TCREUR_Public/060523.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

              Tuesday, May 23, 2006, Vol. 7, No. 101     

                            Headlines


A U S T R I A

ACCORD: Court Closes Bankruptcy Case Following Claims Payment
ALFRED GOLLHAMMER: Awaits Final Distribution & Closing Protocol
ASV: Insufficient Funds Prompt Court's Bankruptcy Dismissal
DIAMOND: Court Confirms Compensation Payment Scheme
LIFE GASTRONOMIE: Innsbruck Court Dismisses Bankruptcy Case


F R A N C E

GLOBAL AUTOMOTIVE: Gains Protection Under Safeguard Procedure
GLOBAL AUTOMOTIVE: Moody's Junks Notes Due to Event of Default
GLOBAL AUTOMOTIVE: S&P Puts Default Rating on Safeguard Filing


G E R M A N Y

ENTRA ENTSORGUNGS: Claims Registration Ends June 1
EX-NET: Creditors' Meeting Slated for July 4
KARSTADTQUELLE AG: Seals Partnership Deal with Li & Fung Ltd.
PUTZ- UND STUCKGESCHAFT: Meeting of Creditors Set for June 19
QUALITY XPRESS: Claims Registration Ends May 31

SWT GMBH: Claims Filing Period Ends June 2
UDO NITZSCHE: Creditors' Meeting Slated for July 5
UMZUEGE KLEINE: Creditors' Meeting Slated for June 1
W. THUERNAU: Claims Filing Period Ends June 2
WIN FACTORY: Claims Registration Ends June 2

WISTEX GMBH: Claims Registration Ends May 31


H U N G A R Y

BORSODCHEM RT: Firthlion Limited Acquires 973,688 Shares


I T A L Y

AVIO GROUP: Posts EUR109.4 Million Net Loss in 2005
BANCA POPOLARE: To Increase Capital Stock to EUR719.4 Million
FIAT SPA: Irish Stock Exchange Admits EUR1-Bln Notes for Listing


K A Z A K H S T A N

ALMATY-GELIOSYSTEMS: Creditors Must File Claims by June 2
ATF BANK: Moody's Affirms D- Financial Strength Rating
BANK CENTERCREDIT: Moody's Revises Positive Outlook to Stable
BANK TURANALEM: Moody's Changes Rating Outlook to Stable
ELITA: Creditors Must File Claims by June 2

HALYK BANK: Moody's Revises Deposit Rating Outlook to Stable
HUBARKOL-TALDYKORGAN: Creditors Must File Claims by June 2
KARJAS: Creditors' Claims Due June 2
KAZKOMMERTSBANK: Moody's Revises Rating Outlook to Stable
MINZ: Creditors Must Submit Claims by June 2

NOVOSHULBINSKY MASLOZAVOD: Claims Registration Ends June 2
OIL SINTEZ: Claims Registration Ends June 2
SHIKOMI: Proof of Claim Deadline Slated for June 2
TRON WWW: Proof of Claim Deadline Slated for June 2
TURKESTANENERGO NEPC: Proof of Claim Deadline Slated for June 2


N E T H E R L A N D S

CENTERCREDIT INTERNATIONAL: Ratings Outlook Revised to Stable
EXCELCOMINDO FINANCE: Moody's Lifts Bond Rating to Ba3
GETRONICS N.V.: Selling Italian Business to Eutelia S.p.A.
INDOSAT FINANCE: Moody's Affirms Ba3 Foreign Currency Rating
MATAHARI FINANCE: Moody's Rates US$300-Million Bond at (P)B1

VNU NV: 78.70% of Share Capital Tendered in Valcon Public Offer


N O R W A Y

FALCONBRIDGE LTD: Earns US$238 Million for April 2006


R U S S I A

AGRO-SNAB: Kursk Court Names A. Galkin as Insolvency Manager
AGRO-TEKH-SERVICE: Ryazan Court Begins Bankruptcy Process
BUZULUK-STROY: Court Names A. Taushev as Insolvency Manager
CHAADAEVSKIY COMBINE: Creditors Must File Claims by May 25
CONCRETE GOODS: Court Taps O. Amarova as Insolvency Manager

DIARY PERVOMAYSKIY: Court Hearing Set on May 31
FISHER: Court Starts Bankruptcy Supervision
GEN-TRANS: Court Names A. Parnachev as Insolvency Manager
GUBKINSKIY DIARY: Court Names S. Maslovskiy Insolvency Manager
LISYA POLYANA: Court Launches Bankruptcy Supervision

REINFORCED CONCRETE: Creditors' Claim Due May 25
RUSSIAN WOOD: Bankruptcy Hearing Slated for June 8
SPIRIT DISTILLERY: Court Sets Aug. 15 Bankruptcy Hearing
XK ELECTRONICS: Creditors' Claim Due May 25


U K R A I N E

KALINA: Court Names Mikola Zanko Interim Temporary Manager
KROLEVETS' FACTORY: Sumi Court Begins Bankruptcy Supervision
ODESSA' BILSHOVIK: Court Names O. Polyakov as Insolvency Manager
ROMNI MEAT: Sumi Court Starts Bankruptcy Supervision
TILIYA: Oleksandr Kebkal to Manage Insolvency Assets

VALERIYA: Court Commenced Bankruptcy Proceedings
ZHOVKIVSKE BREAD: Andrij Kolisnik to Liquidate Assets


U N I T E D   K I N G D O M

BLAZERANGE LIMITED: Joint Liquidators Take Over Operations
BRITISH AIRWAYS: Posts GBP467 Million Year-End Net Profit
BUTTERFLY DREAMS: Creditors Pass Winding Up Resolution
EVERCREECH BUILDING: Financial Woes Trigger Liquidation
F&F NEGOTIATIONS: Creditors' Meeting Slated for May 26

FRUIT NEW: The Governor Appoints Kroll Administrative Receivers
GLENROSE FISH: HSBC Bank Hires P&A Receivers
GLOBAL MARKETING: Creditors Confirm Voluntary Liquidation
GLOBAL SYSTEMS: Bank of Scotland Names Kroll Receivers
HAMPSHIRE PROJECTS: Begins Liquidation Proceedings

KEN ABRAM: Meeting of Creditors Set on May 25
MICROTECH BUSINESS: Governor Taps Kroll Administrative Receivers
NCS HUMAN: Meeting of Creditors Set on May 25
RANK GROUP: Cancels 1,250,000 Ordinary Shares in Buyback Program
RED DOT: Winds Up Business & Appoints Liquidator

SECCO LTD: Arbuthnot Latham Names Receiver from Begbies Traynor
SHINING-RED: Names M.S.E. Solomons Liquidator
TALLY LIMITED: Creditors Resolve to Liquidation
VIONIC TECHNOLOGY: Claims Filing Period Ends June 14
WISEPENNY PRODUCTS: Hires Joint Administrators from BDO Stoy

WHOLESALE MEAT: Creditors' Meeting Slated for May 26
WPM REALISATIONS: Taps Diane Hill to Liquidate Assets
XL SERVICES: Brings In Joint Administrators from Vantis
YOREHURST LIMITED: Names Tony James Thompson as Administrator

* Large Companies with Insolvent Balance Sheets

                            *********

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


ACCORD: Court Closes Bankruptcy Case Following Claims Payment
-------------------------------------------------------------
The Land Court of Innsbruck entered an order closing the
bankruptcy case of Trade LLC Accord (FN 20863g) on April 21
following the Debtor's final distribution to creditors.

Creditors owed money by the Debtor received a 4.60% recovery on
account of their claim.

Headquartered in Innsbruck, LLC Accord declared bankruptcy on
May 31, 2005 (Bankr. Case No. 19 S 54/05x).  Gunther Riess
represents the Debtor in the bankruptcy proceedings.  Ernst
Madlener served as the court-appointed property manager for the
bankrupt estate.


ALFRED GOLLHAMMER: Awaits Final Distribution & Closing Protocol
---------------------------------------------------------------
The Land Court of Salzburg will close the bankruptcy proceedings
of Alfred Gollhammer Machine and Instrument Trade (FN 28229 p)
following confirmation of the adopted project on compulsory
compensation payment.

The adopted project calls for the payment of 20% of creditors'
claims within 14 days after the adoption.  

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on April 28, 2005 (Bankr. Case No. 23 S 38/05s).  
Elisabeth Bukovc served as the court-appointed property manager
for the bankrupt estate.


ASV: Insufficient Funds Prompt Court's Bankruptcy Dismissal
-----------------------------------------------------------
The Trade Court of Vienna dismissed the bankruptcy proceedings
of LLC ASV (FN 143260b) on May 2 after proving that the Debtor's
assets are insufficient to pay administrative expenses.

Accordingly, creditors will not receive any recovery on account
of their claim.

Headquartered in Moedling, Austria, LLC ASV declared bankruptcy
on March 7, 2006 (Bankr. Case No. 28 S 13/06z).  


DIAMOND: Court Confirms Compensation Payment Scheme
---------------------------------------------------
The Land Court of Korneuburg confirmed on April 5 the adopted
project by the compulsory compensation payment filed by court-
appointed property manager Petra Diwok for bankrupt estate Trade
LLC Diamond.

Under the adopted project, creditors will recover 30% of their
claim in these installments:

   -- 12% in cash will be paid by the property manager within 14
      days after legal closing of the bankruptcy case;

   -- the remaining 6% will be paid within 12, 18 and 24 months
      after adoption of the project.

In case the Debtor could not pay creditors, the Court will
convene a hearing to consider the claims.

Headquartered in Vienna, Austria, LLC Diamond declared
bankruptcy on Nov. 29, 2005 (Bankr. Case No. 36 S 125/05g).  
Viktor Igali-Igalffy served as the court-appointed property
manager for the bankrupt estate.  Petra Diwok represented Mr.
Igali-Igalffy in the bankruptcy proceedings.


LIFE GASTRONOMIE: Innsbruck Court Dismisses Bankruptcy Case
-----------------------------------------------------------
The Land Court of Innsbruck dismissed the bankruptcy proceedings
of Life Gastronomie Piokova Jarmila (FN 254833f) on April 20
after proving that the Debtor's assets are insufficient to pay
administrative expenses.

Accordingly, creditors will not receive any recovery on account
of their claim.

Headquartered in Itter, Austria, the Debtor declared bankruptcy
on Feb. 7, 2006 (Bankr. Case No. 19 S 13/06v).  Peter Planer
served as the court-appointed property manager for the bankrupt
estate.


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


GLOBAL AUTOMOTIVE: Gains Protection Under Safeguard Procedure
-------------------------------------------------------------
The Commercial Court of Nanterre granted creditors' protection
to Global Automotive Logistics S.A.S. under the Procedure de
Sauvegarde on May 17.   The Court appointed Maitre Becheret as
judicial agent (mandataire judiciare) and Maitre Gay as receiver
(administrateur judiciaire) for the Debtor.

Global Automotive, the holding company for Compagnie
d'Affretement et Transport (CAT Group, France), filed the
Safeguard procedure in order to renegotiate or restructure its
debt arrangements.

"Our company placed itself voluntarily into safeguard, which
freezes creditor demands for a few months.  This doesn't affect
the basic health of the company and we have a good cash flow,"
GAL executive Jean Julian told Reuters.

This procedure does not extend to the CAT Group of companies.  

"CAT will continue to operate and develop its logistics
activities as before in a stable working environment and
safeguarding the job opportunities to the best interests of the
employees, clients and suppliers," spokesperson Hakan Larsson
said.

The safeguard procedure is similar to a chapter 11 petition of
the U.S. Bankruptcy Code.  The procedure can last for an initial
period of up to six months and can, in certain circumstances, be
extended.

GAL's petition triggered an event of default under an indenture
dated Dec. 7, 2001 by and between GAL Finance SA as issuer, GAL
as guarantor and The Bank of New York as trustee.

Headquartered in Boulogne Billancourt, France, Global Automotive
Logistics S.A.S. is the holding company for CAT, managing and
organization primarily outbound transportation and distribution
requirements on a global, regional or national basis through a
multi-modal network of road, rail sea and air subcontractors.  
GAL's shareholders include AutoLogic Holdings plc, TNT Post
Group N.V. and Wallenius Wilhelmsen Lines.

In 2005, GAL booked EUR1.18 billion in total sales and EUR27.8
million in net loss.  As of Dec. 31, 2006, GAL had EUR762.7
million in total assets, EUR575.1 million in total liabilities
and EUR187.6 million in total equity.


GLOBAL AUTOMOTIVE: Moody's Junks Notes Due to Event of Default
--------------------------------------------------------------
Moody's Investors Service has downgraded Global Automotive
Logistics S.A.S. corporate family rating to Caa1 from B3 and the
rating on the senior unsecured notes issued by its financial
subsidiary GAL Finance S.A. to Caa3 from Caa2.

In addition all ratings have been placed under review for
possible further downgrade.  

The action follows the decision by GAL's shareholder to file for
"Procedure de sauvegarde" (Safeguard procedure).  Moody's
understands that the Safeguard procedure will give the company
time to reschedule and restructure its debt and that GAL's
shareholders will have to present different restructuring plans
to the court within the next few weeks. The procedure, however,
constitutes an event of default according to the bond indenture.

The review will focus on:

   -- the likely outcome of the safeguard procedure;

   -- the potential recovery rate for bondholders in case of
      default, which, in Moody's view, is likely to be modest
      given the significant portion of intangible assets on the
      company's balance sheet and its weak operating profile;

   -- the response from GAL's shareholders to this event;

   -- the probability that a new contract with Renault will be
      signed over the short term; and

   -- the liquidity position of the group.

The Safeguard procedure does not extend to the CAT Group that
will continue to operate.  Moody's notes, however, that
liquidity remains tight for the group at a time when working
capital management may become more challenging as suppliers are
likely to continuing putting pressure on the operating profile
of the group.

Ratings affected:

   -- Corporate family rating is downgraded to Caa1 from B3;

   -- The EUR60 million Senior Secured Term Loan due 2008
      downgraded to Caa1 from B3;

   -- The EUR40 million Senior Secured Revolving facility due
      2007 downgraded to Caa1 from B3;

   -- The EUR100 million Senior Unsecured Notes due 2009
      downgraded to Caa3 from Caa2.

Headquartered in Boulogne-Billancourt, France, GAL is currently
one of Europe's largest lead logistics providers to the
automotive industry, providing transportation and distribution
services to automotive customers.  GAL's two areas of business
are vehicle logistics and logistic cargo.  

For the 12 months ended December 2005, the company reported
revenues and EBITDA of approximately EUR1.182 billion and
EUR21.6 million, respectively, for total debt of approximately
EUR220.3 million.


GLOBAL AUTOMOTIVE: S&P Puts Default Rating on Safeguard Filing
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on France-based auto logistics provider
Global Automotive Logistics S.A.S. (GAL) to 'D' from 'B-', owing
to the company's filing for safeguard procedure (proc,dure de
sauvegarde).

