TCREUR_Public/060512.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, May 12, 2006, Vol. 7, No. 94

                            Headlines


F I N L A N D

BENEFON OYJ: To Acquire DataArt Mobile Research & Dev't. Group
BENEFON OYJ: Taps Ross Lovegrove to Design New Phones


G E R M A N Y

ANDREAS PAAS: Claims Registration Ends May 22
BFD-CNC: Claims Filing Period Ends May 22
FALK BUEROGEBAUDE: Claims Filing Period Ends May 22
FUEHREN-JAGDFELD: Claims Registration Ends May 22
HI TEK: Creditors' Meeting Slated for June 7

MECKLENBURGER NORD: Claims Registration Ends May 19
SCHWABINGER ABWICKLUNGS: Claims Registration Ends May 22
TKS - LOGISTIK: Claims Registration Ends May 16


H U N G A R Y

BORSODCHEM RT: Hikes Treasury Shares to 1,050,455


I T A L Y

FIAT SPA: Confirms EUR1 Billion Senior Notes Offer
RENO DE MEDICI: Repays EUR145 Million Debenture Loan
RENO DE MEDICI: S&P Withdraws B Ratings at Company's Request
RENO DE MEDICI: Shareholders Hire Auditor & Okay 2005 Financials


K A Z A K H S T A N

AREN: Creditors Must File Claims by May 20
BI: Proof of Claim Deadline Slated for May 20
FUROR: Creditors' Claims Due May 20
GARANT: Court Begins Bankruptcy Proceedings
HAMSTER FOOD: Claims Registration Ends May 20

KAMENKA: Creditors' Claims Due May 23
PUMA: Proof of Claim Deadline Slated for May 20
SARYKOL: Creditors Must File Claims by May 23
TURGAI AUDIT: Claims Registration Ends May 20
WAGNER-CLASS: Creditors' Claims Due May 20


K Y R G Y Z S T A N

ASTRACON: Claims Registration Ends June 19
AVANTAJ INTERNATIONAL: Creditors Must File Claims by June 19
AVENTA: Proofs of Claims Deadline Slated for June 19


N E T H E R L A N D S

OI EUROPEAN: Moody's Affirms Parent's B2 Corporate Family Rating


P O L A N D

NETIA SA: Extraordinary General Shareholders Mtg. Set for June 8


R U S S I A

BASHKIRSKIY COPPER: Court Taps Interim Insolvency Manager
CONCRETE 100: Rostov Court Commences Bankruptcy Proceedings
DELTA: Tomsk Court Starts Bankruptcy Supervision Procedure
LIT-PROM-CHUGUN: Court Begins Bankruptcy Supervision
OAO ROSNEFT: Board Provisionally Approves 2005 Annual Report

OAO ROSNEFT: Lower Credit Risk Prompts Interest Rate Reduction
PROM-ENERGO-STROY-SERVICE: Insolvency Manager Takes Over
PYATIGORSKIY WINE: Court Taps S. Lemeshkin as Insolvency Manager
TRAIN 571: Court Names P. Prudkiy Interim Insolvency Manager
TRUST AGRO: Rostov Court Begins Bankruptcy Proceedings


S W I T Z E R L A N D

OWENS-ILLINOIS: Moody's Rates Subsidiary's Bank Facilities at B1


U K R A I N E

AGRARNIK: Court Names V. Biryulin as Insolvency Manager
CHERNIGIV' AGRARIAN: Court Opens Bankruptcy Proceedings
DOLINKA: Court Names U. Arhipov Interim Insolvency Manager
ELITE-TRADE: Court Begins Bankruptcy Supervision
FINANCIAL INNOVATIONS: Court Commenced Bankruptcy Proceedings

NOVOSANZHARSKIJ LEATHER: Court Freezes Debt Payment
SENATEK: Court Names V. Dranchenko to Liquidate Assets
UKRBROK: Kyiv Court Starts Bankruptcy Proceedings
ZORYA: Court Names Roman Gurin to Liquidate Assets


U N I T E D   K I N G D O M

@1 LIMITED: Names Ian William Kings as Administrator
AL REALISATIONS: Creditors' Meeting Slated for May 17
BROADLAND WINERIES: Creditors' Meeting Set on May 19
CHOUDHRY TRADING: Barclays Bank Appoints BDO Stoy Receiver
CONDOR COMBIFLOOR: Manufacturer Appoints Joint Administrators

COULOIR LEISURE: Creditors Meeting Slated for May 16
ELANTIC LIMITED: Meeting of Creditors Set on May 15
EMJAY HOLDINGS: Hires Smith & Williamson to Administer Assets
G.S. PRINT: Taps Roderick Graham Butcher as Administrator
GLOBAL HIGH: Defaults on Outstanding Notes

LLOYDS TRANSPORT: Names Administrator from Crawfords
METAL CASTINGS: Appoints Joint Administrators from Ernst & Young
NETWORK FILE: Hires Administrator from Bennet Verby
NUPOL HOLDINGS: Calls In Joint Administrators from Ernst & Young
POLESTAR CORP: S&P Places B- Rating on Watch Negative

RANK GROUP: Buys Back 850,000 Ordinary Shares for Cancellation
ROYAL & SUNALLIANCE: Releases First Quarter Results
TITAN EUROPE: S&P Puts BB-Rated Class F Notes on Positive Watch

                            *********

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


BENEFON OYJ: To Acquire DataArt Mobile Research & Dev't. Group
--------------------------------------------------------------
Benefon Oyj signed an agreement on May 9, under which Benefon
will acquire from DataArt Technologies U.K., services of a team
of software development engineers based in St. Petersburg,
Russia.  The team is exclusively subcontracted for Benefon.

Benefon will integrate the engineers into its Mobile Navigation
business while preserving the team's focus on designing
solutions that offer users the best in GPS software and
applications.  Located in St. Petersburg, the team will become a
new product development center for Benefon specializing in the
development of high-end mobile navigation solutions.

"This provides Benefon with another highly skilled R&D team and
high-tech facility.  This is further indication of Benefon's
continued commitment to the mobile navigation business and the
start of it's continued investment in developing a world class
R&D team," Simon Button, Benefon's Chief Technology Officer,
said.

"With Benefon, this team will have a chance to flourish and help
transform the way people experience mobile navigation.  
Benefon's strength in Europe has based on its commitment to
helping customers through value-added services and this team
will be a vital part of that," DataArt CEO Peter Atalla,
commented.

"Benefon is pleased to welcome the DataArt research and
development team and their recognized expertise in designing
mobile solutions," Benefon President and CEO Jonathan Bate said.  
"This is a very significant step in securing the ongoing
development of our products."

Headquartered in Salo, Finland, Benefon Oyj --
http://www.benefon.com/-- provides mobile telematics solutions  
saving lives, securing assets and improving field management.  

At Dec. 31, 2005, Benefon Oyj's balance sheet showed EUR4.97 in
total assets and EUR7.30 million in total liabilities, resulting
in a EUR2.33 million stockholders' deficit.


BENEFON OYJ: Taps Ross Lovegrove to Design New Phones
-----------------------------------------------------
Benefon Oyj has commissioned London-based Ross Lovegrove to
design its future range of personal navigation devices.

Mr. Lovegrove has worked across a wide range of disciplines
creating consumer products for the likes of Sony, Apple and
Louis Vuitton.  He studied industrial design at Manchester
Polytechnic and at the Royal College of Art in London and was
formally the Chief Design Officer for Tag Heuer for five years.

"Critical to the success of Benefon's push into the personal
navigation market and the building of our global TWIG brand will
be consumer lead product design and innovation," Benefon CEO
Jonathan Bate said.  

