TCREUR_Public/060518.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

              Thursday, May 18, 2006, Vol. 7, No. 98

                            Headlines

A U S T R I A

FRIMA WARENHANDELS: St. Polten Court Closes Bankruptcy Case
GGA: Vienna Court Ends Bankruptcy Case Following Claims Payment
ING.LEISCH: Court Closes Bankruptcy Case Following Distribution
JOSEF FRANK: Court Closes Bankruptcy Case Following Distribution
LEXCO: Awaits Final Distribution & Closing Protocol


D E N M A R K

TDC A/S: Swiss Subsidiary to Cut Workforce by 5.7 Percent


F R A N C E

ALSTOM SA: Wins EUR66 Million Toulouse Tramway Contract


G E R M A N Y

ABC-KONZEPT: Claims Registration Ends May 26
ASPRO FINANCIAL: Claims Registration Ends May 31
BUB IMMOBILIE: Creditors' Meeting Slated for May 30
DACHDECKERFACHBETRIEB A.: Claims Filing Period Ends May 29
GOEDERT GMBH: Claims Filing Period Ends May 29

HOLZGROSSHANDEL SEEMENTAL: Creditors' Meeting Slated for May 31
HWF WERKZEUG: Claims Filing Period Ends May 29
JENOPTIK AG: Completes Sale of M+W Zander to Springwater Capital
LRB AUTOTEILE: Claims Registration Ends May 31
MIDAS/AG: Creditors Must Register Claims Until May 29

ML CALL: Claims Registration Ends May 26


I T A L Y

ALITALIA SPA: Books EUR157 Million Pre-Tax Losses in Q1 2005
BANCA NAZIONALE: Shareholders Tender 82% Shares in BNP Merger
PARMALAT SPA: Perdigao & Latam to Acquire Parmalat Brazil


K A Z A K H S T A N

ALPAMYS: Creditors Must File Claims by May 27
COAL TRADE: Creditors Must File Claims by May 27
FIRMA LION: East Kazakhstan Court Opens Bankruptcy Proceedings
GEO INDUSTRIAL: Proof of Claim Deadline Slated for May 27
GFC: Proof of Claim Deadline Slated for May 27

JURASSIC OIL: Creditors Must File Claims by May 27
KANAGAT: Proof of Claim Deadline Slated for May 27
MEDISINA AKB: Aktube Court Begins Bankruptcy Proceedings
PROM SBYT: Creditors Must File Claims by May 27
REAL ESTATE: Creditors Must File Claims by May 27


K Y R G Y Z S T A N

BISHKEKPROMTORG: Creditors Must File Claims by July 8
EURO EXIM ASIA: Creditors Must File Claims by July 8
ISLANUURA: Creditors' Claims Due July 8
KLIMATEHNIK-AZIA: Creditors' Claims Due July 8
TOKMOK TANNER: Creditors' Meeting Slated for May 26


L U X E M B O U R G

COLT TELECOM: Moody's Might Upgrade Ratings on Share Swap Scheme


R U S S I A

AGRO-KHIM-SERVICE: Kursk Court Begins Bankruptcy Supervision
MANSKAYA BUILDING: Court Begins Bankruptcy Supervision
MARIA: Mariy El Court Opens Bankruptcy Proceedings
MORDOVSKIY BACON: Bankruptcy Hearing Slated for May 31
OAO GAZPROM: Eyes US$500-Million Eurobond Issue, Interfax Says

OPOCHETSKIY BUTTER-CHEESE: Bankruptcy Hearing Slated for Aug. 28
PAVINO-AGRO: Court Names A. Kovalev as Insolvency Manager
SHARYPOVSKIY HOUSE: Court Starts Bankruptcy Supervision
VELIKOUSTYUGSKOYE: Court Names Y. Bolshakov Insolvency Manager


S W I T Z E R L A N D

TDC SWITZERLAND: To Cut Workforce by 5.7 Percent


T U R K E Y

TEKFENBANK AS: Moody's Affirms E+ Rating on Share Acquisition


U K R A I N E

BROK-FUND OF UKRAINE: Sumi Court Opens Bankruptcy Proceedings
CHAJKA: Zaporizhya Court Starts Bankruptcy Supervision
DROGOBICH' AUTO 14607: Lviv Court Opens Bankruptcy Proceedings
HIMMASHBUD-2: Court Taps Y. Chuprun Interim Insolvency Manager
INTERSERVICE: Court Names Zhitomir Regional Dept. as Liquidator

KIEV-REGION: Court Starts Bankruptcy Proceedings
NAFTA-BOR: Kyiv Court Commences Bankruptcy Process
OLVICH: Court Appoints Ruslan Krivich to Liquidate Assets
SIMPLY-TRADE: Dnipropetrovsk Court Opens Bankruptcy Proceedings
VIDEKS: Court Appoints Ruslan Krivich as Insolvency Manager

VIKTORIYA TRADING: Insolvency Manager Takes Over Assets


U N I T E D   K I N G D O M

ABBEY SCHOOL: Names Peter Alan Langard as Administrator
ALBA 2006: S&P Rates GBP9.2 Million Class E Notes
CARMASTERS LIMITED: Sets Creditors' Meeting on June 5
COLT TELECOM: Moody's Might Upgrade Ratings on Share Swap Scheme
FORMRITE TOOL: Meeting of Creditors Set on May 22

GENERAL & COMMERCIAL REFERENCING: Names G.W. Rhodes Liquidator
HERBERT PEPPER: Brings In Administrators from Rothman Pantall
HMV GROUP: Ottakar's Turns Down Renewed Cash Offer
HOT TUBS: Creditors Confirm Voluntary Liquidation
J T A JOINERY: Creditors Pass Winding Up Resolution

KYE LIMITED: Meeting of Creditors Set on May 23
LAND FLEET: Appoints Joint Administrators from Cooper Parry
M & L WINTER: Joint Liquidators Take Over Operations
MAVINE LIMITED: Creditors Decide to Wind Up Operations
NICOLAS LIMITED: Creditors' Meeting Slated for May 23

RANK GROUP: Buys Back 500,000 Ordinary Shares for Cancellation
REFLEX PRECISION: Begins Winding Up Operations
ROTHLEY BURN: Manufacturer Names Joint Administrators from PKF
SSA GLOBAL: Infor to Buy Stock for US$1.3 Billion in Merger Deal
SURESTOCK HOLDINGS: Names Joint Liquidators to Wind Up Business

T.S. SERVICES: Appoints Administrator from Marriotts LLP
TOTEM COMMUNICATIONS: Forman Hardy Names BDO Stoy Receivers
TRM CORP: Posts US$1.4 Million First Quarter Net Loss

                            *********

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


FRIMA WARENHANDELS: St. Polten Court Closes Bankruptcy Case
-----------------------------------------------------------
The Land Court of St. Polten closed the bankruptcy case of LLC
FRIMA Warenhandels (FN 228866v) following the Debtor's final
distribution to creditors.

Creditors received a 3.1% recovery on account of their claims.

Headquartered in Neusarling, Austria, LLC FRIMA Warenhandels was
declared bankrupt on June 8, 2005 (Bankr. Case No. 14 S
103/05w).  Dr. Gerhard Taufner served as the court-appointed
property manager.


GGA: Vienna Court Ends Bankruptcy Case Following Claims Payment
---------------------------------------------------------------
The Court of Vienna entered an order closing the bankruptcy case
of Construction LLC GGA (FN 145829f) on April 27 following the
Debtor's final distribution to creditors.

Creditors received a 20% claims recovery on April 24 pursuant to
the confirmed compulsory compensation payment plan.

Headquartered in Vienna, Austria, LLC GGA declared bankruptcy on
Nov. 29, 2005 (Bankr. Case No. 4 S 137/05g).  Dr. Christof Stapf
served as the court-appointed property manager for the bankrupt
estate.  Mag. Stefan Jahns represented Dr. Stapf in the
bankruptcy proceedings.


ING.LEISCH: Court Closes Bankruptcy Case Following Distribution
---------------------------------------------------------------
The Land Court of St. Polten entered an order closing the
bankruptcy case of LLC Ing.Leisch (FN No. 67162v) following the
Debtor's final distribution to creditors.

Creditors recovered 4.4% on account of their claims against the
Debtor.

Headquartered in Poechlarn, Austria, LLC Ing.Leisch declared
bankruptcy on Dec. 1, 2003.  Dr. Franz Hofbauer served as the
court-appointed property manager.  


JOSEF FRANK: Court Closes Bankruptcy Case Following Distribution
----------------------------------------------------------------
The Land Court of St. Polten closed the bankruptcy case of
Open Trade Company Josef Frank (FN 19796m) following the
Debtor's final distribution to creditors.

Court-appointed property manager Dr. Walter Anzboeck paid
creditors 24% of their claims pursuant to a final allocation
document approved by the court.

Headquartered in Tulln, Austria, OTC Josef Frank declared
bankruptcy on May 13, 2003 (Bankr. Case No. 27 S 212/03t).  The
Court approved the closing of the Debtor's men's garments and
youth fashion production on June 27, 2003.


LEXCO: Awaits Final Distribution & Closing Protocol
---------------------------------------------------
The Land Court of Korneuburg will close the bankruptcy case of
LLC Trade LLC Lexco (FN 72348w) following the Debtor's final
distribution to creditors.

