TCREUR_Public/060524.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Wednesday, May 24, 2006, Vol. 7, No. 102

                            Headlines


A U S T R I A

GO! AGENCY: Awaits Final Distribution & Closing Protocol
OBJEKTSERVICE GBRIC: Awaits Final Payment & Closing Protocol


F R A N C E

ALSTOM SA: Heads EUR247 Million Hungarian Deal
EUROTUNNEL SA: Shareholders Want Equity Interests Protected


G E R M A N Y

DUNKER ERDBAU: Registration of Claims Ends June 1
E & W FOOD: Claims Filing Period Ends June 6
FACT AUTOMATION: Creditors' Meeting Slated for July 26
H. HERRMANN: Claims Registration Ends May 26
HENDEL DACH: Claims Filing Period Ends May 30

KELLNER GMBH: Claims Registration Ends June 1
LATTEMANN BAU: Meeting of Creditors Set for July 5
LOHNSTEUERHILFEVEREIN KREIS: Claims Registration Ends June 6
PHILIPP AUG: Claims Filing Period Ends May 31
TITAN EUROPE: Fitch Affirms EUR7.9 Million Class F Notes at BB

VERWALTUNGSSERVICE LIMITED: Meeting of Creditors Set for June 21


I R E L A N D

HARVEST CLO: Fitch Rates EUR16 Million Class E Notes at BB


I T A L Y

FIAT SPA: Chief Executive & Chairman Hike Equity Stakes


K A Z A K H S T A N

AITAS: Mangistau Court Opens Bankruptcy Proceedings
AMIR: Creditors Must File Claims by June 5
AVTOTRANSSERVICE: Creditors Must File Claims by June 5
AZIATRUBPLAST: Creditors Must File Claims by June 2
EVROAZIA: Claims Registration Ends June 5

INTERNATIONAL ENGINEERING: Claims Registration Ends June 2
KEREKU-TAU: Proof of Claim Deadline Slated for June 5
PE AI: Proof of Claim Deadline Slated for June 2
SHYGYS ASYL: Court Sets June 5 Claims Bar Date

VOSTOKLESTORG: Creditors' Claims Due June 5


N E T H E R L A N D S

E-MAC DE: Moody's Rates EUR2.5-Mln Sub. Class F Notes at Ba3
KONINKLIJKE AHOLD: Dutch Court Convicts Three Former Executives
KONINKLIJKE AHOLD: ICA Venture to Sell Logistics Operations
VNU NV: Moody's Keeps Ba1 Ratings Under Review & May Downgrade
VNU NV: Valcon Takeover Prompts S&P to Lower Ratings to B+/B


R U S S I A

ARMAVIR-GLASS: Court Starts Bankruptcy Supervision
ASTRAKHAN-POLYMER: Astrakhan Court Commences Bankruptcy Process
DAGFOS: Court Names A. Magomedov as Interim Insolvency Manager
ENERGY: Tula Court Opens Bankruptcy Proceedings
KORDYSH-WOOD: Court Appoints O. Savin as Insolvency Manager

MAGNAT: Court Sets Bankruptcy Hearing for June 5
OAO ROSNEFT: Recommends Board Re-Election to Shareholders
SEL-KHOZ-KHIMIYA: Bankruptcy Hearing Slated for Sept. 6
SMAMO: Penza Court Taps V. Batrakov to Manage Insolvency Assets
SPETS-STROY: Court Begins Bankruptcy Supervision

YUKOS OIL: Stanislav Vinokurov Replaces A. Nazarov as Director


S P A I N

J.L. FRENCH: Parent Can Lend Up to US$1.2-Mln to Spanish Unit


U K R A I N E

AGROMEHKOMPLEKT: Court Begins Bankruptcy Supervision
AQUARIUM: Court Names M. Kulga as Insolvency Manager
BUDKOMPLEKT: Zaporizhya Court Launches Bankruptcy Process
DELFI: Harkiv Court Commences Bankruptcy Proceedings
MALOVISKIVSKIJ ALCOHOL: Court Starts Bankruptcy Supervision

ROMANCHUKIVSKE: Sumi Court Opens Bankruptcy Proceedings
ORCHID INTER: Kyiv Court Taps Yurij Ulyanchuk as Liquidator
TEHSNAB PLUS: Court Names S. Kobilko to Liquidate Assets
ZDOLBUNIV' BREAD: Court Taps Franko Oleg as Liquidator


U N I T E D   K I N G D O M

ARVIN INT'L: Moody's Places Parent's Ratings Under Review
ASHLAND GLASS: Claims Registration Ends June 17
AYNSLEY WINDOWS: Creditors Resolve to Liquidation
CAMPFIELD LITHO: Joint Liquidators Take Over Operations
EMI GROUP: March 31 Balance Sheet Upside Down By GBP726.6 Mln

EUROTUNNEL: Shareholders Want Equity Interests Protected
G BUILD: Creditors Resolve to Liquidate Assets
GARLIC FARMS: Brings In Portland Business as Administrator
GENERAL MOTORS: Sues Royal & Sun Over Asbestos Claims
GGB ENGINEERING: Financial Woes Prompt Liquidation

J.L. FRENCH: Parent Can Lend Up to US$1.2-Mln to Spanish Unit
M.K. FASTENINGS: Taps F.A. Simms to Administer Assets
MALIKSONS WAREHOUSING: Names Vincent Simmons as Administrator
MBA COMPUTER: Creditors Confirm Voluntary Liquidation
NASSERCHEM LIMITED: Hires Chantrey Vellacott as Administrator

NORTHERN PACKAGING: Brings In Ian Kings to Administer Assets
OMEGA ADVERTISING: Names Joint Administrators from Wilson Pitts
R & V STRAUGHAN: Taps Ninos Koumettou to Liquidate Assets
R.H. MEARS: Tony Mitchell Leads Winding Up Procedure
RANK GROUP: Cancels Another 1,500,000 Shares in Buyback Program

RUBBER & PLASTIC: Taps Joint Administrators from DTE Leonard
ROYAL & SUNALLIANCE: GM Sues Insurer Over Asbestos Claims
SANDFORD SPA: Taps Poppleton & Appleby to Administer Assets
SOKKIA LIMITED: Claims Filing Period Ends June 30
STONES DELICATESSEN: Names Cooper Parry as Administrator

STONES GROUP: Appoints Joint Administrators from Cooper Parry
SYNERGY KITCHENS: Brings In Administrator from Walletts
VANGUARD PLC: Brings In Joint Administrators from B & C
XL PACKAGING: Names M.S.E. Solomons Liquidator

                            *********

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


GO! AGENCY: Awaits Final Distribution & Closing Protocol
--------------------------------------------------------
The Court of Vienna will close the bankruptcy case of Go! Agency
on Integrated Marketing (FN 242654w) after the Debtor's final
distribution to creditors.

Court-appointed property manager Georg Getreuer presented a
draft allocation plan which gives an 8.89% recovery to
creditors.

Headquartered in Vienna, Austria, Go! Agency on Integrated
Marketing declared bankruptcy on July 14, 2005 (Bankr. Case No.
4 S 75/05i).  


OBJEKTSERVICE GBRIC: Awaits Final Payment & Closing Protocol
------------------------------------------------------------
The Court of Vienna will close the bankruptcy case of
Objektservice Gbric KEG (FN 203239g) after the Debtor's final
distribution to creditors.

Court-appointed property manager Wolfgang Pitzal presented a
draft allocation plan which gives creditors a 22.48% claims
recovery.

Headquartered in Vienna, Austria, Objektservice Gbric KEG
declared bankruptcy on Sept. 14, 2004 (Bankr. Case No. 6 S
96/04s).  Hannelore Pitzal represented the property manager in
the bankruptcy proceedings.


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


ALSTOM SA: Heads EUR247 Million Hungarian Deal
----------------------------------------------
BKV, the Budapest public transport operator, has awarded the
Alstom-led Budapest Metropolis Consortium a contract for the
supply of 170 Metropolis metro cars.  Alstom's share represents
approximately 90% of the EUR247 million order.

The agreement includes additional provision for the maintenance
of these vehicles for a three-year period as well as an option
for a further 28 cars.  Alstom's local partner is GANZ
Transelektro Traction Electrics.

In 1896, Budapest was the first city in continental Europe to
inaugurate an electrically powered metro.  Since then, the
network has been extended to three lines covering 31 km with 78
stations, it is being further extended with a fourth 7.3 km line
linking the south-west of the city to a future central railway
station, due to open in 2009.  The construction of yet another
3.2 km extension towards the northeast of the city has been
planned for the next three years.

Fifteen four-car train sets from the Metropolis range, each with
a 800 passenger capacity will run on this new line with an
option for seven train sets for the future extension.

Additionally, 22 five-car trainsets, with a capacity of 1020
passengers, will replace the existing fleet on line 2.

The main advantages of this Metropolis rolling stock come from
its:

   -- modular construction;
   -- two to nine car configuration;
   -- ability to run in automatic mode,
   -- reliability; and
   -- compatibility with Hungarian operating conditions.

As Alstom's first major reference in Hungary, this project
confirms the Company's leading position in metro solutions:

   -- six billion passengers travel on an Alstom metro every
      year;

   -- one metro out of every four metros in the world is made by
      Alstom;

   -- more than 40 towns worldwide have opted for an Alstom
      metro;

   -- Alstom has more than 70 years experience in metro design
      and construction.

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


EUROTUNNEL SA: Shareholders Want Equity Interests Protected
-----------------------------------------------------------
Eurotunnel SA may need to present a restructuring plan that
provides no more than half of any capital increase to creditors
for the deal to get shareholders' acceptance, Alan Katz of
Bloomberg News cited shareholder representative Nicolas Miguet.

"The structure today that would be acceptable would be nothing
more than half for you, half for me, at maximum," of any
increase in the value of the company from a debt reduction, Mr.
Miguet told Bloomberg.