At the same time, the rating on related entity GAL Finance
S.A.'s 100 million subordinated notes was lowered to 'D' from
'CCC'.  At Dec. 31, 2005, the group had total unadjusted debt of
about EUR220 million.

"Although the company has so far not missed any interest or
principal payments, as per our general criteria, S&P consider a
filing for a safeguard procedure as tantamount to a default,"
said Standard & Poor's credit analyst Eve Greb.

GAL's next interest payments on the notes are EUR5.7 million,
due May 31 and Standard & Poor's expects that these payments
will not be made.

GAL's filing for safeguard procedure comes after a period of
continued poor operational performance.  In addition, covenants
under the company's committed bank facility have been breached
several times over the past few quarters.


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


ENTRA ENTSORGUNGS: Claims Registration Ends June 1
--------------------------------------------------
Creditors of Entra Entsorgungs- und Transport GmbH have until
June 1 to register their claims with court-appointed provisional
administrator Dr. Lucas Flother.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 29, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle, Germany

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

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Entra Entsorgungs- und Transport GmbH on
April 3.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Entra Entsorgungs- und Transport GmbH
         Unit 18
         06179 Teutschenthal, Germany
                  
The administrator can be contacted at:

         Dr. Lucas Flother
         Hansering 1
         D-06108 Halle, Germany
         Tel: 0345/212220
         Fax: 0345/2122222


EX-NET: Creditors' Meeting Slated for July 4
--------------------------------------------
The court-appointed provisional administrator for EX-NET GmbH,
Wolfgang Hauser, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:00 a.m. on
July 4.

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

         The District Court of Karlsruhe
         Hall IV/1
         Schlossplatz 23
         76131 Karlsruhe, 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 6 to register their claims with the
court-appointed provisional administrator.

The District Court of Karlsruhe opened bankruptcy proceedings
against EX-NET GmbH on March 20.  Consequently, all pending
proceedings against the company have been automatically stayed

The Debtor can be reached at:

         EX-NET GmbH
         Attn: Patrick Mueller, Manager         
         Storrenacker 26
         76139 Karlsruhe, Germany
                 
The administrator can be reached at:

         Wolfgang Hauser
         Mohringer Landstr. 5
         70563 Stuttgart, Germany
         Tel: (0711) 9013420


KARSTADTQUELLE AG: Seals Partnership Deal with Li & Fung Ltd.
-------------------------------------------------------------
KarstadtQuelle AG (Essen) have concluded a cooperation agreement
with Hong Kong-based Li & Fung Ltd.  

Li & Fung will handle all global import for the Karstadt,
Quelle, neckermann.de and specialty mail order brands as a
procurement service provider.  The goal is to expand the import
volume in the future to over EUR2 billion a year.  This will
also be achieved by transferring volumes previously handled by
import companies in Germany directly to factories inAsia.

"The cooperation with Li & Fung is a further key component in
the Group's reorganization.  This step is at least as important
for the development of our Company as the sale of our Karstadt
compact department stores last year.  With this, we are entering
a new phase of our restructuring with the goal of significantly
improving our operating performance," stated the Chief Executive
Officer Thomas Middelhoff in Berlin on Saturday.

The Group is forecasting significant savings effects as a result
of its cooperation with Li & Fung, a reduction of purchase
prices of up to 10%, greater flexibility in procurement
processes as well as a considerable extension of terms of
payment.  

"Among other things, we are thus anticipating a reduction of
working capital by around EUR500 million.  This is a dramatic
improvement," said Mr. Middelhoff.

By 2008, KarstadtQuelle intends to settle 80% of its import
volume in Asia.  The partnership with Li & Fung will make it
possible for the Group to offer its customers up to twelve
collections a year in future.  This means that the Company will
be able to react more flexibly than before to fast-changing
customer behavior.  In order to achieve this, KarstadtQuelle,
Germany's largest textiles retailer, will develop design centers
in Europe and Asia in the coming months.  These will set the
specifications for collections throughout all segments.

"This principle is entirely new for KarstadtQuelle: In future,
we will decide what will be produced for our companies according
to our specifications with the fastest possible delivery and the
best possible conditions," explained Mr. Middelhoff.

A further part of the agreement is the sale of KarstadtQuelle
International Services AG (St. Gallen), with a total of 1,100
employees, to Li & Fung Ltd.  The Li & Fung trading company has
many years of experience as a procurement partner for
international department store groups.  The company generates
annual sales of approximately EUR6 billion and buys 47% of its
goods in the People's Republic of China.

Headquartered in Essen, Germany, KarstadtQuelle AG --
http://www.karstadtquelle.com/-- is the country's largest  
department store and mail order group.  It has annual sales of
EUR13.5 billion and employs around 90,000.  The retailer has
been suffering from sluggish consumption and high unemployment
rate in Germany.  KarstadtQuelle posted an EBITDA of -EUR428
million in 2004.  The group is currently restructuring
operations by selling off non-core assets and implementing cost-
saving measures.

The group achieved and exceeded its targets for the 2005
financial year.  Group sales, adjusted for the strong impact of
the realignment, were EUR15.45 billion, compared to EUR16.14
billion in the previous year, down 4.2 percent.  Adjusted EBITDA
improved by 5.1 percent to EUR544 million, compared to EUR518
million in the previous year.  

In 2005, net financial liabilities were reduced by a third to
EUR3.0 billion (including Thomas Cook), down from EUR4.5 billion
in the previous year.


PUTZ- UND STUCKGESCHAFT: Meeting of Creditors Set for June 19
-------------------------------------------------------------
The court-appointed provisional administrator for Putz- und
Stuckgeschaft GmbH Cornelius Busch, Caroline Schmitz, will
present her first report on the Company's insolvency proceedings
at a creditors' meeting at 8:30 a.m., on June 19.

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

         The District Court of Aachen
         Meeting Room 21
         2nd Floor
         Augustastrasse 78-80
         52070 Aachen, Germany

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

Creditors have until June 1 to register their claims with the
court-appointed provisional administrator.

The District Court of Aachen opened bankruptcy proceedings
against Putz- und Stuckgeschaft GmbH Cornelius Busch on
April 21.  Consequently, all pending proceedings against the
company have been automatically stayed

The Debtor can be reached at:

         Putz- und Stuckgeschaft GmbH Cornelius Busch
         Attn: Michaela Plum, Manager         
         Grabenstr. 19
         52525 Heinsberg, Germany
                 
The administrator can be reached at:

         Caroline Schmitz
         Waisenhausstr. 3
         52349 Dueren, Germany


QUALITY XPRESS: Claims Registration Ends May 31
-----------------------------------------------
Creditors of Quality Xpress Service GmbH have until May 31 to
register their claims with court-appointed provisional
administrator Dirk Ritzenhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 9, 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 Bad Hersfeld
         Hall 8
         Duden Route 10
         36251 Bad Hersfeld, Germany

The Court will also verify the claims set out in the
administrator's report at 10:10 a.m. on July 25, at the same
venue.

The District Court of Bad Hersfeld opened bankruptcy proceedings
against Quality Xpress Service GmbH on April 25.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Quality Xpress Service GmbH
         Attn: Johan Bles, Manager
         Kettelerstrasse 8a
         36251 Bad Hersfeld, Germany
         
The administrator can be contacted at:

         Dirk Ritzenhoff
         Lindenstrasse 28
         36037 Fulda, Germany
         Tel: 0661/8304-193
         Fax: 0661/8304-234


SWT GMBH: Claims Filing Period Ends June 2
------------------------------------------
Creditors of SWT GmbH have until June 2 to register their claims
with court-appointed provisional administrator Henning Necker.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on July 3, 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 Aalen
         Hall 0.11         
         Ground Floor
         Stuttgarter Strasse 7
         73430 Aalen, Germany

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

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

The Debtor can be contacted at:

         SWT GmbH
         Banglesacker 24
         73527 Schwabisch Gmund, Germany

         Attn: Michaela Schmidt, Manager
         Liegnitzer Weg 7
         73527 Schwab, Germany
         
The administrator can be contacted at:

         Henning Necker
         Schubartstr. 13
         73430 Aalen, Germany
         Tel: 07361/9251-0
         Fax: 07361/9251-99
         E-mail: henning.necker@kiesel-partner.de


UDO NITZSCHE: Creditors' Meeting Slated for July 5
--------------------------------------------------
The court-appointed provisional administrator for Udo Nitzsche
Elektrotechnik GmbH, Wilhelm Perk, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 10:00 a.m. on July 5.

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

         The District Court of Braunschweig
         E 01
         Martinikirche 8
         38100 Braunschweig, Germany

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

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

The District Court of Braunschweig opened bankruptcy proceedings
against Udo Nitzsche Elektrotechnik GmbH on April 10.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         Udo Nitzsche Elektrotechnik GmbH
         Morgen 11
         38300 Wolfenbuettel, Germany

         Attn: Hartmut Willi Elbing, Manager         
         Rudolf-Bosse-Weg
         38642 Goslar, Germany
                 
The administrator can be reached at:

         Wilhelm Perk
         New Road 32
         38300 Wolfenbuettel, Germany
         Tel: (05331) 988040
         Fax: (05331) 988020


UMZUEGE KLEINE: Creditors' Meeting Slated for June 1
----------------------------------------------------
The court-appointed provisional administrator for Umzuege
Kleine-Korbl GmbH, Dr. Bernd Peters, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:45 a.m. on June 1.

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

         The District Court of Delmenhorst
         Hall 2
         Branch 1
         Cramerstrasse 183
         27749 Delmenhorst, Germany

The Court will also verify the claims set out in the
administrator's report at 2:00 p.m. on July 31, at the same
venue.

Creditors have until July 7 to register their claims with the
court-appointed provisional administrator.

The District Court of Delmenhorst opened bankruptcy proceedings
against Umzuege Kleine-Korbl GmbH on April 13.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Umzuege Kleine-Korbl GmbH
         Annenheider Road 241
         27755 Delmenhorst, Germany

         Attn: Ilse Kleine-Korbl, Manager
         Brauereiweg 8
         27751 Delmenhorst, Germany

The administrator can be reached at:

         Dr. Bernd Peters
         Wall 146
         28195 Bremen, Germany
         Tel: 0421/244009-0
         Fax: 0421/244009-29


W. THUERNAU: Claims Filing Period Ends June 2
---------------------------------------------
Creditors of W. Thuernau u. Sohne GmbH have until June 2 to
register their claims with court-appointed provisional
administrator Dr. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on June 28, 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 Hannover
         Hall 226
         2 Upper Floor
         Hamburg Avenue 26
         30161 Hanover, 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 Hannover opened bankruptcy proceedings
against W. Thuernau u. Sohne GmbH on April 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         W. Thuernau u. Sohne GmbH
         Attn: Juergen Scheidemann, Manager
         Hoher Holzweg 13A
         30966 Hemmingen, Germany
         
The administrator can be contacted at:

         Dr. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hannover, Germany
         Tel: 0511/626287-0
         Fax: 0511/626287-10


WIN FACTORY: Claims Registration Ends June 2
--------------------------------------------
Creditors of Win Factory Service und Gewinnspielvermittlungs
GmbH have until June 2 to register their claims with court-
appointed provisional administrator Dr. Hans-Jorg Laudenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on June 23, 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 Offenbach am Main
         Hall 162
         1. OG
         Kaiserstrasse 16-18
         63065 Offenbach am Main, Germany

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

The District Court of Delmenhorst opened bankruptcy proceedings
against Win Factory Service und Gewinnspielvermittlungs GmbH on
April 10.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Win Factory Service und Gewinnspielvermittlungs GmbH
         Seligenstadter Grund 3
         63150 Heusenstamm, Germany

         Attn: Egon Unterweger, Manager
         Birkenwaldstr. 38
         63179 Obertshausen, Germany
         
The administrator can be contacted at:

         Dr. Hans-Jorg Laudenbach
         Nibelungenplatz 3
         60318 Frankfurt, Germany
         Tel: 069/9055993
         Fax: 069/90559955


WISTEX GMBH: Claims Registration Ends May 31
--------------------------------------------
Creditors of WISTEX GmbH Textilmaschinenzubehor have until
May 31 to register their claims with court-appointed provisional
administrator Gunther Neef.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on June 20, 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 Hof
         Meeting Room 12
         Ground Floor
         Berliner Platz 1
         95030 Hof, 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 Hof opened bankruptcy proceedings against
WISTEX GmbH Textilmaschinenzubehor on March 27.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         WISTEX GmbH Textilmaschinenzubehor
         Fuhrmannstr. 11
         95030 Hof, Germany
         
The administrator can be contacted at:

         Gunther Neef
         Bismarck Route 21
         95028 Hof, Germany
         Tel: 09281/140056
         Fax: 09281/14005777


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


BORSODCHEM RT: Firthlion Limited Acquires 973,688 Shares
--------------------------------------------------------
Timur Rahimkulov, a member of Borsodchem Rt.'s Board of
Directors, disclosed that Firthlion Limited -- operated by an
indirect controlling stake -- has acquired 973,688 ordinary
shares in the company at HUF2,350 per share, pursuant to a share
purchase agreement dated May 18.

Investment consultant Altalanos Erekforgalmi Bank Rt. arranged
the transaction.

                        About BorsodChem

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

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.  

At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9
billion in total assets, HUF98.9 billion in total liabilities
and HUF139.02 billion in total equity.

                        *     *     *

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


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


AVIO GROUP: Posts EUR109.4 Million Net Loss in 2005
---------------------------------------------------
Avio Group published its 2005 annual report showing consolidated
revenues of EUR1.28 billion, a 5% increase compared to the
previous year.  

This increase derives principally from the 16% growth in revenue
of the civil aeroengine business line.

EBITDA reached EUR190.5 million, corresponding to 15% of revenue
and a 15.6% improvement compared to 2004.  Avio reported
Adjusted EBITDA, which excludes the effect of certain non-
recurring or unusual items, of EUR210.3 million.  The operating
result, excluding the amortization of goodwill and other
transaction costs linked to the 2003 transaction (when Carlyle
and Finmeccanica acquired Avio from the Fiat group), was EUR98.1
million, a 60% increase compared to the EUR61.4 million of 2004.

In 2005, the Group reported a EUR109.4 million net loss.  This
loss was mainly generated by the costs related to the financial
structure of the 2003 leveraged buyout.  In particular, in
addition to the goodwill amortization and the financial interest
paid on indebtedness, certain other non recurring costs were
charged to the income statement such as:

   -- the write off, following the refinancing of the Senior
      Credit Agreement closed at the end of 2005, of certain
      transaction costs capitalized at the end of 2003; and

   -- losses on US-dollar-denominated debt due to the
      unfavorable euro/dollar exchange rate at the end of 2005
      as compared to the end of 2004.

The positive trend in orders of the Civil aero-engine business
line and the material contracts signed for the Space unit have
helped to increase the company's backlog to EUR3.6 billion at
the end of 2005, representing a 52% increase compared to backlog
at December 31, 2004.

Net indebtedness towards third parties, excluding indebtedness
owed to Aero Invest 1, decreased to EUR595.3 million, a EUR135.2
million improvement compared to the EUR730.5 million of
indebtedness at Dec. 31, 2004.

