TCREUR_Public/060515.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

               Monday, May 15, 2006, Vol. 7, No. 95

                            Headlines


F R A N C E

BELVEDERE SA: Moody's Assigns (P)B1 Corporate Family Rating


G E R M A N Y

BAUUNTERNEHMUNG DELOR: Creditors' Meeting Slated for July 5
CRISTAL-TOURISTIK: Claims Registration Ends May 22
DAS HOLZ-PARADIES: Proof of Claim Deadline Set for June 22
DRUCKEREI GRAS: Claims Registration Ends May 24
GEPO-TV: Creditors' Meeting Slated for Sept. 14

JENOPTIK AG: Earns EUR5.3 Million in First Quarter 2006
KABEL DEUTSCHLAND: Moody's Keeps Ratings on Refinancing Deals
NOHL BRANDSCHUTZ: Claims Filing Period Ends May 23
SPORT WEDDING: Claims Registration Ends May 22
TIEDE GMBH+CO: Court Opens Bankruptcy Proceedings

TOB-TAXI-GMBH: Court to Verify Claims on Sept. 20
XXL REISEN: Court Names Thomas Georg Provisional Administrator


I T A L Y

TISCALI SPA: Cuts First Quarter Net Loss to EUR19.4 Million


K A Z A K H S T A N

ANDEGRAUND & K: Creditors' Claims Due May 20
EMBA: Proofs of Claims Deadline Slated for May 20
FERROSILIKOALUMINI: Claims Registration Ends May 20
FIRMA -EURO: Proof of Claim Deadline Slated for May 20
INTISAR: Creditors Must File Claims by May 20

JAN-PV: Creditors Must Submit Claims by May 20
KAZSTROISERVICE: Almaty Court Opens Bankruptcy Proceedings
NORDSTROI 3V: Creditors' Claims Due May 20
TRI-A: Creditors Must File Claims by May 20


K Y R G Y Z S T A N

7J: Creditors Must File Claims by June 20
BUCKTON TRADING: Creditors Must Submit Claims by June 19
ELLORA LTD: Creditors' Claims Due June 19
GABRO: Creditors' Claims Due June 20
SANLIT TRAVEL: Proofs of Claims Deadline Slated for June 20


L U X E M B O U R G

COLT S.A.: Asks Shareholders to Approve Scheme of Arrangement


N O R W A Y

FALCONBRIDGE: European Commission to Object to Inco Transaction


P O L A N D

NETIA SA: Court Closes Netia Telekom's Arrangement Proceedings
NETIA SA: Completes Subscription Warrants Program


R U S S I A

AGRO-PROM-TRANS: Court Names V. Emelyanov Insolvency Manager
B.I.N. BANK: Fitch Rates US$200 Million Eurobond at B-
FACTORY KATUN: Khakasiya Court Begins Bankruptcy Proceedings
HAMMER: Court Names E. Filipyev as Insolvency Manager
KISELEVSK-SNAB: M. Bogatova Takes Over as Insolvency Manager

MAMYJOVSKAYA INCUBATORY: Court Opens Bankruptcy Proceedings
METROMEDIA INTERNATIONAL: Delays Filing of Financial Reports
MILK: Lipetsk Court Commenced Bankruptcy Proceedings
OCEAN: Court Taps A. Makhanov as Insolvency Manager
POLESYE: Nizhniy Novgorod Court Starts Bankruptcy Proceedings

STROY-SPETS-MONTAGE-INVEST: Insolvency Manager Takes Over Group


S W I T Z E R L A N D

ABB LTD: Court Sets June 21 Confirmation Hearing for ABB Lummus


T U R K E Y

VESTEL ELECTRONICS: Moody's Revises Outlook on US$225-Mln Notes


U K R A I N E

ELECTRON-TV: Lviv Court Commenced Bankruptcy Proceedings
ENERGY SAVING: Court Names U. Arhipov Insolvency Manager
EUROTRANSGAZ: Court Taps Energoexport to Liquidate Assets
HARKIVNAFTOPRODUKT: Dmitro Maltsev Takes Over as Liqudiator
MASTAK: Kyiv Court Opens Bankruptcy Proceedings

MEGAPAK: Kyiv Region Commences Bankruptcy Process
POLIS: Court Appoints G. Bilodid to Liquidate Assets
UKRAINA: Vinnitsya Court Launches Bankruptcy Proceedings
UKRMASHNAFTOGAZLIZING: Kyiv Court Names A. Gunko as Liquidator


U N I T E D   K I N G D O M

COLT TELECOM: Asks Shareholders to Approve Scheme of Arrangement
EUROSAIL 06-1: Fitch Assigns BB Rating to GBP4.8MM Class E Notes
INCO LTD: Teck Cominco Proposes Cash & Stock Merger Transaction
INCO LTD: European Commission to Object to Falconbridge Merger
K.H. FORD: Creditors Resolve to Liquidate Company's Assets

KEMDEN LIMITED: Claims Filing Period Ends June 9
LUMSDON CREATIVE: Claims Registration Ends July 31
METAL CASTINGS: Appoints Ernst & Young Joint Administrators
MILLFIELD SOUTH: Calls In Administrators from Herron Fisher
NATIONAL AUSTRALIA: Considers Acquiring Assets in United Kingdom

RAP REALISATIONS: Meeting of Creditors Set on May 16
SIRA GROUP: Appoints Joint Administrators from Grant Thornton
SPUNKIES IMAGING: Winds Up Operations & Appoints Liquidator
WIGGMOORE GROUP: Sets June 30 Claims Bar Date
TREND EUROPA: Hires Joint Liquidators of Wilson Pitts

U.K. DEEJAY: Begins Winding Up Proceedings
WESTWARD WORLDWIDE: HSBC Bank Chooses Grant Thornton Receiver
WILLIAM FREEMAN: Purico Ltd Appoints Begbies Traynor Receiver
WW GROUP: HSBC Bank Appoints Grant Thornton as Receiver


                            *********

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F R A N C E
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BELVEDERE SA: Moody's Assigns (P)B1 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service assigned a (P)B1 corporate family
rating to Belvedere S.A. and concurrently assigned a (P)B1
rating to its proposed issuance of EUR300 million senior secured
floating rate notes.

This is the first time Moody's has assigned ratings to Belvedere
S.A.  The outlook on all ratings is stable.

Belvedere is a leading producer of branded alcoholic beverages,
principally vodka, in Poland, Lithuania and Bulgaria.  In April
2006, Belvedere acquired a 69% stake in Marie Brizard & Roger
International from Duke Street Capital and is in the process of
tendering for the remaining shares with the intention to
eventually de-list MBRI.  MBRI is a producer and distributor of
liqueurs, spirits, wine and non-alcoholic beverages mainly in
France and Spain.

Total consideration for MBRI is estimated at approximately
EUR400 million including EUR93 million of existing debt at MBRI,
which Belvedere is part financing through the proposed senior
notes offering.  The remainder is being financed through the
issuance of EUR84 million OBSAR convertible notes and EUR76
million in equity from CLF.

The group is also pursuing a bolt-on acquisition of Danzka, a
leading brand in the duty-free vodka market, financing for which
will be included in the above-mentioned funding sources.

Belvedere's (P)B1 corporate family rating reflects:

   -- financial risks from its highly leveraged capital
      structure, with pro forma leverage at the outset at a
      level which is considered strained for the rating category
      and which incorporates a forward view of expected
      synergies as a result of the acquisition of MBRI;

   -- operational and execution risks associated with the
      acquisition of MBRI; and

   -- the likelihood of ongoing acquisition risk as well as
      ambitious growth plans including expanding to Russia and
      the U.S. as well as plans for vertical integration of
      drinks distributors in Poland.

On a positive note, Belvedere's ratings reflect:

   -- the group's leading positions in the vodka and wine
      markets in Poland, Lithuania and Bulgaria and strong niche
      market positions in France especially in the supermarket
      whisky segment;

   -- significantly improved diversification of revenues and
      EBITDA generation as a result of the MBRI acquisition as
      well as growth potential in terms of enlarged geographic
      and portfolio scope pro forma; and

   -- a financial profile that benefits from stable and
      recurring revenues and cash flow generation.

Belvedere's stable outlook reflects Moody's view that
notwithstanding the transformational impact of the MBRI
acquisition and increased risks including the resultant higher
leverage, the group's operational and financial profile benefits
from the stable demand characteristics of the alcoholic drinks
market and benefits from its increased scale and scope.

Belvedere's rating is currently constrained by its weak
financial metrics and also execution risks associated with the
acquisition of MBRI.  We expect the group's financial metrics to
improve over time, in particular, leverage below 4.5x and RCF to
net debt above 12% would drive upward pressure on the rating.

Belvedere's pro forma 2005 leverage at 6.8x is already strained
for the B1 rating category but the rating reflects Moody's
expectation that during 2006 the combined entity's leverage
should be closer to 6.4x and fall below 6x during FY07.  If
leverage does not fall in line with expectations or if EBITA
margins fall to the range of 7%-8%, this would place negative
pressure on the B1 rating.

Headquartered in Paris, France Belvedere is a leading producer
of alcoholic beverages i.e. vodka, wine and spirits in Poland,
Lithuania and Bulgaria.  Through its acquisition of Marie
Brizard & Roberts International, the group also has a
significant presence in the French and Spanish spirits, liqueurs
and non-alcoholic fruit concentrate markets.  On a pro forma
combined basis the group would have generated approximately
EUR487.7 million in net sales (post excise taxes) in 2005.


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G E R M A N Y
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BAUUNTERNEHMUNG DELOR: Creditors' Meeting Slated for July 5
-----------------------------------------------------------
The court-appointed provisional administrator for
Bauunternehmung Delor, Barthel und Partner Verwaltungs-GmbH,
Carsten Morgenstern, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:00
a.m. on July 5.

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

         The District Court of Chemnitz
         Saal 24
         Gerichtsgebaude Fuerstenstrasse 21
         Chemnitz, Germany

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

Creditors have until May 24 to register their claims with the
court-appointed provisional administrator.

