TCREUR_Public/060517.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

               Wednesday, May 17, 2006, Vol. 7, No. 97

                            Headlines

A U S T R I A

BYTYQI: Vienna Court Closes Bankruptcy Proceedings
C & B GASTRONOMIE: Innsbruck Court Dismisses Bankruptcy Case
ESO-TRANSPORT: Adopts Compulsory Compensation Payment Scheme
F&TEAM BAU: Court to Close Bankr. Case Following Distribution
MARKARITZER VERLAG: Awaits Final Distribution & Closing Protocol


F R A N C E

ALCATEL S.A.: Annual Shareholders' Meeting Set on Sept. 7
BELVEDERE SA: Moody's Downgrades Ratings to (P)B2
EUROTUNNEL SA: Converts Resettable Advances to Bonds
S.N.C. SUMMERSUN: Gilles Gauthier Files Chapter 15 Petition
S.N.C. SUMMERSUN: Chapter 15 Petition Summary


G E R M A N Y

BAUER AG: S&P Places BB- Rating on CreditWatch Positive
FAHRION VERWALTUNGS: Claims Registration Ends May 20
FIDES LEASING: Claims Registration Ends May 26
FRESENIUS AG: Earns EUR65 Million in First Quarter 2005
FRESENIUS MEDICAL: Shareholders Approve Dividend Increase

HEIDELBERGCEMENT AG: Earns EUR37 Million in First Quarter 2006
INTERAIR GMBH: Creditors' Meeting Slated for June 23
INTERTAINMENT AG: Matthias Heisse to Chair Supervisory Board
SCHEFENACKER AG: Moody's Affirms B2 Corporate Family Rating
SCI TARA: Claims Filing Period Ends May 26

SERR ALTEN: Meeting of Creditors Set for June 14
TIME SERVICE: Creditors' Meeting Slated for June 7
VERLAG VIDEEL: Claims Registration Ends May 18
WOE-LIEGENSCHAFTSGESELLSCHAFT: Claims Filing Period Ends May 24
ZAFT & GEHRKE: Meeting of Creditors Set on June 8


I T A L Y

PARMALAT SPA: Books EUR953.2 Million in First Quarter Revenues


K A Z A K H S TA N

ALTYN DEN-99: Creditors Must File Claims by May 27
BERIK-1: Creditors Must File Claims by May 27
BRIZ: Creditors Must File Claims by May 27
DAAS LTD: Creditors Must File Claims by May 27
INTERNATIONAL TRADING: Claims Registration Ends May 27

KYZYLORDA GROUP: Claims Registration Ends May 27
NEFTYANAYA ENERGETICHESKAYA: Creditors' Claims Due May 27
PIRKEN & K: Claims Registration Ends May 27
SK-KLIMAT-SERVICE: Creditors' Claims Due May 27
ZEVS: Proof of Claim Deadline Slated for May 27


K Y R G Y Z S T A N

MASHHAD SARMA: Creditors' Claims Due June 26
METKOMPLEKT: Creditors' Claims Due June 26
MOROI: Proofs of Claims Deadline Slated for June 26
STROIMASHINA: Public Auction on Assets Set for May 25
VITA-ULUKMAN: Bishkek Court Begins Bankruptcy Proceedings


L U X E M B O U R G

MELCHIOR CDO: Fitch Upgrades Combination Debt Rating to B+


N E T H E R L A N D S

EFES BREWERIES: Starts Working on Eurobond Issue
INVISTA BV: Moody's Upgrades Corporate Family Rating to Ba2


R U S S I A

ENGINEERING FOUNDING: Bankruptcy Hearing Slated for June 15
OAO ROSNEFT: Reports 18.9 Billion BOE in Total Proved Reserves
RASSVET: Court Names Y. Paramonov to Manage Insolvency Assets
REM-TEKH-ENTERPRISE: Creditors Must Submit Claims by May 18
SEL-STROY: Court Names A. Kokorin as Insolvency Manager

SIBUR-WEST SIBERIA: Kemerovo Court Opens Bankruptcy Proceedings
SOLNTSEVSKOYE: Creditors' Claim Due May 18
STROY-PROM-SERVICE: Creditors Must Submit Claims by May 18
YARANSKIY MECHANICAL: Court Opens Bankruptcy Process


S W I T Z E R L A N D

INVISTA SARL: Moody's Upgrades Group, Parent's Ratings


T U R K E Y

ANADOLU EFES: Standard & Poor's Assigns BB Corp. Credit Rating


U K R A I N E

ENERGY-CONTACT: Kyiv Court Opens Bankruptcy Proceedings
GALPROMEXPOCENTER: Lviv Court Starts Bankruptcy Supervision
HODORIV' MEAT: Lviv Court Names Yaroslav Kechmarik as Liquidator
PETROVETS: Herson Court Freezes Debt Payment
REMSERVICE: Rivne Court Opens Bankruptcy Proceedings

SANDMARKET-HOLDING: Court Names Sergij Simonenko as Liquidator
UKRENERGOECOLOGY: Kyiv Court Starts Bankruptcy Supervision
WEST-CRIMEAN ELEVATOR: Court Taps Temporary Insolvency Manager


U N I T E D   K I N G D O M

ABBEY CONTRACTORS: Sets June 10 Claims Bar Date
ABLE FABRIC: Creditors Resolve to Wind Up Operations
ARTHUR WALTON: Financial Woes Prompt Winding Up Process
BNB PHARMA: Taps Bijal Shah to Liquidate Assets
BINNS & CO: Hires Joint Administrators from Fisher Partners

BUCKFASTLEIGH COMMERCIALS: Appoints Marriotts LLP Administrator
CALL CENTRE: Appoints Administrator from Begbies Traynor
D.E.I. ELECTRICAL: Brings In Administrators from Kroll Limited
EUROTUNNEL PLC: Converts Resettable Advances to Bonds
EQUITABLE LIFE: S&P Lifts Junk Jr. Subordinated Debt Rating to B

FRANK REDFERN: Bookmakers Tap Marriotts LLP Administrator
FRESHLY MADE: Creditors Agree to Liquidation
GAMING & ENTERTAINMENT: Auditor Raises Going Concern Doubt
GREYLANDS WASTE: Hires Begbies Traynor to Administer Assets
HEALTH TEC: Appoints Joint Administrators from Unity Business

HOT SPOT: Advertisers Tap Begbies Traynor to Administer Assets
INFOVISION SYSTEMS: Appoints Begbies Traynor Administrators
J.L. FRENCH: Court Approves Second Amended Disclosure Statement
MISYS PLC: Transfers 18,333 Shares to Scheme Participants
RANK GROUP: Repurchases 1,250,000 Shares for Cancellation

UKAE LIMITED: Hires Deloitte & Touche Joint Administrators
YOUNGS DEVELOPMENTS: Names Administrators from Portland Business


                            *********

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


BYTYQI: Vienna Court Closes Bankruptcy Proceedings
--------------------------------------------------
The Court of Vienna closed the bankruptcy case of LLC BYTYQI (FN
236418z) on April 10 following confirmation of the adopting
regulation by compulsory compensation on Feb. 23.

Creditors received a 50% recovery within 14 days after the case
closing.

Headquartered in Vienna, Austria, LLC BYTYQI declared bankruptcy
on Sept. 7, 2005 (Bankr. Case No. 5 S 102/05t).  Mag. Judith
Eisenberg-Mirecki served as the court-appointed property manager
for the bankrupt estate.


C & B GASTRONOMIE: Innsbruck Court Dismisses Bankruptcy Case
------------------------------------------------------------
The Land Court of Innsbruck dismissed the bankruptcy proceedings
of LLC C & B Gastronomie on April 4 under Section 166 of the
Austrian Bankruptcy Code after the Court determined that the
Debtor is administratively insolvent.  This means that the
Debtor doesn't have enough cash to cover costs of the bankruptcy
proceedings.

As a result, creditors will not receive any distribution.

Headquartered in Innsbruck, Austria, LLC C & B Gastronomie
declared bankruptcy on Sept. 12, 2005 (Bankr. Case No. 7 S
27/05p).  Dr. Christian J. Winder served as the court-appointed
property manager for the bankrupt estate.


ESO-TRANSPORT: Adopts Compulsory Compensation Payment Scheme
------------------------------------------------------------
The Land Court of Innsbruck will close the bankruptcy case of
LLC Eso-Transport (FN 40914v) following the Debtor's final
distribution to creditors.

Under the court-approved compulsory payment of compensation,
creditors will receive 25% on account of their claims in three
installments:

   -- 14% within six weeks after adoption of the project by
      compulsory payment of compensation through the property
      manager;

   -- 5% within six months after the compensation payment
      adoption; and

   -- 6% within 24 months after adoption of the compulsory
      payment compensation.

The Court ruled that the payment scheme would occur without
transferring the Debtor's property.

Headquartered in Ehrwald, Austria, LLC Eso-Transport declared
bankruptcy on Nov. 9, 2005 (Bankr. Case No. 9 S 26/05f).  Dr.
Stefan Geiler served as the court-appointed property manager for
the bankrupt estate.


F&TEAM BAU: Court to Close Bankr. Case Following Distribution
-------------------------------------------------------------
The Court of Vienna will close the bankruptcy case of LLC F &
TEAM Bau und Sanierungs (FN 235736x) following the Debtor's
final distribution to its creditors.

Creditors will recover 11.69% of their claim under the approved
final allocation document filed by court-appointed property
manager Mag. Gerhard Bauer.

Headquartered in Vienna, Austria, LLC F & TEAM Bau und
Sanierungs declared bankruptcy on Oct. 11, 2004 (Bankr. Case No.
4 S 126/04p).


MARKARITZER VERLAG: Awaits Final Distribution & Closing Protocol
----------------------------------------------------------------
Creditors of Dr. Markaritzer Verlag (FN 252192x) will recover
11.48% on account of their claims once the final allocation
document filed by the court-appointed property manager, Dr.
Stephan Riel, will be approved.

The Court of Vienna will close the Debtor's bankruptcy case
following the final distribution to creditors.

Headquartered in Vienna, Austria, Dr. Markaritzer Verlag
declared bankruptcy on June 10, 2005 (Bankr. Case No. 3 S
54/05v).  Dr. Johannes Jaksch represented Mr. Riel.


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


ALCATEL S.A.: Annual Shareholders' Meeting Set on Sept. 7
---------------------------------------------------------
Alcatel S.A. scheduled its annual shareholders' meeting at 2:00
p.m. on Sept. 7 at the Palais Omnisports of Paris-Bercy.

Subject to the approval of the shareholders' meeting, a dividend
of EUR0.16 will be paid in cash as of Sept. 11 per Alcatel
ordinary share of Alcatel ADS comprising the capital of the
company on Dec. 31, 2005, and being entitled to dividends as of
Jan. 1, 2005.

The shareholders' meeting will also approve the merger project
with Lucent as well as the 2005 results.

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

                        *     *     *

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

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


BELVEDERE SA: Moody's Downgrades Ratings to (P)B2
-------------------------------------------------
Moody's Investors Service downgraded the ratings of Belvedere
S.A. to (P)B2 from (P)B1 following the group's decision to
upsize its bond issue from EUR300 million to EUR375 million.
The outlook on all ratings remains stable.

Ratings downgraded:

   -- Corporate family rating downgraded to (P)B2 from (P)B1;
      and

   -- Senior secured floating rating notes downgraded to (P)B2
      from (P)B1.

On May 11, Moody's assigned first time ratings of (P)B1 to
Belvedere.  The ratings incorporated Moody's view that whilst
the group's financial metrics -- its leverage in particular --
were strained for the rating category, the ratings were premised
on the agency's expectation that management would seek to reduce
leverage from the pro forma 2005 6.8x to approximately 6.4x by
year-end 2006 and 6.0x during 2007.

The increase in senior notes takes pro forma 2005 leverage to
7.2x, which Moody's believes will not enable management to
improve its financial profile in line with a B1 rating over the
near-term.  Moody's understands that approximately EUR45 million
of the additional proceeds will be used to repay existing
working capital facilities but notes that the borrowing base
under the senior notes indenture remains at c.  EUR65 million,
which Moody's expects Belvedere will continue to utilize on an
ongoing basis.

In addition, the downgrade in Belvedere's ratings reflects
Moody's concern that the group's management intends to pursue a
more aggressive financial policy than the agency had initially
factored into the rating.

An upgrade to B1 would require a reduction in leverage to closer
to 6x, evidence that the acquisition of MBRI is progressing to
plan and an expectation that management intends to follow a more
prudent financial policy.  Any further increase in leverage,
either as a result of M&A activity or weaker operational
performance combined with liquidity concerns would result in
downward pressure in the ratings to B3.  Separately, an increase
in the amount of priority debt ranking ahead of the notes could
result in a downgrade of the (P)B2 rating on the notes, which
are currently rated at the same level as the corporate family
rating.

Please refer to the Leveraged Credit Analysis of Belvedere to be
re-published shortly after this press release for greater
detail.

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.