"The satisfactory results reached in 2005, which further improve
the positive data booked in 2004," CEO Saverio Strati declared,
"show Avio's ability to fully capitalize on the opportunities
coming from the Civil aero-engine market's recovery and
consolidate its leadership in aerospace propulsion."

                      About the Company

Headquartered in Rivalta di Torino, Italy, Avio works in four
sectors of activities: modules and components for aircraft
engines, civil and military engine overhauling services, space
and aero-engine derivative turbines for marine propulsion.  It
is a world leader in mechanical transmissions and turbines, and
Europe's leading operator for solid-propellant space propulsion
with 16 locations and 4,800 employees.  

                        *     *     *

As reported in TCR-Europe on Jan. 12, Fitch Ratings has affirmed
Italy-based Avio S.p.A.'s ratings at Senior Unsecured 'B+' with
Stable Outlook and Short term 'B'.  Its senior secured debt is
affirmed at 'BB'.

The agency has also affirmed ASPropulsion Capital B.V.'s EUR200
million 9.625% senior notes due 2013 at 'B', and Aero Invest 1
S.A.'s EUR375 million floating-rate senior payment-in-kind (PIK)
notes due 2015 at 'B-'.  The rating action follows Avio's
announcement to refinance its EUR445 million senior secured bank
facilities.


BANCA POPOLARE: To Increase Capital Stock to EUR719.4 Million
-------------------------------------------------------------
The Board of Directors of Banca Popolare Italiana resolved to
increase the capital stock for payment, in various tranches, for
a maximum nominal amount of EUR317.38 million, through the issue
of a maximum number of 105,795,900 ordinary shares of nominal
value EUR3.00 each, dividend payable.  

The increase will be offered as options to the shareholders and
holders of convertible bonds under the "Banca Popolare di Lodi
Prestito Obbligazionario Convertibile Subordinato 2000/2010"
subordinated convertible loan in a ratio of 21 new ordinary
shares for every 100 shares and/or convertible bonds held, at a
price of EUR6.80 each, including EUR3.80 by way of premium, for
an aggregate maximum total of EUR719.4 million.

At the moment, the plans are to conduct the option offer --
subject to obtaining the necessary authorizations and where the
market conditions allow it -- presumably in June 2006.

Mediobanca has stated it is available to provide a guarantee for
the successful outcome of the operation.

The capital increase is intended, on the one hand, to strengthen
the asset base, in consolidated terms as well, and, on the
other, to provide support in reaching the business growth and
development targets established in the group's 2006-2009
Business Plan and, in any event, to ensure an adequate degree of
capitalization also at the consolidated level, with a core Tier
1 ratio of about 7% at end 2006.

Headquartered in Lodi, Italy, Banca Popolare Italiana attracts
deposits and offers commercial banking services.  The Bank
offers securities brokerage, asset management, mortgage loans,
insurance, lease financing and treasury services and manages
mutual funds.  Through a subsidiary, Banca Popolare Italiana
offers merchant banking services and medium- and long-term
lending.

                        *     *     *

As reported in TCR-Europe on April 3, Fitch Ratings downgraded
Banca Popolare Italiana's Issuer Default and Short-term ratings
to BBB from BBB+ and F3 from F2 respectively.  Its Individual
and Support rating are affirmed at C and 3 respectively.  Its
senior debt and trust preferred stock are also downgraded to BBB
and BB+ respectively from BBB+ and BBB-.  The Issuer Default,
Short-term and Individual ratings are removed from Rating Watch
Negative.  A Stable Outlook is assigned for the Issuer Default
rating.


FIAT SPA: Irish Stock Exchange Admits EUR1-Bln Notes for Listing
----------------------------------------------------------------
Fiat S.p.A. disclosed that its recently issued EUR1 billion
Senior Notes due 2011 have been admitted to the official list on
the Irish Stock Exchange.

On May 12, the automaker had successfully closed its offering of
EUR1 billion in principal amount of 5.625% of Senior Notes due
Nov. 15, 2011, which was priced on May 5.

The Notes, which have been issued by Fiat Finance and Trade Ltd.
societe anonyme, a wholly owned subsidiary of Fiat S.p.A., under
the EUR15 billion Global Medium Term Note Programme and are
guaranteed by Fiat S.p.A., have been rated:

   -- Ba3 by Moody's Investors Service;
   -- BB- by Standard & Poor's Ratings Services; and
   -- BB- by Fitch Ratings,

in line with the agencies' current ratings on Fiat Group's long-
term debt.

The Notes have been admitted to listing on the Irish Stock
Exchange.  The Notes are only being offered and sold outside the
United States to institutional investors that are non-U.S.
persons under Regulation S and have not been and will not be
registered under the U.S. Securities Act of 1933, as amended, or
any other securities laws.  The Notes may not be offered or sold
in the United States absent registration or an applicable
exemption from registration requirements.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial  
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                        *     *     *

In August 2005, S&P revised its outlook on Fiat to stable from
negative.  At the same time, it affirmed its 'BB-' long-term and
'B' short-term corporate credit ratings on the group.

As reported in the TCR-Europe on Feb. 10, Fitch Ratings has
changed the Outlook on Fiat S.p.A.'s 'BB-' Senior Unsecured
rating to Stable from Negative.  The agency has at the same time
affirmed the Senior Unsecured and Short-term 'B' ratings.  EUR6
billion of debt is affected by this Rating action.  The Outlook
change is underpinned by early signs that the restructuring plan
is on track, the stabilization of Fiat Auto's market shares in
late 2005 and the successful resolution of a number of credit
issues.


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


ALMATY-GELIOSYSTEMS: Creditors Must File Claims by June 2
---------------------------------------------------------
LLP Almaty-Geliosystems has declared insolvency.  Creditors have
until June 2 to submit written proofs of claim to:

         Micro District Orbita-4 28-44
         050043 Almaty, Kazakhstan
         Tel: 8 (3272) 55-09-24


ATF BANK: Moody's Affirms D- Financial Strength Rating
------------------------------------------------------
Following an earlier sovereign rating action that placed
Kazakhstan's Baa3 foreign currency bond rating on review for
possible upgrade while at the same time changing the outlook on
the country's foreign currency bank deposit ceiling to stable
from positive, Moody's has changed to stable from positive the
outlook on the Ba1 long-term foreign currency deposit ratings
of:

   -- Kazkommertsbank,
   -- Bank TuranAlem,
   -- Halyk Bank, and
   -- Bank CenterCredit.

The Ba1 senior unsecured debt rating and Ba3 junior subordinated
debt rating of CenterCredit International B.V., a Netherlands-
based special-purpose vehicle of Bank CenterCredit, have also
been revised to stable from positive.  In addition, the Baa3
issuer rating for the Development Bank of Kazakhstan has been
placed on review for possible upgrade.  The rating agency also
revised the outlook on Bank CenterCredit's D- financial strength
rating (FSR) to stable from positive. The Ba1/NP deposit ratings
and the D- FSR of ATF Bank, all of which carry a stable outlook,
have been affirmed, as has the Baa2 local currency issuer rating
of Kazakhstan Mortgage Company.

The rating agency noted that the outlook change on the Ba1 long-
term foreign-currency deposit ratings of Kazkommertsbank, Bank
TuranAlem, Halyk Bank and Bank CenterCredit reflects growing
concerns over the very rapid credit expansion in the Kazakh
banking sector during recent years, with potential negative
medium-term implications for the banks' asset quality.  In
addition, as the growth in the domestic deposit base has been
lagging behind loan growth, the banks have become increasingly
reliant on foreign borrowings for funding, thus assuming
significant refinancing risk and becoming vulnerable to
potential swings in international investors' sentiment towards
lending to emerging markets in general and to the Central
Asia/CIS region in particular.

Moody's regards these developments as inconsistent with an
investment-grade foreign-currency bank deposit ceiling, which
earlier led to a change of outlook on Kazakhstan's Ba1 deposit
ceiling from positive to stable, and is now supplemented by a
corresponding rating action with regard to the outlook on the
foreign currency deposits of four major local banks.  The
outlooks on the Ba1 senior unsecured and Ba3 junior subordinated
debt ratings of CenterCredit International B.V. have followed
the change of outlook on Bank CenterCredit's Ba1 long-term
deposit rating, and are now in line with the stable outlooks on
debt ratings of other large Kazakh banks involved in this rating
action.

Moody's further commented that the change of outlook for Bank
CenterCredit's D- FSR to stable from positive has been driven by
similar concerns related to the country's banking sector
developments.  According to Moody's, the systemic risk in the
Kazakh banking sector has increased, and therefore only
institutions with exceptionally strong franchises and relatively
well-managed risk profiles may potentially qualify for a D level
FSR.

Moody's added that while the foreign currency deposit ratings of
all banks remain in the speculative grade category, the foreign
currency debt ratings of some banks have been placed in the
investment grade category, and with some piercing the country
ceiling for bonds.  This is due to Moody's approach which
regards foreign-currency bonds issued under foreign law and
widely held by international investors as likely to be exempted
from a foreign-currency payments moratorium, as may be declared
by the government in times of stress.

According to Moody's, the Baa3 foreign-currency issuer rating
for a Kazakh government-related issuer (GRI), Development Bank
of Kazakhstan (DBK), which is closely linked to the Baa3
foreign-currency bond rating for Kazakhstan, has been placed
under review for possible upgrade, mirroring an earlier decision
to place the relevant country ceiling under review for upgrade.
Moody's assessments of DBK's baseline credit risk, default
dependence, and government support remain unchanged at this
stage. The rating action therefore reflects solely the impact of
the sovereign rating actions, as applied through Moody's GRI
rating methodology. An upgrade of the Kazakhstan foreign-
currency bond rating would lead to an upgrade of DBK's issuer
rating.

The Baa2 global local currency issuer rating of another Kazakh
GRI, Kazakhstan Mortgage Company, which has not been affected by
the rating action on the country's foreign-currency bond
ceiling, has been affirmed with a stable outlook.

The outlooks on these long-term deposit ratings have been
revised to stable from positive:

   -- Kazkommertsbank: Ba1 foreign-currency deposit rating
   -- Bank TuranAlem: Ba1 foreign-currency deposit rating
   -- Halyk Bank: Ba1 foreign-currency deposit rating
   -- Bank CenterCredit: Ba1 foreign-currency deposit rating

The outlook on this FSR has been revised to stable from
positive:

   -- Bank CenterCredit: D- FSR

The outlook on this debt rating has been revised to stable from
positive:

   -- CenterCredit International B.V.: Ba1 senior unsecured debt
      and Ba3 junior subordinated debt

This rating has been placed on review for possible upgrade:

   -- Development Bank of Kazakhstan: Baa3 foreign-currency
      issuer rating

Ratings affirmed:

   -- ATF Bank: Ba1 foreign-currency deposit rating and D- FSR
      affirmed with a stable outlook

   -- Kazakhstan Mortgage Company: Baa2 local currency issuer
      rating affirmed with a stable outlook

On Review for Possible Upgrade:

   -- Development Bank of Kazakhstan: Issuer Rating, Placed on
      Review for Possible Upgrade, currently Baa3

Outlook Actions:

   -- Bank CenterCredit: Outlook, Changed To Stable From
      Positive

   -- Bank TuranAlem: Outlook, Changed To Stable From Stable

   -- CenterCredit International B.V.: Outlook, Changed To
      Stable From Positive

   -- Development Bank of Kazakhstan: Outlook, Changed To Rating
      Under Review From Positive

   -- Kazkommertsbank: Outlook, Changed To Stable From Stable


BANK CENTERCREDIT: Moody's Revises Positive Outlook to Stable
-------------------------------------------------------------
Following an earlier sovereign rating action that placed
Kazakhstan's Baa3 foreign currency bond rating on review for
possible upgrade while at the same time changing the outlook on
the country's foreign currency bank deposit ceiling to stable
from positive, Moody's has changed to stable from positive the
outlook on the Ba1 long-term foreign currency deposit ratings
of:

   -- Kazkommertsbank;
   -- Bank TuranAlem,
   -- Halyk Bank, and
   -- Bank CenterCredit

The Ba1 senior unsecured debt rating and Ba3 junior subordinated
debt rating of CenterCredit International B.V., a Netherlands-
based special-purpose vehicle of Bank CenterCredit, have also
been revised to stable from positive.  In addition, the Baa3
issuer rating for the Development Bank of Kazakhstan has been
placed on review for possible upgrade.  The rating agency also
revised the outlook on Bank CenterCredit's D- financial strength
rating (FSR) to stable from positive. The Ba1/NP deposit ratings
and the D- FSR of ATF Bank, all of which carry a stable outlook,
have been affirmed, as has the Baa2 local currency issuer rating
of Kazakhstan Mortgage Company.

The rating agency noted that the outlook change on the Ba1 long-
term foreign-currency deposit ratings of Kazkommertsbank, Bank
TuranAlem, Halyk Bank and Bank CenterCredit reflects growing
concerns over the very rapid credit expansion in the Kazakh
banking sector during recent years, with potential negative
medium-term implications for the banks' asset quality.  In
addition, as the growth in the domestic deposit base has been
lagging behind loan growth, the banks have become increasingly
reliant on foreign borrowings for funding, thus assuming
significant refinancing risk and becoming vulnerable to
potential swings in international investors' sentiment towards
lending to emerging markets in general and to the Central
Asia/CIS region in particular.

Moody's regards these developments as inconsistent with an
investment-grade foreign-currency bank deposit ceiling, which
earlier led to a change of outlook on Kazakhstan's Ba1 deposit
ceiling from positive to stable, and is now supplemented by a
corresponding rating action with regard to the outlook on the
foreign currency deposits of four major local banks.  The
outlooks on the Ba1 senior unsecured and Ba3 junior subordinated
debt ratings of CenterCredit International B.V. have followed
the change of outlook on Bank CenterCredit's Ba1 long-term
deposit rating, and are now in line with the stable outlooks on
debt ratings of other large Kazakh banks involved in this rating
action.

Moody's further commented that the change of outlook for Bank
CenterCredit's D- FSR to stable from positive has been driven by
similar concerns related to the country's banking sector
developments.  According to Moody's, the systemic risk in the
Kazakh banking sector has increased, and therefore only
institutions with exceptionally strong franchises and relatively
well-managed risk profiles may potentially qualify for a D level
FSR.

Moody's added that while the foreign currency deposit ratings of
all banks remain in the speculative grade category, the foreign
currency debt ratings of some banks have been placed in the
investment grade category, and with some piercing the country
ceiling for bonds.  This is due to Moody's approach which
regards foreign-currency bonds issued under foreign law and
widely held by international investors as likely to be exempted
from a foreign-currency payments moratorium, as may be declared
by the government in times of stress.