The District Court of Chemnitz opened bankruptcy proceedings
against Bauunternehmung Delor, Barthel und Partner Verwaltungs-
GmbH on April 11.  Consequently, all pending proceedings against
the company have been automatically stayed

The Debtor can be reached at:

         Bauunternehmung Delor, Barthel und Partner
         Verwaltungs-GmbH

         Attn: Bernd Barthel, Manager
         Brückenstrasse 8
         09599 Freiberg, Germany

The administrator can be reached at:

         Carsten Morgenstern
         Michaelstr. 71
         09116 Chemnitz, Germany
         Web: http://www.hww-kanzlei.de/


CRISTAL-TOURISTIK: Claims Registration Ends May 22
--------------------------------------------------
Creditors of Cristal-Touristik-International GmbH have until
May 22 to register their claims with court-appointed provisional
administrator Dr. Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on June 21, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Saal 330
         Zochstrasse
         18057 Rostock, 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 Rostock opened bankruptcy proceedings
against Cristal-Touristik-International GmbH on April 6.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Cristal-Touristik-International GmbH
         Attn: Gabriele Berger, Manager
         Industriestrasse 8
         18069 Rostock, Germany

The administrator can be contacted at:

         Dr. Achim Ahrendt
         Lange Strasse 1a
         18055 Rostock, Germany


DAS HOLZ-PARADIES: Proof of Claim Deadline Set for June 22
----------------------------------------------------------
Creditors of Das Holz-Paradies Bauelemente Verwaltungs GmbH have
until June 22 to register their claims with court-appointed
provisional administrator Manfred Gottschalk.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 3 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 Arnsberg
         EG 328
         Eichholzstrasse 4
         59821 Arnsberg
         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 Arnsberg opened bankruptcy proceedings
against the company on May 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The administrator can be contacted at:

         Manfred Gottschalk
         Kirchender Dorfweg 14
         58313 Herdecke
         Germany
         Tel: 02330/80310
         Fax: 02330/8031100

The Debtor can be contacted at:

         Das Holz-Paradies Bauelemente Verwaltungs GmbH
         Niederbergheimer Str. 13
         59494 Soest
         Germany
         Attn: Bernhard Schnettler, Manager


DRUCKEREI GRAS: Claims Registration Ends May 24
-----------------------------------------------
Creditors of Druckerei Gras und Jung GmbH & Co. KG have until
May 24 to register their claims with court-appointed provisional
administrator Eckhard Finke.

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

The meeting of creditors will be held at:

         The District Court of Bad Kreuznach
         Saal 309
         Ringstrasse 79
         55543 Bad Kreuznach, Germany

The Court will also verify the claims set out in the
administrator's report at 8:30 a.m. on June 29, at the same
venue.

The District Court of Bad Kreuznach opened bankruptcy
proceedings against Druckerei Gras und Jung GmbH & Co. KG on
April 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Druckerei Gras und Jung GmbH & Co. KG
         Planiger Str. 34a
         55543 Bad Kreuznach, Germany

         Attn: Werner Ulrich, Manager
         Kilianstr. 32
         55543 Bad Kreuznach, Germany

The administrator can be contacted at:

         Eckhard Finke
         Mannheimer Strasse 173
         55543 Bad Kreuznach, Germany
         Tel: 0671/84007-68
         Fax: 0671/84007-43


GEPO-TV: Creditors' Meeting Slated for Sept. 14
-----------------------------------------------
Creditors of GEPO-TV u. Filmproduktion GmbH have until July 30
to register their claims with court-appointed provisional
administrator Dr. Bjorn Gehde.

Creditors and other interested parties are encouraged to attend
the meeting on Sept. 14 at 9:25 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 Charlottenburg
         Stock Saal 218
         Amtsgerichtsplatz 1
         14057 Berlin
         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 Charlottenburg opened bankruptcy
proceedings against the company on May 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The administrator can be contacted at:

         Dr. Bjorn Gehde
         Goethestr. 85
         10623 Berlin
         Germany

The Debtor can be contacted at:

         GEPO-TV u. Filmproduktion GmbH
         Moritz-Seeler-Str. 3
         12489 Berlin
         Germany


JENOPTIK AG: Earns EUR5.3 Million in First Quarter 2006
-------------------------------------------------------
Jenoptik AG released its consolidated results for the first
quarter of 2006.

The group's net sales for the first three months of 2006
amounted to EUR109 million, 20.6% higher than EUR90.4 million
for the same period in 2005.  Jenoptik attributed the increase
to its three new divisions -- Laser & Optics, Sensors and
Mechatronics.

First-quarter EBITDA also increased by 37.6% to EUR15.9 million
in 2006 from EUR11.6 million in 2005.

After tax earnings for the first quarter also went up by 24.7%
to EUR5.3 million from EUR4.2 million a year ago.

As of March 31, 2006, Jenoptik had total assets of EUR1.6
billion, total equity of EUR332.8 million, total liabilities of
EUR1.26 billion.

A copy of Jenoptik AG's first-quarter results is available free-
of-charge at http://researcharchives.com/t/s?914

                      About the Company

Headquartered in Jena, Germany, Jenoptik AG produces and markets
components, systems and facilities for the medical, electronics,
telecommunications and semiconductor manufacturing industries.
The Company manufactures clean room for electronics producers,
diode lasers, infrared cameras and high-resolution lenses.

                        *     *     *

As reported in the TCR-Europe on Feb 21, Fitch Ratings affirmed
Jenoptik AG's ratings at Senior Unsecured B and Short-term B.
Jenoptik's EUR150 million senior notes have also been affirmed
at B.  The Senior Unsecured rating, as well as the rating of the
EUR150 million Senior Notes are removed from Rating Watch
Negative.  A Stable Outlook is assigned to the Senior Unsecured
rating.


KABEL DEUTSCHLAND: Moody's Keeps Ratings on Refinancing Deals
-------------------------------------------------------------
Moody's Investors Service has commented on the potential impact
on the ratings of Kabel Deutschland GmbH following the company's
re-financing of its existing bank facility with a new senior
secured bank facility in the total amount of EUR1.350 billion
and the announced PIK Loan refinancing.  The re-financings do
not have an immediate impact on the ratings.

The ratings remain:

   -- corporate family rating at Ba3;
   -- EUR250 million senior notes at B2; and
   -- US$610 million senior notes at B2.

In May 2006, KDG refinanced its existing bank facility (at the
time outstanding EUR1.2 billion) with a new senior secured
facility in the amount of EUR1.35 billion.  The new facility
consists of:

   -- EUR1.15 billion term facility with a six-year maturity;
      and

   -- EUR200 million revolving facility.

Moody's notes that the re-financing did not impact the company's
leverage, which stands at 5.35x Total Debt to EBITDA on a third
quarter 2005 annualized basis, including current financial
liabilities, as the company partially used cash available on the
balance sheet to repay the outstanding facility.

On an adjusted basis taking into account the substantial amount
of duct leases, leverage rises to 5.7x Adjusted Total Debt to
EBITDAR.  Given the leverage metrics, the company is adequately
positioned within the Ba3 rating category.  The new bank
facility does provide KDG with greater flexibility to finance
its operating expenditures from internally generated cash flow
and for potential strategic acquisitions.  The Ba3 rating does
not factor in any material use of the flexibility embedded in
the senior secured facility.

On May 11, KDG announced to refinance its existing PIK notes --
at the time outstanding EUR466million -- with a new PIK loan
facility of EUR480 million.  Moody's notes that the Ba3 rating
does not include in its leverage consideration EUR 480 million
PIK loan facility as it is outside the restricted group.
However, Moody's does regard the presence of the PIK loan within
the capital structure as potentially qualitatively putting
pressure on the restricted group with respect to the need for
future distributions.

Moody's notes that the company increased its capital expenditure
program to accelerate the rollout of high-speed Internet and
telephony products.  The company, however, remains free cash
flow positive.  Also, Moody's notes that KDG's analogue
subscriber business experienced weakness as its revenue declined
in Q3 2005.  On a nine-month basis, the revenue decline in the
analogue business was offset by an increase in revenues from
digital TV, high-speed Internet service and other revenues.
Moody's will seek to provide further guidance on the company's
positioning within its rating category following the 2005/2006
financial results release.

Based in Germany, Kabel Deutschland GmbH is the largest network
Level 3 cable television provider in Germany.  For the nine
months ended Dec. 31, 2005, the company generated total revenues
of EUR754 million with EBITDA of EUR308.1 million.


NOHL BRANDSCHUTZ: Claims Filing Period Ends May 23
--------------------------------------------------
Creditors of Nohl Brandschutz Verwaltungs GmbH have until May 23
to register their claims with court-appointed provisional
administrator Dr. Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Darmstadt
         Saal 14
         1. OG
         Gebaude D
         Mathildenplatz 15
         64283 Darmstadt, 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 Darmstadt opened bankruptcy proceedings
against Nohl Brandschutz Verwaltungs GmbH on April 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Nohl Brandschutz Verwaltungs GmbH
         Attn: George Hache, Manager
         Werner-von-Siemens-Strasse 2
         64319 Pfungstadt, Germany

The administrator can be contacted at:

         Dr. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt, Germany
         Tel: 069/962334-0
         Fax: 069/962334-22
         E-mail: m.plathner@brinkmann-partner.de


SPORT WEDDING: Claims Registration Ends May 22
----------------------------------------------
Creditors of Sport Wedding GmbH have until May 22 to register
their claims with court-appointed provisional administrator Rolf
Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on June 7, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Saal 185
         I.OG
         Zweigertstr. 52
         45130 Essen, 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 Essen opened bankruptcy proceedings
against Sport Wedding GmbH on April 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Sport Wedding GmbH
         Ahstr. 14
         45879 Gelsenkirchen, Germany

         Attn: Ludger Wedding, Manager
         Reiherstr. 37
         46282 Dorsten, Germany

         Bernhard Wedding, Manager
         Grafte 52
         45891 Gelsenkirchen, Germany

The administrator can be contacted at:

         Rolf Weidmann
         Alfredstr. 279
         45133 Essen, Germany
         Tel: 0201/437760
         Fax: 0201/4377620


TIEDE GMBH+CO: Court Opens Bankruptcy Proceedings
-------------------------------------------------
Creditors of Tiede GmbH+Co. Rissprufanlagen have until June 14
to register their claims with court-appointed provisional
administrator Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting on July 10 at 8:30 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 Aalen
         Stuttgarter Strasse 7
         Saal 0.11
         73430 Aalen
         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 Aalen opened bankruptcy proceedings
against the company on May 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The administrator can be contacted at:

         Michael Pluta
         Karlstr. 33
         89073 Ulm
         Germany
         Tel.: 0731/96880-0
         Fax: 0731/96880-50
         E-mail: ulm@pluta.net

The Debtor can be contacted at:

         Tiede GmbH+Co. Rissprufanlagen
         Bahnhofstrasse 94-98
         73457 Essingen


TOB-TAXI-GMBH: Court to Verify Claims on Sept. 20
-------------------------------------------------
Creditors of Tob-Taxi-GmbH have until July 27 to register their
claims with court-appointed provisional administrator Dr.
Christoph Schulte-Kaubrugger.

