TCREUR_Public/060522.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, May 22, 2006, Vol. 7, No. 100

                           Headlines

G E R M A N Y

BEAUTY INSEL: Meeting of Creditors Set on June 19
BERGMANN GMBH: Creditors' Meeting Slated for June 1
GEBRUEDER BOHLER: Claims Registration Ends May 29
F & S: Creditors Must Register Claims Until May 29
LEICA CAMERA: Discloses Change of Control Over Convertible Bonds

MALERBETRIEB JUERGEN: Claims Filing Period Ends June 2
PEGASOS QUANTE: Creditors' Meeting Slated for July 14
REMIX VIDEO: Claims Filing Period Ends June 1
RUPPRATH + THEIS: Claims Registration Ends June 1


I R E L A N D

ELAN CORPORATION: Nancy Lurker Resigns from Board


I T A L Y

BANCA NAZIONALE: Fitch Affirms Individual Rating at C
IMPREGILO SPA: Igli to Increase Equity Stake by 11.7%
LOTTOMATICA SPA: Completes EUR750 Million Bond Issue


K A Z A K H S T A N

AIMAK OIL: Creditors Must File Claims by May 30
ANTARES: Creditors Must File Claims by May 30
ART: Proof of Claim Deadline Slated for May 27
DELTA SYSTEM: Proof of Claim Deadline Slated for May 20
KAZKOMMERTS INTERNATIONAL: Fitch Rates EUR300-Mln Notes at BB+

MERKATA OIL INK: Pavlodar Court Opens Bankruptcy Proceedings
NEFTEPROMSTROIKOMPLEKS: Claims Registration Ends May 30
NERDJI: Claims Registration Ends May 27
ONIKS-OIL-PV: Pavlodar Court Starts Bankruptcy Proceedings
RESIDENCE OF THE PRESIDENT: Creditors' Claims Due May 30

TEHNO MASH: Creditors' Claims Due May 27


L U X E M B O U R G

EUROPEAN ENHANCED: Moody's Rates EUR15-Million Notes at Ba2


N E T H E R L A N D S

KONINKLIJKE AHOLD: Shareholders Approve 2005 Figures


N O R W A Y

AKER KVAERNER: Bondholders Reject Amendments to Loan Agreement
AKER KVAERNER: Inks US$90 Million West African Deal


R U S S I A

ABSOLUT CAPITAL: Fitch Places Long-Term B to US$50 Mln Notes
AUTO-BRIDGE: Bankruptcy Hearing Slated for June 13
BOKSITOGORSKIY POLYMER: Court Sets June 5 Hearing Date
ENGELSKIY FACTORY: Court Commences Bankruptcy Proceedings
GMELINSKOYE: Court Names V. Yakushev as Insolvency Manager

KANSKAYA CONFECTIONARY: S. Vasilyev to Manage Insolvency Assets
PEARLS: Court Names A. Trubin to Manage Insolvency Assets
PYASHINSKOYE: Court Taps A. Trubin as Insolvency Manager
STROKROS: Court Appoints A. Kubasov as Insolvency Manager
STROY-DETAIL: Court Opens Bankruptcy Proceedings


S P A I N

AYT GENOVA: Fitch Puts BB+ Rating on EUR21 Million Class D Notes
RURAL HIPOTECARIO: Fitch Junks EUR11.7 Million Class E Notes
RURAL HIPOTECARIO: Increased Risks Prompts Moody's Junk Rating


U K R A I N E

ATLANTIC: State Tax Inspection to Liquidate Bankruptcy Assets
ASOCH: Court Appoints Andrij Vershinin as Liquidator
BUDMONTAZH DELUX: Court Taps M. Avramchuk as Insolvency Manager
EAST: Kyigv Court Names Andrij Vershinin as Liquidator
KRANIMPEKS: Zaporizhya Court Commenced Bankruptcy Proceedings

NOVOMET: Dnipropetrovsk Court Commences Bankruptcy Supervision
STAROBESHIVSKIJ COMBI-FOOD: Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

ADL REALISATIONS: Creditors' Meeting Slated for May 31
ARCH CAPITAL: Parent Eyes US$125-Mln Public Equity Placement
AYURDEVIC COMPANY: Winds Up Operations & Appoints Liquidator
BRITISH AIRWAYS: Posts GBP2-Billion Pension Deficit at March 31
CACI INTERNATIONAL: Refutes BAE Systems Takeover Talks

CLAVIS SECURITIES: Fitch Assigns Expected BB to GBP8.1 Mln Notes
DEWHURST BUTCHERS: Sets Creditors' Meeting on May 25
EMERALD AIRWAYS: Administrators Offers Airline for Sale
EQUIPMENT SERVICES: Appoints KPMG Administrator
FARRINGDON MORTGAGES: Fitch Lowers GBP3.13-Mln Class Rating to B

FLOE NETWORKS: Joint Administrators Take Over Operations
GENERAL MOTORS: Resolves to Reduce British Workforce by 900
GENERAL MOTORS: Finance Chiefs to Leave Posts Within the Year
HERDS OF BASINGSTOKE: Creditors' Meeting Slated for May 24
IRONMAN LIMITED: Names Zafar Igbal as Administrator

JAMES PLAYDON: Meeting of Creditors Set on May 24
M.I.A. VIDEO: Creditors' Meeting Set for May 24
MISYS PLC: Transfers 5,000 Shares to Scheme Participants
PROMOTIONAL CHOCOLATES: Creditors Pass Winding Up Resolution
RENTOKIL INITIAL: HMV CEO Joins Board as Non-Executive Director

RENTOKIL INITIAL: New Orders Prompt Asset Sale Reconsideration
RENTOKIL INITIAL: Reports First Quarter 2006 Trading Update
RYAN & MILLER: Begins Winding Up Proceedings
S.B. MAINTENANCE: Financial Woes Prompt Liquidation
SIRA GROUP: Creditors' Meeting Slated for May 26

SIRVA INC: S&P Downgrades Corporate Credit Rating to B from B+
SODO DESIGN: Meeting of Creditors Set for May 24
TOMORROWS WORLD: Names Ian William King Liquidator
UNIFAB ENGINEERING: Claims Registration Ends May 31
WESTON STAFF: Creditors Resolve to Wind Up Operations

WHINSTONE 2: Fitch Rates GBP168.5-Million Notes at BB
WHINSTONE 2: Moody's Assigns (P)Ba2 Rating to GBP169-Mln Notes
YOLDINGS MARINE: Daniel Platt Leads Winding Up Process

                            *********

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


BEAUTY INSEL: Meeting of Creditors Set on June 19
-------------------------------------------------
The court-appointed provisional administrator for Beauty Insel
GmbH, Ruediger Schmidt, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:45 a.m. on June 19.

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

         The District Court of Goppingen
         Hall 0.24
         Pfarrstr. 25
         73033 Goeppingen, 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 June 2 to register their claims with the
court-appointed provisional administrator.

The District Court of Goppingen opened bankruptcy proceedings
against Beauty Insel GmbH on April 13.  Consequently, all
pending proceedings against the company have been automatically
stayed

The Debtor can be reached at:

         Beauty Insel GmbH
         Attn: Thomas Illner, Manager         
         Stuttgarter Str. 9
         73033 Goppingen, Germany
                 
The administrator can be reached at:

         Ruediger Schmidt
         Muehlesgassle 2
         73054 Eislingen, Germany
         Tel: 07161/82018
         Fax: 07161/817976


BERGMANN GMBH: Creditors' Meeting Slated for June 1
---------------------------------------------------
The court-appointed provisional administrator for Bergmann GmbH,
Dr. Martin Gitzinger, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on June 1.

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

         The District Court of Saarbruecken
         Branch office Sulzbach
         Hall 24
         2nd Floor
         Vopeliusstrasse 2
         66280 Sulzbach, Germany

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on July 6, at the same
venue.

Creditors have until June 8 to register their claims with the
court-appointed provisional administrator.

The District Court of Saarbruecken opened bankruptcy proceedings
against Bergmann GmbH on April 25.  Consequently, all pending
proceedings against the company have been automatically stayed

The Debtor can be reached at:

         Bergmann GmbH
         Attn: Peter Bergmann, Manager
         Zum Sitters 34
         66787 Wadgassen, Germany

The administrator can be reached at:

         Dr. Martin Gitzinger
         Grosser Markt 8
         66740 Saarlouis, Germany
         Tel: 06831-93090
         Fax: 06831-930930


GEBRUEDER BOHLER: Claims Registration Ends May 29
-------------------------------------------------
Creditors of Gebrueder Bohler GmbH have until May 29 to register
their claims with court-appointed provisional administrator
Thomas Bueckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on June 14, 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 Duisburg
         Area C207
         2. Floor
         Cardinal-Galen-Road 124-132
         47058 Duisburg, Germany

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

The District Court of Delmenhorst opened bankruptcy proceedings
against Gebrueder Bohler GmbH on April 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Gebrueder Bohler GmbH
         Attn: Dennis Bohler, Manager
         Eylander Way 4
         46487 Wesel, Germany
         
The administrator can be contacted at:

         Thomas Bueckmann
         Kohlenkamp 39
         45468 Muelheim an der Ruhr, Germany


F & S: Creditors Must Register Claims Until May 29
--------------------------------------------------
Creditors of F & S Transport GbR have until May 29 to register
their claims with court-appointed provisional administrator
Markus M. Merbecks.

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

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28, Gerichtsgebaude
         Fuerstenstrasse 21
         Chemnitz, Germany

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

The District Court of Chemnitz opened bankruptcy proceedings
against F & S Transport GbR on April 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         F & S Transport GbR
         Attn: Tobias Friedrich and Rene Schubert, Partners          
         Alfred-Brodauf-Road 20
         08280 Aue, Germany

The administrator can be contacted at:

         Markus M. Merbecks
         Lessingstrasse 25
         08058 Zwickau, Germany
         Web site: http://www.merbecks.de/


LEICA CAMERA: Discloses Change of Control Over Convertible Bonds
----------------------------------------------------------------
As previously reported, Socrates Privatstiftung and its wholly
owned subsidiary, ACM Projektentwicklung GmbH have acquired a
majority interest in Leica Camera AG.  The share of voting
rights held by Socrates now amounts to approximately 50.04%.

In respect of the EUR15 million 5.5% convertible bonds of
Feb. 9, 2004, due March 3, 2014, the Borrower, Leica Camera AG
disclosed a change of control as defined by the Terms and
Conditions of the Convertible Bonds and has fixed July 3, as the
Control Record Date.

According to section 12 (2) of the Terms and Conditions, in case
of the Borrower announcing a change of control as defined by the
Terms and Conditions each Bondholder is eligible, at his or her
option, to demand from the Borrower, within a period of not less
than 20 days before the Control Record Date, the repayment of
all or part of his or her Convertible Bonds not yet converted or
called in at par plus interest accrued until, but not including,
the day of repayment.

Hermes International SCA, Paris, France, which, according to the
information available to the Company, holds approximately 96.5%
of all Convertible Bonds issued, has informed Leica Camera AG
that it will not exercise its repayment right according to
section 12 (2) of the Terms and Conditions.

Headquartered in Solms, Germany, Leica Camera AG, --
http://www.leica-camera.com/-- its banks partially terminated  
their credit lines in February 2005 after the firm said it
expects a loss of half of its registered share capital in March
2005.  The group closed the first half of its fiscal year
2004/2005 (FY end March 31) with sales of EUR45 million, 15%
below the figure in the first half last year.

Leica Camera has closed the first half of fiscal year 2005/2006
with sales growing by 6.7% on the previous year period, to
EUR48.0 million, as of Sept. 30, 2005.  At -EUR1.9 million,
operating result continues to be unsatisfactory, although
reduced by EUR2.2 million compared to the previous year period.
Extraordinary result comes to -EUR1.4 million, up from prior
year's -EUR2.4 million.  Net loss after tax was reduced by
EUR2.8 million and amounts to -EUR4.6 million.