EUROTUNNEL SA: Converts Resettable Advances to Bonds
----------------------------------------------------
The Joint Board of Eurotunnel S.A. and Eurotunnel plc decided on
Sept. 28 2005, not to convert the Stabilization Advances and
Notes into Units and voted on March 21 to convert the Resettable
and Stabilisation Advances into bonds.

As a consequence, on May 15 Eurotunnel converted the Resettable
Advances into Bonds and the Stabilization Advances into Notes.

France Manche issued 445,416 Resettable Bonds and 297,126
Stabilisation Notes.  Eurotunnel Finance Ltd issued 158,889
Resettable Bonds and 197,809 Stabilisation Notes.

Eurotunnel already has Participating Loan Notes, quoted in
Luxembourg.

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

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

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


S.N.C. SUMMERSUN: Gilles Gauthier Files Chapter 15 Petition
-----------------------------------------------------------
Gilles Gauthier, in his capacity as foreign representative for
S.N.C. Summersun et cie and its debtor-affiliates, filed a
chapter 15 petition in the U.S. Bankruptcy Court for the
Southern District of New York on May 4.

Chapter 15, which became effective Oct. 17, 2005, broadens the
mechanism through which representatives of non-US proceedings
might obtain relief, including injunctive relief, in the United
States, expands the powers of U.S. Bankruptcy Courts, and
enhances the rights of both U.S. and non-U.S. creditors.

On Feb. 16, 2001, the Commercial Court of Antibes placed the
Debtors into judicial liquidation by separate judgments.  On
that same date, the Court appointed Mr. Gauthier to serve as the
official judicial liquidator for:

   -- S.N.C. Summersun et cie,
   -- S.A. Summersun, and
   -- S.A.R.L. Summersun Paris

The Antibes Court consolidated the three proceedings into one
collective action on Dec. 19, 2003, and joined each of the
Debtors' separate assets and liabilities into one single estate.

Under the French Commercial Code, any privately formed company,
which is unable to meet its liabilities from its disposable
assets, is considered legally insolvent and may be placed into
judicial liquidation.  The liquidation proceedings will be
closed under three circumstances:

   (a) when there are no remaining liabilities;

   (b) when the liquidator has marshaled enough funds to satisfy
       all creditor claims; and

   (c) when there are insufficient funds to continue the
       liquidation.

The claims asserted against the Debtors are:

         Debtor                  Claim Amount
         ------                  ------------
         S.N.C.                EUR181.4 million
         S.A.                  EUR232.5 million
         S.A.R.L.              EUR186.8 million

Since the commencement of the foreign proceedings, the claims
against the Debtors have been substantially reduced as the
result of settlement and litigation.  As of March 21, 2006, the
remaining claim amounts are:

         Debtor                  Claim Amount
         ------                  ------------
         S.N.C.                EUR89.1 million
         S.A.                  EUR92.1 million
         S.A.R.L.              EUR87.4 million

Many of these claims are still in dispute and are duplicative as
certain claims were filed against each of the Debtors in each of
the foreign proceedings.

                     Fraud Investigation

Mr. Gauthier said he has conducted extensive investigations
relating to the interests and claims against the Debtors,
including information relating to certain fraudulent conduct of
Maurice Cohen, the Debtors' former de facto manager.

As a condition to a loan provided by Societe de Banque
Occidentale, a subsidiary of Credit Lyonnais:

   -- the Debtors were to own a 65% equity interest in Euro-
      American Lodging Corp. and a real estate property in 135
      West, 52nd Street in New York; and

   -- SDBO was to own a 35% equity interest in EALC and the New
      York property through a subsidiary company.

However, Mr. Gauthier revealed that Mr. Cohen diverted the
interests in EALC to shell companies in order to realize the
economic benefit of the New York property.  S.A. Consortium de
Realisation - CDR Creances, as successor-in-interest to SDBO,
filed a EUR63.6 million claim against the Debtors under the loan
agreement.

Following several appeals, the Paris Appellate Court rendered a
judgment directing EALC to pay S.A. Consortium approximately
US$83 million, to be offset by the US$790,779 owed to EALC in
accordance with a Paris Commercial Court ruling.

On April 15, 2005, the New York Supreme Court approved S.A.
Consortum's request recognizing the French judgment in New York
and entered a US$95.8 million judgment in favor of S.A.
Consortium.

On Dec. 1, 2005, the New York Supreme Court ordered the auction
sale of the New York property.  The auction has been adjourned
from time to time and is currently stayed pending appeal by an
order of the New York Appellate Division dated Dec. 23, 2005,
provided that EALC pays over US$1.5 million to S.A. Consortium
on a monthly basis.

Based upon Mr. Cohen's New York Scheme, Mr. Gauthier asked the
Antibes Court to extend the Debtors' liquidation to EALC in
order to recover the Debtors' equity interests in EALC and the
New York property for the benefit of the Debtors' creditors.
The Antibes Court will convene a hearing on Friday, May 19, to
consider Mr. Gauthier's request.

Headquartered in Valbonne, France, S.N.C. Summersun et cie is a
partnership company formed under French commercial law for the
purpose of purchasing, managing and operating real estate.  It
owns two 32-floor towers located at 14 Rue de Theatre in Paris,
France.  S.A. and S.A.R.L. are partners in S.N.C.

Madlyn Gleich Primoff, Esq., at Kaye Scholer LLP, represents Mr.
Gauthier in the chapter 15 case.  As of May 4, 2006, the Debtors
estimated more than US$100 million in assets and liabilities.


S.N.C. SUMMERSUN: Chapter 15 Petition Summary
---------------------------------------------
Petitioner: Gilles Gauthier
            Official Judicial Liquidator

Debtor: S.N.C. Summersun et CIE
        Ophira II 630 Routes des Dolines
        Valbonne 06560
        Sophia Antipolis 75015
        France

Case No.: 06-10955

Chapter 15 Petition Date: May 4, 2006

Court: U.S. Bankruptcy Court for the
       Southern District of New York (Manhattan)

Judge: Stuart M. Bernstein

Petitioner's Counsel: Madlyn Gleich Primoff, Esq.
                      Kaye Scholer LLP
                      425 Park Avenue
                      New York, New York 10022
                      Tel: (212) 836-7042
                      Fax: (212) 836-7157

Estimated Assets: More than US$100 Million

Estimated Debts:  More than US$100 Million


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G E R M A N Y
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BAUER AG: S&P Places BB- Rating on CreditWatch Positive
-------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating on Germany-based engineering company
Bauer AG on CreditWatch with positive implications, based on an
anticipated improvement of capital structure following the
company's announcement of its planned IPO, coupled with improved
business performance in 2005.

"The CreditWatch placement reflects our expectation that Bauer's
credit profile, which strengthened in 2005 due to favorable
demand for drilling equipment for underground construction and
good geographic reach, will benefit further from the company's
less aggressive leverage and financial policy following the
IPO," said Standard & Poor's credit analyst Izabela Listowska.
The proceeds from the IPO will be used to fund expansion and to
reduce gross debt.

"S&P will resolve the CreditWatch placement on receipt of more
information.  S&P's assessment is likely to cover the impact of
the transaction on Bauer's leverage; the strategy of the company
in terms of appetite for acquisitions; and its future financial
policy including dividend distributions," added Ms. Listowska.

The rating continues to be supported by Bauer's leading market
position in the niche segment of foundation construction
machinery, and its strong market position in underground
construction services worldwide -- representing about 40% and
60%, respectively, of Bauer's global output in 2005 -- and its
good geographic diversification.  The rating is constrained by
the cyclical nature of the global construction industry, and the
challenging conditions in Bauer's fragmented and competitive
domestic construction market.


FAHRION VERWALTUNGS: Claims Registration Ends May 20
----------------------------------------------------
Creditors of Fahrion Verwaltungs-GmbH have until May 20 to
register their claims with court-appointed provisional
administrator Dr. Volker Viniol.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on June 13, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Zimmer 20
         Hauffstr. 5
         Stuttgart, Germany

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

The District Court of Stuttgart opened bankruptcy proceedings
against Fahrion Verwaltungs-GmbH on April 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Fahrion Verwaltungs-GmbH
         Steierm"rker Str. 48
         70469 Stuttgart, Germany

The administrator can be contacted at:

         Dr. Volker Viniol
         Danneckerstr. 52
         70182 Stuttgart, Germany
         Tel: 0711/238890


FIDES LEASING: Claims Registration Ends May 26
----------------------------------------------
Creditors of Fides Leasing GmbH have until May 26 to register
their claims with court-appointed provisional administrator
Thomas Illy.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on June 26, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt am Main
         Saal 1
         Gebaude F
         Klingerstrasse 20
         60313 Frankfurt am Main, Germany

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

The District Court of Frankfurt am Main opened bankruptcy
proceedings against Fides Leasing GmbH on April 6.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Fides Leasing GmbH
         Attn: Wilfried Meschwitz
         Taunusstr. 9
         61381 Friedrichsdorf, Germany

The administrator can be contacted at:

         Thomas Illy
         Wirtschaftspruefer und Steuerberater
         Welle 5
         60322 Frankfurt am Main, Germany
         Tel: 069/979953-0
         Fax: 069/979953-99


FRESENIUS AG: Earns EUR65 Million in First Quarter 2005
-------------------------------------------------------
Health care group Fresenius AG released its financial results
for the first quarter of 2006.

In the first quarter 2006, Group sales increased by 34% to
EUR2.388 billion, compared to EUR1.787 billion in 2005.  Organic
growth contributed 9% to revenue growth.  Acquisitions
contributed 18%, in particular due to the first-time
consolidation of HELIOS Kliniken in the income statement.
Currency translation effects contributed by 7% to revenue
growth.

Remarkable sales growth of 9% in constant currency was achieved
in North America.  In Europe, sales rose significantly due to
the first-time consolidation of HELIOS Kliniken.  Organic growth
was 7%.  Additionally, excellent growth rates were achieved in
the emerging markets, with constant-currency sales up 27% in
Asia-Pacific, 26% in Latin America and 16% in Africa.

                    Strong Earnings Growth

EBITDA increased by 33% in actual rates or 27% in constant
currency to EUR377 million, compared to EUR284 million in 2005.
Group EBIT rose 37% at actual rates and 31% in constant currency
to EUR291 million, compared to EUR212 million in 2005.  All
business segments achieved an excellent EBIT growth.  The Group
EBIT margin improved to 12.2% from 11.9% a year ago.

Group net interest was -EUR84 million, compared to -EUR47
million a year ago.  This includes one-time expenses of EUR25
million associated with the refinancing of Group debt.

The tax rate for the first quarter of 2006 was 36.7%.

Minority interest was EUR66 million, higher than EUR54 million
in 2005.  93% was attributable to the minority interest of
Fresenius Medical Care.

Group net income grew significantly by 41% at actual rates and
35% in constant currency to EUR65 million from EUR46 million.
This result includes one-time expenses of approximately EUR13
million primarily for the refinancing of debt as well as for
expenses related to the stock option accounting change.

Earnings per ordinary share rose to EUR1.28 from EUR1.11, while
earnings per preference share rose to EUR1.29 from EUR1.12.
This is an increase of 15% for both share classes.  Primarily
due to the capital increase in December 2005 the average number
of shares grew to 50,785,222.

                         Investments

Due to the acquisition of Renal Care Group, Group investments in
the first quarter of 2006 increased to EUR3.39 billion from
EUR229 million in 2005.  EUR3.29 million was spent on
acquisitions while EUR100 million was spent for property, plant
and equipment and intangible assets.

Cash flow

Operating cash flow increased by 11% to EUR186 million from
EUR168 million.  Key drivers were the significant improvement in
earnings whereas the increase in working capital due to business
expansion had a negative effect.  Cash flow before acquisitions
and dividends was EUR91 million.  The acquisition of Renal Care
Group was financed through bank debt.

                  Solid Balance Sheet Structure

As March 31, total assets increased by 35% to EUR15.687 billion,
from EUR11.594 billion three months ago.  In constant currency,
total assets grew 37%.  The substantial increase in assets is
mainly related to the Renal Care Group acquisition, which was
consolidated in the balance sheet for the first time as of
March 31, 2006.  Current assets increased 28% to EUR4.506
billion.  Non-current assets were EUR11.18 billion from EUR8.06
billion, an increase of 39%.  This was primarily due to an
increase in goodwill.

Group debt increased to EUR6.65 billion due to financing of the
Renal Care Group acquisition.

Including Renal Care Group's EBITDA contribution the net
debt/EBITDA ratio was 3.5.

Shareholders' equity including minority interest was EUR5.546
billion, 8% above the figure of EUR5.130 billion as of Dec. 31,
2005.  This was due to the very good earnings development and
the first-time consolidation of the Renal Care Group.  As a
result of the financing of the Renal Care Group acquisition the
equity ratio, including minority interests, decreased to 35.4%.

As of March 31, 2006, the Group had 100,934 employees worldwide
(Dec. 31, 2005: 91,971).  The increase of 8,963 employees is
principally due to the acquisition of the Renal Care Group.

                Group Outlook for 2006 Confirmed

Based on the strong financial results for the first quarter,
Fresenius fully confirms its positive outlook for 2006 and
expects an increase of about 30% in Group sales to approximately
EUR10.5 billion.