Creditors and other interested parties are encouraged to attend
the meeting June 14 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 Charlottenburg
         Stock Saal 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will verify the claims set out in the administrator's
report on Sept. 20, at 9:10 a.m., while creditors may constitute
a creditors' committee or opt to appoint a new insolvency
manager.

The District Court of Charlottenburg opened bankruptcy
proceedings against the company on May 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The administrator can be contacted at:

         Dr. Christoph Schulte-Kaubrugger
         Genthiner Str. 48
         10785 Berlin
         Germany

The Debtor can be contacted at:

         Tob-Taxi-GmbH
         Fidicinstrasse 8a
         10965 Berlin
         Germany


XXL REISEN: Court Names Thomas Georg Provisional Administrator
--------------------------------------------------------------
Creditors of XXL Reisen GmbH have until June 11 to register
their claims with court-appointed provisional administrator
Thomas Georg.

Creditors and other interested parties are encouraged to attend
the meeting on July 24 at 9:00 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
         3 Etage
         Sitzungssaal K 3
         Alter Posthof 1
         52062 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 the company on May 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The administrator can be contacted at:

         Thomas Georg
         Julicher Strasse 116
         52070 Aachen
         Germany

The Debtor can be contacted at:

         XXL Reisen GmbH
         Komphausbadstr. 9
         52062 Aachen
         Germany

         Attn: Michael Lehnen, Manager
         Roonstr. 3
         52070 Aachen
         Germany


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TISCALI SPA: Cuts First Quarter Net Loss to EUR19.4 Million
-----------------------------------------------------------
Tiscali S.p.A. released its pro-forma results for the first
quarter of 2006.

First-quarter revenues amounted to EUR173.8 million this year,
17% lower than EUR202.7 million in 2005.  The group's first-
quarter gross operating result also declined by 9%, from EUR29.2
million in 2005 to EUR26.9 million this year.

Tiscali, however, was able to cut its net losses by 15% from
EUR22.9 million to EUR19.4 million.

As of March 31, 2006, Tiscali's net financial debt amounted to
EUR313.6 million, higher than EUR290.1 million three months ago.

A copy of Tiscali S.p.A.'s first quarter results is available
for free at http://researcharchives.com/t/s?915

Headquartered in Cagliari, Italy, Tiscali S.p.A.has more than
seven million subscribers, of which over 1.5 million are
broadband users.  It has sold non-core assets to raise money to
cover a EUR250 million bond that matured in July.

                        *     *     *

As reported in the TCR-Europe on March 8, Fitch Ratings
sustained Italy-based Tiscali S.p.A.'s Long-term Issuer Default
Rating at CCC with Stable Outlook.  Tiscali's Short-term rating
is downgraded to C from B to be in line with the CCC IDR.  At
the same time, the agency affirmed Tiscali Finance SA's EUR209
million guaranteed notes at B-/RR2.


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


ANDEGRAUND & K: Creditors' Claims Due May 20
--------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Andegraund & K insolvent on Jan. 25.

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

         Gogol Str. 177a
         Kostanai, Kazakhstan


EMBA: Proofs of Claims Deadline Slated for May 20
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
declared LLP Emba insolvent on Feb. 16.

Creditors have until May 20 to submit written proofs of claim
to:
         Abylhair-hana Ave. 40, Room 506
         Aktube, Kazakhstan
         Tel: 8 (3132) 56-84-67


FERROSILIKOALUMINI: Claims Registration Ends May 20
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Ferrosilikoalumini insolvent on Feb. 24.
Bankruptcy proceedings were introduced at the company.

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

         Elgina Str. 100
         Pavlodar, Kazakhstan
         Tel: 8 (3182) 50-11-47


FIRMA -EURO: Proof of Claim Deadline Slated for May 20
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Joint Venture Firma -Euro Azia Express insolvent on Dec. 15,
2005.  Bankruptcy proceedings were introduced at the company.

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

         PO Box 252
         General Post Office
         050000 Almaty, Kazakhstan
         Tel: 8 333 241 79-98


INTISAR: Creditors Must File Claims by May 20
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Intisar (RNN 600600030153) insolvent on Dec. 14, 2005.
Bankruptcy proceedings were introduced at the company.

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

         PO Box 252
         General Post Office
         050000 Almaty, Kazakhstan
         Tel: 8 333 241 79-98


JAN-PV: Creditors Must Submit Claims by May 20
----------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Jan-Pv insolvent on Feb. 27.  Bankruptcy
proceedings were introduced at the company.

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

         Elgina Str. 100
         Pavlodar, Kazakhstan
         Tel: 8 (3182) 50-11-47


KAZSTROISERVICE: Almaty Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against CJSC Kazstroiservice on
Feb. 27.

The Specialized Inter-Regional Economic Court of Almaty can be
reached at 8 (3292) 50-51-25.


NORDSTROI 3V: Creditors' Claims Due May 20
------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Nordstroi 3V insolvent on Jan. 24.

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

         Gogol Str. 177a
         Kostanai, Kazakhstan


TRI-A: Creditors Must File Claims by May 20
-------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Tri-A insolvent on Jan. 18.

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

         Gogol Str. 177a
         Kostanai, Kazakhstan


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


7J: Creditors Must File Claims by June 20
-------------------------------------------
CJSC 7J has declared insolvency.  Creditors have until June 20,
to submit written proofs of claim.

The company can be reached at (0-502) 13-17-19.


BUCKTON TRADING: Creditors Must Submit Claims by June 19
--------------------------------------------------------
Buckton Trading Limited has declared insolvency.  Creditors have
until June 19 to submit written proofs of claim to:

         Olimpyskaya Str.
         Djalalabad Region, Kyrgyzstan
         Tel: (+996 3722) 5-11-32


ELLORA LTD: Creditors' Claims Due June 19
-----------------------------------------
LLC Ellora Ltd. has declared insolvency.  Creditors have until
June 19 to submit written proofs of claim to:

         Karasuuiskaya Str. 71-2
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 57-02-22


GABRO: Creditors' Claims Due June 20
------------------------------------
LLC Gabro has declared insolvency.  Creditors have until
June 20 to submit written proofs of claim.

The company can be reached at (+996 312) 66-66-22.


SANLIT TRAVEL: Proofs of Claims Deadline Slated for June 20
-----------------------------------------------------------
LLC Sanlit Travel has declared insolvency.  Creditors have until
June 20 to submit written proofs of claim to:

         Moskovskaya Str. 18
         Bishkek, Kyrgyzstan


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


COLT S.A.: Asks Shareholders to Approve Scheme of Arrangement
-------------------------------------------------------------
COLT Telecom Group plc will convene shareholder meetings to
approve the proposed scheme of arrangement to insert COLT
Telecom Group S.A. as the new holding company of the COLT Group.
COLT S.A. is domiciled in Luxembourg.

A prospectus relating to COLT S.A. is also being posted to COLT
shareholders, which contains full details of a proposed offer of
shares in COLT S.A. to COLT Shareholders to raise approximately
GBP300 million together with application forms relating to the
offer where relevant.

The Open Offer is conditional on, amongst other things, COLT
shareholders approving the Scheme and the Scheme being
sanctioned by the High Court of Justice in England and Wales.
The price of the Open Offer will be determined by reference to
the order-book volume weighted average price on the London Stock
Exchange in COLT ordinary shares over the five days up to and
including the price determination date, which is expected to be
June 23.

COLT's majority shareholder, Fidelity, has agreed to purchase
all shares not purchased by other COLT shareholders under the
Open Offer, as more fully described in the prospectus.  COLT has
three outstanding bond issues maturing in 2007, 2008 and 2009
respectively and it is intended that the net proceeds of the
Open Offer will be applied to fund early redemption of the 2007
bonds, with the balance applied to fund a portion of the
remaining bonds as and when COLT considers appropriate (whether
before or at stated maturity).

Expected timetable of principal events:

   Open Offer Record Date              Closed on May 2
   Court Meeting to sanction the Scheme           May 30
   COLT EGM to approve the Scheme                 May 30
   Announcement of the Open Offer price*          June 23
   Scheme Record Time*                    6 p.m., June 29
   Scheme Effective Date*                      June 30
   Suspension of
      dealings in COLT shares*     7.30 a.m., June 30
   Closing date for the Open Offer*       11 a.m., June 30
   Delisting of COLT shares and
      commencement of dealings in
      COLT S.A. shares on the London
      Stock Exchange*                     8 a.m., July 3

   * These dates are indicative only and may be subject to
     change.

If the Scheme becomes effective, COLT shareholders will receive
one COLT S.A. share for every three existing shares of COLT held
at the Scheme Record Time.  The number of COLT S.A. shares sold
to shareholders under the Open Offer will be adjusted to reflect
this consolidation ratio.

Conditional on the Scheme being declared effective, COLT intends
to suspend its listing of ordinary shares from 7.30 a.m. on
Friday, June 30, and then cancel this listing from 8 a.m. on
July 3 at which time it is anticipated that dealings in the COLT
S.A. shares will commence on the London Stock Exchange.

Headquartered in London, England, Colt Telecom --
http://www.colt.net/-- offers business communication services
across Europe.  Through its fiber optic network, the Company
offers voice, bandwidth, e-business and managed network services
to finance, industry and service sector customers and
governments.

                        *     *     *

On March 1, Standard & Poor's Ratings Services placed its 'B-'
long-term corporate credit rating on European business
telecommunications provider COLT Telecom Group PLC on
CreditWatch with positive implications.  This follows the
group's announcement that it is to create a new European holding
company, raise GBP300 million in equity, and undergo debt
reduction.


===========
N O R W A Y
===========


FALCONBRIDGE: European Commission to Object to Inco Transaction
---------------------------------------------------------------
Falconbridge Limited and Inco Limited received reports that the
European Commission will be issuing its Statement of Objections
shortly regarding their pending merger.  In 2005 Inco announced
the acquisition of Canadian nickel and copper mining giant
Falconbridge Limited.  The merger will make Inco the world's
largest nickel producer.