MALERBETRIEB JUERGEN: Claims Filing Period Ends June 2
------------------------------------------------------
Creditors of Malerbetrieb Juergen Mueller GmbH have until June 2
to register their claims with court-appointed provisional
administrator Karl-Heinz Trebing.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 22, 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 Hanau
         Area E09
         Branch office Insolvency Court
         Engelhardstrasse 21
         63450 Hanau, 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 Hanau opened bankruptcy proceedings
against Malerbetrieb Juergen Mueller GmbH on April 18.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Malerbetrieb Juergen Mueller GmbH
         Attn: Juergen Mueller, Manager         
         Limesstr. 8
         63486 Bruchkobel, Germany

The administrator can be contacted at:

         Karl-Heinz Trebing
         Hanauer Landstr. 287-289
         60314 Frankfurt/M, Germany
         Tel: 069/15051530
         Fax: 069/15051400


PEGASOS QUANTE: Creditors' Meeting Slated for July 14
-----------------------------------------------------
The court-appointed provisional administrator for Pegasos Quante
GmbH, Dr. Wolfgang Kohler, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:30 a.m. on July 14.

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

         The District Court of Arnsberg
         EG 328
         Eichholzstrasse 4
         59821 Arnsberg, Germany

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

Creditors have until June 2 to register their claims with the
court-appointed provisional administrator.

The District Court of Arnsberg opened bankruptcy proceedings
against Pegasos Quante GmbH on April 24.  Consequently, all
pending proceedings against the company have been automatically
stayed

The Debtor can be reached at:

         Pegasos Quante GmbH
         Attn: Wilhelm Quante, Manager
         Schwarzenweg 10
         59510 Lippetal, Germany

The administrator can be reached at:

         Dr. Wolfgang Kohler
         Market Route 22
         59555 Lippstadt, Germany
         Tel: 02941-979850


REMIX VIDEO: Claims Filing Period Ends June 1
---------------------------------------------
Creditors of remix Video Technologien GmbH have until June 1 to
register their claims with court-appointed provisional
administrator Martin Schoebe.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on June 22, 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 Kempten
         Zi.Nr. 139/I
         Residenzplatz 4-6
         87435 Kempten, 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 Kempten opened bankruptcy proceedings
against remix Video Technologien GmbH on April 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         remix Video Technologien GmbH
         Zwergstrasse 7
         87600 Kaufbeuren, Germany

The administrator can be contacted at:

         Martin Schoebe
         Ainmillerstr. 11
         80801 Munich, Germany
         Tel: 089/1893770
         Fax: 089/18937750


RUPPRATH + THEIS: Claims Registration Ends June 1
-------------------------------------------------
Creditors of Rupprath + Theis GmbH have until June 1 to register
their claims with court-appointed provisional administrator Uwe
Kuhmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 22, 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 Hagen
         Area 283, Floor 2
         Heinitzstrasse 42
         58097 Hagen, Germany

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

The District Court of Hagen opened bankruptcy proceedings
against Rupprath + Theis GmbH on April 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Rupprath + Theis GmbH
         Attn: Michael Rupprath and Joachim Theis, Managers          
         Robert-Frese-Str. 38 - 40
         58332 Schwelm, Germany
         
The administrator can be contacted at:

         Uwe Kuhmann
         Hochstr. 124
         58095 Hagen, Germany


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I R E L A N D
=============


ELAN CORPORATION: Nancy Lurker Resigns from Board
-------------------------------------------------
Elan Corporation Plc discloses that Nancy Lurker will resign as
a non-executive director of the Company effective May 31.

Ms. Lurker has been a director of Elan since May 2005.  Ms.
Lurker will be taking up as Chief Marketing Officer of Novartis
Pharmaceuticals, U.S.  To avoid the possibility of any conflict
of interest in the future, both she and Elan agreed it was
appropriate for her to step down from the board of Elan.

"While we will miss Nancy on our board, we wish her well in her
new challenging position," Chairman Kyran McLaughin, said.

                      About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology  
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                        *     *     *

Moody's Investors Service rates Elan's long-term corporate
family rating at Ba3.  The company's long-term foreign issuer
credit rating and long-term local issuer credit rating carry
Standard & Poor's single-B rating.


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


BANCA NAZIONALE: Fitch Affirms Individual Rating at C
-----------------------------------------------------
Fitch ratings upgraded Italy-based Banca Nazionale del Lavoro's
rating to Issuer Default AA- from A+.  At the same time, the
agency affirmed the bank's Short-term, Individual and Support
ratings at F1, C and 1 respectively.  Following the upgrade, the
outlook is now stable.

The rating action follows the successful conclusion of the
obligatory takeover bid by BNP Paribas for BNL's shares, which
has resulted in the French bank holding a 97% stake in BNL.  
BNPP plans to launch a new offer to obtain up to 100% ownership.

The IDR, Short-term and Support ratings reflect what Fitch
considers to be an extremely high probability of support for
BNL, should it ever be required, from its new controlling
shareholder.  As further integration occurs and additional
operational benefits accrue to BNL under new ownership, Fitch
may equalize the bank's IDR with BNPP's IDR AA.

BNPP regards Italy as its second "home market" and Fitch expects
the bank to work speedily to integrate BNL, centralizing some
functions and product lines.  BNL should benefit from a wider
range of more sophisticated products as well as cost and
revenues synergies achieved by closer cooperation with BNPP and
its subsidiaries already operating in Italy in asset management,
private banking and consumer lending.

In addition, as part of one of largest European groups, BNL
should be able to promote itself more successfully.  In April
2006, BNPP appointed a new Managing Director for BNL and,
reflecting its controlling interest, a new board of directors.
In the light of these changes, the Italian bank has started to
prepare a new business plan.

In 2005, BNL reported EUR533 million of net income, EUR5.029
billion of equity and a Tier 1 ratio of 6.7%.  It was the sixth
largest bank in Italy by loans at end-2005 and has around 800
branches.  In 2005, BNPP reported EUR6.286 billion of net income
and over EUR35 billion of common equity.  It is the second
largest French bank and the fifth largest in Europe by equity.
Its market share of sight deposits in France is 9.6%.


IMPREGILO SPA: Igli to Increase Equity Stake by 11.7%
-----------------------------------------------------
Holding group Igli S.p.A. is eyeing to acquire the 11.7% stake
held by Gemina S.p.A. in engineering group Impregilo S.p.A. for
EUR150 million, Il Sole 24 Ore says.

Igli gained a call option on Gemina shares in 2005 when it
acquired a 12.5% stake in Impregilo.  According to sources cited
by Il Sole, Igli might exercise the call option.

According to the report, Gemina, controlled by the Romiti
family, reportedly wants to receive some Igli shares aside from
cash in the buyout deal to remain an indirect shareholder of
Impregilo.  Gemina's representative to Impregilo's board would
also have to step down if the buyout deal pushes through, Il
Sore relates.

Igli and Gemina currently hold 18.037% and 11.829% stakes in
Impregilo.  Other stakeholders include HBK Investments Limited
Partnership (2.286%) and Assicurazioni Generali S.p.A. (2.136%).  
The remaining 65.712% of Impregilo's shares is floating capital
controlled by minority shareholders.

Headquartered in Milan, Italy Impregilo S.p.A. --
http://www.impregilo.it/-- is involved in the construction of  
dams and hydroelectric schemes since 1906.  In 2005, Impregilo
posted consolidated net sales of EUR2.4 billion, compared to
EUR2.9 billion in 2004.  It attributed the decrease to a general
downturn in sales volumes, the de-consolidation of some
operations and the absence of extraordinary items recognized in
2004.  

The Group posted a consolidated operating loss of EUR254.4
million.  A significant factor in the result was the aggregate
operating loss (EUR260 million) of the non-core businesses
(Building & Services, Campania MSW Project, Imprepar in
liquidation), which are being sold/retired or are in
liquidation.

Net debt at Dec. 31, 2005, was EUR739.18 million, including
discontinued operations.  Shareholders' equity at Dec. 31, 2005,
amounted to EUR516.7 million, an increase of EUR305 million from
Dec. 31, 2004.  Impregilo is optimistic it could achieve its
profit forecast and debt-to-equity ratio of 0.5 in 2007.  Lazard
Freres & Co. LLC is advising Impregilo.


LOTTOMATICA SPA: Completes EUR750 Million Bond Issue
----------------------------------------------------
Lottomatica disclosed the closing of the offering and the full
underwriting of the EUR750 million Subordinated Interest-
Deferrable Capital Securities due 2066.

The Securities are in registered form in the minimum
denomination of EUR50,000 and subscribers for the 100% of the
issued Securities have been procured by Credit Suisse Securities
(Europe) Limited and by Goldman Sachs International, pursuant to
a subscription agreement entered with Lottomatica on May 10
2006.  The Securities are offered or sold only outside the
United States to certain institutional investors or in or within
the United States, or to or for the account or benefit of U.S.  
persons, to qualified institutional buyers (as defined in Rule
144A under the Securities Act of 1933, as amended.

The proceeds of the offering will be used to partially finance
the proposed acquisition of GTECH Holdings Corporation and the
Securities coupon was set at 8.25% -- 10 years mid-swap plus 405
basis points -- for the first 10 years.  After the tenth
anniversary from the issue date, the Securities will accrue
interest on a semi-annual basis and the interest rate shall be
six-month Euribor plus a margin of 100 bps step up over the
initial margin, in any case within the limits provided for by
the applicable law.

The Securities received BB ratings from Standard & Poor's and
Ba3 ratings from Moody's Investors Service Limited.

The Capital Securities have been admitted to the official list
of the regulated market of the Luxembourg Stock Exchange.

The Securities are subject to a mandatory redemption at 101% of
the aggregate principal amount, together with accrued and unpaid
interest if the GTECH acquisition is not consummated prior to
October 10 or the merger agreement in respect thereof is earlier
terminated.  

                        About Lottomatica

Headquartered in Rome, Italy, Lottomatica S.p.A. --
http://www.lottomatica.it/-- operates the Italian national  
lottery, the largest exclusive concession for the single major
on-line lottery in the world.  Lottomatica's other games and
betting operations include Gratta e Vinci, Tris, and Totocalcio
and Totogol. De Agostini owns 58% of Lottomatica.

                        *     *     *

Standard & Poor's Ratings Services assigned a 'BB+' long-term
rating to the proposed 60-year, optionally and mandatorily
interest-deferrable, subordinated hybrid securities to be issued
by Lottomatica SpA (BBB/Watch Neg/A-2).  At the same time, the
rating was put on CreditWatch with negative implications,
mirroring the status of the corporate credit rating on
Lottomatica.

S&P said it does not expect Lottomatica to return to credit
ratios more appropriate for a 'BBB-' rating until year-end 2007,
which include a ratio of lease-adjusted total debt to EBITDA of
comfortably less than 3.5x.   In addition, cash flow available
for debt reduction will be affected by significant ongoing
dividend payments.

Moody's Investors Service assigned a provisional (P)Ba3 rating
to the proposed issuance of EUR750 million deeply subordinated
notes due 2066 by Lottomatica, i.e.  two notches below the
company's (P)Ba1 issuer rating assigned with a stable outlook.


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


AIMAK OIL: Creditors Must File Claims by May 30
-----------------------------------------------
LLP Aimak Oil has declared insolvency.  Creditors have until
May 30 to submit written proofs of claim to:

         Office 202, 2nd Floor
         Dostyk Avenue 105
         050051 Almaty, Kazakhstan


ANTARES: Creditors Must File Claims by May 30
---------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Antares insolvent on March 15.
Bankruptcy proceedings were introduced at the company.