Mr. Lovegrove's distinctive and innovative approach earned him
the World Technology Award for Design last November.  The prize
is part of an annual ceremony presented by the World Technology
Network, a global think tank and elite club based in New York
City, to honor the most innovative individuals and companies in
science and technology.  

"Our role will be to drive design in a number of key product
segments, creating a signature for Benefon," Mr. Lovegrove said.  
"The common thread being the use of high-quality materials and
strong form factors.  It's a very exciting opportunity to be
part of a new global brand in the mobile navigation industry."

"It is an absolute coup for Benefon to have a designer of the
caliber of Ross Lovegrove working on the design of our new
devices," Benefon Chairman Brian Katzen, said.  "Ross is an
innovative and visionary designer who has enjoyed enormous
global success in a range of fields."  

The agreement includes three phones with two-year exclusivity
provision and an option for a further three phones and an
additional exclusivity period of two years totaling four years.

Headquartered in Salo, Finland, Benefon Oyj --
http://www.benefon.com/-- provides mobile telematics solutions  
saving lives, securing assets and improving field management.  

At Dec. 31, 2005, Benefon Oyj's balance sheet showed EUR4.97 in
total assets and EUR7.30 million in total liabilities, resulting
in a EUR2.33 million stockholders' deficit.


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


ANDREAS PAAS: Claims Registration Ends May 22
---------------------------------------------
Creditors of Andreas Paas GmbH & Co.KG Autozubehor u.
Tuningteile have until May 22 to register their claims with
court-appointed provisional administrator Norbert Weber.

Creditors and other interested parties are encouraged to attend
the meeting on June 22 at 9:10 a.m., 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 Koln
         Saal 14
         Luxemburger Strasse 101
         50939 Koln, 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 Koln opened bankruptcy proceedings against
Paas GmbH & Co.KG Autozubehor u. Tuningteile on March 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Paas GmbH & Co.KG Autozubehor u. Tuningteile
         Hauptstrasse 99
         42929 Wermelskirchen, Germany

         Attn: Andreas Paas, Manager
         Heisterstr. 7
         42929 Wermelskirchen, Germany
         
The administrator can be contacted at:

         Norbert Weber
         Richmodstr. 6
         50667 Koln, Germany
         Tel: 0221-92042-220
         Fax: 004922192042-200


BFD-CNC: Claims Filing Period Ends May 22
-----------------------------------------
Creditors of BFD-CNC Technik GmbH Bohren have until May 22 to
register their claims with court-appointed provisional
administrator Dr. Andreas Ropke.

Creditors and other interested parties are encouraged to attend
the meeting on June 14 at 9:30 a.m., 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 Duisburg
         Raum C207
         2. Etage
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg, 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 Duisburg opened bankruptcy proceedings
against BFD-CNC Technik GmbH Bohren on April 5.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         BFD-CNC Technik GmbH Bohren
         Max-Eyth-Str. 15
         46149 Oberhausen, Germany

         Attn: Christian Doede, Manager
         Haltener Str. 2
         46117 Oberhausen, Germany
         
The administrator can be contacted at:

         Dr. Andreas Ropke
         Dammstr. 26
         47119 Duisburg, Germany


FALK BUEROGEBAUDE: Claims Filing Period Ends May 22
---------------------------------------------------
Creditors of Falk Buerogebaude Objekt Hagen GmbH & Co. KG have
until May 22 to register their claims with court-appointed
provisional administrator Josef Nachmann.

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

The meeting of creditors will be held at:

         The District Court of Muenchen
         Sitzungssaal 101
         Infanteriestr. 5
         Muenchen, Germany

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

The District Court of Muenchen opened bankruptcy proceedings
against Falk Buerogebaude Objekt Hagen GmbH & Co. KG on
March 22.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Falk Buerogebaude Objekt Hagen GmbH & Co. KG
         Westendstrasse 160
         80339 Muenchen, Germany
         
The administrator can be contacted at:

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


FUEHREN-JAGDFELD: Claims Registration Ends May 22
-------------------------------------------------
Creditors of Fuehren-Jagdfeld Einrichtungen GmbH have until
May 22 to register their claims with court-appointed provisional
administrator Heinrich C. Friedhoff.

Creditors and other interested parties are encouraged to attend
the meeting on June 20 at 10:45 a.m., 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 Aachen
         Sitzungssaal 21
         2. Etage
         Augustastrasse 78-80
         52070 Aachen, 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 Aachen opened bankruptcy proceedings
against Fuehren-Jagdfeld Einrichtungen GmbH on April 5.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Fuehren-Jagdfeld Einrichtungen GmbH
         Attn: Reiner Fuehren, Manager
         Wirichsbongardstr. 18-22
         52062 Aachen, Germany
         
The administrator can be contacted at:

         Heinrich C. Friedhoff
         Viktoriastrasse 73-75
         52066 Aachen, Germany


HI TEK: Creditors' Meeting Slated for June 7
--------------------------------------------
The court-appointed provisional administrator for HI TEK Cargo
Ltd., Karl Niessler, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:10
a.m. on June 7.

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

         The District Court of Limburg
         Zimmer D 221
         Walderdorffstrasse 12
         65549 Limburg, 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 22 to register their claims with the
court-appointed provisional administrator.

The District Court of Limburg opened bankruptcy proceedings
against HI TEK Cargo Ltd. on April 1.  Consequently, all pending
proceedings against the company have been automatically stayed

The Debtor can be reached at:

         HI TEK Cargo Ltd.
         Attn: Klaus Schwegler, Manager
         Neustrasse 10
         65597 Huenfelden, Germany
                  
The administrator can be reached at:

         Karl Niessler
         Diezer Strasse 56 a-58
         D-65549 Limburg, Germany
         Tel: 06431/590690
         Fax: 06431/5906920
         E-mail: Limburg@Hermann-Law.com


MECKLENBURGER NORD: Claims Registration Ends May 19
---------------------------------------------------
Creditors of Mecklenburger Nord-Haus GmbH have until May 19 to
register their claims with court-appointed provisional
administrator Stefan Niederste Frielinghaus.

Creditors and other interested parties are encouraged to attend
the meeting on June 19 at 8:30 a.m., in the District Court of
Schwerin at which time the administrator will present his first
report on the insolvency proceedings.

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 Court opened bankruptcy proceedings against Mecklenburger
Nord-Haus GmbH on April 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Mecklenburger Nord-Haus GmbH
         Wismarsche Str. 390
         19055 Schwerin, Germany
         
The administrator can be contacted at:

         Stefan Niederste Frielinghaus
         Heinrich-Mann-Strasse 18
         19053 Schwerin, Germany


SCHWABINGER ABWICKLUNGS: Claims Registration Ends May 22
--------------------------------------------------------
Creditors of Schwabinger Abwicklungs GmbH have until May 22 to
register their claims with court-appointed provisional
administrator Florian Fuechsl.

Creditors and other interested parties are encouraged to attend
the meeting on June 21 at 9:20 a.m., at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

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

The Debtor can be contacted at:

         Schwabinger Abwicklungs GmbH
         Leopoldstr. 19
         80802 Muenchen, Germany
         
The administrator can be contacted at:

         Florian Fuechsl
         Leopoldstr. 139
         80804 Muenchen, Germany
         Tel: 089/3619300
         Fax: 089/361930199


TKS - LOGISTIK: Claims Registration Ends May 16
-----------------------------------------------
Creditors of TKS - Logistik GMBH have until May 16 to register
their claims with court-appointed provisional administrator
Christoph Henningsmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Reinbek
         Parkallee 6
         21465 Reinbek, 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 Reinbek opened bankruptcy proceedings
against TKS - Logistik GmbH on April 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         TKS - Logistik GmbH
         Attn: Mariusz Staniszewski, Manager
         Mollner Landstr. 66 F
         22113 Oststeinbek, Germany
         
The administrator can be contacted at:

         Christoph Henningsmeier
         Osdorfer Landstr. 230
         22549 Hamburg, Germany


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


BORSODCHEM RT: Hikes Treasury Shares to 1,050,455
-------------------------------------------------
BorsodChem Rt. informs its investors and other participants of
the capital markets that due to developments concerning its
Registered Employee Share Ownership Program (Ministry of Finance
registration number: 65982EP2005) the number of the Company's
treasury shares changed.