According to the report, the Company needs to slash up to EUR5
billion in debts to lower financing costs so the tunnel operator
can grow and possibly pay a dividend in 2009.  For shareholders
to accept a convertible bond in a reorganization, it would have
to be based on a valuation of EUR1.2 to EUR1.4 a share, he
added.  Mr. Miguet, which led a shareholder revolt in 2004 that
toppled the company's management team, estimated capital
increase to be between EUR4 billion and EUR6 billion, Bloomberg
relates.  

Mr. Katz said a bondholders' committee, representing GBP1.2
billion of debt, is yet to receive a restructuring proposal from
the company.  The committee is represented by Close Brothers
Group Plc.

                Debt Restructuring Agreement

On Jan. 31, 2006, the Group signed an outline on a debt
restructuring agreement with the ad hoc committee of creditors.  
The ad hoc committee, which holds more than 50% of the total
debt, represents majority of the Company's junior creditors,
namely European Investment Bank, Franklin Mutual Advisers LLC,
MBIA and Oaktree Capital Management in April 2005.

Eurotunnel needs to obtain approval from other creditors and
shareholders for a final agreement.  Absent a final agreement,
the Group may default in January 2007.

On April 26, Eurotunnel obtained a third extension of its credit
waiver, which calls for creditor talks to continue through
July 12.  

As reported in TCR-Europe on May 19, Eurotunnel requested the
British and French market authorities to retain the suspension
of the company's shares on the two exchanges to allow creditor
talks to continue.

                       Company Crisis

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faces
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.  

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

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


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


DUNKER ERDBAU: Registration of Claims Ends June 1
-------------------------------------------------
Creditors of Dunker Erdbau GmbH have until June 1 to register
their claims with court-appointed provisional administrator
Stephan Poppe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on July 4, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau, 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 Dessau opened bankruptcy proceedings
against Dunker Erdbau GmbH on April 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Dunker Erdbau GmbH
         Attn: Ilona Dunker, Manager
         Platz des Friedens 2 A
         06420 Golbitz, Germany
                  
The administrator can be contacted at:

         Stephan Poppe
         Universitatsring 6
         06108 Halle, Germany
         Tel: 0345/530490
         Fax: 0345/5304926


E & W FOOD: Claims Filing Period Ends June 6
--------------------------------------------
Creditors of E & W Food Service GmbH & Co. KG have until June 6
to register their claims with court-appointed provisional
administrator Ralph Buenning.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on July 4, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 E & W Food Service GmbH & Co. KG on March 31.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         E & W Food Service GmbH & Co. KG
         Merkurstr. 4
         30419 Hannover, Germany

         Attn: Bernd Weykopf, Manager
         Iltener Str. 50
         31275 Lehrte, Germany

         Bernd Elsholz, Manager
         Beeken 9
         38268 Lengede, Germany
                  
The administrator can be contacted at:

         Ralph Buenning
         Karl-Wiechert-Avenue 1c
         30625 Hannover, Germany
         Tel: 0511/554706-0
         Fax: 0511/554706-99


FACT AUTOMATION: Creditors' Meeting Slated for July 26
------------------------------------------------------
The court-appointed provisional administrator for FACT
Automation GmbH, Hans-Jorg Derra, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:00 a.m. on July 26.

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

         The District Court of Goppingen
         Hall 0.24
         Pfarrstr. 25
         73033 Goppingen, 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 Goppingen opened bankruptcy proceedings
against FACT Automation GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed

The Debtor can be reached at:

         FACT Automation GmbH
         Attn: Juergen Stegmaier, Manager         
         Buchenstr. 38
         89558 Bohmenkirch, Germany
                 
The administrator can be reached at:

         Hans-Jorg Derra
         Frauenstr. 14
         89073 Ulm, Germany
         Tel: 0731/922880


H. HERRMANN: Claims Registration Ends May 26
--------------------------------------------
Creditors of H. Herrmann GmbH have until May 26 to register
their claims with court-appointed provisional administrator
Karl-Heinz Blaha.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on June 8, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Celle
         Hall 014
         Ground floor
         Muehlenstrasse 4
         29221 Celle, 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 Celle opened bankruptcy proceedings
against H. Herrmann GmbH on April 27.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         H. Herrmann GmbH
         Attn: Horst Herrmann, Manager
         Celler Str. 76
         29308 Winsen/Aller, Germany
                  
The administrator can be contacted at:

         Karl-Heinz Blaha
         Bahnhofstr. 30A
         29221 Celle, Germany
         Tel: 05141/28011
         Fax: 05141/24722
         E-mail: Rae_valentiner_blaha_buchholz@gmx.de


HENDEL DACH: Claims Filing Period Ends May 30
---------------------------------------------
Creditors of Hendel Dach und Fassaden GmbH have until May 30 to
register their claims with court-appointed provisional
administrator Dr. Peter Naarmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 11, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Fuerstenstrasse 21
         Chemnitz, Germany, Germany

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

The District Court of Chemnitz opened bankruptcy proceedings
against Hendel Dach und Fassaden GmbH on April 27.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Hendel Dach und Fassaden GmbH
         Attn: Alfons Geiss, Manager
         Sehma 5
         09465 Sehmatal-Cranzahl, Germany
                  
The administrator can be contacted at:

         Dr. Peter Naarmann
         Dresdner Str. 86
         09130 Chemnitz, Germany


KELLNER GMBH: Claims Registration Ends June 1
---------------------------------------------
Creditors of Kellner GmbH have until June 1 to register their
claims with court-appointed provisional administrator Karl-Heinz
Blaha.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 15, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Celle
         Hall 014
         Ground Floor
         Muehlenstrasse 4
         29221 Celle, 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 Celle opened bankruptcy proceedings
against Kellner GmbH on April 28.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Kellner GmbH
         Attn: Rene Kellner, Manager
         Garden and Landscape gardening
         Heeseloh 6
         29348 Eschede, Germany
                  
The administrator can be contacted at:

         Karl-Heinz Blaha
         Bahnhofstr. 30A
         29221 Celle, Germany
         Tel: 05141/28011
         Fax: 05141/24722
         E-mail: Rae_valentiner_blaha_buchholz@gmx.de


LATTEMANN BAU: Meeting of Creditors Set for July 5
--------------------------------------------------
The court-appointed provisional administrator for Lattemann Bau
GmbH & Co. KG, Dr. Rainer Eckert, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:40 a.m. on July 5.

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

         The District Court of Hanover
         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.

Creditors have until June 6 to register their claims with the
court-appointed provisional administrator.

The District Court of Hanover opened bankruptcy proceedings
against Lattemann Bau GmbH & Co. KG on April 11.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Lattemann Bau GmbH & Co. KG
         Adenauer Avenue 8
         30175 Hanover, Germany
                 
The administrator can be reached at:

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


LOHNSTEUERHILFEVEREIN KREIS: Claims Registration Ends June 6
------------------------------------------------------------
Creditors of Lohnsteuerhilfeverein Kreis Borken e.V. have until
June 6 to register their claims with court-appointed provisional
administrator Volker Heynck.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on June 26, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Muenster
         Meeting Room 13 B
         Gerichtsstr. 2-6
         48149 Muenster, 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 Muenster opened bankruptcy proceedings
against Lohnsteuerhilfeverein Kreis Borken e.V. on April 25.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Lohnsteuerhilfeverein Kreis Borken e.V.
         Old Cross Way 8
         46325 Borken, Germany

         Attn: Barbara Quellmelz, Manager
         Wulfkamp 52
         46342 Velen, Germany
                  
The administrator can be contacted at:

         Volker Heynck
         Bocholter Str. 48
         46325 Borken, Germany


PHILIPP AUG: Claims Filing Period Ends May 31
---------------------------------------------
Creditors of Philipp Aug. Weinaug Grafik & Druckerei GmbH have
until May 31 to register their claims with court-appointed
provisional administrator Dr. Oliver Liersch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on June 15, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hameln
         Hall 106
         Zehnthof 1
         31785 Hameln, 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 Hameln opened bankruptcy proceedings
against Philipp Aug. Weinaug Grafik & Druckerei GmbH on
April 28.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Philipp Aug. Weinaug Grafik & Druckerei GmbH
         Bahnhofstr. 5
         30890 Barsinghausen, Germany

         Attn: Harald Friedrich, Manager
         Rotrehre 28
         31542 Bad Nenndorf, Germany
                  
The administrator can be contacted at:

         Dr. Oliver Liersch
         Karl-Wiechert-Avenue 1c
         30625 Hanover, Germany
         Tel: 0511/554706-0
         Fax: 0511/554706-99


TITAN EUROPE: Fitch Affirms EUR7.9 Million Class F Notes at BB
--------------------------------------------------------------
Fitch Ratings affirmed Titan Europe 2005-1 Plc's mortgage-backed
floating rate notes due 2014 as:

   a) EUR188.8 million Class A at AAA;
   b) EUR5,000 Class X at AAA;
   c) EUR31.5 million Class B at AA;
   d) EUR22.1 million Class C at A;
   e) EUR22.1 million Class D at BBB+;
   f) EUR14.2 million Class E at BBB-; and
   g) EUR7.9 million Class F at BB.

The affirmation follows the prepayment of two loans, JP
Residential 1 and 2.  These loans accounted for 16.4% of the
original pool and were secured on two residential multi-family
portfolios in Berlin.  No other prepayments have occurred since
closing in July 2005.

The remaining four loans are performing in line with
expectations.  All loans are secured on properties located in
Germany.  The pool's current weighted average debt-service
coverage ratio of 1.72x constitutes a small improvement from the
closing figure of 1.67x.  The weighted average loan-to-value of
the pool improved to 69.5% from 75.8% due to the prepayments.
All figures exclude the unsecuritized B-note of the largest
loan, Deutsche Telekom.

One loan, Best Western, reported a DSCR of 0.64x in April 2006.
The EUR7.3 million loan is secured on the Best Western hotel
near Munich Airport.  The decline in DSCR is partly a seasonal
effect commonly seen in the hotel business but also partly a
result of the loss of a lucrative contract.  However, the
borrower has an annual budget to counter adverse effects like
this.

In addition, the overall DSCR of this loan since closing has
been 1.53x to date.  All obligations have been met, with no
shortfall.  The occupancy rates and therefore net operating
income and DSCR are expected to improve strongly during the next
two periods since the August and October interest payment dates
fall into the high season.  Also, the borrower hopes to further
improve occupancy rates as a result of the recent expansion of
Munich Airport.