The companies have been discussing with the EC the competitive
concerns they have identified and which they expect will be in
the SO.  They will be submitting their responses to the SO in
the time provided for in this process.  Inco and Falconbridge
also plan to submit a remedy intended to address the competitive
concerns of the EC.  They look forward to continuing to work
with the EC as they move through their second phase process.
This element of the process is one of the standard steps leading
to a decision by July 12.

The companies continue to have constructive discussions with the
U.S. Department of Justice in anticipation of approval.

The Companies continue to believe there is a strong value
proposition in the Inco and Falconbridge transaction and the
companies are determined to complete it in accordance with the
existing agreement.

"Our agreement with Inco is an excellent transaction and offers
compelling value to shareholders of both our companies, with the
potential for a re-rating in the capital markets," said Derek
Pannell, Falconbridge's Chief Executive Officer.  "The
transaction would result in the creation of the world's number
one nickel producer and a leading copper producer.  Furthermore,
it would have a portfolio of world-class growth projects."

"We are surprised that Teck Cominco has taken this step to
interfere in our transaction and will review the implications of
what they have done," added Mr. Pannell.

Inco and Falconbridge have conservatively estimated synergies
stemming from their transaction of at least US$350 million per
year, based on lower commodity prices prevailing in 2005.  The
estimated synergies were the result of a rigorous review by the
companies' respective teams and derived from in-depth
discussions and analysis.  The companies believe they are better
equipped than any other party to achieve significant operating
and other synergies, especially given Falconbridge's recent
experience at merging companies.

                           About Inco

Inco Limited is the world's no. 2 producer of nickel, which is
used primarily for manufacturing stainless steel and batteries.
Inco also mines and processes copper, gold, cobalt, and platinum
group metals.  It makes nickel battery materials and nickel
foams, flakes, and powders for use in catalysts, electronics,
and paints.  Sulphuric acid and liquid sulphur dioxide are
produced as byproducts.  The company's primary mining and
processing operations are in Canada, Indonesia, and the U.K.

Headquartered in Toronto, Ontario, Falconbridge Limited --
http://www.falconbridge.com/-- produces nickel products.  The
Company owns nickel mines in Canada and the Dominican Republic
and operates a refinery and sulfuric acid plant in Norway.   It
is also a major producer of copper (38% of sales) through its
Kidd mine in Canada and its stake in Chile's Collahuasi mine and
Lomas Bayas mine.  Its other products include cobalt, platinum
group metals, and zinc.

                         *     *     *

Standard & Poor's Ratings Services placed its 'BB+' rating on
Inco's US$250 million subordinated convertible debentures in
March 2003.


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


NETIA SA: Court Closes Netia Telekom's Arrangement Proceedings
--------------------------------------------------------------
The Regional Court in Warsaw completed the arrangement
proceedings of Netia Telekom SA, which calls for the full
repayment of receivables provided in the plan of arrangement
adopted by Netia Telekom and its creditors.

Pursuant to the Polish Commercial Companies Code, Netia SA
became the legal successor of Netia Telekom SA and its eighteen
wholly owned subsidiaries following a merger in December 2003.

On June 24, 2002, majority of Netia Telekom's creditors
representing over 98% of total claims value voted in favor of
the arrangement plan.

Detailed conditions of the Netia Telekom's arrangement plan
include:

  (a) 91.3 % of the debts subject to the arrangement plan will
      be written off;

  (b) creditors will be repaid in annual installments;

  (c) installment obligations will be denominated in Polish
      zloty, will be zero coupon and shall be payable on the
      last day of each consecutive calendar year during the
      period when the arrangement plan is in force:

      -- the first installment payable on Dec. 31, 2007, will be
         equal to 8.5% of the reduced claims subject to the
         arrangement;

      -- the second installment payable on Dec. 31, 2008, will
         be equal to 8.5% of the reduced claims subject to the
         arrangement plan;

      -- the third installment payable on Dec. 31, 2009, will be
         equal to 17% of the reduced claims subject to the
         arrangement plan;

      -- the fourth installment payable on Dec. 31, 2010, will
         be equal to 17% of the reduced claims subject to the
         arrangement plan;

      -- the fifth installment payable on Dec. 31, 2011, will be
         equal to 24.5% of the reduced claims subject to the
         arrangement plan; and

      -- the sixth installment payable on Dec. 31, 2012, will be
         equal to 24.5% of the reduced claims subject to the
         arrangement plan.

  (d) Minor creditors' claims will be repaid in full commencing
      on the date when the decision becomes non-appealable, and
      thereafter on the due dates of respective claims.  A minor
      claim will be defined as any claim of not more than
      PLN3 million inclusive, in compliance with an approved
      list of receivables; and

  (e) The obligations under the arrangement plan will not be
      secured by any form of security interest.

Arrangements proceedings of Netia Telekom constituted a part of
the court arrangement proceedings performed in connection with
the financial restructuring of Netia Group.

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.


NETIA SA: Completes Subscription Warrants Program
-------------------------------------------------
The Operational Department of the National Deposit of Securities
(Krajowy Depozyt Papierów Wartos'ciowych SA) informed Netia SA
that, in connection with the expiration of three-year
subscription warrants, depositary accounts kept for these
warrants were closed.

The last day of subscribing for series J shares in connection
with the exercise of Netia's three-year subscription warrants by
their holders was on April 29.  The subscription warrants
program was completed along with the expiration of three-year
subscription warrants.

                         Share Capital

In this connection, Netia disclosed that its issued and
outstanding share capital was PLN 389,167,839 and represented
389,167,839 shares, PLN1 par value per share, each share giving
right to one vote at Netia's general meeting of shareholders.

A motion for the registration of the share capital increase as
of May 8, by the Polish court will be filed immediately.

                        Warrants Issued

As of May 8, Netia issued 62,464,062 series J shares pursuant to
the exercise of 31,062,274 two-year subscription warrants by
their holders, who subscribed for series J shares authorized
from these warrants until April 29, 2005, and 31,401,788 three-
year subscription warrants pursuant to the settlement by KDPW
until May 8, 2005, all of transactions regarding the exercise of
Netia's three-year subscription warrants by their holders, who
subscribed for series J shares authorized from these warrants
until April 29, 2006 at an issue price of PLN2.53 per share.
Each series J share entitles its holder to one vote at Netia's
general meeting of shareholders.  Netia's series J shares are
publicly traded on the Warsaw Stock Exchange under the same code
as all other ordinary shares of Netia i.e. PLNETIA00014.

The subscription warrants were exercised in accordance with
Netia's Polish prospectus, dated April 17, 2002, as amended.

In addition, Netia informed that 1,022,433 three-year
subscription warrants, holders of which did not subscribed for
series J shares until April 29, 2006 (inclusive), expired on
that date.

                   Series K Shares Issued

Until May 8, Netia issued 4,945,065 series K shares in
connection with the exercise of certain options granted under
the performance stock option plan adopted by Netia's supervisory
board on June 28, 2002, as amended.  The total number of series
K shares that may be issued under this plan will not exceed
18,373,785 shares.

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.


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


AGRO-PROM-TRANS: Court Names V. Emelyanov Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Omsk Region appointed Mr. V. Emelyanov
as insolvency manager for OJSC Agro-Prom-Trans (TIN 5535000111).
He can be reached at:

         Post User Box 4357
         660013, Krasnoyarsk Region, Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
K/E-126/05.

The Debtor can be reached at:

         Tyumenskaya Str. 16
         Tara
         Omsk Region, Russia


B.I.N. BANK: Fitch Rates US$200 Million Eurobond at B-
------------------------------------------------------
Fitch Ratings assigned B.I.N. Capital S.A.'s US$200 million
issue of limited recourse three-year loan participation notes
due 2009 a final 'RR4' Recovery Rating and final Long-term 'B-'
rating.  The notes, which have a one-year put option available
to noteholders, are to be used solely for financing a loan to
Russia's Joint-Stock Bank "B.I.N." (Issuer Default B-/Stable
Outlook, Short-term 'B', Individual 'D', Support '5', National
Long-term 'BB(rus)').

BIN was established in 1993 and is majority-owned by one family
(including the bank's president), which also controls the BIN
group of companies.  BIN's business remains focused on large
corporations, notably in the oil and commercial real estate
sectors, although the bank has been diversifying into small- and
medium-sized enterprise and retail banking.  At end-2005 BIN's
tier 1 and total capital adequacy ratios in accordance with BIS
guidelines were 23.5%.

Fitch's Recovery Ratings, introduced in 2005, are a relative
indicator of creditor recovery on a given obligation in the
event of a default.


FACTORY KATUN: Khakasiya Court Begins Bankruptcy Proceedings
------------------------------------------------------------
The Arbitration Court of Khakasiya Republic commenced bankruptcy
proceedings against OJSC Garment Factory Katun after finding it
insolvent.  The case is docketed under Case No. A74-5103/2005.

Mr. L. Shulyenko has been appointed insolvency manager and can
be reached at:

         Sovetskaya Str. 73
         Abakan
         655018, Khakasiya Republic, Russia

The Debtor can be reached at:

         Sovetskaya Str. 73
         Abakan
         655018, Khakasiya Republic, Russia


HAMMER: Court Names E. Filipyev as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
E. Filipyev as insolvency manager for OJSC Hammer (TIN
5202000218).  He can be reached at:

         Sovetskaya Str. 5
         Ardatov
         Nizhniy Novgorod Region, Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-18963/2005-24-325.

The Debtor can be reached at:

         Sovetskaya Str. 5
         Ardatov
         Nizhniy Novgorod Region, Russia


KISELEVSK-SNAB: M. Bogatova Takes Over as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Kemerovo Region appointed Ms. M.
Bogatova as insolvency manager for OJSC Kiselevsk-Snab (Case No.
A27-430066/2005-4).  He can be reached at:

         Post User Box 3084
         650024, Kemerovo Region, Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.

The Debtor can be reached at

         Puteyskaya Str. 31-A
         Kiselevsk
         Kemerovo Region, Russia


MAMYJOVSKAYA INCUBATORY: Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Tatarstan Republic commenced bankruptcy
proceedings against OJSC Mamyjovskaya Incubatory Poultry Farming
Station (TIN 1632006640) after finding it insolvent.  The case
is docketed under Case No. A65-16251/2005-SG4-21.

