TCREUR_Public/060526.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

              Friday, May 26, 2006, Vol. 7, No. 104

                            Headlines

A U S T R I A

ATH TECHNOLOGIE: Lack of Funds Prompt Court to Dismiss Case
AUTOVERMIETUNG KALAL: Court to Close Case Following Distribution
COMFORT: Vienna Court Closes Bankruptcy Proceedings
CRU CHRISTINE: Vienna Court Closes Bankruptcy Case
DEXIA KOMMUNALKREDIT: Fitch Affirms Individual Rating at C

E.MIEDLER: Awaits Final Distribution & Closing Protocol
NIMROD: Korneuburg Court Dismisses Bankruptcy Proceedings
VAKO SCHLOSSER: Court to Close Bankr. Case After Claims Payment


F R A N C E

EUROTUNNEL S.A.: Inks Prelim Binding Pact with Ad Hoc Committee


G E R M A N Y

DUERR AG: Shareholders Elect New Supervisory Board Members
E.D.A.S. BAUBETREUUNGS: Creditors' Meeting Slated for June 8
FRIEDL F: Claims Filing Period Ends June 9
HEADIX GMBH: Claims Registration Ends June 7
LEONBERGER GMBH: Claims Registration Ends June 8

M.K. TECHNICS: Claims Filing Period Ends June 7
NADER GMBH: Claims Registration Ends June 3
RUDOLF STRIPP: Claims Filing Period Ends June 7
SPEDITION KODDENBERG: Meeting of Creditors Set for June 30
TAUSEND GMBH: Creditors' Meeting Slated for July 24


I R E L A N D

EIRCOM GROUP: Credit Suisse Acquires 65,115,463 Shares
EIRCOM GROUP: Earns EUR82 Million for Year Ended March 31, 2006


I T A L Y

ALITALIA SPA: Appellate Court Blocks EUR38MM Volare Takeover Bid
ALITALIA SPA: State Council Forbids Flights to Sardinia
VOLARE GROUP: State Council Thwarts Alitalia's Offer


K A Z A K H S T A N

AZON TAN: Creditors Must File Claims by June 6
BATYR KOJA: Creditors Must File Claims by June 6
FORS: Creditors Must Submit Claims by June 6
FRANZ KLEINE: Creditors' Claims Due June 6
JARKENT SAUDA: Almaty Court Opens Bankruptcy Proceedings

JETYSU: Almaty Court Starts Bankruptcy Process
KADES: Almaty Court Begins Bankruptcy Proceedings
KUNARLYLYK: Claims Registration Ends June 6
RAUAN: Proof of Claim Deadline Slated for June 6
TOLKYN: Proof of Claim Deadline Slated for June 6


K Y R G Y Z S T A N

BASALT THIN: Public Auction Scheduled for May 31
DAOS: Bishkek Court Opens Bankruptcy Proceedings
KAS: Creditors' Meeting Slated for May 30


N E T H E R L A N D S

HELIX CAPITAL: Moody's Reviews Low-B & Junk Ratings; May Upgrade


N O R W A Y

AKER KVAERNER: Inks US$160-Mln Contract with Jurong Shipyard
FRONTIER DRILLING: S&P Rates US$315-Mln Credit Facility at B-


R U S S I A

AIR-GAS-SERVICE: Court Begins Bankruptcy Supervision
BUZDYAK-RAY-SEL-KHOZ-KHIMIYA: Court Starts Bankruptcy Process
DONSKAYA POULTRY: Court Opens Bankruptcy Proceedings
FLOUR MILL: Court Names K. Khutezhev to Manage Assets
MECHETINSKIY BRICK: Court Opens Bankruptcy Proceedings

MIVOK: Court Appoints A. Vilchinskiy as Insolvency Manager
SAMARA-OIL-SERVICE: Court Names I. Anayev as Insolvency Manager
SYNTHESIS: Rostov Court Begins Bankruptcy Proceedings
TRANSPORT 2000: Court Names K. Kovalenko as Insolvency Manager
VELIKOUSTYUGSKIY SHIPYARD: Court Launches Bankruptcy Proceedings

YUKOS OIL: Declares S. Vinokurov's Appointment as Illegal


S P A I N

RBC DEXIA: Fitch Affirms Individual Rating at C


S W I T Z E R L A N D

CONVERIUM AG: Earns US$61.6 Million in First Quarter 2006


T U R K E Y

ORDU YARDIMLASMA: Moody's Raises Corporate Family Rating to Ba2


U K R A I N E

BUDSHLYAHMASH: Court Names U. Shkurupij to Liquidate Assets
EVEREST: Court Names I. Mihno to Manage Insolvency Assets
I.T.M.-PLUS: Kyiv Court Begins Bankruptcy Supervision
KRASNOPEREKOPSKE RAJAGROPROMENERGO: Court Names Liquidator
KRIVORIZKA SILGOSPTEHNIKA: Court Names Insolvency Manager

NJSC NAFTOGAZ: Moody's Raises Corporate Family Rating to Ba3
PROMBIZNESGRUP: Kyiv Court Starts Bankruptcy Supervision
TRILISI' ALCOHOL: Kyiv Court Launches Bankruptcy Supervision


U N I T E D   K I N G D O M

ALLPARTS LIMITED: Creditors' Meeting Slated for May 30
BLYTH & PAGE: Meeting of Creditors Set for May 30
BML ASSOCIATES: Appoints Administrator from Kay Johnson Gee
C & M: Creditors' Meeting Slated for May 31
COALITION TOTAL: Creditors Pass Winding Up Resolution

COCO FINANCE: S&P Rates Class E Credit-Linked Notes at BB
CORUS GROUP: Inks Purchase Pact with Aleris for Aluminum Biz
EMERGENCY TRAINING: Brings In Liquidator from Wilson Field
EMP STATIC: Names Jonathan Lord Liquidator
EUROTUNNEL PLC: Inks Prelim Binding Pact with Ad Hoc Committee

GLENFIELDS LIMITED: Hires Joint Liquidators from Insol House
HUNT & HOLDITCH: Taps J.N. Bleazard to Liquidate Assets
HYTYME MANAGEMENT: Meeting of Creditors Set on May 31
INFINITE DESIGNS: Joint Liquidators Take Over Operations
JCT HAULAGE: Financial Woes Trigger Liquidation

JOHN GLADSTONE: Appoints Administrators from Begbies Traynor
LAKEOVALE LIMITED: Creditors Resolve to Liquidation
NTL CABLE: Fitch Rates GBP375-Mln Senior Notes at B+/RR4
OCEAN MANAGEMENT: Meeting of Creditors Set for June 1
PMG REALISATIONS: Creditors' Meeting Slated for May 30

QUALITY REPAINTS: Winds Up Operations & Appoints Liquidator
SEABIRD CONTAINERS: Meeting of Creditors Set for May 30
SYSTEMEC LIMITED: Brings In Administrators from Quadra Business

                            *********

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


ATH TECHNOLOGIE: Lack of Funds Prompt Court to Dismiss Case
-----------------------------------------------------------
The Trade Court of Vienna dismissed the bankruptcy proceedings
of LLC ATH Technologie Holding (FN 196310t) on May 2, after
proving that the Debtor's assets are insufficient to pay
administrative expenses.

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

The Debtor can be reached at:

         LLC ATH Technologie Holding
         Reichsratsstrasse 5
         1010 Vienna
         Austria


AUTOVERMIETUNG KALAL: Court to Close Case Following Distribution
----------------------------------------------------------------
The Trade Court of Vienna will close the bankruptcy case of LLC
Autovermietung Kalal (FN 143928i) after the Debtor's final
distribution to creditors.

The Debtor can be contacted at:

         LLC Autovermietung Kalal
         Rennweg 73
         1030 Vienna
         Austria


COMFORT: Vienna Court Closes Bankruptcy Proceedings
---------------------------------------------------
The Trade Court of Vienna entered an order closing the
bankruptcy case of Construction LLC Comfort (FN 108525x) on
May 2.

Under the court-approved draft on property allocation, creditors
owed money by the Debtor received a 0.14% recovery on their
claim.

The Debtor will distribute claims payment until Feb. 2, 2008.

Headquartered in Vienna, Austria, Construction LLC Comfort
declared bnakruptcy on Nov. 18, 2004 (Bankr. Case No. 2 S
139/04k).  Eva Riess served as the court-appointed property
manager for the bankrupt estate.  Leopold Riess represented Ms.
Riess in the bankruptcy proceedings.


CRU CHRISTINE: Vienna Court Closes Bankruptcy Case
--------------------------------------------------
The Trade Court of Vienna entered an order closing the
bankruptcy proceedings of CRU Christine Ruckendorfer Projekt (FN
188663x) on May 2.