Creditors have until May 30 to submit written proofs of claim
to:

         Sutusheva Str. 58, 3rd Floor
         Petropavlovsk, Kazakhstan


ART: Proof of Claim Deadline Slated for May 27
----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP ART insolvent on March 2.  Bankruptcy
proceedings were introduced at the company.

Creditors have until May 27 to submit written proofs of claim
will be accepted at:

         Aktau, Kazakhstan
         Tel: 8 (3292) 41-00-42
              8 (3292) 41-58-26


DELTA SYSTEM: Proof of Claim Deadline Slated for May 20
-------------------------------------------------------
LLP Delta System has declared insolvency.  Creditors have until
May 20 to submit written proofs of claim to:

         Office 404
         Panfilova Str. 103
         Almaty, Kazakhstan
         Tel: 8 (3272) 93-32-67
              8 (3272) 78-70-10
              8 (3272) 99-81-35


KAZKOMMERTS INTERNATIONAL: Fitch Rates EUR300-Mln Notes at BB+
--------------------------------------------------------------
Fitch Ratings gave Kazkommerts International B.V.'s EUR300
million 5.125% notes due March 2011 a final Long-term BB+
rating.  

The issue was made under the USD1.5 billion guaranteed debt
issuance program rated Long-term BB+ for foreign currency notes
with maturities in excess of one year and Short-term B for
foreign currency notes with maturities of less than one year.

Kazakhstan's Kazkommertsbank unconditionally and irrevocably
guaranteed the notes under the program

KKB was the largest commercial bank in Kazakhstan by IFRS assets
at end-2005 and has top three positions in all major market
segments.  One individual controls a majority stake in the bank.
The European Bank for Reconstruction and Development is a
minority shareholder and is actively involved in board-level
decision-making.


MERKATA OIL INK: Pavlodar Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
commenced bankruptcy proceedings against LLP Merkata Oil Ink on
March 21.


NEFTEPROMSTROIKOMPLEKS: Claims Registration Ends May 30
-------------------------------------------------------
LLP Neftepromstroikompleks has declared insolvency.  Creditors
have until May 30 to submit written proofs of claim to:

         Rabochaya Str. 43
         Shuchinsk
         Shuchinsk District
         Akmola Region, Kazakhstan


NERDJI: Claims Registration Ends May 27
---------------------------------------
LLP Nerdji has declared insolvency.  Creditors have until May 27
to submit written proofs of claim to:

         Maresieva Str. 105
         Aktobe, Kazakhstan
         Tel: 8 (3132) 54-77-67


ONIKS-OIL-PV: Pavlodar Court Starts Bankruptcy Proceedings  
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
commenced bankruptcy proceedings against LLP Oniks-Oil-PV on
March 17.


RESIDENCE OF THE PRESIDENT: Creditors' Claims Due May 30
--------------------------------------------------------
Establishment Residence of the President of Republic of
Kazakhstan has declared insolvency.  Creditors have until May 30
to submit written proofs of claim to:

         Furmanova Str. 205
         Almaty, Kazakhstan


TEHNO MASH: Creditors' Claims Due May 27
----------------------------------------
LLP Tehno Mash Ltd. has declared insolvency.  Creditors have
until May 27 to submit written proofs of claim to:

         Nurpeisova Str. 2
         Almaty, Kazakhstan
         Tel: 8 (3272) 77-98-12


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


EUROPEAN ENHANCED: Moody's Rates EUR15-Million Notes at Ba2
-----------------------------------------------------------
Moody's has assigned the following ratings to the Notes issued
by European Enhanced Loan Fund S.A., a Luxembourg-based special-
purpose vehicle:

Issuer: European Enhanced Loan Fund S.A.

   -- EUR149 million Class A-1 Secured Floating Rate Notes
      Notes, Assigned Aaa;

   -- EUR7 million Class A-2 Secured Fixed Rate Notes,
      Assigned Aaa;

   -- EUR5 million Class B-2 Secured Fixed Rate Notes,
      Assigned Aa2;

   -- EUR94.5 million Class A-3A Secured Floating Rate Notes
      Notes, Assigned Aaa;

   -- EUR10.5 million Class A-3B Secured Floating Rate Notes
      Notes, Assigned Aa1;

   -- EUR27 million Class B-1 Secured Floating Rate Notes,
      Assigned Aa2;

   -- EUR25 million Class C Deferrable Secured Floating Rate
      Notes, Assigned A1;

   -- EUR12.98 million Class D-1 Deferrable Mezzanine Secured
      Floating Rate Notes, Assigned Baa3;

   -- EUR3.25 million Class D-2 Deferrable Mezzanine Secured
      Floating Rate Notes, Assigned Baa3;

   -- EUR1.15 million Class D-3 Deferrable Mezzanine Secured
      Floating Rate Notes, Assigned Baa3;

   -- EUR1.62 million Class D-4 Deferrable Mezzanine Secured
      Floating Rate Notes, Assigned Baa3;

   -- EUR13.5 million Class E-1 Deferrable Mezzanine Secured
      Floating Rate Notes, Assigned Ba2;

   -- EUR900,000 Class E-2 Deferrable Mezzanine Secured
      Floating Rate Notes, Assigned Ba2;

   -- EUR600,000 million Class E-3 Deferrable Mezzanine Secured
      Floating Rate Notes, Assigned Ba2;

   -- EUR5 million Class M Combination Notes, Assigned
      Baa3; and

   -- EUR3 million Class O Combination Notes, Assigned Baa3.

The ratings address the expected loss posed to investors by the
legal final maturity in May 2022.

The issuer also issues a total of EUR48,000,000 of Class F Notes
and EUR5,000,000 of Class N Combination Notes not rated by
Moody's.

These ratings are primarily based upon:

   -- An assessment of the eligibility criteria and portfolio
      guidelines applicable to the future additions to the
      portfolio;

   -- The initial portfolio hedges that have been put in place
      to cover the foreign exchange rate risk on the GBP-
      denominated assets;

   -- The protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   -- The expertise of PIMCO as loan manager; and

   -- The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a portfolio of mostly European senior and mezzanine
loans with a predominance of senior loans.  The portfolio will
be composed of both EUR-denominated and GBP-denominated assets
and the Issuer will be advised by PIMCO in the selection and
investments of these assets.  

The composition of the portfolio by currency is expected to be
app. 70%.  EUR-denominated loans and 30 per cent GBP-denominated
loans, but may vary subject to certain constraints, including
the obligation for the issuer to hedge any non-EURexposures that
are not hedged under the initial portfolio hedges.

The target par amount of the portfolio is EUR383,000,000.  This
portfolio is dynamically managed by PIMCO.  It will be partially
acquired at closing and partially during the ramp-up period.  
Thereafter, the portfolio of loans will be actively managed and
the investment adviser will have the option to direct the issuer
to buy or sell loans.  Any addition or removal of loans will be
subject to a number of portfolio criteria.  Moody's analysis of
the transaction includes the currency risk brought by the
portfolio composition in two currencies and the initial
portfolio hedges.

The structure allows for:

   -- the timely payment of interest and ultimate payment
      of principal with respect to the Class A and Class B Notes
      by the legal final maturity date in May 2022 and for the
      ultimate payment of interest and principal by the legal
      final maturity date in May 2022 with respect to the Class
      C, D and E Notes;

   -- the ultimate repayment of the Rated Balance in respect of
      the Class M Combination Notes on or before the legal
      maturity date in May 2022, where the "Rated Balance" is
      equal, at any time, to the principal amount of Combination
      Notes on the Issue Date (EUR5,000,000) minus the aggregate
      of all payments made, from the issue date to such date,
      either through interest or principal payments.

   -- the ultimate repayment of the Rated Balance in respect of
      the Class O Combination Notes on or before the legal
      maturity date in May 2022, where the "Rated Balance" is
      equal, at any time, to the principal amount of such
      Combination Notes on the Issue Date (EUR3,000,000) minus
      the aggregate of all payments made from the issue date to
      such date, either through interest or principal payments.


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


KONINKLIJKE AHOLD: Shareholders Approve 2005 Figures
----------------------------------------------------
Ahold welcomed 305 shareholders representing approximately 921
million shares to its Annual General Meeting of Shareholders in
Amsterdam.

Shareholders adopted Ahold's 2005 financial statements and all
other proposals on the agenda, including the appointments of
John Rishton to the Corporate Executive Board and Judith
Sprieser to the Supervisory Board.

                        About Ahold

Headquartered in Amsterdam, Koninklijke Ahold NV --
http://www.ahold.com/-- retails food through supermarkets,  
hypermarkets and discount stores in North and South America,
Europe and Asia.  The company's chain stores includes Stop &
Shop, Giant, TOPS, Albert Heijn and Bompreco.  Ahold also
supplies food to restaurants, hotels, healthcare institutions,
government facilities, universities, stadiums, and caterers.

                        *     *     *

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


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


AKER KVAERNER: Bondholders Reject Amendments to Loan Agreement
--------------------------------------------------------------
Holders of Aker Kvaerner's subordinated loan voted against the
company's request for certain amendments to the loan agreements
on April 25.

The Company had asked the bondholders to amend the agreements
that would call for the Aker Kvaerner group to structure its
debt in a more traditional way at parent company level and to
clarify certain restrictions in the dividend covenant.

"The refinancing strategy and dividend policy of the Aker
Kvaerner group remains firm and the decision in the bondholders
meeting will not effect ongoing processes in the company," says
Bjorn Erik Naess, EVP and CFO.

Kvaerner Subordinated Open Bond Issue 2002/2011 are:

   -- ISIN NO 001 012883.8 (AKVER56) - NOK
   -- ISIN NO 001 012884.6 (AKVER56) - USD
   -- ISIN NO 001 012885.3 (AKVER56) - EUR

                          Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner Oil & Gas --
http://www.akerkvaerner.com/-- provides products and services  
for the offshore upstream oil and gas industry.  The group has
operations in Norway, the U.K. and the U.S.  In 2005, the group
booked revenues and EBITDA of NOK28.2 billion and NOK1.7 billion
respectively.  

                        *     *     *

Fitch Ratings upgraded Norway-based Aker Kvaerner Oil & Gas
Group AS's Issuer Default Rating to BB+ from BB.  The Outlook
remains Positive.  The rating of the EUR260 million second-lien
bond issue guaranteed by AK O&G is also upgraded to BB+ from BB.

Moody's Investors Service upgraded the ratings of Aker Kvaerner
Oil & Gas Group and its subsidiary Aker Kvaerner AS, primarily
to reflect the sustainable strong recovery in profitability and
cash flow generation of the ring-fenced oil and gas group over
the past two years, coupled with the clear reduction in senior
debt, repaid from internally generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

The outlook on all ratings is stable.


AKER KVAERNER: Inks US$90 Million West African Deal
---------------------------------------------------
Aker Kvaerner has signed an agreement to deliver a deepwater
subsea production system offshore West Africa.  The value of the
extension is approximately US$90 million.
  
The subsea trees will be manufactured and assembled at Aker
Kvaerner's Tranby facility in Norway and assembly of the
controls components will be handled out of Aberdeen in the U.K.

                          Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner Oil & Gas --
http://www.akerkvaerner.com/-- provides products and services  
for the offshore upstream oil and gas industry.  The group has
operations in Norway, the U.K. and the U.S.  In 2005, the group
booked revenues and EBITDA of NOK28.2 billion and NOK1.7 billion
respectively.  

                        *     *     *

Fitch Ratings upgraded Norway-based Aker Kvaerner Oil & Gas
Group AS's Issuer Default Rating to BB+ from BB.  The Outlook
remains Positive.  The rating of the EUR260 million second-lien
bond issue guaranteed by AK O&G is also upgraded to BB+ from BB.

