priority claims and capital
leases and other secured claims will be paid in full.

Under the Plan, the second lien notes claims, which total
approximately US$177 million, will be converted into 8%-22% of
he new common stock and three tranche of warrants for new common
stock in the reorganized company.  The warrants will have strike
prices ranging from US$195 million to US$295 million in equity
value.  Holders of second lien notes claims may also participate
in a Rights Offering that will raise between US$110 million and
US$130 million in exchange for 78%-92% of the new equity.  This
cash will help finance the reorganized company's exit from
Chapter 11.  The Rights Offering will commence concurrent with
Plan solicitation.  The company recently received Court approval
to pay fees to those parties that made commitments to backstop
the Rights Offering.

Trade creditors will receive 100% of the face amount of their
claims, but will not receive interest on those claims.  General
unsecured creditors other than holders of senior subordinated
11-1/2% notes and trade creditors will receive their pro rata
shares of the greater of US$50,000 or common stock having a
value equal to certain property unencumbered by liens.

The subordinated 11-1/2% notes are contractually subordinated to
the second lien notes claims, and holders of those notes will
not receive any distributions unless the second lien notes
claims have been satisfied in full.  Preferred and common equity
holders will receive no distribution under the Plan.

Distributions under the Plan will be made through new cash
investment, as well as exit financing of no less than US$255
million, of which US$205 million will be a term loan and a
revolver of US$50 million, with at least US$30 million unfunded
capacity at the time the Plan becomes effective.  The company is
considering several exit financing proposals and expects to have
an exit financing commitment shortly.

As of Dec. 31, 2005, J.L. French had approximately US$465
million in first and second lien senior secured debt and
US$28.9 million in 11.5% senior subordinated unsecured notes due
2009.  The company incurred the majority of this debt as a
result of an expansion and acquisition program in the late
1990s.  When J.L. French completes its reorganization, it
anticipates long-term debt of approximately US$26 million, in
addition to the new US$205 million term facility that will be
added to the balance sheet.  As of Dec. 31, 2005, the company
had approximately US$268 million in consolidated net operating
losses.

The company's 2005 revenues were approximately US$482 million,
most of which the company generated in its continuing operations
in Wisconsin and Kentucky in the U.S. and in Spain.

                     Terms of the Settlement

The settlement provides, among other things, for a distribution
of warrants to holders of the 11-1/2% subordinated notes, as
well as a distribution of certain potential litigation
recoveries to general unsecured claims holders and the note
holders.  These distributions will be in addition to the
recoveries contemplated by the Plan of Reorganization as
originally filed.

The company believes that the settlement is a major step forward
in staying on course to emerge from Chapter 11 in the second
quarter.  The matter will be heard in Court on May 23.

A hearing is set for May 12, for approval of the amended
Disclosure Statement, which would allow the company to begin
soliciting acceptances of its amended Plan of Reorganization.

                        About J.L. French

Headquartered in Sheboygan, Wisconsin, J.L. French Automotive
Castings, Inc. -- http://www.jlfrench.com/-- is one of the  
world's leading global suppliers of die cast aluminum components
and assemblies.  There are currently nine manufacturing
locations around the world including plants in the United
States, United Kingdom, Spain, and Mexico.  The company has
fourteen engineering/customer service offices to globally
support our customers near their Regional engineering and
manufacturing locations.  

The Company and its debtor-affiliates filed for chapter 11
protection on Feb. 10, 2006 (Bankr. D. Del. Case No. 06-10119 to
06-06-10127).  James E. O'Neill, Esq., Laura Davis Jones, Esq.,
and Sandra G.M. Selzer, Esq., at Pachulski Stang Ziehl Young &
Jones, and Marc Kiesolstein, P.C., at Kirkland & Ellis LLP,
represent the Debtors in their restructuring efforts.  When the
Debtor filed for chapter 11 protection, it estimated assets and
debts of more than $100 million.

Immediately following the U.S. Debtors' pre-packaged chapter 11
filing, the Company's British unit went into administration.  
Shagun Sunil Dubey, Geoffrey Stuart Kinlan and Christopher Kim
Rayment of BDO Stoy Hayward were appointed joint administrators.


