TCREUR_Public/060525.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Thursday, May 25, 2006, Vol. 7, No. 103

                            Headlines

G E R M A N Y

AAREAL BANK: Eyes Dividend Distribution in 2007
ALBINGER HANDELS: Claims Filing Period Ends June 6
ARKADIA GMBH: Claims Registration Ends June 5
BAU UND FUSSBODEN: Claims Filing Period Ends June 8
DMT FAST: Claims Registration Ends June 9

E-MAC: Fitch Rates EUR2.5 Million Class F Securities at BB+
KIT INDUSTRIETECHNIK: Creditors' Meeting Slated for July 11
KSH BURGHARDT: Meeting of Creditors Set on July 7
LUX LADENBAU: Claims Registration Ends June 9
ROOM 32: Claims Filing Period Ends June 9

TEXTIL SORTIERUNG: Claims Registration Ends June 7
WEINHANDLUNG WINKLEMAN: Claims Registration Ends June 6


I R E L A N D

EIRCOM GROUP: Board Recommends BCMIH's EUR2.4-Bln Takoever Offer
EIRCOM GROUP: Moody's Might Cut Ratings on Takeover Offer
EIRCOM GROUP: S&P Keeps Unit's Ratings on Watch Negative
IRISH EXPRESS: Eliminates 95 Jobs in Financial Restructuring
VALENTIA TELECOM: Moody's Reviews Low-B Ratings on Takeover Bid

VALENTIA TELECOM: S&P Keeps BB+ Rating on CreditWatch Negative


I T A L Y

BANCA POPOLARE: Magiste Awaits Support on Deed of Arrangement
BANCA POPOLARE: Sells Non-Performing Loan to ABN for EUR280 Mln
MAGISTE SPA: Submits Deed of Arrangement Over EUR700MM Bank Debt


K A Z A K H S T A N

AKJAIKSKAYA PROCUREMENT: Creditors Must File Claims by June 5
AKKOL-TAGIL: Creditors Must File Claims by June 6
ALOSKA: Creditors Must File Claims by June 5
AVIZO: Akmola Court Sets June 6 Claims Bar Date
BIKGAL: Proof of Claim Deadline Slated for June 6

KAZSTROISERVICE: Proof of Claim Deadline Slated for June 6
RAMANICO INTERNATIONAL: Claims Registration Ends June 6
RECKON: Claims Registration Ends June 6
SAMAL: Creditors' Must File Claims by June 6
YASKART: Creditors' Must File Claims by June 5


N E T H E R L A N D S

KONINKLIJKE AHOLD: Books EUR14.1 Billion in 1Q Net Sales


R U S S I A

AGRO-BUILDER: Bankruptcy Hearing Slated for June 5
AGRO-INVEST: Court Names A. Medvedev as Insolvency Manager
COLORIT: Court Taps S. Viktorov as Insolvency Manager
EAST FISH: Chukotskiy Court Starts Bankruptcy Supervision
ELECTRIC STEEL: Court Sets Bankruptcy Hearing for Aug. 10

GUKOV-COAL: Bankruptcy Hearing Slated for July 18
OAO LUKOIL: 2005 Net Income Up 51.7% to US$6.4 Billion
SERDOBSKIY FURNITURE: Court Starts Bankruptcy Proceedings
TERNOVSKOYE: Penza Court Commences Bankruptcy Proceedings
TOLYATTINSKIY HOUSE: Court Starts Bankruptcy Supervision

VIMPEL COMMUNICATIONS: Completes US$600-Million Notes Issue


S W E D E N

OTTO-VERKEN AB: Parent Files for Unit's Bankruptcy


S W I T Z E R L A N D

BANQUE DE COMMERCE: Fitch Upgrades Individual Rating to C


T U R K E Y

ARCELIK A.S: Fitch Places BB- on Foreign Currency IDR


U K R A I N E

GAZBUDENERGO: Court Names I. Mihno to Liquidate Assets
KLINKER: Kyiv Court Begins Bankruptcy Proceeings
MILITARY TENDERS: Court Starts Bankruptcy Supervision
SOLVEKS: Court Taps I. Mihno as Insolvency Manager
TEHBUD: Kyiv Court Launches Bankruptcy Supervision Procedure

VERSHINA: Court Taps O. Stupak to Manage Insolvency Assets
VIRMAKOMP-MF: Court Appoints S. Nesterenko as Liquidator
ZEMLYA PODILSKA: Court Begins Bankruptcy Supervision


U N I T E D   K I N G D O M

APEX INDUSTRIAL: Hires Joint Administrators from CBA
ASCOT MINWORTH: Administrators Put Assets for Sale
AUTOQUIP LIMITED: Appoints Peter Nottingham as Administrator
CAZZINC LIMITED: Brings In Joint Administrators from Begbies
DRACUP LIMITED: Names Jacksons Jolliffe as Administrators

DEW CONSTRUCTION: Administrators Sell Business as Going Concern
ELECTROTECHNICAL ENGINEERING: Begins Liquidation Procedure
EXAMINER TRAINING: Claims Filing Period Ends July 16
FINFLOWER IMPORTS: Liquidator Sets June 30 Claims Bar Date

FIVE STAR: Appoints David Andrew Field to Administer Assets
GUARDIAN RECRUITMENT: Joint Liquidators Take Over Operations
HALMO SPORTS: Creditors Pass Winding Up Resolution
MY TRAINERS: Names Jonathan Sinclair Liquidator
N.D. WYATT: Creditors Agree to Voluntary Liquidation

NHJ LIMITED: Brings In Administrator from Haslers
NRG VICTORY: U.S. Court to Hear Chapter 15 Petition on June 12
PILOT TRAINING COLLEGE: Claims Registration Ends July 16
POLAR TRANSPORT: Financial Woes Trigger Liquidation
SOUTH HUMBERSIDE: Creditors Resolve to Liquidation

SOUTHERN PACIFIC: Fitch Affirms Class E Securities at BB+
QUILLION LIMITED: Appoints Administrators from Vantis
RANK GROUP: Cancels Another 1,500,000 Shares in Buyback Scheme
SL REALISATIONS: Brings In Menzies to Administer Assets
STAFFORDSHIRE HERITAGE: Taps Milner Boardman as Administrator

STENBUY LIMITED: Joint Administrators Take Over Operations

                            *********

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


AAREAL BANK: Eyes Dividend Distribution in 2007
-----------------------------------------------
MDAX-listed Aareal Bank AG plans to restore the distribution of
a dividend in 2007.

"We have achieved new business volume in a value of
approximately EUR3.0 billion until end of April, corresponding
to an increase of EUR1.3 billion or approximately 80 percent in
comparison to the previous year," Board Management Chairman Dr.
Wolf Schumacher, said.

                     2006 Forecast Affirmed

The Management Board also affirmed the forecast for the year
2006.  After the strategic realignment of the year 2005 the
focus is now on the further operational implementation.  "Focal
points of the current financial year are the continuous and
systematic diversification of our national and international
client base as well as the expansion on future international
markets," Dr. Schumacher summarized.

"We plan to reduce our NPL-portfolio to approximately EUR1
billion.  Given our projection of risk provisioning at a
normalized level of EUR80 million to ?90 million per year, we
anticipate operating profit before taxes to a range between
EUR130 million and EUR150 million.  Accordingly, we envisage the
bank's return on equity after taxes to be between 7.5 and 8.0
percent," Dr. Schumacher said.

                     Annual General Meeting

Some 209 shareholders visited Aareal Bank AG's General Meeting,
which took place at Wiesbaden Kurhaus.  Initial presence
corresponded to 66.2% of the capital base.  Thus, 28,304,299 no-
par value bearer shares were represented with a corresponding
number of voting rights.

                           Spin-Off

The shareholders have approved of the presented resolutions to a
large extent.  One of them was the proposal of a spin-off and
acquisition agreement governing the divestment of a loan
portfolio to Aartemis Credit Management GmbH, a wholly owned
subsidiary of Aareal Bank AG.

The purpose of the proposed spin-off is to transfer a portfolio
of non-performing loans, which are also no longer in line with
the bank's strategy, to Aartemis Credit Management GmbH.  "This
spin-off is planned in preparation for the intended disposal of
the transferred portfolio, to one or more investors who are
active in the German NPL market.  The objective of spinning off
- and subsequently marketing - this loan portfolio, is to
release the capital tied up by these loans to date, thus making
it available for investment in new business," Dr. Schumacher
disclosed.

Furthermore the shareholders elected a new Supervisory Board
with reduced number of members.  Hans W. Reich, spokesperson of
"Kreditanstalt fr Wiederaufbau," has again been appointed
Chairman of the Supervisory Board.

Headquartered in Wiesbaden, Germany, Aareal Bank AG --
http://www.aareal-bank.com/-- is one of the leading
international property banks listed in Deutsche Bourse's MDAX
index.  Aareal Bank is active in three core business units:
Structured Property Financing, Consulting/Services and Property
Asset Management.  The bank has a presence in 14 European
countries, in the US and in Singapore, and provides property
solutions in more than 20 countries.  Its client base includes
large international property investors as well as top-quality
national clients.

                        *     *     *

As reported in the TCR-Europe on March 8, Fitch Ratings affirmed
Aareal Bank AG's ratings at Long-term Issuer Default BBB+,
Short-term F2, Individual C and Support 5.  The Outlook remains
Stable.  At the same time, the agency has affirmed the ratings
for Aareal Hypothekenbank AG at Long-term Issuer Default BBB+,
Short-term F2 and Support 2 and simultaneously withdrawn them,
as it no longer exists as a separate legal entity.