The largest loan, Deutsche Telekom, has an A/B-note structure.
The EUR226 million A-note is securitized and accounts for 79% of
the current pool.  The EUR24.6 million B-note is subordinated.
The loan is secured on seven office buildings across Germany,
fully occupied by Deutsche Telekom.  

The A-note DSCR and LTV are 1.78x and 75%, respectively.  The
seven DT leases expire in 2019, well after loan maturity in
2011.  DT's rental payments of EUR20 million p.a. account for
approximately 77% of the pool's gross rental income.

Despite a slightly increased concentration risk, the current
pool is of similar quality as the original portfolio.  The main
tenant in the transaction is highly rated and has a long lease
term.  Overall DSCR and LTV show improvements.  The good
performance warrants the affirmations as listed above.


VERWALTUNGSSERVICE LIMITED: Meeting of Creditors Set for June 21
----------------------------------------------------------------
The court-appointed provisional administrator for
Verwaltungsservice Limited, Dr. Sven-Holger Undritz, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 12:05 p.m. on June 21.

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

         The District Court of Flensburg
         Hall A 220
         Flensburg, 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 7 to register their claims with the
court-appointed provisional administrator.

The District Court of Flensburg opened bankruptcy proceedings
against Verwaltungsservice Limited on April 26.  Consequently,
all pending proceedings against the company have been
automatically stayed

The Debtor can be reached at:

         Verwaltungsservice Limited
         Attn: Heike Michel, Manager         
         Holzmarkt 6
         25712 Burg, Germany
                 
The administrator can be reached at:

         Dr. Sven-Holger Undritz
         c/o White & Case Insolvenz GbR
         Westerallee 12
         24937 Flensburg, Germany


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


HARVEST CLO: Fitch Rates EUR16 Million Class E Notes at BB
----------------------------------------------------------
Fitch Ratings assigned Harvest CLO IV PLC's upcoming issue of
EUR752 million notes due 2021 expected ratings.  

The arbitrage collateralized loan obligation is a securitization
of primarily European senior secured loans.  This transaction is
the fourth European CLO managed by Mizuho Corporate Bank
Limited.

   -- EUR456 million Class A-1A floating-rate notes: AAA;
   -- EUR74 million Class A-1B floating-rate notes: AAA;
   -- EUR50 million Class A-2 floating-rate notes: AAA;
   -- EUR54.6 million Class B-1 floating-rate notes: AA;
   -- EUR4.4 million Class B-2 fixed-rate notes: AA;
   -- EUR29 million Class C floating-rate notes: A;
   -- EUR20 million Class D floating-rate notes: BBB;
   -- EUR14.4 million Class E-1 floating-rate notes: BB;
   -- EUR1.6 million Class E-2 fixed-rate notes: BB;
   -- EUR47 million Class F subordinated notes: not rated;
   -- EUR20 million Class M combination notes: AAA;
   -- EUR6 million Class N combination notes: AA; and
   -- EUR20 million Class O combination notes: BBB.

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

The expected ratings of the Class A-1A, A-1B and A-2 notes
address ultimate repayment of principal at maturity and timely
payment of interest according to the terms of the notes.  For
all other rated Classes of notes, the ratings address ultimate
payment of principal and interest, including deferred interest,
at maturity.

The ratings on the Class N and O combination notes address the
ultimate payment of principal from funds received on their
respective components.  The rating on the Class M combination
note is credit-linked to the French Republic and addresses the
ultimate return of principal from proceeds of the Class F
component and the repayment of the French OAT strip component.

The ratings are based on the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager subject to the guidelines outlined in the collateral
management agreement.  The guidelines limit the collateral
manager's portfolio allocations with respect to obligor,
industry and asset type.  

Fitch assigned Mizuho Corporate Bank Limited a CDO Asset Manager
Rating of 2 for leveraged loans on May 17, based on the
company's long history and good market position in the European
leveraged finance market, and its longstanding and experienced
leveraged finance professionals.  The expected ratings are also
based on the credit enhancement provided to the various Classes
of notes, which consists of the subordinated notes, structural
protection covenants and excess spread.

The issuer is a company with limited liability, incorporated
under the laws of Ireland.  The proceeds from the note issuance
will be used to purchase a portfolio of primarily European
senior secured loans.


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


FIAT SPA: Chief Executive & Chairman Hike Equity Stakes
-------------------------------------------------------
Fiat S.p.A Chairman Luca Cordero di Montezemolo and Chief
Executive Officer Sergio Marchionne acquired 20,000 shares each
in the company, Flavia Krause-Jackson writes for Bloomberg News.

Mr. Montezemolo bought the shares at EUR9.45 each, while Mr.
Marchionne bought the securities at EUR9.39 apiece.

Fiat shares fell 5.4 percent to EUR9.39 on Monday, following the
acquisition of the shares.  

According to the Associated Press, Mr. Marchionne blamed the
price skid from unstable financial markets and not on the
Juventus soccer scandal, which, like Fiat, is controlled by the
Agnelli family.

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
===================


AITAS: Mangistau Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region commenced bankruptcy proceedings against JSC Aitas on
March 20.


AMIR: Creditors Must File Claims by June 5
------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Amir insolvent on March 14.  Bankruptcy proceedings
were introduced at the company.  

Creditors have until June 5 to submit written proofs of claim
to:

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


AVTOTRANSSERVICE: Creditors Must File Claims by June 5
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Avtotransservice insolvent on March 6.  
Bankruptcy proceedings were introduced at the company.  

Creditors have until June 5 to submit written proofs of claim.

The Specialized Inter-Regional Economic Court of Mangistau
Region can be reached at 8(3292) 50-40-61.


AZIATRUBPLAST: Creditors Must File Claims by June 2
---------------------------------------------------
LLP Aziatrubplast has declared insolvency.  Creditors have until
June 2 to submit written proofs of claim to:

         Almatinskaya Str. 50
         Esik
         Enbekshikazahsky District
         Almaty, Kazakhstan
         Tel: 8 (32775) 4-25-75


EVROAZIA: Claims Registration Ends June 5
-----------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Firma Evroazia insolvent on March 10. Bankruptcy
proceedings were introduced at the company.  

Creditors have until June 5 to submit written proofs of claim
to:

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


INTERNATIONAL ENGINEERING: Claims Registration Ends June 2
----------------------------------------------------------
LLP International Engineering Services has declared insolvency.
Creditors have until June 2 to submit written proofs of claim
to:

         Abylai Han Ave. 58a
         Almaty, Kazakhstan


KEREKU-TAU: Proof of Claim Deadline Slated for June 5
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Kereku-Tau insolvent on March 15.  Bankruptcy
proceedings were introduced at the company.

Creditors have until June 5 to submit written proofs of claim
to:

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


PE AI: Proof of Claim Deadline Slated for June 2
------------------------------------------------
Pe Ai Eitch Kazakhstan Limited has declared insolvency.  
Creditors have until June 2 to submit written proofs of claim
to:

         Sadovnikova Str. 5
         Almaty, Kazakhstan


SHYGYS ASYL: Court Sets June 5 Claims Bar Date
----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared Enterprise LLP Shygys Asyl Su insolvent on
March 16.  Bankruptcy proceedings were introduced at the
company.  

Creditors have until June 5 to submit written proofs of claim
to:

         Svetochnaya Str. 4
         Shemonaeha, East Kazakhstan Region
         Kazakhstan
         Tel: 8 (232) 3-12-79


VOSTOKLESTORG: Creditors' Claims Due June 5
-------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared Enterprise LLP Vostoklestorg insolvent on
March 13.  Bankruptcy proceedings were introduced at the
company.  

Creditors have until June 5 to submit written proofs of claim
to:

         Svetochnaya Str. 4
         Shemonaeha, East Kazakhstan Region
         Kazakhstan
         Tel: 8 (232) 3-12-79


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


E-MAC DE: Moody's Rates EUR2.5-Mln Sub. Class F Notes at Ba3
------------------------------------------------------------
Moody's Investors Service assigned provisional long-term credit
ratings to the Notes to be issued by E-MAC DE 2006-I B.V.:

   -- (P)Aaa to the EUR437,000,000 Senior Class A Mortgage-
      Backed Notes due 2048;

   -- (P)Aa2 to the EUR27,000,000 Mezzanine Class B Mortgage-
      Backed Notes due 2057;

   -- (P)A1 to the EUR17,500,000 Junior Class C Mortgage-
      Backed Notes due 2057;

   -- (P)A3 to the EUR11,500,000 Subordinated Class D
      Mortgage-Backed Notes due 2057;

   -- (P)Baa2 to the EUR7,000,000 Subordinated Class E
      Mortgage-Backed Notes due 2057; and

   -- (P)Ba3 to the EUR2,500,000 Subordinated Class F Notes
      due 2057.

                  Transaction Structure

E-MAC DE 2006-I is the second transaction securitizing mortgage
loans originated by GMAC RFC Bank GmbH and a structural copy of
E-MAC DE 2005-I. GMAC Bank started its business in Germany in
January 2004 and has since then originated residential mortgage
loans granted to German individuals.

Kreditwerk Hypotheken-Management GmbH will do the servicing of
the loan portfolio while Rechtsanwaelte Paulus Westerwelle will
conduct the special servicing of delinquent loans.

Similar to Dutch E-MAC transactions, part of the proceeds,
approximately EUR115 million, of the A, B, C, D and E Notes will
be retained by the Issuer and will be used to purchase a further
pool of mortgage loans in the first three months after closing.
Any amounts that are retained for pre-funding will, to the
extent not applied to the purchase of further loans, be applied
to the redemption of the Notes in August 2006.

Until May 2010, any repayments received under the mortgage loans
will be used to redeem the Notes in sequential order starting
with the Class A Notes.  In and after May 2010, the target
amortization criteria must be met in order to apply principal
funds on a targeted amortization basis.

The Class F Notes will fund the initial balance of the Reserve
Fund and will be repaid by available excess spread on the
interest payment date in May 2008 and thereafter.