Mr. G. Nuriev has been appointed insolvency manager and can be
reached at:

         Kazan, Post User Box 249
         420073 Tatarstan Republic, Russia

The Debtor can be reached at:

         Nurlatskiy Region
         Tatarstan Republic, Russia


METROMEDIA INTERNATIONAL: Delays Filing of Financial Reports
------------------------------------------------------------
Metromedia International Group, Inc. is unable to timely file
its Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 2006.

The filing of the Company's:

   -- Annual Report on Form 10-K for the fiscal year ended
      Dec. 31, 2004;

   -- Quarterly Report on Form 10-Q for the fiscal quarters
      ended March 31, 2005, June 30, 2005, and Sept. 30, 2005;

   -- Annual Report on Form 10-K for the fiscal year ended
      Dec. 31, 2005;

with the U.S. Securities and Exchange Commission, along with the
Company's completion of its work effort for compliance with
Section 404, "Management Assessment of Internal Controls" of the
Sarbanes-Oxley Act of 2002 for corporate headquarters with
respect to the filing of its 2005 Form 10-K, are a prerequisite
for the filing of the 2006 Q1 Form 10-Q.

At present, the Company cannot predict with confidence when it
will file either the 2004 Form 10-K, the 2005 Quarterly Reports,
or the 2005 Form 10-K and thus the 2006 Q1 Form 10-Q.

Headquartered in Charlotte, North Carolina, Metromedia
International Group -- http://www.metromedia-group.com/--  
through its subsidiary, Metromedia International
Telecommunications, owns interests in telecom and cable TV
operations in Russia, Georgia, and elsewhere in Eastern Europe.

Since the first quarter of 2003, the Company has focused its
principal attentions on the continued development of its core
telephony businesses, and has substantially completed a program
of gradual divestiture of its non-core cable television and
radio broadcast businesses.  The Company's core businesses
includes Magticom, Ltd., the leading mobile telephony operator
in Tbilisi, Georgia, and Telecom Georgia, a well-positioned
Georgian long distance telephony operator.

                        *     *     *

Moody's Investors Service has placed Metromedia's subordinated
debt rating at B3 and junior subordinated debt rating at B2.


MILK: Lipetsk Court Commenced Bankruptcy Proceedings
----------------------------------------------------
The Arbitration Court of Lipetsk Region commenced bankruptcy
proceedings against OJSC Milk (TIN 4818000424) after finding it
insolvent.  The case is docketed under Case No. A36-3008/2005.

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

         Romantikov Str. 22.
         Pavlovo
         606100, Nizhniy Novgorod Region, Russia

The Debtor can be reached at:

         Lunacharskogo Str. 4-a
         Chaplygin
         Lipetsk Region, Russia


OCEAN: Court Taps A. Makhanov as Insolvency Manager
---------------------------------------------------
The Arbitration Court of Kemerovo Region appointed Mr. A.
Makhanov as insolvency manager for LLC Ocean (Case No. A-27-
17317/2005-4).  He can be reached at:

         Oktyabrskiy Pr. 64A, 107
         650065, Kemerovo Region, Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.

The Debtor can be reached at:

         Belovo
         Kemerovo Region, Russia


POLESYE: Nizhniy Novgorod Court Starts Bankruptcy Proceedings
-------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region commenced
bankruptcy proceedings against CJSC POLESYE after finding it
insolvent.  The case is docketed under Case No. A43-37842/2005
33-4b2.

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

         Karabarovo
         Bolshemurashkinskiy Region, Russia

The Debtor can be reached at:

         Karabarovo
         Bolshemurashkinskiy Region, Russia


STROY-SPETS-MONTAGE-INVEST: Insolvency Manager Takes Over Group
---------------------------------------------------------------
The Arbitration Court of Kriov Region appointed Mr. S. Shubin as
insolvency manager for CJSC Stroy-Spets-Montage-Invest (Case No.
A28-449/05-420/24).  He can be reached at:

         Orlovskaya Str. 14-1
         610002, Kirov Region, Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.

The Debtor can be reached at:

         Orlovskaya Str. 14-1
         610002, Kirov Region, Russia


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


ABB LTD: Court Sets June 21 Confirmation Hearing for ABB Lummus
---------------------------------------------------------------
The Hon. Judith K. Fitzgerald of the U.S. Bankruptcy Court for
the District of Delaware set a combined hearing on June 21 to
determine the adequacy of ABB Lummus Global Inc.'s Disclosure
Statement and confirmation of its prepackaged Chapter 11 Plan of
Reorganization.  ABB Lummus is the U.S. subsidiary of ABB Ltd.

Objections to the Disclosure Statement or Plan must be filed by
4:00 p.m. on June 1.

The Debtor tells the Court that the Plan was developed through
extensive discussions among:

   -- the Debtor;

   -- its indirect parent, ABB Ltd.;

   -- Richard B. Schiro, the future claimants' representative
      for unknown and future holders of the Debtor's Asbestos PI
      Trust Claims;

   -- an informal committee comprised of representatives of
      certain claimants with claims against the Debtor and
      Combustion Engineering;

   -- representatives of certain cancer claimants with claims
      against Combustion Engineering in Combustion's bankruptcy
      case;

   -- the Official Committee of Unsecured Creditors appointed in
      Combustion's bankruptcy proceedings; and

   -- David Austern, the future claimants representative
      appointed in Combustion's bankruptcy proceedings.

                    Overview of the Plan

The Plan addresses the asbestos-related personal injury
liabilities of the Debtor and the Asbestos Protected Parties.
The Plan provides for the issuance of the Lummus Asbestos PI
Channeling Injunction pursuant to Sections 105 and 524(g) of the
Bankruptcy Code that will result in the channeling of all
asbestos-related personal injury liabilities, to the Lummus
Asbestos PI Trust, of Lummus and other Asbestos Protected
Parties, including:

   -- ABB Lummus Global Construction Co., a former affiliate
      merged with the Debtor on June 28, 2005, and

   -- ABB Lummus Global International Corporation, a wholly
      owned subsidiary of the Debtor,

                       Terms of the Plan

Under the prepackaged Plan, these claims will be paid in full:

   -- Administrative Expense Claims;
   -- Tax Claims;
   -- Priority Claims;
   -- Secured Claims;
   -- Workers' Compensation Claims; and
   -- General Unsecured Claims.

Non-Debtor Affiliate Intercompany Claims will be paid in full
subject to the subordination provisions described in the ABB
Ltd., and Non-Debtor Affiliate Settlement Agreement.

Holders of Equity Interests in the Debtor will retain their
interests subject to the pledge and security interest in 51% of
the issued and outstanding shares of Capital Stock of the
Debtor.  The shares will be held by ABB Oil & Gas on the
Effective Date to secure the Lummus Note and the guaranty
provided by ABB Ltd., ABB Holdings, and ABB Oil & Gas with
respect to the Debtor's payment obligation under the Lummus
Note.

All Lummus Asbestos PI Trust Claims will be subject to the
Lummus Asbestos PI Channeling Injunction.  Other than Settled
Asbestos Claims, all Lummus Asbestos PI Trust Claims will be
evaluated, determined, and paid, pursuant to the terms,
provision, and procedures of the Lummus Asbestos PI Trust
Distribution Procedures.  The Lummus Asbestos PI Trust will
funded in accordance with the provision of Article 7 of the Plan
and the Lummus PI Trust Agreement.

A full-text copy of the Debtor's Disclosure Statement and
Prepackaged Chapter 11 Plan of Reorganization is available for
free at http://ResearchArchives.com/t/s?8d6

                      About ABB Lummus

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

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

                        *     *     *

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

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


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


VESTEL ELECTRONICS: Moody's Revises Outlook on US$225-Mln Notes
---------------------------------------------------------------
Moody's changed the outlook on the Ba3 rating of the US$225
million Guaranteed Notes of Vestel Electronics Finance Ltd. due
2012 to negative from stable.

Moody's concurrently assigned a Ba3 Corporate Family Rating to
Vestel Elektronik Sanayi Ve Ticaret A.S. with a negative
outlook.

Rating affected:

   -- The Ba3 rating on the EUR 225.0 million 8.75% Guaranteed
      Notes due 2012

The change in outlook reflects the combined impact of a
combination of factors currently affecting the company's credit
metrics.  These include:

   -- the continued weakening in operating margins, which have
      shown a sustained decline in recent years and is the
      primary driver behind rating action, in addition to;

   -- the increased capital spending in the past two years,
      aimed mainly at increasing production capacities in
      Russia, where long-term returns on the investment remain
      uncertain; and

   -- the recently increased stake in Vestel White Goods, an
      entity that has been consolidated since 2003, which the
      company estimates will lead to a net cash outflow of US$71
      million.

Moody's recognizes that some of the decline in margins in 2005
was attributable to the relative strength of the Turkish Lira
versus the Euro, but believes that the decline also reflects
continued downward price pressure within Vestel's main markets,
and increased commoditization of its products.  This combined
with increased investments caused free cash flows to turn
negative in 2005, although the company expects capex to decline
this year.

The company's Adj. Total Debt/EBITDA increased to 2.52x in 2005
from 1.75x in 2004, which can in part be attributed to the
appreciation of the Turkish Lira.  The impact on cash flow
metrics was mitigated by a decline in financial charges,
although Adj.  Retained Cash Flow/Total Debt was nevertheless
26.3% versus 38.8% in 2004.

The senior guaranteed notes due 2012 are rated at the same level
as the corporate family rating, as Moody's expects that going
forward only a limited portion of total debt will be outside the
guarantor group, notably at Vestel White Goods, and therefore
structurally senior to the bonds.

Vestel's liquidity remains strong, with YTL 581 million in cash
and equivalents at year-end, which remains in excess of short-
term borrowings and annual financial charges.  The company
further benefits from extensive credit lines from domestic and
international banks.

The ratings could be lowered if the company's operating
environment continues to negatively impact on margins, and if
free cash flows remain negative leading to a weakening in credit
metrics.  The outlook could be stabilized if the company manages
to maintain or improve on current margins and generate free cash
flow, thereby preventing further weakening in its credit
metrics.

Headquartered in Istanbul, Turkey, Vestel is a leading
manufacturer of consumer electronic products, including
televisions, digital products and white goods.  The company is
one of the largest original equipment manufacturers (OEMs) in
the world.  In fiscal year 2005 the company generated YTL 4.46
billion (US$3.3 billion) and YTL 284 million (US$210 million) in
revenues and EBITDA, respectively.


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


ELECTRON-TV: Lviv Court Commenced Bankruptcy Proceedings
--------------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
proceedings against Electron-TV (code EDRPOU 22346615) on
Feb. 28 after finding it insolvent.  The case is docketed under
Case NO. 6/18-8/35.