ALBINGER HANDELS: Claims Filing Period Ends June 6
--------------------------------------------------
Creditors of Albinger Handels- und Waschbetriebs-GmbH have until
June 6 to register their claims with court-appointed provisional
administrator Gregor Schone.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Tostedt
         Meeting Room I (Area CE.02)
         Linden 23
         21255 Tostedt, 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 Tostedt opened bankruptcy proceedings
against Albinger Handels- und Waschbetriebs-GmbH on April 10.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Albinger Handels- und Waschbetriebs-GmbH
         Attn: Rolf Albinger, Manager
         Lohweg 13
         21255 Tostedt, Germany

The administrator can be contacted at:

         Gregor Schone
         Albert-Einstein-Ring 15
         D-22761 Hamburg, Germany
         Tel: 040/897186-0
         Fax: 040/897186-11


ARKADIA GMBH: Claims Registration Ends June 5
---------------------------------------------
Creditors of ARKADIA GmbH & Co. KG have until June 5 to register
their claims with court-appointed provisional administrator
Hartmut Mitze.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on July 19, 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 Marburg
         Hall 157
         Universitatsstrasse 48
         35037 Marburg, 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 Marburg opened bankruptcy proceedings
against ARKADIA GmbH & Co. KG on April 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         ARKADIA GmbH & Co. KG
         Attn: Ingrid Arndt, Manager
         Hospital Route 66
         35216 Biedenkopf, Germany

The administrator can be contacted at:

         Hartmut Mitze
         Jahnstrasse 18
         35066 Frankenberg, Germany
         Tel: 06451/71919-22
         Fax: 06451/7191921


BAU UND FUSSBODEN: Claims Filing Period Ends June 8
---------------------------------------------------
Creditors of Bau und Fussboden GmbH have until June 8 to
register their claims with court-appointed provisional
administrator Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 20, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Prince Road 21
         Chemnitz, Germany

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

The District Court of Chemnitz opened bankruptcy proceedings
against Bau und Fussboden GmbH on April 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Bau und Fussboden GmbH
         Attn: Carsten Strauss, Manager
         East Road 92
         08233 Treuen, Germany

The administrator can be contacted at:

         Dr. Stephan Thiemann
         Leipziger Str. 62
         09113 Chemnitz, Germany
         Web: http://www.pluta.net/


DMT FAST: Claims Registration Ends June 9
-----------------------------------------
Creditors of DMT Fast Food GmbH have until June 9 to register
their claims with court-appointed provisional administrator
Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on July 12, 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 Hamburg
         Hall B 405
         4. Floor
         Sievekingplatz 1
         20355 Hamburg, Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against DMT Fast Food GmbH on April 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         DMT Fast Food GmbH
         Attn: Murat Yildirim, Manager
         Papenhuder Road 53
         22087 Hamburg, Germany

The administrator can be contacted at:

         Stephan Neubauer
         Spitalerstrasse 4
         20095 Hamburg, Germany
         Tel: 334010
         Fax: 33401521


E-MAC: Fitch Rates EUR2.5 Million Class F Securities at BB+
-----------------------------------------------------------
Fitch Ratings assigned expected ratings to E-MAC DE 2006-I B.V's
mortgage-backed securities.  This transaction is a repeat
transaction and the second German true sale mortgage RMBS since
2000 when Haus 2000-I Ltd. was issued.

   -- EUR437.5 million due August 2047 Class A: AAA;
   -- EUR27 million Class B due May 2057: AA-;
   -- EUR17.5 million Class C due May 2057: A-;
   -- EUR11.5 million Class D due May 2057: BBB+;
   -- EUR7 million Class E due May 2057: BBB-; and
   -- EUR2.5 million Class F due May 2057: BB+.

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

The expected ratings are based on the quality of the collateral,
available credit enhancement and excess spread, the
transaction's sound legal structure, the underwriting and
servicing of the mortgage loans and the available liquidity
facility.  At closing, credit enhancement, provided by
subordination and a reserve fund, will total:

   -- 13.1% for the Class A notes;
   -- 7.7% for the Class B notes;
   -- 4.2% for the Class C notes;
   -- 1.9% for the Class D notes; and
   -- 0.5% for the Class E notes.

The Class F notes, accounting for 0.5% of the notes balance at
closing, will fund the initial balance of the reserve fund.
After closing, the reserve fund will increase to 1.2% of the
initial mortgage balance through excess spread.

In this EUR500 million transaction, GMAC-RFC originated the
residential mortgage loans on behalf of GMAC-RFC Investments
B.V.  The assignment of title and security rights will become
effective upon the delivery of the mortgage certificates to
Kreditwerk Hypotheken-Management GmbH, which will hold them on
behalf of the issuer.  Stichting Security Trustee E-MAC DE 2006-
I will hold the claims against the issuer on behalf of the
noteholders.

The portfolio consists of 100% first-ranking fixed-rate
mortgages secured over residential property located in Germany.
As of the May 1 cut-off date, the provisional portfolio
consisted of 2,825 mortgage loans originated by GMAC-RFC with a
current total outstanding nominal amount of approximately
EUR384.9 million ramping up to a maximum amount of EUR500
million.  The weighted average current loan-to-market value of
the portfolio is 99.70% while the weighted average debt-to-
income ratio is about 31.19%.

The originator is a wholly owned subsidiary of Residential
Funding Corporation, which is, in turn, a subsidiary of General
Motors Acceptance Corporation, and ultimately owned by General
Motors Corporation.  However the sale of 51% of GMAC to Cerberus
Capital Management is still pending and expected to be completed
in Q406.

Fitch has applied its German residential mortgages default
model.  Fitch also modeled the cash flow contribution from any
excess margin using stress scenarios determined by its default
model.  The cash flow test showed that each Class of rated
certificates could withstand loan losses at a level
corresponding to the related stress scenario without incurring
any principal loss or temporary interest shortfall.


KIT INDUSTRIETECHNIK: Creditors' Meeting Slated for July 11
-----------------------------------------------------------
The court-appointed provisional administrator for KIT
Industrietechnik GmbH, Stephan Haspel, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:20 a.m. on July 11.

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

         The District Court of Landau in der Pfalz
         Room 225
         Marienring 13
         76829 Landau in der Pfalz, Germany

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

Creditors have until June 9 to register their claims with the
court-appointed provisional administrator.

The District Court of Landau in der Pfalz opened bankruptcy
proceedings against KIT Industrietechnik GmbH on April 12.
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         KIT Industrietechnik GmbH
         Attn: Peter Knoringer and Bernd Daub, Managers
         Bahnhofstr. 32a
         67377 Gommersheim, Germany

The administrator can be reached at:

         Stephan Haspel
         Friedrich-Ebert-Str. 7
         76829 Landau in der Pfalz, Germany
         Tel: 06341/51020
         Fax: 06341/510229


KSH BURGHARDT: Meeting of Creditors Set on July 7
-------------------------------------------------
The court-appointed provisional administrator for KSH Burghardt
GmbH, Michael C. Frege, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:25
a.m. on July 7.

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

         The District Court of Leipzig
         Hall 056
         Leipzig, 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 9 to register their claims with the
court-appointed provisional administrator.

The District Court of Leipzig opened bankruptcy proceedings
against KSH Burghardt GmbH on April 13.  Consequently, all
pending proceedings against the company have been automatically
stayed

The Debtor can be reached at:

         KSH Burghardt GmbH
         Attn: Ulrich Burghardt, Manager
         Abtsdorfer Str. 30
         04552 Borna, Germany

The administrator can be reached at:

         Michael C. Frege
         Augustusplatz 9
         04109 Leipzig, Germany


LUX LADENBAU: Claims Registration Ends June 9
---------------------------------------------
Creditors of Lux Ladenbau GmbH have until June 9 to register
their claims with court-appointed provisional administrator Dr.
Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on June 16, 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 Dortmund
         Hall 3.201
         II. Floor
         Court Place 1
         44135 Dortmund, Germany

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on June 30 at the same
venue.

The District Court of Dortmund opened bankruptcy proceedings
against Lux Ladenbau GmbH on April 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Lux Ladenbau GmbH
         Landwehrstr. 114
         59368 Werne, Germany

         Attn: Dr. Stefan H. Lux, Manager
         Aldenhovel 66
         59348 Luedinghausen, Germany

         Hans-Juergen Weber, Manager
         Zedernweg 2
         59368 Werne, Germany

The administrator can be contacted at:

         Dr. Christoph Schulte-Kaubruegger
         Rheinlanddamm 199
         44139 Dortmund, Germany
         Tel: 0231-2255370
         Fax: 0231-2255373


ROOM 32: Claims Filing Period Ends June 9
-----------------------------------------
Creditors of Room 32 GmbH have until June 9 to register their
claims with court-appointed provisional administrator Veit
Schwierholz.

Creditors and other interested parties are encouraged to attend
the meeting at 12:30 p.m. on July 10, 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 Hamburg
         Hall B 405
         4. Floor
         Sievekingplatz 1
         20355 Hamburg, Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against Room 32 GmbH on April 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Room 32 GmbH
         Eppendorfer Highway 32
         20249 Hamburg, Germany

         Attn: Etezal Khiabani Kamran, Manager
         c/o Kermanshshi
         Kurfuerstenstrasse 31
         22041 Hamburg, Germany

The administrator can be contacted at:

         Veit Schwierholz
         Heuberg 1
         20354 Hamburg, Germany
         Tel: 040/350169-0
         Fax: 35016915


TEXTIL SORTIERUNG: Claims Registration Ends June 7
--------------------------------------------------
Creditors of Textil Sortierung Horstmar GmbH have until June 7
to register their claims with court-appointed provisional
administrator Holger Zbick.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 5, 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 Textil Sortierung Horstmar GmbH on April 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Textil Sortierung Horstmar GmbH
         Attn: Dieter Voigt, Manager
         Station Route 34
         48612 Horstmar, Germany

The administrator can be contacted at:

         Holger Zbick
         Market Place 2/4
         48712 Gescher, Germany


WEINHANDLUNG WINKLEMAN: Claims Registration Ends June 6
-------------------------------------------------------
Creditors of Weinhandlung Winkleman GmbH have until June 6 to
register their claims with court-appointed provisional
administrator Knut Thomas Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 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 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.