Under the confirmed compulsory compensation payment scheme,
creditors will recover 20% of their claims to be paid in three
installments:

  (a) 7% within 14 days after confirmation of the payment
      scheme, but not until the closing of the Debtor's
      bankruptcy case;

  (b) 6% to be paid 12 months after adoption of the payment
      scheme; and

  (c) 7% to be paid within 24 months.

Headquartered in Vienna, Austria, CRU Christine Ruckendorfer
Projekt declared bankruptcy on Aug. 2, 2005 (Bankr. Case No. 2 S
98/05g).  Johanna Abel-Winkler served as the court-appointed
property manager for the bankrupt estate.  Norbert Abel
represented Ms. Winkler in the bankruptcy case.


DEXIA KOMMUNALKREDIT: Fitch Affirms Individual Rating at C
----------------------------------------------------------
Fitch Ratings affirmed Belgian-based Dexia's ratings at Issuer
Default AA+ and Short-term F1.

The Outlook on the Issuer Default rating remains Stable.  The
Individual and Support ratings are affirmed at A/B and 1
respectively.  The ratings for its subsidiaries are also
affirmed.

Dexia's IDR, Short-term and Individual ratings are based on the
group's dominant position in European public finance, its
relatively stable and solid profitability, excellent asset
quality and strong capitalization.  The group's business profile
has become increasingly diversified in the past ten years, both
geographically and in terms of business mix.  As well as being
the largest provider of public finance in Europe, it is one of
the main retail banks in Belgium and Luxembourg.

It has also built up its investment management business, and
while it remains a small player on a European scale, assets
under management continue to rise, totaling some EUR90 billion
at end-2005.  Management remains committed to further expansion
of its three main activities.  The focus is likely to be more on
organic growth although external acquisitions will also be
considered.

Dexia is the Belgian-based publicly quoted company of the Dexia
group and fully controls the group's three main banks:

   -- Dexia Credit Local in France,
   -- Dexia Bank Belgium, and
   -- Dexia Banque Internationale Luxembourg.

It also has a number of international subsidiaries, primarily
specialized in public and project finance.

Current ratings of Dexia subsidiaries are:

   -- Dexia Credit Local, France:
      IDR AA+, Short-term F1+, Individual A/B and Support 1

   -- Dexia Bank Belgium;
      IDR AA+, Short-term F1+, Individual B and Support 1

   -- Dexia Banque Internationale a Luxembourg;
      IDR AA+, Short-term F1+, Individual A/B and Support 1

   -- Dexia Crediop, Italy;
      IDR AA, Short-term F1+, Individual A/B and Support 1

   -- Dexia Kommunalkredit Bank, Austria; and
      IDR AA, Short-term F1+, Individual C and Support 1

   -- RBC Dexia Investor Services Espana, Spain.
      IDR AA-, Short-term F1+, Individual C and Support 1

The Outlooks on all the above IDRs remain Stable.


E.MIEDLER: Awaits Final Distribution & Closing Protocol
-------------------------------------------------------
The Court of Vienna will close the bankruptcy proceedings of LLC
E. Miedler Fleischspezialitaten (FN 97194h) after the Debtor's
final distribution to creditors.

The Court confirmed the adopted regulation by compulsory
compensation project on March 1, filed by court-appointed
property manager Walter Kainz in January.  Under the payment
scheme, affected creditors will recover 20% of their claim in
four installments:

  (a) 5% within 14 days after confirmation of the regulation by
      compulsory compensation; and

  (b) 5% within nine, 15 and 24 months after adoption of the
      regulation by compulsory compensation.

Headquartered in Vienna, Austria, LLC E. Miedler
Fleischspezialitaten declared bankruptcy on June 29, 2005
(Bankr. Case No. 3 S 65/05m).  Eva Wexberg represented D. Kainz
in the bankruptcy proceedings.


NIMROD: Korneuburg Court Dismisses Bankruptcy Proceedings
---------------------------------------------------------
The Land Court of Korneuburg dismissed the bankruptcy case of
LLC Nimrod (FN 36 S 115/04k) on May 2 after proving that the
Debtor's assets are insufficient to pay administrative expenses.

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

Headquartered in Greifenstein, Austria, LLC Nimrod declared
bankruptcy on Dec. 14, 2004 (Bankr. Case No. 36 S 115/04k).
Ulla Reisch served as the court-appointed property manager for
the bankrupt estate.  Christian Lind represents Ms. Reisch in
the bankruptcy proceedings.


VAKO SCHLOSSER: Court to Close Bankr. Case After Claims Payment
---------------------------------------------------------------
The Land Court of Wiener Neustadt will close the bankruptcy case
of LLC Vako Schlosser (FN 10 S 143/03p) after the Debtor pays
off its creditors.

Court-appointed property manager Trothandl Michael submitted a
final allocation document to the court, which gives creditors a
2.9% recovery on account of their claim.

Headquartered in Wiener Neudorf, Austria, LLC Vako Schlosser
declared bankruptcy on June 30, 2003 (Bankr. Case No. 10 S
143/03p).


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


EUROTUNNEL S.A.: Inks Prelim Binding Pact with Ad Hoc Committee
---------------------------------------------------------------
Eurotunnel signed a preliminary binding agreement with the Ad
Hoc Committee on the financial restructuring of the Group.

Discussions will continue on this basis with other lenders,
including junior bondholders.

At the same time, Eurotunnel will continue to explore with
international financial institutions the best ways to put in
place a new corporate financing for the group.

As a consequence, Eurotunnel will seek to obtain approval from
the French commercial court to postpone the general meeting of
Eurotunnel S.A., which should be held on June 30 to July 12 in
order to present a complete outline for approval by shareholders
of the Group.

                Debt Restructuring Agreement

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

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

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

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

                       Company Crisis

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

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

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

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


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


DUERR AG: Shareholders Elect New Supervisory Board Members
----------------------------------------------------------
Duerr AG disclosed that around 350 shareholders elected
Alexandra Duerr and Prof. Dr.-Ing. Holger Hanselka as new
members of the Supervisory Board at its 17th Annual General
Meeting.

Heinz Duerr, Prof. Dr. Norbert Loos, Joachim Schielke and Dr.
Hans Michael Schmidt-Dencker were re-elected as shareholders'
representatives.  Mr. Duerr was elected as Chairman of the
Supervisory Board at its constitutive meeting held directly
after the Annual General Meeting.  Dr. Tessen von Heydebreck and
Prof. Dipl.-Ing. J"rg Menno Harms are giving up their seats on
the Supervisory Board of Duerr AG with the end of their term of
office at the close of today"s Annual General Meeting.

Dr. Alexandra Duerr, 43, is a senior physician at the
Neurogenetics Clinic of the Departement de Genetique at Hopital
de la Salpetriere, Paris, and is a scientist at the Human
Neurogenetics Research Group at INSERM (Institut National de la
Sante et de la Recherche Medicale), Paris.  She holds doctorates
in medicine and in human genetics.

Prof. Dr.-Ing. Holger Hanselka, 44, is Professor of System
Reliability in Mechanical Engineering at the Technical
University (TU) of Darmstadt and is Head of the Fraunhofer
Institute for Structural Durability in Darmstadt.  He received a
doctorate from the Technical University of Clausthal, Germany,
in 1992 and has been a professor at Technical University of
Darmstadt since 2001.

The Annual General Meeting also adopted all the other proposals
of the Management Board and the Supervisory Board by a large
majority.  Among other things, this includes the contingency
resolution authorizing the issuance of new capital and the
possibility to buy back own shares.

Headquartered in Stuttgart, Germany, Duerr AG --
http://www.durr.com/en/-- supplies products, systems, and
services for automobile manufacturing.  Its range of products
and services covers important stages of vehicle production.  As
a systems supplier, Duerr plans and builds complete paint shops
and final assembly facilities.  It also delivers cleaning and
filtration systems for the manufacture of engine and
transmission components as well as balancing systems.

                        *     *     *

Duerr AG's 9-3/4% senior subordinated notes due 2011 carry
Moody's Investors Service's Caa1 rating and Standard & Poor's
CCC+ rating.


E.D.A.S. BAUBETREUUNGS: Creditors' Meeting Slated for June 8
------------------------------------------------------------
The court-appointed provisional administrator for E.D.A.S.
Baubetreuungs- und Vertriebsgesellschaft mbH, Stephan Mitlehner,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:15 a.m. on June 8.

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

         The District Court of Charlottenburg
         II Stock Hall 218
         District Court Place 1
         14057 Berlin, Germany

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on Sept. 7 at the same
venue.