Net income is projected to grow by more than 30% in constant
currency.  The net income guidance already includes an amount of
approximately EUR30 million (after tax) associated with expected
one-time expenses as well as with expenses related to the stock
option accounting change.

Investments in property, plant and equipment and intangible
assets are projected to increase to approximately EUR550 to
EUR600 million.

A full-text copy of Fresenius AG's first-quarter results for
2005 is available at no charge at
http://researcharchives.com/t/s?93c

Headquartered in Bad Homburg, Germany, Fresenius AG --
http://www.fresenius-ag.com/-- is a health care group with
international operations, providing products and services for
dialysis, hospital and the ambulatory medical care of patients.
In 2005, sales were EUR7.9 billion.  As of Dec. 31, 2005, the
Fresenius Group had 91,971 employees worldwide.

                        *     *     *

As reported in the TCR-Europe on April 5, Moody's Investors
Service affirmed all ratings of Fresenius AG and subsidiary
Fresenius Medical Care & Co KGaA.  Moody's also affirmed
Fresenius AG's:

   -- Corporate family rating of Ba2;
   -- EUR1 billion of senior notes rated Ba2; and
   -- EUR87.9 million of senior notes rated Ba2

Fresenius Medical Care & Co KgaA's:

   -- Corporate Family Rating of Ba2;
   -- Senior credit facility rated Ba2; and
   -- Trust Preferred securities rated B1.

As reported in the TCR-Europe on April 4, Standard & Poor's
Ratings Services assigned a BB' senior secured debt rating to
Fresenius Medical Care KGaA's US$4.6 billion facilities, which
were put in place to finance the acquisition of Renal Care Group
Inc. (RCG; BB-/Positive/--).

At the same time, Standard & Poor's lowered its long-term
corporate credit ratings on the Germany-based health-care
companies, FMC and its parent Fresenius AG to 'BB' from 'BB+',
following U.S. antitrust clearance for FMC's acquisition of
U.S.-based health-care company Renal Care.  The ratings were
removed from CreditWatch, where they were originally placed on
May 4, 2005.  S&P said the outlook is negative.


FRESENIUS MEDICAL: Shareholders Approve Dividend Increase
---------------------------------------------------------
Shareholders of Fresenius Medical Care have approved the ninth
consecutive dividend increase at the Annual General Meeting in
Frankfurt, Germany.

Ordinary shareholders will receive EUR1.23 per share and
preference shareholders will receive EUR1.29. Shareholders
discharged the Management and Supervisory Board with a large
majority of more than 90%.

In addition, shareholders of Fresenius Medical Care elected the
Supervisory Board:

   -- Dr. Gerd Krick,
   -- Dr. Dieter Schenk,
   -- Prof. Dr. Bernd Fahrholz,
   -- Walter L. Weisman, and
   -- John Gerhard Kringel

will continue to serve as Supervisory Board members.

William P. Johnston, former Chairman of the Board of Directors
of Renal Care Group, which was recently acquired by Fresenius
Medical Care, joins the Supervisory Board as a new member.

The shareholders also approved a new stock option program, which
is directly linked to the company's success.  Accordingly
managerial staff members will receive up to five million options
for bearer ordinary shares over the next five years, which are
exercisable after a period of three years, if the Earnings Per
Share hurdle has been achieved.  If this hurdle is achieved in
only one or two years, the options are reduced accordingly.  If
the hurdle is entirely not achieved, the options are cancelled.

The new stock option program 2006 ensures that managerial staff
members participate in the financial risks and opportunities of
the Company and offers them an internationally competitive
remuneration system also in the future.  Representatives from
the two German shareholders' associations, Schutzgemeinschaft
der Kleinaktionare and Schutzvereinigung fr Wertpapierbesitz,
supported the new Stock Option Program.

In addition, the shareholders approved several formalities and
adoptions to the Articles of Association of Fresenius Medical
Care AG & Co. KGaA.

About 60% of the ordinary share capital was represented at the
Annual General Meeting.

Fresenius Medical Care AG -- http://www.fmc-ag.com/-- is the
world's largest, integrated provider of products and services
for individuals undergoing dialysis because of chronic kidney
failure, a condition that affects more than 1,300,000
individuals worldwide.  Through its network of approximately
1,645 dialysis clinics in North America, Europe, Latin America,
Asia-Pacific and Africa, Fresenius Medical Care provides
dialysis treatment to approximately 128,200 patients around the
globe.  Fresenius Medical Care is also the world's leading
provider of dialysis products such as hemodialysis machines,
dialyzers and related disposable products.  Fresenius AG holds
approximately 37% of Fresenius Medical Care AG & Co. KgaA's
capital.

                        *     *     *

As reported in the TCR-Europe on April 5, Moody's Investors
Service affirmed all ratings of Fresenius AG and subsidiary
Fresenius Medical Care & Co KGaA.  Moody's also affirmed
Fresenius AG's:

   -- Corporate family rating of Ba2;
   -- EUR1 billion of senior notes rated Ba2; and
   -- EUR87.9 million of senior notes rated Ba2

Fresenius Medical Care & Co KgaA's:

   -- Corporate Family Rating of Ba2;
   -- Senior credit facility rated Ba2; and
   -- Trust Preferred securities rated B1.

As reported in the TCR-Europe on April 4, Standard & Poor's
Ratings Services assigned a BB' senior secured debt rating to
Fresenius Medical Care KGaA's US$4.6 billion facilities, which
were put in place to finance the acquisition of Renal Care Group
Inc. (RCG; BB-/Positive/--).

At the same time, Standard & Poor's lowered its long-term
corporate credit ratings on the Germany-based health-care
companies, FMC and its parent Fresenius AG to 'BB' from 'BB+',
following U.S. antitrust clearance for FMC's acquisition of
U.S.-based health-care company Renal Care.  The ratings were
removed from CreditWatch, where they were originally placed on
May 4, 2005.  S&P said the outlook is negative.


HEIDELBERGCEMENT AG: Earns EUR37 Million in First Quarter 2006
--------------------------------------------------------------
HeidelbergCement AG released its financial results for the first
quarter 2006.

In the first quarter, HeidelbergCement experienced a satisfying
development in sales volumes.  Significant growth rates were
achieved in almost all countries.  In Europe and North America,
the adverse seasonal effects were comparatively weaker than in
the previous year.  Total cement and clinker sales volumes rose
by 16.8% to 14.8 million tons, from the previous year's 12.7%.
Excluding changes in the consolidation scope, the increase
amounted to 12%.

In the first quarter, turnover rose by 28.7% compared with the
previous year to EUR1.744 billion.  The strongest increases were
achieved in North America, Asia, Europe -- particularly the
United Kingdom, Norway and the countries of Eastern Europe - and
Turkey.  Excluding exchange rate and consolidation effects,
Group turnover increased by 19.1%.

Operating income before depreciation (OIBD) more than doubled,
reaching EUR190.1 million from EUR85.2 million.  Operating
income improved from -EUR34.7 million in the previous year to
EUR63.8 million.  The highest increases were achieved by North
America, followed by Europe and Asia.  The first savings gained
through the "win" project, the new transparent and lean Group
organisation as well as the noticeably increase in efficiency
contributed to an improvement in results.

The company's French participation Vicat exerted a considerable
influence on the results from participations, which amounted to
EUR27.5 million from EUR11.3 million.  Due to reduced interest
payments and favorable exchange rates development, the financial
results improved by EUR9.1 million to -EUR45.1 million from -
EUR54.2 million.

As a result of the overall development, the profit before tax
rose to EUR68.1 million from -EUR98.7 million.  The taxes on
income increased by EUR33.2 million to EUR31.1 million from
-EUR2.2 million.  This is attributable in particular to the
positive development of results in North America.  The profit
for the financial year improved to EUR37.0 million from -EUR96.5
million in the same period in 2004.  The Group share in profit
amounts to EUR29.3 million from -EUR104.8 million.

                     Market Entry in India

With the conclusion of a 50:50 joint venture in March 2006,
HeidelbergCement extended its activities to the Indian
subcontinent for the first time.  The joint venture includes the
cement grinding plant Indorama Cement Ltd., with a capacity of
750,000 tons of cement, which supplies the cities of Mumbai and
Pune on the west coast of India.  The company also operates a
loading terminal near Mumbai.  The authorization procedure for
the construction of a clinker plant in the Indian state of
Gujarat is currently in progress.

                           Employees

In the first three months, HeidelbergCement employed 41,069
people across the Group.  The decrease of 533 employees results
largely from restructuring measures in Europe and Asia.

                          Investments

In the first quarter, cash flow investments rose by EUR22
million in comparison with the same period last year to EUR162
million from EUR140 million.  Of this figure, EUR96 million was
invested in tangible fixed assets and EUR66 million in financial
fixed assets.  Disinvestments of EUR35 million and changes in
the consolidation scope amounting to EUR5 million led to a total
of -EUR122 million in net cash used in investing activities.

                  Group Structure Streamlined

As part of the measures related to the restructuring and
organizational reshuffle within the Group, which were initiated
in 2005 and primarily affect Europe, the Group streamlined its
structure accordingly and modified the external reporting format
at the beginning of this year.

From 2006, HeidelbergCement reports on the basis of the
following Group areas: Europe, which comprises the former
regions Central Europe West and East as well as Western and
Northern Europe, North America, Africa-Asia-Mediterranean Basin
(the Mediterranean Basin includes the activities in Turkey and
the United Arab Emirates), maxit Group and Group Services, which
combines our trading activities.

                   Growth Recovery in Europe

In Europe, the signs of an economic recovery are strengthening
overall.  The forecasts for this year are being revised upwards.

Sales volumes improved in all countries as a result of the
increased demand and new consolidations, with significant growth
in most cases.  The highest increases were recorded by the
countries of Eastern Europe, as well as Germany, Norway, the
United Kingdom and the Baltic region.  Total cement and clinker
sales volumes in Europe rose by 23.3% to 6.3 million tons from
EUR5.1 million.  Using the same basis for comparison, the
increase amounted to 15.1%.  Sales volumes of ready-mixed
concrete and aggregates also grew in comparison with the same
period last year in almost all countries, with significant
increases in some areas.

In the first three months, turnover in Europe grew by 24.6% to
EUR674 million from EUR541 million.  Adjusted for consolidation
effects, turnover rose by 16.4%.

         Further Significant Increases in North America

The high level of economic activity in the US declined slightly
in the first quarter.  In our market regions in the US and
Canada, however, construction activity remained at a high level,
with the result that the cement and clinker sales volumes of our
plants rose by just under 20% in the first three months to 3.4
million tons.

Even with full utilization of production capacities, the high
demand can only be covered by additional imports.  These make up
around a quarter of the total sales volumes and are mostly
obtained from other Group regions.  Deliveries of ready-mixed
concrete and aggregates also increased.  However, part of this
growth is attributable to consolidation effects.

The turnover of the North America Group area rose by 50.7% to
EUR553 million from EUR367 million.

Dynamic development in Africa-Asia-Mediterranean Basin
Economic development in the individual regions was varied: the
strongest impetus for growth came from China and Turkey.

Overall, sales volumes rose by 8.2% in comparison with the same
quarter last year to 5.2 million tonnes (previous year: 4.8).
Excluding the new activities in China, the increase would have
been 4.0%.  To this increase, China contributed a rise in sales
volumes of 32%, which is the strongest growth in the Group area,
followed by Turkey.  Deliveries from our Indonesian subsidiary
Indocement remained slightly below the previous year's level due
to market conditions.  The sales volumes in the individual
African countries were extremely varied in the first quarter;
however, we were able to achieve a volume increase in Africa
overall.

The total turnover of the Africa-Asia-Mediterranean Basin Group
area rose by 22% to EUR280 million (previous year: 230).

           Increase in the Activities of maxit Group

Maxit Group's markets, particularly the countries of Northern
Europe, developed positively in the first quarter.  The
situation in Germany remains strained, but we should reach a
turning point this year with a new management and as a result of
extensive restructuring.  Measures to reduce costs in the
Benelux countries, France and Portugal are now coming to
fruition.  A focal point of maxit's activities is faster
launching and marketing of new products and concepts in several
countries simultaneously.

In the first three months, turnover rose in almost all countries
-- with the exception of Germany.  Overall, maxit Group's
turnover increased by 9% to EUR217 million from EUR199 million.

                       Group Services

The trade volume of our subsidiary HC Trading rose by 14.7% in
the first quarter to 3.1 million tons.  Particularly strong
growth was achieved in cement trading.  Over 60% of HC Trading's
deliveries go to North America.  The remaining volumes are
supplied to the Africa-Asia-Mediterranean Basin Group area.

Turnover in the Group Services business unit, which also
includes our trading in fossil fuels, increased by 20.8% to
EUR149 million as a result of high freight proceeds.

                            Prospects

The positive assessment of the economic environment was
strengthened further in the first few months of 2006.  However,
the developments of energy prices and of the US dollar exchange
rate remain risk factors.  The development of HeidelbergCement
in the first quarter has confirmed our estimation for turnover
and results to achieve double-digit growth in 2006.  Strategic
acquisitions, such as the entry into the Indian market, increase
our potential for growth.