The Court confirmed the adopted project by compulsory
compensation payment on Feb. 1.  Under the payment scheme,
creditors will recover 20% of their claim in these installments:

   -- 5% in cash within 14 days after the bankruptcy case
      closing;

   -- 5% within the next 12, 18 and 24 months after adoption of
      the project.

Headquartered in Moosbrunn, Austria, LLC Lexco declared
bankruptcy on Sept. 30, 2005 (Bankr. Case No. 36 S 101/05b).  
Dr. Walter Anzboeck served as the court-appointed property
manager for the bankrupt estate.


=============
D E N M A R K
=============


TDC A/S: Swiss Subsidiary to Cut Workforce by 5.7 Percent
---------------------------------------------------------
TDC Switzerland, a subsidiary of TDC A/S, will reduce its
workforce by 145 people, representing 5.7% of the 2,524 total
workers, through a redundancy program.

The aim is to strengthen TDC Switzerland's position in the Swiss
telecommunications market by adjusting the cost structure to the
competitive environment.  The reduction of 145 employees affects
all business units, although the reduction primarily affects
employees with no direct customer contact, so that TDC
Switzerland can maintain the usual quality of customer service.

"TDC Switzerland's promise to the market is that we offer the
best value proposition to our customers.  This step is
imperative in order for us to continue to do so.  We are
convinced that in this way we can even further strengthen our
position in the Swiss telecommunications market," says Jesper
Theill Eriksen, CEO of TDC Switzerland.

In collaboration with employee representatives and labor unions,
TDC Switzerland has created a social compensation plan.  This
includes primarily support in terms of full wages for a period
of up to 12 months, depending on age, length of service and
personal circumstances, for the employees affected.

The total costs associated with the workforce reduction are
estimated at approximately CHF15 million pre-tax.  The total
costs will be expensed as a special item in the second quarter
of 2006.  The saved wages in 2006 following the workforce
reduction have been incorporated in the previously announced
outlook for TDC Switzerland for 2006.

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.com/-- provides communications solutions in  
Denmark and is the second-largest telecommunications provider on
the Swiss market.  It has a presence in a number of select
markets in Northern and Central Europe due to its shareholdings
in major companies.

                        *     *     *

As reported in TCR-Europe on May 11, Fitch affirmed TDC A/S's
Issuer Default Rating at BB- with Stable Outlook and senior
secured bank facilities at BB+.  

The various notes issued under TDC's EMTN program are affirmed
at BB-.

EMTN bonds rated BB-:

   -- DEM 5.0% notes due 2008;
   -- JPY 1.28% notes due 2008;
   -- EUR 5.625% notes due 2009; and
   -- EUR 6.5% notes due 2012.


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


ALSTOM SA: Wins EUR66 Million Toulouse Tramway Contract
-------------------------------------------------------
The joint public transport authority of Toulouse City, France
unanimously confirmed during its General Assembly on April 18,
that the city's tramway contract is to be awarded to ALSTOM.  

The Tender committee indicated during the press conference held
on April 5 that ALSTOM's bid won as it proposed better technical
qualities regarding comfort and accessibility as well as
financial advantages, whatever parameter was used for
comparisons.  With Toulouse, ALSTOM confirms the success of its
CITADIS tramways that now run on 21 networks worldwide.

The total contract worth EUR65.7 million comprises a fixed
portion for design studies and the production of a full-scale
model as well as four other parts for the supply and maintenance
of 27 tramway sets.

The contract signature, which is scheduled before mid-June, will
be for the fixed portion.  The first 18 tramways, corresponding
to the first conditional section of the contract, will be
ordered as soon as the Declaration of Public Interest is
received by the SMTC, expected to be no later than February
2007.  Maintenance will concern the entire tramway fleet just
like other five-year contracts, which have already been
entrusted to ALSTOM in Barcelona, Dublin, Orleans and Valencia.

CITADIS trams will run on the 11-km long Line E serving 20
stations.  This first tramway line is an integral part of the
extension of Toulouse's transport network.  The line is
scheduled to enter into service in 2009, the tramways being
delivered from the end of 2008 through to the first quarter
2009.

The tramways will offer safe, comfortable and punctual service
while providing easy access for all, including the mobility
impaired.  ALSTOM's CITADIS trams will incorporate tried and
tested modular components whilst still meeting the specific
requirements of the Toulouse region.

The Toulouse CITADIS will be built partly in the Midi-Pyrenees
region; ALSTOM's Tarbes site will provide the propulsion system,
which will be assembled in the company's La Rochelle plant,
along with other equipment, notably engines from Ornans, bogies
from Le Creusot and on-board electronics from Villeurbanne.

ALSTOM confirms its tramway success with this order.  21 cities
worldwide have thus far chosen the CITADIS, totaling some 760
tramway sets.  To date, the 350 CITADIS in operation have
carried 100 million passengers and traveled over 70 million
kilometers.

Headquartered in Paris, France, Alstom S.A. --
http://www.alstom.com/-- is a leading maker of power-generation  
systems and constructs power plants, rail equipment, luxury
passenger ships, naval vessels, and natural gas tankers.  It
also produces electrical drives, motors, and generators.  The
group generates EUR13 billion in annual revenues and employs
more than 70,000 people worldwide.  The group posted EUR865
million in net loss and EUR1.4 billion in net debt for the
financial year 2004/2005.


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


ABC-KONZEPT: Claims Registration Ends May 26
--------------------------------------------
Creditors of ABC-Konzept GmbH have until May 26 to register
their claims with court-appointed provisional administrator Uwe
Hueggenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.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 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.

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

The Debtor can be contacted at:

         ABC-Konzept GmbH
         Attn: Ayse Ozkaya, Manager         
         Rensingstr. 8
         44787 Bochum, Germany
         
The administrator can be contacted at:

         Uwe Hueggenberg
         Huestrasse 34
         44787 Bochum, Germany
         Tel: 964 91-0
         Fax: 964 91-33


ASPRO FINANCIAL: Claims Registration Ends May 31
------------------------------------------------
Creditors of ASPRO Financial Services Consulting AG have until
May 31 to register their claims with court-appointed provisional
administrator Christian Gerloff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 21, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Muenchen opened bankruptcy proceedings
against ASPRO Financial Services Consulting AG on March 27.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         ASPRO Financial Services Consulting AG
         Klenzestrasse 1-3
         85737 Ismaning, Germany
         
The administrator can be contacted at:

         Christian Gerloff
         Nymphenburger Str. 139
         80636 Muenchen, Germany
         Tel: 089/120260
         Fax: 089/12026127


BUB IMMOBILIE: Creditors' Meeting Slated for May 30
---------------------------------------------------
The court-appointed provisional administrator for bub Immobilie
Nr. EINS GmbH, Udo Feser, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:20
a.m. on May 30.

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

         The District Court of Charlottenburg
         II. Stock Saal 218
         Amtsgerichtsplatz 1
         14057 Berlin, Germany

The Court will also verify the claims set out in the
administrator's report at 9:30 a.m. on Sept. 19 at the same
venue.

Creditors have until July 20 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against bub Immobilie Nr. EINS GmbH on April 19.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         bub Immobilie Nr. EINS GmbH
         Tegeler Weg 25 B
         10589 Berlin, Germany
                 
The administrator can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin, Germany


DACHDECKERFACHBETRIEB A.: Claims Filing Period Ends May 29
----------------------------------------------------------
Creditors of Dachdeckerfachbetrieb A. Napieralski GmbH have
until May 29 to register their claims with court-appointed
provisional administrator Marlies Greschuchna.

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

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Saal 1.043
         Justizzentrum
         Thueringer Str. 16
         06112 Halle, 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 Halle-Saalkreis opened bankruptcy
proceedings against Dachdeckerfachbetrieb A. Napieralski GmbH on
March 29.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Dachdeckerfachbetrieb A. Napieralski GmbH
         Kleingrafendorfer Strasse 10
         06246 Milzau, Germany

         Attn: Kurt Napieralski, Manager
         Klobikauer Strasse 3
         06246 Knapendorf/OT Buendorf
         
The administrator can be contacted at:

         Marlies Greschuchna
         Steintor 13
         D-06112 Halle, Germany
         Tel: 0345/6828831
         Fax: 0345/6828897


GOEDERT GMBH: Claims Filing Period Ends May 29
----------------------------------------------
Creditors of Goedert GmbH have until May 29 to register their
claims with court-appointed provisional administrator Jens
Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 2 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 Koblenz
         Saal 123
         Hauptjustizgebaude
         Karmeliterstrasse 14
         56068 Koblenz, Germany

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

The District Court of Koblenz opened bankruptcy proceedings
against Goedert GmbH on April 11.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Goedert GmbH
         Gruendelbach 19
         56329 St. Goar Germany

         Attn: Hans Peter Goedert, Manager
         Auf dem Hahnchen 4
         56329 St. Goar, Germany
         
The administrator can be contacted at:

         Jens Lieser
         Josef-Gorres-Platz 5
         56068 Koblenz, Germany
         Tel: 0261/304-790
         Fax: 0261/911-4729


HOLZGROSSHANDEL SEEMENTAL: Creditors' Meeting Slated for May 31
---------------------------------------------------------------
The court-appointed provisional administrator for
Holzgrosshandel Seemental GmbH & Co. KG, Karl-Heinz Trebing,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:30 a.m. on May 31.