The District Court of Hanover opened bankruptcy proceedings
against Weinhandlung Winkleman GmbH on April 24.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Weinhandlung Winkleman GmbH
         Attn: Helga Winkleman, Manager
         Osterstr. 63
         30159 Hanover, Germany

The administrator can be contacted at:

         Knut Thomas Hofheinz
         Market 13
         30159 Hanover, Germany
         Tel: 0511/357721-0
         Fax: 0511/357721-40


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I R E L A N D
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EIRCOM GROUP: Board Recommends BCMIH's EUR2.4-Bln Takoever Offer
----------------------------------------------------------------
The Independent Directors of eircom Group plc and the board of
directors of BCM Ireland Holdings Limited agreed on the terms of
a recommended Cash Offer under which BCMIH will acquire the
entire issued and to be issued ordinary share capital of eircom
not already owned by BCMIH.

The Offer is to be effected by means of a scheme of arrangement
under section 425 of the Companies Act.

Under the terms of the Cash Offer, eircom Ordinary Shareholders
will be entitled to receive EUR2.20 in cash for each eircom
Ordinary Share held.  In addition, eircom Ordinary Shareholders
will receive a second interim dividend of EUR0.052 per eircom
Ordinary Share for the financial year ended March 31, 2006,
which is expected to be paid on June 26 to the registered
holders of eircom Ordinary Shares as at May 26.

Accordingly, under the terms of the Cash Offer and including the
second interim dividend, eircom Ordinary Shareholders will
receive a total of EUR2.252 in cash per share.

The Cash Offer values the entire issued ordinary share capital
of eircom at approximately EUR2.416 billion.

The Cash Offer represents:

   -- a premium of approximately 35% to the volume-weighted
      average Closing Price of EUR1.67 per eircom Ordinary Share
      for the six months to Oct. 5, 2005, being the last
      business day prior to the announcement by eircom regarding
      speculation concerning a possible bid for eircom by
      Swisscom AG; and

   -- a premium of approximately 4.3% to the Closing Price of
      EUR2.16 per eircom Ordinary Share on Feb. 20, being
      the last business day prior to the announcement by eircom
      that it had received a preliminary approach from Babcock &
      Brown Capital Limited.

A Preference Share Alternative will also be made available to
all Scheme Ordinary Shareholders.

The Independent Directors of eircom, advised by Morgan Stanley &
Co. Limited and Goodbody Corporate Finance, considered the terms
of the Cash Offer to be fair and reasonable.  In providing
advice to the Independent Directors, Morgan Stanley & Co.
Limited and Goodbody Corporate Finance have taken into account
the commercial assessments of the Independent Directors.

The Independent Directors have indicated to BCMIH that they
intend unanimously to recommend that eircom Ordinary
Shareholders vote in favor of the resolutions to be proposed at
the Court Meeting and the Extraordinary General Meeting, as the
Independent Directors have irrevocably undertaken to do in
respect of their own beneficial holdings of, in aggregate,
4,531,529 eircom Ordinary Shares, representing approximately
0.4% of the existing issued ordinary share capital of eircom.

BCMIH is a newly incorporated company specifically formed for
the purpose of implementing the Offer and is funded by Babcock &
Brown Capital Limited and certain of its affiliates and the
eircom Employee Share Ownership Trust.  BCM and the ESOT have
come together with a proposal to make a joint offer.
Immediately following completion of the Offer, the BCM Group and
the ESOT will indirectly hold 65% and 35% of the issued ordinary
share capital of BCMIH, respectively.

The Offer is subject to certain conditions including approval of
the ESOT's participation in BCMIH and the Offer by the passing
of a resolution of the ESOT Beneficiaries.  The ESOT Trustee,
which was advised by NM Rothschild and Merrion, confirmed to
BCMIH that it intends to recommend that the ESOT Beneficiaries
vote in favor of the resolution to approve the ESOT's
participation in BCMIH and the Offer.

In addition, the Offer will be conditional, inter alia, upon the
receipt of certain regulatory clearances and Irish taxation
clearances remaining in full force and effect.

BCMIH, the BCM Group and the ESOT, in aggregate own
approximately 50.2% of the eircom Ordinary Shares in issue.

Robert Topfer is Chairman of BCMIH and Con Scanlon is Deputy
Chairman of BCMIH.  It is intended that Pierre Danon will become
Chairman of eircom upon completion of the Offer and Con Scanlon
will remain Deputy Chairman.

The Offer will be funded by:

   -- equity financing from the BCM Group and the ESOT;
   -- and debt financing underwritten by:

         a) Barclays Capital,
         b) Credit Suisse,
         c) Deutsche Bank,
         d) Dresdner Kleinwort Wasserstein, and
         e) JPMorgan.

It is expected that the Scheme Document, containing further
details of the Offer, will be dispatched as soon as practicable
and that the Scheme will become effective in the third quarter
of the 2006 calendar year, subject, inter alia, to the
satisfaction of the conditions set out in Appendix I to this
announcement and in the Scheme Document.

BCMIH and BCM are each being advised by JPMorgan Cazenove.  NM
Rothschild and Merrion are advising the ESOT.  eircom is being
advised by Morgan Stanley & Co. Limited and Goodbody Corporate
Finance.

Headquartered in Dublin, Ireland, eircom Group plc --
http://eircom.net/-- is the principal provider of fixed-line
telecommunications services in Ireland, as well as the leading
Internet service provider and, following its acquisition of
Meteor, the third largest mobile operator in Ireland.

                           *    *    *

As reported in the Troubled Company Reporter on March 3, Moody's
Investors Service has assigned a Ba2 corporate family rating to
eircom Group plc (eircom).  Concurrently Moody's changed the
rating outlook to negative from stable.


EIRCOM GROUP: Moody's Might Cut Ratings on Takeover Offer
---------------------------------------------------------
Moody's Investors Service placed all of the ratings of eircom
Group plc on review for possible downgrade following the
announcement that BCM Ireland Holdings Limited -- a newly
incorporated company 65% owned by Babcock & Brown Capital
Limited and certain of its affiliates and 35% owned by the
eircom Employee Share Ownership Trust -- have launched a full
offer for the company.

The review for downgrade reflects Moody's expectation that the
levels of indebtedness at the company could materially increase
as a result of the acquisition by BCMIH and that credit metrics
could deteriorate as a result.  It also reflects Moody's view
that a successful bid is likely given that the eircom board has
recommended this offer.

Ratings affected:

   -- Ba2 corporate family rating at eircom Group plc

   -- Ba1 rating of Valentia Telecommunication Unlimited's
      EUR1.4 billion senior secured credit facilities

   -- Ba3 rating of Valentia Telecommunication Unlimited's
      EUR550 million unsecured notes due 2013

   -- B1 rating of eircom Funding plc's senior subordinated
      notes due 2013

The review for downgrade will focus on the likely business and
financial strategies of BCM and the ESOT for eircom including
the proposed debt leverage and debt capital structure profile.

Moody's notes that both the company's senior secured creditors
and note holders, both senior and senior subordinated classes,
benefit from put options in the event of a change of control.
If the bondholders exercised the put option or the bonds were
tendered above par as part of a refinancing, Moody's would
expect to withdraw the rating for the bonds.  Similarly, a
refinancing of the rated bank loans would also result in a
rating withdrawal for the credit facilities.

Moody's previous rating action on eircom was in February 2006
when the outlook was changed to negative from stable following
weaker than expected performance in the company's fixed-line
business that resulted in a worsening of the company's operating
margins and a consequent deterioration in credit metrics.

Headquartered in Dublin, Ireland, eircom is the principal
provider of fixed-line telecommunications services in Ireland,
as well as the leading Internet service provider and, following
its acquisition of Meteor, the third largest mobile operator in
Ireland.   In the last 12 months ending March 31, 2006, eircom
generated revenues of EUR1.7 billion.


EIRCOM GROUP: S&P Keeps Unit's Ratings on Watch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB+' long-term
corporate credit rating on Valentia Telecommunications upc on
CreditWatch with negative implications, where it was placed on
Feb. 22.

This follows an announcement by Valentia's owner,
Ireland-based fixed and mobile telecommunications operator
eircom Group PLC, confirming that it has received an offer for
the company from BCM Ireland Holdings Ltd., a newly incorporated
company funded by Babcock & Brown Capital Ltd. and certain
affiliates, and eircom ESOP Trustee Ltd..

The CreditWatch placement reflects the expected weakening of
Valentia's credit quality as a result of the takeover by BCMIH.

"If the transaction completes broadly in line with preliminary
indications, the new capital structure is expected to include
debt of more than EUR3.8 billion, which amounts to a EUR1.4
billion increase from current levels," said Standard & Poor's
credit analyst Michael O'Brien.

"The resulting meaningful impact on Valentia's credit ratios
would likely lead to a downgrade of more than one notch."

Although the funding structure to be implemented has yet to be
determined and reviewed, S&P estimates that pro forma for the
transaction, the lease- and pension-adjusted debt-to-EBITDA
ratio for the year ended March 31, 2006, would be 7.0x, compared
with the actual ratio of 4.7x.  In addition to the impact on
the group's financial profile, S&P will also need to assess the
business implications of the proposed transaction, which could
at some point include significant changes in terms of operating
structure.

In the event that a transaction does not materialize, S&P would
still have to assess the impact of this development on eircom's
future financial and business strategies, which could lead to an
affirmation or a downgrade.

Standard & Poor's expects to resolve the CreditWatch either when
there is certainty on the funding structure of the bid or on
transaction completion.


IRISH EXPRESS: Eliminates 95 Jobs in Financial Restructuring
------------------------------------------------------------
Irish Express Cargo is slashing 95 jobs as part of its financial
restructuring, Gavin Daly writes for The Sunday Business Post.

According to the report, Irish Express, a wholly owned
subsidiary of Flextronics International Ltd., resolved in March
to halt an express delivery service between Ireland and Britain.

Although it hasn't estimated yet how much the redundancies would
cost, the Company's 2005 accounts showed a EUR4.6 million pre-
tax loss, with turnover falling to EUR7.1 million from EUR83.9
million in 2004.

At March 31, 2005, the Company reported a EUR9.6 million
accumulated loss and a EUR9.3 million stockholders' deficit.  In
the same year, the company paid out more than EUR1 million in
redundancy payments, compared to EUR2.4 million in 2004.  In
addition, the company shelled out EUR1 million for the closure
of facilities last year.