Yaroslav Onushkanich has been appointed liquidator/insolvency
manager and can be reached at:

         Strijska Str. 71b/3
         79031 Lviv Region, Ukraine

The Economic Court of Lviv Region is located in:

         Lichakivska Str. 81
         79010 Lviv Region, Ukraine

The Debtor can be reached at:

         Shevchenko Str. 313
         79049 Lviv Region, Ukraine


ENERGY SAVING: Court Names U. Arhipov Insolvency Manager
--------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Mr. U. Arhipov
as liquidator/insolvency manager for LLC Energy Saving
Technologies (code EDRPOU 30086312).  He can be reached at:

         Radishev Str. 85
         69013 Zaporizhya Region, Ukraine

The Court commenced bankruptcy proceedings against the company
on March 16 after finding it insolvent.  The case is docketed
under Case No. 21/78/06.

The Economic Court of Zaporizhya Region is located in:

         Shaumyana Str. 4
         69001 Zaporizhya Region, Ukraine

The Debtor can be reached at:

         Zaporizka Str. 5
         Vilnyansk
         70000 Zaporizhya Region, Ukraine


EUROTRANSGAZ: Court Taps Energoexport to Liquidate Assets
---------------------------------------------------------
The Economic Court of Kyiv Region appointed LLC Energoexport as
liquidator for LLC Eurotransgaz (code EDRPOU 30214519).  The
liquidator can be reached at:

         40-Richya Zhovtnya Avenue 120
         03127 Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
on March 2 after finding it insolvent.  The case is docketed
under Case No. 44/651-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:

         Gorkij Str. 95
         Kyiv Region, Ukraine


HARKIVNAFTOPRODUKT: Dmitro Maltsev Takes Over as Liqudiator
-----------------------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy
proceedings against OJSC Harkivnaftoprodukt (code EDRPOU
31422681) on Nov. 22, 2005, after finding it insolvent.  The
case is docketed under Case No. B-31/58-05.

Dmitro Maltsev has been appointed liquidator/insolvency manager
and can be reached at:

         Kyiv Region, Ukraine a/b 223

The Economic Court of Harkiv Region is located in:

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

The Debtor can be reached at:

         23 Serpnya Str. 12a
         Dzerzhinskij District
         61086 Harkiv Region, Ukraine


MASTAK: Kyiv Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC MASTAK (code EDRPOU 32105841) on March
16 after finding it insolvent.  The case is docketed under Case
No. 43/150.

Mr. I. Putrya has been appointed liquidator/insolvency manager.

The Economic Court of Kyiv Region is located in:

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

The Debtor can be reached at:

         Magnitogorska Str. 1/308
         02094 Kyiv Region, Ukraine


MEGAPAK: Kyiv Region Commences Bankruptcy Process
-------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Megapak (code EDRPOU 32853812) on
Feb. 16 after finding the company insolvent.  The case is
docketed under Case No. 14/14b-06.

Zayikina Ludmila has been appointed liquidator/insolvency
manager and can be reached at:

         Melnikov Str. 2/10
         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:

         Borodyanka
         Kyiv Region, Ukraine


POLIS: Court Appoints G. Bilodid to Liquidate Assets
----------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. G. Bilodid as
liquidator/insolvency manager for LLC POLIS (code EDRPOU
21647355).

The Court commenced bankruptcy proceedings against the company
on March 10 after finding it insolvent.  The case is docketed
under Case No. 15/71-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:

         Chervonozoryanij Avenue 130
         03118 Kyiv Region, Ukraine


UKRAINA: Vinnitsya Court Launches Bankruptcy Proceedings
--------------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
proceedings against CJSC Agro-Industrial Association Ukraina
(code EDRPOU 30804248) on Feb. 23 after finding it insolvent.
The case is docketed under 10/16-06.

Vinnitsya Regional Sector of Bankruptcy Questions has been
appointed liquidator.

The Economic Court of Vinnitsya Region is located in:

         Hmelnitske Shose 7
         Vinnitsya Region, Ukraine

The Debtor can be reached at:

         Stadnitsya, Shevchenko Str. 2
         Vinnitsya District
         Vinnitsya Region, Ukraine


UKRMASHNAFTOGAZLIZING: Kyiv Court Names A. Gunko as Liquidator
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. A. Gunko as
liquidator/insolvency manager for CJSC Ukrmashnaftogazlizing
(code EDRPOU 30574421).  He can be reached at:

         07400 Kyiv Region, Ukraine
         Brovari, Grushevskij Str. 17/55

The Court commenced bankruptcy proceedings against on March 13
after finding it insolvent.  The case is docketed under 23/49-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:

         Kikvidze Str. 13
         01103 Kyiv Region, Ukraine


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


COLT TELECOM: Asks Shareholders to Approve Scheme of Arrangement
----------------------------------------------------------------
COLT Telecom Group plc will convene shareholder meetings to
approve the proposed scheme of arrangement to insert COLT
Telecom Group S.A. as the new holding company of the COLT Group.
COLT S.A. is domiciled in Luxembourg.

A prospectus relating to COLT S.A. is also being posted to COLT
shareholders, which contains full details of a proposed offer of
shares in COLT S.A. to COLT Shareholders to raise approximately
GBP300 million together with application forms relating to the
offer where relevant.

The Open Offer is conditional on, amongst other things, COLT
shareholders approving the Scheme and the Scheme being
sanctioned by the High Court of Justice in England and Wales.
The price of the Open Offer will be determined by reference to
the order-book volume weighted average price on the London Stock
Exchange in COLT ordinary shares over the five days up to and
including the price determination date, which is expected to be
June 23.

COLT's majority shareholder, Fidelity, has agreed to purchase
all shares not purchased by other COLT shareholders under the
Open Offer, as more fully described in the prospectus.  COLT has
three outstanding bond issues maturing in 2007, 2008 and 2009
respectively and it is intended that the net proceeds of the
Open Offer will be applied to fund early redemption of the 2007
bonds, with the balance applied to fund a portion of the
remaining bonds as and when COLT considers appropriate (whether
before or at stated maturity).

Expected timetable of principal events:

   Open Offer Record Date              Closed on May 2
   Court Meeting to sanction the Scheme           May 30
   COLT EGM to approve the Scheme                 May 30
   Announcement of the Open Offer price*          June 23
   Scheme Record Time*                    6 p.m., June 29
   Scheme Effective Date*                      June 30
   Suspension of
      dealings in COLT shares*     7.30 a.m., June 30
   Closing date for the Open Offer*       11 a.m., June 30
   Delisting of COLT shares and
      commencement of dealings in
      COLT S.A. shares on the London
      Stock Exchange*                     8 a.m., July 3

   * These dates are indicative only and may be subject to
     change.

If the Scheme becomes effective, COLT shareholders will receive
one COLT S.A. share for every three existing shares of COLT held
at the Scheme Record Time.  The number of COLT S.A. shares sold
to shareholders under the Open Offer will be adjusted to reflect
this consolidation ratio.

Conditional on the Scheme being declared effective, COLT intends
to suspend its listing of ordinary shares from 7.30 a.m. on
Friday, June 30, and then cancel this listing from 8 a.m. on
July 3 at which time it is anticipated that dealings in the COLT
S.A. shares will commence on the London Stock Exchange.

Headquartered in London, England, Colt Telecom --
http://www.colt.net/-- offers business communication services
across Europe.  Through its fiber optic network, the Company
offers voice, bandwidth, e-business and managed network services
to finance, industry and service sector customers and
governments.

                        *     *     *

On March 1, Standard & Poor's Ratings Services placed its 'B-'
long-term corporate credit rating on European business
telecommunications provider COLT Telecom Group PLC on
CreditWatch with positive implications.  This follows the
group's announcement that it is to create a new European holding
company, raise GBP300 million in equity, and undergo debt
reduction.


EUROSAIL 06-1: Fitch Assigns BB Rating to GBP4.8MM Class E Notes
----------------------------------------------------------------
Fitch Ratings assigned expected ratings to seven Eurosail 06-1
Plc's GBP735 million-equivalent mortgage-backed floating-rate
notes:

   -- GBP-equivalent 330.75 million Class A1 due 2025: 'AAA'
   -- GBP-equivalent 321.195 million Class A2 due 2044: 'AAA'
   -- GBP-equivalent 31.605 million Class B due 2044: 'AA'
   -- GBP-equivalent 25.725 million Class C due 2044: 'A'
   -- GBP-equivalent 20.947 million Class D1 due 2044: 'BBB-'
   -- GBP-equivalent 4.778 million Class E due 2044: 'BB'
   -- GBP-equivalent 11.025 million Class DTc due 2044: 'BBB-'

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

This transaction is a securitization of sub-prime and near-prime
residential mortgages originated and located in the UK. The
ratings are based on the quality of the collateral, available
credit enhancement, the underwriting criteria of Southern
Pacific Mortgage Limited and the transaction's sound legal
structure.

Credit enhancement for the Class A notes is initially 11.8%,
provided by the subordination of the Class B notes (4.3%), the
Class C notes (3.5%), the Class D notes (2.85%), the Class E
notes (0.65%) and an initial and target reserve fund of 0.5%.

Class DTc notes (equivalent to GBP11.025m) will also be issued
and will be repaid solely by excess spread available in the
transaction.

To determine appropriate credit enhancement levels, Fitch
analysed the collateral using its UK Residential Mortgage
Default Model III.  The agency also modelled cash flows using
the results of the default model, with structural stresses
including various prepayment and interest rate scenarios.  The
cash flow tests showed that each Class of notes could withstand
loan losses at a level corresponding to the related stress
scenario without incurring any principal loss or interest
shortfall and can retire principal by legal final maturity.


INCO LTD: Teck Cominco Proposes Cash & Stock Merger Transaction
---------------------------------------------------------------
Teck Cominco Limited will make a CDN17.8 billion cash and share
offer to acquire all of the outstanding shares of Inco Limited,
conditioned on Inco not completing its announced takeover bid
for Falconbridge Ltd.

Inco shareholders will receive CDN78.50 per common share in cash
or shares:

   -- CDN28.00 in cash; and

   -- 0.6293 of a Teck Class B subordinate voting share at full
      pro ration.