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

         The District Court of Friedberg
         Saal 20a
         Amtsgerichtsgebaude
         Homburger Strasse 18
         61169 Friedberg, Germany

The Court will also verify the claims set out in the
administrator's report 9:40 a.m. on June 14 at:

         Zimmer 52
         Amtsgerichtsgebaude
         Homburger Strasse 18
         61169 Friedberg, Germany

Creditors have until May 31 to register their claims with the
court-appointed provisional administrator.

The District Court of Friedberg opened bankruptcy proceedings
against Holzgrosshandel Seemental GmbH & Co. KG on April 20.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         Holzgrosshandel Seemental GmbH & Co. KG
         Gedener Strasse 54
         63688 Gedern, Germany

         Attn: Bjorn Herroder, Manager
         Sonnenbergstrasse 30
         63688 Gedern, Germany

The administrator can be reached at:

         Karl-Heinz Trebing
         Hanauer Landstrasse 287-289
         60314 Frankfurt, Germany
         Tel: (069) 15051300
         Fax: (069) 15051400


HWF WERKZEUG: Claims Filing Period Ends May 29
----------------------------------------------
Creditors of HWF Werkzeug- & Formenbau GmbH have until May 29 to
register their claims with court-appointed provisional
administrator Carsten Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on May 30, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Hersfeld
         Saal 8
         Dudenstrasse 10
         36251 Bad Hersfeld, Germany

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on July 11 at the same
venue.

The District Court of Bad Hersfeld opened bankruptcy proceedings
against HWF Werkzeug- & Formenbau GmbH on April 13.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         HWF Werkzeug- & Formenbau GmbH
         Sportplatz 6
         36282 Hauneck, Germany
         
         Attn: Gert Fey, Manager
         Forsthausstrasse 23
         36151 Burghaun, Germany

The administrator can be contacted at:

         Carsten Koch
         Wilhelmshoher Allee 270
         34131 Kassel, Germany
         Tel: 0561/3166-311
         Fax: 0561/3166-312


JENOPTIK AG: Completes Sale of M+W Zander to Springwater Capital
----------------------------------------------------------------
Jenoptik AG completed the sale of its shares in M+W Zander
Holding AG, and thus of the entire Clean Systems business
division, to the investment firm Springwater Capital,
Geneva/London.

The purchase price was paid to Jenoptik AG against transfer of
the shares in M+W Zander to the purchaser.  Through this sale,
Jenoptik has successfully completed its strategic realignment,
which had been approved by a large majority at the annual
general meeting in 2005.

Jenoptik now concentrates on its high-growth activities,
encompassing the use and exploitation of light as a tool.

                      About the Company

Headquartered in Jena, Germany, Jenoptik AG --
http://www.jenoptik.com/cps/rde/xchg/jenoptik_en-- produces and  
markets components, systems and facilities for the medical,
electronics, telecommunications and semiconductor manufacturing
industries. The Company manufactures clean room for electronics
producers, diode lasers, infrared cameras and high-resolution
lenses.

                        *     *     *

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


LRB AUTOTEILE: Claims Registration Ends May 31
----------------------------------------------
Creditors of LRB Autoteile + Service GmbH have until May 31 to
register their claims with court-appointed provisional
administrator Stefan Ebeling.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 28, 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 Braunschweig
         E 01
         Martinikirche 8
         38100 Braunschweig, 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 Braunschweig opened bankruptcy proceedings
against LRB Autoteile + Service GmbH on April 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         LRB Autoteile + Service GmbH
         Attn: Klaus Batje and Matthias Loock, Managers
         Hamburger Strasse 257
         38114 Braunschweig, Germany
         
The administrator can be contacted at:

         Stefan Ebeling
         Kurt-Schumacher-Strasse 21
         D-38102 Braunschweig, Germany
         Tel: (0531) 2436826
         Fax: (0531) 24368331


MIDAS/AG: Creditors Must Register Claims Until May 29
-----------------------------------------------------
Creditors of MIDAS/AG Versicherungs/Makler have until May 29 to
register their claims with court-appointed provisional
administrator Eberhard Stock.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 2, 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 Krefeld
         Sitzungssaal H 131
         1. Etage
         Nordwall 131
         47798 Krefeld, Germany

The Court will also verify the claims set out in the
administrator's report at 11:00 a.m. on July 28 at the same
venue.

The District Court of Krefeld opened bankruptcy proceedings
against MIDAS/AG Versicherungs/Makler on March 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         MIDAS/AG Versicherungs/Makler
         Panneschopp 18
         41334 Nettetal, Germany

         Attn: Ulrich Hagen Schmidt, Manager
         Schiessruthe 7
         41334 Nettetal, Germany
         
The administrator can be contacted at:

         Eberhard Stock
         Wilhelmshofallee 75
         47800 Krefeld, Germany


ML CALL: Claims Registration Ends May 26
----------------------------------------
Creditors of ML Call-Center GmbH have until May 26 to register
their claims with court-appointed provisional administrator Dr.
Jorg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on June 27, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Koln
         Saal 142
         1. Etage
         Luxemburger Strasse 101
         50939 Koln, Germany

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

The District Court of Stuttgart opened bankruptcy proceedings
against ML Call-Center GmbH on March 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         ML Call-Center GmbH
         Marktstrasse 10
         50968 Koln, Germany

         Attn: Christiane Arndt, Manager
         Eupener Str. 38
         53879 Euskirchen, Germany
         
The administrator can be contacted at:

         Dr. Jorg Nerlich
         Aachener Str. 563-565
         50933 Koln, Germany
         Tel: 0221/ 9408030
         Fax: +492219408039


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


ALITALIA SPA: Books EUR157 Million Pre-Tax Losses in Q1 2005
------------------------------------------------------------
Alitalia S.p.A. released its results for the first quarter of
2006.

Consolidated net revenues amounted to EUR965 million, showing a
decrease of EUR31 million (-3.1%) compared a year ago.  Alitalia
attributed the revenue decline mainly to the Alitalia Servizi
spin-off and to the January labor strikes.

Consolidated operating loss amounted to EUR129 million, slightly
higher than EUR118 million a year ago, despite of the sharp
increase in fuel costs and the industrial unrest that occurred
in January.  Pre-tax results were -EUR157 million, worse by
EUR15 million.

As of March 31, 2006, Alitalia's workforce amounted to 10,873
people, 9,248 less than a year ago.  At March 31, the carrier
had 180 aircraft:

   -- 152 for short/medium-haul routes; and
   -- 28 for long haul routes.    

A full-text copy of Alitalia S.p.A.'s first quarter results for
2005 is available free-of-charge at:
http://researcharchives.com/t/s?955

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in  
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.  

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked net losses of EUR520 million in
2003, EUR813 million in 2004 and EUR168 million in 2005.


BANCA NAZIONALE: Shareholders Tender 82% Shares in BNP Merger
-------------------------------------------------------------
The period of BNP Paribas' public offer for Banca Nazionale del
Lavoro SA's common and savings stock closed on May 17.

The common shares tendered during the public offer exceeded
81.97% of the shares that were the subject of the offer.  Shares
tendered represent approximately 41.56% of the total common
shares.

The tender offer was achieved with both current and former
employees of BNL, who tendered 97.51% of their restricted
shares.

As a result of the tender offer and taking into account those
shares already held by BNP Paribas, and those bought in the
market during the offer period, BNP Paribas' stake amounted to
97% of BNL's common stock.

As announced in the prospectus, BNP Paribas will launch a
residual offer for the outstanding BNL common shares.

Following the voluntary bid for BNL's savings stock, BNP Paribas
holds approximately 37.90% of the savings stock in BNL.  The
definitive results of the tender offer will be released,
according to the Consob's regulations.

                       About BNP Paribas

Headquartered in Milan, Italy, BNP Paribas --
http://www.bnpparibas.com/en/home-- is one of the largest  
foreign banks in Italy, with a leading and longstanding presence
in retail financial services, a well-established position in
asset management and services, and the status of a top tier
player in corporate and investment banking.  It employs more
than 3,700 people and generates revenues in excess of EUR750
million.

                         About BNL

Banca Nazionale del Lavoro -- http://www.bnl.it/default.asp--  
is the sixth largest Italian bank in terms of deposits and
loans.  Its network offers nationwide coverage via approximately
800 branches covering all major urban areas.  It serves around 3
million retail customers, 39,000 corporate clients, and 16,000
public entities.

                        *     *     *

As reported in TCR-Europe on April 13, Fitch Ratings upgraded
Italy-based Banca Nazionale del Lavoro's ratings to Issuer
Default A+ from A-, Short-term F1 from F2 and Support 1 from 2.  
The ratings are removed from Rating Watch Positive.  A Positive
Outlook is assigned to the IDR.  At the same time, the agency
affirmed the bank's Individual rating at C.


PARMALAT SPA: Perdigao & Latam to Acquire Parmalat Brazil
---------------------------------------------------------
Perdigao S.A. and Latin America Equity Partners Fund may have
won a bidding to buy the operating assets of Parmalat Brasil
Industria de Alimentos S.A., Parmalat Finanziaria S.p.A.'s
Brazilian unit, Bloomberg News reports, citing a report from
Valor conomico.

Perdigao is a producer and distributor of meat and poultry
products.

Parmalat Brasil's creditors will accept the offer from the
winning bidder after the deal is formalized, Valor Economico
said, citing an unnamed creditor as its source.

Perdigao's offer for Parmalat Brazil's assets was not disclosed.