Out of the 203,062 shares transferred to the employees'
securities accounts in HVB Bank Hungary Rt.'s custody on Nov. 9,
2005, the Company received back 353 pieces with a value date of
May 5, 2006 from employees terminating their employment
relations.

Following the transaction the number of the Company's treasury
shares increased by 353 pieces to 1,050,455.

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

                        *     *     *

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


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


FIAT SPA: Confirms EUR1 Billion Senior Notes Offer
--------------------------------------------------
Fiat S.p.A. confirmed the launching of a five-year Euro bond.  
The offering has a principal amount of EUR1 billion of Senior
Notes due November 2011 and it was priced at an issue price of
99.565% and a coupon of 5.625%.

It is expected that the offering will close on May 12, subject
to customary closing conditions.  The notes will be issued by
Fiat Finance and Trade Ltd. societe anonyme, a wholly owned
subsidiary of Fiat S.p.A., under the EUR15 billion Global Medium
Term Note Program and will be guaranteed by Fiat S.p.A.

The offering was significantly over-subscribed.  The note are
only being offered and sold outside the United States to
institutional investors that are non-U.S. persons under
Regulation S and have no been and will not be registered under
the U.S. Securities Act of 1933, as amended, or any other
securities laws.  The notes may not be offered or sold in the
United States absent registration or an applicable exemption
from registration requirements.

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 TCR-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.


RENO DE MEDICI: Repays EUR145 Million Debenture Loan
----------------------------------------------------
Reno De Medici S.p.A. disclosed that Reno De Medici
International S.A. has deposited an amount of EUR145 million
with the paying agent BNP Paribas, allotted for the full
repayment of its bond due for payment on May 4.

These funds derive from new loans and from amounts already at
the Reno De Medici Group's disposal as a result of the sale of
its non-core activities.

                     Loan Facilities

On April 6, Reno announced a stipulation over a EUR60 million
term loan with Banca Intesa S.p.A., SanpaoloIMI S.p.A., and
Unicredit Banca d'Impresa S.p.A.  On the same occassion, RedIm
S.r.l. has stipulated with Banca Intesa a EUR40 million loan
agreement.

The proceeds of the two loans were used to repay a EUR145-
million debenture loan issued by RDM International S.A.

Studio Lombardi Molinari e Associati acted as legal advisor of
RDM Group for the two financings.

RDM Loan

The RDM Loan is composed of two facilities:

   (a) EUR50 million ten-year amortizing facility; and
   (b) EUR10 million five-year revolving facility.

The RDM Loan provides for some undertakings of RDM, with
relative tolerance allowances, usual for these kind of
syndicated loans, which are, inter alia, maximum permitted
indebtedness, limits on dividend distribution, negative pledge,
limits on divestments of core assets, on capital expenditures
and on further extraordinary transactions.

With reference to the security package, the RDM Loan provides
mortgages and privileges on RDM's operating mills, to be
executed at the repayment of the Debenture Loan.

In relation to financial covenants, it is provided that RDM
maintain adequate working capital facilities and respect some
usual ratios, on a consolidated basis, as to monitor the
operating profitability, financial indebtedness and net worth.

The RDM Loan provides for the commitment of Alerion Industries
S.p.A. to acquire control of RedIm, if the demerger of RDM into
RDM Realty S.p.A. is not executed by Dec. 31, 2006.  The
decrease of the equity interest of Alerion in RDM below 19% in
the first three years of the RDM Loan constitutes an event of
default under the facility.

RedIm Loan

The RedIm Loan is composed of two five-year bullet facilities,
amounting in total to EUR20 million and a further 12-month EUR20
million facility.

With reference to the security package, the five-year facilities
provide for mortgages on RedIm's land and buildings while the
12-month facility will be guaranteed by a first demand banking
guarantee issued on behalf of Alerion and with no recourse to
RedIm.  

As for the RDM Loan, the RedIm Loan provides some undertakings
of RedIm, with relative tolerance allowances, which are, maximum
permitted indebtedness, negative pledge, limits on divestments
of core assets, on capital expenditures and on further
extraordinary transactions.

In relation to financial covenants, the RedIm Loan provides for,
with respect to the five-year facility and to the mortgaged
assets, a minimum loan-to-value ratio.

Eventually, even the RedIm Loan provides for the commitment of
Alerion to acquire control of RedIm, if the demerger of RDM into
RDM Realty S.p.A. is not executed by Dec. 31.

Pursuant to the full repayment of the debenture loan issued by
Reno De Medici International on May 4, Reno De Medici S.p.A.
revoked the mandate to Standard & Poor's Rating Services on
May 10.

                      About the Company

Reno de Medici -- http://www.renodemedici.it/-- is Italy's  
largest and Europe's second largest manufacturer of cardboard
produced using recycled raw materials.

                        *     *     *

As reported in the TCR-Europe on May 2, Standard & Poor's
Ratings Services affirmed its 'B' long-term and 'B' short-term
corporate credit ratings on Italy-based carton-board
manufacturer Reno De Medici S.p.A.  The ratings were removed
from CreditWatch, where they had been placed on Nov. 22, 2005.  
S&P said the outlook is negative.


RENO DE MEDICI: S&P Withdraws B Ratings at Company's Request
------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B' long-
and short-term corporate credit ratings on Italy-based carton
board manufacturer Reno De Medici S.p.A at the company's
request.  At the time of the withdrawal, the outlook was
negative.  There is no rated outstanding debt.


RENO DE MEDICI: Shareholders Hire Auditor & Okay 2005 Financials
----------------------------------------------------------------
Shareholders of Reno De Medici S.p.A. approved the Report of the
company's Board of Directors and the financial statements for
the year ended Dec. 31, 2005.

During an ordinary shareholders' meeting on May 3, shareholders
resolved to:

   -- approve the cover of the loss for the year of EUR34.6
      million through the use of:

      * the extraordinary reserve for EUR77,234;

      * the reserve for the purchase of own shares for EUR6.58
        million;

      * the share premium reserve for EUR7.8 million; and

      * the legal reserve for EUR6.4 million, carrying forward
        the residual loss of EUR13.8 million.

                    Auditor Appointments

Shareholders appointed Sergio Pivato as Chairman of the Board of
Statutory Auditors, Carlo Tavormina and Marcello Priori as
standing auditors and Myrta de' Mozzi and Mr. Giovanni Maria
Conti as substitute auditors.

                Board Composition Amendment

As a result of the resignations Ugo Dell'Aria Burani effective
Dec. 31, 2005, and Piergiorgio Cavallera effective April 9,
shareholders resolved to amend the number of members of the
Board of Directors from 11 to nine.

                     PwC as Auditor

Shareholders appointed PricewaterhouseCoopers S.p.A. as auditors
of the financial statements of Reno De Medici S.p.A. and the
consolidated financial statements of the Reno De Medici Group
for the years ending Dec. 31, 2006, to Dec. 31, 2011, pursuant
to articles 155 and following of Italian Legislative Decree no.
58/98, and of the half year reports at June 30 of the same
years.