Creditors have until July 14 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against E.D.A.S. Baubetreuungs- und
Vertriebsgesellschaft mbH on April 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         E.D.A.S. Baubetreuungs- und Vertriebsgesellschaft mbH
         Plan 30
         15831 Diedersdorf, Germany

The administrator can be reached at:

         Stephan Mitlehner
         Walter-Benjamin-Place 6
         10629 Berlin


FRIEDL F: Claims Filing Period Ends June 9
------------------------------------------
Creditors of Friedl F B Wohn- und Gewerbebau GmbH & Co. KG have
until June 9 to register their claims with court-appointed
provisional administrator Rudolf Nirschl.

Creditors and other interested parties are encouraged to attend
the meeting at 8:05 a.m. on June 30, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Room 9/I
         Maximilianstrasse 22-24
         Landshut, 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 Landshut opened bankruptcy proceedings
against Friedl F B Wohn- und Gewerbebau GmbH & Co. KG on
April 10.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Friedl F B Wohn- und Gewerbebau GmbH & Co. KG
         Siegenburger Str. 60
         84076 Pfeffenhausen, Germany

The administrator can be contacted at:

         Rudolf Nirschl
         Porschestr. 21
         84030 Landshut, Germany
         Tel: 0871/96607-0
         Fax: 0871/67418


HEADIX GMBH: Claims Registration Ends June 7
--------------------------------------------
Creditors of Headix GmbH have until June 7 to register their
claims with court-appointed provisional administrator Matthias
Lehmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 22, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hameln
         Hall 106
         Zehnthof 1
         31785 Hameln, Germany

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

The District Court of Hameln opened bankruptcy proceedings
against Headix GmbH on May 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Headix GmbH
         William Place 4
         31785 Hameln, Germany

         Attn: Fabian Simon, Manager
         Asternweg 5
         73577 Ruppertshofen, Germany

The administrator can be contacted at:

         Matthias Lehmann
         Mindener Str. 6
         31675 Bueckeburg, Germany
         Tel: 05722/1016
         Fax: 05722/1018
         Web: http://www.RAeHandschuh.de/
         E-mail: info@RaeHandschuh.de


LEONBERGER GMBH: Claims Registration Ends June 8
------------------------------------------------
Creditors of Leonberger GmbH & Co. KG have until June 8 to
register their claims with court-appointed provisional
administrator Jochen Sedlitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Esslingen
         Hall 1
         Ritterstr. 5
         Esslingen, 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 Esslingen opened bankruptcy proceedings
against Leonberger GmbH & Co. KG on April 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Leonberger GmbH & Co. KG
         Attn: Gotz and Frank Leonberger, Managers
         Alleenstr. 43
         73730 Esslingen, Germany

The administrator can be contacted at:

         Jochen Sedlitz
         Wilhelmstr. 12
         70182 Stuttgart, Germany
         Tel: 0711/16424-0
         Fax: 0711/16424-24


M.K. TECHNICS: Claims Filing Period Ends June 7
-----------------------------------------------
Creditors of m.k. Technics Engineering and Trading GmbH & Co.
Leasing KG have until June 7 to register their claims with
court-appointed provisional administrator Dr. Martin Dietrich.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden, 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 Dresden opened bankruptcy proceedings
against m.k. technics engineering and trading GmbH & Co. Leasing
KG on April 26.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         m.k. Technics Engineering and Trading GmbH
         & Co. Leasing KG
         Attn: Manfred Milde and Lutz Nattke, Managers
         Lockwitztalstrasse 20
         01259 Dresden, Germany

The administrator can be contacted at:

         Dr. Martin Dietrich
         Brauhaus 5
         01099 Dresden, Germany
         Web: http://www.henningsmeier.de/


NADER GMBH: Claims Registration Ends June 3
-------------------------------------------
Creditors of Nader GmbH have until June 3 to register their
claims with court-appointed provisional administrator Dr. Holger
Lessing.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.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 Bad Homburg
         Room E 36
         Steinkaut 10-12
         61352 Bad Homburg v.d.Hohe, 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 Bad Homburg opened bankruptcy proceedings
against Nader GmbH on May 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Nader GmbH
         Attn: Sabine Nader, Manager
         Ludwig-Ehrhard-Road 27
         61440 Oberursel/Ts, Germany

The administrator can be contacted at:

         Dr. Holger Lessing
         Hanauer Highway 287-289
         60314 Frankfurt am Main, Germany
         Tel: 069/15051-300
         Fax: 069/15051-400


RUDOLF STRIPP: Claims Filing Period Ends June 7
-----------------------------------------------
Creditors of Rudolf Stripp GmbH have until June 7 to register
their claims with court-appointed provisional administrator Dr.
Michael Krebs.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Aschaffenburg
         Meeting Room 5.103
         Schlossplatz 5
         63739 Aschaffenburg, 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 Aschaffenburg opened bankruptcy
proceedings against Rudolf Stripp GmbH on April 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Rudolf Stripp GmbH
         Hag 3
         63834 Sulzbach, Germany

The administrator can be contacted at:

         Dr. Michael Krebs
         Frohsinnstr. 15
         63739 Aschaffenburg, Germany
         Tel: 06021/30880
         Fax: 06021/308899


SPEDITION KODDENBERG: Meeting of Creditors Set for June 30
----------------------------------------------------------
The court-appointed provisional administrator for Spedition
Koddenberg GmbH, Dr. Stephan Thiemann, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:00 a.m. on June 30.

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

         The District Court of Bersenbrueck
         Area E 11
         Main Building
         Stiftshof 8
         49593 Bersenbrueck, 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 Bersenbrueck opened bankruptcy proceedings
against Spedition Koddenberg GmbH on April 26.  Consequently,
all pending proceedings against the company have been
automatically stayed

The Debtor can be reached at:

         Spedition Koddenberg GmbH
         Attn: Ulrich Koddenberg, Manager
         Walsumer Esch 16
         49577 Ankum, Germany

The administrator can be reached at:

         Dr. Stephan Thiemann
         Lublinring 12
         48147 Muenster, Germany
         Tel: 0251/16283-0
         Fax: 0251/16283-11
         E-mail: muenster@pluta.net


TAUSEND GMBH: Creditors' Meeting Slated for July 24
---------------------------------------------------
The court-appointed provisional administrator for Tausend GmbH,
Joachim Exner, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 2:30 p.m., on
July 24.

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

         The District Court of Fuerth
         Room 216/II
         Baumenstrasse 28
         Fuerth, 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 Fuerth opened bankruptcy proceedings
against Tausend GmbH on May 2.  Consequently, all pending
proceedings against the company have been automatically stayed

The Debtor can be reached at:

         Tausend GmbH
         Defersdorfer Way 1
         90574 Rosstal, Germany

The administrator can be reached at:

         Stephan Haspel
         Stahlstrasse 17
         90411 Nuernberg, Germany
         Tel: 0911/9512850
         Fax: 0911/95128510


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


EIRCOM GROUP: Credit Suisse Acquires 65,115,463 Shares
------------------------------------------------------
Credit Suisse companies acquired on May 10 these interests in
the issued share capital of eircom Group Plc:

   -- Credit Suisse Securities (Europe) Limited 64,127,779
      shares.  CSSEL held an interest in 530,235 of these shares
      under section 208 of the act by virtue of the right to
      redelivery of equivalent securities under stock lending
      arrangements; and

   -- Credit Suisse International: 457,449 shares.

The CS companies now hold a total interest of 65,115,463 shares
being equivalent to approximately 6.07% of the issued share
capital of the Company.

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: Earns EUR82 Million for Year Ended March 31, 2006
---------------------------------------------------------------
Eircom Group plc released its preliminary results for the year
ended March 31, 2006.

The Group reported EUR82 million in net profit on EUR1.69
billion in revenues, compared to EUR79 million in net profit on
EUR1.6 billion in revenues a year ago.

Consolidated operating profit amounted to EUR234 million, an
improvement from EUR213 million in the last annual review.

At March 31, 2006, eircom Group's had EUR4.2 billion in total
assets, EUR3.6 billion in total liabilities and EUR591 million
in shareholders' equity.

"This year eircom has continued to deliver on the three strands
of our stated strategy, driving performance in our core fixed
line business, growing broadband and capturing value in mobile,"
eircom Chief Executive Dr. Philip Nolan, said.  "All of this has
been achieved against a backdrop of significant corporate
activity, including the highly successful rights issue to fund
the Meteor purchase."

"Overall the company continues to perform well while building a
platform for the future and the strong performance allows the
board to declare a second interim dividend of 5.2 cents which
will be paid on June 26," Dr. Nolan concluded.

A full-text copy of eircom Group's annual results is available
at no charge at http://researcharchives.com/t/s?9d1

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 assigned a Ba2 corporate family rating to
eircom Group plc.  Concurrently Moody's changed the rating
outlook to negative from stable.