Moody's Investors Service upgraded the ratings of Aker Kvaerner
Oil & Gas Group and its subsidiary Aker Kvaerner AS, primarily
to reflect the sustainable strong recovery in profitability and
cash flow generation of the ring-fenced oil and gas group over
the past two years, coupled with the clear reduction in senior
debt, repaid from internally generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

The outlook on all ratings is stable.


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


ABSOLUT CAPITAL: Fitch Places Long-Term B to US$50 Mln Notes
------------------------------------------------------------
Fitch Ratings placed Absolut Capital S.A.'s US$50 million issue
of 8.75% limited recourse loan participation notes due April
2009 a Long-term B rating and a Recovery Rating RR4.  

The notes are to be used solely for financing a deposit with
Russia's Absolut Bank, which is rated Issuer Default B, Short-
term B, Individual D, Support 5 and National Long-term BBB.  The
Outlooks on both the IDR and the National Long-term ratings are
Stable.

The notes will be consolidated and form a single series with
Absolut Capital S.A.'s US$150 million issue of 8.75% notes, due
April 2009, whose final Long-term and Recovery ratings were
assigned at B and RR4 respectively.

Absolut is a medium-sized Russian bank founded in 1993 and 92%-
owned by five Moscow entrepreneurs and 7.5% by International
Financial Corporation.

At end-2005, Absolut ranked 39th among domestic banks by assets.  
Lending to customers in Moscow constitutes its core business,
but the bank is also building up its SME and retail banking
operations and expanding into new regions.


AUTO-BRIDGE: Bankruptcy Hearing Slated for June 13
--------------------------------------------------
The Arbitration Court of Moscow will convene on June 13 at 10:00
a.m. to hear the bankruptcy supervision procedure on CJSC Auto-
Bridge (TIN 7732120732).  The case is docketed under Case No.
A40-2643/06-74-6.

Mr. P. Goldin has been appointed temporary insolvency manager
and can be reached at:

         Post User Box 142
         192007, St. Petersburg, Russia
         Tel: 8(812) 764-39-27

The Debtor can be reached at:

         Post User Box 142
         192007, St. Petersburg, Russia
         Tel: 8(812) 764-39-27


BOKSITOGORSKIY POLYMER: Court Sets June 5 Hearing Date
------------------------------------------------------
The Arbitration Court of St. Petersburg and the Leningrad Region
will convene on June 5 to hear the bankruptcy supervision
procedure on LLC Boksitogorskiy Factory Polymer (A56-
52475/2005).

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

         Office 203
         Angliyskiy Pr. 3
         190121, St. Petersburg, Russia

The Debtor can be reached at:

         LLC Boksitogorskiy Factory Polymer
         Zavodskaya Str. 1
         Boksitogorsk
         187650, Leningrad Region, Russia


ENGELSKIY FACTORY: Court Commences Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Kalmykiya Republic has commenced
bankruptcy proceedings against LLC Agro Company Kesovogorskaya
(Case No. A22/1940-05/5-229) after finding it insolvent.  

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

         Gertsena Str. 1a
         Elista
         358003, Kalmykiya Republic, Russia

The Debtor can be reached at:

         Gertsena Str. 1a
         Elista
         358003, Kalmykiya Republic, Russia


GMELINSKOYE: Court Names V. Yakushev as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Volgograd Region appointed Mr. V.
Yakushev as insolvency manager for OJSC Gmelinskoye (TIN
3429004777).  He can be reached at:

         Post User Box 2151
         400062, Volgograd Region, Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-18820/05-S58.

The Debtor can be reached at:

         OJSC Gmelinskoye
         Gmelinka
         Staropoltavskiy Region
         404200, Volgograd Region, Russia


KANSKAYA CONFECTIONARY: S. Vasilyev to Manage Insolvency Assets
---------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. S.
Vasilyev as insolvency manager for OJSC Kanskaya Confectionary
(Case no. A33-13557/2005).  He can be reached at:

         Post User Box 20647
         660017, Krasnoyarsk Region, Russia

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

The Debtor can be reached at:

         OJSC Kanskaya Confectionary
         Fabrichnaya Str. 10.
         Kansk
         663601, Krasnoyarsk Region, Russia



PEARLS: Court Names A. Trubin to Manage Insolvency Assets
---------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed appointed
Mr. A. Trubin as insolvency manager for CJSC Pearls (TIN
2323002231).  The case is docketed under Case No. 32-66430/2005-
2/733-B.

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

The Debtor can be reached at:

         CJSC Pearls
         Druzhby Str. 10
         Akhtyrskiy
         Abinskiy Region
         Krasnodar Region, Russia


PYASHINSKOYE: Court Taps A. Trubin as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Penza Region appointed Mr. A. Trubin as
insolvency manager for CJSC Pyashinskoye (Case No. A49-
6858/2005-122b/26).  He can be reached at:

         Moslozavodskaya Str. 13
         Bekovo
         442940, Penza Region, Russia

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

The Debtor can be reached at:

         CJSC Pyashinskoye
         Pyasha
         Bekovskiy Region
         Penza Region, Russia


STROKROS: Court Appoints A. Kubasov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. A. Kubasov
as insolvency manager for CJSC Trading Company Strokros (Case
No. A40-68906/05-86-192B).  He can be reached at:

         Krasnokazarmennaya Str.
         111250, Moscow, Russia

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

The Debtor can be reached at:

         CJSC Trading Company Strokros
         Grina Str. 13.
         113216, Moscow, Russia


STROY-DETAIL: Court Opens Bankruptcy Proceedings
------------------------------------------------
The Arbitration Court of Chuvashiya Republic has commenced
external management bankruptcy procedure on OJSC Factory Stroy-
Detail (Case No. A79-6696/2005).

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

         1st Yuzhnaya Str. 50
         Cheboksary
         Chuvashiya Republic, Russia

The Debtor can be reached at:

         OJSC Factory Stroy-Detail
         Promyshlennaya Str. 93
         Novocheboksarsk
         Chuvashiya Republic, Russia


=========
S P A I N
=========


AYT GENOVA: Fitch Puts BB+ Rating on EUR21 Million Class D Notes
----------------------------------------------------------------
Fitch Ratings placed expected ratings to AyT Genova Hipotecario
VIII, Fondo de Titulizacion Hipotecaria's residential mortgage-
backed floating-rate notes totaling EUR2.1 billion due in
May 2039 as:

   -- EUR462 million Class A1: AAA;
   -- EUR1.575 billion Class A2: AAA;
   -- EUR21 million Class B: AA;
   -- EUR21 million Class C: BBB+; and
   -- EUR21 million Class D: BB+.

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

This transaction is a cash flow securitization of a EUR2.1
billion static pool of first-ranking residential mortgage loans
originated by Barclays Bank S.A., an entity that is 99.63%-owned
by Barclays Bank PLC.  

This is the eighth residential mortgage securitization conducted
by BBSA out of the "Genova" program and the sixth rated by
Fitch.  As in previous Genova transactions, BBSA originated the
securitized mortgages and will continue to service the
portfolio.

The expected ratings are based on the quality of the underlying
collateral, the underwriting and servicing of the mortgage
loans, available credit enhancement and the sound legal and
financial structure of the transaction.  

The expected ratings assigned to each of the notes address the
fund's capacity for timely payment of interest on each payment
date and for repayment of the principal during the life of the
operation and, in all events, prior to the legal maturity date,
according to the terms and conditions of the documentation,
which envisage interest deferral triggers on the Class B, C and
D notes.

The fund will be regulated by Spanish Securitization Law 19/1992
and Royal Decree 926/1998.  Its sole purpose will be to
transform into securities the mortgage participations it will
acquire from BBSA and from two outstanding securitization funds,
AyT Genova Hipotecario I and AyT Genova Hipotecario V, as part
of their liquidation process.  

PHs for these transactions was issued in December 2002 and
November 2004, respectively.  The PHs will be subscribed by
Ahorro y Titulizacion, S.G.F.T., S.A., whose sole function is to
manage asset-backed notes on behalf of the fund.

The securitized pool comprises Hipoteca Remunerada loans, an
amortizing mortgage product bearing a margin of 45bp over 12-
month Euribor.  All loans are paid via direct debit since the
Hipoteca Remunerada product is marketed along with an interest-
bearing bank account.  The weighted-average seasoning of the
portfolio is over 24 months, compared with 13 months in the
previous Genova VI and VII transactions.

Since Hipoteca Remunerada is primarily offered to high net worth
Spanish clients, the average value of the properties backing the
mortgages is over EUR277,000 and many of them fall into the high
end of the Spanish property market, where demand may slow in
times of economic crisis.  This risk was addressed in Fitch's
recovery rate calculations by applying a jumbo stress of 15% to
these loans.


RURAL HIPOTECARIO: Fitch Junks EUR11.7 Million Class E Notes
------------------------------------------------------------
Fitch Ratings assigned expected ratings to Rural Hipotecario
VIII, Fondo de Titulizacion de Activos' residential mortgage-
backed floating-rate notes totaling EUR1.312 billion due in
January 2044 as:

   -- EUR97.5 million Class A1: AAA;
   -- EUR802.4 million Class A2a: AAA;
   -- EUR350 million Class A2b: AAA;
   -- EUR27.3 million Class B: A+;
   -- EUR15.6 million Class C: BBB;
   -- EUR7.2 million Class D: BB+; and
   -- EUR11.7 million Class E: CC.

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

This transaction is a cash flow securitization of a EUR1.3
billion static pool of first-ranking residential mortgage loans
originated by 19 rural credit cooperatives who will continue to
service the mortgages.

The expected ratings are based on the quality of the underlying
collateral, the underwriting and servicing of the mortgage
loans, available credit enhancement and the sound legal and
financial structure of the transaction.  

The expected ratings on the Class A to D notes address payment
of interest on the notes according to the terms and conditions
of the documentation, subject to a deferral trigger on the Class
B, C and D notes, as well as the repayment of principal by the
legal final maturity for each note.

The Class E notes will be issued to finance the cash reserve
fund.  The Class E notes are ultimately likely to default, and
their ratings are supported by the expected recovery rate for
noteholders, that is, the amounts investors are likely to
receive during the life of the transaction.

The fund will be regulated by Spanish Securitization Law 19/1992
and Royal Decree 926/1998.  Its sole purpose will be to
transform the mortgage transmission certificates acquired from
the sellers into securities.  The certificates will be
subscribed by Europea de Titulizacion S.A. S.G.F.T., whose sole
function is to manage asset-backed notes on behalf of the fund.

This is the eighth residential mortgage securitization conducted
by cajas rurales and the third rated by Fitch.  The cajas
rurales belong to the Asociacion Espanola de Cajas Rurales,
which offers its members a wide range of wholesale and retail
banking services through Banco Cooperativo Espanol.  

Cooperativo will be the paying agent servicing the notes, the
swap counterparty and the treasury account provider.  Two of the
19 sellers are rated by Fitch:

   -- Caja Rural De Navarra, S.C.C., and
   -- Caja Rural Del Mediterraneo, Ruralcaja S.C.C.