                      About the Company

Reno de Medici -- http://www.renodemedici.it/-- is Italy's  
largest and Europe's second largest manufacturer of cardboard
produced using recycled raw materials.

                        *     *     *

As reported in the TCR-Europe on May 2, Standard & Poor's
Ratings Services affirmed its 'B' long-term and 'B' short-term
corporate credit ratings on Italy-based carton board
manufacturer Reno De Medici S.p.A.  The ratings were removed
from CreditWatch, where they had been placed on Nov. 22, 2005.  
The outlook is negative.


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


AREN: Creditors Must File Claims by May 20
--------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared JSC Aren insolvent on Feb. 10.  

Creditors have until May 20 to submit written proofs of claim
to:

         Gogol Str. 177a  
         Kostanai, Kazakhstan


BI: Proof of Claim Deadline Slated for May 20
---------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared JSC BI insolvent on Feb. 27.

Creditors have until May 20 to submit written proofs of claim
to:  

         Jukova Str. 15/1, Evrazia Str. 59/1  
         Uralsk, Kazakhstan
         Tel: 8 (3112) 51-88-30
              8 (3112) 24-74-80


FUROR: Creditors' Claims Due May 20
-----------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Furor insolvent on Feb. 28.

Creditors have until May 20 to submit written proofs of claim
to:

         Jukova Str. 15/1, Evrazia Str. 59/1  
         Uralsk, Kazakhstan
         Tel: 8 (3112) 51-88-30                  
              8 (3112) 24-74-80


GARANT: Court Begins Bankruptcy Proceedings
-------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceedings against OJSC Garant on
March 1.


HAMSTER FOOD: Claims Registration Ends May 20
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Hamster Food insolvent on Jan. 17.   

Creditors have until May 20 to submit written proofs of claim
to:

         Kozybayeva Str. 107-126  
         Kostanai, Kazakhstan


KAMENKA: Creditors' Claims Due May 23
--------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Kamenka insolvent on Feb. 17.

Creditors have until May 23 to submit written proofs of claim
to:

         Auelbekova Str. 126, Office 75
         Kokshetau, Kazakhstan
         Tel: 8 (3162) 25-40-67


PUMA: Proof of Claim Deadline Slated for May 20
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Puma insolvent on Jan. 5.

Creditors have until May 20 to submit written proofs of claim
to:

         Gogol Str. 177a
         Kostanai, Kazakhstan


SARYKOL: Creditors Must File Claims by May 23
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Sarykol insolvent on March 2.   

Creditors have until May 23 to submit written proofs of claim
to:

         Auelbekova Str. 126, Office 75  
         Kokshetau, Kazakhstan
         Tel: 8 (3162) 25-40-67


TURGAI AUDIT: Claims Registration Ends May 20
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Turgai Audit insolvent on Feb. 27.

Creditors have until May 20 to submit written proofs of claim
to:

         Gogol Str. 177a  
         Kostanai, Kazakhstan


WAGNER-CLASS: Creditors' Claims Due May 20
------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Wagner-Class insolvent on Jan. 17.

Creditors have until May 20 to submit written proofs of claim
to:

         Kozybayeva Str. 107-126  
         Kostanai, Kazakhstan


===================
K Y R G Y Z S T A N
===================


ASTRACON: Claims Registration Ends June 19
------------------------------------------
LLC Astracon has declared insolvency.  Creditors have until
June 19 to submit written proofs of claim to:

         Panfilova Str. 239-38  
         Bishkek, Kyrgyzstan


AVANTAJ INTERNATIONAL: Creditors Must File Claims by June 19
------------------------------------------------------------
LLC Financial House Avantaj International Inc. has declared
insolvency.  Creditors have until June 19 to submit written
proofs of claim.

The company can be reached at (+996 312) 54-26-82.


AVENTA: Proofs of Claims Deadline Slated for June 19
----------------------------------------------------
LLC Aventa has declared insolvency.  Creditors have until
June 19 to submit written proofs of claim to:

         Abdumomunova Str. 193  
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 62-20-38


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


OI EUROPEAN: Moody's Affirms Parent's B2 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to the proposed
US$1.5 billion senior secured first lien credit facilities of
Owens-Brockway Glass Container, the principal U.S. operating
subsidiary of Owens-Illinois, Inc.  

Moody's also affirmed O-I's B2 corporate family rating and
ratings on O-I's senior unsecured notes and preferred stock,
rated B3 and Caa1, respectively, as well as OBGC's secured and
unsecured notes, rated B1 and B2, respectively.

Key ratings factors for packaging companies include:

   -- financial leverage and interest coverage;

   -- operating profile as reflected in operating profitability
      and asset efficiency; and

   -- competitive position as reflected in revenue size, the
      value-added nature of the company's products, ability of
      customers to switch to other suppliers, and substrate
      diversity.

In assessing the ratings, Moody's weighed most heavily O-I's
high financial leverage and modest interest coverage.  Although
the new credit facilities do augment O-I's liquidity, weak free
cash flow generation and significant debt maturities in the near
to intermediate term imply less financial flexibility than would
otherwise be expected for a firm of O-I's operating profile and
competitive position. Pro forma for the proposed refinancing, O-
I's total debt to EBITDA, adjusted for asbestos liabilities,
operating leases, and unfunded pension liabilities, is in the
range of 5.5 times, while free cash flow to debt is below 5.0%
and EBIT to interest coverage below 1.5x.

O-I's US$7.1 billion in 2005 revenue, operating margins in the
high single to low double digit range, and strong market
positions in North and South America, Europe, and Asia would
otherwise support higher ratings.

The ratings or outlook could be lowered if an exogenous shock or
other event results in a material impairment of the company's
ability to generate free cash flow or otherwise harms the firm's
operating profile or competitive position. Evidence of
sustainable improvement in free cash flow relative to debt over
the next few quarters, while the operating profile and
competitive position remains at least stable, could result in an
upgrade of the ratings.

Based in Toledo, Ohio, Owens-Illinois, Inc. is a leading global
manufacturer of glass containers and plastic packaging products.
For the twelve months ended Dec. 31, 2005, O-I had revenue of
approximately US$7.2 billion.


===========
P O L A N D
===========


NETIA SA: Extraordinary General Shareholders Mtg. Set for June 8
----------------------------------------------------------------
Netia S.A. (WSE: NET) will hold an extraordinary general meeting
of shareholders on June 8 at 2:00 p.m. at:

         Poleczki 13 St.
         Warsaw, Poland

The proposed agenda for the Meeting include:

   -- election of the Chairman of the Meeting;

   -- presentation of the key elements of the plan of merging
      the Company with its wholly owned subsidiaries; and

   -- adoption of resolutions concerning the Company's merger
      by acquisition with its three wholly owned subsidiaries:

         * Regionalne Sieci Telekomunikacyjne El-Net S.A.,
         * Netia WiMax S.A. and
         * Polbox Sp. z o.o.

Shareholders who are owners of bearer and registered shares
admitted to public trading will have the right to participate in
the Meeting, provided that they deliver to the Company
depository certificates issued by the brokerage house keeping
such Shareholder's securities account or by Centralny Dom
Maklerski PEKAO S.A. on of before 5:00 p.m. on June 1.

Shareholders who own non-publicly traded bearer shares have the
right to participate in the Meeting provided that their shares
are deposited with the Company by 5:00 p.m. on June 1.

Shareholders may participate in the Meeting and exercise their
voting right personally or by proxy.  The proxy shall be in
writing on pain of being invalid.

The list of Shareholders authorized to participate in the
Meeting will be displayed at the Company's offices from June 5
three working days prior to the Meeting.