According to Valor Economico, Perdigao will also buy Parmalat
Brasil's subsidiary, Batavia, for BRL100 million to BRL120
million.  Perdigao will also assume and pay for the Brazilian
unit's bank debts, aggregating BRL100 million to BRL150 million.

GP Investimentos and Grupo Lala SA have expressed interest to
acquire the unit.

The sale of Parmalat Brasil's assets is in accordance with its
reorganization plan confirmed in February 2006 by Justice
Alexandre Alves Lazzarini, of the First District Company
Recovery and Bankruptcy Court of Justice of Sao Paulo.

Proceeds from the sale will be used to pay off part of Parmalat
Brasil's BRL800 million debt and to reinforce its working
capital.

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 Feb. 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 US$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 T A N
===================


ALPAMYS: Creditors Must File Claims by May 27
---------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Alpamys insolvent on March 7.  

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

         Jukova Str. 15/1  
         Uralsk, Kazakhstan
         Tel: 8 (3112) 51-88-30


COAL TRADE: Creditors Must File Claims by May 27
------------------------------------------------
LLP Coal Trade Company has declared insolvency.  Creditors have
until May 27 to submit written proofs of claim to:

         Znamenskoye Shosse
         Semipalatinks
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3222) 44-09-15


FIRMA LION: East Kazakhstan Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceedings against CJSC Firma Lion
on March 24.


GEO INDUSTRIAL: Proof of Claim Deadline Slated for May 27
---------------------------------------------------------
LLP The Geo Industrial Company has declared insolvency.  
Creditors have until May 27 to submit written proofs of claim
to:

         Kunayeva Str. 21-201
         Almaty, Kazakhstan
         Tel: 8 (3272) 71-15-78


GFC: Proof of Claim Deadline Slated for May 27
----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP GFC insolvent.  

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

         Jambyl Str. 9
         Karaganda, Kazakhstan


JURASSIC OIL: Creditors Must File Claims by May 27
--------------------------------------------------
LLP Jurassic Oil has declared insolvency.  Creditors have until
May 27 to submit written proofs of claim to:

         Mitina Str. 13
         Medeu District
         050020 Almaty, Kazakhstan


KANAGAT: Proof of Claim Deadline Slated for May 27
--------------------------------------------------
OJSC Kanagat has declared insolvency.  Creditors have until
May 27 to submit written proofs of claim to:

         Jeltoksan Str. 98
         Almaty, Kazakhstan


MEDISINA AKB: Aktube Court Begins Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against CJSC Medisina AKB on
March 17.


PROM SBYT: Creditors Must File Claims by May 27
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Kompania Prom Sbyt insolvent.

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

         Jambyl Str. 9  
         Karaganda, Kazakhstan


REAL ESTATE: Creditors Must File Claims by May 27
-------------------------------------------------
LLP Company Real Estate Invest has declared insolvency.  
Creditors have until May 27 to submit written proofs of claim
to:

         Jibek-Joly Str. 64, Office 608
         Almaty, Kazakhstan


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


BISHKEKPROMTORG: Creditors Must File Claims by July 8
-----------------------------------------------------
LLC Bishkekpromtorg has declared insolvency.  Creditors have
until July 8 to submit written proofs of claim to:

         Micro District Djal 5-17
         Bishkek, Kyrgyzstan


EURO EXIM ASIA: Creditors Must File Claims by July 8
----------------------------------------------------
Joint Kyrgyz-German LLC Euro Exim Asia has declared insolvency.
Creditors have until July 8 to submit written proofs of claim
to:

         Moskovskaya Str. 172, Room 400  
         Bishkek, Kyrgyzstan


ISLANUURA: Creditors' Claims Due July 8
---------------------------------------
LLC Islanuura has declared insolvency.  Creditors have until
July 8 to submit written proofs of claim to:

         Abdrahmanova Str. 170-5
         Bishkek, Kyrgyzstan


KLIMATEHNIK-AZIA: Creditors' Claims Due July 8
----------------------------------------------
LLC Klimatehnik-Azia has declared insolvency.  Creditors have
until July 8 to submit written proofs of claim to:

         Chui Ave. 96  
         Bishkek, Kyrgyzstan


TOKMOK TANNER: Creditors' Meeting Slated for May 26
---------------------------------------------------
The temporary insolvency manager of the Direction of the Under
Construction Tanner in Tokmok will discuss his final report
during a creditors' meeting on May 26 at 10:00 a.m., at:

         Bokonbayeva Str. 104
         Bishkek, Kyrgyzstan

Creditors must submit written proofs of claim to:

         Bokonbayeva Str. 104
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 62-40-02


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


COLT TELECOM: Moody's Might Upgrade Ratings on Share Swap Scheme
----------------------------------------------------------------
Moody's Investors Service placed the ratings of COLT Telecom
Group plc on review for possible upgrade following the launch by
the company of a scheme of arrangement.  

Under the scheme:

   -- the shares in COLT Telecom Group plc will be de-listed and
      swapped (on a three for one basis) with London-listed
      shares in COLT Telecom Group S.A., a new parent company
      located in Luxembourg; and

   -- approximately GBP300 million of new equity funding will be
      raised by COLT S.A., which will be used to retire the
      company's outstanding convertible debt and subsequently
      prepay part of the company's outstanding senior notes.

Ratings on review:

   -- B3 corporate family rating; and
   -- B3 rating of the senior unsecured and convertible notes.

The review for upgrade reflects both the improvements in
operational performance demonstrated by the company over the
past fifteen months as well as the expectation that the scheme
of arrangement will be approved by shareholders and the U.K.
courts and that consequently the new group will benefit from a
significant cash equity injection that will materially reduce
short term debt maturities and improve its liquidity profile.

The review for upgrade will focus on the capital structure and
liquidity position of the company following the proposed equity
offering as well as its future growth prospects.  In particular,
the operational review will focus on COLT's ability to continue
to improve its margins and free cash flow generation, in light
of expected low revenue growth rates and limited cost savings
combined with a highly competitive operating environment.

In the event that the scheme of arrangement is approved and the
equity offering is completed, Moody's expects that the rating
change, if any, will be limited to a one-notch upgrade.

COLT Telecom Group plc, headquartered in London, U.K., is a
leading provider of high bandwidth data, voice telecommunication
services and solutions, to businesses and governmental
organizations in Europe.  For the year ended Dec. 31, 2005, COLT
generated revenues of GBP1.2 billion and EBITDA of GBP173.4
million.


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


AGRO-KHIM-SERVICE: Kursk Court Begins Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Kursk Region has commenced bankruptcy
supervision procedure on OJSC Agro-Khim-Service (Case no. A35-
122b/06).

Mr. S. Shishkov has been appointed temporary insolvency manager
and can be reached at:

         Druzhinnskaya Str. 22
         305001, Kursk Region, Russia

The Debtor can be reached at:

         OJSC Agro-Khim-Service
         3rd Privokzalnaya Str.
         Solntsevo
         Kursk Region, Russia


MANSKAYA BUILDING: Court Begins Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Moscow Region has commenced bankruptcy
supervision procedure on LLC Manskaya Building Company (TIN
2424002083).  The case is docketed under Case No. A40-5b/06-71-
1B.

Ms. E. Fedorova has been appointed temporary insolvency manager
and can be reached in Moscow, Russia.

The Debtor can be reached at:

         LLC Manskaya Building Company
         Room 2, 2nd Filevskaya Str. 5
         121096, Moscow, Russia


MARIA: Mariy El Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Arbitration Court of Mariy El Republic commenced bankruptcy
proceedings against OJSC Maria (OGRN 1021202049791) after
finding it insolvent.  The case is docketed under Case No. A-38-
1871-11/43-2005.

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

         Office 304, Volkova Str. 60
         Yoshkar-Ola
         434004, Mariy El Republic, Russia

The Debtor can be reached at:

         OJSC Maria
         Gagarina Str. 25
         Kozmodemyansk
         Mariy El Republic, Russia


MORDOVSKIY BACON: Bankruptcy Hearing Slated for May 31
------------------------------------------------------
The Arbitration Court of Mordoviya Republic will convene on
May 31, at 9:30 a.m., to hear the bankruptcy supervision
procedure on CJSC Mordovskiy Bacon-Ardatov (TIN 1301062891) at:  

         Room 208
         Kommunisticheskaya Str. 33
         Saransk Region, Russia

The case is docketed under Case No. A39-8817/05-8/7.  Mr. V.
Pustakin has been appointed temporary insolvency manager and can
be reached at:

         Room 8, Kutuzova Str. 2A
         Saransk Region
         430000, Mordoviya Republic, Russia

The Debtor can be reached at:

         CJSC Mordovskiy Bacon-Ardatov
         Rabochaya Str. 65.
         Ardatov
         431860, Mordoviya Republic, Russia


OAO GAZPROM: Eyes US$500-Million Eurobond Issue, Interfax Says
--------------------------------------------------------------
OAO Gazprom plans to issue approximately US$500 million in 30-
year Eurobonds before August, says Interfax News citing banking
sources.

According to the report, Goldman Sachs, Morgan Stanley, Dresdner
Kleinwort Wasserstein and Citigroup will facilitate the issuance
of the Eurobonds.  The banks were part of a credit syndicate
that lent Gazprom money in October 2005, when it acquired a
72.663% stake in rival oil group Sibneft for US$13.079 billion,
Interfax relates.