According to Moody's, the Baa3 foreign-currency issuer rating
for a Kazakh government-related issuer (GRI), Development Bank
of Kazakhstan (DBK), which is closely linked to the Baa3
foreign-currency bond rating for Kazakhstan, has been placed
under review for possible upgrade, mirroring an earlier decision
to place the relevant country ceiling under review for upgrade.
Moody's assessments of DBK's baseline credit risk, default
dependence, and government support remain unchanged at this
stage. The rating action therefore reflects solely the impact of
the sovereign rating actions, as applied through Moody's GRI
rating methodology. An upgrade of the Kazakhstan foreign-
currency bond rating would lead to an upgrade of DBK's issuer
rating.

The Baa2 global local currency issuer rating of another Kazakh
GRI, Kazakhstan Mortgage Company, which has not been affected by
the rating action on the country's foreign-currency bond
ceiling, has been affirmed with a stable outlook.

The outlooks on these long-term deposit ratings have been
revised to stable from positive:

   -- Kazkommertsbank: Ba1 foreign-currency deposit rating
   -- Bank TuranAlem: Ba1 foreign-currency deposit rating
   -- Halyk Bank: Ba1 foreign-currency deposit rating
   -- Bank CenterCredit: Ba1 foreign-currency deposit rating

The outlook on this FSR has been revised to stable from
positive:

   -- Bank CenterCredit: D- FSR

The outlook on this debt rating has been revised to stable from
positive:

   -- CenterCredit International B.V.: Ba1 senior unsecured debt
      and Ba3 junior subordinated debt

This rating has been placed on review for possible upgrade:

   -- Development Bank of Kazakhstan: Baa3 foreign-currency
      issuer rating

Ratings affirmed:

   -- ATF Bank: Ba1 foreign-currency deposit rating and D- FSR
      affirmed with a stable outlook


   -- Kazakhstan Mortgage Company: Baa2 local currency issuer
      rating affirmed with a stable outlook

On Review for Possible Upgrade:

   -- Development Bank of Kazakhstan: Issuer Rating, Placed on
      Review for Possible Upgrade, currently Baa3

Outlook Actions:

   -- Bank CenterCredit: Outlook, Changed To Stable From
      Positive

   -- Bank TuranAlem: Outlook, Changed To Stable From Stable

   -- CenterCredit International B.V.: Outlook, Changed To
      Stable From Positive

   -- Development Bank of Kazakhstan: Outlook, Changed To Rating
      Under Review From Positive

   -- Kazkommertsbank: Outlook, Changed To Stable From Stable


BANK TURANALEM: Moody's Changes Rating Outlook to Stable
--------------------------------------------------------
Following an earlier sovereign rating action that placed
Kazakhstan's Baa3 foreign currency bond rating on review for
possible upgrade while at the same time changing the outlook on
the country's foreign currency bank deposit ceiling to stable
from positive, Moody's has changed to stable from positive the
outlook on the Ba1 long-term foreign currency deposit ratings
of:

   -- Kazkommertsbank;
   -- Bank TuranAlem,
   -- Halyk Bank, and
   -- Bank CenterCredit

The Ba1 senior unsecured debt rating and Ba3 junior subordinated
debt rating of CenterCredit International B.V., a Netherlands-
based special-purpose vehicle of Bank CenterCredit, have also
been revised to stable from positive.  In addition, the Baa3
issuer rating for the Development Bank of Kazakhstan has been
placed on review for possible upgrade.  The rating agency also
revised the outlook on Bank CenterCredit's D- financial strength
rating (FSR) to stable from positive. The Ba1/NP deposit ratings
and the D- FSR of ATF Bank, all of which carry a stable outlook,
have been affirmed, as has the Baa2 local currency issuer rating
of Kazakhstan Mortgage Company.

The rating agency noted that the outlook change on the Ba1 long-
term foreign-currency deposit ratings of Kazkommertsbank, Bank
TuranAlem, Halyk Bank and Bank CenterCredit reflects growing
concerns over the very rapid credit expansion in the Kazakh
banking sector during recent years, with potential negative
medium-term implications for the banks' asset quality.  In
addition, as the growth in the domestic deposit base has been
lagging behind loan growth, the banks have become increasingly
reliant on foreign borrowings for funding, thus assuming
significant refinancing risk and becoming vulnerable to
potential swings in international investors' sentiment towards
lending to emerging markets in general and to the Central
Asia/CIS region in particular.

Moody's regards these developments as inconsistent with an
investment-grade foreign-currency bank deposit ceiling, which
earlier led to a change of outlook on Kazakhstan's Ba1 deposit
ceiling from positive to stable, and is now supplemented by a
corresponding rating action with regard to the outlook on the
foreign currency deposits of four major local banks.  The
outlooks on the Ba1 senior unsecured and Ba3 junior subordinated
debt ratings of CenterCredit International B.V. have followed
the change of outlook on Bank CenterCredit's Ba1 long-term
deposit rating, and are now in line with the stable outlooks on
debt ratings of other large Kazakh banks involved in this rating
action.

Moody's further commented that the change of outlook for Bank
CenterCredit's D- FSR to stable from positive has been driven by
similar concerns related to the country's banking sector
developments.  According to Moody's, the systemic risk in the
Kazakh banking sector has increased, and therefore only
institutions with exceptionally strong franchises and relatively
well-managed risk profiles may potentially qualify for a D level
FSR.

Moody's added that while the foreign currency deposit ratings of
all banks remain in the speculative grade category, the foreign
currency debt ratings of some banks have been placed in the
investment grade category, and with some piercing the country
ceiling for bonds.  This is due to Moody's approach which
regards foreign-currency bonds issued under foreign law and
widely held by international investors as likely to be exempted
from a foreign-currency payments moratorium, as may be declared
by the government in times of stress.

According to Moody's, the Baa3 foreign-currency issuer rating
for a Kazakh government-related issuer (GRI), Development Bank
of Kazakhstan (DBK), which is closely linked to the Baa3
foreign-currency bond rating for Kazakhstan, has been placed
under review for possible upgrade, mirroring an earlier decision
to place the relevant country ceiling under review for upgrade.
Moody's assessments of DBK's baseline credit risk, default
dependence, and government support remain unchanged at this
stage. The rating action therefore reflects solely the impact of
the sovereign rating actions, as applied through Moody's GRI
rating methodology. An upgrade of the Kazakhstan foreign-
currency bond rating would lead to an upgrade of DBK's issuer
rating.

The Baa2 global local currency issuer rating of another Kazakh
GRI, Kazakhstan Mortgage Company, which has not been affected by
the rating action on the country's foreign-currency bond
ceiling, has been affirmed with a stable outlook.

The outlooks on these long-term deposit ratings have been
revised to stable from positive:

   -- Kazkommertsbank: Ba1 foreign-currency deposit rating
   -- Bank TuranAlem: Ba1 foreign-currency deposit rating
   -- Halyk Bank: Ba1 foreign-currency deposit rating
   -- Bank CenterCredit: Ba1 foreign-currency deposit rating

The outlook on this FSR has been revised to stable from
positive:

   -- Bank CenterCredit: D- FSR

The outlook on this debt rating has been revised to stable from
positive:

   -- CenterCredit International B.V.: Ba1 senior unsecured debt
      and Ba3 junior subordinated debt

This rating has been placed on review for possible upgrade:

   -- Development Bank of Kazakhstan: Baa3 foreign-currency
      issuer rating

Ratings affirmed:

   -- ATF Bank: Ba1 foreign-currency deposit rating and D- FSR
      affirmed with a stable outlook


   -- Kazakhstan Mortgage Company: Baa2 local currency issuer
      rating affirmed with a stable outlook

On Review for Possible Upgrade:

   -- Development Bank of Kazakhstan: Issuer Rating, Placed on
      Review for Possible Upgrade, currently Baa3

Outlook Actions:

   -- Bank CenterCredit: Outlook, Changed To Stable From
      Positive

   -- Bank TuranAlem: Outlook, Changed To Stable From Stable

   -- CenterCredit International B.V.: Outlook, Changed To
      Stable From Positive

   -- Development Bank of Kazakhstan: Outlook, Changed To Rating
      Under Review From Positive

   -- Kazkommertsbank: Outlook, Changed To Stable From Stable


ELITA: Creditors Must File Claims by June 2
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Elita (RNN 531500002140) insolvent on March 28.

Creditors have until June 2 to submit written proofs of claim
to:

         Jansugurova Str. 113a, Room 208
         Taldykorgan, Kazakhstan
         Tel: 8 (3282) 24-19-77


HALYK BANK: Moody's Revises Deposit Rating Outlook to Stable
------------------------------------------------------------
Following an earlier sovereign rating action that placed
Kazakhstan's Baa3 foreign currency bond rating on review for
possible upgrade while at the same time changing the outlook on
the country's foreign currency bank deposit ceiling to stable
from positive, Moody's has changed to stable from positive the
outlook on the Ba1 long-term foreign currency deposit ratings
of:

   -- Kazkommertsbank;
   -- Bank TuranAlem,
   -- Halyk Bank, and
   -- Bank CenterCredit

The Ba1 senior unsecured debt rating and Ba3 junior subordinated
debt rating of CenterCredit International B.V., a Netherlands-
based special-purpose vehicle of Bank CenterCredit, have also
been revised to stable from positive.  In addition, the Baa3
issuer rating for the Development Bank of Kazakhstan has been
placed on review for possible upgrade.  The rating agency also
revised the outlook on Bank CenterCredit's D- financial strength
rating (FSR) to stable from positive. The Ba1/NP deposit ratings
and the D- FSR of ATF Bank, all of which carry a stable outlook,
have been affirmed, as has the Baa2 local currency issuer rating
of Kazakhstan Mortgage Company.

The rating agency noted that the outlook change on the Ba1 long-
term foreign-currency deposit ratings of Kazkommertsbank, Bank
TuranAlem, Halyk Bank and Bank CenterCredit reflects growing
concerns over the very rapid credit expansion in the Kazakh
banking sector during recent years, with potential negative
medium-term implications for the banks' asset quality.  In
addition, as the growth in the domestic deposit base has been
lagging behind loan growth, the banks have become increasingly
reliant on foreign borrowings for funding, thus assuming
significant refinancing risk and becoming vulnerable to
potential swings in international investors' sentiment towards
lending to emerging markets in general and to the Central
Asia/CIS region in particular.

Moody's regards these developments as inconsistent with an
investment-grade foreign-currency bank deposit ceiling, which
earlier led to a change of outlook on Kazakhstan's Ba1 deposit
ceiling from positive to stable, and is now supplemented by a
corresponding rating action with regard to the outlook on the
foreign currency deposits of four major local banks.  The
outlooks on the Ba1 senior unsecured and Ba3 junior subordinated
debt ratings of CenterCredit International B.V. have followed
the change of outlook on Bank CenterCredit's Ba1 long-term
deposit rating, and are now in line with the stable outlooks on
debt ratings of other large Kazakh banks involved in this rating
action.

Moody's further commented that the change of outlook for Bank
CenterCredit's D- FSR to stable from positive has been driven by
similar concerns related to the country's banking sector
developments.  According to Moody's, the systemic risk in the
Kazakh banking sector has increased, and therefore only
institutions with exceptionally strong franchises and relatively
well-managed risk profiles may potentially qualify for a D level
FSR.

Moody's added that while the foreign currency deposit ratings of
all banks remain in the speculative grade category, the foreign
currency debt ratings of some banks have been placed in the
investment grade category, and with some piercing the country
ceiling for bonds.  This is due to Moody's approach which
regards foreign-currency bonds issued under foreign law and
widely held by international investors as likely to be exempted
from a foreign-currency payments moratorium, as may be declared
by the government in times of stress.

According to Moody's, the Baa3 foreign-currency issuer rating
for a Kazakh government-related issuer (GRI), Development Bank
of Kazakhstan (DBK), which is closely linked to the Baa3
foreign-currency bond rating for Kazakhstan, has been placed
under review for possible upgrade, mirroring an earlier decision
to place the relevant country ceiling under review for upgrade.
Moody's assessments of DBK's baseline credit risk, default
dependence, and government support remain unchanged at this
stage. The rating action therefore reflects solely the impact of
the sovereign rating actions, as applied through Moody's GRI
rating methodology. An upgrade of the Kazakhstan foreign-
currency bond rating would lead to an upgrade of DBK's issuer
rating.

The Baa2 global local currency issuer rating of another Kazakh
GRI, Kazakhstan Mortgage Company, which has not been affected by
the rating action on the country's foreign-currency bond
ceiling, has been affirmed with a stable outlook.

The outlooks on these long-term deposit ratings have been
revised to stable from positive:

   -- Kazkommertsbank: Ba1 foreign-currency deposit rating
   -- Bank TuranAlem: Ba1 foreign-currency deposit rating
   -- Halyk Bank: Ba1 foreign-currency deposit rating
   -- Bank CenterCredit: Ba1 foreign-currency deposit rating

The outlook on this FSR has been revised to stable from
positive:

   -- Bank CenterCredit: D- FSR

The outlook on this debt rating has been revised to stable from
positive:

   -- CenterCredit International B.V.: Ba1 senior unsecured debt
      and Ba3 junior subordinated debt

This rating has been placed on review for possible upgrade:

   -- Development Bank of Kazakhstan: Baa3 foreign-currency
      issuer rating

Ratings affirmed:

   -- ATF Bank: Ba1 foreign-currency deposit rating and D- FSR
      affirmed with a stable outlook


   -- Kazakhstan Mortgage Company: Baa2 local currency issuer
      rating affirmed with a stable outlook

On Review for Possible Upgrade:

   -- Development Bank of Kazakhstan: Issuer Rating, Placed on
      Review for Possible Upgrade, currently Baa3

Outlook Actions:

   -- Bank CenterCredit: Outlook, Changed To Stable From
      Positive

   -- Bank TuranAlem: Outlook, Changed To Stable From Stable

   -- CenterCredit International B.V.: Outlook, Changed To
      Stable From Positive

   -- Development Bank of Kazakhstan: Outlook, Changed To Rating
      Under Review From Positive

   -- Kazkommertsbank: Outlook, Changed To Stable From Stable


HUBARKOL-TALDYKORGAN: Creditors Must File Claims by June 2
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Trade House Shubarkol-Taldykorgan insolvent on
March 10.

Creditors have until June 2 to submit written proofs of claim
to:

         Birjan Sal Str. 80-30  
         Taldykorgan, Kazakhstan
         Tel: 8 (3282) 24-74-83


KARJAS: Creditors' Claims Due June 2
------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Karjas insolvent.

Creditors have until June 2 to submit written proofs of claim
to:

         Jambyl Str. 9  
         Karaganda, Kazakhstan


KAZKOMMERTSBANK: Moody's Revises Rating Outlook to Stable
---------------------------------------------------------
Following an earlier sovereign rating action that placed
Kazakhstan's Baa3 foreign currency bond rating on review for
possible upgrade while at the same time changing the outlook on
the country's foreign currency bank deposit ceiling to stable
from positive, Moody's has changed to stable from positive the
outlook on the Ba1 long-term foreign currency deposit ratings
of:

   -- Kazkommertsbank;
   -- Bank TuranAlem,
   -- Halyk Bank, and
   -- Bank CenterCredit

The Ba1 senior unsecured debt rating and Ba3 junior subordinated
debt rating of CenterCredit International B.V., a Netherlands-
based special-purpose vehicle of Bank CenterCredit, have also
been revised to stable from positive.  In addition, the Baa3
issuer rating for the Development Bank of Kazakhstan has been
placed on review for possible upgrade.  The rating agency also
revised the outlook on Bank CenterCredit's D- financial strength
rating (FSR) to stable from positive. The Ba1/NP deposit ratings
and the D- FSR of ATF Bank, all of which carry a stable outlook,
have been affirmed, as has the Baa2 local currency issuer rating
of Kazakhstan Mortgage Company.