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


ALITALIA SPA: Appellate Court Blocks EUR38MM Volare Takeover Bid
----------------------------------------------------------------
Italy's State Council, the highest appellate court for
administrative affairs, has blocked Alitalia S.p.A.'s EUR38
million takeover bid of low-cost rival Volare S.p.A., Reuters
says.

As reported in the TCR-Europe on May 4, Air One filed an appeal
against a March 17 government decree approving Alitalia takeover
of Volare Group.  The State Council sustained Air One's appeal.
Alitalia and Volare have signed a final takeover agreement late
April, subject to regulatory approval.

As previously reported, the Italian government approved
Alitalia's proposed takeover bid for Volare, following a
favorable ruling from a Roman court.  The Hon. Antonio Lamorgese
and Stefano Olivieri had ruled that Alitalia's bid for Volare
does not violate the European Commission's regulations on state
aid.

Air One, which made the second highest bid for Volare, is
reportedly eyeing the carrier's prized slots at Milan's Linate
Airport -- the closest commercial airport to the city.  Alitalia
had said it wanted to penetrate the low-cost market more
effectively and develop leisure routes in the Milan and Lombardy
regions through Volare.

In February, Alitalia managing director Giancarlo Cimoli warned
the Senate that the state carrier might lose EUR125 million if
it fails to acquire Volare S.p.A.

                    Volare Offer's Validity

Alitalia notes the decision taken by the State Council
concerning the supposed irregularity of the formal procedures
carried out by the Extraordinary Commissioner for the Volare
Group and of the decree issued by the Ministry for Production
Activities regarding the sale of the Volare as a going concern.

The Company trusts that the irregularity will be corrected
promptly, and that the civil court's decision will in no way
affect the validity of Alitalia's offer and the fact that such
an offer is not only the most convenient one for the
Extraordinary Administration but also the most suitable one to
ensure that the Volare Group finds itself ideally placed for
restructuring and developing, to the advantage of the group's
employees.

                        About Volare

Headquartered in Milan, Italy, Volare Group S.p.A. --
http://www.volare-group.it/-- is an operative holding company
that controls Volare Airlines S.p.A. and Air Europe since 2001.
The company declared insolvency on Nov. 22, 2004, citing huge
debt and heavy losses.  The group then filed for extraordinary
administration, which allowed it to be protected from creditors
while resuming daily operations.  Volare emerged from
administration in spring, after beating its EUR7 million revenue
forecast by around EUR3.8 million.  Volare needs fresh capital
to expand its fleet.

                        About Alitalia

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

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


ALITALIA SPA: State Council Forbids Flights to Sardinia
-------------------------------------------------------
The State Council, Italy's highest appellate court for
administrative affairs, has barred Alitalia S.p.A. from
operating flights to Sardinia, AFX News says.

As reported in the TCR-Europe on May 9, the Regional
Administrative Court in Lazio lifted the ban on the flights
imposed by civilian aviation authority Ente Nazionale per
l'Aviazione Civile.

ENAC had barred Alitalia from using the Rome-to-Cagliari and
Milan-to-Cagliari routes after the carrier failed to beat the
deadline for renewal application.  Alitalia filed for renewal on
April 27, three days after the April 24 deadline.  ENAC then
awarded the Cagliari routes to carriers Air One and Meridiana.

                         About Alitalia

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

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


VOLARE GROUP: State Council Thwarts Alitalia's Offer
----------------------------------------------------
Italy's State Council, the highest appellate court for
administrative affairs, has blocked Alitalia S.p.A.'s EUR38
million takeover of low-cost rival Volare S.p.A., Reuters says.

As reported in the TCR-Europe on May 4, Air One filed an appeal
against a March 17 government decree approving Alitalia takeover
of Volare Group.  The State Council sustained Air One's appeal.
Alitalia and Volare have signed a final takeover agreement late
April, subject to regulatory approval.

As previously reported, the Italian government approved
Alitalia's proposed takeover bid for Volare, following a
favorable ruling from a Roman court.  The Hon. Antonio Lamorgese
and Stefano Olivieri had ruled that Alitalia's bid for Volare
does not violate the European Commission's regulations on state
aid.

Air One, which made the second highest bid for Volare, is
reportedly eyeing the carrier's prized slots at Milan's Linate
Airport -- the closest commercial airport to the city.  Alitalia
had said it wanted to penetrate the low-cost market more
effectively and develop leisure routes in the Milan and Lombardy
regions through Volare.

In February, Alitalia managing director Giancarlo Cimoli warned
the Senate that the state carrier might lose EUR125 million if
it fails to acquire Volare S.p.A.

                    Volare Offer's Validity

Alitalia notes the decision taken by the State Council
concerning the supposed irregularity of the formal procedures
carried out by the Extraordinary Commissioner for the Volare
Group and of the decree issued by the Ministry for Production
Activities regarding the sale of the Volare as a going concern.

The Company trusts that the irregularity will be corrected
promptly, and that the civil court's decision will in no way
affect the validity of Alitalia's offer and the fact that such
an offer is not only the most convenient one for the
Extraordinary Administration but also the most suitable one to
ensure that the Volare Group finds itself ideally placed for
restructuring and developing, to the advantage of the group's
employees.

                         About Alitalia

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

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

                         About Volare

Headquartered in Milan, Italy, Volare Group S.p.A. --
http://www.volare-group.it/-- is an operative holding company
that controls Volare Airlines S.p.A. and Air Europe since 2001.
The company declared insolvency on Nov. 22, 2004, citing huge
debt and heavy losses.  The group then filed for extraordinary
administration, which allowed it to be protected from creditors
while resuming daily operations.  Volare emerged from
administration in spring, after beating its EUR7 million revenue
forecast by around EUR3.8 million.  Volare needs fresh capital
to expand its fleet.


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


AZON TAN: Creditors Must File Claims by June 6
----------------------------------------------
LLP Azon Tan has declared insolvency.  Creditors have until
June 6 to submit written proofs of claim to:

         Lenina Str. 28
         Petropavlovsk, North Kazakhstan Region
         Kazakhstan
         Tel: 8 (3152) 36-34-42


BATYR KOJA: Creditors Must File Claims by June 6
------------------------------------------------
LLP Batyr Koja has declared insolvency.  Creditors have until
June 6 to submit written proofs of claim to:

         Micro District 14, 36-91
         Aktau
         Mangistau Region
         Kazakhstan
         Tel: 8 (3292) 52-25-01


FORS: Creditors Must Submit Claims by June 6
--------------------------------------------
LLP Fors has declared insolvency.  Creditors have until June 6
to submit written proofs of claim to:

         Gogol Str. 75-65
         Jetysusky District
         050004 Almaty, Kazakhstan
         Tel: 8 (3272) 94-47-62
              8 (3272) 47-15-91


FRANZ KLEINE: Creditors' Claims Due June 6
------------------------------------------
Franz Kleine Vertrieds Und Engineering GmbH has declared
insolvency.  Creditors have until June 6 to submit written
proofs of claim to:

         Bogenbay Batyr Str. 148
         Almaty, Kazakhstan
         Tel: 8 (3007) 42-73-42
              8 (3272) 60-23-77


JARKENT SAUDA: Almaty Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
commenced bankruptcy proceedings against CJSC Jarkent Sauda on
March 31.


JETYSU: Almaty Court Starts Bankruptcy Process
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
commenced bankruptcy proceedings against JSC Jetysu on March 31.


KADES: Almaty Court Begins Bankruptcy Proceedings
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
commenced bankruptcy proceedings against JSC Kades on March 28.


KUNARLYLYK: Claims Registration Ends June 6
-------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared JSC Kunarlylyk insolvent on March 20 without
introduction of the bankruptcy proceedings.

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

         Myzy Str. 2/1
         Ust-Kamenogorsk, East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-06-50


RAUAN: Proof of Claim Deadline Slated for June 6
------------------------------------------------
LLP Rauan has declared insolvency.  Creditors have until June 6
to submit written proofs of claim to:

         Barayeva Str. 18/2-30
         Micro District Molodejny 32-103
         Almaty District
         Astana, Kazakhstan
         Tel: 8 (3172) 22-43-60


TOLKYN: Proof of Claim Deadline Slated for June 6
-------------------------------------------------
LLP Tolkyn (RNN 150300001241) has declared insolvency.
Creditors have until June 6 to submit written proofs of claim
to:

         Govorova Str. 1
         Almaty, Kazakhstan
         Tel: 8 (3122) 25-92-65


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


BASALT THIN: Public Auction Scheduled for May 31
------------------------------------------------
The Osh Main Direction of the OJSC Commercial Bank Kyrgyzstan
will auction the manufacturing plant of Basalt Thin Fiber on
May 31, 11:00 a.m. at:

         Building of the OJSC Commercial Bank Kyrgyzstan
         Molodejnaya Str. 9
         Kyzylkia, Kyrgyzstan

for a starting price of KGS6,681,497.