Headquartered in Warsaw, Poland, Netia S.A. (B+/Stable/) --
http://netia.pl/-- is an alternative fixed-line  
telecommunications operator in Poland.  It operates on the basis
of its own, state-of-the-art fiber-optic backbone network that
connects the largest Polish cities as well as its local access
networks.  Netia provides a broad range of telecommunications
services, including voice, data and network wholesale services.O


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


BASHKIRSKIY COPPER: Court Taps Interim Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. A.
Bersenev as temporary insolvency manager.  He can be reached at:

         Post User Box 89, Office 57
         Usievicha Str. 24/2
         125315 Moscow, Russia

The Court commenced bankruptcy supervision procedure on OJSC
Bashkirskiy Copper Sulphuric Combine (Case No. A07-37149/05-G-
MOG.

The Bashkortostan Arbitration Court is located in:

         Oktyabrskoy Revolyutsii Str. 63A, Room 119
         Ufa Region, Russia

The Debtor can be reached at:

         Bashkirskiy Copper Sulphuric Combine
         Bashkortostan Republic, Russia


CONCRETE 100: Rostov Court Commences Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Rostov Region commenced bankruptcy
proceedings against CJSC Factory Of Reinforced-Concrete
Constructions 100 after finding it insolvent. The case is
docketed under Case No. A53-20796/2005-S2-7.

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

         Post User Box 4872
         344090, Rostov-na-Donu, Russia

The Debtor can be reached at:

         Post User Box 1009
         Volgodonsk 22
         347360, Rostov Region, Russia


DELTA: Tomsk Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Tomsk Region has commenced bankruptcy
supervision procedure on OJSC Delta (Case No. A67-15981/05).

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

         Neftyanikov Str. 9
         Aleksandrovskoye
         Aleksandrovskiy Region
         Tomsk Region, Russia

The Debtor can be reached at:

         Neftyanikov Str. 9
         Aleksandrovskoye
         Aleksandrovskiy Region
         Tomsk Region, Russia


LIT-PROM-CHUGUN: Court Begins Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region has commenced
bankruptcy supervision procedure on LLC Lit-Prom-Chugun (TIN
5246025759).  The case is docketed under Case No. A43-48436/2005
18-746.  

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

         Post User Box 5
         603005 Nizhniy Novgorod Region, Russia

The Debtor can be reached at:

         Lunacharskogo Str. 128
         Bor
         Nizhniy Novgorod Region


OAO ROSNEFT: Board Provisionally Approves 2005 Annual Report
------------------------------------------------------------
The Board of Directors for OAO Rosneft considered issues
relating to the preparation for the company's annual meeting of
shareholders scheduled for June 7.

The Board provisionally approved the company's annual report and
financial statements, including its income statement and
distribution of profits, for 2005.

                     Dividend Payments

The Board issued recommendations to the annual meeting of
shareholders in respect of the amount and procedure for the
payment of dividends on Rosneft shares pursuant to the 2005
results.  The Board recommended that RUB11.33 billion be paid in
dividends, comprising 20% of the company's net profits.  It was
recommended that RUB1.24673 be paid per share.

                   Auditor Appointment

The Board has recommended the appointment of audit firm Tsentr
Bukhgaltera i Auditora for the audit of Rosneft's 2006 annual
financial statements in accordance with Russian accounting
standards, such appointment also to be considered by
shareholders at the annual meeting.

Rosneft's Board also approved the form and text of the voting
slips for the annual meeting of shareholders.

Headquartered in Moscow, OAO Rosneft -- http://www.rosneft.ru/-
- produces and markets petroleum products.  The Company explores
for, extracts, refines and markets oil and natural gas.  Rosneft
produces oil in Western Siberia, Sakhalin, the North Caucasus
and the Arctic regions of Russia.

                        *     *     *

Standard & Poor's assigned B+ ratings to Rosneft's long-term and
local foreign issuer credit, while Fitch assigned BB+ ratings to
the Company's foreign currency and local currency long-term debt
in 2005.


OAO ROSNEFT: Lower Credit Risk Prompts Interest Rate Reduction
--------------------------------------------------------------
OAO Rosneft successfully completed its rounds of talks on the
reduction of interest rates under its existing loan agreements
with foreign banks on April 27.

As agreed, the interest margin under existing loan agreements
for the total amount of over US$3 billion has been reduced
threefold from the 1.90% average to 0.65%.  The new interest
rate level reflects the recognition by the international banking
community of the significant reduction in the level of Rosneft's
credit risk.

Headquartered in Moscow, OAO Rosneft -- http://www.rosneft.ru/-
- produces and markets petroleum products.  The Company explores
for, extracts, refines and markets oil and natural gas.  Rosneft
produces oil in Western Siberia, Sakhalin, the North Caucasus
and the Arctic regions of Russia.

                        *     *     *

Standard & Poor's assigned B+ ratings to Rosneft's long-term and
local foreign issuer credit, while Fitch assigned BB+ ratings to
the Company's foreign currency and local currency long-term debt
in 2005.


PROM-ENERGO-STROY-SERVICE: Insolvency Manager Takes Over
--------------------------------------------------------
The Arbitration Court of Rostov Region commenced bankruptcy
proceedings against CJSC Prom-Energo-Stroy-Service on after
finding it insolvent.  The case is docketed under Case No. A53-
11380/2005-S2-51).

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

         Post User Box 4872
         344090, Rostov-na-Donu, Russia
  
The Debtor can be reached at:

         Romanovskoye Shosse 12
         Volgodonsk
         347360, Rostov Region, Russia


PYATIGORSKIY WINE: Court Taps S. Lemeshkin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Stavropol Region appointed Mr. S.
Lemeshkin as insolvency manager for.  He can be reached at:

         Budenovsk, Location 1
         356805, Stavropol Region, Russia

The Court commenced bankruptcy proceedings against LLC
Pyatigorskiy Wine Combine (Case No. A63-271/05-S5) after finding
it insolvent.  

The Debtor can be reached at:

         Pyatigorsk, Bunimovicha Str. 3
         Stavropol Region, Russia


TRAIN 571: Court Names P. Prudkiy Interim Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. P. Prudkiy
as temporary insolvency manager for OJSC Building - Erection
Train 571. He can be reached at:

         K.Marksa Str. 2b-b
         664003, Irkutsk Region, Russia

The Court has commenced bankruptcy supervision procedure on the
company (Case No. A19-28674/05-8).

The Debtor can be reached at:

         Lenina Str. 21 A
         Kazacinsko-lenskiy Region, Ulkan
         Irkutsk Region, Russia


TRUST AGRO: Rostov Court Begins Bankruptcy Proceedings
------------------------------------------------------
The Arbitration Court of Rostov Region has commenced bankruptcy
supervision procedure on LLC Agro Company Trust Agro (Case No.
A53-34172/2005-S2-7).

Ms. T. Dolgopolaya has been appointed temporary insolvency
manager and can be reached at:

         M. Nagibina, 32/2, Office 307
         344068, Rostov-na-Donu, Russia

The Debtor can be reached at:

         Samarskoye, Krasnaya Str. 2
         Azovskiy Region
         Rostov Region, Russia


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


OWENS-ILLINOIS: Moody's Rates Subsidiary's Bank Facilities at B1
----------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to the proposed
US$1.5 billion senior secured first lien credit facilities of
Owens-Brockway Glass Container, the principal U.S. operating
subsidiary of Owens-Illinois, Inc.  

Moody's also affirmed O-I's B2 corporate family rating and
ratings on O-I's senior unsecured notes and preferred stock,
rated B3 and Caa1, respectively, as well as OBGC's secured and
unsecured notes, rated B1 and B2, respectively.