A full-text copy of HeidelbergCement AG's first quarter results
for 2006 is available at no charge at
http://researcharchives.com/t/s?946

                    About HeidelbergCement

Based in Heidelberg, Germany, HeidelbergCement AG --
http://www.heidelbergcement.com/-- was founded in 1873 and is
publicly traded.  The company produces cement as well as
building materials and building chemicals.  The group's fiscal
2004 revenue amounted to EUR6.9 billion.

                        *     *     *

As reported in the TCR-Europe on May 9, Standard & Poor's
Ratings Services revised its outlook on Germany-based cement
producer HeidelbergCement AG to positive from stable.  At the
same time, the 'BB+' long-term and 'B' short-term corporate
credit ratings, and the ratings on all outstanding debt of
HeidelbergCement and its related entities were affirmed.

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


INTERAIR GMBH: Creditors' Meeting Slated for June 23
----------------------------------------------------
The court-appointed provisional administrator for Interair GmbH,
Klaus Dippel, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 8:00 a.m., on
June 23.

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

         The District Court of Bochum
         Saal A29
         Viktoriastrasse 14
         44787 Bochum, 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 25 to register their claims with the
court-appointed provisional administrator.

The District Court of Bochum opened bankruptcy proceedings
against Interair GmbH on April 6.  Consequently, all pending
proceedings against the company have been automatically stayed

The Debtor can be reached at:

         Interair GmbH
         Castroper Hellweg 300 a
         44805 Bochum, Germany

         Attn: Michael Dembek, Manager
         Auf der Wehrt
         44894 Bochum, Germany

         Christian Ruwe, Manager
         Spiekerskamp 16
         45772 Marl, Germany

The administrator can be reached at:

         Klaus Dippel
         Werner Hellweg 477
         44894 Bochum, Germany
         Tel: 0234-26624
         Fax: 0234-234077


INTERTAINMENT AG: Matthias Heisse to Chair Supervisory Board
------------------------------------------------------------
The Supervisory Board of Intertainment AG has elected Dr.
Matthias Heisse as its new Chairman.

Dr. Heisse was Chairman of the Supervisory Board of
Intertainment from 1998 until October 2004.  Since then, he has
been Deputy Chairman.

Dr. Ernst Pechtl has taken over Dr. Heisse's previous position
of Deputy Chairman.  The Munich Local Court (Amtsgericht
Mnchen) appointed Dr. Pechtl as new Member of the Supervisory
Board of Intertainment AG.  Dr. Pechtl was a member of the
Supervisory Board from December 2000 until September 2003.

The personnel changes on the Supervisory Board were necessary
because the previous Chairman, Rdiger Baeres, resigned from his
office for personal reasons in March of this year.

                        *     *     *

Headquartered in Munich, Germany, Intertainment AG --
http://www.intertainment.de/-- specializes in acquiring
theatrical, video and television film rights with large
commercial potential, which it markets in Germany and in other
European countries.  Among its customers are the most important
media enterprises.  At the same time Intertainment also acquires
the rights to commercialize very viable films for the People's
Republic of China, as this huge market is currently practically
untapped but in the medium term will realize its big potential.

The Company declared insolvency in January 2006 after failing to
repay a EUR10 million loan to local bank HypoVereinsbank.


SCHEFENACKER AG: Moody's Affirms B2 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed the Corporate Family
Rating of B2 of Schefenacker AG and the senior subordinated
rating of Caa1 on the notes.

At the same time the rating agency has withdrawn the senior
secured rating on the old bank facility and has assigned a
senior secured B2 rating to the new bank facility.  The outlook
on the ratings remains negative.

The rating action reflects Moody's expectation that key credit
metrics, operating margin and financial leverage, are expected
to remain under pressure over the intermediate term.  Although
Moody's acknowledges the company's efforts in reducing cost and
increasing efficiency through its "Transition" restructuring
program, the benefits and timing of results from this program,
however, may vary as pressure on the automotive supplier
industry continues and the company may be challenged to retain
cost savings to enhance margins and cash flows.

The Transition restructuring program and the need for heavy pre-
investing in capital expenditure to support order flow will also
pressure FCF over the coming quarters.  As a result, financial
leverage, measured by Total Adjusted Debt (adjusted for 6x rent
expenses and pension liabilities), which stood at 5.9x at Q1
2006 on a LTM basis, is expected to remain elevated.  In
addition, should performance not improve above Q1 2006, notably
on an EBITDA basis, covenants will further tighten adding
pressure on availability of liquidity.

On the positive side, the Corporate Family Rating continues to
reflect Schefenacker's sound market position in the vision and
lighting systems, biased towards the premium and luxury
segments, and recognized leadership in product innovation.
Moody's also recognizes the strong and historic relationship
between Schefenacker and certain of its customers, and the broad
geographic diversification of the company.  The company has also
made concerted efforts to reduce its cost structure; however,
the size of benefits will also depend upon raw material costs
and pricing negotiations with customers.

The negative rating outlook reflects the need for the company to
demonstrate a successful and sustainable turnaround in
profitability at a time when the company has limited headroom to
absorb additional shocks.  Should the company be unable to
deliver margin improvements sufficient to raise cash flow, it is
likely that the cushion under financial covenants will tighten,
thus placing further pressure on the current ratings.

At this stage it is difficult to envisage upward pressure on the
rating; however, stabilization of the outlook could be achieved
if the company is successful in strengthening working capital
management in conjunction with a clear trend towards a
substantial decrease in adjusted leverage to below 5.0x
resulting from an absolute debt reduction and an increase in
profitability.

Ratings affirmed:

   -- Corporate Family Rating of B2

   -- Senior subordinated rating of Caa1 on the EUR200 million
      notes due 2014

Rating assigned:

   -- Senior secured rating of B2 on the new EUR205 million
      facility due 2011 and 2012

Rating withdrawn:

   -- Senior secured rating of B2 on the old EUR150 million
      facility due 2011 and 2012

Outlook on all ratings is negative.

Based in Schwaikheim, Germany, Schefenacker is a leading private
Tier 1 automotive supplier of rear vision systems, lighting
systems and a Tier 2 supplier of sound systems.  For the twelve
months ended Dec. 31, 2005, Schefenacker generated revenues of
EUR930.4 million, while during the first quarter 2006 revenues
stood at EUR227 million.


SCI TARA: Claims Filing Period Ends May 26
------------------------------------------
Creditors of SCI TARA Immobilien Kapitalgesellschaft nach
franzosischem Recht have until May 26 to register their claims
with court-appointed provisional administrator Gotz Lautenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on June 20, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt am Main
         Saal 2
         Geb. F
         Klingerstr. 20
         60313 Frankfurt, Germany

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

The District Court of Frankfurt am Main opened bankruptcy
proceedings against SCI TARA Immobilien Kapitalgesellschaft nach
franzosischem Recht on Feb. 10.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         SCI TARA Immobilien Kapitalgesellschaft
         nach franzosischem Recht
         Schwanheimer Strasse 102
         60528 Frankfurt am Main, Germany

The administrator can be contacted at:

         Gotz Lautenbach
         Zeilweg 42
         60439 Frankfurt am Main, Germany
         Tel: 069/963761-0
         Fax: 069/963761145


SERR ALTEN: Meeting of Creditors Set for June 14
------------------------------------------------
The court-appointed provisional administrator for Serr Alten-
und Krankenpflege GmbH, Thomas Kind, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:00 a.m., on June 14.

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

         The District Court of Landau in der Pfalz
         Zimmer 223
         Marienring 13
         76829 Landau in der Pfalz, 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 25 to register their claims with the
court-appointed provisional administrator.

The District Court of Landau in der Pfalz opened bankruptcy
proceedings against Serr Alten- und Krankenpflege GmbH on
March 1.  Consequently, all pending proceedings against the
company have been automatically stayed

The Debtor can be reached at:

         Serr Alten- und Krankenpflege GmbH
         Zweibruecker Str. 37-39
         76829 Landau in der Pfalz, Germany

         Attn: Katharina Serr, Manager
         Niedergasse 80
         76877 Offenbach, Germany

         Dominique Serr, Manager
         Zweibruecker Str. 41
         76829 Landau in der Pfalz, Germany

The administrator can be reached at:

         Thomas Kind
         Eisenbahnstr. 19-23
         77855 Achern, Germany
         Tel: 07841/7080


TIME SERVICE: Creditors' Meeting Slated for June 7
--------------------------------------------------
The court-appointed provisional administrator for Time Service
Line Logistic GmbH, Dr. Jorg Nerlich, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:30 a.m., on June 7.

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

         The District Court of Duesseldorf
         Sitzungssaal A 357
         3. Etage
         Muehlenstrasse 34
         40213 Duesseldorf, 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 25 to register their claims with the
court-appointed provisional administrator.

The District Court of Duesseldorf opened bankruptcy proceedings
against Time Service Line Logistic GmbH on April 18.
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         Time Service Line Logistic GmbH
         Hamburger Str. 24
         40221 Duesseldorf, Germany

         Attn: Gerd Haude, Manager
         Freiheitstrasse 12
         40627 Duesseldorf, Germany

         Marlene Danisch, Manager
         Rubinweg 29
         41564 Kaarst, Germany

The administrator can be reached at:

         Dr. Jorg Nerlich
         Louise-Dumont-Str. 25
         40211 Duesseldorf, Germany


VERLAG VIDEEL: Claims Registration Ends May 18
----------------------------------------------
Creditors of Verlag videel OHG have until May 18 to register
their claims with court-appointed provisional administrator Uwe
Bendig.

Creditors and other interested parties are encouraged to attend
the meeting at 1:40 p.m. on May 29, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Niebuell
         Saal 2
         Gerichtsgebaude Sylter Bogen 1 A
         25899 Niebuell, 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 Niebuell opened bankruptcy proceedings
against Verlag videel OHG on April 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Verlag videel OHG
         Christian Walter Schulz and
         Broder Soren Clausen, Managers
         Schmiedestrasse 11
         25899 Niebuell, Germany

The administrator can be contacted at:

         Uwe Bendig
         Dockenhudener Strasse 20
         22587 Hamburg, Germany


WOE-LIEGENSCHAFTSGESELLSCHAFT: Claims Filing Period Ends May 24
---------------------------------------------------------------
Creditors of WOE-Liegenschaftsgesellschaft mbH have until May 24
to register their claims with court-appointed provisional
administrator Henning Jung.

Creditors and other interested parties are encouraged to attend
the meeting at 12:15 p.m. on July 6, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Fritzlar
         Raum 17
         Gebaude A
         Schladenweg 1
         34560 Fritzlar, 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 Fritzlar opened bankruptcy proceedings
against WOE-Liegenschaftsgesellschaft mbH on April 11.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         WOE-Liegenschaftsgesellschaft mbH
         Steinkopf 26
         34286 Spangenberg, Germany

The administrator can be contacted at:

         Henning Jung
         Wilhelmshoher Allee 270
         34131 Kassel, Germany
         Tel: 0561/3166311
         Fax: 0561/3166312


ZAFT & GEHRKE: Meeting of Creditors Set on June 8
-------------------------------------------------
The court-appointed provisional administrator for Zaft & Gehrke
Werbung u. Design GmbH, Dr. Tjark Thies, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:30 a.m., on June 8.

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

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

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

Creditors have until May 26 to register their claims with the
court-appointed provisional administrator.

The District Court of Hamburg opened bankruptcy proceedings
against Zaft & Gehrke Werbung u. Design GmbH on April 11.
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         Zaft & Gehrke Werbung u. Design GmbH
         Mexikoring 27-29
         22297 Hamburg, Germany

         Attn: Marianne Gehrke, Manager
         Neubergerweg 140
         22419 Hamburg, Germany

The administrator can be reached at:

         Dr. Tjark Thies
         Domstrasse 15
         20095 Hamburg, Germany
         Tel: 41522416


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


PARMALAT SPA: Books EUR953.2 Million in First Quarter Revenues
--------------------------------------------------------------
The Board of Directors for Parmalat S.p.A. approved on May 12
the unaudited Quarterly Report at March 31, 2006, which shows an
improvement in the Group's operating performance.

                               Group

Consolidated net revenues increased to EUR953.2 million in the
first quarter of 2006, or 9.8% more than the EUR868 million
booked in the same period last year (restated pro forma data).

EBITDA grew by 18.4% to EUR73.2 million, compared with EUR61.8
million in the first three months of 2005 (restated pro forma
data).  The ratio of EBITDA to net revenues also improved,
rising from 7.1% in first quarter 2005 to 7.7% in 2006.

This positive performance reflects the Group's overall success
in achieving the Plan's objectives -- shifting the product mix
towards greater value added items, cutting costs and increasing
manufacturing and distribution efficiency -- despite the
particularly complex and competitive environment that prevailed
in some markets and the weakening in consumer demand that
occurred in others.

In Italy, first quarter revenues were 3.7% higher than in the
first three months of 2005.  However, at EUR25.2 million, EBITDA
was slightly lower than in the same period last year (EUR25.7
million).  The ratio of EBITDA to net revenues was 8.8% (0.5
percentage points less than a year earlier).