The issuer enters into an interest swap agreement in order to
hedge its interest rate exposure due to the mismatch of the
fixed interest received under the securitized loans and the
floating interest payments due under the Notes.

                   Strengths and Weaknesses

The transaction benefits, among others, from several positive
features:

   -- the protection against losses through the subordination of
      the junior tranches and the availability of excess spread
      to cover losses;

   -- the Reserve Account, which is funded at closing at EUR2.5
      million (representing 0.5% of the balance of Class A, B,
      C, D and E issued at closing) and will be built up to EUR6
      million (representing 1.2% of the balance of Class A, B,
      C, D and E issued at closing) by trapping of available
      excess spread; and

   -- the availability of a liquidity facility provided by
      Deutsche Bank AG for an amount equal to the higher of 3%
      of current outstanding balance of the Notes and 0.6% of
      initial balance of the Notes.

Less favorable features and their mitigants are, inter alia,
that:

   -- the pool has limited seasoning as the weighted average
      seasoning of the pool as of May 1 is 8 months;

   -- The pool consists of high LTV loans which might lead to an
      above market average default frequency of the borrowers,
      and in case of default, to an above average loss severity.  
      Also only 65.2% of the properties in the pool are owner
      occupied and some regional concentrations in excess of the
      German benchmark exist in certain federal states.  Due to
      the relatively small size of the pool, also a certain
      concentration on the single borrower level exists as the
      20 largest borrowers represent 2.34% of the preliminary
      pool.  These features have improved compared to E-MAC DE
      2005-I and have also been captured by Moody's loan-by-loan
      analysis (Milan) and resulted in penalties; and

   -- About 23% of the pool amount is pre-funded, therefore the
      characteristics of the loans to be added could be
      different to the preliminary pool.  The addition of pre-
      funded loans is subject to meeting the eligibility
      criteria.

The provisional ratings address the expected loss posed to
investors by the legal final maturity of the Notes.  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal at par on or before the rated
final legal maturity date.  Moody's issues provisional ratings
in advance of the final sale of securities, but these ratings
represent only Moody's preliminary credit opinions.  Upon a
conclusive review of the transaction and associated
documentation, Moody's will endeavor to assign definitive
ratings to the Notes.  A definitive rating may differ from a
provisional rating.


KONINKLIJKE AHOLD: Dutch Court Convicts Three Former Executives
---------------------------------------------------------------
The Hon. Frans Bauduin of the Amsterdam Court of Justice
convicted three former executives of Royal Ahold N.V., now
Koninklijke Ahold N.V., for accounting fraud, three years after
the grocery chain's near bankruptcy miss.

Judge Bauduin gave nine-month sentences, suspended for two
years, and ordered a EUR225,000 fine each to:

   * former Chief Executive Officer Cees van der Hoeven; and
   * ex-Chief Financial Officer Michiel Meurs.  

Judge Bauduin likewise gave a four-month suspended sentence and
assigned a EUR120,000 fine to former Ahold board member Jan
Andreae.  The Court, however, acquitted former Ahold director
Ronald Fahlin.

Dutch shareholder activist group VEB called the verdict a
"disappointment" saying that the sentences "are exceptionally
mild," VEB director Peter Paul de Vries told Bloomberg.

Prosecutors had accused Messrs. van der Hoeven and Meurs of
improperly posting sales from four units in Scandinavia,
Argentina and Brazil, the Wall Street Journal reports.  The
grocery chain had claimed it owned the units, when it only holds
a 50% stake and control was in dispute.  Prosecutors claimed the
former executives knew of the situation, as evidenced by several
secret "side letters."

According to WSJ, Judge Bauduin ruled that the former
executives' explanations were not credible.  Mr. van der Hoeven
denied knowledge of the letters while Mr. Meurs claimed the side
letters were not significant enough to mention publicly.

Judge Bauduin said both former executives falsified statements
and intentionally gave inaccurate information to investors,
hurting "the trust the public should be able to place in the
accuracy of annual reports," Joost Akkermans writes for
Bloomberg News.

Ahold's problems rooted on a separate fraud case in the U.S.
against its U.S. Foodservice unit.  Judge Bauduin noted that
since laws were different in the U.S. and the Netherlands,
Ahold's case couldn't be compared to Enron's, where top honchos
personally enriched themselves, WSJ relates.

Mr. Van der Hoeven said he would appeal the verdict.  
Prosecutors, who had asked for 14-month prison terms, would also
file appeals.

Ahold, under new management, was not involved in Monday's suit
and is on its way to recovery from the accounting scandal, the
Associated Press says.  It avoided U.S. prosecution after
promising to reform and agreeing to cooperate with the U.S.
Securities and Exchange Commission, AP relates.  The company
settled with Dutch prosecutors for US$9.6 million in response to
a formal reprimand from the Dutch financial watchdog.

In November 2005, Ahold agreed to pay a total of US$1.1 billion
to settle all securities law claims asserted against Ahold and
certain other defendants in the securities litigation pending in
the United States District Court for the District of Maryland.

                        About Ahold

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

                        *     *     *

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


KONINKLIJKE AHOLD: ICA Venture to Sell Logistics Operations
-----------------------------------------------------------
ICA Ahold, a joint venture among Royal Ahold, ICA Fordbundet
(Sweden) and Canica AS (Norway), is selling the property at
Kolven 2, from which ICA will run its distribution operations in
Helsingborg, for SEK946 million.

The buyer is Kundvagnen Holding AB, a joint venture between GE
Real Estate and London & Regional, with whom ICA has also signed
a long-term lease agreement.  

The agreement was signed on May 22, with possession for the
buyer to take place on Oct. 1.  The sale will result in a
capital gain of approximately SEK300 million, which will affect
ICA's results for the fourth quarter in 2006.

"We are selling this property to release capital that we are
going to invest in new stores and hypermarkets," says Bo
Liffner, CEO, ICA Fastigheter AB.

ICA's distribution operations in Helsingborg will not be
affected by the sale of the property; they will simply continue
with ICA as a lessee.  Kundvagnen already owns ICA's other
warehouse properties in Sweden, for which ICA has corresponding
lease agreements.

ICA Ahold (Sweden) is owned 50% by Royal Ahold, 30% by ICA
Fordbundet and 20% by Canica.

                        About Ahold

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

                        *     *     *

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


VNU NV: Moody's Keeps Ba1 Ratings Under Review & May Downgrade
--------------------------------------------------------------
Moody's Investors Service reveals that VNU N.V.'s Ba1 Corporate
Family Rating and its Ba1 senior unsecured long-term debt
ratings remain under review for possible downgrade following the
announcement that the offer by Valcon Acquisitions B.V., a
vehicle owned by a group of financial investors, to acquire
VNU's equity for around EUR7.6 Billion has been declared
unconditional.  

The offer was accepted by 78.7% of VNU's ordinary shareholders
and Valcon has waived the revised offer condition that a level
of 80% acceptances be achieved before the bid is declared
unconditional.

Moody's will comment further pending further clarification of
VNU's post transaction capital structure.  However, Moody's
notes that material proportion of the purchase price is being
funded by debt.  This creates significant downward pressure for
VNU's ratings and is likely to lead to a downgrade of VNU's CFR
into the single B category.

Moody's further notes that the ratings do not yet reflect the
eventual structure of VNU's debt post completion of the
transaction or the ranking of the rated bonds within that
structure should they remain outstanding.  

Moody's will review the senior debt ratings of VNU with a focus
on the various funding instruments the new owners choose to
apply and their impact on VNU's current debt should it remain
outstanding, and on the company's revised business and financial
strategy.  Given the lack of indenture protection there is a
possibility that VNU nv's rated senior debt to the extent that
it remains outstanding could be notched down from VNU's
Corporate Family Rating.  Nielsen Media Research's (NMR) bonds
appear to have a stronger negative pledge position compared to
VNU N.V.'s

VNU N.V. is an international information and media company based
in Haarlem, The Netherlands.



VNU NV: Valcon Takeover Prompts S&P to Lower Ratings to B+/B
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long- and short-
term corporate credit ratings on Dutch media group VNU N.V.  to
'B+/B' from 'BBB-/A-3'.  

This follows a declaration by Valcon Acquisition B.V., a holding
company owned by a private equity consortium, that its takeover
bid for VNU is now unconditional after receipt of 78.7%
acceptance of its offer.  All ratings remain on CreditWatch with
negative implications, where they were placed on Oct. 12, 2005.  

The CreditWatch placement reflects the significant uncertainties
surrounding VNU's future financial profile following the private
equity takeover and expected capital restructuring.  

"The lowering of the long-term rating to 'B+' reflects our
expectation that the magnitude of additional debt under the
pending capital restructuring will preclude a higher rating,"
said Standard & Poor's credit analyst Paul Draffin.  

This assessment is based on the price paid for VNU, which
represents an enterprise multiple of 2005 EBITDA, before one-off
items, of about 15x, and the need for the new private-equity
owners to implement a capital structure that delivers an
acceptable investment return.  

Standard & Poor's will decide on the final ratings and
resolution of the CreditWatch once details of the group's future
capital structure are known.  S&P notes that any unsecured debt
outstanding at VNU following the capital restructuring would
likely be rated up to two notches below the corporate credit
rating, reflecting the expected level of subordination to any
new secured acquisition debt.  

Notwithstanding the substantial expected increase in financial
risk, VNU's credit quality will continue to be supported by the
group's satisfactory business profile, based on its solid market
positions in media measurement and retail marketing information
and its relatively stable and predictable cash flow generation
through the economic cycle.  

These business strengths are tempered by the competitive nature
of some of the group's key markets, and by ongoing customer
pressure on prices and service levels that underpins the need
for an efficient and reducing cost base.  S&P will resolve the
CreditWatch once details of the group's proposed capital
structure, liquidity position, minority influence, and any de-
leveraging strategies are known.  

"Given the expectation of a very highly leveraged capital
structure, S&P considers it likely that the long-term rating
will be lowered by another notch as the result of our review,"
Mr. Draffin added.  