"The mandate for a future bond issue was part of the package
when they provided the syndicated loan," Interfax News quoted
the source as saying.

                       About the Company

Headquartered in Moscow, Russia, OAO Gazprom --
http://www.gazprom.ru/eng-- produces 94% of the country's  
natural gas, controls 25% of the world's reserves, and is also
the world's largest gas producer.  It focuses on gas
exploration, processing, transport, and marketing.

                         *     *     *

As reported in TCR-Europe on Jan. 18, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on OAO
Gazprom to 'BB+' from 'BB'.  

As reported in the TCR-Europe on Oct 27, 2005, Fitch Ratings has
upgraded Gazprom International S.A. Series 1 US$1,250,000,000
structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB'
from 'BBB-'.  

The upgrade follows Fitch's upgrade of OAO Gazprom's, the
world's largest gas company, Senior Unsecured local and foreign
currency ratings to 'BB+' from 'BB', and a change in Gazprom's
going concern assessment, which is now equivalent to a 'BBB'
rating compared to 'BBB-' previously.


OPOCHETSKIY BUTTER-CHEESE: Bankruptcy Hearing Slated for Aug. 28
----------------------------------------------------------------
The Arbitration Court of Pskov Region will convene on Aug. 28 at
10.00 a.m. to hear the bankruptcy supervision procedure on CJSC
Opochetskiy Butter-Cheese Factory (Case No. A52-101/2006/4).   

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

         Main Post Office
         Post User Box 169
         170000, Tver Region, Russia
         Tel: (4822) 42-88-43

The Debtor can be reached at:

         CJSC Opochetskiy Butter-Cheese Factory
         2nd Leninskaya Str. 19, Opochka
         Opochetskiy Region
         Pskov Region, Russia


PAVINO-AGRO: Court Names A. Kovalev as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Kostoma Region appointed Mr. A. Kovalev
as insolvency manager for Municipal Unitary Enterprise Pavino-
Agro-Prom-Khimiya.

The Court commenced bankruptcy proceedings against the firm
after finding it insolvent.  The case is docketed under Case No.
A31-9500/2005-12.

The insolvency manager can be reached at:

         Apartment 38
         Rabochiy Pr. 48
         156025, Kostoma, Russia

The Debtor can be reached at:

         Pavino-Agro-Prom-Khimiya
         Severnaya Str., Pavino
         Kostoma Region, Russia


SHARYPOVSKIY HOUSE: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region has commenced
bankruptcy supervision procedure on OJSC Sharypovskiy House
Building Combine (Case No. A33-29381/2005).

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

         Zheleznodorozhnaya Str. 22-29
         660099, Krasnoyarsk, Russia

The Debtor can be reached at:

         OJSC Sharypovskiy House Building Combine
         Ashpyl Location
         Sharypovo
         662320, Krasnoyarsk Region, Russia


VELIKOUSTYUGSKOYE: Court Names Y. Bolshakov Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Vologda Region appointed Mr. Y.
Bolshakov as insolvency manager for CJSC Velikoustyugskoye (Case
no. A13-15611/2005-17).  He can be reached at:

         Moskovskaya Str. 55
         156000, Kostroma, Russia

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

The Debtor can be reached at:

         CJSC Velikoustyugskoye
         Ishutino
         Velikoustyugskiy Region
         162390, Vologda Region, Russia


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


TDC SWITZERLAND: To Cut Workforce by 5.7 Percent
------------------------------------------------
TDC Switzerland will reduce its workforce by 145 people,
representing 5.7% of the 2,524 total workers, through a
redundancy program.

The aim is to strengthen TDC Switzerland's position in the Swiss
telecommunications market by adjusting the cost structure to the
competitive environment.  The reduction of 145 employees affects
all business units, although the reduction primarily affects
employees with no direct customer contact, so that TDC
Switzerland can maintain the usual quality of customer service.

"TDC Switzerland's promise to the market is that we offer the
best value proposition to our customers.  This step is
imperative in order for us to continue to do so.  We are
convinced that in this way we can even further strengthen our
position in the Swiss telecommunications market," says Jesper
Theill Eriksen, CEO of TDC Switzerland.

In collaboration with employee representatives and labor unions,
TDC Switzerland has created a social compensation plan.  This
includes primarily support in terms of full wages for a period
of up to 12 months, depending on age, length of service and
personal circumstances, for the employees affected.

The total costs associated with the workforce reduction are
estimated at approximately CHF15 million.  The total costs will
be expensed as a special item in the second quarter of 2006.  
The saved wages in 2006 following the workforce reduction have
been incorporated in the previously announced outlook for TDC
Switzerland for 2006.

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.com/-- provides communications solutions in  
Denmark and is the second-largest telecommunications provider on
the Swiss market.  It has a presence in a number of select
markets in Northern and Central Europe due to its shareholdings
in major companies.

                        *     *     *

As reported in TCR-Europe on May 11, Fitch affirmed TDC A/S's
Issuer Default Rating at BB- with Stable Outlook and senior
secured bank facilities at BB+.  

The various notes issued under TDC's EMTN program are affirmed
at BB-.

EMTN bonds rated BB-:

   -- DEM 5.0% notes due 2008;
   -- JPY 1.28% notes due 2008;
   -- EUR 5.625% notes due 2009; and
   -- EUR 6.5% notes due 2012.


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


TEKFENBANK AS: Moody's Affirms E+ Rating on Share Acquisition
-------------------------------------------------------------
Moody's Investors Service has affirmed the B1/Not-Prime foreign
currency deposit and E+ financial strength ratings of Turkey's
Tekfenbank A.S.  

At the same time, Moody's has affirmed the A2/Prime-1 foreign
currency deposit, A2 senior debt, A3 subordinated debt, Baa1
preferred securities and C+ financial strength ratings of EFG
Eurobank Ergasias S.A.  

This rating action is triggered by Eurobank's plan to acquire a
majority stake in Tekfenbank from Tekfen Holding (Tekfen Group).

In affirming Eurobank's ratings, Moody's notes that they reflect
the bank's very strong franchise and its dynamic market
positioning in the Greek financial system, complemented by a
fast-expanding regional presence in Southeastern and Central
Europe.  The ratings also capture Eurobank's sound earning
capacity, its high operational efficiency, strong credit quality
and satisfactory capitalization, but also its tightening
liquidity levels and its increasing reliance on wholesale
funding at the expense of higher funding costs.  

Through organic growth and a number of successfully executed
acquisitions, Eurobank has positioned itself as one of the
largest financial institutions in Greece.  Moody's ratings
affirmation also takes into account the relative small amount of
the Tekfenbank acquisition cost vis-a-vis the financial
resources of Eurobank, with an estimated impact of 20 basis
points due to goodwill on Eurobank's Tier 1 ratio (about 10.4%
in March 2006).  

Finally, despite Turkey's less mature and more volatile
operating environment, the size of Tekfenbank's operations
relative to Eurobank's overall operations suggest that the
latter's overall risk profile will not be significantly altered
by this transaction.

According to the transaction, Eurobank will form an alliance
with Tekfen Group by acquiring 70% of Tekfen's Group holding in
Tekfenbank, including its wholly owned subsidiary, Tekfen
Leasing.  As part of the agreement, Tekfen Group will remain a
strategic shareholder in Tekfenbank by retaining the remaining
stake in the bank, while Tekfenbank will buy EFG Istanbul
Securities, a wholly owned subsidiary of Eurobank.  

The acquisition, subject to regulatory approval, will be
completed during the third quarter of 2006.

Moody's notes that Eurobank -- which has been active in the
Turkish financial markets through its brokerage subsidiary, EFG
Istanbul Securities -- aims to tap the strong business growth
opportunities in Turkey, being the most populous country and
biggest economy in the region, with very low banking
penetration.  Operating through a network of 30 branches,
Tekfenbank is a small bank with a narrow franchise, focusing
primarily on small and medium-sized enterprises.  

The bank has a fairly good quality credit portfolio relative to
other banks operating in the Turkish market; it also has low
profitability and suffers from a lack of scale efficiency.  
Nevertheless, Moody's believes that Tekfenbank is a suitable
acquisition with which to enter the Turkish market; its
franchise could be expanded organically, benefiting from
Eurobank's valuable know-how and product knowledge and Tekfen
Group's domestic market knowledge.

Moody's comments that this transaction is the second acquisition
of a Turkish bank by a Greek bank -- following the recently
announced intention of National Bank of Greece to acquire
Finansbank, while other similar transactions may follow, as
Greek banks are gradually developing regional operations.

Moody's decision to affirm the E+ financial strength rating of
Tekfenbank highlights the fact that although we view the
transaction as offering the potential for substantial favourable
effects on Tekfenbank's creditworthiness over the medium to
long-term, the near-term creditworthiness of the institution
remains consistent with the bank's current rating.  

Tekfenbank's foreign currency deposit ratings, affirmed at
B1/Not-Prime, are now constrained by the country ceiling for
such deposits in Turkey and would increase in line with any
increase in the country ceiling.  Moody's expects that Eurobank
has the ability and willingness to provide external support to
Tekfenbank in the event of need, at a level higher than was
previously the case.  Given that Eurobank's deposit ratings are
currently at the A2 level, Tekfenbank's foreign currency deposit
ratings would now be likely to rise in response to any increase
in the country ceiling for such deposits in Turkey.