Other properties for sale are:

   -- coal setting by briquetting with a KGS1,168,157 starting
      price; and

   -- calcining kiln with shed for a KGS244,153 starting price.

Interested bidders have until May 31 to deposit an amount
equivalent to 5% of the starting price of concrete pledging
property.

The company can be contacted at (+996 3222) 2-27-64 or 2-32-71.


DAOS: Bishkek Court Opens Bankruptcy Proceedings
------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues declared
LLC Daos (Case No. ED-161/06 mbs2) insolvent on March 15.
Bankruptcy proceedings were introduced at the company.

Mr. Almazbek Orokbayev has been appointed temporary insolvency
manager.  He can be reached at (+996 312) 21-67-25.

The meeting of creditors will take place on June 6 at 2:00 p.m.
at:

         Room 108
         Moskovskaya Str. 151
         Bishkek, Kyrgyzstan

Creditors must submit their proofs of claim and register within
seven days before the meeting with the temporary insolvency
manager.  Proxies must have authorization to vote.


KAS: Creditors' Meeting Slated for May 30
-----------------------------------------
The Chui Arbitration Court declared OJSC KAS insolvent on
Dec. 27, 1999.

Mr. E. Sakiev has been appointed temporary insolvency manager.
He can be reached at (+996 312) 24-39-23.

The meeting of the creditors will take place on May 30, 10:00
a.m. at:

         Room 5
         3rd Floor
         Western Side of Building
         Chui Ave. 265 a
         Bishkek, Kyrgyzstan

Creditors must submit their proofs of claim and register within
seven days before the meeting with the temporary insolvency
manager.  Proxies must have authorization to vote.


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


HELIX CAPITAL: Moody's Reviews Low-B & Junk Ratings; May Upgrade
----------------------------------------------------------------
Moody's has taken the following rating actions in respect to the
classes of notes issued by Helix Capital (Netherlands) B.V.:

Under review for possible upgrade:

   -- the Ba1-rated EUR25 million Variable Redemption Limited
      Recourse Notes due Oct. 8, 2006, of Helix 2001-4;

   -- the Baa2-rated EUR40 million Variable Redemption Limited
      Recourse Notes due Aug. 31, 2007, of Helix 2002-12A;

   -- the Ba3-rated EUR44 million Variable Redemption Limited
      Recourse Notes due Aug. 31, 2007, of Helix 2002-12B;

   -- the Caa3-rated EUR44 million Variable Redemption Limited
      Recourse Notes due Aug. 31, 2007, of Helix 2002-12C;

   -- the Baa3-rated EUR25 million Variable Redemption Limited
      Recourse Notes due Aug. 31, 2007, of Helix 2002-15;

   -- the A2-rated EUR25 million Variable Redemption Limited
      Recourse Notes due Aug. 31, 2007, of Helix 2002-16; and

   -- the A1-rated USD 40 million Variable Redemption Limited
      Recourse Notes due Aug. 31, 2007, of Helix 2002-2.

The review is triggered by the impact of the passage of time on
the ratings assigned.


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


AKER KVAERNER: Inks US$160-Mln Contract with Jurong Shipyard
------------------------------------------------------------
Aker Kvaerner has signed a contract with Jurong Shipyard Pte.
Ltd. in Singapore for delivery of a drilling system for an ultra
deepwater drilling semi-submersible platform.

The total contract value for Aker Kvaerner is approximately
US$160 million.

The contract is undertaken by the Aker Kvaerner subsidiary, Aker
Kvaerner MH in Kristiansand.  The scope of work is to deliver a
complete drilling package consisting of engineering, drilling
equipment deliveries and subsea equipment.  Aker Kvaerner MH's
deepwater drilling solutions are based on a highly efficient
system designed for performing different operations in parallel.

The new agreement is the fifth contract with Jurong Shipyard
since October 2005, in a series of semi-submersible drilling
platforms to be built at the yard.

"This contract with Jurong again recognizes Aker Kvaerner MH
position in the offshore drilling market.  It also represents
another step towards Aker Kvaerner MH's ambition of becoming the
dominating deep water drilling systems provider," says Roald
Amundsen, President of Aker Kvaerner MH.

The ultra deepwater drilling rig is scheduled for delivery in
first quarter 2010.

                          Aker Kvaerner

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

                        *     *     *

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

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

The outlook on all ratings is stable.


FRONTIER DRILLING: S&P Rates US$315-Mln Credit Facility at B-
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B-' corporate
credit rating to floating production storage and offloading
(FPSO) and drillship contractor Frontier Drilling ASA.

At the same time, Standard & Poor's assigned its 'B-' rating and
'2' bank loan recovery rating to the company's proposed US$315
million senior secured credit facility.  The credit facility
will consist of a US$165 million term loan B, a US$100 million
delayed draw term loan, and a US$50 million revolver.  The
company will be using proceeds from the new credit facility to
retire existing indebtedness and fund its drillship upgrade
program.  The outlook is stable.

Pro forma, Bergen, Norway-based Frontier Drilling will have
about US$292 million in total debt (including outstanding pay in
kind (PIK) subordinated securities).

The ratings on Frontier Drilling reflect a highly leveraged
financial risk profile, a limited number of currently operating
offshore units, and concerns with regard to successfully
executing upgrade projects for two of the company's drillships.

Not quite offsetting concerns are firm contracts in place for
the two drillships that will be undergoing upgrades, good
revenue visibility for the company's two operating units, a
US$50 million revolver and US$100 million delayed draw term loan
to provide liquidity during the upgrade phase, and an
experienced management team.

"The stable outlook reflects the expectation that Frontier
Drilling will maintain adequate liquidity to fund spending
associated with its upgrade projects and cover fixed charges in
the near term," said Standard & Poor's credit analyst Jeffrey
Morrison.

Positive ratings actions could occur in the intermediate to long
term, if management can successfully carry out its upgrade
program and deleveraging.  "Conversely, if the company faces
unanticipated cost overruns or meaningful delays before
completion of the projects that threaten liquidity, negative
ratings actions could result," he continued.


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


AIR-GAS-SERVICE: Court Begins Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Samara Region has commenced bankruptcy
supervision procedure on LLC Air-Gas-Service (Case No. A55-
27895/2005).

Mr. F. Gordeev has been appointed temporary insolvency manager
and can be reached at:

         Zavodskoye Shosse 13D
         443022, Samara Region, Russia

The Debtor can be reached at:

         LLC Air-Gas-Service
         Lenina Str. 97
         Sergievsk
         Samara Region, Russia


BUZDYAK-RAY-SEL-KHOZ-KHIMIYA: Court Starts Bankruptcy Process
-------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic has commenced
bankruptcy supervision procedure on LLC Buzdyak-Ray-Sel-Khoz-
Khimiya (Case No. A-07-47989/05-G-MOG).

Mr. I. Ikhsanov has been appointed temporary insolvency manager
and can be reached at:

         Vokzalnaya Str. 1
         Buzdyak
         452710, Bashkortostan Republic, Russia

The Debtor can be reached at:

         LLC Buzdyak-Ray-Sel-Khoz-Khimiya
         Vokzalnaya Str. 1
         Buzdyak
         452710, Bashkortostan Republic, Russia


DONSKAYA POULTRY: Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Arbitration Court of Rostov Region commenced bankruptcy
proceedings against LLC Donskaya Poultry Farm (Case No. A53-
1048/2005-S2-8) after finding it insolvent.

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

         Sotsialisticheskaya Str. 60v
         344002, Rostov-na-Donu, Russia

The Debtor can be reached at:

         LLC Donskaya Poultry Farm
         Zadono-Kagalnitskaya
         Semikarakorskiy Region
         Rostov Region, Russia


FLOUR MILL: Court Names K. Khutezhev to Manage Assets
-----------------------------------------------------
The Arbitration Court of Kabardino-Balkariya Republic appointed
Mr. K. Khutezhev as insolvency manager for OJSC Flour Mill (Case
No. A20-6741/05).  He can be reached at:

         Malbakhova Str. 3
         Nalchik
         360000, Kabardino-Balkariya Republic, Russia

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

The Debtor can be reached at:

         Malbakhova Str. 3
         Nalchik
         360000, Kabardino-Balkariya Republic, Russia


MECHETINSKIY BRICK: Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Arbitration Court of Rostov Region commenced bankruptcy
proceedings against CJSC Mechetinskiy Brick (TIN 6142016208)
after finding it insolvent.  The case is docketed under Case No.
A53-4519/05-S2-33.