The business combination, with a pro forma enterprise value of
approximately CA$35 billion, will create a broadly diversified
Canadian-based mining company with market-leading positions in
zinc, nickel and metallurgical coal and a significant presence
in copper, gold and other commodities.  The offer represents a
premium of 27.8% and 20.1% to the 30-day volume weighted average
price and closing price of Inco common shares on the Toronto
Stock Exchange as of May 5, 2006.

Teck Cominco President and Chief Executive Officer, Donald R.
Lindsay said: "This combination of two great mining companies
will create a Canadian powerhouse on the world stage, with the
financial strength and management skills necessary to capitalize
on its existing portfolio of long-life, low- cost operations and
its unique portfolio of world-class development projects.  Those
same strengths will also enable the new Teck Cominco to compete
for and develop the world's next generation of great mining
assets."

New Teck Cominco will be:

   -- the world's leading zinc miner;

   -- the world's second largest nickel miner;

   -- through its interest in Elk Valley Coal, the world's
      second largest producer of seaborne hard coking coal;

   -- the world's largest indium producer;

   -- an important producer of copper, gold, silver, platinum,
      palladium, cobalt and molybdenum and specialty metals;

   -- a meaningful participant in the Canadian oil sands.

Mr. Lindsay said: "We expect the new Teck Cominco's cash flow
generation potential to provide substantial internal funding for
development of its complementary growth assets.  We will be
combining two strong management teams.  They will lead the
integration of the combined company's global workforce.  We will
work closely with Inco's joint venture partners, in particular
at PT Inco and Goro, as well as with aboriginal communities,
government officials and other stakeholders to realize the
benefits of this transaction."

Dr. Norman B. Keevil, Teck Cominco's Chairman, said: "Over the
years, Teck Cominco has grown by executing sound strategic
transactions that have built significant shareholder value.  The
company that will be created by this transaction makes our
vision of creating a Canadian-based, leading global mining
company a reality."

Under the terms of the offer, Inco shareholders will have the
right to elect to receive CA$78.50 in cash or 0.9776 of a Teck
Cominco Class B subordinate voting share plus CA$0.05 for each
Inco share, subject to pro ration based upon the maximum amount
of cash and Teck Cominco Class B subordinate voting shares
offered.

The maximum amount of cash that Teck Cominco will pay pursuant
to the offer is CDN6.36 billion and the maximum number of Teck
Cominco Class B subordinate voting shares that Teck Cominco will
issue pursuant to the offer is approximately 143 million.
Assuming full pro ration of these maximum amounts, this would
result in CDN28.00 cash and 0.6293 of a Teck Cominco Class B
subordinate voting share per Inco common share.

Teck Cominco has been considering the possible combination of
Teck Cominco and Inco for some time.  Last year, before the
proposed Inco/Falconbridge transaction was announced, Teck
Cominco had discussions and correspondence with Inco in which
Teck Cominco proposed a combination of Teck Cominco and Inco on
a basis that would see Inco shareholders receive a premium for
their shares.  Those discussions did not come to fruition.  In
October, Inco announced its takeover bid for, and support
agreement with, Falconbridge.  Teck Cominco owns approximately
8.9 million Inco common shares, including 5.1 million shares
pledged as security for Teck Cominco's outstanding Inco
exchangeable debentures due 2021.

Mr. Lindsay said: "Our offer presents an attractive opportunity
for Inco's shareholders in comparison to the Inco/Falconbridge
transaction.  Market sentiment indicates that the price required
to ultimately acquire Falconbridge may be materially higher than
the current Inco bid.  Under our offer, Inco shareholders will
receive a significant premium for their Inco shares, rather than
seeing their company pay a premium to acquire Falconbridge."

"They will also benefit from an opportunity to participate in a
large, diversified company with a strong balance sheet, enhanced
dividend yield and outstanding growth potential.  We are
initially targeting administrative and operating synergies of
over CDN150 million annually, and will aim for more after we
achieve that.  As well, Teck Cominco's patented CESL
hydrometallurgical technology has the potential to produce
significant additional synergies at Inco's operations."

Mr. Lindsay added that: "For Teck Cominco shareholders, this
transaction is expected to be accretive to earnings and cash
flow per share, and should create substantial long-term
shareholder value through increased scale, diversification and
growth."

Teck Cominco will finance the cash portion of the offer using
its substantial cash resources and an underwritten bridge
facility.

Full details of the offer will be included in a formal offer and
takeover bid circular to be mailed to Inco shareholders in
accordance with applicable securities laws.  Teck Cominco
intends to apply to the NYSE for a listing of Teck Cominco's
Class B subordinate voting shares.  This listing is expected to
be effective prior to completion of the transaction.  Teck
Cominco will formally request a list of Inco's shareholders
today and will mail the takeover bid documents to Inco
shareholders as soon as possible.  The offer will be open for
acceptance for at least 60 days following the date of the
mailing.

Teck Cominco's financial advisors are BMO Nesbitt Burns Inc. and
Merrill Lynch Canada Inc. Its legal advisors are Lang Michener
LLP in Canada and Paul, Weiss, Rifkind, Wharton & Garrison LLP
in the United States.

                       About Teck Cominco

Teck Cominco Limited's Red Dog mine in Alaska holds one of the
world's largest zinc reserves.  The company also owns or has
interests in a number of mines located in Canada and Peru. Teck
Cominco also mines gold, coal, and copper.  In 2003 it traded
its metallurgical coal interests and US$150 million for a stake
in the newly formed Fording Canadian Coal Trust.  Teck Cominco
holds about 40% of the Elk Valley Coal partnership, with the
trust controlling the remainder, and manages its operations.

                           About Inco

Inco Limited is the world's no. 2 producer of nickel, which is
used primarily for manufacturing stainless steel and batteries.
Inco also mines and processes copper, gold, cobalt, and platinum
group metals.  It makes nickel battery materials and nickel
foams, flakes, and powders for use in catalysts, electronics,
and paints.  Sulphuric acid and liquid sulphur dioxide are
produced as byproducts.  The company's primary mining and
processing operations are in Canada, Indonesia, and the U.K.

                         *     *     *

Standard & Poor's Ratings Services placed its 'BB+' rating on
Inco's US$250 million subordinated convertible debentures in
March 2003.


INCO LTD: European Commission to Object to Falconbridge Merger
--------------------------------------------------------------
Falconbridge Limited and Inco Limited received reports that the
European Commission will be issuing its Statement of Objections
shortly regarding their pending merger.  In 2005 Inco announced
the acquisition of Canadian nickel and copper mining giant
Falconbridge Limited.  The merger will make Inco the world's
largest nickel producer.

The companies have been discussing with the EC the competitive
concerns they have identified and which they expect will be in
the SO.  They will be submitting their responses to the SO in
the time provided for in this process.  Inco and Falconbridge
also plan to submit a remedy intended to address the competitive
concerns of the EC.  They look forward to continuing to work
with the EC as they move through their second phase process.
This element of the process is one of the standard steps leading
to a decision by July 12.

The companies continue to have constructive discussions with the
U.S. Department of Justice in anticipation of approval.

The Companies continue to believe there is a strong value
proposition in the Inco and Falconbridge transaction and the
companies are determined to complete it in accordance with the
existing agreement.

"Our agreement with Inco is an excellent transaction and offers
compelling value to shareholders of both our companies, with the
potential for a re-rating in the capital markets," said Derek
Pannell, Falconbridge's Chief Executive Officer.  "The
transaction would result in the creation of the world's number
one nickel producer and a leading copper producer.  Furthermore,
it would have a portfolio of world-class growth projects."

"We are surprised that Teck Cominco has taken this step to
interfere in our transaction and will review the implications of
what they have done," added Mr. Pannell.

Inco and Falconbridge have conservatively estimated synergies
stemming from their transaction of at least US$350 million per
year, based on lower commodity prices prevailing in 2005.  The
estimated synergies were the result of a rigorous review by the
companies' respective teams and derived from in-depth
discussions and analysis.  The companies believe they are better
equipped than any other party to achieve significant operating
and other synergies, especially given Falconbridge's recent
experience at merging companies.

                       About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited --
http://www.falconbridge.com/-- produces nickel products.  The
Company owns nickel mines in Canada and the Dominican Republic
and operates a refinery and sulfuric acid plant in Norway.   It
is also a major producer of copper (38% of sales) through its
Kidd mine in Canada and its stake in Chile's Collahuasi mine and
Lomas Bayas mine.  Its other products include cobalt, platinum
group metals, and zinc.

                       About Teck Cominco

Teck Cominco Limited's Red Dog mine in Alaska holds one of the
world's largest zinc reserves.  The company also owns or has
interests in a number of mines located in Canada and Peru. Teck
Cominco also mines gold, coal, and copper.  In 2003 it traded
its metallurgical coal interests and US$150 million for a stake
in the newly formed Fording Canadian Coal Trust.  Teck Cominco
holds about 40% of the Elk Valley Coal partnership, with the
trust controlling the remainder, and manages its operations.

                           About Inco

Inco Limited is the world's no. 2 producer of nickel, which is
used primarily for manufacturing stainless steel and batteries.
Inco also mines and processes copper, gold, cobalt, and platinum
group metals.  It makes nickel battery materials and nickel
foams, flakes, and powders for use in catalysts, electronics,
and paints.  Sulphuric acid and liquid sulphur dioxide are
produced as byproducts.  The company's primary mining and
processing operations are in Canada, Indonesia, and the U.K.

                         *     *     *

Standard & Poor's Ratings Services placed its 'BB+' rating on
Inco's US$250 million subordinated convertible debentures in
March 2003.


K.H. FORD: Creditors Resolve to Liquidate Company's Assets
----------------------------------------------------------
Creditors of K.H. Ford Engineering Limited resolved to liquidate
the company's assets during members' extraordinary general
meeting on March 13.

Subsequently, they authorized J.A. O'Sullivan, of Bishop
Fleming, to liquidate the company's assets.

The Liquidator can be contacted at:

         Bishop Fleming
         16 Queen Square
         Bristol BS1 4NT
         United Kingdom

The company can be reached at:

         K.H Ford Engineering Ltd
         East Moortown
         Chawleigh
         Chulmleigh
         Devon EX18 7EU
         Tel: 01769 580629


KEMDEN LIMITED: Claims Filing Period Ends June 9
------------------------------------------------
Kemden Limited is liquidating its assets after creditors passed
a resolution to wind up the company's operations on March 9.

Creditors have until June 9, to send in their full names,
addresses and descriptions, full particulars of debts or claims,
and the names and addresses of Solicitors (if any) to appointed
Joint Liquidator J.N.R. Pitts.