In an environment characterized by flat consumer demand,
Parmalat's Italian operations saw solid growth in the area of
health and wellness products, tougher conditions in the yogurt
segment and costs of distribution that were not streamlined yet
as the restructuring is currently under way.

In Canada, revenues totaled EUR301.6 million in the first
quarter of 2006, with a gain of 6.7% over the same period a year
earlier (EUR282.7 million).  EBITDA increased by EUR2.1 million,
rising from EUR17.7 million in the first quarter of 2005 to
EUR19.7 million for the three months to the end of March 2006.
The ratio of EBITDA to net revenues was 6.5% (6.3% in the first
quarter 2005).

These results were achieved even though there were fewer
business days available for deliveries and billing this year
(one week less) than in the first quarter of last year.  This
was more than offset by a favorable shift in pricing and product
mix, a strong performance in the fermented products segment and
the appreciation of the Canadian dollar versus the euro.

In Australia, revenues increased to EUR111.1 million in the
first quarter of 2006, a gain of 26.3% compared with the same
period last year (EUR88.0 million).  EBITDA, which was up by
EUR2.3 million (from EUR5.9 million to EUR8.2 million), was
equal to 7.4% of net revenues.

A sharp rise in unit sales is the main reason for these improved
results.

In Africa, first quarter revenues were significantly ahead of
last year, rising to EUR91.6 million, 27.8% up on the EUR71.7
million booked in the first three months of 2005.  As a result,
EBITDA improved to EUR9.9 million, equal to 10.8% of net
revenues (+1.2 percentage points compared to the previous year).

An increase in unit sales, driven by the rapidly expanding South
African economy, is the principal driver of these improved
results.

The Group's operations in the other countries performed well
compared with the previous year, particularly in South America
(Colombia and Venezuela).  The exception was in Spain where
unresolved difficulties impacted the performance.

At March 31, 2006, the Group's net financial position showed
indebtedness of EUR367.4 million, virtually unchanged from the
end of 2005, when its indebtedness totaled EUR369.3 million.
The Group's operations generated cash flow of EUR35.3 million in
the first quarter of 2006, which was used in part to fund the
increase in working capital requirements that resulted from the
rise in business volumes.

Extraordinary items included the payment of EUR62.4 million in
preferential and pre-deduction claims and the collection of the
first installment (EUR45 million) of the purchase price of a
building sold by Clesa S.A. in Madrid.

                          Parmalat S.p.A.

Net revenues totaled EUR249 million in the first quarter of
2006, for a gain of 3.5% over the EUR240.5 million reported in
the same period last year (restated pro forma data).

EBITDA grew to EUR17.4 million, or EUR3.4 million more than the
EUR14 million earned in the first three months of 2005 (restated
pro forma data).  The ratio of EBITDA to net revenues increased
by 1.2 percentage points, rising from 5.8% in the first quarter
of 2005 to 7.0% this year.

These improved results were made possible by a reduction in
distribution costs, a higher preponderance of items with a high
value added in the sales mix and a decrease in holding company
costs.

At March 31, 2006, the Company's financial position shows net
financial assets of EUR277 million, down from EUR324.5 million
at Dec. 31, 2005.  The main reason for this decrease is the
payment of EUR62.4 million in preferential and prededuction
claims that were due on March 31.

                 Outlook for the Group's Operations

For the year as a whole, given the results achieved in the first
quarter, the Company expects to report higher EBITDA and net
profit than in 2005, while maintaining its net financial
position at its current level.

                     Share Capital and Bylaws

The Board of Directors, not having achieved the quorum required
to hold the Extraordinary Shareholders' Meeting that had been
convened on April 29 on the third call to:

   -- amend the Bylaws to comply with the provisions of Law No.
      262/05 on the matter of the Officer responsible for
      preparing accounting documents; and

   -- approve a share capital increase of EUR15,000,000 reserved
      for the conversion of warrants; adopted these resolutions:

         By virtue of the authority it holds pursuant to
         Article 17 of the Bylaws, it amended the Bylaws by
         adding Article 20 bis "Officer Responsible for
         Preparing Corporate Accounting Documents, which reads:
         "The Board of Directors, which must request the prior
         opinion of the Board of Statutory Auditors, shall be
         responsible for appointing an executive with
         responsibility for preparing corporate accounting
         documents, as required by Article 154 bis of the
         Uniform Financial Code (Legislative Decree No. 58/98).

         The motion to increase the Company's share capital
         submitted to the abovementioned Shareholders' Meeting
         will be submitted to a future Shareholders' Meeting.
         Meanwhile, any obligation to issue shares further to
         requests to convert warrants will be met by drawing
         from surplus reserves currently available from other
         "permeable" capital-increase tranches approved in the
         past, which total amount is EUR2,010,087,908 in
         comparison to a subscribed and paid up capital of
         EUR1,631,999,081.

                Calendar of Board Meetings in 2006

The Board of Directors agreed to amend the calendar of Board
meetings scheduled for 2006 in order to approve the First Half
Year Report at an earlier date.  The meeting in question will
now be held on Sept. 13, instead of Sept. 29 as previously
announced.

A full-text copy of Parmalat's presentation on its First Quarter
2006 Results is available at no charge at
http://ResearchArchives.com/t/s?940

A full-text copy of Parmalat's first quarter results is
available at no charge at http://ResearchArchives.com/t/s?942

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has 40-
some brand product line includes yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

The U.S. Debtors filed for chapter 11 protection on February 24,
2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary Holtzer, Esq.,
and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP,
represent the Debtors.  When the U.S. Debtors filed for
bankruptcy protection, they reported more than $200 million in
assets and debts.  The U.S. Debtors emerged from bankruptcy on
April 13, 2005.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.


==================
K A Z A K H S TA N
==================


ALTYN DEN-99: Creditors Must File Claims by May 27
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Altyn Den-99 insolvent on March 3.  Bankruptcy
proceedings were introduced at the company.

Creditors have until May 27 to submit written proofs of claim
to:

         Suleimanova Str. 17(11a)
         Taraz, Kazakhstan
         Tel: 8 (3262) 43-25-52


BERIK-1: Creditors Must File Claims by May 27
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region commenced bankruptcy proceeding against LLP Berik-1 on
March 20.  Bankruptcy proceedings were introduced at the
company.

Creditors have until May 27 to submit written proofs of claim
to:

         Aiteke bi Str. 29
         Kyzylorda, Kazakhstan


BRIZ: Creditors Must File Claims by May 27
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Briz insolvent on March 2.  Bankruptcy proceedings were
introduced at the company.

Creditors have until May 27 to submit written proofs of claim
to:

         Svetochnaya Str. 11-1a
         Taugul
         Almaty, Kazakhstan
         Tel: 8 (3272) 93-61-19


DAAS LTD: Creditors Must File Claims by May 27
----------------------------------------------
Daas Ltd. (RNN 600400544532) has declared insolvency. Creditors
have until May 27 to submit written proofs of claim to:

         Gagarina Ave. 292/1-38
         Almaty, Kazakhstan
         Tel: 8 (3272) 60-12-77
              8 (3272) 60-12-78
              8 (3272) 60-12-79


INTERNATIONAL TRADING: Claims Registration Ends May 27
------------------------------------------------------
LLP International Trading Company D.N. has declared insolvency.
Creditors have until May 27 to submit written proofs of claim
to:

         Polejayeva Str. 92a
         Almaty, Kazakhstan


KYZYLORDA GROUP: Claims Registration Ends May 27
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region commenced bankruptcy proceeding against LLP Kyzylorda
Group Corporation on March 20.  Bankruptcy proceedings were
introduced at the company.

Creditors have until May 27 to submit written proofs of claim
to:

         Aiteke bi Str. 29
         Kyzylorda, Kazakhstan


NEFTYANAYA ENERGETICHESKAYA: Creditors' Claims Due May 27
---------------------------------------------------------
LLP Joint Venture Oil Energy Company Neftyanaya Energeticheskaya
Compania has declared insolvency.  Creditors have until May 27
to submit written proofs of claim to:

         Rabochaya Str. 43
         Shuchinks
         Shuchinks District
         Akmola Region, Kazakhstan


PIRKEN & K: Claims Registration Ends May 27
-------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region commenced bankruptcy proceedings against LLP Pirken & K
on March 20.  Bankruptcy proceedings were introduced at the
company.

Creditors have until May 27 to submit written proofs of claim
to:

         Aiteke bi Str. 29
         Kyzylorda, Kazakhstan
         Tel: 8 (3272) 93-61-19


SK-KLIMAT-SERVICE: Creditors' Claims Due May 27
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Sk-Klimat-Service insolvent.  Creditors have until May 27 to
submit written proofs of claim to:

         Maulenova Str. 92
         Almaty, Kazakhstan
         Tel: 8 (3272) 67-63-59


ZEVS: Proof of Claim Deadline Slated for May 27
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Zevs insolvent on Feb. 9.  Bankruptcy
proceedings were introduced at the company.

Creditors have until May 27 to submit written proofs of claim
to:

         Micro District 6, 26-55
         Atyrau, Kazakhstan
         Tel: 8 (3292) 53-40-20


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


MASHHAD SARMA: Creditors' Claims Due June 26
--------------------------------------------
LLC Mashhad Sarma has declared insolvency.  Creditors have until
June 26 to submit written proofs of claim to:

         Auezova Str. 1/2
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 23-98-46


METKOMPLEKT: Creditors' Claims Due June 26
------------------------------------------
LLC Metkomplekt has declared insolvency.  Creditors have until
June 26 to submit written proofs of claim to:

         Isanova Str. 42/4
         Bishkek, Kyrgyzstan


MOROI: Proofs of Claims Deadline Slated for June 26
---------------------------------------------------
Production Trade Enterprise Moroi has declared insolvency.
Creditors have until June 26 to submit written proofs of claim
to:

         Suymbayeva Str. 80-80
         Bishkek, Kyrgyzstan


The company can be contacted at (+996 312) 66-13-23, 66-76-75 or
(0-502) 73-29-43.


STROIMASHINA: Public Auction on Assets Set for May 25
-----------------------------------------------------
The Issyk-Kul Naryn Territorial Department of the State Property
Committee will hold an auction of properties of JSC Stroimashina
at 10:00 a.m., on May 25, at:

         Bayetova Str. 66
         Chopon-Ata, Kyrgyzstan

A KGS602,554 starting price has been established.

Potential buyers have until 4:00 p.m., May 24, to deposit
KGS30,200 to:

         Settlement Account 8164172080101001/403104103
         MFO 330208816
         Settlement and Saving Company in Cholpon-Ata

and submit bidding and necessary documents to:

         Bayetova Str. 66
         Cholpon-Ata, Kyrgyzstan
         Tel: (+996 3943) 4-29-21


VITA-ULUKMAN: Bishkek Court Begins Bankruptcy Proceedings
---------------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues
commenced bankruptcy proceedings against Joint Venture Vita-
Ulukman on Jan. 12 after finding it insolvent (Case No. ED-
1030/05 mbs8).

Mr. Ulanbek Bekturov has been appointed temporary insolvency
manager and can be reached at (0-996 312) 21-67-25.


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


MELCHIOR CDO: Fitch Upgrades Combination Debt Rating to B+
----------------------------------------------------------
Fitch Ratings upgraded Melchior CDO I S.A.'s combination notes
to B+ from B and withdrawn its Distressed Recovery Rating DR3.

All other classes are affirmed as:

   -- Class A floating-rate notes: AAA;
   -- Class B-1 floating-rate notes: A-;
   -- Class B-2 fixed-rate notes: A-;
   -- Class C-1 floating-rate notes: BB+;
   -- Class C-2 fixed-rate notes: BB+; and
   -- Class D fixed-rate notes: B and DR1.

The EUR4 million combination notes are made up of 50% Class D
and 50% unrated subordinated notes.  Their rating reflects
ultimate principal only.  The upgrade follows the pay-down of
54.2% of the original notional of the combination notes.  At the
B+ rating level, Fitch does not assign a Distressed Recovery
Rating and therefore the DR3 is withdrawn.  The DR1 on the Class
D reflects outstanding recovery prospects in the event of
default.

In July 2001, Melchior CDO I S.A., a limited liability company
organized under the laws of Luxembourg, issued EUR400 million of
various Classes of fixed- and floating-rate notes and invested
the proceeds in a portfolio of sub-investment grade debt
securities.

Currently, the transaction has suffered eight defaults with a
total par value of EUR32.7 million, representing approximately
9.8% of the original total collateral balance.  One of these
defaulted names is still in the current portfolio.

Nevertheless, the credit quality of the portfolio remains fairly
stable since the review in July 2005, with a Fitch current
weighted average rating of 25.49 versus 26.51 at the July 2005
review, both corresponding to a B+/B rating.

The transaction passed the interest coverage tests and par value
tests for all Classes of notes, except the minimum par value
test.  However, it has failed the weighted average Fitch factor,
minimum weighted average spread, industry concentration and a
number of concentration limits, namely the CCC+ or below bucket,
percentage of fixed issues and second highest single obligor.