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

         Post User Box 3425
         344092, Rostov-na-Donu, Russia

The Arbitration Court of Rostov Region is located in

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

The Debtor can be reached at:

         CJSC Mechetinskiy Brick
         Kirpichnaya Str. 1
         Mechetinskaya
         Zernogradskiy Region
         Rostov Region, Russia


MIVOK: Court Appoints A. Vilchinskiy as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. A.
Vilchinskiy as insolvency manager for OJSC Factory Mivok (Case
No. A14-9213-2003/7b).  He and can be reached at:

         Post User Box 409
         248009, Kaluga, Russia

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

The Debtor can be reached at:

         OJSC Factory Mivok
         Patriotov Str. 65
         394065, Voronezh, Russia


SAMARA-OIL-SERVICE: Court Names I. Anayev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Rostov Region appointed Mr. I. Anayev
as insolvency manager for CJSC Samara-Oil-Service (TIN
6101026895).  He can be reached at:

         Post User Box 3425
         344092, Rostov-na-Donu, Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A53-17979/05-S2-30.

The Debtor can be reached at:

         CJSC Samara-Oil-Service
         Promyshlennaya Str. 6
         Azovskiy Region
         Rostov Region, Russia


SYNTHESIS: Rostov Court Begins Bankruptcy Proceedings
-----------------------------------------------------
The Arbitration Court of Rostov Region commenced bankruptcy
proceedings against CJSC Synthesis (Case No. A 53-23531/05-S2-
36) after finding it insolvent.

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

         Buynakskaya Str. 2/56
         344037, Rostov-na-Donu, Russia

The Debtor can be reached at:

         CJSC Synthesis
         Profsoyuznaya Str. 45
         Rostov-na-Donu, Russia


TRANSPORT 2000: Court Names K. Kovalenko as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Rostov Region appointed Mr. K.
Kovalenko as insolvency manager for CJSC Transport Company
Terminal - 2000 (TIN 6164211428).  He can be reached at:

         Yufimtseva Str. 14
         Rostov-na-Donu, Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 53-1049/06-S2-7.

The Debtor can be reached at:

         CJSC Transport Company Terminal - 2000
         Kurskaya Str. 18
         Rostov-na-Donu, Russia


VELIKOUSTYUGSKIY SHIPYARD: Court Launches Bankruptcy Proceedings
----------------------------------------------------------------
The Arbitration Court of Vologda Region commenced bankruptcy
proceedings against OJSC Velikoustyugskiy Shipyard (Case No.
A13-8990/2005-17) after finding it insolvent.

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

         Pobedy Pr. 55-7
         160035, Vologda Region, Russia

The Debtor can be reached at:

         OJSC Velikoustyugskiy Shipyard
         Velikiy Ustyug, Sovetskiy Pr. 271
         Vologda Region, Russia


YUKOS OIL: Declares S. Vinokurov's Appointment as Illegal
---------------------------------------------------------
Yukos Oil Company rejects the legitimacy of Stanislav
Vinokurov's appointment as a new director of Yukos RM, its main
production unit, on May 22.

". . . it has become apparent that individuals loyal to Rosneft
have established themselves as the 'New Management' of Yukos
RM," the Company said in a statement.  "This process, undertaken
last week, could only have been the direct result of an illegal
Board Meeting of Yukos RM."

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

"The Company does not recognize Mr. Vinukurov's capacity to
undertake this management role nor does he have the skills and
expertise to lead this very complex business unit," Yukos said.

The Company said neither legally elected members of the Board of
Directors of Yukos RM nor its shareholders were aware of such a
meeting.

"For some months now Mr. Vinukurov, who was removed from his
post by the legitimate management of Yukos Oil Company earlier
this year for suspected large scale fraud and embezzlement,
before being reinstated by those loyal to Rosneft within the
company, has been working to destroy Yukos," Yukos spokesperson
Claire Davidson, said.

According to the company, Yukos, once Russia's largest oil
company, now finds its RM strategy driven by the personal
interests of a small group of individuals.

"We consider his actions, and those of the former head of Yukos
RM, Anatoly Nazarov, to be in direct conflict with the honest
efforts of the management of the Company," Ms. Davidson
continued.  "It is apparent that Yukos staff would have put
themselves in a difficult and physically dangerous situation had
they resisted or attempted to overturn these developments.

"It is important for the international investment community and
those who are watching the fate of Yukos in courts across the
globe to understand that these actions strengthen the control
that Rosneft and other agents, who actively wish to damage
Yukos, have over the Company.  In essence, we understand now
that they are collectively stealing the company from within,
using personal threats and the power of the General Prosecutor
to achieve the control they seek," Ms. Davidson asserted.

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

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

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

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


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


RBC DEXIA: Fitch Affirms Individual Rating at C
-----------------------------------------------
Fitch Ratings affirmed Belgian-based Dexia's ratings at Issuer
Default AA+ and Short-term F1.

The Outlook on the Issuer Default rating remains Stable.  The
Individual and Support ratings are affirmed at A/B and 1
respectively.  The ratings for its subsidiaries are also
affirmed.

Dexia's IDR, Short-term and Individual ratings are based on the
group's dominant position in European public finance, its
relatively stable and solid profitability, excellent asset
quality and strong capitalization.  The group's business profile
has become increasingly diversified in the past ten years, both
geographically and in terms of business mix.  As well as being
the largest provider of public finance in Europe, it is one of
the main retail banks in Belgium and Luxembourg.

It has also built up its investment management business, and
while it remains a small player on a European scale, assets
under management continue to rise, totaling some EUR90 billion
at end-2005.  Management remains committed to further expansion
of its three main activities.  The focus is likely to be more on
organic growth although external acquisitions will also be
considered.

Dexia is the Belgian-based publicly quoted company of the Dexia
group and fully controls the group's three main banks:

   -- Dexia Credit Local in France,
   -- Dexia Bank Belgium, and
   -- Dexia Banque Internationale Luxembourg.

It also has a number of international subsidiaries, primarily
specialized in public and project finance.

Current ratings of Dexia subsidiaries are:

   -- Dexia Credit Local, France:
      IDR AA+, Short-term F1+, Individual A/B and Support 1

   -- Dexia Bank Belgium;
      IDR AA+, Short-term F1+, Individual B and Support 1

   -- Dexia Banque Internationale a Luxembourg;
      IDR AA+, Short-term F1+, Individual A/B and Support 1

   -- Dexia Crediop, Italy;
      IDR AA, Short-term F1+, Individual A/B and Support 1

   -- Dexia Kommunalkredit Bank, Austria; and
      IDR AA, Short-term F1+, Individual C and Support 1

   -- RBC Dexia Investor Services Espana, Spain.
      IDR AA-, Short-term F1+, Individual C and Support 1

The Outlooks on all the above IDRs remain Stable.


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


CONVERIUM AG: Earns US$61.6 Million in First Quarter 2006
---------------------------------------------------------
Converium AG released its unaudited financial results for the
quarter ended March 31, 2006.

Converium AG reported US$61.6 million in net income on US$503.5
million in net sales for the three months ended March 31, 2006,
versus US$5.5 million in net loss on US$799.4 million in net
sales for the same period in 2005.

At March 31, 2006, Converium's consolidated balance sheet showed
US$11.882 billion in total assets, US$10.172 billion in total
liabilities and US$1.71 billion in shareholders' equity.

"I am very pleased with our first quarter financial performance.
Converium's net result certainly benefited from only light
catastrophic losses over the three months," Chief Executive
Officer Inga Beale commented.  "More importantly, however, we
are proud to report further progress in areas under our direct
influence: first, administration expenses have come down
significantly, returning our cost base to a more competitive
level; second, our prior-year loss reserve position continues to
be stable; third, the run-off of Converium's North American
liabilities is progressing according to plan and making positive
contribution to our bottom-line.

"The entire Converium team is really encouraged by the further
progress we have made in our turnaround, which is the result of
many months of hard work.  The improving financial performance
and continuing stabilization of Converium give us great
confidence as we look towards the future," Mr. Beale concluded.

A full-text copy of Converium AG's first quarter results is
available at no charge at http://ResearchArchives.com/t/s?9e9

Headquartered in Switzerland, Converium Holding AG --
http://www.converium.com/-- an independent international multi-
line reinsurer known for its innovation, professionalism and
service.  Converium employs about 600 people in 20 offices
around the globe and is organized into four business segments:
Standard Property & Casualty Reinsurance, Specialty Lines and
Life & Health Reinsurance, which are based principally on
ongoing global lines of business, as well as the Run-Off
segment, which primarily comprises the business from Converium
Reinsurance (North America) Inc., excluding the U.S. originated
aviation business portfolio.

                        *     *     *

Following its publication of its 2005 year-end results, restated
financial information for the periods 1998 to 2004, and for each
quarter from March 31, 2003, to June 2005, Fitch Ratings
affirmed Converium AG's Insurer Financial Strength BBB- rating
and removed it from Rating Watch Negative on which it had been
placed since Nov. 4, 2005.