The rating agency noted that the outlook change on the Ba1 long-
term foreign-currency deposit ratings of Kazkommertsbank, Bank
TuranAlem, Halyk Bank and Bank CenterCredit reflects growing
concerns over the very rapid credit expansion in the Kazakh
banking sector during recent years, with potential negative
medium-term implications for the banks' asset quality.  In
addition, as the growth in the domestic deposit base has been
lagging behind loan growth, the banks have become increasingly
reliant on foreign borrowings for funding, thus assuming
significant refinancing risk and becoming vulnerable to
potential swings in international investors' sentiment towards
lending to emerging markets in general and to the Central
Asia/CIS region in particular.

Moody's regards these developments as inconsistent with an
investment-grade foreign-currency bank deposit ceiling, which
earlier led to a change of outlook on Kazakhstan's Ba1 deposit
ceiling from positive to stable, and is now supplemented by a
corresponding rating action with regard to the outlook on the
foreign currency deposits of four major local banks.  The
outlooks on the Ba1 senior unsecured and Ba3 junior subordinated
debt ratings of CenterCredit International B.V. have followed
the change of outlook on Bank CenterCredit's Ba1 long-term
deposit rating, and are now in line with the stable outlooks on
debt ratings of other large Kazakh banks involved in this rating
action.

Moody's further commented that the change of outlook for Bank
CenterCredit's D- FSR to stable from positive has been driven by
similar concerns related to the country's banking sector
developments.  According to Moody's, the systemic risk in the
Kazakh banking sector has increased, and therefore only
institutions with exceptionally strong franchises and relatively
well-managed risk profiles may potentially qualify for a D level
FSR.

Moody's added that while the foreign currency deposit ratings of
all banks remain in the speculative grade category, the foreign
currency debt ratings of some banks have been placed in the
investment grade category, and with some piercing the country
ceiling for bonds.  This is due to Moody's approach which
regards foreign-currency bonds issued under foreign law and
widely held by international investors as likely to be exempted
from a foreign-currency payments moratorium, as may be declared
by the government in times of stress.

According to Moody's, the Baa3 foreign-currency issuer rating
for a Kazakh government-related issuer (GRI), Development Bank
of Kazakhstan (DBK), which is closely linked to the Baa3
foreign-currency bond rating for Kazakhstan, has been placed
under review for possible upgrade, mirroring an earlier decision
to place the relevant country ceiling under review for upgrade.
Moody's assessments of DBK's baseline credit risk, default
dependence, and government support remain unchanged at this
stage. The rating action therefore reflects solely the impact of
the sovereign rating actions, as applied through Moody's GRI
rating methodology. An upgrade of the Kazakhstan foreign-
currency bond rating would lead to an upgrade of DBK's issuer
rating.

The Baa2 global local currency issuer rating of another Kazakh
GRI, Kazakhstan Mortgage Company, which has not been affected by
the rating action on the country's foreign-currency bond
ceiling, has been affirmed with a stable outlook.

The outlooks on these long-term deposit ratings have been
revised to stable from positive:

   -- Kazkommertsbank: Ba1 foreign-currency deposit rating
   -- Bank TuranAlem: Ba1 foreign-currency deposit rating
   -- Halyk Bank: Ba1 foreign-currency deposit rating
   -- Bank CenterCredit: Ba1 foreign-currency deposit rating

The outlook on this FSR has been revised to stable from
positive:

   -- Bank CenterCredit: D- FSR

The outlook on this debt rating has been revised to stable from
positive:

   -- CenterCredit International B.V.: Ba1 senior unsecured debt
      and Ba3 junior subordinated debt

This rating has been placed on review for possible upgrade:

   -- Development Bank of Kazakhstan: Baa3 foreign-currency
      issuer rating

Ratings affirmed:

   -- ATF Bank: Ba1 foreign-currency deposit rating and D- FSR
      affirmed with a stable outlook


   -- Kazakhstan Mortgage Company: Baa2 local currency issuer
      rating affirmed with a stable outlook

On Review for Possible Upgrade:

   -- Development Bank of Kazakhstan: Issuer Rating, Placed on
      Review for Possible Upgrade, currently Baa3

Outlook Actions:

   -- Bank CenterCredit: Outlook, Changed To Stable From
      Positive

   -- Bank TuranAlem: Outlook, Changed To Stable From Stable

   -- CenterCredit International B.V.: Outlook, Changed To
      Stable From Positive

   -- Development Bank of Kazakhstan: Outlook, Changed To Rating
      Under Review From Positive

   -- Kazkommertsbank: Outlook, Changed To Stable From Stable


MINZ: Creditors Must Submit Claims by June 2
--------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Minz insolvent without introduction of the
bankruptcy proceedings.

Creditors have until June 2 to submit written proofs of claim
to:

         Jambyl Str. 9
         Karaganda, Kazakhstan


NOVOSHULBINSKY MASLOZAVOD: Claims Registration Ends June 2
----------------------------------------------------------
LLP Novoshulbinsky Butter-Dairy Novoshulbinsky Maslozavod has
declared insolvency.  Creditors have until June 2 to submit
written proofs of claim to:

         Territory of the Butter-Dairy
         Novaya Shulba
         Borodulihinksy District
         East Kazakhstan Region
         Kazakhstan


OIL SINTEZ: Claims Registration Ends June 2
-------------------------------------------
LLP Oil Sintez Atyrau has declared insolvency.  Creditors have
until June 2 to submit written proofs of claim to:

         Micro District Avangard-4 5-5
         Atyrau, Kazakhstan


SHIKOMI: Proof of Claim Deadline Slated for June 2
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Shikomi insolvent without introduction of
the bankruptcy proceedings.

Creditors have until June 2 to submit written proofs of claim
to:

         Jambyl Str. 9
         Karaganda, Kazakhstan


TRON WWW: Proof of Claim Deadline Slated for June 2
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Tron WWW insolvent without introduction of
the bankruptcy proceedings.

Creditors have until June 2 to submit written proofs of claim
to:

         Jambyl Str. 9
         Karaganda, Kazakhstan


TURKESTANENERGO NEPC: Proof of Claim Deadline Slated for June 2
---------------------------------------------------------------
LLP Turkestanenergo Nepc has declared insolvency.  Creditors
have until June 2 to submit written proofs of claim to:

         Energetikov Str. 1
         Shymkent, South Kazakhstan Region
         Kazakhstan


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


CENTERCREDIT INTERNATIONAL: Ratings Outlook Revised to Stable
-------------------------------------------------------------
Following an earlier sovereign rating action that placed
Kazakhstan's Baa3 foreign currency bond rating on review for
possible upgrade while at the same time changing the outlook on
the country's foreign currency bank deposit ceiling to stable
from positive, Moody's has changed to stable from positive the
outlook on the Ba1 long-term foreign currency deposit ratings
of:

   -- Kazkommertsbank;
   -- Bank TuranAlem,
   -- Halyk Bank, and
   -- Bank CenterCredit

The Ba1 senior unsecured debt rating and Ba3 junior subordinated
debt rating of CenterCredit International B.V., a Netherlands-
based special-purpose vehicle of Bank CenterCredit, have also
been revised to stable from positive.  In addition, the Baa3
issuer rating for the Development Bank of Kazakhstan has been
placed on review for possible upgrade.  The rating agency also
revised the outlook on Bank CenterCredit's D- financial strength
rating (FSR) to stable from positive. The Ba1/NP deposit ratings
and the D- FSR of ATF Bank, all of which carry a stable outlook,
have been affirmed, as has the Baa2 local currency issuer rating
of Kazakhstan Mortgage Company.

The rating agency noted that the outlook change on the Ba1 long-
term foreign-currency deposit ratings of Kazkommertsbank, Bank
TuranAlem, Halyk Bank and Bank CenterCredit reflects growing
concerns over the very rapid credit expansion in the Kazakh
banking sector during recent years, with potential negative
medium-term implications for the banks' asset quality.  In
addition, as the growth in the domestic deposit base has been
lagging behind loan growth, the banks have become increasingly
reliant on foreign borrowings for funding, thus assuming
significant refinancing risk and becoming vulnerable to
potential swings in international investors' sentiment towards
lending to emerging markets in general and to the Central
Asia/CIS region in particular.

Moody's regards these developments as inconsistent with an
investment-grade foreign-currency bank deposit ceiling, which
earlier led to a change of outlook on Kazakhstan's Ba1 deposit
ceiling from positive to stable, and is now supplemented by a
corresponding rating action with regard to the outlook on the
foreign currency deposits of four major local banks.  The
outlooks on the Ba1 senior unsecured and Ba3 junior subordinated
debt ratings of CenterCredit International B.V. have followed
the change of outlook on Bank CenterCredit's Ba1 long-term
deposit rating, and are now in line with the stable outlooks on
debt ratings of other large Kazakh banks involved in this rating
action.

Moody's further commented that the change of outlook for Bank
CenterCredit's D- FSR to stable from positive has been driven by
similar concerns related to the country's banking sector
developments.  According to Moody's, the systemic risk in the
Kazakh banking sector has increased, and therefore only
institutions with exceptionally strong franchises and relatively
well-managed risk profiles may potentially qualify for a D level
FSR.

Moody's added that while the foreign currency deposit ratings of
all banks remain in the speculative grade category, the foreign
currency debt ratings of some banks have been placed in the
investment grade category, and with some piercing the country
ceiling for bonds.  This is due to Moody's approach which
regards foreign-currency bonds issued under foreign law and
widely held by international investors as likely to be exempted
from a foreign-currency payments moratorium, as may be declared
by the government in times of stress.

According to Moody's, the Baa3 foreign-currency issuer rating
for a Kazakh government-related issuer (GRI), Development Bank
of Kazakhstan (DBK), which is closely linked to the Baa3
foreign-currency bond rating for Kazakhstan, has been placed
under review for possible upgrade, mirroring an earlier decision
to place the relevant country ceiling under review for upgrade.
Moody's assessments of DBK's baseline credit risk, default
dependence, and government support remain unchanged at this
stage. The rating action therefore reflects solely the impact of
the sovereign rating actions, as applied through Moody's GRI
rating methodology. An upgrade of the Kazakhstan foreign-
currency bond rating would lead to an upgrade of DBK's issuer
rating.

The Baa2 global local currency issuer rating of another Kazakh
GRI, Kazakhstan Mortgage Company, which has not been affected by
the rating action on the country's foreign-currency bond
ceiling, has been affirmed with a stable outlook.

The outlooks on these long-term deposit ratings have been
revised to stable from positive:

   -- Kazkommertsbank: Ba1 foreign-currency deposit rating
   -- Bank TuranAlem: Ba1 foreign-currency deposit rating
   -- Halyk Bank: Ba1 foreign-currency deposit rating
   -- Bank CenterCredit: Ba1 foreign-currency deposit rating

The outlook on this FSR has been revised to stable from
positive:

   -- Bank CenterCredit: D- FSR

The outlook on this debt rating has been revised to stable from
positive:

   -- CenterCredit International B.V.: Ba1 senior unsecured debt
      and Ba3 junior subordinated debt

This rating has been placed on review for possible upgrade:

   -- Development Bank of Kazakhstan: Baa3 foreign-currency
      issuer rating

Ratings affirmed:

   -- ATF Bank: Ba1 foreign-currency deposit rating and D- FSR
      affirmed with a stable outlook


   -- Kazakhstan Mortgage Company: Baa2 local currency issuer
      rating affirmed with a stable outlook

On Review for Possible Upgrade:

   -- Development Bank of Kazakhstan: Issuer Rating, Placed on
      Review for Possible Upgrade, currently Baa3

Outlook Actions:

   -- Bank CenterCredit: Outlook, Changed To Stable From
      Positive

   -- Bank TuranAlem: Outlook, Changed To Stable From Stable

   -- CenterCredit International B.V.: Outlook, Changed To
      Stable From Positive

   -- Development Bank of Kazakhstan: Outlook, Changed To Rating
      Under Review From Positive

   -- Kazkommertsbank: Outlook, Changed To Stable From Stable


EXCELCOMINDO FINANCE: Moody's Lifts Bond Rating to Ba3
------------------------------------------------------
Moody's Investors Service has upgraded the foreign currency
senior unsecured bond rating of Excelcomindo Finance Company
B.V. to Ba3 from B1.

The outlook is stable.  PT Excelcomindo Pratama irrevocably and
unconditionally guarantees the company's bonds.

This rating action follows Moody's decision to upgrade
Indonesia's foreign currency sovereign rating to B1 from B2.

At the same time, Moody's has affirmed PT Excelcomindo Pratama's
Ba2 local currency corporate family rating.  The rating outlook
remains stable.

PT Excelcomindo Pratama, headquartered in Jakarta, is the third
largest cellular company in Indonesia with 8.2 million
subscribers at March 2006.


GETRONICS N.V.: Selling Italian Business to Eutelia S.p.A.
----------------------------------------------------------
Getronics N.V. has signed an agreement with Eutelia S.p.a. which
calls for the business assets and liabilities of Getronics
Solutions Italia S.p.a to be transferred to Eutelia for an
undisclosed amount.

The agreement is conditional upon Italian regulatory procedures
-- including anti-trust regulations and the provision of
relevant information to the unions.  The transaction is expected
to close in the second quarter.  Upon closing, Getronics expects
to record a one-off loss from discontinued operations of
approximately EUR50 million for 2006, in line with earlier
forecasts.
  
Earlier in the year, Getronics established with KPMG Corporate
Finance a thorough process to select a purchaser with the right
capabilities and business fit to be able to gain full value from
Getronics' Italian business activities.  Following detailed
discussions and due diligence, Eutelia was chosen as the best
partner, in particular because of the potential synergies and
opportunities arising from the combination of the two
businesses.

Eutelia will integrate its services portfolio with the existing
business portfolio of Getronics' Italian operation in order to
expand its presence in the ICT market and to provide a fully
integrated service offering.  The deal will enable Eutelia to
leverage the high quality ICT services delivery capabilities of
the Getronics operation, its skilled workforce and its
attractive nationwide coverage of the Italian market.  This deal
also enables Getronics to focus on strengthening and expanding
its core businesses worldwide while continuing to provide the
same high levels of service to its international clients in the
Italian market.
  