However, there remains sufficient credit enhancement for all
rated notes to withstand Fitch's stress tests at their rating
levels.


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


EFES BREWERIES: Starts Working on Eurobond Issue
------------------------------------------------
Citigroup Global Markets Limited and HSBC Bank plc, acting as
the Joint Bookrunners for Efes Breweries International N.V.,
have started to work on the company's Eurobond issue.

The Eurobond issue is part of the debt finance package designed
by Efes and Anadolu.

On Feb. 14, Efes Breweries International N.V. and its 70%
majority shareholder Anadolu Efes Biracylyk ve Malt Sanayi A.S.
jointly mandated Citibank N.A. and Citigroup Global Markets
Limited and HSBC Bank Plc, collectively, for a US$500 million
debt finance package.

On Feb. 17, a Bridge Facility Agreement was executed among EBI,
Citibank N.A., HSBC Bank plc and Anadolu, as guarantor.  The
Bridge Facility provides a utilization amount of up to US$500
million.  This Bridge Facility was sourced within the framework
of the debt finance package.  The company planned to repay the
credit within 2006 by means of various alternative financial
instruments.

Headquartered in Netherlands, Efes Breweries International N.V.
-- http://www.efesholland.nl/-- is a leading brewing group in
the countries in which it operates across the Commonwealth of
Independent States, Eastern Europe and the Balkans, and in
particular has a strong presence in Russia.  Currently it
markets and sells beer products in the Russian Federation,
Kazakhstan, Moldova, Romania, and Serbia & Montenegro and has
nine breweries in total.

The Company is a majority-owned subsidiary of Anadolu Efes
Biracilik ve Malt Sanayii A. S., which is the leading brewer in
Turkey and is listed on the Istanbul Stock Exchange.  Anadolu
Efes, together with its direct and indirect subsidiaries and
affiliates, produces and markets beer, bottled water, malt and
soft drinks, including Coca-Cola trademark beverages across
Turkey, Eastern Europe, the Balkans and the CIS.

                        *     *     *

As reported by TCR-Europe on Feb. 21, Fitch Ratings kept the
BBB- Local Currency IDR of the Turkish brewer Anadolu Efes
Biracilik ve Malt Sanayii A.S. on Rating Watch Negative.  Its
International Foreign Currency IDR stayed at BB- with a Positive
Outlook.


INVISTA BV: Moody's Upgrades Corporate Family Rating to Ba2
-----------------------------------------------------------
Moody's Investors Service upgraded INVISTA B.V.'s corporate
family rating to Ba2 from Ba3.

Moody's also upgraded to Ba2 from Ba3 the ratings on INVISTA
S.A.R.L.'s credit facilities and term loans and upgraded to Ba3
from B1 the rating on ISARL's guaranteed senior notes due 2012.
IBV is the parent holding company for ISARL, and IBV guarantees
the credit facilities of ISARL.  Moody's also affirmed IBV's
speculative grade liquidity rating at SGL-2 reflecting strong
cash balances, good availability under its revolver, a favorable
debt maturity profile and the expectation of strong headroom
under its existing bank covenants.  The rating outlook is
stable.

The upgrade in the corporate family rating to Ba2 reflects
Moody's belief that the successful integration and cost saving
initiatives completed by management, post IBV's acquisition,
April 2004, of DuPont Textiles & Interiors' assets, have
resulted in a sustained improvement in retained cash flow.  This
improvement in cash flow when combined with modest debt
reduction has resulted in credit metrics that support the higher
ratings.  In addition Moody's believes that IBV's business
profile combined with its size and relative stability support
the upgrade.  Limiting factors to the rating include the need to
assess the unique margin pressures on IBV's ongoing businesses
particularly in the spandex segment.

Moody's notes that but for the very successful and considerable
cost saving initiatives that management has achieved IBV's
adjusted EBITDA would be materially smaller.  Nevertheless the
strength and success of the cost savings is decidedly
significant.  Moody's Ba2 corporate family ratings also reflects
some caution regarding potential acquisitions that management
might decide to pursue now that a large portion of their
integration efforts are complete.  In light of these factors,
Moody's will monitor both INVSTA's performance with respect to
improvement in credit metrics and its actions with regard to
potential acquisitions before another upgrade is considered.

Moody's previous rating action on IBV was the upgrade of the
speculative grade liquidity rating to SGL-2 from SGL-3 on the
8th of April 2005.

Upgrades:

INVISTA B.V.

   -- Corporate Family Rating, Upgraded to Ba2 from Ba3

INVISTA S.A.R.L.

   -- Senior Secured Bank Credit Facility, Upgraded to Ba2 from
      Ba3;

   -- Senior Unsecured Notes, Upgraded to Ba3 from B1;

Affirmations:

INVISTA B.V.

   -- Speculative Grade Liquidity Rating -- SGL-2.

Headquartered in the Netherlands, INVISTA B.V. produces chemical
intermediates, polymers and fibers for use in the manufacture of
nylon, spandex, and polyester products.  The company's revenues
were US$9.6 billion in 2005.


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


ENGINEERING FOUNDING: Bankruptcy Hearing Slated for June 15
-----------------------------------------------------------
The Arbitration Court of Voronezh Region will convene on June 15
at 10:00 a.m. at:

         Room 601
         Srednemoskovskaya Str. 77
         Voronezh Region, Russia

to hear the bankruptcy supervision procedure on CJSC Factory of
Engineering Founding (Case no. A14-27220-2005/184/20b).

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

         Post User Box 28
         394077, Voronezh Region, Russia

The Debtor can be reached at:

         Chebysheva Str. 13
         Voronezh Region, Russia


OAO ROSNEFT: Reports 18.9 Billion BOE in Total Proved Reserves
--------------------------------------------------------------
OAO Rosneft disclosed the results of the annual independent
audit of its oil and gas reserves prepared by DeGolyer &
MacNaughton.

As of Dec. 31, 2005, Rosneft's estimated net proved reserves
totaled 18.9 billion barrels of oil equivalent (boe), of which
include 14.9 billion barrels (2.05 bln tons) are liquids and
24.4 trillion cubic feet (691 billion cubic meters) are gas
according to the SPE classification.

Rosneft's probable and possible reserves were estimated by
DeGolyer & MacNaughton at 10.9 and 9.8 billion barrels of oil
equivalent (boe) respectively, which include 8.3 billion barrels
of oil and 15.7 trillion cubic feet of gas of probable reserves
and 7.2 billion barrels of oil and 15.4 trillion cubic feet of
gas of possible reserves, according to the SPE classification.

DeGolyer & MacNaughton has identified expected values of
prospective resources for a number of Rosneft's ongoing
exploration projects, including the Sakhalin offshore projects,
the West Kamchatka continental shelf, acreages in the vicinity
of Vankor field (Krasnoyarsk region), among others.

Expected values of prospective resources after taking into
account the probability of geological success were estimated by
DeGolyer & MacNaughton to be at 7.7 billion barrels of oil
equivalent (boe) (Rosneft's share), which include 7.2 billion
barrels of oil and 2.8 trillion cubic feet of gas.

Rosneft expects that through successful exploration and
development of these world-class projects these prospective
resources will be converted into proved, probable and possible
reserves over time.

Rosneft's total reserves comprise 100% of the reserves owned by
Rosneft's consolidated subsidiaries and Rosneft's net share of
affiliates' reserves.

A key priority of the company currently consists of raising its
oil and gas production to such a level consistent with its
leading global ranking in reserves.

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

                        *     *     *

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


RASSVET: Court Names Y. Paramonov to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Chuvashiya Republic appointed Mr.
Y.Paramonov as temporary insolvency manager for Industrial
Enterprise Rassvet (Case no. A79-16904/2005).

The Court has commenced bankruptcy supervision procedure on the
company.

The Debtor can be reached at:

         Urmarskiy Region
         Chuvashiya Republic, Russia


REM-TEKH-ENTERPRISE: Creditors Must Submit Claims by May 18
-----------------------------------------------------------
Creditors of OJSC Rem-Tekh-Enterprise (Case No. A-28-181/05-
199/20) have until May 18 to submit written proofs of claim to
court-appointed insolvency manager Mr. Y. Sherstnev:

         Zakhvataeva, 2319
         Kirov Region, Russia

The Arbitration Court of Kirov Region commenced bankruptcy
proceedings against the company after finding it insolvent.

The Arbitration Court of Kirov Region is located in:

         K. Libknekhta Str. 102
         Kirov Region, Russia

The Debtor can be reached at:

         Selskaya Str. 2
         Falyeki
         Kirov Region, Russia


SEL-STROY: Court Names A. Kokorin as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
A. Kokorin as insolvency manager for OJSC Sel-Stroy (Case No.
A43-18046/2005, 24-323).  He can be reached at:

         Torgovaya Str. 14
         603001, Nizhniy Novgorod Region, Russia

The Court commenced bankruptcy proceedings against OJSC Sel-
Stroy after finding it insolvent.

The Arbitration Court of Nizhniy Novgorod Region is located in:

         Kremlin 9
         603082, Nizhniy Novgorod Region, Russia

The Debtor can be reached at:

         Ardatov, Lenina Str. 65
         607130, Nizhniy Novgorod Region, Russia


SIBUR-WEST SIBERIA: Kemerovo Court Opens Bankruptcy Proceedings
---------------------------------------------------------------
The Arbitration Court of Kemerovo Region commenced bankruptcy
proceedings against CJSC Sibur-West Siberia (Case no. A27-
40812/2005-4) after finding it insolvent.

Mr. M. Galimov has been appointed insolvency manager and can be
reached at:

         Mira Str. 8p
         Nizhnevartovsk
         628616, Khanty-Mansiyskiy Autonomous Region, Russia

The Debtor can be reached at:

         Mira Str. 8p
         Nizhnevartovsk
         628616, Khanty-Mansiyskiy Autonomous Region, Russia


SOLNTSEVSKOYE: Creditors' Claim Due May 18
------------------------------------------
Creditors of CJSC Solntsevskoye (TIN 6508005850) have until
May 18 to submit written proofs of claim to court-appointed
insolvency manager Mr. V. Semenyak at:

         Post User Box 10/2
         Uglegorsk
         694900, Sakhalin Region, Russia

The Arbitration Court of Sakhalin Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A59-4623/05-S12.

The Debtor can be reached at:

         CJSC Solntsevskoye
         Lenina Str. 16-A
         Shakhersk
         Uglegorodskiy Region
         694910, Sakhalin Region, Russia


STROY-PROM-SERVICE: Creditors Must Submit Claims by May 18
----------------------------------------------------------
Creditors of CJSC Stroy-Prom-Service (Case No. A-75-9461/2005)
have until May 18 to submit written proofs of claim to court-
appointed insolvency manager Mr. M. Galimov at:

         Post User Box 1266
         Nizhnevartovsk-16
         628616, Khanty-Mansiyskiy Autonomous Region
         Russia
         Tel/Fax: 24-87-86

The Arbitration Court of Khanty-Mansiyskiy Autonomous Region
commenced bankruptcy proceedings against the company after
finding it insolvent.

The Debtor can be reached at:

         CJSC Stroy-Prom-Service
         Post User Box 1266
         Nizhnevartovsk-16
         628616, Khanty-Mansiyskiy Autonomous Region, Russia
         Tel/Fax: 24-87-86


YARANSKIY MECHANICAL: Court Opens Bankruptcy Process
----------------------------------------------------
The Arbitration Court of Kirov Region commenced bankruptcy
proceedings against OJSC Yaranskiy Mechanical Factory and Co.
(TIN 4339005680) after finding it insolvent.  The case is
docketed under Case No. A28-147/05-174/20.

Ms. O. Koroleva has been appointed insolvency manager and can be
reached at:

         Sormovskaya Str. 38a
         610044, Kirov Region, Russia

The Debtor can be reached at:

         OJSC Yaranskiy Mechanical Factory and Co.
         Rudnitskogo Str. 52
         Yaransk
         612260, Kirov Region, Russia


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


INVISTA SARL: Moody's Upgrades Group, Parent's Ratings
------------------------------------------------------
Moody's Investors Service upgraded INVISTA B.V.'s corporate
family rating to Ba2 from Ba3.

Moody's also upgraded to Ba2 from Ba3 the ratings on INVISTA
S.A.R.L.'s credit facilities and term loans and upgraded to Ba3
from B1 the rating on ISARL's guaranteed senior notes due 2012.
IBV is the parent holding company for ISARL, and IBV guarantees
the credit facilities of ISARL.  Moody's also affirmed IBV's
speculative grade liquidity rating at SGL-2 reflecting strong
cash balances, good availability under its revolver, a favorable
debt maturity profile and the expectation of strong headroom
under its existing bank covenants.  The rating outlook is
stable.

The upgrade in the corporate family rating to Ba2 reflects
Moody's belief that the successful integration and cost saving
initiatives completed by management, post IBV's acquisition,
April 2004, of DuPont Textiles & Interiors' assets, have
resulted in a sustained improvement in retained cash flow.  This
improvement in cash flow when combined with modest debt
reduction has resulted in credit metrics that support the higher
ratings.  In addition Moody's believes that IBV's business
profile combined with its size and relative stability support
the upgrade.  Limiting factors to the rating include the need to
assess the unique margin pressures on IBV's ongoing businesses
particularly in the spandex segment.