IEC Holdings, the parent company for Irish Express, also reports
losses in 2005, mainly by its two subsidiaries -- Irish Express
Cargo in Ireland and Express Cargo Forwarding in Britain, The
Post reports.  IEC Holdings, which employs 1,000 people,
reported a EUR6 million pre-tax loss and a EUR46.1 million
accumulated loss for the year ended March 31, 2005.

                      About the Company

Irish Express Cargo -- http://www.irishexpresscargo.ie/-- was
established as a general freight forwarder in 1972.

In the 1990's, IEC expanded into specialist warehousing
services, providing technology driven logistics solutions to
major corporations.  This led to the establishment of super-hubs
at Dublin, Limerick, Glasgow, Lutterworth, Venray Holland,
Nashville USA, Memphis USA, Mexico and Singapore.

In September 2000, Flextronics International Limited acquired
IEC.  Irish Express employs over 500 people between Ireland and
the United Kingdom.


VALENTIA TELECOM: Moody's Reviews Low-B Ratings on Takeover Bid
---------------------------------------------------------------
Moody's Investors Service has placed all of the ratings of
eircom Group plc on review for possible downgrade following the
announcement that BCM Ireland Holdings Limited -- a newly
incorporated company 65% owned by Babcock & Brown Capital
Limited and certain of its affiliates and 35% owned by the
eircom Employee Share Ownership Trust -- have launched a full
offer for the company.

The review for downgrade reflects Moody's expectation that the
levels of indebtedness at the company could materially increase
as a result of the acquisition by BCMIH and that credit metrics
could deteriorate as a result.  It also reflects Moody's view
that a successful bid is likely given that the eircom board has
recommended this offer.

Ratings affected:

   -- Ba2 corporate family rating at eircom Group plc

   -- Ba1 rating of Valentia Telecommunication Unlimited's
      EUR1.4 billion senior secured credit facilities

   -- Ba3 rating of Valentia Telecommunication Unlimited's
      EUR550 million unsecured notes due 2013

   -- B1 rating of eircom Funding plc's senior subordinated
      notes due 2013

The review for downgrade will focus on the likely business and
financial strategies of BCM and the ESOT for eircom including
the proposed debt leverage and debt capital structure profile.

Moody's notes that both the company's senior secured creditors
and note holders, both senior and senior subordinated classes,
benefit from put options in the event of a change of control.
If the bondholders exercised the put option or the bonds were
tendered above par as part of a refinancing, Moody's would
expect to withdraw the rating for the bonds.  Similarly, a
refinancing of the rated bank loans would also result in a
rating withdrawal for the credit facilities.

Moody's previous rating action on eircom was in February 2006
when the outlook was changed to negative from stable following
weaker than expected performance in the company's fixed-line
business that resulted in a worsening of the company's operating
margins and a consequent deterioration in credit metrics.

Headquartered in Dublin, Ireland, eircom is the principal
provider of fixed-line telecommunications services in Ireland,
as well as the leading Internet service provider and, following
its acquisition of Meteor, the third largest mobile operator in
Ireland.   In the last 12 months ending March 31, 2006, eircom
generated revenues of EUR1.7 billion.


VALENTIA TELECOM: S&P Keeps BB+ Rating on CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB+' long-term
corporate credit rating on Valentia Telecommunications upc on
CreditWatch with negative implications, where it was placed on
Feb. 22.

This follows an announcement by Valentia's owner,
Ireland-based fixed and mobile telecommunications operator
eircom Group PLC, confirming that it has received an offer for
the company from BCM Ireland Holdings Ltd., a newly incorporated
company funded by Babcock & Brown Capital Ltd. and certain
affiliates, and eircom ESOP Trustee Ltd..

The CreditWatch placement reflects the expected weakening of
Valentia's credit quality as a result of the takeover by BCMIH.

"If the transaction completes broadly in line with preliminary
indications, the new capital structure is expected to include
debt of more than EUR3.8 billion, which amounts to a EUR1.4
billion increase from current levels," said Standard & Poor's
credit analyst Michael O'Brien.

"The resulting meaningful impact on Valentia's credit ratios
would likely lead to a downgrade of more than one notch."

Although the funding structure to be implemented has yet to be
determined and reviewed, S&P estimates that pro forma for the
transaction, the lease- and pension-adjusted debt-to-EBITDA
ratio for the year ended March 31, 2006, would be 7.0x, compared
with the actual ratio of 4.7x.  In addition to the impact on
the group's financial profile, S&P will also need to assess the
business implications of the proposed transaction, which could
at some point include significant changes in terms of operating
structure.

In the event that a transaction does not materialize, S&P would
still have to assess the impact of this development on eircom's
future financial and business strategies, which could lead to an
affirmation or a downgrade.

Standard & Poor's expects to resolve the CreditWatch either when
there is certainty on the funding structure of the bid or on
transaction completion.


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


BANCA POPOLARE: Magiste Awaits Support on Deed of Arrangement
-------------------------------------------------------------
Banca Popolare Italiana will decide this week whether to sign a
deed of arrangement with real estate group Magiste S.p.A. over
the latter's EUR700 million debt, AFX News says.  BPI is a major
creditor of Magiste.

BPI chief executive Divo Gronchi revealed that the bank had
already received detailed information from Magiste regarding the
real estate company's financial situation.

If BPI responds positively, the parties could commence talks
over a possible repayment deal which would help Magiste avoid
going into bankruptcy, AFX News relates.  BPI previously
rejected a debt repayment proposal by Magiste.

Mr. Gronchi noted that a deed of arrangement might not reverse
Magiste's misfortunes if the prosecutors in Rome decide to
launch bankruptcy proceedings against the real estate group, Il
Sole 24 Ore said.  The magistrates are chasing Magiste over
EUR95 million in unpaid taxes.  The prosecutors, Il Sole 24 Ore
relayed, believe that Magiste has around EUR200 million in
financial deficit.

BPI is eyeing to sell some of Magiste's 109 million shares in
RCS MediaGroup S.p.A., which served as a guarantee for a bank
loan.

Mr. Gronchi, however, stressed that a deal might not be reached
until BPI completes it EUR719.4 million capital hike, set from
mid-June to mid-July.  He said the capital hike would be used to
prop up its balance sheet and finance its 2006-2009 business
plan.

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

                        *     *     *

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


BANCA POPOLARE: Sells Non-Performing Loan to ABN for EUR280 Mln
---------------------------------------------------------------
ABN Amro Holding N.V. acquired a portfolio of non-performing
loans from Banca Popolare Italiana for EUR280 million, AFX News
cited Italian daily La Stampa.

According to the report, ABN submitted the highest bid on the
loan portfolio, which has a nominal value of EUR924 million.

BPI chief executive Divo Gronchi confirmed that the bank has
received binding offers for the purchase of approximately EUR1
billion in non-performing loans, adding that it will book a
"significant capital gain" compared with the book value of the
loans, AFX relates.

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

                        *     *     *

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


MAGISTE SPA: Submits Deed of Arrangement Over EUR700MM Bank Debt
----------------------------------------------------------------
Banca Popolare Italiana will decide this week whether to sign a
deed of arrangement with real estate group Magiste S.p.A. over
the latter's EUR700 million debt, AFX News says.  BPI is a major
creditor of Magiste.

BPI chief executive Divo Gronchi revealed that the bank had
already received detailed information from Magiste regarding the
real estate company's financial situation.

If BPI responds positively, the parties could commence talks
over a possible repayment deal which would help Magiste avoid
going into bankruptcy, AFX News relates.  BPI previously
rejected a debt repayment proposal by Magiste.

Mr. Gronchi noted that a deed of arrangement might not reverse
Magiste's misfortunes if the prosecutors in Rome decide to
launch bankruptcy proceedings against the real estate group, Il
Sole 24 Ore said.  The magistrates are chasing Magiste over
EUR95 million in unpaid taxes.  The prosecutors, Il Sole 24 Ore
relayed, believe that Magiste has around EUR200 million in
financial deficit.

BPI is eyeing to sell some of Magiste's 109 million shares in
RCS MediaGroup S.p.A., which served as a guarantee for a bank
loan.

Mr. Gronchi, however, stressed that a deal might not be reached
until BPI completes it EUR719.4 million capital hike, set from
mid-June to mid-July.  He said the capital hike would be used to
prop up its balance sheet and finance its 2006-2009 business
plan.

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

                        *     *     *

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


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


AKJAIKSKAYA PROCUREMENT: Creditors Must File Claims by June 5
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared Akjaikskaya Procurement Company insolvent on
Feb. 14 without introduction of the bankruptcy proceedings.

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

         Pochitalina Str. 107
         Uralsk, West Kazakhstan Region
         Kazakhstan


AKKOL-TAGIL: Creditors Must File Claims by June 6
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Firma Akkol-Tagil insolvent on March 14.

Creditors have until June 6 to submit written proofs of claim
to:

         Office 75
         Auelbekova Str. 126
         Kokshetau, Kazakhstan
         Tel: 8 (3162) 25-40-67


ALOSKA: Creditors Must File Claims by June 5
--------------------------------------------
LLP Aloska has declared insolvency.  Creditors have until June 5
to submit written proofs of claim to:

         Jarokova Str. 286-12
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-40-15


AVIZO: Akmola Court Sets June 6 Claims Bar Date
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Avizo insolvent on March 14.

Creditors have until June 6 to submit written proofs of claim
to:

         Office 75
         Auelbekova Str. 126
         Kokshetau, Kazakhstan
         Tel: 8 (3162) 25-40-67


BIKGAL: Proof of Claim Deadline Slated for June 6
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Bikgal insolvent on March 17.