RURAL HIPOTECARIO: Increased Risks Prompts Moody's Junk Rating
--------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
seven series of Bonos de Titulizacion de Activos to be issued by
RURAL HIPOTECARIO VIII Fondo de Titulizacion de Activos, a
Spanish asset securitisation fund that has been created by
Europea de Titulizacion, S.G.F.T, S.A.:

   -- (P)Aaa to the EUR97.5 million Series A1 notes;
   -- (P)Aaa to the EUR802.4 million Series A2a notes;
   -- (P)Aaa to the EUR350 million Series A2b notes;
   -- (P)A1 to the EUR27.3 million Series B notes;
   -- (P)Baa2 to the EUR15.6 million Series C notes;
   -- (P)Ba2 to the EUR7.2 million Series D notes; and
   -- (P)Caa3 to the EUR11.7 million Series E notes;

Moody's provisional ratings address the expected loss posed to
investors by the legal final maturity.  The rating agency
believes that the structure of the RURAL HIPOTECARIO VIII notes
allows for timely payment of interest and ultimate payment of
principal at par, on or before the final legal maturity date and
not at any other expected maturity date, on Series A/B/C/D and
for ultimate payment of interest and principal at par on or
before the final legal maturity date on Series E.  The ratings
do not address the full redemption of the notes on the expected
maturity date.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have
not been addressed, but may have a significant effect on yield
to investors.

According to Moody's, this deal benefits from strong features,
including:

   -- basis swap by which the different index reference rates on
      the assets are exchanged against the index reference rate
      on the notes;

   -- a reserve fund that is fully funded upfront to cover a
      potential shortfall in interest and principal;

   -- an 18-month artificial write-off mechanism;

   -- the securing of 100% of loans by residential mortgages;
      and

   -- the regional diversification.

However, Moody's notes that the deal also has weaknesses,
including:

   -- the deferral of interest payments on each of Series B, C
      and D increases the expected loss on these subordinated
      series;

   -- pro-rata amortization of the B, C and D Series of notes
      leads to reduced credit enhancement of the senior series
      in absolute terms.  

These increased risks were reflected in Moody's Credit
Enhancement calculation.

The products being securitized are first-lien mortgage loans
granted to individuals, all of whom will use these loans to
acquire or refurbish properties located in Spain, originated by
19 Spanish rural saving banks, which will continue to service
them.  Originally, the Rural group's main activity focused on
covering the needs of the agricultural sector.  However, the
development and the expansion of the financial sector due to the
growth of the Spanish economy and low interest rates have
allowed the group to grow beyond its initial client base.

As of April 25, 2006, the provisional portfolio comprised 19,119
loans for a total amount of EUR1,490,935,658.25.  The original
weighted average LTV (WALTV) is 66.10%.  The current WALTV is
60.99%.  The average loan size is EUR77,981.  The loans were
originated between 1994 and 2005, with a weighted average
seasoning of 24.41 months.

The pool is concentrated in:

   -- Andalusia (35%),
   -- Valencia (17%), and
   -- Castilla Leon (8%).

All the properties on which the mortgage security has been
granted are covered by property damage insurance and fire
insurance.

To hedge the potential mismatch risk derived from the different
index reference rates on the assets side and the notes side, the
Fondo will enter into a swap agreement with Banco Cooperativo
Espanol (A2/P1).

Moody's bases its ratings on:

   -- an evaluation of the underlying portfolio of mortgage
      loans securing the structure; and on

   -- the transaction's structural protections, which include
      the subordination, the strength of the cash flows,
      including the reserve, fund and any excess spread
      available to cover losses.


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


ATLANTIC: State Tax Inspection to Liquidate Bankruptcy Assets
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed State Tax Inspection
of Golosiyivskij District as Liquidator for LLC Advertising
Agency Atlantic (code EDRPOU 32422279).  

The Court commenced bankruptcy proceedings against the company
on March 13 after finding it insolvent.  The case is docketed
under Case No. 23/18-b.

The Economic Court of Kyiv Region is located in:

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

The Debtor can be reached at:

         LLC Advertising Agency Atlantic
         40-Richya Zhovtnya Avenue 100/2
         03127, Kyiv Region, Ukraine


ASOCH: Court Appoints Andrij Vershinin as Liquidator
----------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. Andrij Vershinin
as Liquidator/Insolvency Manager for LLC Production Firm Asoch
(code EDRPOU 32796498).  He can be reached at:

         a/b 151
         03110, Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
on March 16 after finding it insolvent.  The case is docketed
under Case No. 76/14 b-06.

The Economic Court of Kyiv Region is located in:

         Komintern Str. 165
         01032, Kyiv Region, Ukraine

The Debtor can be reached at:

         LLC Production Firm Asoch
         50 Rokiv Zhovtnya Str. 66
         Pishana
         Bila Tserkva District
         Kyiv Region, Ukraine


BUDMONTAZH DELUX: Court Taps M. Avramchuk as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. M. Avramchuk as
Liquidator/Insolvency Manager for LLC Budmontazh Delux (code
EDRPOU 33235201).  

The Court commenced bankruptcy proceedings against the company
on March 29 after finding it insolvent.  The case is docketed
under Case No. 43/214.

The Economic Court of Kyiv Region is located in:

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

The Debtor can be reached at:

         LLC Budmontazh Delux
         Kikvidze Str. 13
         Kyiv Region, Ukraine


EAST: Kyigv Court Names Andrij Vershinin as Liquidator
------------------------------------------------------
The Economic Court of Kyiv Region appointed Andrij Vershinin as
Liquidator/Insolvency Manager for LLC Trade Company East (code
EDRPOU 33154827).  He can be reached at:

         a/b 151
         03110, Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
on March 24 after finding it insolvent.  The case is docketed
under Case No. 23/60-b.

The Economic Court of Kyiv Region is located in:

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

The Debtor can be reached at:

         LLC Trade Company East
         Koltsova Boulevard 5
         Kyiv Region, Ukraine


KRANIMPEKS: Zaporizhya Court Commenced Bankruptcy Proceedings
-------------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
proceedings against Trade-Industrial Company Kranimpeks (code
EDRPOU 31260702; account ? 26008304476001 with CB Privatbank,
Zaporizhya Regional branch) after finding it insolvent.
Feb. 10.  The case is docketed under Case No. 25/31/06.

Mr. Zinchenko Yurij (license AA 779213) has been appointed
Liquidator/Insolvency Manager and can be reached at:
Creditors have until May 4 to submit their proofs of claim to

         70200, Zaporizhya Region, Ukraine
         Gulyajpole, Spartakivska Str. 8

The Economic Court of Zaporizhya Region is located in:

         Shaumyana Str. 4
         69001, Zaporizhya Region, Ukraine

The Debtor can be reached at:

         Trade-Industrial Company Kranimpeks
         Kiyashko Str. 16A
         69015, Zaporizhya Region, Ukraine


NOVOMET: Dnipropetrovsk Court Commences Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on Joint Ukrainian-British LLC Novomet
(code EDRPOU 30324927) on Feb. 14.  The case is docketed under
Case No. B 15/25/06.

Mr. Oleksandr Vozdvizhenskij has been appointed temporary
insolvency manager and can be reached at:

         Internatsionalistiv Str. 2/53
         Dniprodzerzhinsk,
         Dnipropetrovsk Region, Ukraine

The Economic Court of Dnipropetrovsk Region is located in:

         Kujbishev Str. 1a
         49600, Dnipropetrovsk Region, Ukraine

The Debtor can be reached at:

         Joint Ukrainian-British LLC Novomet
         Plehanov Str. 7-a
         49000, Dnipropetrovsk Region, Ukraine


STAROBESHIVSKIJ COMBI-FOOD: Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on OJSC Starobeshivskij Combi-Food Plant
(code EDRPOU 00688002) on March 1.  The case is docketed under
Case No. 5/186 B.

Igor Mironov has been appointed temporary insolvency manager and
can be reached at:

         Illich Avenue 89/809
         83003, Donetsk Region, Ukraine

The Economic Court of Donetsk Region is located in:

         Artema Str. 157
         83048, Donetsk Region, Ukraine

The Debtor can be reached at:

         OJSC Starobeshivskij Combi-Food Plant
         Glinka Str. 35, Leninske
         Starobeshivskij District
         Donetsk Region, Ukraine


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


ADL REALISATIONS: Creditors' Meeting Slated for May 31
------------------------------------------------------
Creditors of ADL Realisations Limited (formerly Alsop Design
Limited) will meet at 10:00 a.m. on May 31 at:

         The Hendon Hall Hotel
         Ashley Lane, Hendon
         London NW4 1HF
         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 30 at:

         S.T. Bennett
         Joint Administrator
         Berg Kaprow Lewis LLP
         35 Ballards Lane
         London N3 1XW
         United Kingdom
         Tel: 020 8922 9222
         Fax: 020 8922 9223
         Enquiry Line: 020 8922 9121


ARCH CAPITAL: Parent Eyes US$125-Mln Public Equity Placement
------------------------------------------------------------
Arch Capital Group Ltd. (NASDAQ:ACGL), the parent company of
Arch Insurance Company (Europe) Ltd., agreed to sell in an
underwritten public offering US$125 million aggregate
liquidation preference of its 7.875% Non-Cumulative Preferred
Shares, Series B, with a liquidation preference of US$25 per
share.  

The Company intends to use the net proceeds of the offering for
general corporate purposes, including contributions to the
capital of its wholly owned insurance and reinsurance
subsidiaries to support their underwriting activities.

The Company may redeem all or a portion of the preferred shares
at a redemption price of US$25 per share on or after May 15,
2011.  The preferred shares have been rated:

   -- Baa3 by Moody's Investors Service;
   -- BB+ by Standard & Poor's; and
   -- BBB- by Fitch Ratings.  

The Company intends to apply to have the preferred shares listed
on the NYSE under the symbol "ARHPRB."

The offering is being led by Merrill Lynch & Co., Citigroup,
JPMorgan and Wachovia Securities, as joint book-running
managers.  Credit Suisse and UBS Investment Bank are senior co-
managers for the offering.

When available, copies of the prospectus supplement and base
prospectus relating to the offering may be obtained from:

      Merrill Lynch & Co.
      4 World Financial Center
      New York, NY 10080
      U.S.A.

              or

      Citigroup Global Markets Inc.
      Brooklyn Army Terminal
      140 58th Street, 8th Floor
      Brooklyn, NY 11220
      United States of America
      U.S.A.
              or

      J. P. Morgan Securities Inc.
      270 Park Avenue
      New York, NY 10017
      U.S.A.

Arch Capital Group Ltd. is a Bermuda public limited liability
company with approximately US$3.05 billion in capital at March
31, 2006, and through operations in Bermuda, the United States,
Europe and Canada, writes insurance and reinsurance on a
worldwide basis.  Its European operation is headquartered in
London, England.


AYURDEVIC COMPANY: Winds Up Operations & Appoints Liquidator
------------------------------------------------------------
The Ayurvedic Company of Great Britain Limited is liquidating
its assets after creditors passed a resolution to wind up the
company's operations on March 20.

Subsequently, T. Papanicola was appointed Liquidator.

The company can be contacted at:

         The Ayurvedic Company of Great Britain Limited
         81 Wimpole Street
         London W1G 9RF
         United Kingdom
         Tel: 020 7224 6070
         Fax: 020 7224 6080


BRITISH AIRWAYS: Posts GBP2-Billion Pension Deficit at March 31
---------------------------------------------------------------
British Airways' accounting valuation of its main pension
scheme, the New Airways Pension Scheme, showed a deficit of
GBP2.07 billion at March 31, 2006, up GBP101 million from the
previous year.

"The accounting deficit reflects low long-term interest rates
and has gone up despite the company's increased contributions
and strong equity markets," Keith Williams, the airline's chief
financial officer, said.

British Airways adopted International Financial Reporting
Standards on April 1, 2005.  The deficit is now accounted for
under IAS19, rather than FRS17.

In the company's accounts, of the GBP2.070 billion, GBP1.58
billion is recognized on the balance sheet and GBP483 million is
unrecognized.  The unrecognized amount occurs as a result of a
smoothing mechanism allowed under IAS19 in respect of changes in
estimates in both scheme assets and liability benefits earned.  
The variations in estimates for asset returns and discount rates
are the principal factors impacting the deficit.