The liquidators can be contacted at:

         Wilson Pitts
         Glendevon House
         Hawthorn Park, Coal Road
         Leeds
         West Yorkshire LS14 1PQ
         United Kingdom
         Tel: 0113 237 5560
         Fax: 0113 237 5561

The company can be reached at:

         Kemden Limited
         6 Banklands Avenue
         Silsden Keighley West Yorkshire BD200JL
         United Kingdom
         Tel: 01535 655 653
         Fax: 01535 657 152


LUMSDON CREATIVE: Claims Registration Ends July 31
--------------------------------------------------
Creditors of Lumsdon Creative Consultants Ltd decided to wind up
the company's operations on March 14.

Appointed Liquidator E. Walls required creditors to send in
their full names, addresses and descriptions, full particulars
of debts or claims, and the names and addresses of Solicitors
(if any) on or before July 31.

The company can be reached at:

         Lumsdon Creative Consultants Limited
         Rose & Thistle
         South Road
         Longhorsley Morpeth Northumberland NE65 8UW
         United Kingdom
         Tel: 01670 788 188
         Fax: 01670 788 189


METAL CASTINGS: Appoints Ernst & Young Joint Administrators
-----------------------------------------------------------
I. Best and D.K. Duggins of Ernst & Young LLP were appointed
joint administrators of Metal Castings Limited (Company Number
00274826) on April 28.

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

Metal Castings Limited manufactures high-pressure aluminum die-
castings and can be reached at:

         Droitwich Rd
         Worcester
         Worcestershire WR3 7JX
         Tel: 01905 754400


MILLFIELD SOUTH: Calls In Administrators from Herron Fisher
-----------------------------------------------------------
Christopher Herron and Nicola Jayne Fisher of Herron Fisher were
appointed joint administrators of Millfield South East Limited
(Company Number 4470016) on April 28.

The administrators can be contacted at:

         Herron Fisher
         Capital Business Centre
         22 Carlton Road
         Croydon
         Surrey CR2 0BS
         Tel: 07956 640156
         E-mail: chris.herron@begbies-traynor.com

Millfield South East Limited is engaged in financial services
and can be reached at:

         101A South End
         Croydon CR0 1BG
         Tel: 020 8667 9988


NATIONAL AUSTRALIA: Considers Acquiring Assets in United Kingdom
----------------------------------------------------------------
National Australia Bank Ltd. is considering making acquisitions
in the United Kingdom, the Sydney Morning Herald reports, citing
NAB chief executive officer John Stewart.

Mr. Stewart disclosed that the bank was considering all
possibilities for the future of its presence in the U.K., such
as making a large acquisition to exiting the market altogether.

The Australian Associated Press recounts that NAB owns the
Clydesdale and Yorkshire banks in the U.K., which have been
undergoing major restructures including the slashing of
thousands of jobs.

According to the Sydney Herald, NAB's U.K. business lifted cash
earnings by 12.2% to AU$257 million in the first half of
compared to the second half of fiscal year 2004/05.

Mr. Stewart said that he expects NAB's U.K. interests to take
about a year longer to become "truly competitive" than the rest
of the group.  However, he said that he was very happy with the
progress there.

National Australia Bank Limited -- http://wwww.national.com.au/
-- is an international banking group, which operates in
Australia, New Zealand, Europe, Asia, and the United States.
The Group offers banking services; credit and access card
facilities; leasing, housing and general finance; international
and investment banking; wealth and funds management; life
insurance; and custodian, trustee and nominee services.

                        *     *     *

In January 2004, NAB announced that it had identified AU$326
million in losses relating to unauthorized trading in foreign
currency options.  In the investigation of those losses, NAB
found out that there were significant issues in relation to risk
systems, procedures and organizational culture.

NAB is undertaking a three-year revival program after the
foreign exchange trading scandal, which cost it several profit
downgrades in 2005 that hammered its share price.  Part of its
revival scheme is to cut costs by slashing 11% of its total
workforce in the next two years.  As of May 2006, NAB disclosed
that it is "half-way" through eliminating 4,662 jobs worldwide.
In February 2006, NAB said that it has turned around, was
"moving ahead," and its post-recovery phase was under way.


RAP REALISATIONS: Meeting of Creditors Set on May 16
---------------------------------------------------
Creditors of RAP Realisations Limited (Company Number 02818084)
will meet at 10:00 a.m., on May 16 at:

         The National Motorcycle Museum
         The Museum and Conference Banqueting Complex
         Coventry Road
         Bickinell
         Solihull
         West Midlands B92 0EJ
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12 p.m., on May 15, to:

         Christopher Kim Rayment
         Joint Administrator
         BDO Stoy Hayward LLP
         125 Colmore Row
         Birmingham B3 3SD
         United Kingdom

BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK member
firm of BDO International, the world's fifth largest accountancy
network with more than 600 offices in 100 countries.

Rap Realisations Limited (formerly Rapra Technology Limited) --
http://www.rapra.net/-- is Europe's leading independent
plastics and rubber specialist organisation, providing research,
technology and information services for the polymer industry and
for industries using polymers in their products or processes.
Rapra Technology is a wholly owned subsidiary of The Smithers
Group.


SIRA GROUP: Appoints Joint Administrators from Grant Thornton
-------------------------------------------------------------
Martin Ellis and Andrew Hosking of Grant Thornton UK LLP were
appointed joint administrators of Sira Group Limited (Company
Number 3444757) on April 21.

Headquartered in London, Grant Thornton UK LLP --
http://www.grant-thornton.co.uk/-- is the UK member of Grant
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  These firms provide a comprehensive range of
business advisory services from around 540 offices in over 110
countries worldwide.

Sira Group Limited can be reached at:

         191 Victoria Street
         London SW1E 5NE


SPUNKIES IMAGING: Winds Up Operations & Appoints Liquidator
-----------------------------------------------------------
Spunkies Imaging Limited is winding up its operations after
creditors agreed to liquidate the company's assets on March 14.

J. Ryan of M.J. Ryan & Co. was appointed Liquidator.

The company can be reached at:

         Spunkies Imaging Limited
         99 Goswell Rd
         London EC1V 7EY
         United Kingdom
         Tel: 020 7336 6999


WIGGMOORE GROUP: Sets June 30 Claims Bar Date
---------------------------------------------
Creditors of The Wiggmoore Group Limited agreed to wind up the
company's operations during members' extraordinary general
meeting on March 10.

Creditors have until June 30, to send in their full names,
addresses and descriptions, full particulars of debts or claims,
and the names and addresses of Solicitors (if any) to appointed
Liquidator Anthony Harry Hyams.


The company can be reached at:

         The Wiggmoore Group Limited
         161-165 Greenwich High Road
         London SE10 8JA
         United Kingdom
         Fax: 020 8305 1609


TREND EUROPA: Hires Joint Liquidators of Wilson Pitts
-----------------------------------------------------
D.F. Wilson and J.N.R. Pitts, of Wilson Pitts were appointed
Joint Liquidators of Trend Europa Limited after creditors passed
a resolution to wind up the company's operations on March 10.

The company can be reached at:

         Trend Europa Limited
         Unit A3
         Rosehill Road
         Stoke Heath Market Drayton Shropshire TF9 2JU
         United Kingdom
         Tel: 01630 638 978
         Fax: 01630 639 594


U.K. DEEJAY: Begins Winding Up Proceedings
------------------------------------------
U.K. Deejay Limited is winding up its operations after creditors
decided to liquidate the company's assets on Feb. 27.

Alex Kachani of Crawfords was appointed Liquidator.

The liquidator 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

The company can be reached at:

         UK Deejay Limited
         Unit 6
         Moorings Close
         Blackburn
         Lancashire BB2 4AH
         United Kingdom
         Tel: 0870 4287850


WESTWARD WORLDWIDE: HSBC Bank Chooses Grant Thornton Receiver
-------------------------------------------------------------
HSBC Bank plc appointed Joseph McLean and Keith Hinds of Grant
Thornton UK LLP joint administrative receivers of Westward
Worldwide Limited (Company Number 01092585) on April 20.

Headquartered in London, Grant Thornton UK LLP --
http://www.grant-thornton.co.uk/-- is the UK member of Grant
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  These firms provide a comprehensive range of
business advisory services from around 540 offices in over 110
countries worldwide.

Headquartered in Crediton, England, Westward Worldwide Limited
is engaged in manufacturing and wholesaling children's/babies
clothing.


WILLIAM FREEMAN: Purico Ltd Appoints Begbies Traynor Receiver
-------------------------------------------------------------
Purico Limited appointed Richard Albert Brock Saville and Paul
Finnity of Begbies Traynor joint administrative receivers of
William Freeman Limited (Company Number 00745308) on May 2.

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.

William Freeman founded the company in Yorkshire in 1936.
William Freeman Limited -- http://www.williamfreeman.com/--  
researched and developed rubber & plastic sealing devices for
glass containers and rapidly established itself as a market
leader for the manufacture of rubber and plastic moldings.


WW GROUP: HSBC Bank Appoints Grant Thornton as Receiver
-------------------------------------------------------
HSBC Bank plc appointed Joseph McLean and Keith Hinds at Grant
Thornton UK LLP on April 20 as joint administrative receivers
of:

   -- WW Group Limited (Company Number 2467364)

   -- Wilkinson Warburton Holdings Limited (Company Number
      1092565)

   -- Worldwide Garment Sourcing Limited (Company Number
      00118535)

                           Asset Sale

Messrs. McLean and Hinds is offering for sale the business and
assets of WW Group Limited.

The sale includes 54 retail and concession outlets, significant
stock levels, skilled and experienced team of 130 personnel, and
a substantial order book.  The company has an annual turnover of
approximately GBP26 million.

Inquiries can be addressed to:

         Grant Thornton U.K. LLP
         Attn: Andy Wood
         Tel.: 0113 209 5311
         Fax: 0113 246 0828
         E-mail: andrew.m.wood@gtuk.com

Headquartered in London, Grant Thornton UK LLP --
http://www.grant-thornton.co.uk/-- is the UK member of Grant
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  These firms provide a comprehensive range of
business advisory services from around 540 offices in over 110
countries worldwide.

Headquartered in Pudsey, England, WW Group Limited is a holding
company whose subsidiaries design, develop, distribute, source
and manufacture garments to the clothing retail market.


                            *********


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
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