Creditors have until June 6 to submit written proofs of claim
to:

         Office 75
         Auelbekova Str. 126
         Kokshetau, Kazakhstan
         Tel: 8 (3162) 25-40-67


KAZSTROISERVICE: Proof of Claim Deadline Slated for June 6
----------------------------------------------------------
CJSC Kazstroiservice has declared insolvency.  Creditors have
until June 6 to submit written proofs of claim to:

         Masanchi Str. 26
         Almaty, Kazakhstan


RAMANICO INTERNATIONAL: Claims Registration Ends June 6
-------------------------------------------------------
LLP Ramanico International (RNN 600400541890) has declared
insolvency.   Creditors have until June 6 to submit written
proofs of claim to:

         Office 218
         Abai Ave. 68-70
         Almaty, Kazakhstan
         Tel: 8 (3272) 60-12-77
              8 (3272) 60-12-78
              8 (3272) 60-12-79


RECKON: Claims Registration Ends June 6
---------------------------------------
LLP Reckon has declared insolvency.  Creditors have until June 6
to submit written proofs of claim to:

         Shevchenko Str. 157a
         Almaty, Kazakhstan


SAMAL: Creditors' Must File Claims by June 6
--------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Samal insolvent on March 14.

Creditors have until June 6 to submit written proofs of claim
to:

         Office 75
         Auelbekova Str. 126
         Kokshetau, Kazakhstan
         Tel: 8 (3162) 25-40-67


YASKART: Creditors' Must File Claims by June 5
----------------------------------------------
LLP Yaskart has declared insolvency.  Creditors have until
June 5 to submit written proofs of claim to:

         Micro District 27 46-57
         Aktau, Kazakhstan
         Tel: 8 (3292) 42-81-01
         Fax: 8 (3292) 50-33-52


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


KONINKLIJKE AHOLD: Books EUR14.1 Billion in 1Q Net Sales
--------------------------------------------------------
Koninklijke Ahold N.V. released its preliminary and unaudited
trading figures for the first quarter of 2006.

First-quarter net sales went up 8.6% to to EUR14.1 billion.
Excluding the impact of currency, net sales hiked by 2.1%.

A full-text copy of Koninklijke Ahold's trading statement for
the first quarter of 2006 is available at no charge at
http://researcharchives.com/t/s?9be

                        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.


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


AGRO-BUILDER: Bankruptcy Hearing Slated for June 5
--------------------------------------------------
The Arbitration Court of Krasnodar Region will convene on June 5
to hear the bankruptcy supervision procedure on OJSC Agro-
Builder (TIN 2326003530).  The case is docketed under Case No.
A-32-63156/2005-37/739-B.

Mr. G.Antipov has been appointed temporary insolvency manager
and can be reached at:

         Ofitserskaya Str. 34/11
         350020, Krasnodar Region, Russia

The Debtor can be reached at:

         OJSC Agro-Builder
         Stepnaya Str. 9
         Belaya Glina
         353000, Krasnodar Region, Russia


AGRO-INVEST: Court Names A. Medvedev as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Volgograd Region appointed Mr. A.
Medvedev as insolvency manager for OJSC Agro-Invest (Case No.
A12-45389/05-s64).  He can be reached at:

         Lenina Str. 107
         Novoanninskiy
         403951, Volgograd Region, Russia

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

The Debtor can be reached at:

         OJSC Agro-Invest
         Internatsionalnyj Per. 91
         Novoanninskiy
         Volgograd Region, Russia


COLORIT: Court Taps S. Viktorov as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Tver Region appointed Mr. S. Viktorov
as insolvency manager for CJSC Colorit (Case No. A 66-
1611/2005).  He can be reached at:

         Post User Box 429
         170100, Tver Region, Russia

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

The Arbitration Court of Tver Region is located in:

         Sovetskaya Str. 23 b
         Sovetskaya Str.
         Tver Region, Russia

The Debtor can be reached at:

         CJSC Colorit
         Rzhev
         Tver Region, Russia


EAST FISH: Chukotskiy Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Chukotskiy Autonomous Region has
commenced bankruptcy supervision procedure on CJSC East Fish
Resources (Case No. A80-06/2006-B).

Mr. O. Syskov has been appointed temporary insolvency manager
and can be reached at:

         Dzerzhinskogo Str. 28
         Khabarovsk Region, Russia

The Debtor can be reached at:

         CJSC East Fish Resources
         Anadyr
         Energetikov Str. 24-21
         689000, Chukotskiy Autonomous Region, Russia


ELECTRIC STEEL: Court Sets Bankruptcy Hearing for Aug. 10
---------------------------------------------------------
The Arbitration Court of Vologda Region will convene on Aug. 10
at 3:30 p.m. to hear the bankruptcy supervision procedure on
CJSC Trade House Electric Steel (Case No. A13-15912/2005-22) at:

         Hall 4
         Gertsena Str. 1
         Vologda Region, Russia

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

         Post User Box 142
         160000, Vologda Region, Russia

The Debtor can be reached at:

         CJSC Trade House Electric Steel
         Predtechenskaya Str. 31
         Vologda Region, Russia


GUKOV-COAL: Bankruptcy Hearing Slated for July 18
-------------------------------------------------
The Arbitration Court of Rostov Region will convene on July 18
at 4:00 p.m. to hear the commenced bankruptcy proceedings
against OJSC Gukov-Coal (TIN 5144000235) at:

         Stanislavskogo Str. 8a
         Rostov-na-Donu
         344010, Rostov Region, Russia

The case is docketed under Case No. A53-17214/2005-S2-8.

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

         Nakhichevanskiy Per. 64
         Rostov-na-Donu
         344010, Rostov Region, Russia

The Debtor can be reached at:

         OJSC Gukov-Coal
         Komsomolskaya Str. 31
         Gukovo
         347879, Rostov Region, Russia


OAO LUKOIL: 2005 Net Income Up 51.7% to US$6.4 Billion
------------------------------------------------------
OAO Lukoil published its consolidated financial accounts for
2005.

Lukoil achieved outstanding financial and operating results in
2005.  Lukoil net income in 2005 was US$6.4 billion, which is an
increase of 51.7% year over year.  EBITDA was US$10.4 billion,
which is 44.4% higher than in 2004.  Revenue from sales in 2005
was US$55.8 billion, which is 64.8% higher year over year.
Average daily hydrocarbon production rose by 5.4% and reached
1.94 million boe per day.

The increase in net income resulted from favorable market
conditions and hydrocarbon production growth as well as from
costs control.  At the same time the growth of net income was
restrained by strengthening of the ruble against the dollar,
rise in transportation costs and increase of tax burden.

Tax expenses by the Company totaled in 2005 US$18.7 billion, up
78.2% year over year.  Tax expenses (including mineral
extraction tax, excise, export tariffs, etc.) charged in Russia
were 51.8% of the sales revenue of LUKOIL Russian entities.

Average lifting costs rose by 6.6% to US$2.75 per barrel in
comparison with the level of 2004.  However, taking into account
the strengthening of the ruble against the dollar in real terms,
average lifting costs in 2005 fell by more than 7% year over
year in real terms.  Lukoil managed to reduce average lifting
costs in real terms thanks to a growth of average flow rate per
well from 10.70 tons per day in 2004 up to 11.07 tons per day in
2005, or by 3.5%, and also thanks to the restructuring of
production assets.

Total capital expenditures including non-cash transactions were
US$4.2 billion in 2005, which is an increase of 21.2% year over
year.

In 2005 the Company produced 90.16 million tons (664 million
barrels) of crude oil, up 4.6% year over year.  Daily production
growth reached 4.7%, with organic growth of 4.0%.

Refinery throughputs in 2005 were 47.55 million tons, which is
8.0% higher year over year.

In 2005 Lukoil subsidiaries exported 45.8 million tons of oil
(including purchased oil) in comparison with 46.3 million tons
in 2004.  This decrease in export volumes is due to a growth of
throughputs at Lukoil Russian refineries and a reduction of
domestic oil purchases.

In 2005 Lukoil sold 123.2 million tons of crude oil and
petroleum products, which is 13.2% higher year over year.  The
share of international sales (including near-abroad countries)
in total volume of sales was 83.2% compared to 80.4% in 2004.

Retail sales of petroleum products increased by 29.7% in volume
terms year over year, while revenues from retail sales grew by
60.5%.

Headquartered in Moscow, Russia, OAO Lukoil, is the country's
largest vertically integrated oil & gas company in terms of
reserves, and one of the largest oil & gas companies in the
world.  In the first nine months of 2005, the group produced
1.92 million barrels of oil equivalent (boe) per day and in 2004
had refinery throughput of 44 million tons.  Total SPE reserves
in 2004 were just over 20 billion boe.  The group's 2005 nine-
month revenues were US$40.6 billion.

                        *     *     *

As reported in the TCR-Europe on Jan. 26, Moody's Investors
Service has changed the outlook of OAO Lukoil's Ba1 Corporate
Family Rating and Ba2 Issuer Rating to positive from stable.

Moody's last rating action on LUKOIL was on April 26, when the
agency upgraded the company's ratings from Ba2/Ba3 to Ba1/Ba2.


SERDOBSKIY FURNITURE: Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Penza Region commenced bankruptcy
proceedings against CJSC Serdobskiy Furniture Combine (Case No.
A49-839/2006-65B/26) after finding it insolvent.

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

         Lunacharskogo Str. 53
         440061, Penza Region, Russia
         Tel: (841-2) 64-19-73

The Arbitration Court of Penza Region is located in:

         Belinskogo Str. 2
         440600, Penza

The Debtor can be reached at:

         CJSC Serdobskiy Furniture Combine
         Pervomayskaya Str. 2
         Serdobsk
         Penza Region, Russia


TERNOVSKOYE: Penza Court Commences Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Penza Region commenced bankruptcy
proceedings against OJSC Ternovskoye after finding it insolvent.
The case is docketed under Case No. A 49-843/2006-69B/26.

Ms. Y. Pimenova has been appointed insolvency manager and can be
reached at:

         Lunacharskogo Str. 53
         440061, Penza Region, Russia
         Tel: (841-2) 64-19-73

The Arbitration Court of Penza Region is located in:

         Belinskogo Str. 2
         440600, Penza

The Debtor can be reached at:

         OJSC Ternovskoye
         Ryabova Str. 8A
         Penza Region, Russia


TOLYATTINSKIY HOUSE: Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Samara Region has commenced bankruptcy
supervision procedure on CJSC Tolyattinskiy House Building
Combine (Case No. a55-21584/2005).