Moody's notes that but for the very successful and considerable
cost saving initiatives that management has achieved IBV's
adjusted EBITDA would be materially smaller.  Nevertheless the
strength and success of the cost savings is decidedly
significant.  Moody's Ba2 corporate family ratings also reflects
some caution regarding potential acquisitions that management
might decide to pursue now that a large portion of their
integration efforts are complete.  In light of these factors,
Moody's will monitor both INVSTA's performance with respect to
improvement in credit metrics and its actions with regard to
potential acquisitions before another upgrade is considered.

Moody's previous rating action on IBV was the upgrade of the
speculative grade liquidity rating to SGL-2 from SGL-3 on the
8th of April 2005.

Upgrades:

INVISTA B.V.

   -- Corporate Family Rating, Upgraded to Ba2 from Ba3

INVISTA S.A.R.L.

   -- Senior Secured Bank Credit Facility, Upgraded to Ba2 from
      Ba3;

   -- Senior Unsecured Notes, Upgraded to Ba3 from B1;

Affirmations:

INVISTA B.V.

   -- Speculative Grade Liquidity Rating -- SGL-2.

INVISTA B.V. is headquartered in the Netherlands.  IBV is one of
the world's leading producers of chemical intermediates,
polymers and fibers for use in the manufacture of nylon,
spandex, and polyester products.  The company's revenues were
US$9.6 billion in 2005.


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


ANADOLU EFES: Standard & Poor's Assigns BB Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
corporate credit rating to the Turkish-based beverage group
Anadolu Efes Biracilik ve Malt Sanayii AS (AEfes).  The outlook
is stable.

"The rating reflects AEfes' business exposure to volatile
markets and currencies, as well as the group's lack of track
record in sustaining a high dividend flow from its Russian
operations," said Standard & Poor's credit analyst Vincent
Allilaire.

The group's operations in Russia are currently facing a
significant integration task and toughening market conditions.
The ratings on AEfes are also constrained by the cash leakage
caused by the part-ownership of its main subsidiaries.

"These factors are mitigated, however, by the group's dominant
position in the established, although slow-growing, Turkish beer
market, which underpins its strong and resilient free cash flow
generation," added Mr. Allilaire.  "The ratings are further
supported by the group's increasing diversification through its
growing international beer operations and its majority ownership
of a large Coke bottler."

AEfes' dominant domestic position and superior profitability
(with a 38% EBITDA margin, on US$570 million of sales in 2005)
are underpinned by its strong brand recognition; the mostly
returnable nature of beer packaging, which entails strong
barriers to entry and high profitability; and its price
leadership position.  The group's international beer operations
are handled by its London-listed, 70%-owned subsidiary Efes
Breweries International (EBI).

EBI sales are expected to exceed US$700 million in 2006, with a
stable 20% EBITDA margin.  About 85% of EBI's profits (and a
larger share of its cash flows over the medium term) are derived
from its Russian operations.  Following the purchase of a local
competitor, EBI has solidified its challenger position in a
maturing market dominated by international brewers, in which it
holds a 10% share.

AEfes' cash generation is resilient and strong, albeit somewhat
limited by its concentration on Turkish operations.  Standard &
Poor's expects the group's profitability to remain broadly
stable at the 2006 level, as the steadily growing profits from
beer in Turkey continue to be diluted by the lower-profits, but
faster growing, international beer and Coke operations.  The
group is expected to deleverage from its current less than 2x
net debt to EBITDA, although this deleveraging is likely to be
constrained over time by further opportunistic acquisitions.
AEfes' development is expected to remain focused, geographically
and operationally.

The ratings could be raised if the group's Russian operations
demonstrate successful integration of recently acquired assets
and if there is further growth in this maturing market, allowing
for sustainable high cash-flow repatriation to the group.  The
ratings might come under pressure should the group's leverage
increase materially above 2x net debt to EBITDA, due to
performance or acquisitions.


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


ENERGY-CONTACT: Kyiv Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against Energy-Contact (code EDRPOU 23733314) on
March 24 after finding it insolvent.   The case is docketed
under Case No. 21/724.

Linkevich Oleg has been appointed Liquidator/Insolvency Manager
and can be reached at:

         Pirogov Str. 73a/132
         Vinnitsya Region, Ukraine
         Tel: 157-98-38

The Economic Court of Kyiv Region is located in:

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

The Debtor can be reached at:

         Energy-Contact
         Office 69
         Klovskij Uzviz 9/2
         Kyiv Region, Ukraine


GALPROMEXPOCENTER: Lviv Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
supervision procedure on LLC Galpromexpocenter (code EDRPOU
33394625).  The case is docketed under Case No. 6/22-8/38.

Mr. E. Dzhala has been appointed temporary insolvency manager
and can be reached at:

         Nizhinska Str. 16/41
         79010 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:

         LLC Galpromexpocenter
         Pidstavska Str. 1
         Zavodske
         Buskij District
         Lviv Region, Ukraine


HODORIV' MEAT: Lviv Court Names Yaroslav Kechmarik as Liquidator
----------------------------------------------------------------
The Economic Court of Lviv Region appointed Yaroslav Kechmarik
as Liquidator/Insolvency Manager for Private Company Hodoriv'
Meat Processing Enterprise (code EDRPOU 31417294).  He can be
reached at:

         Sadova Str. 23/20
         Lviv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
on Jan. 11 after finding it insolvent.  The case is docketed
under Case No. 6/297-29/393.

The Economic Court of Lviv Region is located in:

         Lichakivska Str. 81
         79010 Lviv Region, Ukraine

The Debtor can be reached at:

         Hodoriv' Meat Processing Enterprise
         Shevchenko Str. 128
         Hodoriv
         Zhidachivskij District
         81750 Lviv Region, Ukraine


PETROVETS: Herson Court Freezes Debt Payment
--------------------------------------------
The Economic Court of Herson Region commenced bankruptcy
supervision procedure on Petrovets (code EDRPOU 22760438) on
Feb. 13 and ordered a moratorium on satisfaction of creditors'
claims.  The case is docketed under Case No. 6/54-B-06.

Leonid Galka has been appointed temporary insolvency manager and
can be reached at:

         Vijskovij Avenue 6, 2-nd floor
         73000 Herson Region, Ukraine

The Economic Court of Herson Region is located in:

         Gorkij Str. 18
         73000 Herson Region, Ukraine

The Debtor can be reached at:

         Petrovets
         Tiraspilska Str. 1
         73000 Herson Region, Ukraine


REMSERVICE: Rivne Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Rivne Region commenced bankruptcy
proceedings against Remservice (code EDRPOU 30032733) on
Dec. 26, 2005, after finding it insolvent.  The case is docketed
under Case No. 4/55.

Dubrovitska State Tax Inspection has been appointed Liquidator.

The Economic Court of Rivne Region is located in:

         Yavornitski Str. 59
         33001 Rivne Region, Ukraine

The Debtor can be reached at:

         Remservice
         Centralna Str.
         Mutvitsya
         Zarichnenskij District
         34000 Rivne Region, Ukraine


SANDMARKET-HOLDING: Court Names Sergij Simonenko as Liquidator
--------------------------------------------------------------
The Economic Court of Sevastopol appointed Sergij Simonenko as
Liquidator/Insolvency Manager for LLC Sandmarket-Holding (code
EDRPOU 30816721).  He can be reached at:

         AR Krym Region, Ukraine Sevastopol
         Vasil Kuchera Str. 13/6

The Court commenced bankruptcy proceedings against the company
on March 13 after finding it insolvent.  The case is docketed
under Case No. 20-7/868-4/204-7/1269/076.

The Economic Court of Sevastopol is located in:

         Pavlichenko Str. 5
         Sevastopol
         99011, AR Krym Region, Ukraine

The Debtor can be reached at:

         LLC Sandmarket-Holding
         Kulakov Str. 84
         Sevastopol
         99011 AR Krym Region, Ukraine


UKRENERGOECOLOGY: Kyiv Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on OJSC Ukrenergoecology (code EDRPOU
14281356).  The case is docketed under Case No. 44/11b-06.

Mr. U. Bilik has been appointed temporary insolvency manager and
can be reached at:

         Ahmatova Str. 13-b/67
         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:

         OJSC Ukrenergoecology
         Promislova Str. 6
         Ukrainka
         Obuhiv District
         08720 Kyiv Region, Ukraine


WEST-CRIMEAN ELEVATOR: Court Taps Temporary Insolvency Manager
--------------------------------------------------------------
The Economic Court of AR Krym Region appointed Oleksandr
Martinenko as temporary insolvency manager for West-Crimean
Elevator (code EDRPOU 31001863).  He can be reached at:

         Obolonskij Avenue 28/270
         Kyiv Region, Ukraine

The Court commenced bankruptcy supervision procedure on the
company on March 13.  The case is docketed under Case No. 2-
26/4543-2006.

The Economic Court of AR Krym Region is located in:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region, Ukraine

The Debtor can be reached at:

         West-Crimean Elevator
         Vinogradna Str. 1
         Yevpatoriya
         97402 AR Krym Region, Ukraine


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


ABBEY CONTRACTORS: Sets June 10 Claims Bar Date
-----------------------------------------------
Creditors of Abbey Contractors Limited agreed to wind up the
company's operations during an extraordinary general meeting on
March 10.

Appointed Joint Liquidators, Paul Finity and Peter A. Blair, of
Begbies Traynor, require 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
June 10.

The company can be reached at:

         Abbey Contractors Limited
         Haydock Park Road
         Derby Derbyshire DE2 48HT
         United Kingdom
         Tel: 01332 291 646
         Fax: 01332 370 825


ABLE FABRIC: Creditors Resolve to Wind Up Operations
----------------------------------------------------
Able Fabric Care Limited is liquidating its assets after
creditors resolved to wind up the company on March 16.

Mark Peter George Roach and Graham David Randall, both of BDO
Stoy Hayward LLP, will jointly administer the winding up
proceedings.

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

The company can be reached at:

         Able Fabric Care Limited
         8 Unity Street
         Bristol BS1 5HH
         United Kingdom
         Tel: 0117 311 0055


ARTHUR WALTON: Financial Woes Prompt Winding Up Process
-------------------------------------------------------
Arthur Walton Transport Limited is voluntarily winding up its
operations after creditors established the company could no
longer continue its business due to mounting debts.

Anthony Alan Josephs and Linda Ann Farish, both of RMT, were
appointed Joint Liquidators.

The company can be reached at:

         Arthur Walton Transport Limited
         The Old Chapel Garage East
         Hedley Hope
         County Durham DL13 4PR
         United Kingdom
         Tel: 01388 730 398


BNB PHARMA: Taps Bijal Shah to Liquidate Assets
-----------------------------------------------
Bijal Shah, of ShaSens, was appointed Liquidator after creditors
of BNB Pharma Limited passed a resolution to wind up the company
on March 15.

The company can be reached at:

         BNB Pharma Limited
         2 Orchard Road
         Welling Kent DA161QG
         United Kingdom
         Tel: 020 7703 6688


BINNS & CO: Hires Joint Administrators from Fisher Partners
-----------------------------------------------------------
Stephen M. Katz and David Birne of Fisher Partners were
appointed joint administrators of Binns & Co PR Limited (Company
Number 04667707) on April 27.

The administrators can be contacted at:

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

Binns & Co. PR Ltd. -- http://www.binnspr.co.uk/-- is one of
the U.K.'s leading financial communications consultancies based
in the City of London with affiliates in Bristol, York and
Edinburgh, and international affiliates across the world through
its membership of The Worldcom Group, one of the world's largest
networks of independently-owned Public Relations agencies.


BUCKFASTLEIGH COMMERCIALS: Appoints Marriotts LLP Administrator
---------------------------------------------------------------
Anthony Harry Hyams of Marriotts LLP was appointed administrator
of Buckfastleigh Commercials Limited (Company Number 02880798).

The administrator can be contacted at:

         Marriotts LLP
         Allan House
         10 John Princes Street
         London W1G 0JW
         United Kingdom
         Tel: 020 7495 2348

Headquartered in Exeter, England, Buckfastleigh Commercials
Limited is engaged in motor maintenance and repair.


CALL CENTRE: Appoints Administrator from Begbies Traynor
--------------------------------------------------------
Peter Sargent of Begbies Traynor was named administrator of Call
Centre Support Ltd. (Company Number 03617188) on April 25.

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.

Located in Bradford West Yorkshire, Call Centre Support Ltd. --
http://www.callcentresupport.co.uk/-- provides an advanced
contact center support service offering cost, time and
efficiency benefits to help ensure clients achieve maximum
performance.


D.E.I. ELECTRICAL: Brings In Administrators from Kroll Limited
--------------------------------------------------------------
Charles Peter Holder and Stuart Charles Edward Mackellar of
Kroll Limited were appointed joint administrators of D.E.I.
Electrical Services Limited (Company Number 00533521) on May 2.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.