Key ratings factors for packaging companies include:

   -- financial leverage and interest coverage;

   -- operating profile as reflected in operating profitability
      and asset efficiency; and

   -- competitive position as reflected in revenue size, the
      value-added nature of the company's products, ability of
      customers to switch to other suppliers, and substrate
      diversity.

In assessing the ratings, Moody's weighed most heavily O-I's
high financial leverage and modest interest coverage.  Although
the new credit facilities do augment O-I's liquidity, weak free
cash flow generation and significant debt maturities in the near
to intermediate term imply less financial flexibility than would
otherwise be expected for a firm of O-I's operating profile and
competitive position. Pro forma for the proposed refinancing, O-
I's total debt to EBITDA, adjusted for asbestos liabilities,
operating leases, and unfunded pension liabilities, is in the
range of 5.5 times, while free cash flow to debt is below 5.0%
and EBIT to interest coverage below 1.5x.

O-I's US$7.1 billion in 2005 revenue, operating margins in the
high single to low double digit range, and strong market
positions in North and South America, Europe, and Asia would
otherwise support higher ratings.

The ratings or outlook could be lowered if an exogenous shock or
other event results in a material impairment of the company's
ability to generate free cash flow or otherwise harms the firm's
operating profile or competitive position. Evidence of
sustainable improvement in free cash flow relative to debt over
the next few quarters, while the operating profile and
competitive position remains at least stable, could result in an
upgrade of the ratings.

Based in Toledo, Ohio, Owens-Illinois, Inc. is a leading global
manufacturer of glass containers and plastic packaging products.
For the twelve months ended Dec. 31, 2005, O-I had revenue of
approximately US$7.2 billion.


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


AGRARNIK: Court Names V. Biryulin as Insolvency Manager
-------------------------------------------------------
The Economic Court of Sumi Region appointed Mr. V. Biryulin as
liquidator/insolvency manager for LLC AGRARNIK (code EDRPOU
30902422).  He can be reached at:

         K. Zelenko Str. 5
         Romni
         Sumi Region, Ukraine

The Court commenced bankruptcy proceedings against the company
on March 9 after finding it insolvent.  The case is docketed
under Case No. 12/19-06.

The Economic Court of Sumi Region is located in:

         Shevchenko Avenue 18/1
         40030 Sumi Region, Ukraine

The Debtor can be reached at:

         Yaroshivka
         Romni District
         42000 Sumi Region, Ukraine


CHERNIGIV' AGRARIAN: Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Economic Court of Chernigiv Region commenced bankruptcy
proceedings against LLC Chernigiv' Agrarian Company (code EDRPOU
32023081) on Feb. 28 after finding it insolvent.  The case is
docketed under Case No. 4/297-B/85.  

Mr. O. Barbarov has been appointed liquidator/insolvency manager
and can be reached at:

         Polubotok Str. 18
         14000 Chernigiv Region, Ukraine

The Economic Court of Chernigiv Region is located in:

         Miru Avenue 20
         14000 Chernigiv Region, Ukraine

The Debtor can be reached at:

         Shors, Volodarskij Str. 101
         15200 Cherigiv Region, Ukraine


DOLINKA: Court Names U. Arhipov Interim Insolvency Manager
----------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Mr. U. Arhipov
as temporary insolvency manager for LLC Dolinka (code EDRPOU
03749342).  He can be reached at:

         Radishev Str. 85
         69013 Zaporizhya Region, Ukraine

The Court commenced bankruptcy supervision procedure on the
company on Jan. 30 (Case No. 25/16/06).

The Economic Court of Zaporizhya Region is located in:

         Shaumyana Str. 4
         69001 Zaporizhya Region, Ukraine

The Debtor can be reached at:

         Lenin Str. 84
         Gulyajpole, Dolinka
         70223 Zaporizhya Region, Ukraine


ELITE-TRADE: Court Begins Bankruptcy Supervision
------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Trade House Elite-Trade (code
EDRPOU 32557811).  The case is docketed under Case No. 43/134.  

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

         01030 Kyiv Region
         Ukraine a/b 157

The Economic Court of Kyiv Region is located in:

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

The Debtor can be reached at:

         Academic Tupolev Str. 17
         04128 Kyiv Region, Ukraine


FINANCIAL INNOVATIONS: Court Commenced Bankruptcy Proceedings
-------------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Financial Innovations (code EDRPOU
33314712) on Jan. 25 after finding the company insolvent.  The
case is docketed under Case No. 30/11b-06.

Mr. O. Melnichenko has been appointed liquidator/insolvency
manager and can be reached at:

          Erevenska Str. 30/25
          Kyiv Region, Ukraine

The Economic Court of Kyiv Region is located in:

         Komintern Str. 165
         01032 Kyiv Region, Ukraine

The Debtor can be reached at:

         Chernigiv Quarter 14
         Slavutich
         Kyiv Region, Ukraine


NOVOSANZHARSKIJ LEATHER: Court Freezes Debt Payment
---------------------------------------------------
The Economic Court of Poltava Region commenced bankruptcy
supervision procedure on OJSC Novosanzharskij Leather Plant
(code EDRPOU 00307939) on March 2 and ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed under
Case No. 20/344.

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

         Shevchenko Str. 52/402
         36039 Poltava Region, Ukraine

The Economic Court of Poltava Region is located in:

         Zigina Str. 1
         36000 Poltava Region, Ukraine

The Debtor can be reached at:

         Novi Sanzhari, Chkalov Str. 11 B
         39300 Poltava Region, Ukraine


SENATEK: Court Names V. Dranchenko to Liquidate Assets
------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. V. Dranchenko as
liquidator/insolvency manager for Agro-Financial Concern Senatek
(code EDRPOU 21662797).  He can be reached at:

         04074 Kyiv Region
         Ukraine a/b 73

The Court commenced bankruptcy proceedings against the company
on Feb. 14 after finding it insolvent.  The case is docketed
under Case No. 15/8-b.

The Economic Court of Kyiv Region is located in:

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

The Debtor can be reached at:

         Klinichna Str. 25-a
         Kyiv Region, Ukraine


UKRBROK: Kyiv Court Starts Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC UKRBROK (code EDRPOU 30931212) on
Jan. 10 after finding it insolvent.  The case is docketed under
Case No. 15/912-b.

State Tax Inspection of Solomyanskij District of Kyiv Region has
been appointed liquidator and can be reached at:

         Smilyanska Str. 6
         03151 Kyiv Region, Ukraine

The Economic Court of Kyiv Region is located in:

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

The Debtor can be reached at:

         Metalistiv Str. 17/401
         03057 Kyiv Region, Ukraine


ZORYA: Court Names Roman Gurin to Liquidate Assets
---------------------------------------------------
The Economic Court of Cherkassy Region appointed Roman Gurin as
liquidator/insolvency manager for Agricultural LLC Zorya (code
EDRPOU 03793662).  He can be reached at:

         Gagarin Str. 95/191
         18000 Cherkassy Region, Ukraine

The Court commenced bankruptcy proceedings against the company
on Sept. 28, 2005, after finding it insolvent.  The case is
docketed under Case No. 14/3293.

The Economic Court of Cherkassy Region is located in:

         Shevchenko Avenue 307
         18005 Cherkassy Region, Ukraine

The Debtor can be reached at:

         Melniki
         Chornobayivskij District
         Cherkassy Region, Ukraine


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


@1 LIMITED: Names Ian William Kings as Administrator
----------------------------------------------------
Ian William Kings of Tenon Recovery was appointed administrator
of @1 Limited (Company Number 01966911) on April 28.