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


ORDU YARDIMLASMA: Moody's Raises Corporate Family Rating to Ba2
---------------------------------------------------------------
Moody's Investors Service released the results of an examination
of corporate sector ratings in Europe, the Middle East and
Africa in light of the revision of its rating methodology for
"Foreign-Currency Ceilings".

In November 2005, Moody's published a Request for Comment,
entitled "Revised Policy with Respect to Country Ceilings."
Based on supportive market responses Moody's decided to revise
the current policy.  The new policy incorporates the possibility
that a foreign currency government bond default would not be
accompanied by a moratorium on foreign currency external
payments.

For a detailed discussion of Moody's new policy please refer to
Moody's Rating Methodology entitled "Revised Foreign-Currency
Ceilings to Better Reflect Reduced Risk of a Payments Moratorium
in Wake of Government Default."

Below is a list of affected issuers in the EMEA region including
the rating changes resulting from the application of the
methodology.  The parent company is listed, with the rated
entity in parentheses, the rated class of debt, and the final
rating outcome and rating outlook.

Food Contract Corporation

   -- Issuer Rating (foreign currency): upgraded to Baa2 from
      Baa3; Outlook changed to Stable (STA) from Under Review
      for Upgrade (UR-U); and

   -- Issuer Rating (domestic currency): affirmed at Baa2/STA.


JSC KazTransGas (Intergas Central Asia)

   -- Issuer Rating (foreign currency): upgraded to Baa2 from
      Baa3; Outlook changed to STA from UR-U; and

   -- Corporate Family Rating (foreign currency): upgraded to
      Baa2 from Baa3; Outlook changed to STA from UR-U

JSC KazTransGas (Intergas Finance B.V.)

   -- Senior Unsecured Debt Rating (foreign currency): affirmed
      at Baa2/STA

JSC KazTransOil (JSC KazTransOil)

   -- Corporate Family Rating (foreign currency): upgraded to
      Baa2 from Baa3; Outlook changed to STA from UR-U; and

   -- Senior Unsecured Debt Rating (foreign currency): affirmed
      at Baa2/STA

Kazakhstan Electricity Grid Operating Company (Kazakhstan
Electricity Grid Operating Company)

   -- Issuer Rating (foreign currency): upgraded to Baa1 from
      Baa3; Outlook changed to STA from UR-U; and

   -- Issuer Rating (domestic currency): affirmed at Baa1/STA

Kazakhstan Temir Zholy (KZT) (Kazakhstan Temir Zholy)

   -- Issuer Rating (foreign currency): upgraded to Baa1 from
      Baa3; Outlook remains UR-U; the rating stays constrained
      by the new country ceiling

   -- Issuer Rating (domestic currency): affirmed at A3/STA

Kazakhstan Temir Zholy (KZT)
Kazakhstan Temir Zholy Finance B.V.

   -- Senior Unsecured Debt Rating (foreign currency): affirmed
      at Baa1/UR-U

NJSC Naftogaz of Ukraine

   -- Corporate Family Rating (foreign currency): upgraded to
      Ba3 from B1; Outlook remains STA; the rating stays
      constrained by the new country ceiling; and

   -- Senior Unsecured Debt Rating (foreign currency): affirmed
      at Ba2/STA

OAO AK Transneft

   -- Issuer Rating (foreign currency): upgraded to A2 from
      Baa2; Outlook remains STA;

   -- Issuer Rating (domestic currency): affirmed at A2/STA; and

   -- Issuer Rating (Russian long term national scale rating):
      affirmed at Aaa.ru

OJSC Gazprom

   -- Issuer Rating (foreign currency): upgraded to Baa1 from
      Baa2; Outlook remains STA

Gaz Capital S.A.

   -- Senior Unsecured Debt Ratings (foreign currency): affirmed
      at Baa1/STA and (P)Baa1/STA

Gazstream S.A.

   -- Senior Unsecured Debt Rating (foreign currency): affirmed
      at Baa1/STA

Ordu Yardimlasma Kurumu (OYAK) GROUP

   -- Corporate Family Rating (foreign currency): upgraded to
      Ba2 from Ba3; Outlook remains STA; and

   -- Corporate Family Rating (domestic currency): affirmed at
      Ba2/STA

Russian Railways Joint Stock Company

   -- Issuer Rating (foreign currency): upgraded to A3 from
      Baa2; Outlook remains STA;

   -- Issuer Rating (domestic currency): affirmed at A3/STA; and

   -- Issuer Rating (Russian long term national scale rating):
      affirmed at Aaa.ru

Sovcomflot JSC

   -- Issuer Rating (foreign currency): upgraded to Baa1 from
      Baa2; Outlook remains STA; and

   -- Issuer Rating (domestic currency): affirmed at Baa1/STA

Telkom S.A. Limited

   -- Issuer Rating (foreign currency): upgraded to A3 from
      Baa1; Outlook remains STA; and

   -- Issuer Rating (domestic currency): affirmed at A3/STA


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


BUDSHLYAHMASH: Court Names U. Shkurupij to Liquidate Assets
-----------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. U. Shkurupij as
Liquidator/Insolvency Manager for LLC Budshlyahmash (code EDRPOU
24582745).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
15/719-b.

The Economic Court of Kyiv Region is located in:

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

The Debtor can be reached at:

         LLC Budshlyahmash
         Michurin Str. 4
         01014, Kyiv Region, Ukraine


EVEREST: Court Names I. Mihno to Manage Insolvency Assets
---------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. I. Mihno as
Liquidator/Insolvency Manager for Production-Commercial Firm
Everest (code EDRPOU 31112348).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
43/476.

The Economic Court of Kyiv Region is located in:

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

The Debtor can be reached at:

         Production-Commercial Firm Everest
         Klovskij Uzviz, 18
         01021, Kyiv Region, Ukraine


I.T.M.-PLUS: Kyiv Court Begins Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC I.T.M.-Plus (code EDRPOU 30112331).
The case is docketed under Case No. 15/78-b.

Mr. M. Kulga 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 I.T.M.-Plus
         Lepska Str. 18/5
         01021, Kyiv Region, Ukraine


KRASNOPEREKOPSKE RAJAGROPROMENERGO: Court Names Liquidator
----------------------------------------------------------
The Economic Court of AR Krym Region appointed Volodimir Bida as
Liquidator/Insolvency Manager for OJSC Krasnoperekopske
Rajagropromenergo (code EDRPOU 05525693).  He can be reached at:

         Rodnikov Str. 8
         Simferopol
         95023, AR Krym Region, Ukraine

The Court commenced bankruptcy proceedings against the company
on March 20 after finding it insolvent.  The case is docketed
under Case No. 2-8/2658-2006.

The Economic Court of Ar Krym Region is located in:

         Karl Marks Str. 18
         Simferopol
         95000, AR Krym Region, Ukraine

The Debtor can be reached at:

         OJSC Krasnoperekopske Rajagropromenergo
         Severna Str. 13
         Krasnoperekopsk
         96000, AR Krym Region, Ukraine


KRIVORIZKA SILGOSPTEHNIKA: Court Names Insolvency Manager
---------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Mikola
Lukashuk as Liquidator/Insolvency Manager for OJSC krivorizka
Silgosptehnika (code EDRPOU 03569462).  He can be reached at:

         Krivij Rig, a/b 2558
         Dnipropetrovsk Region, Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Feb. 27.  The case is docketed
under Case No. B 15/129/05.

The Economic Court of Dnipropetrovsk Region is located in:

         Kujbishev Str. 1a
         49600, Dnipropetrovsk Region, Ukraine

The Debtor can be reached at:

         OJSC Krivorizka Silgosptehnika
         Lenin Str. 135
         Lozuvatka
         Rig District
         53020, Dnipropetrovsk Region


NJSC NAFTOGAZ: Moody's Raises Corporate Family Rating to Ba3
------------------------------------------------------------
Moody's Investors Service released the results of an examination
of corporate sector ratings in Europe, the Middle East and
Africa in light of the revision of its rating methodology for
"Foreign-Currency Ceilings".

In November 2005, Moody's published a Request for Comment,
entitled "Revised Policy with Respect to Country Ceilings."
Based on supportive market responses Moody's decided to revise
the current policy.  The new policy incorporates the possibility
that a foreign currency government bond default would not be
accompanied by a moratorium on foreign currency external
payments.

For a detailed discussion of Moody's new policy please refer to
Moody's Rating Methodology entitled "Revised Foreign-Currency
Ceilings to Better Reflect Reduced Risk of a Payments Moratorium
in Wake of Government Default."