"VNU's satisfactory business positions should, however, limit
rating downside, and we therefore consider a more pronounced
downgrade to be unlikely."


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


ARMAVIR-GLASS: Court Starts Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Krasnodar Region has commenced
bankruptcy supervision procedure on CJSC Armavir-Glass (TIN
2302008810).  The case was docketed under Case No. A32-
67682/2005-46/722-B.

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

         Entrance 1, Floor 6
         Lenina Str. 219
         355017, Stavropol Region, Russia

The Debtor can be reached at:

         CJSC Armavir-Glass
         P. Osipenko Str. 172.
         Armavir
         352909, Krasnodar Region, Russia


ASTRAKHAN-POLYMER: Astrakhan Court Commences Bankruptcy Process
---------------------------------------------------------------
The Arbitration Court of Astrakhan Region has commenced
bankruptcy supervision procedure on OJSC Astrakhan-Polymer
(TIN 3015002983).  The case is docketed under Case No. A06-
233B/3-11/06.

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

         Office 400
         400005, Volgograd Region, Russia
         7th Gvardeyskaya Str. 2A

The Debtor can be reached at:

         OJSC Astrakhan-Polymer
         Kommunisticheskaya Str. 10/7
         414000, Astrakhan Region, Russia


DAGFOS: Court Names A. Magomedov as Interim Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Dagestan Republic appointed Mr. A.
Magomedov as temporary insolvency manager for OJSC Dagfos (Case
No. A15-787/2005).  He can be reached at:

         Ukhamnova Str. 12
         Makhachkala
         Dagestan Republic, Russia
         Tel: (8722) 68-32-69

The Court has commenced bankruptcy supervision procedure on the
company.

The Debtor can be reached at:

         OJSC Dagfos
         I. Shamilya Str. 1
         Kizilyurt
         Dagestan Republic, Russia


ENERGY: Tula Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Arbitration Court of Tula Region commenced bankruptcy
proceedings against CJSC Energy (Case No. A68-200/B-05) after
finding it insolvent.  

Ms. Z. Danilova has been appointed insolvency manager and can be
reached at:

         Room 61
         Potapovskiy Per. 9/11
         101000, Moscow, Russia

The Debtor can be reached at:

         CJSC Energy
         9th Maya Str. 1
         Tula Region, Russia


KORDYSH-WOOD: Court Appoints O. Savin as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Arkhangelsk Region appointed Mr. O.
Savin as insolvency manager for LLC Kordysh-Wood (Case No. A05-
891/2006-8).  He can be reached at:

         Office 20
         Morskoy Pr. 50A
         Severodvinsk
         164523, Arkhangelsk Region, Russia

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

The Debtor can be reached at:

         LLC Kordysh-Wood
         Seltso
         Kholmogorskiy Region
         164541, Arkhangelsk Region, Russia


MAGNAT: Court Sets Bankruptcy Hearing for June 5
------------------------------------------------
The Arbitration Court of Buryatiya Republic will convene on June
5 to hear the commenced bankruptcy supervision procedure on LLC
Magnat (Case No. A10-1060/06).  

Mr. D. Puchkov has been appointed temporary insolvency manager
and can be reached at:

         Post User Box 4049
         Ulan-Ude
         670017, Buryatiya Republic, Russia
         Tel/Fax: 8(3012)21-12-01

The Debtor can be reached at:

         LLC Magnat
         Novgorodskaya Str. 17
         Ulan-Ude
         670004, Buryatiya Republic, Russia


OAO ROSNEFT: Recommends Board Re-Election to Shareholders
---------------------------------------------------------
The Board of Directors for OAO Rosneft Oil Co. proposed that
shareholders re-elect 12 members of the current Board at an
extraordinary general meeting of shareholders scheduled for
June 7.  

The Board recommended the re-election of:

   -- Alexander Nekipelov, Russia Academy of Sciences Vice-
      President;

   -- Andrey Kostin, Vneshtorgbank President;

   -- Andrey Reus, Deputy Minister of Industry and Energy;

   -- Gleb Nikitin, Head of Division of the Federal Property
      Management Agency;

   -- Hans Jorg Rudloff, Head of Executive Committee of Barclays
      Capital;

   -- Igor Sechin, Deputy Head of Russian Federation
      Presidential Administration;

   -- Kirill Androsov, Deputy Minister of Economic Development
      and Trade;

   -- Oleg Gordeev, OJSC OC Russneft Vice-President;

   -- Sergei Oganesyan, Head of the Federal Agency for Energy;

   -- Sergei Bogdanchikov, OJSC OC Rosneft President;

   -- Sergei Naryshkin, Head of the Office of Russian Federation
      Government, Minister of Russian Federation;

   -- Yuri Medvedev, Deputy Head of the Federal Property
     Management Agency.

                     Capital Increase

It was also decided, within the context of Rosneft's
consolidation, to increase the company's charter capital by
issuing additional common registered non-documentary shares in
Rosneft through the conversion of common and preferred shares
in:

   -- Rosneft-Krasnodarneftegaz,
   -- Rosneft-Purneftegaz,
   -- Rosneft-Sakhalinmorneftegaz,
   -- Rosneft-Stavropolneftegaz,
   -- Yuganskneftegaz,
   -- Rosneft-Komsomolsk Refinery,
   -- Rosneft-Tuapse Refinery,
   -- Rosneft-Arkhangelsknefteprodukt,
   -- Rosneft-Nakhodkanefteprodukt, and
   -- Rosneft-Tuapsenefteprodukt,

and of common shares in:

   -- Severnaya Neft, and
   -- Selkupneftegaz.

The Board proposed that 7,438,514,449 shares with a par value of
RUB0.01 be issued.

The Board also proposed that the meeting of shareholders add to
the agenda the issue of the increase in the company's charter
capital through the issue of 400 million additional shares with
a par value of RUB0.01 by closed subscription.

The Board also approved a number of internal documents, stated
to comply with practices of public companies, namely:

   -- Regulations on the Formation and Operation of the
      Committees of Rosneft's Board of Directors;

   -- Regulations on the Audit Committee of Rosneft's Board of
      Directors;

   -- Regulations on the HR and Remuneration Committee of
      Rosneft's Board of Directors;

   -- Regulations on the Strategic Planning Committee of
      Rosneft's Board of Directors;

   -- Regulations on Rosneft's Dividend Policy;

   -- Regulations on Internal Control over Rosneft's Financial
      and Economic Activities;

   -- Regulations on Rosneft's Counting Commission;

   -- Regulations on Rosneft's Corporate Secretary;

   -- Regulations on Rosneft's Information Policy;

   -- Regulations on Rosneft Insider Information;

   -- Rosneft Code of Corporate Behavior.

Rosneft's Board of Directors also approved the results of the
company's production and commercial operations in the first
quarter of 2006.

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

                        *     *     *

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


SEL-KHOZ-KHIMIYA: Bankruptcy Hearing Slated for Sept. 6
-------------------------------------------------------
The Arbitration Court of Bashkortostan Republic will convene on
Sept. 6 at 10:00 a.m. to hear the bankruptcy supervision
procedure on Municipal Unitary Enterprise Sel-Khoz-Khimiya (TIN
0238003706) at:

         Room 117
         Oktyabrskoy Revolyutsii Str. 63A
         Ufa
         450057, Bashkortostan Republic, Russia

The case is docketed under Case No. A07-56449/05-G-KhRM.

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

         Apartment 40
         Internatsionalnaya Str. 153/1
         Ufa
         450068, Bashkortostan Republic, Russia

The Debtor can be reached at:

         Municipal Unitary Enterprise Sel-Khoz-Khimiya
         Rodnikova
         Miyakinskiy Region
         452084, Bashkortostan Republic, Russia


SMAMO: Penza Court Taps V. Batrakov to Manage Insolvency Assets
---------------------------------------------------------------
The Arbitration Court of Penza Region appointed Mr. V. Batrakov
as insolvency manager for OJSC Agro Company Smamo (TIN
5837002919).  He can be reached at:

         Pushkina, 2 -707
         Penza Region, Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-847/2006-62B/26.

The Arbitration Court of Penza Region is located in:

         Belinskogo Str. 2
         Penza Region, Russia

The Debtor can be reached at:

         OJSC Agro Company Smamo
         Ternovskogo Str. 220
         Penza Region, Russia


SPETS-STROY: Court Begins Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Orel Region has commenced bankruptcy
supervision procedure on OJSC Spets-Stroy (Case No. A48-7381/05-
16B).  

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

         Office 32
         Gorkogo Str. 45
         302040, Orel Region, Russia

The Debtor can be reached at:

         OJSC Spets-Stroy
         Zheleznodorozhnyj Per. 10A
         Livny
         303800, Orel Region, Russia


YUKOS OIL: Stanislav Vinokurov Replaces A. Nazarov as Director
--------------------------------------------------------------
Yukos RM, a main production unit of Yukos Oil Company, appointed
Stanislav Vinokurov, 31, as its new director on May 22.

According to Itar-Taas, an irregular shareholders' meeting held
on May 19 unanimously voted Mr. Vinokurov to replace Anatoly
Nazarov, who recently resigned from his post.

"The last top manager who was associated with the group MENATEP
has left the leadership of the company," an unidentified source
told Itar-Taas.

According to the Russian news agency, experts believe that the
appointment can be related with the actual beginning of a Yukos
bankruptcy procedure.

Headquartered in Moscow, Russia, Yukos Oil -- http://yukos.com/
-- is an open joint stock company existing under the laws of the
Russian Federation.  Yukos is involved in energy industry
substantially through its ownership of its various subsidiaries,
which own or are otherwise entitled to enjoy certain rights to
oil and gas production, refining and marketing assets.

The Company filed for Chapter 11 protection Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
after, the Government sold its main production unit Yugansk, to
a little-known firm Baikalfinansgroup for US$9.35 billion, as
payment for US$27.5 billion in tax arrears for 2000- 2003.  
Yugansk eventually was bought by state-owned Rosneft, which is
now claiming more than US$12 billion from Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

Court-appointed external manager Eduard Rebgun filed a chapter
15 petition in the U.S. Bankruptcy Court for the Southern
District of New York on April 13 (Bankr. S.D.N.Y. Case No. 06-
10775), in an attempt to halt the sale of Yukos' 53.7% ownership
interest in Lithuanian AB Mazeikiu Nafta.  Published reports
suggest that the Company's stake may have a value at around
US$1.2 billion to US$1.4 billion.  