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

@1 Limited is engaged in advertising and can be reached at:

         Tenon House
         Ferryboat Lane
         Sunderland SR5 3JN
         United Kingdom


AL REALISATIONS: Creditors' Meeting Slated for May 17
-----------------------------------------------------
Creditors of AL Realisations (2006) Limited (Company Number
03902083) will meet at 11:00 a.m. on May 17 at:

         Holiday Inn Birmingham City Centre
         Smallbrook Queensway
         Birmingham B5 4EW
         United Kingdom

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

         Mark Elijah Thomas Bowen
         Joint Administrator
         Moore Stephens Corporate Recovery
         Beaufort House
         94-96 Newhall Street
         Birmingham B3 1PB
         United Kingdom

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.


BROADLAND WINERIES: Creditors' Meeting Set on May 19
----------------------------------------------------
Creditors of Broadland Wineries Limited will meet at 10:30 a.m.
on May 19 at:

         The Maids Head Hotel
         Tombland
         Norwich, United Kingdom

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

         C. Williams
         Joint Administrator
         McTear Williams & Wood
         90 St Faiths Lane
         Norwich NR1 1NE
         United Kingdom
         Tel: 01603 877540
         Fax: 01603 877549
         E-mail: chriswilliams@mw-w.com  


CHOUDHRY TRADING: Barclays Bank Appoints BDO Stoy Receiver
----------------------------------------------------------
Barclays Bank Plc appointed Christopher Kim Rayment of BDO Stoy
Hayward LLP joint administrative receiver of Choudhry Trading
Corporation Limited (Company Number 02942066) on April 20.

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 Oldbury, United Kingdom, Choudhry Trading
Corporation Limited is engaged in import and wholesale of fancy
goods, giftware and a wide variety of consumer items.


CONDOR COMBIFLOOR: Manufacturer Appoints Joint Administrators
-------------------------------------------------------------
Matthew Colin Bowker and Suzanne Payne of Unity Business
Services LLP were appointed joint administrators of Condor
Combifloor Ltd. (Company Number 05406716) on April 28.

The administrators can be contacted at:

         Unity Business Services LLP
         Unity House
         Clive Street
         Bolton
         Lancashire BL1 1ET
         United Kingdom
         Tel: 01204 395000
         Fax: 01204 383999
         E-mail: matthewbowker@ubsg.co.uk

Condor Combifloor Limited manufactures underlay and can be
reached at:

         Clayton Le Moors Accrington
         Lancashire BB5 5GT
         United Kingdom
         Tel: 01254 387 942
         Fax: 01254 398 051


COULOIR LEISURE: Creditors Meeting Slated for May 16
----------------------------------------------------
Creditors of Couloir Leisure Limited (Company Number 4465502)
will meet at 10:30 a.m. on May 16 at:

         The Devere University Arms Hotel
         Regent Street
         Cambridge CB2 1AD
         United Kingdom

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

         Gerald Maurice Krasner
         Bartfields (U.K.) Limited
         Burley House
         12 Clarendon Road
         Leeds LS2 9NF
         United Kingdom
         Tel: 0113 244 9051
         Fax: 0113 234 3208
         E-mail: gerald.krasner@bartfield.co.uk


ELANTIC LIMITED: Meeting of Creditors Set on May 15
---------------------------------------------------
Creditors of Elantic Limited (Company Number 01299104) will meet
at 11:00 a.m. on May 15 at:

         DTE House
         Hollins Mount
         Hollins Lane
         Bury BL9 8AT
         United Kingdom

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

         A. Poxon
         Joint Administrator
         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Hollins Lane
         Bury BL9 8AT
         United Kingdom

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.

Elantic Limited -- http://www.elantic.co.uk/-- was established  
in 1972 to provide quality manufacturing services to meet
customer specifications.


EMJAY HOLDINGS: Hires Smith & Williamson to Administer Assets
-------------------------------------------------------------
Gregory Andrew Palfrey and Kevin James Wilson Weir of Smith &
Williamson Limited were appointed joint administrators of Emjay
Holdings Limited (Company Number 02479431) on April 28.

The administrators can be contacted at:

         Smith & Williamson
         Prospect House
         2 Athenaeum Road
         London N20 9YU
         United Kingdom
         Tel: 020 8492 8600
         Fax: 020 8492 8601
         E-mail: jem1@smith.williamson.co.uk

Headquartered in Southampton, England, Emjay Holdings Limited is
a holding company for calendar printers and publishers and book
binders and finishers.


G.S. PRINT: Taps Roderick Graham Butcher as Administrator
---------------------------------------------------------
Roderick Graham Butcher of Butcher Woods Limited was appointed
administrator of G.S. Print (West Midlands) Limited (Company
Number 01686896) on April 19.

The administrator can be reached at:

         Butcher Woods
         79 Caroline Street
         Birmingham B3 1UP
         United Kingdom
         Tel: 0121 236 6001
         Fax: 0121 236 5702
         E-mail: rod.butcher@butcher-woods.co.uk

Headquartered in Bromsgrove, England, G.S. Print (West Midlands)
Limited does printing jobs and lithographs.


GLOBAL HIGH: Defaults on Outstanding Notes
------------------------------------------
The Global High Yield Bond Trust Ltd. said it no longer holds a
portfolio of Collateral Debt Obligations, the entire portfolio
having been liquidated prior to the April 2006 Payment Date, and
all cash attributable to the Noteholders has been distributed in
accordance with the Priority of Payments.

The Issuer has ceased to carry on a substantial part of its
business and therefore there exists an Issuer Event of Default.  

The Trustee may, at any time, or will, if requested in writing
by holders of at least 25% in Aggregate Outstanding Amount of
the most senior Class of Notes outstanding, or if so directed by
an Extraordinary Resolution of the most senior Class of
Noteholders outstanding and having been indemnified to its
satisfaction declare by written notice to the Issuer that each
Note of each Class is immediately due and payable.

At any time after the delivery of an Enforcement Notice, the
Trustee may, at its discretion, or if so directed in writing by
holders of at least 25% in Aggregate Outstanding Amount of the
most senior Class of Notes outstanding, or if directed by an
Extraordinary Resolution of the most senior Class of Notes
outstanding and having been indemnified to its satisfaction,
take steps necessary as to enforce the Security over the
Collateral.

The Trustee does not intend to use its discretion to declare the
Notes due and payable or to send an Enforcement Notice to the
Issuer or take any further steps in respect of the Notes unless
directed as above.

The Issuer refers the Noteholders to the Limited Recourse
provisions in Condition 4.4 which state that if the net proceeds
of realization of Security upon Enforcement are less than the
aggregate amount payable by the Issuer in respect of the Notes
the obligations of the Issuer will be limited to such net
proceeds which shall be applied in accordance with the Priority
of Payments.

The Issuer confirms that all assets attributable to the
Noteholders have been distributed and there are no further
assets or Security available for Noteholders to enforce.  As
such the remaining outstanding Notes will not receive any
further interest or principal repayments and are to be redeemed
at zero.

Notes affected:

      Class B Floating Rate Notes
      (ISIN XS0110377636)                       EUR19,697,800

      Class C Floating Rate Notes
      (ISIN XS0110377719)                       EUR19,900,000

      Class D Floating Rate Notes
      (ISIN XS0110377800)                       EUR10,000,000

Following the redemption of all Notes, it is the Issuer's
intention to propose a resolution for a voluntary winding up of
itself in due course.  All Notes will be cancelled.

The issuer, The Global High Yield Bond Trust Ltd., was
incorporated in Guernsey, Channel Islands as a public company
with limited liability on Jan. 25, 2000.