                        About Eutelia   

Eutelia is a top-five Italian telecommunications provider listed
on the Milan Stock Exchange since January 2005.  Eutelia
provides voice, data and internet services to business and
residential customers and also to other TLC providers.  The
company's turnover in 2005 was EUR480 million.  With more than
10,000 km of proprietary IP backbone, Eutelia possesses one of
the most complete and highest performance fibre optics network
in Italy.  Thanks to its extensive coverage, Eutelia is able to
directly link its customers in the principal 30 Italian cities,
giving it a potential market of 3.7 million end-users.  
  
                       About Getronics   

Headquartered in Amsterdam, Netherlands, Getronics N.V. --
http://www.getronics.com/-- designs, integrates and manages ICT  
infrastructures and business solutions for many of the world's
largest global and local companies and organizations, helping  
them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.    
Its shares are traded on Euronext Amsterdam.     

                        *     *     *

As reported in the TCR-Europe on March 9, Standard & Poor's
Ratings Services lowered its long-term corporate credit rating
on Dutch IT services group Getronics N.V. to 'B' from 'B+'.   

At the same time, Standard & Poor's lowered its ratings on
Getronics' senior unsecured notes to 'CCC+' from 'B-', still two
notches below the corporate credit rating.  Standard & Poor's
also lowered its ratings on Getronics' EUR300 million senior
secured bank loan to 'B' from 'B+', the same as the corporate
credit rating.  The loan has a '3' recovery rating, indicating
expectation of meaningful (50%-80%) recovery of principal in the
event of a payment default.

All ratings remain on CreditWatch with negative implications
where they were placed on Jan. 19, following a profit warning.

On Sept. 30, 2005, Getronics had gross debt of EUR518 million,
including EUR135 million in cumulative preference shares.


INDOSAT FINANCE: Moody's Affirms Ba3 Foreign Currency Rating
------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 local currency
corporate family rating of PT Indosat Tbk (Indosat), and the Ba3
foreign currency senior unsecured bond rating of Indosat Finance
Company B.V. and Indosat International Finance Company B.V.
Indosat irrevocably and unconditionally guarantees the bonds.

The outlook for the ratings remains positive.

Moody's says the upgrade of Indonesia's foreign currency
sovereign rating to B1 from B2 does not have any impact on
Indosat's ratings.  Moody's further says any future upgrade of
Indosat's foreign currency bond rating will primarily be driven
by an upgrade of its local currency rating.

PT Indosat Tbk, headquartered in Jakarta, is the second largest
cellular company in Indonesia with 14.4 million subscribers as
at mid-Dec 2005.


MATAHARI FINANCE: Moody's Rates US$300-Million Bond at (P)B1
------------------------------------------------------------
Moody's Investors Service has assigned its (P)B1 local currency
corporate family rating to PT Matahari Putra Prima Tbk.  

At the same time, Moody's has assigned its (P)B1 foreign
currency senior unsecured rating to Matahari Finance BV's
proposed bond of up to US$300 million, which is guaranteed by
Matahari.  The ratings outlook is stable.

"This is the first time Moody's has assigned ratings to
Matahari, and it expects to affirm and remove them from their
provisional status upon completion of the proposed bond
issuance," says lead analyst Kaven Tsang.

The (P)B1 rating recognizes the company's long operating track
record, including its leading position in the department store
segment.  Matahari has also successfully turned around its
supermarket division, but the history of its profitability is
short.  Its expansion plan is further supported by a favorable
economic and industry outlook, which partially mitigates the
potential competitive threats arising from low entry barriers.

"Matahari's debt service ratios are modest with adjusted net
debt/EBITDAR to stay around 5-5.5x and operating cash
flow/average adjusted total debt at 10-15% in the medium term.  
These sets of ratios are comparable to its low-Ba or high-B
rated global retail peers", says Tsang.

"However, EBIT/Interest is relatively weak at 1-1.5x.  Its free
cash flow metrics are also weak, given the aggressive capex
program it is implementing to expand its store network.  This
situation will increase the company's exposure to execution
risk.  Furthermore, the operating history of its hypermarket
business is short and the company has yet to establish a stable
and profitable track record for its multi-format hyper- and
super-market businesses.  In view of these factors, Moody's
considers Matahari as appropriately positioned at the (P)B1
level," Tsang further comments.

The rating outlook is stable due to Moody's expectation that
Matahari will successfully execute its expansion plan and
strengthen its market share.  The stable outlook also captures
the prospective outlook for Indonesia's economy and retail
market in the medium term.

The ratings may experience downward pressure if adjusted net
debt/EBITDAR rises above 6.5x, while EBIT/interest weakens below
1.25x on a sustained basis.  Such an outcome could be a result
of:

   -- a weakening in profit margins, due in turn to rising
      competition or inadequate cost controls;

   -- further debt-funded expansions beyond its original plan;
      and/or

   -- material depreciations in the Rupiah, and which increase
      the company's debt-servicing obligations.

On the other hand, the ratings may undergo an upgrade if
adjusted net debt/EBITDAR falls below 3-4x and interest coverage
strengths beyond 3x on a sustained basis.  These outcomes could
be a result of:

   1) an improvement in operating margins as a result of higher
      operating efficiency and better cost controls; and

   2) positive free cash flow generation with the surplus being
      applied for de-leveraging.  

In order to undergo an upgrade, the company also needs to
demonstrate stable and profitable track records for its multi-
format hyper- and super-market businesses.

PT Matahari Putra Prima Tbk is one of the largest retailers in
Indonesia.  It operates department stores, hypermarkets,
supermarkets and family entertainment outlets in over 50 cities
in Indonesia.


VNU NV: 78.70% of Share Capital Tendered in Valcon Public Offer
---------------------------------------------------------------
Valcon Acquisition B.V. declares its public offer for VNU N.V.
unconditional after 78.70% of VNU's share capital was tendered
or committed during the acceptance period that ended Friday,
May 19.

Valcon is a company controlled by a private equity group
consisting of affiliated funds of:

   -- AlpInvest Partners N.V.,
   -- The Blackstone Group L.P.,
   -- The Carlyle Group,
   -- Hellman & Friedman LLC,
   -- Kohlberg Kravis Roberts & Co. L.P., and
   -- Thomas H. Lee Partners, L.P.

In this announcement, Valcon:

  (i) waives the Offer Condition set out in the Offer
      Memorandum, that at least 80% of the issued and
      outstanding ordinary shares in the share capital of VNU
      with a nominal value of EUR0.20 each are tendered; and

(ii) declares unconditional (doet gestand) its recommended
      public offer for all of the issued and outstanding
      Ordinary Shares and all of the issued and outstanding 7%
      preferred shares with a nominal value of EUR8.00 each in
      the share capital of VNU.

Per the expiration of the offer acceptance period on May 19,
2006, at 3:00 p.m., Amsterdam time (9:00 a.m., New York time),
78.70% of the share capital of VNU has been tendered for
acceptance or otherwise committed in connection with the Offer.
This includes:

   -- 199,039,910 Ordinary Shares have been tendered for
      acceptance under the Offer and 1,618,588 American
      depositary shares, each representing one Ordinary Share,
      have been delivered to the US Tender Agent, collectively
      representing 77.64 % of the outstanding and issued
      ordinary share capital of VNU;

   -- 148,083 Preferred Shares have been tendered under the
      Offer, representing 98.72% of the outstanding and issued
      7% preferred share capital of VNU; and

   -- 100% of the preference B shares with a nominal value of
      EUR0.20 each in the share capital of VNU have been sold to
      Valcon pursuant to share transfer agreements for payment
      and delivery on the Settlement Date.

These percentages do not take into account Shares held by VNU
and its subsidiaries.

                           Settlement

Under the Offer Memorandum, Valcon will pay EUR29.50 in cash for
each validly tendered -- or defectively tendered provided that
such defect has been waived by Valcon -- and delivered Ordinary
Share and EUR21 for each validly tendered (or defectively
tendered provided that such defect has been waived by Valcon)
and delivered Preferred Share.  Admitted Institutions to
Euronext Amsterdam are advised to deliver tendered Shares to ABN
AMRO Bank N.V. as Settlement Agent as soon as possible.  In
order to receive payment for the tendered Shares on Wednesday,
May 24, Admitted Institutions to Euronext Amsterdam must deliver
the tendered Shares by May 24, 3:00 p.m., Amsterdam time (9:00
a.m., New York time).

                   Post Acceptance Period

Valcon grants the Shareholders who have not yet tendered their
Ordinary Shares or Preferred Shares under the Offer the
opportunity to tender their Ordinary Shares or Preferred Shares
in a post-acceptance period that commenced yesterday, May 22,
and will expire at 3:00 p.m., Amsterdam time (9:00 a.m., New
York time) on June 9.  Shareholders can tender their Ordinary
Shares or Preferred Shares in the same manner and subject to the
same conditions as described in the Offer Memorandum.

ADS Holders must follow the procedure for acceptance and
settlement contained in Schedule 1 "Procedures for Acceptance
and Settlement for ADS holders" to the Offer Memorandum in order
to accept the Offer.

Shares tendered in the post-acceptance period may not be
withdrawn.

Valcon will arrange for a prompt payment for the Shares that are
validly tendered -- or defectively tendered, provided that such
defect has been waived by Valcon -- and delivered for acceptance
in the post-acceptance period and will use reasonable endeavors
to arrange that, in respect of each Share that is so tendered
and delivered to the Settlement Agent before at 3:00 p.m.,
Amsterdam time on a particular Business Day during the post-
acceptance period, the payment of the Offer Price per Ordinary
Share or Offer Price per Preferred Share, as the case may be,
will be made to the relevant Shareholder within three business
days after the date on which the relevant tender and delivery
was made, subject to banking holidays in The Netherlands during
the relevant period.

                      Stock Delisting

Shareholders are reminded that, as described in the Offer
Memorandum, it is intended that VNU's listing on the Official
Market of Euronext Amsterdam will be terminated as soon as
practically possible.

Valcon expects to:

  (i) initiate, subject to the necessary threshold being
      reached, a squeeze-out procedure as referred to in article
      2:92a of the Dutch Civil Code in order to acquire all
      Shares held by minority shareholders; or

(ii) to take other steps to terminate the listing and/or
      acquire Shares that were not tendered under the Offer,
      including, among others, measures effecting a legal
      merger.

Shareholders who do not wish to tender their Shares in the post-
acceptance period must carefully review the Offer Memorandum,
which describes certain risks that will exist in connection with
their continued shareholding in VNU, including, among others:

   -- loss of liquidity;
   -- increased leverage;
   -- reduced governance rights;
   -- changes to VNU's dividend policies; and
   -- related tax issues.

These risks are in addition to the exposure to the business of
VNU and its subsidiaries, as such business and the structure of
the VNU group may change from time to time.

Copies of the Offer Memorandum, and other related documents is
are available at no charge at:

         VNU N.V.
         Investor Relations
         Ceylonpoort 5-25
         2037 AA Haarlem
         The Netherlands
         Tel: + 31 (0)23 546 3600
         Fax: + 31 (0)23 546 3938
         E-mail: ir.info@hq.vnu.com

         ABN AMRO Bank N.V.
         Servicedesk MF7020
         Kemelstede 2
         4817 ST Breda
         The Netherlands

         P.O. Box 3200
         4800 DE Breda
         The Netherlands
         Tel: + 31(0)76 579 9455
         Fax: + 31 (0)76 579 9643
         Email: So.Servicedesk.WCS@nl.abnamro.com

The Information Agent outside of The Netherlands for the Offer
is:

      Georgeson                     Georgeson
      17 State Street               68 Upper Thames Street
      10th Floor                    London, EC4V 3BJ
      New York                      Banks and Brokers Call:
      New York 10004                +44 (0)20 7019 7137
      Banks and Brokers Call:
      (212) 440-9800
      All Others Call Toll Free:
      (800) 509-0983

Headquartered in Haarlem, Netherlands, VNU N.V. --
http://www.vnu.com/-- operates publishing businesses and offers  
marketing and media information.  The Company publishes and
distributes telephone directories, children's books and
periodicals, and business information periodicals.  VNU also
offers television and Internet usage data and advertising
expenditure analysis.

                        *     *     *

As reported in TCR-Europe on March 10, Moody's Investors Service
downgraded VNU N.V.'s senior unsecured long-term debt ratings to
Ba1 from Baa2.  

Concurrently Moody's has also assigned a Ba1 Corporate Family
Rating to VNU.  All of VNU's ratings remain under review for
possible further downgrade.  The rating action follows the
announcement that VNU has agreed to an offer by Valcon
Acquisitions B.V., a vehicle owned by a group of financial
investors, to acquire VNU for EUR8.6 billion, including net
debt.  The offer, which has been unanimously agreed by VNU's
board is still subject to completion of preparations and
customary conditions.  Importantly the offer also remains
subject to shareholder approval.


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


FALCONBRIDGE LTD: Earns US$238 Million for April 2006
-----------------------------------------------------
Falconbridge Limited reported a US$238 million net income in
April 2006, compared with an US$81 million net income in April
2005.

Revenues for the month of April of 2006 were US$1.28 billion,
94% higher than revenues of US$663 million in the same month of
2005.

"Falconbridge's performance for the month of April further
demonstrates our leverage to strong metals prices," Derek
Pannell, Chief Executive Officer of Falconbridge, said.  "Our
operations again capitalized on the higher prices with their
strong performance.  Our earnings leverage to current metals
prices is creating the backdrop for impressive earnings and free
cash flow generation.  While we realize that the release of
monthly results is unusual, and we will not make a habit of it,
we felt it was important that shareholders understand the
magnitude of the earnings that we are generating at this crucial
time."

                Liquidity and Capital Initiatives

Long-term debt was US$2.5 billion at the end of April excluding
preferred share liabilities.  Falconbridge's net-debt-to-
capitalization ratio stood at 32.8% at the end of April 2006, a
reduction of almost 400 basis points since the end of 2005.

For 2006, the Company's projected capital investments are
approximately US$315 million for sustaining capital expenditures
and other smaller projects and approximately US$435 million in
new copper and nickel investments.

Falconbridge maintains long-term credit arrangements and
relationships with a variety of financial institutions and
investors in order to facilitate its ongoing access to domestic
and international financial markets to meet its funding needs.  
Falconbridge's future financial requirements related to debt
maturities, operating costs, the projects currently under
development and other capital investments will be funded
primarily from a combination of existing cash balances,
committed bank lines, operating cash flows, project financing
and new long- and short-term borrowings.  The Company's
committed bank facilities, which expire in 2010, total US$780
million.  At April 30, 2006, these lines were essentially
undrawn.

                        Xstrata Offer

On May 18, Xstrata PLC made its unsolicited offer to purchase
for cash all of the outstanding common shares of Falconbridge.  
The Xstrata offer is conditional on the approval by Xstrata
shareholders and on the receipt of all required regulatory
clearances.  The Falconbridge Board of Directors will evaluate
the terms of the offer and provide Falconbridge shareholders
with a formal response.