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


J.L. FRENCH: Parent Can Lend Up to US$1.2-Mln to Spanish Unit
-------------------------------------------------------------
The Honorable Mary F. Walrath of the U.S. Bankruptcy Court for
the District of Delaware gave J.L. French Automotive Castings,
Inc., and its debtor-affiliates permission to lend funds to
their non-debtor affiliate J.L. French Ansola, S.R.L.

Judge Walrath clarified that the loan should not exceed
US$1.2 million and the total loan extended to all of the
Debtors' foreign subsidiaries and J.L. French Automotive
Castings China Holdings LLC should not exceed US$3 million.

As reported in the Troubled Company Reporter on April 13, the
Court allowed the Debtors to advance funds to J.L. French
Automotive Castings China Holdings LLC, a non-debtor affiliate.

The Debtors told the Court that the funds would be used to
capitalize China Holdings' foreign-equity joint venture with
Chonqing Yujiang Die Casting Co., Ltd., and Chongqing Liangjiang
Machine Manufacture Co., Ltd.  Yujiang and Lianjiang, a die-
casting and machining companies respectively, both currently do
the bulk of their business supplying China's motorcycle original
equipment manufacturers.

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

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


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


AGROMEHKOMPLEKT: Court Begins Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
supervision procedure on Private Enterprise Agromehkomplekt
(code EDRPOU 32680347).  The case is docketed under Case No.
21/51/06.

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

         Pivnichnokiltseva Str. 25/77
         69001, Zaporizhya Region, Ukraine

The Economic Court of Zaporizhya Region is located in:

         Shaumyana Str. 4
         69001, Zaporizhya Region, Ukraine

The Debtor can be reached at:

         Private Enterprise Agromehkomplekt
         Peremogi Str. 63
         69037, Zaporizhya Region, Ukraine


AQUARIUM: Court Names M. Kulga as Insolvency Manager
----------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. M. Kulga as
Liquidator/Insolvency Manager for LLC Aquarium (code EDRPOU
30518503).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
15/91-b.

The Economic Court of Kyiv Region is located in:

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

The Debtor can be reached at:

         LLC Aquarium
         Chervonoarmijska Str. 65
         30304, Kyiv Region, Ukraine


BUDKOMPLEKT: Zaporizhya Court Launches Bankruptcy Process
---------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
proceedings against Budkomplekt (code EDRPOU 32643549) after
finding it insolvent on Feb. 13.  The case is docketed under
Case No. 25/40/06.

Mr. A. Tsibulevskij has been appointed Liquidator/Insolvency
Manager and can be reached at:

         Ukraini Str. 82-a
         40 Rokiv Radyanskoyi
         69035, Zaporizhya Region, Ukraine

The Debtor can be reached at:

         Budkomplekt
         Vilnyansk, Zachinyaev Str. 25/24
         70000, Zaporizhya Region, Ukraine


DELFI: Harkiv Court Commences Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy
proceedings against LLC Delfi (code EDRPOU 30592503) after
finding it insolvent on March 20.  The case is docketed under
Case No. B-31/103-05.

Volodimir Parkulab has been appointed Liquidator/Insolvency
Manager and can be reached at:

         Universitetska Str. 9
         61003, Harkiv Region, Ukraine

The Economic Court of Harkiv Region is located in:

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

The Debtor can be reached at:

         LLC Delfi
         Plastichnij Str. 9
         61177, Harkiv Region, Ukraine


MALOVISKIVSKIJ ALCOHOL: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Kirovograd Region commenced bankruptcy
supervision procedure on State Enterprise Maloviskivskij Alcohol
Plant (code EDRPOU 00374982) on April 8.   The case is docketed
under Case No. 9/70.  

Tetyana Kolyada has been appointed temporary insolvency manager
and can be reached at:

         Gogol Str. 109/7
         Kirovograd Region, Ukraine

The Economic Court of Kirovograd Region is located in:

         Lunacharski Str. 29
         25022, Kirovograd Region, Ukraine

The Debtor can be reached at:

         State Enterprise Maloviskivskij Alcohol Plant
         Promislova Str. 1
         Mala Viska
         6200, Kirovograd Region, Ukraine


ROMANCHUKIVSKE: Sumi Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
proceedings against LLC Romanchukivske (code EDRPOU 30880514) on
March 2 after finding it insolvent.  The case is docketed under
Case No. 12/99-05.  

Grigorij Ponomarenko has been appointed Liquidator/Insolvency
Manager and can be reached at:

         Office 5
         Privokzalna Square 9
         40011, 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 Romanchukivske
         Zhovtneva Str. 26
         Romanchuki
         Burinskij District
         Sumi Region, Russia


ORCHID INTER: Kyiv Court Taps Yurij Ulyanchuk as Liquidator
-----------------------------------------------------------
The Economic Court of Kyiv Region commenced appointed Yurij
Ulyanchuk has been appointed Liquidator/Insolvency Manager for
LLC Orchid Inter (code EDRPOU 33401583).  He can be reached at:

         Povstannya Str. 11-a/54
         Kyiv Region, Ukraine
         Sichnevogo

The Court commenced bankruptcy proceedings against after finding
it insolvent on March 23.  The case is docketed under Case No.
15/225-b.

The Economic Court of Kyiv Region is located in:

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

The Debtor can be reached at:

         LLC Orchid Inter
         Lihachov Boulevard 1/27
         01113, Kyiv Region, Ukraine


TEHSNAB PLUS: Court Names S. Kobilko to Liquidate Assets
--------------------------------------------------------
The Economic Court of Odessa Region commenced bankruptcy
proceedings against LLC Tehsnab Plus (code EDRPOU 33657730)
after finding it insolvent on March 23.  The case is docketed
under Case No. 2/82-06-2810.

Mr. S. Kobilko 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:

         LLC Tehsnab Plus
         Academic Korolyov 71/1-17
         Odessa Region, Ukraine


ZDOLBUNIV' BREAD: Court Taps Franko Oleg as Liquidator
------------------------------------------------------
The Economic Court of Rivne Region appointed Franko Oleg has
been appointed Liquidator/Insolvency Manager for OJSC Zdolbuniv'
Bread Receiving Enterprise (code 00955809).  He can be reached
at:

         Guryeva Str. 13
         33028, Rivne Region, Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Feb. 13.  The case is docketed
under Case No. 4/33.

The Economic Court of Rivne Region is located in:

         Yavornitski Str. 59
         33001, Rivne Region, Ukraine

The Debtor can be reached at:

         OJSC Zdolbuniv' Bread Receiving Enterprise
         Zdolbuniv, Nezalezhnosti Str. 49
         35700, Rivne Region, Ukraine


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


ARVIN INT'L: Moody's Places Parent's Ratings Under Review
---------------------------------------------------------
Moody's Investors Service has placed the ratings of
ArvinMeritor, Inc.'s senior unsecured notes and unsecured shelf
filings under review for possible downgrade.  

The action follows the company's announcement that it is
arranging senior secured bank credit facilities to replace its
existing unsecured US$900 million revolving credit facility.  At
the same time, the rating agency affirmed the company's
Corporate Family rating of Ba2 and Speculative Grade Liquidity
rating of SGL-2.  To the extent that liens are established for
the benefit of the new bank credit facilities, existing
unsecured creditors may become effectively subordinate to the
more senior claims of the bank group.  The outlook remains
negative.

Ratings placed under review:

ArvinMeritor, Inc.:

   -- Senior Unsecured notes, Ba2; and
   -- Senior Unsecured Shelf, (P)Ba2

Arvin Capital:

   -- Backed Preferred Stock, Ba3

Ratings affirmed:

   -- Corporate Family, Ba2
   -- Speculative Grade Liquidity rating, SGL-2

The last rating action was on April 4 at which time the
company's Corporate Family and Senior unsecured note ratings of
Ba2, and Speculative Grade Liquidity rating of SGL-2 were
affirmed, but the outlook was changed to negative.  The
assumptions behind those announcements remain unchanged.

ArvinMeritor said on May 22 that it would seek new senior
secured credit facilities that will consist of a new revolving
credit facility and a term loan B.  The company's existing
revolving credit facility is for US$900 million and is scheduled
to expire in 2008.  Early renegotiation of the facility should
provide further stability for the company's liquidity profile,
and is viewed favorably in the context of the continuing
difficult environment in the auto parts sector.

As details on the new facilities become available, Moody's
review will focus on the extent and value of assets that will be
pledged to the banks and the resulting impact to expected
recovery rates for unsecured note holders.  The granting of
security interests to the bank lenders could adversely affect
the relative claims of existing unsecured debt, resulting in a
downward rating action.  

Also, when the amounts and other terms, including financial
covenants and maturities, are known, the extent of any changes
to the firm's leverage, related coverage ratios and liquidity
will be assessed.  However, as any amounts raised under the new
term loan would likely be used to reduce existing indebtedness,
the company's debt burden is unlikely to change materially, and
the Corporate Family rating is expected to be unaffected.

ArvinMeritor, Inc., based in Troy, Michigan, is a global
supplier of a broad range of integrated systems, modules and
components to the motor vehicle industry.  The company serves
light vehicles, commercial truck, trailer and specialty original
equipment manufacturers and certain after markets.  The company
had fiscal 2005 revenues of US$8.8 billion, and employs 29,000
people at more than 120 manufacturing facilities in 25
countries.


ASHLAND GLASS: Claims Registration Ends June 17
-----------------------------------------------
Creditors of Ashland Glass Limited passed a resolution to wind
up the company during an extraordinary general meeting on
March 17.

Appointed Joint Liquidators, Peter A. Blair and Richard A.B.
Saville, of Begbies Traynor, require creditors to send in their
full names, addresses and descriptions, full particulars of
debts or claims, and the names and addresses of Solicitors (if
any) on or before June 17.