Headquartered in Athens, Greece, EFG Eurobank Ergasias reported
total assets of EUR46.5 billion (based on IFRS) in March 2006.  

Headquartered in Istanbul, Turkey, Tekfenbank A.S. reported
total assets of YTL743.3 million (EUR463.3 million) at Dec. 31,
2005.  


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


BROK-FUND OF UKRAINE: Sumi Court Opens Bankruptcy Proceedings
-------------------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
proceedings against LLC Brok-Fund of Ukraine (code EDRPOU
30452741) on March 9 after finding it insolvent.  The case is
docketed under Case No. 6/100-2006.

Olga Naumova has been appointed Liquidator/Insolvency Manager
and can be reached at:

         3rd Floor
         Harkivska Str. 122
         40012 Sumi Region, Ukraine

The Economic Court of Sumi Region is located in:

         40030 Sumi Region, Ukraine
         Shevchenko Avenue 18/1

The Debtor can be reached at:

         LLC Brok-Fund of Ukraine
         Malinovskij Str. 13
         Sumi Region, Ukraine


CHAJKA: Zaporizhya Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
supervision procedure on LLC Nursery Sanitary Center Chajka
(code EDRPOU 32298077).  The case is docketed under Case No.
21/82/06.

The Economic Court of Zaporizhya Region is located in:    

         Shaumyana Str. 4
         69001 Zaporizhya Region, Ukraine

The Debtor can be reached at:

         LLC Nursery Sanitary Center Chajka
         Bahchisarajska Str. 5
         Berdyansk
         71100 Zaporizhya Region, Ukraine


DROGOBICH' AUTO 14607: Lviv Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
proceedings against OJSC Drogobich' Auto Transport Enterprise-
14607 (code EDRPOU 03114827) on Feb. 28 after finding it
insolvent.  The case is docketed under Case No. 6/25-4/10.

Ruslan Krivich has been appointed Liquidator/Insolvency Manager
and can be reached at:

         a/b 1535
         79008 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:

         OJSC Drogobich' Auto Transport Enterprise-14607
         Drogobich, Sambirska Str. 3
         Lviv Region, Ukraine


HIMMASHBUD-2: Court Taps Y. Chuprun Interim Insolvency Manager
--------------------------------------------------------------
The Economic Court of Sumi Region appointed Yevgen Chuprun as
temporary insolvency manager for Himmashbud-2 (code EDRPOU).  He
can be reached at:

         Room 49A
         Petropavlovska Str. 14
         Sumi Region, Ukraine

The Court commenced bankruptcy supervision procedure on the
company on Feb. 24.  The case is docketed under Case No. 6/18-
06.

The Economic Court of Sumi Region is located in:

         Shevchenko Avenue 18/1
         40030 Sumi Region, Ukraine

The Debtor can be reached at:

         Himmashbud-2
         Skryabin Str. 38
         40020 Sumi Region, Ukraine


INTERSERVICE: Court Names Zhitomir Regional Dept. as Liquidator
---------------------------------------------------------------
The Economic Court of Zhitomir Region appointed Zhitomir
Regional Department of Oshadbank as Liquidator for Joint Firm
Interservice (code EDRPOU 20428415).

The Court commenced bankruptcy proceedings against the company
on Feb. 24 after finding it insolvent.  The case is docketed
under Case No. 7/5 B.  

The Liquidator can be reached at:

         Peremogi Str. 15
         40014 Zhitomir Region, Ukraine

The Economic Court of Zhitomir Region is located in:

         Putyatinski Square 3/65
         10002 Zhitomir Region, Ukraine

The Debtor can be reached at:

         Interservice
         Naberezhna Str. 19
         Zhitomir Region, Ukraine  


KIEV-REGION: Court Starts Bankruptcy Proceedings
------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against CJSC Kiev-Region (code EDRPOU 30636220) on
March 13 after finding it insolvent.  The case is docketed under
Case No. 23/15-b.

JSB Regional Development Bank has been appointed Liquidator and
can be reached at:

         Degtyarivska Str. 8-A
         04050 Kyiv Region, Ukraine

The Economic Court of Kyiv Region is located in:

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

The Debtor can be reached at:

         CJSC Kiev-Region
         Suvorov Str. 4/6
         01010 Kyiv Region, Ukraine


NAFTA-BOR: Kyiv Court Commences Bankruptcy Process
--------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Nafta-Bor (code EDRPOU 30163889) on
March 20 after finding it insolvent.  The case is docketed under
Case No. 42/2 b-2006.

JSCB Legbank (code EDRPOU 14291780) has been appointed
Liquidator and can be reached at:

         Zhilyanska Str. 27
         01033 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:

         LLC Nafta-B
         Promislova Str. 15
         Proliski
         Borispil District
         Kyiv Region, Ukraine


OLVICH: Court Appoints Ruslan Krivich to Liquidate Assets
---------------------------------------------------------
The Economic Court of Lviv Region appointed Ruslan Krivich as
Liquidator/Insolvency Manager for LLC Olvich (code EDRPOU
19334459).  He can be reached at:

         a/b 1535
         79008 Lviv Region, Ukraine

The Court commenced bankruptcy proceedings against on Dec. 28,
2005 after finding it insolvent.  The case is docketed under
Case No. 6/193-4/164.

The Economic Court of Lviv Region is located in:

         Lichakivska Str. 81
         79010 Lviv Region, Ukraine

The Debtor can be reached at:

         LLC Olvich
         Golubovich Str. 48
         Lviv Region, Ukraine


SIMPLY-TRADE: Dnipropetrovsk Court Opens Bankruptcy Proceedings
---------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
proceedings against LLC Simply-Trade (code EDRPOU 33563590) on
March 28 after finding it insolvent.   The case is docketed
under Case No. B 24/55/06.

Rostislav Talan has been appointed Liquidator/Insolvency Manager
and can be reached at:

         a/b 158
         49000 Dnipropetrovsk Region, Ukraine  Ukraine
         
The Economic Court of Dnipropetrovsk Region is located in:    

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region, Ukraine  

The Debtor can be reached at:

         LLC Simply-Trade
         Mironov Str. 5-B
         49000 Dnipropetrovsk Region, Ukraine


VIDEKS: Court Appoints Ruslan Krivich as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Lviv Region appointed Ruslan Krivich as
Liquidator/Insolvency Manager for LLC Videks (code EDRPOU
31730394).  He can be reached at:

         a/b 1535
         79008 Lviv Region, Ukraine

The Economic Court of Lviv Region commenced bankruptcy
proceedings against the company on Feb. 16 after finding it
insolvent.   The case is docketed under Case No. 6/14-4/26.

The Economic Court of Lviv Region is located in:

         Lichakivska Str. 81
         79010 Lviv Region, Ukraine

The Debtor can be reached at:

         LLC Videks
         B. Hmelnitskij Str. 14
         Mistki
         Pustomiti District
         Lviv Region, Ukraine


VIKTORIYA TRADING: Insolvency Manager Takes Over Assets
-------------------------------------------------------
The Economic Court of Chernivtsi Region appointed Unguryanu
Dorin temporary insolvency manager for LLC Viktoriya Trading
(code EDRPOU).  He can be reached at:

         Golovna Str. 204-D/5
         58000 Chernivtsi Region, Ukraine

The Court commenced bankruptcy supervision procedure on the
company on Nov. 28, 2005.  The case is docketed under Case No.
10/261/b

The Economic Court of Chernivtsi Region is located in:    

         O. Kobilyanska Str. 14
         58000 Chernivtsi Region, Ukraine

The Debtor can be reached at:

         LLC Viktoriya Trading
         Golovna Str. 46/321
         58000 Chernivtsi Region, Ukraine


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


ABBEY SCHOOL: Names Peter Alan Langard as Administrator
-------------------------------------------------------
Peter Alan Langard was appointed administrator of The Abbey
School Tewkesbury (Company Number 3341934) on April 26.

The administrator can be contacted at:

         Lifford Hall
         Kings Norton
         Birmingham B30 3JN
         United Kingdom

The Abbey School Tewkesbury can be reached at:

         The Abbey School
         Church Street
         Tewkesbury
         Gloucestershire GL20 5PD
         United Kingdom
         Tel: 01684 294 460


ALBA 2006: S&P Rates GBP9.2 Million Class E Notes
-------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP558.7 million mortgage-backed floating-
rate notes to be issued by ALBA 2006 - 1 PLC, an SPE.
  
The collateral in this transaction consists of a pool of first-
ranking mortgages secured over freehold and leasehold
residential properties in England, Wales, Northern Ireland, and
Scotland.
  
The mortgages were originated in two pools by the originators:

   -- GMAC-RFC Ltd.,
   -- Kensington Mortgage Co. Ltd., and
   -- Oakwood Homeloans Ltd. (OHL)

bought the mortgage pools for use in this transaction.
  
This is OHL's second securitization, which largely repeats the
structure of ALBA 2005 - 1 PLC. The current securitized
portfolio consists of GBP206.2 million of near-prime and non-
conforming loans purchased from and originated by Kensington.
The rest of the completion pool GBP352.5 is prime self-cert and
buy-to-let mortgages originated by GMAC-RFC.
  
There is no step-up margin on the notes. A step-up margin can
increase the strain in a transaction, as the issuer must pay an
increased coupon on the notes if they fail to redeem before
their expected maturity.
  