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

         Post User Box 265
         Mologvardeykaya Str. 88
         443099, Samara Region, Russia

The Debtor can be reached at:

         CJSC Tolyattinskiy House Building Combine
         Nikonova Str. 43
         Tolyatti
         445015, Samara Region, Russia


VIMPEL COMMUNICATIONS: Completes US$600-Million Notes Issue
-----------------------------------------------------------
Open Joint Stock Company Vimpel-Communications (NYSE: VIP)
completed of the issuance of an aggregate principal amount of
US$600,000,000 of new loan participation notes in the
international bond markets.

The New Notes were issued by, but without recourse to, UBS
(Luxembourg) S.A. for the sole purpose of funding a loan to
VimpelCom in a principal amount equal to the aggregate principal
amount of the New Notes.  The New Notes will bear an annual
interest rate of 8.25% and will be due May 23, 2016.

The US$600,000,000 principal amount of New Notes are comprised
of:

   -- an aggregate principal amount of US$232,766,000 issued in
      exchange for the validly tendered and accepted 10% Loan
      Participation Notes due 2009, which were issued in June
      and July 2004, by, but without recourse to, the Bank for
      the sole purpose of funding loans aggregating
      US$450,000,000 in principal amount to VimpelCom; and

   -- an aggregate principal amount of US$367,234,000 issued by,
      but without recourse to, the Bank for the sole purpose of
      funding the new US$600,000,000 loan to VimpelCom.

                      About VimpelCom

Headquartered in Moscow, Russia, VimpelCom --
http://www.vimpelcom.com/-- provides mobile telecommunications
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.

                        *     *     *

As reported in TCR-Europe on Feb. 16, Standard & Poor's Ratings
Services said that its ratings and outlook on Russian mobile
telecommunications operator Vimpel-Communications (VimpelCom;
BB/Positive/--) are unaffected by the company's announcement
that it has launched a bid for Ukraine-based mobile
telecommunications operator CJSC Kyivstar GSM (BB-/Watch
Positive/--) for a consideration of US$5 billion in VimpelCom
common registered shares plus assumed debt.


===========
S W E D E N
===========


OTTO-VERKEN AB: Parent Files for Unit's Bankruptcy
--------------------------------------------------
Optegra AB, a Swedish water, air and energy technology group,
has filed a bankruptcy petition for its subsidiary Otto-Verken
AB, Nordic Business Report says.

Headquartered in Borrby, Sweden, Otto-Verken AB --
http://www.otto-verken.se/-- manufactures concrete elements.
The group employs 16 people and booked SEK17.5 million in
turnover in 2005.  Otto-Verken has been an Optegra subsidiary
since 2003.


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


BANQUE DE COMMERCE: Fitch Upgrades Individual Rating to C
---------------------------------------------------------
Fitch Ratings assigned Switzerland-based Banque de Commerce et
de Placements ratings of Issuer Default BB+ and Short-term B.
At the same time, Fitch upgraded BCP's Individual rating to C
from C/D and Support rating to 4 from 5.  The Outlook on BCP's
Issuer Default rating is Stable.

The upgrade of BCP's Individual rating largely reflects the
bank's improved asset quality, which resulted in better
operating profitability in 2005.  For the last five years, the
bank has stopped writing unsecured working capital loans that
had impinged on its asset quality, which should help keep
impaired loans at more reasonable levels.

The IDR, Short-term and Individual ratings consider BCP's sound
capitalization, experienced management and expertise in its
niche businesses.  It also reflects BCP's relatively small size,
some concentration risk and the bank's exposure to emerging
markets.

The upgrade of BCP's Support rating to 4 considers recent
changes in both of BCP's direct shareholders.  In September
2005, BCP's majority shareholder, Turkey-based Cukurova Holding,
sold its stake in BCP's minority shareholder, Yapi ve Kredi
Bankasi, to Koc Bank.  Koc Bank is owned by Koc Financial
Services, a 50/50 joint venture between Koc Bank and Italy's
Unicredito Italiano.

As a result, BCP is now ultimately 69%-owned by Cukurova, which
has improved its financial profile through debt repayments, and
31% by the Koc/Unicredito joint venture.  In Fitch's view, BCP
is likely to benefit from this new ownership structure and
improved, albeit limited, potential for support in case of need.

After a record year in 2004, BCP's profitability improved in
2005 due to good trade finance volumes, stable commission income
and positive currency effects. Operating profit benefited from a
drastic reduction in risk provisions; pre-tax profit was lower
mainly due to a voluntary tax-driven CHF8m transfer to general
provisions.  Management expects to achieve similar results in
2006, which currently looks achievable.

Lending is almost exclusively limited to short-term trade
finance.  Fairly high loan concentration is somewhat mitigated
by cash and other collateral and the short-term and revolving
nature of BCP's business.  Due to large write-offs, BCP's gross
impaired/total loans ratio fell to 0.8% at end-2005 from 6.1% at
end-2004.  No new impaired loans were recorded in 2005. Coverage
was good at 117%.

Although BCP's Tier 1 ratio witnessed a decline of 160 basis
points owing to growing risk-weighted assets, it remained strong
at 13.2% at end-2005.

BCP's primary focus is short-term trade finance but the bank is
also active in correspondent banking, private banking and
treasury operations.  BCP has a branch in Luxembourg and a
representative office in Istanbul.  It plans to open a small
onshore branch in Dubai later in 2006.  At end-2005 it had
assets CHF1.1 billion and employed 98 staff, most of them in
Geneva.


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


ARCELIK A.S: Fitch Places BB- on Foreign Currency IDR
-----------------------------------------------------
Fitch Ratings placed Arcelik A.S. a local currency Issuer
Default Rating of BBB- with Stable Outlook, foreign currency IDR
of BB- with Positive Outlook and National Long-term rating of
AA+ with Stable Outlook.

Arcelik is Turkey's leading manufacturer of white goods.

The ratings reflect Arcelik's strong business profile and sound
financial position.  The company has maintained its strong
EBITDAR margins at between 10.9% and 11.9% during the past three
years.  Arcelik remains a low-cost and competitive producer
globally.  The ratings also consider its increased geographic
diversification via a higher share of Turkish-origin exports
within its overall sales and through new plant investments in
Romania and Russia.

Its leverage remains conservative at 0.8 times despite an
increase in nominal debt in FYE05.  Fitch notes that Arcelik's
profitability ratios and leverage support the BBB- rating within
the rated white goods manufacturers peer group.

On the other hand, the ratings reflect Arcelik's challenges in
maintaining its share in saturated markets.  They also factor in
the price competition in both domestic and international markets
and volatile raw material prices.

The Stable Outlook on the local currency IDR reflects Fitch's
view that strong domestic demand, together with additional
capacities in Turkey, Russia and Romania, would help sustain
Arcelik's volume growth and resilient cash flows.  The foreign
currency IDR and its Positive Outlook are constrained by
Turkey's foreign currency IDR BB- rating and Positive Outlook.

Arcelik announced that barring any exceptional cash outflows,
the company targets a "long-term average of 50% of the yearly
distributable income" dividend policy.  It paid TRY231 million
dividends in FY05, compared to TRY2 million in FY04 and TRY86
million in FY03.  The company paid TRY200 million cash dividends
this year out of its FY05 earnings of TRY312 million.

Arcelik's maintenance capital expenditure is estimated at EUR80
million-EUR100 million range per year.  In FY05, capital
expenditure net of asset disposal totaled TRY253 million, due to
its acquisition of Beko and its Russian plant investment.

Arcelik has so far paid EUR26 million for the EUR31 million Beko
after-sales network, with the rest to be paid in installments.
The plant in Russia took up EUR29 million in FY05 and will
receive another EUR29 million in FY06 to complete the project.
Arcelik's FY06 capital expenditure guidance is close to the
EUR80 million-EUR100 million range.  Arcelik reported TRY219
million in interest income in FY05, mostly due to installment
sales in Turkey, where its financing charges are slightly above
the prevailing local interest rates.

Arcelik is the largest white goods manufacturer in Turkey, with
over 50% domestic market share.  The company produced 8.3
million units and reported TRY5.1 billion consolidated sales in
FY05, of which 39% of the revenues were from export sales.
Arcelik is 56%-owned by Koc Holding of Turkey, while 21% is
floated on the Istanbul Stock Exchange.


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


GAZBUDENERGO: Court Names I. Mihno to Liquidate Assets
------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. I. Mihno as
Liquidator/Insolvency Manager for LLC Gazbudenergo (code EDRPOU
32554941).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
43/475.

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 Gazbudenergo
         01103, Druzhbi Narodiv Str. 8/9
         Kyiv Region, Ukraine


KLINKER: Kyiv Court Begins Bankruptcy Proceeings
------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Trade-Industrial Firm Klinker (code
EDRPOU 31925786).  The case is docketed under Case No. 15/28-b.

Ms. O. Valentsionova has been appointed temporary insolvency
manager.

The Economic Court of Kyiv Region is located in:

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

The Debtor can be reached at:

         LLC Trade-Industrial Firm Klinker
         01024, Chekistiv Lane 6
         Kyiv Region, Ukraine


MILITARY TENDERS: Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Cherkassy Region commenced bankruptcy
supervision procedure on State Enterprise of Ministry of Defense
Cherkassy Military Tenders of North Operative Command (code
EDRPOU 07642316) on Feb. 10.  The case is docketed under Case
No. 01/777.

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

         Konev Str. 13/87
         Cherkassy Region, Ukraine

The Economic Court of Cherkassy Region is located in:

         Shevchenko Avenue 307
         18005, Cherkassy Region, Ukraine

The Debtor can be reached at:

         State Enterprise of Ministry of Defense
         Cherkassy Military Tenders of North Operative Command
         Ilyina Str. 218
         Cherkassy Region, Ukraine


SOLVEKS: Court Taps I. Mihno as Insolvency Manager
--------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. I. Mihno as
Liquidator/Insolvency Manager for LLC Solveks (code EDRPOU
31306923).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
43/474.