The company can be reached at:

         Ashland Glass Limited
         Unit 6-8, Nunn Brook Rise
         Huthwaite
         Sutton-in-Ashfield
         Nottinghamshire NG17 2PD
         United Kingdom
         Tel: 01623 515 101
         Fax: 01623 515 121


AYNSLEY WINDOWS: Creditors Resolve to Liquidation
-------------------------------------------------
Creditors of Aynsley Windows Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
March 21.

Mr. A. Turpin, of Poppleton & Appleby, was appointed Liquidator.

The company can be reached at:

         Aynsley Windows Limited
         Unit 10a
         Lichfield Road
         Gatehouse Trading Estate
         Brownhills Walsall West Midlands WS8 6JZ
         United Kingdom
         Tel: 01543 454 647
         Fax: 01543 361 800


CAMPFIELD LITHO: Joint Liquidators Take Over Operations
-------------------------------------------------------
Stewart Trevor Bennett and James Preston Bradney, of Berg Kaprow
Lewis LLP, were appointed Joint Liquidators of Campfield Litho
Limited after creditors passed a resolution to wind up the
company on March 17.

Chairman D. Wing revealed the company could no longer continue
its operations due to mounting debts.

The company can be reached at:

         Campfield Litho Limited
         68A London Road
         St. Albans Hertfordshire AL1 1NG
         United Kingdom
         Tel: 01727 840 361


EMI GROUP: March 31 Balance Sheet Upside Down By GBP726.6 Mln
-------------------------------------------------------------
EMI Group PLC released its preliminary results for the year
ended March 31, 2006.

First-quarter net profit amounted to GBP90 million, compared to
GBP74.9 million in 2005.  Revenues for the first three months of
2006 totaled GBP2.08 billion, compared to GBP2 billion in 2005.

EMI's first-quarter operating profit amounted to GBP250.5
million, compared to GBP225.1 million in the same period in
2005.

"EMI Group has delivered an excellent performance across all
areas for the financial year ended March 31, 2006," Chairman
Eric Nicoli said.

Mr. Nicoli added, "Looking to the current financial year, EMI is
in a very strong position to capitalize on the market's
evolution led by the growing demand for digital music.  We have
exciting release schedules planned for both divisions with new
music expected from a diverse range of artists.  

"From EMI Music we expect releases from Tiziano Ferro, Janet
Jackson, Norah Jones, Joss Stone, The Beatles, KT Tunstall,
Keith Urban, Hikaru Utada and Robbie Williams among others.  
From EMI Music Publishing we expect to benefit from a range of
releases, including those from Audioslave, Diddy, Embrace, Goo
Goo Dolls, Jewel, Pharrell Williams, Scissor Sisters and The
Zutons.  

"Moreover, our recently announced restructuring plans are aimed
at further optimizing our business structures and ensuring that
we remain flexible and innovative, best positioning us for the
many opportunities that lie ahead," Mr. Nicoli concluded.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 in total
liabilities and GBP726.6 million in shareholders' deficit.

Headquartered in London, EMI Group PLC --
http://www.emigroup.com//-- is the world's largest independent  
music company, operating directly in 50 countries and with
licensees in a further 20.  The group employs over 6,600 people.  
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

                           *    *    *

EMI Group's 8-1/4 percent notes due on May 20, 2008, carry
Moody's Ba1 rating since 2003.  

The same notes carry Standard & Poors' BB+ ratings since 2005.


EUROTUNNEL: Shareholders Want Equity Interests Protected
--------------------------------------------------------
Eurotunnel may need to present a restructuring plan that
provides no more than half of any capital increase to creditors
for the deal to get shareholders' acceptance, Alan Katz of
Bloomberg News cited shareholder representative Nicolas Miguet.

"The structure today that would be acceptable would be nothing
more than half for you, half for me, at maximum," of any
increase in the value of the company from a debt reduction, Mr.
Miguet told Bloomberg.

According to the report, the Company needs to slash up to EUR5
billion in debts to lower financing costs so the tunnel operator
can grow and possibly pay a dividend in 2009.  For shareholders
to accept a convertible bond in a reorganization, it would have
to be based on a valuation of EUR1.2 to EUR1.4 a share, he
added.  Mr. Miguet, which led a shareholder revolt in 2004 that
toppled the company's management team, estimated capital
increase to be between EUR4 billion and EUR6 billion, Bloomberg
relates.  

Mr. Katz said a bondholders' committee, representing GBP1.2
billion of debt, is yet to receive a restructuring proposal from
the company.  The committee is represented by Close Brothers
Group Plc.

                Debt Restructuring Agreement

On Jan. 31, 2006, the Group signed an outline on a debt
restructuring agreement with the ad hoc committee of creditors.  
The ad hoc committee, which holds more than 50% of the total
debt, represents majority of the Company's junior creditors,
namely European Investment Bank, Franklin Mutual Advisers LLC,
MBIA and Oaktree Capital Management in April 2005.

Eurotunnel needs to obtain approval from other creditors and
shareholders for a final agreement.  Absent a final agreement,
the Group may default in January 2007.

On April 26, Eurotunnel obtained a third extension of its credit
waiver, which calls for creditor talks to continue through
July 12.  

As reported in TCR-Europe on May 19, Eurotunnel requested the
British and French market authorities to retain the suspension
of the company's shares on the two exchanges to allow creditor
talks to continue.

                       Company Crisis

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faces
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.  

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

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


G BUILD: Creditors Resolve to Liquidate Assets
----------------------------------------------
G Build (East Anglia) Limited is winding up its operations after
creditors decided to liquidate the company's assets during an
extraordinary general meeting on March 15.

Stephen Mark Law, of Ensors, was appointed Liquidator.

The company can be reached at:

         G Build (East Anglia) Limited
         Moat Farm
         Otley Ipswich IP6 9PE
         United Kingdom
         Tel: 01473 737 287
         Fax: 01473 737 287


GARLIC FARMS: Brings In Portland Business as Administrator
----------------------------------------------------------
Peter Robin Bacon and Carl Derek Faulds of Portland Business &
Financial Solutions Ltd. were named joint administrators of
Garlic Farms (U.K.) Limited (Company Number 4022757) on May 4.

The administrators can be contacted at:

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

Headquartered in Holmbury, England, Garlic Farms (U.K.) Limited
supplies agricultural products.


GENERAL MOTORS: Sues Royal & Sun Over Asbestos Claims
-----------------------------------------------------
General Motors Corporation sued U.K.-based Royal & Sun Alliance
Insurance Group Plc in Britain over a dispute regarding
asbestos-related personal injury policies between 1954 and 1974,
Reuters cited the Daily Telegraph.

According to the Telegraph, GM filed the suit in London's High
Court because it fears that the insurer does not have enough
U.S. reserves to pay if the automaker wins.  The suit asserts
that Royal & Sun is liable for insurance policies sold by
General Motors' U.S. subsidiaries and that it wrongfully caused
its U.S. subsidiaries to breach their contracts.

Media reports in the United Kingdom suggest that claims could
reach approximately US$1 billion, the Gulf Times said.

In January 2005, GM sued Royal & Sun in a Michigan Court,
seeking to recover payment from asbestos-related claims and
additional damages.  The suit claimed Royal & Sun breached its
contract with GM and failed to pay legal liabilities from
personal injuries and property damage from asbestos claims.

The U.S. trial is scheduled to start in September.

Headquartered in London, Royal & SunAlliance Insurance Group Plc
-- http://www.royalsunalliance.com/-- is a FTSE 100 company,  
listed on the London Stock Exchange and in New York.  The group
consists of three regions -- U.K., Scandinavia and International
-- with operations in 30 countries, providing general insurance
products to over 20 million customers worldwide.

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

                       *     *     *

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


GGB ENGINEERING: Financial Woes Prompt Liquidation
--------------------------------------------------
GGB (Engineering Spares) Limited is liquidating its assets after
creditors found out that the company could no longer continue
its business due to mounting debts.

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

The company can be reached at:

         GGB (Engineering Spares) Limited
         Unit 4
         Blueprint Commercial Centre
         Imperial Way
         Watford Hertfordshire WD24 4JP
         United Kingdom
         Tel: 01923 639082


J.L. FRENCH: Parent Can Lend Up to US$1.2-Mln to Spanish Unit
-------------------------------------------------------------
The Honorable Mary F. Walrath of the U.S. Bankruptcy Court for
the District of Delaware gave J.L. French Automotive Castings,
Inc., and its debtor-affiliates permission to lend funds to
their non-debtor affiliate J.L. French Ansola, S.R.L.

Judge Walrath clarified that the loan should not exceed
US$1.2 million and the total loan extended to all of the
Debtors' foreign subsidiaries and J.L. French Automotive
Castings China Holdings LLC should not exceed US$3 million.

As reported in the Troubled Company Reporter on April 13, the
Court allowed the Debtors to advance funds to J.L. French
Automotive Castings China Holdings LLC, a non-debtor affiliate.

The Debtors told the Court that the funds would be used to
capitalize China Holdings' foreign-equity joint venture with
Chonqing Yujiang Die Casting Co., Ltd., and Chongqing Liangjiang
Machine Manufacture Co., Ltd.  Yujiang and Lianjiang, a die-
casting and machining companies respectively, both currently do
the bulk of their business supplying China's motorcycle original
equipment manufacturers.

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

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

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


M.K. FASTENINGS: Taps F.A. Simms to Administer Assets
-----------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of F. A. Simms &
Partners Plc were appointed joint administrators of M.K.
Fastenings & Industrial Supplies Limited (Company Number
4565195) on April 20.

The administrators can be contacted at:

         F A Simms & Partners PLC
         Insol House
         39 Station Road
         Lutterworth
         Leicestershire LE17 4AP
         United Kingdom
         Tel: 01455 557111
         Fax: 01455 552572
         E-mail: rsimms@fasimms.com

Headquartered in Kenilworth, England, M.K. Fastenings &
Industrial Supplies Limited supplies industrial fasteners.


MALIKSONS WAREHOUSING: Names Vincent Simmons as Administrator
-------------------------------------------------------------
Vincent A. Simmons of Bennet Verby is named administrator of
Maliksons Warehousing Ltd. (Company Number 5268794) on May 8.