KARTING 2000: Appoints DTE Leonard Curtis Administrator
-------------------------------------------------------
A. Poxon and J. M. Titley of DTE Leonard Curtis were appointed
administrators of Karting 2000 Limited (Company Number 03854349)
on March 20.

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

The company can be reached at:

         27 Froxmer St Industrial Estate
         Manchester
         Lancashire M18 8EF
         Tel: 0161 231 2000


LOVERIDGE PROPERTY: Taps Bond Partners to Administer Assets
-----------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed administrator
of Loveridge Property Development Limited (Company Number
03928095) on April 24.  Its registered office is at Suite 2, 1st
Floor, Turnpike Gate House, Birmingham Road, Alcester B49 5NJ.

The administrator can be reached at:

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

The company develops and sells real estate properties.


MISYS PLC: Completes Sale of Misys General Insurance to Montagu
---------------------------------------------------------------
Misys PLC completed the sale of its general insurance broking
systems business, Misys General Insurance to Montagu Private
Equity Limited.

As reported in TCR-Europe on April 11, the gross proceeds from
the sale will be approximately GBP182 million and will be
satisfied entirely in cash on completion.  Misys intends to use
the proceeds from this transaction initially to repay existing
company debt.

At Nov. 30, 2005, MGI had gross assets of GBP8.8 million. In the
year to May 31, 2005, MGI delivered pre-tax profit of GBP15.8
million from revenue of GBP33.7 million; in the six months to
Nov. 30, 2005, MGI's operating profit was GBP7.3 million and its
revenue was GBP16.0 million.

Lexicon Partners Limited acted as financial adviser to Misys in
respect of this transaction.

Misys General Insurance is the leading supplier of IT solutions
and products for the general insurance intermediary industry in
the U.K. and the Republic of Ireland.  Through Misys Insurance
Management, MGI also offers customers membership of a broker
network that provides access to superior insurance schemes and
preferential service levels from insurers.

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

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


NEWPORT PRECISION: Hires Administrator from Purnells
----------------------------------------------------
Susan Purnell of Purnells was appointed administrator of Newport
Precision Engineering Limited (Company Number 01773907) on
April 24.  Its registered office is at Unit 5, Leeway Industrial
Estate, Newport, South Wales NP19 4SL.

The administrator can be reached at:

         Purnells
         St Marks House
         3 Gold Tops
         Newport
         Gwent NP 20 4PG
         Tel: 01633 214712
         Fax: 01633 246599
         E-mail: ray@purnells.co.uk

The company can be reached at:

         Unit 5 Leeway Industrial Estate
         Spytty Road
         Newport
         Gwent NP19 4SL
         Tel: 01633 282622


RAILKO LIMITED: Appoints PwC Administrator
------------------------------------------
Stuart David Maddison and Robert Jonathan Hunt of
PricewaterhouseCoopers LLP were appointed joint administrators
of Railko Limited (Company Number 04333763) on April 20.  Its
registered office is at Unit A Beech Industrial Estate, Bacup,
Lancashire OL13 9EL.

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

Railko Limited -- http://www.railko.co.uk/-- specializes in  
plastic bearing technology including composite, marine, railway,
automotive and stern tube bearings.


ROYAL & SUNALLIANCE: Completes US$500-Mln Debt-for-Equity Swap
--------------------------------------------------------------
Royal & Sun Alliance Insurance Group PLC completed its exchange
offer to holders on its US$500 million 8.95% Subordinated
Guaranteed Bonds due Oct. 15 2029, for new Sterling denominated
Perpetual Guaranteed Subordinated Capital Securities.

Some US$425.694 million of Existing Notes were validly submitted
and accepted for exchange corresponding to 85.1% of the total
outstanding amount of Existing Notes.  By application of the
Exchange Ratio of 0.6983779, GBP297.279 million of New Notes
will be issued on May 12.  Due to the market's strong demand,
R&SA will also issue GBP77.721 million of Additional Notes on
the same date.

The total aggregate principal amount of New Notes and Additional
Notes to be issued on May 12, will be GBP375 million.