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 Solveks
         01103, Kikvidze Str. 26
         Kyiv Region, Ukraine


TEHBUD: Kyiv Court Launches Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Tehbud (code EDRPOU 31238991).  The
case is docketed under Case No. 15/27-b.

Ms. O. Valentsionova has been appointed temporary insolvency
manager.

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 Tehbud
         Mechnikov Str. 16
         01021, Kyiv Region, Ukraine


VERSHINA: Court Taps O. Stupak to Manage Insolvency Assets
----------------------------------------------------------
The Economic Court of Zhitomir Region appointed Mr. O. Stupak as
Liquidator/Insolvency Manager for LLC Agrocompany Vershina (code
EDRPOU 32784414).  He can be reached at:

         Shevchenko Str. 102/82
         Zhitomir Region, Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Feb. 28.  The case is docketed
under Case No. 4/108 B.

The Economic Court of Zhitomir Region is located in:

         Putyatinski Square 3/65
         10002, Zhitomir Region, Ukraine

The Debtor can be reached at:

         LLC Agrocompany Vershina
         Radyansk Str. 1
         Andrushivskij District
         Antopil
         Zhitomir Region, Ukraine


VIRMAKOMP-MF: Court Appoints S. Nesterenko as Liquidator
--------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. S. Nesterenko as
Liquidator/Insolvency Manager for LLC Virmakomp-MF (code EDRPOU
33638168).

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

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 Virmakomp-MF
         Predslavinska Str. 34-b
         Kyiv Region, Ukraine


ZEMLYA PODILSKA: Court Begins Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
supervision procedure on Agricultural LLC Zemlya Podilska (code
EDRPOU 03731980).  The case is docketed under Case No. 5/56-06.

Mr. Vasil Glebov has been appointed temporary insolvency manager
and can be reached at:

         Vinnitska Str. 26
         Luka-Meleshkivska
         Vinnitsya District
         Vinnitsya Region, Ukraine

The Economic Court of Vinnitsya Region is located in:

         Hmelnitske Shose, 7
         Vinnitsya Region, Ukraine

The Debtor can be reached at:

         Agricultural LLC Zemlya Podilska
         Lirov Str. 42
         Chernivtsi
         24100, Vinnitsya Region, Ukraine


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


APEX INDUSTRIAL: Hires Joint Administrators from CBA
----------------------------------------------------
Neil Charles Money and Geoff Robbins of CBA were appointed joint
administrators of Apex Industrial Cladding Limited (Company
Number 3011134) on May 9.

CBA -- http://www.cba-insolvency.co.uk/-- is a small compact
group of experts specializing only in the fields of corporate
and personal insolvency.

Based in Derby, Apex Industrial Cladding is engaged in
industrial roofing.


ASCOT MINWORTH: Administrators Put Assets for Sale
--------------------------------------------------
R. D. Allen and D. L. Z. Wong, joint administrators, offer for
sale the business and assets of Ascot Minworth Limited.

Features:

   -- Long-established screen printer and corporate emblem
      manufacturer primarily servicing the automotive industry;

   -- Large Leasehold Premises at Minworth Sutton Coldfield;

   -- Extensive specialist equipment;

   -- Skilled workforce of 23 employees;

   -- Annual Turnover of approximately GBP2 million;

Inquiries can be addressed to:

         Michael A. Simpson
         Deloitte & Touche LLP
         Tel: 02920264217
         Fax: 02920482615
         E-mail: misimpson@deloitte.co.uk

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


AUTOQUIP LIMITED: Appoints Peter Nottingham as Administrator
------------------------------------------------------------
Peter Nottingham of Nottingham Watson Limited was appointed
administrator of Autoquip (Worcestershire) Limited (Company
Number 04532094) on May 5.

The administrator can be contacted at:

         Nottingham Watson Limited
         15 Highfield Road
         Hall Green
         Birmingham B28 0EL
         United Kingdom
         Tel: 0121 236 6004
         Fax: 0121 236 6011
         E-mail: pnottingham@notwat.com

Located in Kidderminster, England, Autoquip (Worcestershire)
Limited sells motor vehicle parts.


CAZZINC LIMITED: Brings In Joint Administrators from Begbies
------------------------------------------------------------
Paul Michael Davis and Timothy John Edward Dolder of Begbies
Traynor (South) LLP were appointed joint administrators of
Cazzinc Limited (Company Number 04059488) on May 4.

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

Based in London, Cazzinc Limited retails apparel and
accessories.


DRACUP LIMITED: Names Jacksons Jolliffe as Administrators
---------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Jacksons
Jolliffe Cork were named joint administrators of Dracup (U.K.)
Limited (Company Number 00655614) on May 4.

Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- was
established in 1998.  It has offices in Doncaster, Harrogate,
Hull, Middlesbrough, Wakefield and York.

Dracup (U.K.) Limited -- http://www.dracupuk.com/-- are textile
machinery manufacturer, contract precision engineers and CAD
supplier.


DEW CONSTRUCTION: Administrators Sell Business as Going Concern
---------------------------------------------------------------
The Joint Administrative Receivers, R.H. Kelly and C.G.J. King,
offer for sale as a going concern the business and assets of Dew
Construction Limited and Dew Pitchmastic Plc.

Features:

   -- top 50 construction contractor (Turnover: GBP140 million)
      with representation throughout the U.K.

   -- activities include:

         a) industrial and commercial building;
         b) civil contracting;
         c) repair and refurbishment contracting; and
         d) framework agreements;

   -- four freehold sites at Sheffield, Oldham, Manchester and
      Sidcup; and

   -- other leasehold sites at Newcastle, Coventry, Rosyth,
      Bristol, Gibraltar and Guernsey.

Inquiries can be addressed to:

         Andrea Borton
         Ernst & Young LLP
         Cloth Hall
         14 King Street
         Leeds LS1 2JN
         United Kingdom
         Tel: (0113) 298 2574
         Fax: (0113) 298 2206
         E-mail: aborton@uk.ey.com

Ernst & Young -- http://www.ey.com/-- is global organization
help companies in businesses across all industries-from emerging
growth companies to global powerhouses-deal with a broad range
of business issues.  It has 107,000 people in 140 countries
around the globe pursue the highest levels of integrity, quality
and professionalism to provide clients with a broad array of
services relating to audit and risk-related services, tax, and
transactions.


ELECTROTECHNICAL ENGINEERING: Begins Liquidation Procedure
----------------------------------------------------------
Electrotechnical Engineering Limited is liquidating its assets
after creditors passed a resolution to wind up the company's
operations on March 22.

Subsequently, Helen Phillips was appointed Liquidator.

The company can be reached at:

         Electrotechnical Engineering Limited
         Unit 3
         Osborn Way
         The Rose Estate
         Hook Hampshire RG279UT
         United Kingdom
         Tel: 01256 766 914
         Fax: 01256 766 915


EXAMINER TRAINING: Claims Filing Period Ends July 16
----------------------------------------------------
The Examiner Training Agency Limited is liquidating its assets
after creditors decided to wind up the company's operations
during an extraordinary general meeting on March 16.

Appointed Liquidator, Nigel Ian Fox and Carl Stuart Jackson, of
Tenon Recovery, 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
July 16.

The company can be reached at:

         The Examiner Training Agency Limited
         1 Auckland Road
         Christchurch Dorset BH234HH
         United Kingdom
         Tel: 01425 280 118


FINFLOWER IMPORTS: Liquidator Sets June 30 Claims Bar Date
----------------------------------------------------------
Creditors of Finlower (Imports) Limited passed a resolution to
wind up the company on March 15.

Appointed Liquidator, Anthony Harry Hyams, of Marriotts LLP,
requires 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 30.

The company can be reached at:

         Finlower (Imports) Limited
         Harcourt House
         19 Cavendish Square
         London W1G 0AJ
         United Kingdom
         Tel: 01422 370 002
         Fax: 01422 371 314


FIVE STAR: Appoints David Andrew Field to Administer Assets
-----------------------------------------------------------
David Andrew Field of Centrum Recovery Limited was appointed
administrator of Five Star Facilities Limited (Company Number
04844692) on May 3.

The administrator can be contacted at:

         Centrum Recovery Limited
         Cambridge House
         North Church St.
         Bakewell
         Derbyshire DE45 1DB
         United Kingdom
         Tel: 01629 810260

Based in Warrington, Five Star Facilities Limited offers
cleaning and maintenance services for buildings.


GUARDIAN RECRUITMENT: Joint Liquidators Take Over Operations
------------------------------------------------------------
Edward T. Kerr and Ian J. Gould, of PKF (U.K.) LLP, were
appointed Joint Liquidators of Guardian Recruitment Services
Limited after creditors decided to wind up the company's
operations during an extraordinary general meeting on March 28.

The company can be reached at:

         Guardian Recruitment Services Limited
         3 Belvoir Street
         Leicester Leicestershire LE1 6SL
         United Kingdom
         Tel: 0116 254 9700


HALMO SPORTS: Creditors Pass Winding Up Resolution
--------------------------------------------------
Creditors of Halmo Sports Limited passed a resolution to wind up
the company's operations during an extraordinary general meeting
on March 16.

M.H. Linton, of Leigh & Co., was appointed Liquidator.

The company can be reached at:

         Halmo Sports Limited
         Camberley Surrey GU152UL
         United Kingdom
         Tel: 01276 685 155
         Fax: 01276 681 029


MY TRAINERS: Names Jonathan Sinclair Liquidator
-----------------------------------------------
My Trainers Limited is liquidating its assets after creditors
passed a resolution to wind up the company's operations on
March 20.

Jonathan Sinclair, of Sinclair Harris, was appointed Liquidator.

The company can be contacted at:

         My Trainers Limited
         3 Brixton Station Road
         London SW9 8PA
         United Kingdom
         Tel: 020 7274 0022


N.D. WYATT: Creditors Agree to Voluntary Liquidation
----------------------------------------------------
Creditors of N.D. Wyatt & Co. Limited agreed to voluntarily
liquidate the company's assets during an extraordinary general
meeting on March 22.