                          Ratings List
                       ALBA 2006 - 1 PLC
        GBP558.7 Million Mortgage-Backed Floating-Rate Notes
  
                         Prelim         Prelim amount
          Class          rating         (Mil. GBP)
          -----          ------         -------------
           A1             AAA               167.6
           A2             AAA                93.9
           A3a            AAA               100.0
           A3b            AAA               100.0
           B              AA                 55.0
           C              A                  19.3
           D              BBB                13.7
           E              BB                  9.2
          MERCS           AAA                 N/A


CARMASTERS LIMITED: Sets Creditors' Meeting on June 5
-----------------------------------------------------
Creditors of Carmasters Limited (Company Number 03973944) will
meet at 11:00 a.m. on June 5 at:

         PricewaterhouseCoopers LLP
         Queen Victoria House
         Guildhall Road
         Hull HU1 1HH
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon, on June 2 at:

         M.D.A. Loftus and I.D. Green
         Joint Administrative Receivers
         PricewaterhouseCoopers LLP
         Queen Victoria House
         PO Box 88
         Guildhall Road
         Hull HU1 1HH
         United Kingdom
         Tel: [44] (1482) 224 111
         Fax: [44] (1482) 584 120

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


COLT TELECOM: Moody's Might Upgrade Ratings on Share Swap Scheme
----------------------------------------------------------------
Moody's Investors Service placed the ratings of COLT Telecom
Group plc on review for possible upgrade following the launch by
the company of a scheme of arrangement under which the shares in
COLT Telecom Group plc will be de-listed and swapped (on a three
for one basis) with London listed shares in COLT Telecom Group
S.A., a new parent company located in Luxembourg, and
approximately GBP300 million of new equity funding will be
raised by COLT S.A., which will be used to retire the company's
outstanding convertible debt and subsequently prepay part of the
company's outstanding senior notes.

Ratings on review:

   -- B3 corporate family rating; and
   -- B3 rating of the senior unsecured and convertible notes.

The review for upgrade reflects both the improvements in
operational performance demonstrated by the company over the
past fifteen months as well as the expectation that the scheme
of arrangement will be approved by shareholders and the U.K.
courts and that consequently the new group will benefit from a
significant cash equity injection that will materially reduce
short term debt maturities and improve its liquidity profile.

The review for upgrade will focus on the capital structure and
liquidity position of the company following the proposed equity
offering as well as its future growth prospects.  In particular,
the operational review will focus on COLT's ability to continue
to improve its margins and free cash flow generation, in light
of expected low revenue growth rates and limited cost savings
combined with a highly competitive operating environment.

In the event that the scheme of arrangement is approved and the
equity offering is completed, Moody's expects that the rating
change, if any, will be limited to a one-notch upgrade.

COLT Telecom Group plc, headquartered in London, U.K., is a
leading provider of high bandwidth data, voice telecommunication
services and solutions, to businesses and governmental
organizations in Europe.  For the year ended Dec. 31, 2005, COLT
generated revenues of GBP1.2 billion and EBITDA of GBP173.4
million.


FORMRITE TOOL: Meeting of Creditors Set on May 22
-------------------------------------------------
Creditors of Formrite Tool & Gauge Co. Limited (Company Number
00645305) will meet at 10:30 a.m. on May 22 at:

         KPMG LLP
         2 Cornwall Street
         Birmingham B3 2DL
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on May 19 at:

         Andrew Stephen McGill
         Joint Administrator
         KPMG LLP
         2 Cornwall Street
         Birmingham B3 2RT
         Tel: (0121) 232 3000
         Fax: (0121) 232 3500

KPMG -- http://www.kpmg.co.uk/-- in the U.K. is part of a  
strong global network of member firms with 9,500 partners and
staff working in 22 offices across the U.K. providing audit, tax
and advisory services.


GENERAL & COMMERCIAL REFERENCING: Names G.W. Rhodes Liquidator
--------------------------------------------------------------
G.W. Rhodes, of Begbies Traynor, was appointed Liquidator of
General & Commercial Referencing Services Limited after
creditors passed a resolution to wind up the company on
March 17.

Director R.A. Perkins revealed the company could no longer
continue its operations due to mounting debts.

The company can be reached at:

         General & Commercial Referencing Services Limited
         11 Black Lion Street
         Brighton BN1 1ND
         United Kingdom
         Tel: 01273 540 72


HERBERT PEPPER: Brings In Administrators from Rothman Pantall
-------------------------------------------------------------
R.D. Smailes and S.B. Ryman of Rothman Pantall & Co. were
appointed joint administrators of Herbert Pepper & Rudland on
April 27.

Rothman Pantall & Co. -- http://www.rothman-pantall.co.uk/--  
was established in 1955 as a general accountancy practice, and
has grown to its present 18 offices across the South of England.

Headquartered in London, Herbert Pepper & Rudland are chartered
accountants.


HMV GROUP: Ottakar's Turns Down Renewed Cash Offer
--------------------------------------------------
The Board of Directors for Ottakar's plc rejected a renewed
indicative cash offer from HMV Group plc since the price was
"materially below the current market price."

HMV Group had offered GBP97 million for Ottakar's in September
2005.  Although the Board did not reveal the value of HMV's
renewed offer, Harry Wallop of The Daily Telegraph suggests that
the offer was about 275 pence per share.

Discussions between the companies are continuing and a further
announcement will be made in due course.  

The Competition Commission formally cleared the anticipated
acquisition of Ottakar's by HMV through Waterstone's Booksellers
Ltd. on May 12, after concluding in its final report that the
merger would not lead to a substantial lessening of competition
in the market for the retail sale of new books to consumers in
any part of the United Kingdom.   

                       About the Company

Headquartered in the U.K., HMV Group PLC --
http://www.hmvgroup.com/-- operates 580 stores in 8 different  
countries under two powerful retail brands (HMV and
Waterstone's).  On March 31, 2005, the Group completed a
refinancing of its senior bank facilities, creating a more
efficient capital structure.  A five-year GBP260 million
revolving credit facility was arranged, replacing an existing
GBP150 million revolving credit facility, together with
outstanding term debt of GBP160 million which was repaid in
full.  Consequent to the refinancing, GBP2.7 million of
unamortized deferred financing fees were written-off in the
financial year to April 30, 2005, as a non-cash exceptional
interest charge.

At Oct. 29, 2005, the company's balance sheet showed GBP49.7
million in stockholders' deficit, compared with a GBP14.4
million stockholders' deficit at Apr. 30, 2005.


HOT TUBS: Creditors Confirm Voluntary Liquidation
-------------------------------------------------
Creditors of Hot Tubs U.K. Limited confirmed the company's
voluntary liquidation during an extraordinary general meeting on
March 2.

Creditors also ratified the appointment of Robert James
Thompson, of Rendell Thompson, as Liquidator.

The company can be contacted at:

         Hot Tubs U.K. Limited
         Wyevale Garden Centre
         Capstone Road
         Elm Court
         Gillingham
         Kent ME7 3JQ
         United Kingdom
         Tel: 01634 202 111


J T A JOINERY: Creditors Pass Winding Up Resolution
---------------------------------------------------
Creditors of J T A Joinery Limited passed a resolution to wind
up the company's operations during an extraordinary general
meeting on March 17.

Lloyd Biscoe, of Begbies Traynor, was appointed Liquidator.

The company can be reached at:

         J T A Joinery Limited  
         7 Fairway
         Orpington
         Kent BR5 1EF
         United Kingdom
         Tel: 01689 876 900
         Fax: 01689 876 069


KYE LIMITED: Meeting of Creditors Set on May 23
-----------------------------------------------
Creditors of Kye Limited (Company Number 01944559) will meet at
11:00 a.m., on May 23 at:

         RSM Robson Rhodes LLP
         St George House
         40 Great George Street
         Leeds LS1 3DQ
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon, on May 22 at:

         Charles William Anthony Escott
         Joint Administrator
         RSM Robson Rhodes LLP
         St George House
         40 Great George Street
         Leeds LS1 3DQ
         United Kingdom

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/-- is a  
U.K. partnership of chartered accountants and management
consultants, providing a wide range of auditing, assurance,
advisory and compliance services for both private and public
sectors.


LAND FLEET: Appoints Joint Administrators from Cooper Parry
-----------------------------------------------------------
Tyrone Shaun Courtman and Jeremy Philip William Meadows of
Cooper Parry LLP were appointed joint administrators of Land
Fleet Services Limited (Company Number 02896825) on April 25.

The joint administrators can be reached at:

         Cooper Parry LLP
         The Crescent
         King Street
         Leicester
         Leicestershire LE1 6RX
         Tel: 0116 285 4424

Based in East Midlands, Land Fleet Services Limited --
http://www.landfleetservices.co.uk/-- is engaged in freight  
transport by road.


M & L WINTER: Joint Liquidators Take Over Operations
----------------------------------------------------
Gary Steven Pettit and Peter John Windatt, of BRI Business
Recovery and Insolvency, were appointed Joint Liquidators of M &
L Winter Limited after creditors passed a resolution to wind up
the company's operations on March 16.

The company can be reached at:

         M & L Winter Limited
         54 Falcutt Way
         Northampton NN2 8PH
         United Kingdom
         Tel: 01604 454 056
         Fax: 01604 454 056


MAVINE LIMITED: Creditors Decide to Wind Up Operations
------------------------------------------------------
Mavine Limited is liquidating its assets after creditors decided
to wind up the company's operations during an extraordinary
general meeting on March 16.