                        *     *     *

As reported in TCR-Europe on May 10, Standard & Poor's Ratings
Services lowered its ratings on the class B, C, and D notes
issued by The Global High Yield Bond Trust Ltd. to 'D'.

At the same time, following full redemption, the ratings on the
class A notes of the transaction have been withdrawn.
  
The Global High Yield Bond Trust is an arbitrage cash flow CDO
transaction arranged by UBS AG (AA+/Stable/A-1+) and managed by
Morley Fund Management Ltd., which acts as investment manager of
the portfolio.  Euro-denominated high-yield bonds, and synthetic
securities referencing high-yield bonds collateralized the
transaction.


LLOYDS TRANSPORT: Names Administrator from Crawfords
----------------------------------------------------
David N. Kaye of Crawfords was named administrator of Lloyds
Transport & Warehousing Limited (Company Number 04420687) on
April 27.

The administrator can be reached at:

         Crawfords
         Stanton House
         41 Blackfriars Road
         Salford
         Manchester
         Greater Manchester M3 7DB
         United Kingdom
         Tel: 0161 828 1000
         Fax: 0161 832 1829
         E-mail: akachani@aol.com

Headquartered in Tipton, England, Lloyds Transport & Warehousing
Limited is engaged in transport and warehousing services.


METAL CASTINGS: Appoints Joint Administrators from Ernst & Young
----------------------------------------------------------------
I. Best and D.K. Duggins of Ernst & Young LLP were appointed
joint administrators of Metal Castings Group Limited (Company
Number 03491279) on April 28.

Ernst & Young -- http://www.ey.com/-- is a global organization  
that helps companies in businesses across all industries -- from
emerging growth companies to global powerhouses -- deal with a
broad range of business issues.

Metal Castings Group Limited manufactures high pressure aluminum
die castings and can be contacted at:

         No 1 Colmore Square
         Birmingham B4 6HQ
         United Kingdom


NETWORK FILE: Hires Administrator from Bennet Verby
---------------------------------------------------
Vincent A. Simmons of Bennett Verby was appointed administrator
of Network File Limited (Company Number 4564939) on April 27.

The administrator can be reached at:

         Bennett Verby
         7 St Petersgate
         Stockport
         Cheshire SK1 1EB
         United Kingdom
         Tel: 0161 477 9345
         Fax: 0161 429 7224
         E-mail: v.simmons@bennettverby.co.uk

Headquartered in Bury, England, Network File Limited is engaged
in publishing.


NUPOL HOLDINGS: Calls In Joint Administrators from Ernst & Young
----------------------------------------------------------------
Robert Hunter Kelly and Charles Graham John King of Ernst &
Young LLP were appointed joint administrators of Nupol Holdings
Limited (Company Number 04617036) on April 27.

Ernst & Young -- http://www.ey.com/-- is a global organization  
that helps companies in businesses across all industries -- from
emerging growth companies to global powerhouses -- deal with a
broad range of business issues.

Nupol Holdings Limited is a holding company and can be reached
at:

         100 Barbirolli Square
         Manchester M2 3AB
         United Kingdom


POLESTAR CORP: S&P Places B- Rating on Watch Negative
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on The Polestar Corp. PLC to 'B-' from
'B'.  

The 'B' rating on the senior secured bank loan issued by related
entity The Polestar Group Ltd. was also lowered to 'B-' from
'B'.  At the same time, all ratings were placed on CreditWatch
with negative implications.

"The rating action and CreditWatch placement reflect Standard &
Poor's concerns about Polestar's diminishing liquidity over the
next 12 months," said Standard & Poor's credit analyst Paul
Draffin.  "S&P expects liquidity to be negatively affected by
weaker-than-anticipated operating performance and significant
approaching debt amortization requirements."

Given these concerns, the lowering of the rating to 'B-' is
deemed appropriate at this time, pending further review.

Polestar's operating performance during the six months to March
31, 2006, has been adversely affected by poor market conditions,
with both volumes and prices suffering in the context of weak
market demand and excess industry capacity.  Given the high
fixed costs inherent in the printing market, these factors,
together with higher-than-expected utility costs, have
materially reduced the group's earnings and cash flows and
absorbed a greater-than-expected level of available liquidity.

"Standard & Poor's expects to resolve the CreditWatch placement
in the next one to two weeks," Mr. Draffin added.  "The review
is likely to result in either an affirmation of the 'B-' rating
or a one-notch downgrade."


RANK GROUP: Buys Back 850,000 Ordinary Shares for Cancellation
--------------------------------------------------------------
The Rank Group PLC bought back 850,000 ordinary shares of 10
pence in the Company on May 10 for cancellation at an average
price of 222.964412 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.


ROYAL & SUNALLIANCE: Releases First Quarter Results
---------------------------------------------------
Royal & SunAlliance Insurance Group plc disclosed its financial
results for the three-month ended March 2006.

Core Group posted net written premiums of GBP1.44 billion for
first quarter 2006 compared with GBP1.45 billion for same period
in 2005.  Combined operating ratio of 91.6% in first 2006 and
91.8% for the same period in 2005.

The group booked operating results of GBP207 million for the
first quarter 2006 -- up GBP47 million from GBP160 million in
2005.

Shareholders' funds showed GBP2.98 billion.  Group's pension
fund deficit is reduced by 66% in the first quarter 2006 at
GBP127 million.

            Delivery Against Strategic Objectives

-- Strong performance from all core businesses;

-- Operational improvement program delivered GBP250 million of
    annualized expense savings;

-- U.S. de-risking continues - insurance result of GBP4 million
    and filed to move to single regulatory structure; and

-- Successful launch of Yankee Bond exchange.

"Our key objective is to deliver sustainable profitable
performance and each of our core businesses have again delivered
strong results," Group Chief Executive of Royal & SunAlliance
Insurance Group plc, Andy Haste, said.  "Our portfolios of
businesses are well positioned in their target segments and
provide us with exposure to markets at different stages in the
cycle.  As we see it today, we remain confident of delivering a
Core Group combined operating ratio of around 95% in 2006."

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.


TITAN EUROPE: S&P Puts BB-Rated Class F Notes on Positive Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its credit ratings on
the class B, C, D, E, and F notes issued by Titan Europe 2005-1
PLC on CreditWatch with positive implications.
  
The CreditWatch placements follow an initial review of the most
recent transaction information received by Standard & Poor's.  
This analysis showed that the likelihood of a positive rating
action has increased due to the prepayment of two loans at the
April interest payment date.  At this date, both Berlin
Multifamily portfolios (I and II) prepaid.  At closing, these
loans represented 11% and 7% of the transaction, respectively.
  
The prepayments and scheduled amortization in the transaction
have improved the levels of credit enhancement available to the
class B, C, D, and E notes, and the LTV ratios for all classes.
  
Standard & Poor's will now execute a more detailed transaction
analysis to investigate whether any or all of these notes can
attain a higher rating.  The results of this review and any
rating changes are expected within a month of this media
release.
  
The transaction, which closed in July 2005, was backed
originally by six loans secured on 32 properties located in
Germany, and originated by Credit Suisse International
(A+/Positive/A-1).
  
The CreditWatch placements are in line with the updated policy
on the use of CreditWatch.
  
                          Ratings List
  
                   Titan Europe 2005-1 PLC
         EUR348.8 Million Commercial Mortgage-Backed
               Floating- and Variable-Rate Notes
  
                              Rating
         Class          To              From
         -----          --              ----
         B           AA/Watch Pos        AA
         C           A/Watch Pos         A
         D           BBB+/Watch Pos      BBB+
         E           BBB-/Watch Pos      BBB-
         F           BB/Watch Pos        BB


                           *********


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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