                         Inco Offer

On May 13, Inco Limited announced an improved offer to acquire
all outstanding common shares of Falconbridge.  The improved
offer is comprised of part cash and part Inco common shares,
which when pro-rated subject to the maximum amounts offered
would provide CDN$12.50 and 0.524 of an Inco common share for
each Falconbridge common share.  Assuming the full pro-ration,
the amended Inco offer provides Falconbridge shareholders with
an additional CDN$5.00 per common share or a total of CDN$1.9
billion more in value compared to the original offer.  Both
Boards of Directors unanimously endorsed the Inco offer and the
Falconbridge Board has recommended that the Company's
shareholders tender their shares to the offer, which remains
open for acceptance to June 30, 2006.

The combined organization, which would be known as Inco Limited,
would be one of the world's premier mining and metals companies.  
It would be the world's largest producer of nickel and eighth-
largest producer of copper, and would also operate integrated
zinc and aluminum businesses.  The new company would have one of
the mining industry's most attractive portfolios of low-cost,
profitable growth projects and would benefit from estimated
annual synergies of approximately US$390 million - a revised
higher estimate than the original US$350 million synergies
estimate due to the impact of higher metals prices.

Inco and Falconbridge continue to work with the U.S. Department
of Justice and the European Commission in connection with their
respective reviews of the pending transaction.

             Redemption of Junior Preference Shares

Falconbridge reported its intention to redeem the remaining
balance of its 9,999,701 outstanding Junior Preference Shares
for a total of approximately US$253 million.  The Junior
Preference Shares will be redeemed on June 28, 2006 under a
notice of redemption to be sent to shareholders of record on May
25, 2006.  Falconbridge intends to utilize its internal cash
resources to fund the redemption and will have no Junior
Preference Shares outstanding upon redemption.

In accordance with the terms of the Junior Preference Shares,
Falconbridge will redeem the remaining balance of shares of each
series of the Junior Preference Shares as follows:

   -- 3,999,899 Junior Preference Shares, Series 1 (TSX:
      FAL.PR.X);

   -- 3,999,899 Junior Preference Shares, Series 2 (TSX:
      FAL.PR.Y); and

   -- 1,999,903 Junior Preference Shares, Series 3 (TSX:
      FAL.PR.Z).

Each Junior Preference Share will be redeemed at a price of
US$25.25 plus accrued and unpaid dividends for the period from
and including March 31, 2006 to and including June 27, 2006.

                       About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited --
http://www.falconbridge.com/-- is a leading copper and nickel  
company with investments in fully integrated zinc and aluminum
assets.  Its primary focus is the identification and development
of world-class copper and nickel orebodies.  It employs 14,500
people at its operations and offices in 18 countries.  The
Company owns nickel mines in Canada and the Dominican Republic
and operates a refinery and sulfuric acid plant in Norway.  It
is also a major producer of copper (38% of sales) through its
Kidd mine in Canada and its stake in Chile's Collahuasi mine and
Lomas Bayas mine.  Its other products include cobalt, platinum
group metals, and zinc.

                         *     *     *

Falconbridge's CDN$150 million 5% convertible and callable bonds
due April 30, 2007, carries Standard & Poor's BB+ rating.


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


AGRO-SNAB: Kursk Court Names A. Galkin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. A. Galkin as
insolvency manager for OJSC Agro-Snab (TIN 4624000030).  He can
be reached at:

         Post User Box 241
         196084, St. Petersburg, Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent (Case No. A35-11794/05 g).  

The Debtor can be reached at:

         OJSC Agro-Snab
         Dimitrova Str. 1
         Tim
         Timskiy Region
         307060, Kursk Region, Russia


AGRO-TEKH-SERVICE: Ryazan Court Begins Bankruptcy Process
---------------------------------------------------------
The Arbitration Court of Ryazan Region Will convene on May 30,
at 12:00 p.m. to hear the bankruptcy supervision procedure on
LLC Agro-Tekh-Service (Case No. A54-8598/05-S20).

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

         Room 302
         Elektrozavodskaya Str. 63
         390023, Ryazan Region, Russia

The Debtor can be reached at:

         LLC Agro-Tekh-Service
         Vokzalnaya Str. 66.
         Aleksandra-Nevskiy
         391240, Ryazan Region, Russia


BUZULUK-STROY: Court Names A. Taushev as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Mr. A.
Taushev as insolvency manager for OJSC Buzuluk-Stroy (Case No.
A47-10614/2005-14 GK).  He can be reached at:

         Gaya Str. 23A
         460000, Orenburg Region, Russia
         Tel/Fax: (3532) 78-38-44

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

The Debtor can be reached at:

         OJSC Buzuluk-Stroy
         Chapaeva Str. 70.
         Buzuluk
         461040, Orenburg Region, Russia


CHAADAEVSKIY COMBINE: Creditors Must File Claims by May 25
----------------------------------------------------------
Creditors of OJSC Chaadaevskiy Combine of Building Materials
(Case No. A49-6916/2005-118B/20) have until May 25 to submit
written proofs of claim to court-appointed insolvency manager
at:

         Apartment 13
         Marshala Krylova Str. 3A
         440026, Penza Region, Russia

The Arbitration Court of Penza Region commenced bankruptcy
proceedings against the company after finding it insolvent.  Mr.
N. Orlushin as insolvency manager and can be reached at:

         Apartment 13
         Marshala Krylova Str. 3A
         440026, Penza Region, Russia

The Debtor can be reached at:

         OJSC Chaadaevskiy Combine of Building Materials
         Kirova Str. 43
         Chaadaevka
         Gorodishenskiy Region
         442310, Penza Region, Russia


CONCRETE GOODS: Court Taps O. Amarova as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Kaluga Region appointed Ms. O. Amarova
as insolvency manager for LLC Factory of Reinforced Concrete
Goods (Case No. A23-6397/05B-10-145 B).  He can be reached at:

         Sovetskaya Str. 106
         248032, Kaluga Region, Russia
         Fax: 8(4842) 54-32-48

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

The Debtor can be reached at:

         LLC Factory of Reinforced Concrete Goods
         Svetlaya Str. 25.
         Kaluga Region, Russia


DIARY PERVOMAYSKIY: Court Hearing Set on May 31
-----------------------------------------------
The Arbitration Court of Orenburg Region will convene on May 31
at 10:00 a.m. to hear the bankruptcy supervision procedure on
OJSC Diary Pervomayskiy (Case No. A47-17300/2005-14GK).

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

         Gaya Str. 23A
         460000, Orenburg Region, Russia
         Tel/Fax: 78-40-26

The Debtor can be reached at:

         OJSC Diary Pervomayskiy
         Strpnyanka
         Pervomayskiy Region
         Orenburg Region, Russia


FISHER: Court Starts Bankruptcy Supervision
-------------------------------------------
The Arbitration Court of Orenburg Region has commenced
bankruptcy supervision procedure on CJSC Fisher (Case no. A47-
15059/05-14GK).  

Mr. R. Khasanov has been appointed temporary insolvency manager
and can be reached at:

         Turkestanskaya Str. 10A
         460024, Orenburg Region, Russia

Arbitration Court of Orenburg Region is located in:

         9th January Str. 64
         Orenburg Region, Russia

The Debtor can be reached at:

         CJSC Fisher
         Borodinsk
         Orenburg Region, Russia
         Tashlinskiy Region


GEN-TRANS: Court Names A. Parnachev as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Komi Republic appointed Mr. A.
Parnachev as insolvency manager for CJSC Gen-Trans (Case no.
A29-13168/05-3B).  He can be reached at:

         Nagornaya Str. 76.
         Syktyvkar
         167000, Komi Republic, Russia

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

The Debtor can be reached at:

         CJSC Gen-Trans
         Usinsk
         Komi Republic, Russia


GUBKINSKIY DIARY: Court Names S. Maslovskiy Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy Autonomous Region
appointed Mr. S. Maslovskiy as insolvency manager for Municipal
Unitary Enterprise Gubkinskiy Diary (Case No. A81-1245/2005).  
He can be reached at:

         Rusanova Str. 12
         Pechora
         169600, RK Region, Russia
         Tel/Fax: 8 (82142)7-13-16

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

The Debtor can be reached at:

         Municipal Unitary Enterprise Gubkinskiy Diary
         2nd Location 47
         Gubkinskiy
         629830, Yamalo-Nenetskiy Autonomous Region, Russia


LISYA POLYANA: Court Launches Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Orenburg Region has commenced
bankruptcy supervision procedure on CJSC Lisya Polyana (Case No.
A47-15004/05-14GK).

Ms. E. Portnova has been appointed temporary insolvency manager
and can be reached at:

         Post User Box 964
         Orenburg-1, Russia

The Debtor can be reached at:

         CJSC Lisya Polyana
         Lisya Polyana
         Buzulukskiy Region
         Orenburg Region, Russia


REINFORCED CONCRETE: Creditors' Claim Due May 25
------------------------------------------------
Creditors of CJSC Factory of Reinforced Concrete Constructions
(Case no. A34-4677/05) have until May 25 to submit written
proofs of claim to court-appointed insolvency manager Mr. V.
Shmelev at:

         Post User Box 137
         Taganskaya Str. 51
         620051, Ekaterinburg, Russia

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

The Debtor can be reached at:

         CJSC Factory of Reinforced Concrete Constructions
         Mashinostroiteley Str. 34
         640000, Kurgan, Russia


RUSSIAN WOOD: Bankruptcy Hearing Slated for June 8
--------------------------------------------------
The Arbitration Court of Tula Region will convene on June 8 at
10:00 a.m. to hear the bankruptcy supervision procedure on CJSC
Russian Wood (Case No. A68-236/B-05) at:

         Hall 33
         Sovetskaya Str. 112
         Tula Region, Russia
  
Mr. I. Klishin has been appointed temporary insolvency manager
and can be reached at:

         Lenina Pr. 113A
         Tula Region, Russia

The Debtor can be reached at:

         CJSC Russian Wood
         Michurina Str. 1.
         Severo-Zadonsl
         Donskoy
         301790, Tula Region, Russia


SPIRIT DISTILLERY: Court Sets Aug. 15 Bankruptcy Hearing
--------------------------------------------------------
The Arbitration Court of Vladimir Region will convene on Aug. 15
at 10.00 a.m. to hear the bankruptcy supervision procedure on
OJSC Spirit Distillery Simskiy (Case No. A11-345/2006-K1-25B).

Mr. T. Sivov has been appointed temporary insolvency manager and
can be reached at:

         Elektrozavodskaya Str. 7
         600009, Vladimir Region, Russia

The Debtor can be reached at:

         OJSC Spirit Distillery Simskiy
         Sima
         Yurye-Polskiy Region
         Vladimir Region, Russia


XK ELECTRONICS: Creditors' Claim Due May 25
-------------------------------------------
Creditors of CJSC XK Electronics (TIN 7717092791) have until
May 25, to submit written proofs of claim to:

         Building 2
         Barrikadnaya Str. 19
         123242, Moscow, Russia
         Tel.: (495) 254-87-83

The Arbitration Court of Moscow Region appointed The Court
commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No. A40-
82311/05-88-188B.

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

         Building 2
         Barrikadnaya Str. 19
         123242, Moscow, Russia
         Tel.: (495) 254-87-83

The Debtor can be reached at:

         CJSC XK Electronics
         Room 2
         Kondratyuka Str. 9
         129515, Moscow, Russia


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


KALINA: Court Names Mikola Zanko Interim Temporary Manager
----------------------------------------------------------
The Economic Court of Cherkassy Region appointed Mikola Zanko as
temporary insolvency manager for Kalina (code EDRPOU 32330047).  
He can be reached at:

         Geroiv Dnipra Str. 81/409
         18000, Cherkassy Region, Ukraine

The Court commenced bankruptcy supervision procedure on the
company on January 20.  The case is docketed under Case No.
10/4210.  

The Economic Court of Cherkassy Region is located in:

         Shevchenko Avenue 307
         18005, Cherkassy Region, Ukraine

The Debtor can be reached at:

         Kalina
         B. Hmelnitskij Str. 25
         Chigirin District
         Medvedivka
         20930, Cherkassy Region, Ukraine


KROLEVETS' FACTORY: Sumi Court Begins Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on OJSC Krolevets' Factory 'Artistic
Weaving' (code EDRPOU 02968487) on Feb. 24.  The case is
docketed under Case No. 12/20-06.

Oleksandr Shevich has been appointed temporary insolvency
manager and can be reached at:

Creditors have until May 5 to submit their proofs of claim to

         Office 1418
         Nezalezhnosti Square A
         Sumi Region, Ukraine

The Economic Court of Sumi Region is located in:

         Shevchenko Avenue 18/1
         40030, Sumi Region, Ukraine

The Debtor can be reached at:

         OJSC Krolevets' Factory Artistic Weaving
         Petrovskogo Str. 38
         Krolevets
         Sumi Region, Ukraine


ODESSA' BILSHOVIK: Court Names O. Polyakov as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Odessa Region commenced bankruptcy
proceedings against State Enterprise Odessa' Linoleum Plant
Bilshovik (code EDRPOU 00292758) Dec. 15, 2005, after finding it
insolvent.  The case is docketed under Case No. 2/234-05-10401.

Mr. O. Polyakov has been appointed Liquidator/Insolvency
Manager.

The Economic Court of Odessa Region is located in:

         Shevchenko Avenue 4
         65032, Odessa Region, Ukraine

The Debtor can be reached at:

         State Enterprise Odessa' Linoleum Plant Bilshovik
         Baltska Doroga 42
         65042, Odessa Region, Ukraine


ROMNI MEAT: Sumi Court Starts Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on LLC Romni' Meat Combine (code EDRPOU
32460398) on March 16.  The case is docketed under Case No.
7/47-06.

Yevgen Chuprun has been appointed temporary insolvency manager
and can be reached at:

         Room 49A
         Petropavlovska Str. 74
         Sumi Region, Ukraine

The Economic Court of Sumi Region is located in:

         Shevchenko Avenue 18/1
         40030, Sumi Region, Ukraine

The Debtor can be reached at:

         LLC Romni' Meat Combine
         Prokopenko Str. 87
         Romni
         42006, Sumi Region, Ukraine


TILIYA: Oleksandr Kebkal to Manage Insolvency Assets
----------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Tiliya (code EDRPOU 25393093) on
March 22 after finding it insolvent.  The case is docketed under
Case No. 43/494.

Oleksandr Kebkal has been appointed Liquidator/Insolvency
Manager and can be reached at:

         Grigorenko Str. 67-V/51
         02068, Kyiv Region, Ukraine

The Economic Court of Kyiv Region is located in:

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

The Debtor can be reached at:

         LLC Tiliya
         Lisovij Avenue 14
         02166, Kyiv Region, Ukraine


VALERIYA: Court Commenced Bankruptcy Proceedings
------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
proceedings against LLC Valeriya (code EDRPOU 31968725) on
Feb. 15 after finding it insolvent.  The case is docketed under
Case No. 5/41-06.