Subsequently, John Arthur Kirkpatrick was appointed Liquidator.

The company can be reached at:

         N.D. Wyatt & Co. Limited
         1 Tile Barn
         Marlston
         Hermitage
         Thatcham
         Berkshire RG189UQ
         United Kingdom
         Tel: 01635 203 233
         Fax: 01635 203 044


NHJ LIMITED: Brings In Administrator from Haslers
-------------------------------------------------
Richard Anthony Jeffrey Hooper of Haslers was appointed
administrator of NHJ (U.K.) Limited (Company Number 05365785) on
May 8.

Haslers -- http://www.haslers.com/-- specializes in Business
Advisory, Tax, Corporate Finance & Insolvency.  The company
targets the SME sector -- mainly owner-managed, family-run
businesses and entrepreneurs.

NHJ (U.K.) Limited can be reached at:

         Lawn Cottage
         Portsmouth Road
         Milford Godalming
         Surrey GU8 5HZ
         United Kingdom


NRG VICTORY: U.S. Court to Hear Chapter 15 Petition on June 12
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing at 10:00 a.m. on June 12 to consider the
chapter 15 petition of Alan Boyce, as foreign representative of
NRG Victory Reinsurance Limited.

Copies of the Scheme of Arrangement and other relevant documents
are available upon written request to Mr. Boyce's U.S. counsel
at:

         Clifford Chance U.S. LLP
         31 West 52nd Street
         New York, New York 10019
         U.S.A.
         Attn: Sara M. Tapinekis, Esq.
         Fax: (212) 878-8375
         E-mail: sara.tapinekis@cliffordchance.com

Objections to the petition may be submitted no later than 4:00
p.m. (Eastern Time) on June 7 to:

         The Office of the Clerk of Court
         Room 534, One Bowling Green
         New York, New York 10004
         U.S.A.

and served upon the petitioner's counsel.

Headquartered in Ashford, England, NRG Victory Reinsurance Ltd.
operated a reinsurance company but ceased underwriting
operations in 1993.  Alan Boyce, in his capacity as foreign
representative for the company, filed a chapter 15 petition on
May 12 (Bankr. S.D.N.Y. Case No. 06-11052).  Sara M. Tapinekis,
Esq., Andrew P. Brozman, Esq., David A. Sullivan, Esq., at
Clifford Chance US LLP, represents Mr. Boyce in the U.S.
proceedings.  As of the petition date, the Debtor estimated more
than US$100 million in assets and debts.

The Debtor is currently undergoing a Scheme of Arrangement in
the High Court of Justice in England and Wales.


PILOT TRAINING COLLEGE: Claims Registration Ends July 16
--------------------------------------------------------
Creditors of the Pilot Training College (Bournemouth) Limited
passed a resolution to wind up the company during an
extraordinary general meeting on March 16.

Appointed Joint Liquidators, Nigel Ian Fox and Carl Stuart
Jackson, of Tenon Recovery, 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 July 16.

The company can be reached at:

         The Pilot Training College (Bournemouth) Limited
         4 Marston Grove
         Christchurch Dorset BH234RH
         United Kingdom
         Tel: 01202 574 775


POLAR TRANSPORT: Financial Woes Trigger Liquidation
---------------------------------------------------
Richard Ian Williamson, of Campbell Crossley and Davis, was
appointed Liquidator of Polar Transport Limited after creditors
passed a resolution to wind up the company on March 21.

Chairman J.S. Tolley revealed the company could no longer
continue its operations due to mounting debts.

The company can be reached at:

         Polar Transport Limited
         20 Albion Road
         New Mills High Peak
         Derbyshire SK223EX
         United Kingdom
         Tel: 01663 747 751
         Fax: 01663 747 787


SOUTH HUMBERSIDE: Creditors Resolve to Liquidation
--------------------------------------------------
Creditors of South Humberside Hydraulics Limited resolved to
liquidate the company's assets during an extraordinary general
meeting on March 17.

Michael Francis McCarthy, of Walletts Insolvency Services, was
appointed Liquidator.

The company can be reached at:

         South Humberside Hydraulics Limited
         Unit 10
         Wainer Close
         Lincoln LN6 3RY
         United Kingdom
         Tel: 01522 697 698


SOUTHERN PACIFIC: Fitch Affirms Class E Securities at BB+
---------------------------------------------------------
Fitch Ratings affirmed all tranches of Southern Pacific
Securities 04-2 Plc issued by Southern Pacific Mortgage Limited
following a full loan-by-loan and cash flow analysis.  The
rating actions are:

   -- Class A1a affirmed at AAA;
   -- Class A1b affirmed at AAA;
   -- Class A1c affirmed at AAA;
   -- Class A2a affirmed at AAA;
   -- Class A2c and A2c detachable A coupon affirmed at AAA;
   -- Class B1b affirmed at AA;
   -- Class B1c affirmed at AA;
   -- Class C1a affirmed at A;
   -- Class C1c affirmed at A;
   -- Class D1a affirmed at BBB+;
   -- Class D1c affirmed at BBB+; and
   -- Class E affirmed at BB+.

Fitch's original analysis for the transaction, incorporated
adjustments for additional risks associated with the sub-prime
characteristics of the portfolio in accordance with its U.K.
criteria.  The remodeling of the mortgage portfolio backing SPS
04-2 included a revision of assumptions to stress delinquency
levels and collection rates from their current position.  The
outcome of the remodeling exercise shows that credit enhancement
remains sufficient to support the ratings of all tranches at
their current levels.

Arrears trending above norm, coupled with an increase in
cumulative losses and the step-ups in the DAC rate, have had a
negative impact on the available revenue funds position for this
transaction.  This resulted in a drawing on the reserve fund in
March 2006 amounting to GBP71,473 out of a total reserve of GBP7
million.  The reserve fund draw coincided with an increase in
the DAC rate to 3.40% from 2.80% for that interest period.

The DAC rate steps up again next quarter to 3.70% from 3.40%.
However a further 19.62% of the portfolio reverted to the full
standard variable rate in March, with some 51.25% having already
reverted to the full rate prior to this.  These reversions
should boost the degree of excess spread for the coming quarter,
which should compensate for the further DAC step-up to some
degree.  Nevertheless it could also cause payment shock to the
borrowers affected.

Consequently this could have an impact in feeding through to
further arrears.  In addition, if losses continue to trend
upwards, there remains the potential for a further draw on the
reserve fund.  As at March 2006, cumulative losses accounted for
6bps of the initial portfolio balance, an increase of 4bps from
the previous quarter.

Unlike Farringdon Mortgages No. 1 Plc, which saw its mezzanine
and subordinated tranches downgraded on May 18, the SPS 04-2
reserve fund draw came at a time when the reserve was fully
funded.  The reserve fund draws represented 1.02% of the
available amount, considerably less than the 15.76% in the FM1
draw.  SPS 04-2 has also benefited from an accumulation in
credit enhancement since the deal closed in August 2004, which
provides extra protection to the lower-rated tranches.

In contrast, FM1 remained relatively unseasoned at the time of
the reserve fund draw and the low average prepayment rates
experienced in that transaction to date have limited the build-
up of credit enhancement.  Average annualized prepayment rates
in SPS 04-2 to date are 25.65% compared to 10.81% in FM1.

Despite the affirmation, 90 days plus arrears remain at 20.96%
of the portfolio, which are some 8% above Fitch's index for the
sector's deals at this stage of seasoning.  Transactions with
this degree of seasoning would ordinarily have shown some
stabilization of 90 days plus arrears at this point, which this
transaction has not.  The agency will therefore continue to
monitor the transaction closely, particularly with respect to
signs of stabilization of the arrears position.


QUILLION LIMITED: Appoints Administrators from Vantis
-----------------------------------------------------
Simon Elliott Glyn and Nicholas Hugh O'Reilly of Vantis were
appointed joint administrators of Quillion Limited (Company
Number 03420348) on May 8.

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

Quillion -- http://www.quillion.com/-- provides data management
to companies operating in technical engineering environments
such as oil and gas, rail transportation, chemical process,
utilities and defense.


RANK GROUP: Cancels Another 1,500,000 Shares in Buyback Scheme
--------------------------------------------------------------
The Rank Group Plc bought back 1,500,000 ordinary shares of 10
pence in the Company on May 23 for cancellation at an average
price of 208.9375 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.


SL REALISATIONS: Brings In Menzies to Administer Assets
-------------------------------------------------------
Andrew John Duncan and Andrew Gordon Stoneman of Menzies
Corporate Restructuring were named joint administrators of SL
Realisations (2006) Limited (Company Number 03057791) on April
28.

Headquartered in London, Menzies Corporate Restructuring --
http://www.menzies.co.uk/-- is a member of Moores Rowland
International, an association of independent accounting firms
throughout the world with some 20,800 partners and staff,
operating from 628 offices in 92 countries.

SL Realisations (2006) Limited is engaged in logistics and
warehousing.


STAFFORDSHIRE HERITAGE: Taps Milner Boardman as Administrator
-------------------------------------------------------------
Colin Burke and Gary J. Corbett of Milner Boardman & Partners
were appointed joint administrators of Staffordshire Heritage
Limited (Company Number 05404414) on May 9.

Headquartered on Hale, Altrincham, South Manchester, Milner
Boardman -- http://www.milnerboardman.co.uk/-- is an
independent firm of chartered accountants and business advisers.

Staffordshire Heritage Limited can be reached at:

         Warrant House
         High Street
         Altrincham
         Cheshire WA14 1PZ
         United Kingdom


STENBUY LIMITED: Joint Administrators Take Over Operations
----------------------------------------------------------
Paul Appelton and Henry Lan of David Rubin & Partners were
appointed joint administrators of Stenbuy Limited (Company
Number 03127681) on May 5.

David Rubin & Partners -- http://www.drpartners.com/--  
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.

Located in London, Stenbuy Limited offers hairdressing and
beauty treatments.

                           *********


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
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subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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