The company's pre-tax pension liability for all schemes in
deficit increased from GBP2.19 billion to GBP2.29 billion.  Of
the GBP2.29 billion, GBP1.79 billion is recognized on the
balance sheet (GBP1.58 million for NAPS and GBP204 million for
other schemes in deficit) and GBP499 million is unrecognized
(GBP483 million for NAPS and GBP16 million for other schemes in
deficit).

At March 31, 2005, the total NAPS IAS19 pre-tax deficit
(recognized and unrecognized) was GBP1.96 billion.

The NAPS actuarial deficit at March 2003 was GBP928 million.

The airline's cash contribution to NAPS in 2005/6 was GBP246
million.

                        Pension Proposal

The airline's proposal on pensions announced on March 23,
includes:

   -- keeping a final salary pension scheme with no changes to
      past service pension benefits, no increase in staff
      contribution rates but changes to members' future
      benefits; and

   -- changes including:

         * raising the normal retirement age;

         * a slower accrual rate;

         * pensionable pay increases capped at no more than
           inflation; and

         * pension increases on retirement capped at 2.5 percent
           each year, with the company and staff to share impact
           of changes in life expectancy;

In return, the airline will make a payment of GBP500 million
into NAPS after the changes are accepted.

                      About the Company

Headquartered in West Drayton, England, British Airways Plc
-- http://www.ba.com/-- is the U.K.'s largest international  
scheduled airline, flying to over 550 destinations.  The British
Airways group consists of British Airways Plc and a number of
subsidiary companies including in particular British Airways
Holidays Limited and British Airways Travel Shops Limited.

                        *    *    *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


CACI INTERNATIONAL: Refutes BAE Systems Takeover Talks
------------------------------------------------------
CACI International Inc. reported that recent reports in the
financial press regarding alleged "takeover talks" between CACI
and BAE Systems have unexpectedly caused a number of CACI's
federal government clients to raise concerns about potential
conflicts of interest with the work CACI is currently performing
for those clients in the event there were a BAE acquisition of
CACI.

In order to address the concerns of its federal government
clients, CACI disclosed that it is not and has not been in
discussions with BAE Systems regarding a possible business
combination, and has not authorized anyone to engage in such
discussions on its behalf.

CACI International Inc. (NYSE: CAI) -- http://www.caci.com/--  
provides the IT and network solutions for defense, intelligence,
and e-government.  CACI, a member of the Russell 1000 and S&P
SmallCap 600 indices, provides dynamic careers for approximately
9,500 employees working in over 100 offices in the U.S. and
Europe.  In Europe, CACI Limited is headquartered in London,
United Kingdom.

                         *     *     *

Moody's Investors Service assigned CACI a Ba2 Long-term
Corporate Family Rating and a Ba2 Bank Loan Debt Rating on April
1, 2004.
Standard & Poor's assigned a BB Long-term Foreign Issuer Credit
Rating and a BB Long-term Local Issuer Credit Rating to CACI on
March 30, 2004.


CLAVIS SECURITIES: Fitch Assigns Expected BB to GBP8.1 Mln Notes
----------------------------------------------------------------
Fitch Ratings assigned expected ratings to Clavis Securities
Series Plc's 2006-1 Series GBP600.3 million-equivalent mortgage-
backed floating-rate notes as:

   -- GBP-equivalent 161.5 million Class A1 notes due 2031: AAA;
   -- GBP-equivalent 100 million Class A2 notes due 2031: AAA;
   -- GBP-equivalent 250 million Class A2 notes due 2031: AAA;
   -- GBP-equivalent 43.2 million Class M1 notes due 2039: AA;
   -- GBP-equivalent 24 million Class M2 notes due 2039: A;
   -- GBP-equivalent 13.6 million Class B1 notes due 2039: BBB;
      and
   -- GBP-equivalent 8.1 million Class B2 notes due 2039: BB.

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

The collateral underlying the notes in this transaction consists
solely of GMAC-RFC originations.

The expected ratings are based on the quality of the collateral,
available credit enhancement, the underwriting criteria of GMAC-
RFC, the primary servicing capabilities of Specialist Mortgage
Services Limited and the special servicing capabilities of
Basinghall Limited and the sound legal structure of the
transaction.

Credit enhancement for the Class A1, A2 and A3 notes totals
15.45% and will be provided by the subordination of the Class
M1, Class M2, Class B1, Class B2 and an initial reserve fund of
0.65% of the initial issue size.  The reserve fund is expected
to increase to a target amount of 0.85%

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


DEWHURST BUTCHERS: Sets Creditors' Meeting on May 25
----------------------------------------------------
Creditors of Dewhurst Butchers Limited (Company Number 03073264)
will meet at 11:00 a.m. on May 25 at:

         The Sherlock Holmes Hotel
         Room Doyle 3
         108 Baker Street
         London W1U 6LJ
         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 24 at:

         Shay Bannon
         Joint Administrator         
         Bdo Stoy Hayward LLP
         Fourth Floor
         One Victoria Street
         Bristol BS1 6AA
         United Kingdom
         Tel: 0117 934 2800
         Fax: 0117 922 5191

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.


EMERALD AIRWAYS: Administrators Offers Airline for Sale
-------------------------------------------------------
The Joint Administrators, Richard Fleming and Brian Green, is
selling the business and assets of Emerald Airways Limited and
Emerald Airways Engineering Limited.

The Company posted annual turnover of approximately GBP325
million.  The airline, which employs 200 skilled workers,
operates primarily from leasehold premises at Liverpool and
Blackpool airports.

Inquiries can be addressed to:

         Nadeem Sweiss
         KPMG LLP
         St James Square
         Manchester M2 6DS
         United Kingdom
         Tel: 0161 246 4722
         Fax: 0161 838 4089
         E-mail: nadeem.sweiss@kpmg.co.uk

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.

Headquartered in Liverpool, United Kingdom, Emerald Airways
Limited operates over 30 freight and passenger aircraft on
scheduled and ad-hoc services throughout U.K. and Europe.


EQUIPMENT SERVICES: Appoints KPMG Administrator
-----------------------------------------------
Richard Dixon Fleming of KPMG LLP was appointed administrator of
Equipment Services U.K. Plc (Company Number 04730238) on May 2.

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.

Equipment Services U.K. plc wholesales automotive parts to the
car industry.


FARRINGDON MORTGAGES: Fitch Lowers GBP3.13-Mln Class Rating to B
----------------------------------------------------------------
Fitch Ratings lowered three tranches of Farringdon Mortgages
No. 1 Plc and removed them from Rating Watch Negative following
a full loan-by-loan and cash flow analysis.  The remaining two
tranches are affirmed and removed from RWN.  The rating actions
are:

-- GBP32.04 million Class A1a and A1a DAC affirmed at AAA; off
    RWN;

-- GBP50 million Class A2a and A2a DAC affirmed at AAA; off
    RWN;

-- GBP17.5 million Class M2a downgraded to A- from A; off RWN;

-- GBP4.38 million Class B1a downgraded to BBB- from BBB; off
    RWN; and

-- GBP3.13 million Class B2a downgraded to B from B; off RWN.

The downgrade of the mezzanine and subordinated tranches follows
high levels of arrears and expenses, which culminated in a
drawing on the reserve fund for FM1 on April 18.  The drawing, a
total of GBP216,187, represented 15.76% of available first loss
and took the reserve fund below the level at closing.

Fitch's analysis factored in revised assumptions on delinquency
and expenses.  In the revised analysis, there is insufficient
credit enhancement and liquidity support available for the
mezzanine and subordinated tranches to survive Fitch's stress
scenarios at the rating levels originally assigned.

The re-modeling of the transaction included a revision of
assumptions taking into account current delinquency levels and
payment rates on delinquent mortgages and stressing these
further at the relevant rating scenarios.  Fitch's original
analysis for the transaction-incorporated adjustments for
additional risks associated with the sub-prime characteristics
of the portfolio; however, the portfolio has performed worse
than originally expected.

While only 67.35% of the portfolio is current, the collection
rate is almost 90%, according to figures provided by RML,
implying that a portion of interest is collected on loans in
arrears.

Fitch understands that the Crown Mortgage Management has hired
additional staff, increased training, extended call-center
coverage and is trying new technology to chase arrears and
improve its loss mitigation tactics.  Third-party insolvency
practitioners have also been engaged to offer debt counseling to
borrowers in difficulty.  Fitch will continue to monitor arrears
closely to assess whether these initiatives will lead to
sustained stabilization of arrears levels and collection rates.

The fee and expense assumptions have also been adjusted to more
accurately reflect expense levels experienced in recent periods.
A number of one-off and irregular payments were made in the
April 2006 payment period.  More smoothed future accruals of
expenses are expected to stabilize expense levels and the
ongoing levels will continue to be monitored closely by the
agency.

In the April interest period GBP91,453 of losses were realized
on six repossession cases and one deceased borrower shortfall on
redemption where the property was subsequently realized,
contributing to the reserve fund draw.  While the average loss
severity on shortfall cases remains relatively low at
approximately 11.96%, a number of other loans are currently in
repossession, while arrears over 90 days remain at 19.91%.

Cumulative crystallized losses can therefore be expected to
continue to rise.  Given the improvements implemented by the
servicer to mitigate arrears and losses, the position will be
watched to assess the impact of these changes in minimizing the
loss position.  Fitch will continue to monitor the transaction
closely and conduct further analysis on the next interest
payment date in July.


FLOE NETWORKS: Joint Administrators Take Over Operations
--------------------------------------------------------
Brian Johnson of Fisher Partners and Jeremy Frost of Frost
Business Recovery Limited were appointed joint administrators of
Floe Networks Limited (Company Number 04248188) and Floe Telecom
Limited (Company Number 03518281) on May 1.

The joint administrators can be reached at:

         Frost Business Recovery Limited
         Square Root Business Centre
         102 Windmill Road
         Croydon, Surrey CR0 2XQ
         United Kingdom
         Tel: 020 8665 4284
         Fax: 020 8665 4201
         E-mail: JeremyF@frostbr.co.uk
         
         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


GENERAL MOTORS: Resolves to Reduce British Workforce by 900
-----------------------------------------------------------
General Motors Corp. eyes to reduce a quarter of its workforce
at its Vauxhall car plant in the United Kingdom after the
plant's temporary closure in August, Bloomberg News reports.

The automaker said it would lay off 900 workers due to a
diminishing demand for its Astra compact cars.  Bloomberg said
that the car plant in Ellesmere Port will slash its production
by having two shifts instead of three.

"This is essential to compensate the higher cost base in Western
Europe and to secure the future given today's competitive
environment," GM Europe President Carl-Peter Forster disclosed.

The involuntary job cuts, GM said, will be made through buyout
packages, early retirement and attrition, Steve McGrath and
Stephen Power writes for The Wall Street Journal.  According to
the company's European Employee Forum, GM previously rejected a
plan that calls for "pain-sharing" across other plants in Europe
that produce the Astra marque, WSJ relates.

General Motors Corp. -- http://www.gm.com/-- the world's  
largest automaker, has been the global industry sales leader for
75 years. Founded in 1908, GM today employs about 327,000 people
around the world.  With global headquarters in Detroit, GM
manufactures its cars and trucks in 33 countries including
Mexico.  In 2005, 9.17 million GM cars and trucks were sold
globally under the following brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.  GM operates one of the world's leading finance
companies, GMAC Financial Services, which offers automotive,
residential and commercial financing and insurance.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                       *     *     *

As reported in the Troubled Company Reporter on May 9, 2006,
Moody's Investors Service placed the B3 senior unsecured rating
of General Motors Corporation under review for possible
downgrade, and affirmed the company's Corporate Family Rating at
B3.  The rating actions are in response to the company's
disclosure that it is pursuing various options to replace or
amend its existing $5.6 billion bank credit facility, and that
these options could result in providing its bank lenders with a
security interest in certain GM assets.  GM anticipates that any
credit facility replacement or amendment will be completed by
the end of the second quarter or early in the third quarter


GENERAL MOTORS: Finance Chiefs to Leave Posts Within the Year
-------------------------------------------------------------
General Motors Corp. planned to restructure its Corporate
Controller's Office in light of the planned retirement of its
current controller, Paul W. Schmidt.