Kenneth Webster Marland and John Neil Harrison, of Harrisons,
were appointed Joint Liquidators.

The company can be contacted at:

         Mavine Limited
         Waterloo House
         Waterloo Road
         Bidford-on-Avon
         Alcester
         Warwickshire B50 4JH
         United Kingdom
         Tel: 01789 490 444
         Fax: 01789 490 446


NICOLAS LIMITED: Creditors' Meeting Slated for May 23
-----------------------------------------------------
Creditors of Nicolas (Northern) Limited (Company Number
02570280) will meet at 11:00 a.m. on May 23 at:

         Unity Business Services LLP
         Unity House
         Clive Street
         Bolton BL1 1ET
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on May 22 at:

         M.C. Bowker and S. Payne
         Joint Administrators
         Unity Business Services LLP
         Unity House
         Clive Street
         Bolton BL1 1ET
         United Kingdom


RANK GROUP: Buys Back 500,000 Ordinary Shares for Cancellation
--------------------------------------------------------------
The Rank Group Plc bought back 500,000 ordinary shares of 10
pence in the Company on May 16 for cancellation at an average
price of 218.35 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.


REFLEX PRECISION: Begins Winding Up Operations
----------------------------------------------
Reflex Precision Engineering Limited is winding up its
operations after creditors decided to liquidate the company's
assets on March 17.

G.W. Rhodes, of Begbies Traynor, will lead the winding up
proceedings.

The company can be contacted at:

         Reflex Precision Engineering Limited
         Unit A
         Mill Mead
         Staines TW18 4UQ
         United Kingdom
         Tel: 01784 463 419
         Fax: 01784 463 419


ROTHLEY BURN: Manufacturer Names Joint Administrators from PKF
--------------------------------------------------------------
Ian J. Gould and Edward T. Kerr of PKF were appointed joint
administrators of Rothley Burn Limited (Company Number 2698752)
On May 3.

The administrators can be reached at:

         PKF
         New Guild House
         45 Great Charles Street
         Queensway
         Birmingham
         West Midlands B3 2LX
         Tel: 0121 212 2222
         Fax: 0121 212 2300
         E-mail: ian.gould@uk.pkf.com

Headquartered in Wolverhampton, West Midlands, Rothly Burn
Limited manufactures and markets decorative tubes and fittings
and other associated products.


SSA GLOBAL: Infor to Buy Stock for US$1.3 Billion in Merger Deal
----------------------------------------------------------------
SSA Global Technologies, Inc., and Infor Global Solutions AG
entered into a definitive agreement for Infor to acquire SSA
Global.

Under the terms of the agreement, Infor will pay US$19.50 per
share in cash to SSA Global's shareholders.  SSA Global's
Special Committee of independent directors, as well as the Board
of Directors approved the agreement.  The parties anticipate
closing the transaction in the third calendar quarter of 2006.  
The closing is subject to certain customary conditions,
including receipt of regulatory approvals and SSA Global
shareholder approval.  Certain shareholders representing
approximately 84% of SSA Global's outstanding shares have
entered into voting agreements to support the merger.

"With this acquisition, Infor will become the third largest
enterprise software provider in the industry with approximately
US$1.6 billion in revenue," said Jim Schaper, Infor's chairman
and CEO.  "Infor has become a significant force in the industry
by assembling and innovating market-specific, best-in-class
enterprise software solutions, which provides customers with a
flexible choice in the market."

According to press reports, the deal is valued at around US$1.3
billion.

"In a rapidly consolidating marketplace we have seen that size
and scale matter," said Mike Greenough, chairman, president and
CEO of SSA Global.  "This transaction brings value to all of our
key stakeholders -- our investors, our customers and our
employees."

Infor was advised by Kirkland & Ellis LLP.  Financing for the
acquisition will be arranged by J.P. Morgan Securities Inc. and
Credit Suisse (U.S.A.) LLC and is expected to include a
combination of senior secured first-lien credit facilities and
second-lien debt denominated in both US dollars and Euros.

The Special committee of independent directors was advised by
Mayer, Brown, Rowe & Maw LLP and received a fairness opinion
from Houlihan, Lokey, Howard & Zukin.  SSA Global was advised by
Schulte Roth and Zabel LLP and J.P. Morgan Securities Inc.

The definitive agreement to acquire SSA Global Technologies,
Inc. was signed by Magellan Holdings, Inc., a wholly owned
subsidiary of Infor Global Solutions AG.  Infor is a portfolio
company of Golden Gate Capital and Summit Partners.

                        About Infor

Infor Global Solutions AG -- http://www.infor.com/-- is one of  
the largest global software providers focused on delivering
world-class enterprise applications to select verticals in the
manufacturing and distribution industries.  Infor delivers
integrated solutions that address the essential challenges its
customers face in areas such as supply chain planning,
enterprise asset management, relationship management, demand
management, ERP, warehouse management, and business
intelligence.  With more than 3,100 employees in 50 global
offices, Infor provides enterprise solutions to almost 24,700
customers in over 100 countries.  

                     About SSA Global

Headquartered in Chicago, Illinois, SSA Global Technologies Inc.
(Nasdaq: SSAG) -- http://www.ssaglobal.com/-- is a leading  
provider of extended ERP solutions for manufacturing,
distribution, retail, services and public organizations
worldwide.  In Europe, the company is headquartered in
Camberley, England.

In addition to core ERP applications, SSA Global offers a full
range of integrated extension solutions including corporate
performance management, customer relationship management,
product lifecycle management, supply chain management and
supplier relationship management.  SSA Global has over 50
locations worldwide and its product offerings are used by
approximately 13,000 active customers in over 90 countries.  SSA
Globalis the corporate brand for product lines and subsidiaries
of SSA Global Technologies, Inc.

                         *     *     *

Standard & Poor's Ratings Services placed a 'BB-' corporate
credit rating on Chicago, Illinois-based SSA Global Technologies
Inc. in July 2005.  At the same time, Standard & Poor's puta
'BB-' rating, with a recovery rating of '3', to SSA Global's
US$225 million senior secured bank facility, which will consist
of a US$25 million revolving credit facility due 2010 and a
US$200 million term loan due 2011.  S&P said the outlook is
negative.


SURESTOCK HOLDINGS: Names Joint Liquidators to Wind Up Business
---------------------------------------------------------------
Charles Michael Brook and Martin Andrew Shaw, both of Tenon
Recovery, were appointed Joint Liquidators of Surestock Holdings
Limited after creditors passed a resolution to wind up the
company on March 16.

Chairman R. Haynes disclosed the company could no longer
continue its business due to mounting debts.

The company can be contacted at:

         Surestock Holdings Limited
         Alder Castle
         10 Noble Street
         London EC2V7QJ
         United Kingdom
         Tel: 01865 381 138


T.S. SERVICES: Appoints Administrator from Marriotts LLP
--------------------------------------------------------
Anthony Harry Hyams of Marriotts LLP was appointed administrator
of T.S. Services Limited (Company Number 03000429) on April 5.

The administrator can be contacted at:

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

Headquartered in Exeter, England, T.S. Services Limited is
engaged in construction and civil engineering.


TOTEM COMMUNICATIONS: Forman Hardy Names BDO Stoy Receivers
-----------------------------------------------------------
Forman Hardy Holdings Limited appointed Dermot Justin Power and
Matthew Dunham of BDO Stoy Hayward LLP joint administrative
receivers of Totem Communications Limited (Company Number
02933669) on May 4.

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.

Totem Communications Limited can be reached at:
         
         Mercury House
         Stafford Park 1
         Telford Shropshire TF3 3EN
         United Kingdom
         Tel: 01952 520 099
         Fax: 01332 207 103



TRM CORP: Posts US$1.4 Million First Quarter Net Loss
-----------------------------------------------------
TRM Corporation filed its financial statements for the quarter
ended March 31, 2006, with the Securities and Exchange
Commission on May 5.

The Company reported a US$1,499,000 net loss on US$52,953,000 of
sales for the three months ended March 31, 2006.

At March 31, 2006, the Company's balance sheet showed
US$334,469,000 in total assets and US$194,687,000 in total
liabilities, resulting in a stockholders' equity of
US$138,282,000.

A full-text copy of the Company's financial statements for the
quarter ended March 31, 2006, is available at no charge at
http://ResearchArchives.com/t/s?936

Headquartered in Portland, Oregon, TRM Corporation --
http://www.trm.com/-- is a consumer services company that  
provides convenience ATM and photocopying services in high-
traffic consumer environments.  TRM's ATM and copier customer
base has grown to over 35,000 retailers throughout the United
States and over 46,200 locations worldwide, including 6,400
locations across the United Kingdom and over 4,900 locations in
Canada.  TRM operates one of the largest multi-national ATM
networks in the world, with over 22,000 locations deployed
throughout the United States, Canada, Great Britain, including
Northern Ireland and Germany.

                          *     *     *

As reported in the Troubled Company Reporter on Mar. 23,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Portland, Oregon-based TRM Corporation to 'CCC' from
'B+' and revised its CreditWatch placement to developing from
negative.  The downgrade reflected the weakened status of the
company's loan agreement.

As reported in the Troubled Company Reporter on Mar. 23, Moody's
Investors Service downgraded the corporate family rating of TRM
Corporation to Caa1 from B2 and assigned a negative outlook.


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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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