The administrator can be contacted at:

         Bennett Verby
         7 St Petersgate
         Stockport
         Cheshire SK1 1EB
         United Kingdom
         Tel: 0161 477 9345
         Fax: 0161 429 7224
         E-mail: v.simmons@bennettverby.co.uk

Maliksons Warehousing Ltd. can be reached at:

         Unit B
         South Rd
         Trafford Park
         Manchester
         United Kingdom
         Lancashire M17 1PY
         Tel: 0161 872 6565  


MBA COMPUTER: Creditors Confirm Voluntary Liquidation
-----------------------------------------------------
Creditors of MBA Computer Solutions 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 Freddy Khalastchi as
Liquidator.

The company can be reached at:

         MBA Computer Solutions Limited
         Kingshouse
         14 Orchard Street
         Bristol BS1 5EH
         United Kingdom
         Tel: 0845 070 0847
         Fax: 020 7697 0756


NASSERCHEM LIMITED: Hires Chantrey Vellacott as Administrator
-------------------------------------------------------------
Kenneth William Touhey and David John Oprey of Chantrey
Vellacott DFK LLP were appointed joint administrators of
Nasserchem Limited (Company Number 05289580) on May 5.

Headquartered in Hove, East Sussex, Chantrey Vellacott DFK --
http://www.cvdfk.com/-- is one of the oldest firms of chartered  
accountants in the United Kingdom.  It provides accounting,
taxation and related advisory services.  

Nasserchem Limited is a retail pharmacy.


NORTHERN PACKAGING: Brings In Ian Kings to Administer Assets
------------------------------------------------------------
Ian W. Kings of Tenon Recovery was appointed administrator of
Northern Packaging Distributors Limited (Company Number
02132725) on May 3.

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

Headquartered in Durham, England, Northern Packaging
Distributors Limited sells, converts and rewinds plastic
flexible films.


OMEGA ADVERTISING: Names Joint Administrators from Wilson Pitts
---------------------------------------------------------------
D.F. Wilson and J.N.R. Pitts of Wilson Pitts were appointed
joint administrators of Omega Advertising Limited (Company
Number 02635538) on May 3.

The administrators can be reached at:

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

Omega Advertising Limited can be reached at:

         21 Market Place
         Wetherby LS22 6LQ
         United Kingdom
         Tel: 01937 588 208
         Fax: 01937 588 203


R & V STRAUGHAN: Taps Ninos Koumettou to Liquidate Assets
---------------------------------------------------------
R & V Straughan (Groundworks) Limited is liquidating its assets
after creditors resolved to wind up the company's operations on
March 23.

Ninos Koumettou, of Alexander Lawson & Co., was appointed
Liquidator.

The company can be reached at:

         R & V Straughan (Groundworks) Limited
         9 St. Andrews Road
         Enfield Middlesex EN1 3UA
         United Kingdom
         Tel: 020 8366 8416


R.H. MEARS: Tony Mitchell Leads Winding Up Procedure
----------------------------------------------------
Tony Mitchell, of Cranfield Recovery Limited, was appointed
Liquidator of R.H. Mears Limited after creditors decided to wind
up the company's operations during an extraordinary general
meeting on March 20.

The company can be reached at:

         R.H. Mears Limited
         10 Harrison Street
         Walsall WS3 3HP
         United Kingdom
         Tel: 01922 476 930
         Fax: 01922 710 519


RANK GROUP: Cancels Another 1,500,000 Shares in Buyback Program
---------------------------------------------------------------
The Rank Group Plc bought back 1,500,000 ordinary shares of 10
pence in the Company on May 22 for cancellation at an average
price of 205.586667 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.


RUBBER & PLASTIC: Taps Joint Administrators from DTE Leonard
------------------------------------------------------------
A. Clifton and A. Poxon of DTE Leonard Curtis were appointed
joint administrators of Rubber & Plastic Converters Limited
(Company Number 02693769) on May 2.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax  
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

Rubber & Plastic Converters Limited can be reached at:

         Unit E
         Moor Street
         Brierley Hill
         West Midlands DY5 3TG
         United Kingdom
         Tel: 01384 832 288
         Fax: 01384 834 433


ROYAL & SUNALLIANCE: GM Sues Insurer Over Asbestos Claims
---------------------------------------------------------
General Motors Corporation sued UK-based Royal & Sun Alliance
Insurance Group plc in Britain over a dispute regarding
asbestos-related personal injury policies between 1954 and 1974,
Reuters cited the Daily Telegraph.

According to the Telegraph, GM filed the suit in London's High
Court because it fears that the insurer does not have enough
reserves in its U.S. operations to pay if the automaker wins.  
The suit asserts that Royal & Sun is liable for insurance
policies sold by General Motors' U.S. subsidiaries and that it
wrongfully caused its U.S. subsidiaries to breach their
contracts.

Media reports in the United Kingdom suggest that claims could
reach approximately US$1 billion, the Gulf Times said.

In January 2005, GM sued Royal & Sun in a Michigan Court,
seeking to recover payment from asbestos-related claims and
additional damages.  The suit claimed Royal & Sun breached its
contract with GM and failed to pay legal liabilities from
personal injuries and property damage from asbestos claims.

The US trial is scheduled to start in September.

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

Headquartered in London, Royal & SunAlliance Insurance Group PLC
-- http://www.royalsunalliance.com/-- is a FTSE 100 company,  
listed on the London Stock Exchange and in New York.  The group
consists of three regions -- U.K., Scandinavia and International
-- with operations in 30 countries, providing general insurance
products to over 20 million customers worldwide.

                        *     *     *

As reported in the Troubled Company Reporter on March 27,
Standard & Poor's Ratings Services lowered its counterparty
credit and insurer financial strength ratings on Royal & Sun
Alliance Insurance Group PLC's U.S. insurance operations (RSA
USA) to 'BB' from 'BB+'.  The outlook remains negative.  At the
same time, the ratings were withdrawn at the request of the
companies' management.
     
"The downgrade reflects the reduced appetite of RSA USA's parent
to provide the U.S. operations with additional capital should
the need arise," said Standard & Poor's credit analyst Tom E.
Thun.


SANDFORD SPA: Taps Poppleton & Appleby to Administer Assets
-----------------------------------------------------------
M.D. Hardy and M.T. Coyne of Poppleton & Appleby were appointed
joint administrators of Sandford Spa Limited (Company Number
04654344) on April 28.

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.

Sandford Spa Limited can be reached at:

         58 Bedford Street
         Leamington Spa
         Warwickshire CV32 5DT
         Tel: 01926 888 180
         Fax: 01926 888 190


SOKKIA LIMITED: Claims Filing Period Ends June 30
-------------------------------------------------
Creditors of Sokkia Limited have until June 30 to send in their
full names, addresses and descriptions, full particulars of
debts or claims, and the names and addresses of Solicitors, if
any, on or before June 30 to appointed Liquidator, Gerald M.
Krasner, of Bartfields (U.K.) Limited.

The company can be reached at:

         Sokkia Limited
         Pixmore Centre
         Pixmore Avenue
         Letchworth Garden CI
         Hertfordshire SG6 1JG
         United Kingdom
         Tel: 01462 680 688


STONES DELICATESSEN: Names Cooper Parry as Administrator
--------------------------------------------------------
Tyrone Shaun Courtman and Jeremy Philip William Meadows of
Cooper Parry LLP were named joint administrators of Stones
Delicatessen Limited (Company Number 04430052) on May 3.

The administrators can be reached at:

         Cooper Parry LLP
         14 Park Row
         Nottingham NG1 6GR
         United Kingdom
         Tel: +44 (0) 1332 295544
         Fax: +44 (0) 1332 295600
         Web site: http://www.cooperparry.com

Headquartered in Leicester, England, Stones Delicatessen Limited
retails food and beverage.


STONES GROUP: Appoints Joint Administrators from Cooper Parry
-------------------------------------------------------------
Tyrone Shaun Courtman and Jeremy Philip William Meadows of
Cooper Parry LLP were appointed joint administrators of Stones
Group Limited (Company Number 04803537) on May 3.

The administrators can be contacted at:

         Cooper Parry LLP
         14 Park Row
         Nottingham NG1 6GR
         United Kingdom
         Tel: +44 (0) 1332 295544
         Fax: +44 (0) 1332 295600
         Web site: http://www.cooperparry.com/


SYNERGY KITCHENS: Brings In Administrator from Walletts
-------------------------------------------------------
Michael F. McCarthy of Walletts Insolvency Services was named
administrator of Synergy Kitchens Limited (Company Number
5433899) on April 27.

The administrator can be reached at:

         Walletts Insolvency Services
         Adventure Place
         Hanley
         Stoke on Trent
         Staffordshire ST1 3AF
         United Kingdom
         Tel: (01782) 212326
         Fax: (01782) 212326   

Synergy Kitchens Limited wholesales kitchen furniture and
equipment.


VANGUARD PLC: Brings In Joint Administrators from B & C
-------------------------------------------------------
Jeffrey Mark Brenner and Filippa Connor of B & C Associates were
appointed joint administrators of Vanguard PLC (Company Number
02724392) on May 5.

The administrators can be contacted at:

         B & C Associates
         Trafalgar House
         Grenville Place
         Mill Hill
         London NW7 3SA
         United Kingdom
         Tel: 0208 906 7730
         Fax: 0208 906 7731
         E-mail: filippa@bcassociates.uk.com

Headquartered in Rhyl, England, Vanguard PLC retails and repairs
mobile telephones.


XL PACKAGING: Names M.S.E. Solomons Liquidator
----------------------------------------------
XL Packaging Limited is liquidating its assets after creditors
decided to wind up the company's operations during an
extraordinary general meeting on March 10.

M.S.E. Solomons, of SPW Poppleton & Appleby, was appointed
Liquidator.

The company can be reached at:

         XL Packaging Limited
         6-8 Eldon Way
         Biggleswade Bedfordshire SG188NH
         United Kingdom
         Tel: 01767 600 723
         Fax: 01767 600 679

                           *********

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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