Mr. Schmidt, 61, elected to retire from GM later this year,
capping a 37-year career at the automaker.  Following Mr.
Schmidt's retirement, GM will combine the positions of
controller and chief accounting officer.  The company began an
external search for a candidate using executive recruiter Crist
Associates.  Mr. Schmidt will continue in his current position
until a successor is named.

"Paul has made tremendous contributions to General Motors over
37 years in the finance organization," Chief Financial Officer
Frederick "Fritz" Henderson said.  "Having worked in a number of
different positions and operations throughout GM, he has been a
tremendous resource to the company on a global scale.  And, I'm
grateful that he will continue to help GM over the next several
months through this transition to a new controller and chief
accounting officer."

The company's current chief accounting officer, Peter Bible,
also elected to resign from the company to pursue other career
options, effective June 1, but at the company's request, agreed
to continue to support GM during the transition period in a
consulting role.

"I know the entire GM family joins me in thanking Pete for his
service to GM and wishing him the best as he pursues new
opportunities," disclosed Mr. Henderson.

In addition, GM retained an outside financial advisory firm,
AlixPartners, to assist the corporation with a broad range of
accounting, financial reporting and related matters.  
AlixPartners will provide personnel to support the corporation
during the transition to a new controller and chief accounting
officer, including assisting with assessments of the
corporation's internal, financial reporting and disclosure
controls and implementing steps to improve them on an ongoing
basis.

"One of our key objectives in finance is to minimize risk," Mr.
Henderson commented.  "To that end, we are moving quickly to
make sure that we have a robust level of internal controls and
systems in place -- and AlixPartners has tremendous expertise to
support this initiative."

General Motors Corp. -- http://www.gm.com/-- the world's  
largest automaker, has been the global industry sales leader for
75 years.  Founded in 1908, GM today employs about 327,000
people around the world.  With global headquarters in Detroit,
GM manufactures its cars and trucks in 33 countries including
Mexico.  In 2005, 9.17 million GM cars and trucks were sold
globally under the following brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.  GM operates one of the world's leading finance
companies, GMAC Financial Services, which offers automotive,
residential and commercial financing and insurance.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                       *     *     *

As reported in the Troubled Company Reporter on May 9, 2006,
Moody's Investors Service placed the B3 senior unsecured rating
of General Motors Corporation under review for possible
downgrade, and affirmed the company's Corporate Family Rating at
B3.  The rating actions are in response to the company's
disclosure that it is pursuing various options to replace or
amend its existing $5.6 billion bank credit facility, and that
these options could result in providing its bank lenders with a
security interest in certain GM assets.  GM anticipates that any
credit facility replacement or amendment will be completed by
the end of the second quarter or early in the third quarter.


HERDS OF BASINGSTOKE: Creditors' Meeting Slated for May 24
----------------------------------------------------------
Creditors of Herds Of Basingstoke Limited (Company Number
881374) will meet at 11:00 a.m. on May 24 at:

         Grant Thornton U.K. LLP
         Grant Thornton House
         Melton Street
         Euston Square
         London NW1 2EP
         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 23 at:

         N. Ruddock
         Joint Administrative Receiver
         Grant Thornton U.K. LLP
         Grant Thornton House
         Melton Street
         Euston Square
         London NW1 2EP
         United Kingdom
         Tel: 020 7383 5100
         Fax: 020 7383 4715

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. member of Grant  
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.


IRONMAN LIMITED: Names Zafar Igbal as Administrator
---------------------------------------------------
Zafar Iqbal was appointed administrator of Ironman Limited
(Company Number 05089433) on April 19.

The administrator can be contacted at:
         
         Kirkdale House
         Kirkdale Road
         London E11 1HP
         United Kingdom

Based in Kirkdale, London, Ironman Limited designs and
manufactures clothing.


JAMES PLAYDON: Meeting of Creditors Set on May 24
-------------------------------------------------
Creditors of James Playdon Limited (Company Number 1558811) will
meet at 12:00 noon on May 24 at:

         Grant Thornton U.K. LLP
         Grant Thornton House
         Melton Street
         Euston Square
         London NW1 2EP
         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 23 at:

         N. Ruddock
         Joint Administrative Receiver
         Grant Thornton U.K. LLP
         Grant Thornton House
         Melton Street
         Euston Square
         London NW1 2EP
         United Kingdom
         Tel: 020 7383 5100
         Fax: 020 7383 4715

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. member of Grant  
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.


M.I.A. VIDEO: Creditors' Meeting Set for May 24
-----------------------------------------------
Creditors of M.I.A. Video Entertainment Limited will meet at
10:30 a.m. on May 24 at:

         4 Shakespeare Road
         London N3 1XE
         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 23 at:

         S.T. Bennett
         Joint Administrator
         Berg Kaprow Lewis LLP
         35 Ballards Lane
         London N3 1XW
         United Kingdom
         Tel: 020 8922 9222
         Fax: 020 8922 9223
         Enquiry Line: 020 8922 9121


MISYS PLC: Transfers 5,000 Shares to Scheme Participants
--------------------------------------------------------
Misys plc transferred 5,000 ordinary shares on May 18 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 olds
a total of 52,393,436 ordinary shares in Treasury.  The total
number of ordinary shares in issue, excluding Treasury shares,
is 499,333,600.

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.


PROMOTIONAL CHOCOLATES: Creditors Pass Winding Up Resolution
------------------------------------------------------------
Creditors of Promotional Chocolates Limited passed a resolution
to wind up the company during an extraordinary general meeting
on March 15.

Gary Steven Pettit and Peter John Windatt, both of BRI Business
Recovery and Insolvency, were appointed Joint Liquidators.

The company can be reached at:

         Promotional Chocolates Limited
         84 Tenter Road
         Moulton Park
         Ind Est
         Northampton NN3 6AX
         United Kingdom
         Tel: 01604 493 020
         Fax: 01604 492 228


RENTOKIL INITIAL: HMV CEO Joins Board as Non-Executive Director
---------------------------------------------------------------
Rentokil Initial plc disclosed that as at the conclusion of its
annual general meeting on May 18, these changes have taken
effect:

  (a) Ron Spinney and Paul Mason will resign as non-executive
      directors;

  (b) Alan Giles, the chief executive of HMV Group plc, will
      join the board as a non-executive director and a member of
      the audit and remuneration committees.

  (c) Peter Long, who joined the board in 2002, will succeed Mr.
      Spinney as the senior independent non-executive director
      and as chairman of the remuneration committee.  At the
      same time, Mr. Long will relinquish his membership of the
      audit committee.

  (d) Duncan Tatton-Brown, who joined the company as a non-
      executive director in 2005, will become a member of the
      remuneration committee as well as a member of the audit
      committee.

Headquartered in West Sussex, England, Rentokil Initial PLC --
http://www.rentokil-initial.com/-- is one of the largest  
business services companies in the world, operating in all the
major economies of Europe, North America, Asia Pacific and
Africa.  The company has some 90,000 employees providing a range
of support services in over 40 countries.

At Dec. 31, 2005, Rentokil's balance sheet showed GBP659.6
million in stockholders' deficit, compared to a GBP784 million
deficit at Dec. 31, 2004.  The Company's balance sheet also
showed strained liquidity with GBP745 million in assets
available to pay GBP789.5 million in the next 12 months.


RENTOKIL INITIAL: New Orders Prompt Asset Sale Reconsideration
--------------------------------------------------------------
Rentokil Initial plc is reconsidering the sale of its U.S.
manned guarding unit, Bloomberg News reports.

Talks with potential buyers may be called off following an
increase in customer orders, Bloomberg said citing Chief
Executive Officer Doug Flynn.

"I've thought about ending talks but haven't yet.  It's a good
business and we don't sell businesses for the sake of it," Mr.
Flynn told Bloomberg.

As previously reported in the Troubled Company Reporter-Europe,
Rentokil completed the sale of its U.K. manned guarding
business, Initial Security Limited, to MITIE Group PLC for
GBP74.8 million.

The Company also recently sold the shares of its Canadian manned
guarding business, Rentokil Initial Canada Limited, to Garda
World Security Corporation for GBP30.3 million.

Headquartered in West Sussex, England, Rentokil Initial PLC --
http://www.rentokil-initial.com/-- is one of the largest  
business services companies in the world, operating in all the
major economies of Europe, North America, Asia Pacific and
Africa.  The company has some 90,000 employees providing a range
of support services in over 40 countries.

At Dec. 31, 2005, Rentokil's balance sheet showed GBP659.6
million in stockholders' deficit, compared to a GBP784 million
deficit at Dec. 31, 2004.  The Company's balance sheet also
showed strained liquidity with GBP745 million in assets
available to pay GBP789.5 million in the next 12 months.


RENTOKIL INITIAL: Reports First Quarter 2006 Trading Update
-----------------------------------------------------------
Rentokil Initial plc released its unaudited first quarter
trading update for the three months ended March 31, 2006.

First Quarter Highlights:

   -- Group revenue up by 9.5%; organic growth 4.3%

   -- Group portfolio up by 3.5% (including acquisitions)

   -- Operating profit and profit before tax in line with
      expectations, impacted by one-off costs and planned
      organic investment outlined at preliminary results

   -- Performance improvement initiatives progressing

   -- Outlook for 2006 unchanged

"In the first quarter we continued to make progress in the
performance improvement initiatives which are underway across
the group," Rentokil CEO Doug Flynn said.  "There was evidence
in the quarter that these initiatives are working, with revenues
increasing both organically and through acquisitions.  
Nevertheless there remains much more to do.  The profit
performance of the group, although down on last year, was in
line with our own expectations for the quarter and statements
made at the time of the preliminary results in February.

"The economic environment in some of our major markets remains
unhelpful but we must deal with the markets as they are, not as
we would wish them to be.  We continue to expect that we will
not achieve growth in full year adjusted profit before tax
before 2007 but that we will exit 2006 with a rising second half
trend."

                  First Quarter Overview

Since the interim results in August 2005, the Company has
reported on developments in three areas of attention: strategy;
people and structure; and operations.

Strategy

Work continued in the first quarter towards Rentokil's goals to
achieve clearer strategic focus and to build stronger strategic
positions in our businesses.

The acquisition of J.C. Ehrlich Co. Inc. was completed on
March 1 for a gross consideration of US$141.8 million (GBP80.1
million).  Ehrlich was the largest independently owned pest
control company in the USA and the fourth largest overall.  Its
operations are focused on the eastern seaboard and are
complementary to our existing US pest control operations.  

"This key acquisition gives us a solid platform for growth in
the USA, which is considered to be one of the fastest growing of
the western pest control markets," the Company said.  "Following
the acquisition, the USA is now our second largest pest control
operation."

The intention to divest the manned guarding business was
announced in February.  The activities in the U.K. and Canada
were sold on March 7 and 10 respectively and the Belgian
activities on April 21.  The group continues to explore the
possible disposal of the remaining manned guarding business in
the USA.

The buy-in of City Link franchises continued in the first
quarter.  Two businesses with a combined annual turnover of some
GBP31 million were acquired for GBP10.5 million.

Five bolt-on acquisitions were made during the quarter for a
total consideration of GBP2.2 million.  These were predominantly
in the pest control and tropical plants divisions.