Pension Fund Department in Bershad District of Vinnitsya Region
has been appointed Liquidator and can be reached at:

         Radyanska Str. 23
         Bershad
         24400, Vinnitsya Region, Ukraine

The Economic Court of Vinnitsya Region is located in:

         Hmelnitske Shose, 7
         21016, Vinnitsya Region, Ukraine

The Debtor can be reached at:

         LLC Valeriya
         Lenin Str.
         Goldashivka
         Bershad District
         21032, Vinnitsya Region, Ukraine


ZHOVKIVSKE BREAD: Andrij Kolisnik to Liquidate Assets
-----------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
proceedings against OJSC Zhovkivske Bread Receiving Enterprise
(code EDRPOU 00954870) on March 13 after finding it insolvent.  
The case is docketed under Case No. 6/195-29/212.

Andrij Kolisnik has been appointed Liquidator/Insolvency Manager
and can be reached at:

         Tarnavskij Str. 104b/54
         79017, Lviv Region, Ukraine
         
The Economic Court of Lviv Region is located in:

         Lichakivska Str. 81
         79010, Lviv Region, Ukraine

The Debtor can be reached at:

         OJSC Zhovkivske Bread Receiving Enterprise
         Vokzalna Str. 2
         Chervonograd
         Lviv Region, Region


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


BLAZERANGE LIMITED: Joint Liquidators Take Over Operations
----------------------------------------------------------
Philip Anthony Brooks and Julie Willetts, of Blades Insolvency
Services, were appointed Joint Liquidators of Blazerange Limited
after creditors passed a resolution to wind up the company's
operations on March 16.

The company can be reached:

         Blazerange Limited
         Sherwin Road
         Nottingham NG7 2FJ
         United Kingdom
         Tel: 0115 979 9762


BRITISH AIRWAYS: Posts GBP467 Million Year-End Net Profit
---------------------------------------------------------
British Airways posted GBP467 million net profit of its GBP8.52
billion revenue for 12-month ended March 31, 2006.  

Its revenue in 2005 was GBP7.77 billion with net profit of
GBP392 million.

Operating profit for the year-ended 2006 is GBP705 million
compared with GBP556 million operating profit in 2005.

At March 31, 2006, the Company's consolidated balance sheet
revealed GBP12.17 billion in total assets, GBP10.1 billion in
total liabilities and GBP1.86 billion in shareholders' equity.

"These are good results with revenue performance driven by
improvements in seat factors and yield," British Airways' Chief
Executive Willie Walsh, said.

Mr. Walsh continues: "We achieved an operating margin of 8.3
percent and as a result all our staff will share in a GBP48
million bonus.  We remain committed to our goal of reaching a 10
percent margin by 2008. Our short-haul business is now in profit
for the first time in 10 years but we have still more to do.  
Total costs, however, are up 8.2 percent with fuel and employee
costs a challenge.  Our annual fuel bill rose by 44.7 percent to
GBP1.6 billion.  Employees' costs were up 5.0 per cent.

"The accounting deficit in the New Airways Pension Scheme is up
by GBP101 million to GBP2.1 billion, despite the company's
increased contributions and equity markets at a five-year high.  
We have announced our proposal to tackle the pension deficit and
I am pleased with the dialogue we have had with staff, trustees
and trade unions on this vital issue," Mr. Walsh concluded.

                        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.


BUTTERFLY DREAMS: Creditors Pass Winding Up Resolution
------------------------------------------------------
Creditors of Butterfly Dreams Limited passed a resolution to
wind up the company's operations during an extraordinary general
meeting on March 17.

Subsequently, they appointed Michael C. Kienlen as Liquidator.

The company can be reached at:

         Butterfly Dreams Limited
         Unit 5, Sherburn Network Centre
         Lancaster Close
         Sherburn In Elmet
         Leeds LS25 6NS
         United Kingdom
         Tel: 0197 768 9822


EVERCREECH BUILDING: Financial Woes Trigger Liquidation
-------------------------------------------------------
Evercreech Building Supplies Limited is voluntarily winding up
its operations after creditors established the company could no
longer continue its business due to mounting debts.

Colin Andrew Prescott, of Moore Stephens LLP, was appointed
Liquidator.

The company can be contacted at:

         Evercreech Building Supplies Limited
         Station Wharf
         Castle Cary
         Somerset BA7 7PE
         United Kingdom
         Tel: 01963 351 731
         Fax: 01749 831 265


F&F NEGOTIATIONS: Creditors' Meeting Slated for May 26
------------------------------------------------------
Creditors of F&F Negotiations Limited (Company Number 3660433)
will meet at 10:00 a.m. on May 26 at:

         The George Hotel
         Sheep Street
         Kettering
         Northamptonshire NN16 0AN
         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:

         Adrian David Allen
         Joint Administrator
         Baker Tilly
         2 Whitehall Quay
         Leeds LS1 4HG
         United Kingdom
         Tel: 0113 285 5000
         Fax: 0113 285 5001

Headquartered in Birmingham, Baker Tilly --
http://www.bakertilly.co.uk/-- is a leading independent firm of  
chartered accountants and business advisers in the United
Kingdom.  The firm's annual fee income is over GBP168 million
and is part of a global network, which has 122 member firms in
85 countries as an independent member of Baker Tilly
International.


FRUIT NEW: The Governor Appoints Kroll Administrative Receivers
---------------------------------------------------------------
The Governor and Company of the Bank of Scotland appointed C.P.
Holder and S.C.E. Mackellar of Kroll Limited as joint
administrative receivers of Fruit New Media Limited (Company
Number 04560951) on May 4.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.

Based in Hessle, England, Fruit New Media Limited designs
website and offers computer related services.


GLENROSE FISH: HSBC Bank Hires P&A Receivers
--------------------------------------------
HSBC Bank plc appointed Allan Cooper and Christopher Michael
White of P&A Partnership joint administrative receivers of
Glenrose Fish Company Limited (Company Number 03327580) on
May 8.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- is a member firm of the  
Insolvency Practitioners Association and the Association of
Business Recovery Professionals (R3) and act for all clearing
banks and a growing number of factors and asset lenders.

Headquartered in Hull, England, Glenrose Fish Company Limited
processes fish.


GLOBAL MARKETING: Creditors Confirm Voluntary Liquidation
---------------------------------------------------------
Creditors of Global Marketing Limited confirmed the company's
voluntary liquidation after a resolution to wind up the company
was passed during an extraordinary general meeting on March 22.

Creditors also ratified the appointment of S. Franklin as
Liquidator.

The company can be reached at:
         
         Global Marketing (GB) Limited
         Selinas Lane
         Dagenham
         Essex RM8 1QH
         United Kingdom
         Tel: 0208 592 7222


GLOBAL SYSTEMS: Bank of Scotland Names Kroll Receivers
------------------------------------------------------
The Governor and Company of the Bank of Scotland named C.P.
Holder and S.C.E. Mackellar of Kroll joint administrative
receivers of Global Systems Group Limited (Company Number
04610049) on May 4.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.

Through its subsidiary companies, Global Systems Group --
http://www.global-sys.co.uk/-- offers a unique range of  
integrated business services.  The company's combined solutions
promote business efficiency and drive business growth, through
the effective use of convergent technologies.


HAMPSHIRE PROJECTS: Begins Liquidation Proceedings
--------------------------------------------------
Hampshire Projects Limited is liquidating its assets after
creditors passed a resolution to wind up the company's
operations on March 17.

Michael Francis Stevenson, of Middleton Partners, was appointed
Liquidator.

The company can be reached at:

         Hampshire Projects Limited
         Unit A1, Sandydown Industrial Building
         Sandy Down, Stockbridge
         Hampshire SO20 6BY
         United Kingdom
         Tel: 0870 766 5116


KEN ABRAM: Meeting of Creditors Set on May 25
---------------------------------------------
Creditors of Ken Abram Limited (Company Number 01424325) will
meet at 11:00 a.m. on May 25 at:

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

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon, tomorrow, May 24 at:

         M.C. Bowker and S. Payne
         Joint Administrators
         Unity Business Services LLP
         Unity House
         Clive Street
         Bolton
         Lancashire BL1 1ET
         United Kingdom
         Tel: 01204 395000
         Fax: 01204 383999
         E-mail: matthewbowker@ubsg.co.uk


MICROTECH BUSINESS: Governor Taps Kroll Administrative Receivers
----------------------------------------------------------------
The Governor and Company of the Bank of Scotland appointed C.P.
Holder and S.C.E. Mackellar of Kroll joint administrative
receivers of Microtech Business Systems Limited (Company Number
04149359) on May 4.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.

Located in Grimsby, England, Microtech Business Systems Ltd.
offers computer maintenance services.


NCS HUMAN: Meeting of Creditors Set on May 25
---------------------------------------------
Creditors of NCS Human Resource Solutions Ltd. (Company Number
04276861) will meet at 11:00 a.m., on May 25 at:

         Tenon House
         Ferryboat Lane
         Sunderland SR5 3JN
         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:

         Ian William Kings
         Administrator
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland SR5 3JN
         United Kingdom
         Tel: 0191 511 5000
         Fax: 0191 511 5001

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


RANK GROUP: Cancels 1,250,000 Ordinary Shares in Buyback Program
----------------------------------------------------------------
The Rank Group Plc bought back 1,250,000 ordinary shares of 10
pence in the Company on May 19 for cancellation at an average
price of 209.569 pence per share.

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

                        *     *     *

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

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

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


RED DOT: Winds Up Business & Appoints Liquidator
------------------------------------------------
Creditors of Red Dot Racing Limited passed a resolution to wind
up the company's operations during an extraordinary general
meeting on March 17.

Elizabeth Arakapiotis, of Kallis & Co., was appointed
Liquidator.

The company can be reached at:

         Red Dot Racing Limited
         98 White Hart Lane
         London N22 5SG
         United Kingdom
         Tel: 020 8888 2354
         Fax: 020 8881 0497


SECCO LTD: Arbuthnot Latham Names Receiver from Begbies Traynor
---------------------------------------------------------------
Arbuthnot Latham & Co. Ltd. named I.E. Walker of Begbies Traynor
administrative receiver of Secco Ltd. (Company Number 3793277)
on April 28.

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

Based in Bridport Dorset, England, Secco Ltd. does housing
construction and repair.


SHINING-RED: Names M.S.E. Solomons Liquidator
---------------------------------------------
M.S.E. Solomons, of SWP Poppleton & Appleby, was appointed
Liquidator of Shining-Red Limited after creditors agreed to wind
up the company during an extraordinary general meeting on
March 13.

The company can be reached at:

         Shining-Red Limited
         128 Hoxton Street
         London N1 6SH
         United Kingdom
         Tel: 0207 739 3228


TALLY LIMITED: Creditors Resolve to Liquidation
-----------------------------------------------
Creditors of Tally Limited resolved to liquidate the company's
assets during an extraordinary general meeting on
March 15.

Simon Thornton, of Houghton Stone Business Recovery, was
appointed Liquidator.

The company can be contacted at:
   
         Tally Limited
         2 Upton Street
         Gloucester
         Gloucestershire GL1 4LA
         United Kingdom
         Tel: 01452 303 830
         Fax: 01452 311 026


VIONIC TECHNOLOGY: Claims Filing Period Ends June 14
----------------------------------------------------
Creditors of Vionic Technology Limited have until June 14 to
send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors, if any, to appointed Joint Liquidators, Peter Blair
and Paul Finnity.

The company can be reached at:

         Vionic Technology Limited
         Wigwam Lane
         Hucknall
         Nottingham NG157SZ
         United Kingdom
         Tel: 0115 963 0222


WISEPENNY PRODUCTS: Hires Joint Administrators from BDO Stoy
------------------------------------------------------------
David Harry Gilbert and Antony David Nygate of BDO Stoy Hayward
LLP were appointed joint administrators of Wisepenny Products
Limited (Company Number 01296100) on May 5.

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.

Headquartered in Cardiff, England, Wisepenny Products Limited
distributes confectionery and snack.


WHOLESALE MEAT: Creditors' Meeting Slated for May 26
----------------------------------------------------
Creditors of Wholesale Meat Supply (Accrington) Ltd. will meet
at 10:00 a.m. on May 26 at:

         PricewaterhouseCoopers LLP
         Abacus Court
         6 Minshull Street
         Manchester M1 3ED
         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:

         I. Stokoe, E. Klempka and M. Horrocks
         Joint Administrative Receivers
         PricewaterhouseCoopers LLP
         Benson House
         33 Wellington Street
         Leeds LS1 4JP
         United Kingdom
         Tel: [44] (113) 289 4000
         Fax: [44] (113) 289 4460
         E-mail: edward.klempka@uk.pwcglobal.com

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


WPM REALISATIONS: Taps Diane Hill to Liquidate Assets
-----------------------------------------------------
Diane Hill, of CLB Coopers, was appointed Liquidator of WPM
Realisations Limited after creditors passed a resolution to wind
up the company on March 15.

Chairman F.A. Woodruff revealed the company could no longer
continue its business due to mounting debts.

The company can be reached at:

         WPM Realisations Limited
         Oddo
         Elton Road
         Winster Matlock Derbyshire DE4 2DH
         United Kingdom
         Tel: 01629 650 228


XL SERVICES: Brings In Joint Administrators from Vantis
-------------------------------------------------------
Geoffrey Paul Rowley and Nicholas Hugh O'Reilly of Vantis were
appointed joint administrators of XL Services (South East)
Limited (Company Number 4062021) on May 3.

Headquartered in West Sussex, Vantis Numerica (nka Vantis plc) -
- http://www.vantisplc.com/-- provides accounting, business and  
tax advisory services in the United Kingdom.

XL Services (South East) Ltd. T/A Xlentjobs --
http://www.xlentjobs.co.uk/-- is one of Kent's leading  
recruitment specialists with branches throughout the South East.


YOREHURST LIMITED: Names Tony James Thompson as Administrator
-------------------------------------------------------------
Tony James Thompson of Piper Thompson was appointed
administrator of Yorehurst Limited (Company Number 1569658) on
May 10.

The administrator can be contacted at:

         Piper Thompson
         Mulberry House
         53 Church Street
         Weybridge
         United Kingdom
         Surrey KT13 8DJ
         Tel: 01932855515

Headquartered in West Molesey, England, Yorehurst Limited is
engaged in sheet metal engineering.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      183


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR    (49)         142      (34)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE    
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Dollfus Mieg & Cie S.A.   DS         (11)         165      (29)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (15)         136        3
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Metaleurop S.A.           PA.PA      (24)         181      (30)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (102)       3,409     (503)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (23)         144       (7)
Senator Entertainment    
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


HUNGARY
-------
NABI Rt.                  NABHY       (2)         229   (8,950)


ICELAND
-------
Decode Genetics Inc.      DCGN        (9)         229      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (58)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)


ROMANIA
-------
Oltchim RM Valce          OLT        (45)          232     321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (168)         409  (10,680)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (16)         136      (34)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
British Sky Broadcasting
   Group Plc              BSY        (61)       4,157      139
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         567       (5)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music              
   Industries Group       EMI     (1,411)       3,235     (331)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (9)         875     (190)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (835)       8,881      (49)
Invensys PLC                        (963)       4,861      913
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (460)         906       60
Mytravel Group            MT.L      (283)       1,159     (410)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,134)       2,678      (45)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.  
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                           *********


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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