Terms and Conditions of the Exchange Offer and of the New Issue
Pricing details:

-- Existing Notes Benchmark Rate: 5.317%;

-- Exchange Spread: 119 bps over the Existing Notes Benchmark
    Rate;

-- Exchange Price: 129.158%;

-- New Notes Benchmark Rate: 4.724%;

-- New Notes Spread: 187 bps over the New Notes Benchmark Rate;

-- New Notes Coupon: 6.701%;

-- New Notes Price: 100%;

-- FX Rate: 1.8494;

-- Exchange Ratio: 0.6983779;

-- Cash amounts per Existing Note in respect of accrued
    interest: US$6.71; and

-- Call Date of New Notes: July 12 2017.

Details of the Additional Notes:

-- Aggregate principal amount: GBP 77.721 million;

-- Issue Price: 100.00%;

-- Coupon: 6.701%;

-- Issue Date: May 12 2006; and

-- Call Date: July 12 2017.
The Settlement Date is expected to be May 12, on which date the
New Notes will be delivered to the holders of Existing Notes who
have validly accepted the Exchanged Offer and the Additional
Notes will be delivered against payment to investors.

The Tender Offer by Merril Lynch remains open until May 18 and
this may result in further New Notes being issued.

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

                           *    *    *

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


VALEPLUME LIMITED: Creditors Decide to Liquidate Assets
-------------------------------------------------------
Valeplume Limited is winding up its operations after creditors
decided to liquidate the company's assets during members'
extraordinary general meeting on March 9.

Timothy Calverley, of Haines Watts, was appointed Liquidator.

Haines Watts -- http://www.hwca.com/-- offers tax and general  
business advice in England, Wales and Scotland.

The company can be reached at:

         Valeplume Limited
         60 Blossom Street
         York YO24 1AP
         United Kingdom
         Tel: 01904 610 191
         Fax: 01904 628 752


VISION ON DESIGN: Appoints JJ Cork to Administer Assets
-------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Jacksons
Jolliffe Cork were appointed joint administrators of Vision On
Design Display Limited (Company Number 04756618) on April 21.

Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- was  
established in 1998.  It has offices in Doncaster, Harrogate,
Hull, Middlesbrough, Wakefield and York.  The firm is engaged
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.

Headquartered in Dewsbury, Vision On Design Display Ltd.
manufactures wood products and offers printing service.  


WAX NEW: Joint Liquidators Take Over Operations
-----------------------------------------------
Creditors of Wax New Media Agency Limited resolved to
voluntarily liquidate the company's assets on March 15.

They authorized Harjinder Johal and George Michael, at
Ashcrofts, to jointly liquidate the company's assets.

Ashcrofts -- http://www.ashcrofts.net/-- offers hands-on  
expertise specializing in Business Recovery and Insolvency
providing positive solutions for negative situations.

The company can be contacted at:

         Wax New Media Agency Limited
         Millennium House
         21 Eden Street
         Kingston Upon Thames Surrey KT1 1BL
         United Kingdom
         Tel: 020 8439 7700


WILLIAM D.: Creditors Agree to Voluntary Liquidation
----------------------------------------------------
Creditors of William D. Randall (Hartshill) Limited agreed to
liquidate the company's assets after a winding up resolution was
passed on March 9.

Subsequently, creditors authorized Tyrone Shaun Courtman and
Jeremy Philip William Meadows, at Cooper Parry LLP, to jointly
liquidate the company's assets.

Cooper Parry LLP -- http://www.cooperparry.com/-- offers  
advisory services to private business.

The company can be contacted at:

         William D. Randall (Hartshill) Limited
         Hayes Road
         Nuneaton
         Warwickshire CV10 0NH
         United Kingdom
         Tel: 024 7639 2325
         Fax: 024 7639 5067


WILLIAM RANDALL: Calls In Joint Liquidators from Cooper Parry
-------------------------------------------------------------
Willaim Randall Construction Limited is winding up its business
after creditors agreed to liquidate the company's assets during
members' extraordinary general meeting on March 9.

Tyrone Shaun Courtman and Jeremy Philip William Meadows, of
Cooper Parry LLP, were named Joint Liquidators.

Cooper Parry LLP -- http://www.cooperparry.com/-- are advisers  
to private business.

The company can be contacted at:

         William Randall Construction Limited
         Hayes Road
         Nuneaton
         Warwickshire CV10 0NH
         United Kingdom
         Tel: 024 7639 2325
         Fax: 024 7639 5067


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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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


                           *********


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

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