The group launched a GBP300 million issue of notes under its
EMTN program on March 21.  The notes carry a coupon of 5.75% per
annum and will mature on March 31, 2016.  The issue was aimed at
progressively lengthening the group's debt maturity profile and
the proceeds were used to pay down bank debt.

People and Structure

Further senior management appointments were made in the quarter,
most notably in the pest control, tropical plants and Asia
Pacific businesses.

The corporate head offices at Felcourt and East Grinstead have
relocated to new offices in London and Gatwick.

Operations

"Our priorities in the first quarter were to continue the
implementation of the detailed turnaround and performance
improvement programs," the company said.  Progress is being made
in the projects across a broad front.

In January, the group announced that it would close the loss-
making U.K. linen and workwear operations on April 30.  Detailed
arrangements to assist customers in finding alternative
suppliers were mobilised and a consultation and support
programme was put in place for the 1,800 affected employees.

The U.K. washroom business was finally separated from linen and
workwear during December and this quarter was its first as a
standalone business.
Implementation of the new Oracle ERP and CRM system - which will
ultimately run across the group - commenced during the quarter
and will be completed in this business during the third quarter
of 2006.

Sales and marketing efforts have been boosted in the pest
control division with the launch of http://www.rentokil.com/on  
March 1.  This global landing page enhances the online content
of some of Rentokil's major pest control businesses and provides
an e-presence for the first time for others.  Early indications
are that a significant number of new business leads are being
generated through this medium.  

"We have recently acquired http://www.initial.com/which will be  
used to develop the online presence of our Initial branded
businesses in a similar fashion," the company added.

                        2006 Outlook

Market conditions in the company's textiles and washroom
businesses remain difficult in some of the main European
markets, particularly France, the Netherlands, Belgium and
Germany.  Across the group as a whole, revenue growth and
contract retention are both expected to improve in 2006 and
there was some evidence of this in the first quarter.  

"We continue to expect that we will not achieve growth in full-
year adjusted profit before tax before 2007 but that we will
exit 2006 with a rising second half trend," the company
disclosed.

Headquartered in West Sussex, England, Rentokil Initial PLC --
http://www.rentokil-initial.com/-- is one of the largest  
business services companies in the world, operating in all the
major economies of Europe, North America, Asia Pacific and
Africa.  The company has some 90,000 employees providing a range
of support services in over 40 countries.

At Dec. 31, 2005, Rentokil's balance sheet showed GBP659.6
million in stockholders' deficit, compared to a GBP784 million
deficit at Dec. 31, 2004.  The Company's balance sheet also
showed strained liquidity with GBP745 million in assets
available to pay GBP789.5 million in the next 12 months.


RYAN & MILLER: Begins Winding Up Proceedings
--------------------------------------------
Ryan & Miller Developments Limited is winding up its operations
after creditors decided to liquidate the company's assets on
March 20.

Jane Walker, of Errington Walker Limited, will lead the winding
up proceedings.

The company can be reached at:

         Ryan & Miller Developments Limited
         Unit 2
         Crown Road
         Birmingham B9 4TT
         United Kingdom
         Tel: 0121 773 7711


S.B. MAINTENANCE: Financial Woes Prompt Liquidation
---------------------------------------------------
S.B. Maintenance Limited is voluntarily winding up its
operations after creditors established the company could no
longer continue its business due to mounting debts.

Michael Robert Fortune and Carl Derek Faulds, of Portland
Business & Financial Solutions Ltd., were appointed Joint
Liquidators.

The company can be reached at:

         S.B. Maintenance Limited
         9A Manor Road
         Verwood Dorset BH316DS
         United Kingdom
         Tel: 01202 827 260


SIRA GROUP: Creditors' Meeting Slated for May 26
------------------------------------------------
Creditors of Sira Limited, Sira Technology Limited, Sec
Realisations Limited, Image Automation Limited, Sira Group
Limited (All in Administration (The Group)) will meet at 10:00
a.m. on May 26 at:

         The Aurora International Hotel
         Southgate Avenue
         Crawley RH10 6LW
         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 25 at:

         Martin Ellis and Andrew Hosking
         Joint Administrators
         Grant Thornton U.K. LLP
         Grant Thornton House
         Melton Street
         Euston Square
         London NW1 2EP
         United Kingdom
         Tel: 020 7383 5100
         Fax: 020 7383 4715

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. member of Grant  
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.


SIRVA INC: S&P Downgrades Corporate Credit Rating to B from B+
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on SIRVA
Inc. and its primary operating subsidiary, SIRVA Worldwide Inc.,
including its corporate credit ratings to 'B' from 'B+'.

All ratings on the Westmont, Illinois-based relocation services
provider remain on CreditWatch with negative implications, where
they were placed on March 15, 2005.
     
The downgrade follows the company's announcement of preliminary
operating results for the nine months ended Sept. 30, 2005,
which were well below both the prior-year period's results and
management's expectations, due to:

   -- continued difficult market fundamentals in Europe;
   -- a higher-than-expected cost structure; and
   -- margin compression.

In addition, the continued CreditWatch listing reflects the
absence of current financial statements and the need to seek
amendments from lenders to its credit facility for financial
covenants to provide adequate flexibility for 2006, despite
lenders providing ongoing support since early 2005.


SODO DESIGN: Meeting of Creditors Set for May 24
------------------------------------------------
Creditors of SODO Design Limited (Company Number 05320622) will
meet at 11:00 a.m. on May 24 at:

         Kensington Marriott
         147 Cromwell Road
         London SW5 0TH
         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 23 at:

         Allan David Kelly
         Joint Administrator
         Tait Walker
         Bulman House
         Regent Centre
         Gosforth
         Newcastle upon Tyne NE3 3LS
         United Kingdom
         Tel: 0191 285 0321
         Fax: 0191 284 9117
          
Tait Walker -- http://www.taitwalker.co.uk/-- have established  
core service lines to meet the ever growing complexity of our
clients needs in a timely and efficient manner.


TOMORROWS WORLD: Names Ian William King Liquidator
--------------------------------------------------
Creditors of Tomorrows World Centre Limited decided to wind up
the company's operations during an extraordinary general meeting
on March 14.

Ian William King, of Tenon Recovery, was appointed Liquidator.

The company can be reached at:

         Tomorrows World Centre Limited
         173-175, Coast Road
         Newcastle Upon Tyne
         Tyne and Wear NE7 7RR
         United Kingdom
         Tel: 0191 240 0555


UNIFAB ENGINEERING: Claims Registration Ends May 31
---------------------------------------------------
Creditors of Unifab Engineering Ltd. have until May 31 to send
in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors to appointed Joint Liquidators Peter A. Blair and
Richard A.B. Saville, of Begbies Traynor.

The company can be reached at:
         
         Unifab Engineering Ltd.
         Pelham Road
         Cleethorpes South Humberside DN357JT
         United Kingdom
         Tel: 01472 314 444
         Fax: 01472 230 149


WESTON STAFF: Creditors Resolve to Wind Up Operations
-----------------------------------------------------
Weston Staff Limited is liquidating its assets after creditors
resolved to wind up the company's operations on March 8.

Nigel Price and Mark Elijah Thomas Bowen, both of Moore Stephens
LLP, were appointed Joint Liquidators.

The company can be reached at:

         Weston Staff Limited
         63 Orchard Street
         Weston-Super-Mare Avon BS231RJ
         United Kingdom
         Tel: 01934 626 211
         Fax: 01934 622 249


WHINSTONE 2: Fitch Rates GBP168.5-Million Notes at BB
-----------------------------------------------------
Fitch Ratings gave Whinstone 2 Capital Management Limited's GBP
equivalent 168.5 million Class C1, C2 and C3 notes expected
ratings of BB.

The notes reference the performance of the Granite Master Issuer
plc reserve fund and the Granite Finance Funding 2 Limited
reserve fund, which act as credit enhancement for six mortgage-
backed securitization transactions launched by Northern Rock
plc.

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

The expected ratings address the ultimate payment of interest
and ultimate repayment of principal and are based on the quality
of the collateral of the master trust property, the underwriting
and servicing capabilities of NR as well as the sound financial
and legal structure.  Credit enhancement for the Class C1, C2
and C3 notes is provided by a threshold amount at closing of
GBP101m to be retained by NR.

At closing, NR will buy credit protection via a credit default
swap from Whinstone 2 against a portion of the target balance of
the GMI program reserve funds equivalent to 1.65% of the
outstanding notes of GMI series 05-1 to 06-1 - together the "GMI
notes" as at closing of Whinstone 2.  

The issuer will in turn pass on its assumed risk to the capital
markets through the issuance of a series of Class C1, C2 and C3
credit-linked notes.  The note proceeds will be deposited in the
principal collections account held by NR in the issuer's name.
Interest will be paid on the notes from interest on the bank
account and a premium payable by NR in respect of the CDS.


WHINSTONE 2: Moody's Assigns (P)Ba2 Rating to GBP169-Mln Notes
--------------------------------------------------------------
Moody's Investors Service has assigned provisional long term
credit ratings to this Class of Notes issued by Whinstone 2
Capital Management Limited:

   -- (P)Ba2 to the GBP/US$/EUR Class C Notes due 2055

The Class C will likely be split in USD, EUR and GBP with a
total equivalent of GBP168,500,000.

The ratings assigned take into account the credit risk
associated with the Credit Default Swap and the legal and
structural integrity of the transaction.

This is a synthetic transaction, where investors take a certain
portion of the credit risk of the Granite Master Issuer Reserve
Fund and the Funding 2 Reserve Fund, both part of the Granite
Master Trust.  Concurrently with the issuance of the Notes the
Issuer will, on the Closing Date, enter into the CDS with
Northern Rock in its role as Credit Swap Counterparty.  In
return for periodic payments of Swap Premium by the Credit Swap
Counterparty, the Issuer will be liable to make Credit
Protection Payments to the Credit Swap Counterparty upon the
occurrence of a Credit Event.  A Credit Event will occur if on
the Swap Termination Date the allocated Reserve Fund Shortfall
exceeds the Threshold Amount.

Besides available excess spread in the underlying Granite Master
Trust, the transaction benefits from the Threshold Amount, which
equals GBP101 million.  Only in case the allocated Reserve Fund
Shortfalls exceed the Threshold Amount, Credit Protection
Payments will be payable by the Issuer on the Swap Termination
Date.

The transaction will be exposed to potential Granite Master
Issuer Reserve Fund Shortfalls as long as any note issued as
part of Granite Master Issuer Series 05-1 to 06-1 remains
outstanding.  In case of further issuance by the Granite Master
Issuer the required Reserve Funds might increase.  In order to
keep the credit exposure of the transaction at the initial
level, the Allocated Percentage of the Reserve Funds will
decrease in such case.

The ratings assigned to the Whinstone 2 Notes may experience
greater volatility than other U.K. Prime RMBS as the assets
backing the Whinstone 2 transaction are first loss pieces of the
Granite Master Trust; the underlying Reserve Funds and thus the
Whinstone 2 Notes are exposed to potential deterioration of the
credit quality or the characteristics of the Granite Master
Trust pool.  The pool is currently performing in line with
expectations and remains of high credit quality with moderate
LTV's and significant amounts of seasoning.  Northern Rock, the
originator and servicer of the underlying mortgage assets is
currently rated A1/Prime-1.


YOLDINGS MARINE: Daniel Platt Leads Winding Up Process
------------------------------------------------------
Daniel Platt, of SPW, was appointed Liquidator of Yoldings
Marine Limited after creditors decided to wind up the company's
operations on March 13.

Director E. Bohloulzadeh revealed the company could no longer
continue its operations due to mounting debts.

The company can be reached at:

         Yoldings Marine Limited
         2 The Waterfront
         Eastbourne East Sussex BN235UZ
         United Kingdom
         Tel: 01323 470 882

                           *********

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

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

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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