D.E.I Electrical Services Limited can be reached at:

         Dunslow Rd
         Eastfield
         Scarborough YO11 3UT
         United Kingdom
         Tel: 01723 581515


EUROTUNNEL PLC: Converts Resettable Advances to Bonds
-----------------------------------------------------
The Joint Board of Eurotunnel S.A. and Eurotunnel plc decided on
Sept. 28 2005, not to convert the Stabilization Advances and
Notes into Units and voted on March 21 to convert the Resettable
and Stabilisation Advances into bonds.

As a consequence, on May 15 Eurotunnel converted the Resettable
Advances into Bonds and the Stabilization Advances into Notes.

France Manche issued 445,416 Resettable Bonds and 297,126
Stabilisation Notes.  Eurotunnel Finance Ltd issued 158,889
Resettable Bonds and 197,809 Stabilisation Notes.

Eurotunnel already has Participating Loan Notes, quoted in
Luxembourg.

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

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

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


EQUITABLE LIFE: S&P Lifts Junk Jr. Subordinated Debt Rating to B
----------------------------------------------------------------
Standard & Poor's Ratings Services raised the long-term
counterparty credit rating on U.K.-based life insurer The
Equitable Life Assurance Society to 'BB' from 'B+'.

The outlook is stable.  At the same time, Standard & Poor's
raised its junior subordinated debt rating on Equitable Life
Finance PLC to 'B' from 'CCC+'.

The upgrade of Equitable Life reflects the expected transfer of
most of the society's nonparticipating payout annuity
liabilities to Canada Life Ltd. U.K. in exchange for a premium
of GBP4.6 billion, which will not negatively affect the
available capital resources or excess realistic assets of
Equitable Life.  Initially, the transaction will take the form
of reinsurance, with credit exposure to Canada Life removed by
the transfer of liabilities before the end of 2007.  Equitable
Life will retain about GBP1.7 billion of with-profits payout
annuity liability reserves, in addition to an unspecified amount
of nonparticipating annuities.

"This transaction will significantly reduce the longevity
exposure of the fund, a risk that is increasing as the fund
matures," said Standard & Poor's credit analyst Andrew Hughes.

In addition, the realistic balance sheet had future profits of
GBP239 million prior to the transaction, which related mainly to
the non-participating annuity liabilities and release of the
associated regulatory solvency margin.

Standard & Poor's expects a regulatory release of about GBP150
million, based on a policy count of 130,000 transferred policies
out of the total 140,000.  Also, a regulatory solvency capital
release of about GBP185 million will be realized following the
transfer of business.  Approximately one-third of this amount
will be realized immediately due to the reinsurance.  There is
not expected to be a material capital benefit on the realistic
balance sheet, however, as this already allows for the expected
future profits on the annuity business.

The rating on Equitable Life continues to reflect the society's
marginal capitalization, limited flexibility to manage its
balance sheet, and marginal operating performance.  Partially
offsetting these weaknesses are the society's relatively low-
risk investment profile and the de-risking progress made by
management.  Equitable Life is a closed life insurer, with
GBP15.5 billion of assets at year-end 2005.

The stable outlook reflects the actions already taken by
management, which have improved stability and reduced
uncertainties.

Equitable Life is expected to continue to manage down risks,
although the rating will not be raised further in the near term.
Standard & Poor's expects management to continue reducing the
risks associated with provisions outstanding and further reduce
interest costs by repaying the remaining subordinated debt on
the call date in 2007.  A material improvement in longevity,
decline in interest rates below 3.5%, or poor returns on
Equitable Life's risk assets could result in negative rating
actions, however.


FRANK REDFERN: Bookmakers Tap Marriotts LLP Administrator
---------------------------------------------------------
Anthony Harry Hyams of Marriotts LLP was appointed administrator
of Frank Redfern Limited (Company Number 03493041).

The administrator can be reached at:

         Marriotts LLP
         Allan House
         10 John Princes Street
         London W1G 0JW
         United Kingdom
         Tel: 020 7495 2348

Headquartered in Exeter, England, Frank Redfern Limited is
engaged in bookmaking.


FRESHLY MADE: Creditors Agree to Liquidation
------------------------------------------
Creditors of Freshly Made (Northern) Limited agreed to liquidate
the company's assets during an extraordinary general meeting on
March 16.

Andrew James Nichols, of Redman Nichols, was appointed
Liquidator.

The company can be reached at:

         Freshly Made (Northern) Limited
         Park Street
         Messingham Scunthorpe
         South Humberside DN17 3RU
         United Kingdom
         Tel: 01724 844 488


GAMING & ENTERTAINMENT: Auditor Raises Going Concern Doubt
----------------------------------------------------------
J. H. Cohn LLP in Roseland, New Jersey, raised substantial doubt
about Gaming & Entertainment Group, Inc.'s ability to continue
as a going concern after auditing the Company's consolidated
financial statements for the year ended Dec. 31, 2005.

The auditor pointed to the Company's recurring losses, negative
working capital, and accumulated and stockholders' deficiencies.
The Company reported a US$1,472,609 net loss on US$1,274,819 of
total revenues for the year ended Dec. 31, 2005.

At Dec. 31, 2005, the Company's balance sheet showed US$637,507
in total assets and US$1,833,328 in total liabilities, resulting
in a US$1,195,821 stockholders' deficit.

The Company's Dec. 31 balance sheet also showed strained
liquidity with US$212,460 in total current assets available to
pay US$669,683 in total current liabilities coming due within
the next 12 months.

A full-text copy of the Company's 2005 Annual Report is
available for free at http://ResearchArchives.com/t/s?937

Gaming & Entertainment Group, Inc., has two wholly owned
operating subsidiaries, Gaming & Entertainment Technology Pty
Ltd., a company formed under the laws of Australia, and Gaming &
Entertainment Group, Ltd., a company formed under the laws of
the United Kingdom.  The Company supplies government-regulated
networked gaming technology.  The Company built a comprehensive
networked gaming platform that has passed multiple government
prescribed validations in Australia (Tasmania and Queensland),
Republic of Vanuatu and Great Britain (Alderney and the Isle of
Man).


GREYLANDS WASTE: Hires Begbies Traynor to Administer Assets
-----------------------------------------------------------
David P. Hudson and Mark R. Fry, both of Begbies Traynor (South)
LLP were appointed joint administrator of Greylands Wasted
Limited (Company Number 02714501) on April 21.

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

Headquartered in Barking, England, Greylands Waste Ltd. recycles
crushed concretes.


HEALTH TEC: Appoints Joint Administrators from Unity Business
-------------------------------------------------------------
Matthew Colin Bowker and Suzanne Payne of Unity Business
Services LLP were appointed joint administrators of Health Tec
Services Limited (Company Number 04174650) on April 28.

The administrators can be reached at:

         Unity Corporate Recovery and Insolvency
         Clive House, Clive Street
         Bolton
         Lancashire BL1 1ET
         United Kingdom
         Tel: 01204 395000
         Fax: 01204 383999
         E-mail: matthewbowker@ubsg.co.uk

Headquartered in Sheffield, England, Health Tec Services Limited
wholesales medical equipment and supplies.


HOT SPOT: Advertisers Tap Begbies Traynor to Administer Assets
--------------------------------------------------------------
David Hill and John Wynn Davies of Begbies Traynor were
appointed joint administrators of Hot Spot Marketing (U.K.)
Limited (Company Number 4916872) on April 24.

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

Headquartered in Cardiff, Wales, Hot Spot Marketing (U.K.)
Limited provides advertising services.


INFOVISION SYSTEMS: Appoints Begbies Traynor Administrators
-----------------------------------------------------------
Peter A. Blair and Richard A. B. Saville of Begbies Traynor were
appointed joint administrators of Infovision Systems Limited
(Company Number 03402294) on May 4.

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

Headquartered in Derby, England, Infovision Systems Limited is
engaged in software development.


J.L. FRENCH: Court Approves Second Amended Disclosure Statement
---------------------------------------------------------------
The Honorable Mary F. Walrath of the U.S. Bankruptcy Court for
the District of Delaware approved on May 12 the Second Amended
Disclosure Statement explaining the Second Amended Plan of
Reorganization filed by J.L. French Automotive Castings, Inc.,
and its debtor-affiliates.

Judge Walrath determined that the Disclosure Statement contained
adequate information -- the amount of the right kind of
information necessary allow creditors to make an informed
decision -- as required under Section 1125 of the Bankruptcy
Code.

Beginning today, the Debtors will begin soliciting acceptances
of the Plan of Reorganization from impaired classes of
creditors.  All votes will be due by June 14, and the rights
offering will commence within a week after that.  Concurrent
with the solicitation of plan acceptances, the company will also
conduct its rights offering, which is expected raise between
US$110 million and US$130 million.  The company anticipates a
confirmation hearing on June 21 with a plan effective date on or
about June 30.

                        Terms of the Plan

The Plan calls for the substantive consolidation of all the
Debtors.  The Plan incorporates the terms of a settlement
between the company, the official committee of unsecured
creditors and the second lien agent, on behalf of the required
backstop parties.

The Plan calls for the repayment in full of secured claims
amounting to US$7.7 million and the first lien debt totaling
approximately US$294 million.  All classes related to the
payment of debtor-in-possession financing claims, administrative
expenses, priority claims and capital leases and other secured
claims will be paid in full.

Under the Plan, the second lien notes claims, which total
approximately US$177 million, will be converted into 8%-22% of
the new common stock and three tranches of warrants for new
common stock in the reorganized company.  The warrants will have
strike prices ranging from US$195 million to US$295 million in
equity value.

Holders of second lien notes claims may also participate in a
Rights Offering that will raise between US$110 million and
US$130 million in exchange for 78%-92% of the new equity.  This
cash will help finance the reorganized company's exit from
Chapter 11.

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

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

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

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

                     Terms of the Settlement

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

A full-text copy of the Second Amended Disclosure Statement is
available for a fee at:

   http://www.researcharchives.com/bin/download?id=060516220019

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

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

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


MISYS PLC: Transfers 18,333 Shares to Scheme Participants
---------------------------------------------------------
Misys plc transferred 18,333 ordinary shares on May 12 to
participants in its employee share schemes at a price of 178
pence per share.  The shares were all formerly held as treasury
shares.

Following the transfer of shares out of Treasury, Misys plc
holds a total of 52,398,644 ordinary shares in Treasury.  The
total number of ordinary shares in issue, excluding Treasury
shares, is 499,328,392.

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

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


RANK GROUP: Repurchases 1,250,000 Shares for Cancellation
---------------------------------------------------------
The Rank Group Plc purchased back 1,250,000 ordinary shares of
10 pence in the Company on May 15 for cancellation at an average
price of 219.64 pence per share.

Headquartered in London, Rank Group PLC -- http://www.rank.com/
-- is an international leisure and entertainment company.  The
Group provides services to the film industry, including film
processing, video duplication and cinema exhibition.  The
Group's leisure and entertainment activities entail gambling
services, encompassing Mecca Bingo Clubs and Grosvenor Casinos,
and owned and franchises Hard Rock cafes.

                        *     *     *

As reported in the TCR-Europe on March 8 Moody's Investors
Service assigned a Ba2 corporate family rating to The Rank Group
Plc and concurrently downgraded the senior unsecured long-term
debt ratings of Rank Group Finance Plc (guaranteed by The Rank
Group Plc) to Ba2 (from Baa3).

At the same time, Fitch Ratings downgraded The Rank Group PLC's
Long-term Issuer Default rating and Senior Unsecured ratings to
BB- from BB+ and removed them from Rating Watch Negative.  A
Negative Outlook is assigned.  The Short-term rating is affirmed
at B.  The downgrade follows the disposal of its film processing
business, Deluxe Film, and confirmation of a return of capital
to shareholders announced in conjunction with its 2005
preliminary results.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.  S&P said the outlook is stable.


UKAE LIMITED: Hires Deloitte & Touche Joint Administrators
----------------------------------------------------------
David John Langton, Andrew Philip Peters and Dominic Lee Zoong
Wong of Deloitte & Touche LLP were appointed joint
administrators of UKAE Limited (Company Number 02114773) on
April 27.

Headquartered in London, Deloitte & Touche LLP --
http://www.deloitte.com/-- is the United Kingdom member firm of
Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are
separate and independent legal entities.  It provides audit,
tax, consulting and corporate finance services through more than
9,000 people in 21 locations.

Headquartered in Sutton Coldfield, England, UKAE Limited
manufactures double glazing components.


YOUNGS DEVELOPMENTS: Names Administrators from Portland Business
----------------------------------------------------------------
James Richard Tickell and Carl Derek Faulds of Portland Business
& Financial Solutions Ltd. were appointed joint administrators
of Youngs Developments Ltd. (Company Number 03158989) on
April 28.

The administrators can be reached at:

         Portland Business & Financial Solutions Ltd.
         1640 Parkway
         Solent Business Park
         Whiteley, Fareham
         Hampshire PO15 7AH
         United Kingdom
         Tel: 01489 550 440
         E-mail: carl.faulds@portland-solutions.co.uk
                 james.tickell@portland-solutions.co.uk

Headquartered in Southampton, England, Youngs Developments
Limited develops and sells real estate.


                           *********


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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Information contained herein is obtained from sources believed
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