Below is a list of affected issuers in the EMEA region including
the rating changes resulting from the application of the
methodology.  The parent company is listed, with the rated
entity in parentheses, the rated class of debt, and the final
rating outcome and rating outlook.

Food Contract Corporation

   -- Issuer Rating (foreign currency): upgraded to Baa2 from
      Baa3; Outlook changed to Stable (STA) from Under Review
      for Upgrade (UR-U); and

   -- Issuer Rating (domestic currency): affirmed at Baa2/STA.


JSC KazTransGas (Intergas Central Asia)

   -- Issuer Rating (foreign currency): upgraded to Baa2 from
      Baa3; Outlook changed to STA from UR-U; and

   -- Corporate Family Rating (foreign currency): upgraded to
      Baa2 from Baa3; Outlook changed to STA from UR-U

JSC KazTransGas (Intergas Finance B.V.)

   -- Senior Unsecured Debt Rating (foreign currency): affirmed
      at Baa2/STA

JSC KazTransOil (JSC KazTransOil)

   -- Corporate Family Rating (foreign currency): upgraded to
      Baa2 from Baa3; Outlook changed to STA from UR-U; and

   -- Senior Unsecured Debt Rating (foreign currency): affirmed
      at Baa2/STA

Kazakhstan Electricity Grid Operating Company (Kazakhstan
Electricity Grid Operating Company)

   -- Issuer Rating (foreign currency): upgraded to Baa1 from
      Baa3; Outlook changed to STA from UR-U; and

   -- Issuer Rating (domestic currency): affirmed at Baa1/STA

Kazakhstan Temir Zholy (KZT) (Kazakhstan Temir Zholy)

   -- Issuer Rating (foreign currency): upgraded to Baa1 from
      Baa3; Outlook remains UR-U; the rating stays constrained
      by the new country ceiling

   -- Issuer Rating (domestic currency): affirmed at A3/STA

Kazakhstan Temir Zholy (KZT)
Kazakhstan Temir Zholy Finance B.V.

   -- Senior Unsecured Debt Rating (foreign currency): affirmed
      at Baa1/UR-U

NJSC Naftogaz of Ukraine

   -- Corporate Family Rating (foreign currency): upgraded to
      Ba3 from B1; Outlook remains STA; the rating stays
      constrained by the new country ceiling; and

   -- Senior Unsecured Debt Rating (foreign currency): affirmed
      at Ba2/STA

OAO AK Transneft

   -- Issuer Rating (foreign currency): upgraded to A2 from
      Baa2; Outlook remains STA;

   -- Issuer Rating (domestic currency): affirmed at A2/STA; and

   -- Issuer Rating (Russian long term national scale rating):
      affirmed at Aaa.ru

OJSC Gazprom

   -- Issuer Rating (foreign currency): upgraded to Baa1 from
      Baa2; Outlook remains STA

Gaz Capital S.A.

   -- Senior Unsecured Debt Ratings (foreign currency): affirmed
      at Baa1/STA and (P)Baa1/STA

Gazstream S.A.

   -- Senior Unsecured Debt Rating (foreign currency): affirmed
      at Baa1/STA

Ordu Yardimlasma Kurumu (OYAK) GROUP

   -- Corporate Family Rating (foreign currency): upgraded to
      Ba2 from Ba3; Outlook remains STA; and

   -- Corporate Family Rating (domestic currency): affirmed at
      Ba2/STA

Russian Railways Joint Stock Company

   -- Issuer Rating (foreign currency): upgraded to A3 from
      Baa2; Outlook remains STA;

   -- Issuer Rating (domestic currency): affirmed at A3/STA; and

   -- Issuer Rating (Russian long term national scale rating):
      affirmed at Aaa.ru

Sovcomflot JSC

   -- Issuer Rating (foreign currency): upgraded to Baa1 from
      Baa2; Outlook remains STA; and

   -- Issuer Rating (domestic currency): affirmed at Baa1/STA

Telkom S.A. Limited

   -- Issuer Rating (foreign currency): upgraded to A3 from
      Baa1; Outlook remains STA; and

   -- Issuer Rating (domestic currency): affirmed at A3/STA


PROMBIZNESGRUP: Kyiv Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Prombiznesgrup (code EDRPOU
30634197).  The case is docketed under Case No. 43/39.

Mr. U. Shkurupij 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 Prombiznesgrup
         Ukrainka Boulevard 15
         Lesya
         01133, Kyiv Region, Ukraine


TRILISI' ALCOHOL: Kyiv Court Launches Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on State Enterprise Trilisi' Alcohol Plant
(code EDRPOU 32728213).  The case is docketed under Case No.
254/14b-05.

Volodimir Lifar has been appointed temporary insolvency manager
and can be reached at:

         L. Gavro Str. 11-D/177
         Kyiv Region, Ukraine

The Economic Court of Kyiv Region is located in:

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

The Debtor can be reached at:

         State Enterprise Trilisi' Alcohol Plant
         Kyiv Region, Fastiv District, Trilisi


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


ALLPARTS LIMITED: Creditors' Meeting Slated for May 30
------------------------------------------------------
Creditors of Allparts (Croydon) Limited will meet at 2:30 p.m.
on May 30 at:

         Durrant Court
         Tilehouse Lane
         Denham
         Uxbridge UB9 5DU
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on May 29 to:

         B. Shah
         Administrative Receiver
         F2 Salamander Quay West
         Park Lane
         Harefield
         Middlesex UB9 6NZ
         United Kingdom


BLYTH & PAGE: Meeting of Creditors Set for May 30
-------------------------------------------------
Creditors of Blyth & Page Property will meet at 2:00 p.m. on
May 30 at:

         The Grange
         100 High Street
         London N14 6TG
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on May 29 to:

         T. Papanicola
         Administrator
         Bond Partners LLP
         The Grange
         100 High Street
         London N14 6TG
         United Kingdom
         Tel: 020 8444 2000
         Fax: 020 8444 3400


BML ASSOCIATES: Appoints Administrator from Kay Johnson Gee
-----------------------------------------------------------
Jonathan Elman Avery-Gee of Kay Johnson Gee was appointed
administrator of BML Associates Limited (Company Number
05346400) on May 9.

The administrator can be reached at:

         Kay Johnson Gee
         Griffin Court
         201 Chapel Street
         Salford
         Manchester M3 5EQ
         United Kingdom
         Tel: 0161 832 6221
         Fax: 0161 834 8479

Located in Birmingham, BML Associates Limited is an electrical
contractor.


C & M: Creditors' Meeting Slated for May 31
-------------------------------------------
Creditors of C & M Mcdowell & Sons (Company Number 1210424554)
will meet at 10:00 a.m. on May 31 at:

         First Floor
         Park House
         Park Square West
         Leeds LS1 2PS
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on May 25 at:

         Timothy Calverley
         Administrator
         Haines Watts
         First Floor
         Park House
         Park Square West
         Leeds LS1 2PS
         United Kingdom
         Tel: 0113 398 1100
         Fax: 0113 398 1101

Haines Watts -- http://www.hwca.com/-- is a national U.K.
business advisory and accountancy firm with a network of
practices strategically placed throughout England, Wales and
Scotland, offering tax and general business advice.


COALITION TOTAL: Creditors Pass Winding Up Resolution
-----------------------------------------------------
Creditors of Coalition Total Communication Limited passed a
resolution to wind up the company's operations during an
extraordinary general meeting on March 17.

Lane Bednash, of David Rubin & Partners, was appointed
Liquidator.

The company can be reached at:

         Coalition Total Communication Limited
         Flat 9 Baxter House
         Horniman Drive
         London SE233BJ
         United Kingdom
         Tel: 020 7836 666


COCO FINANCE: S&P Rates Class E Credit-Linked Notes at BB
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR282.2 million floating-rate credit-
linked notes to be issued by CoCo Finance 2006-1 PLC, an SPE.

The transaction is a partially funded synthetic balance sheet
CLO, referencing a portfolio of bank loans granted by
Commerzbank AG to large corporate companies worldwide.  The
transaction aims to provide economic capital relief for
Commerzbank.

At closing, Commerzbank will enter into an issuer guarantee with
the issuer.  Under this agreement, the issuer will sell credit
protection to the bank on a portfolio of loans granted by
Commerzbank to borrowers across the world.

In turn, the issuer will issue credit-linked notes in the
capital markets.  Timely payment of interest and ultimate
payment of principal to noteholders are linked to the reference
portfolio's inherent credit risk, and therefore depend on the
reference entities' performance under their respective loan
agreements with Commerzbank.

Most of the borrowers are large companies that may operate in
several countries.  Standard & Poor's has not rated many.  To
assign a credit estimate to these unrated reference entities,
Standard & Poor's mapped Commerzbank's internal rating
score/scale for corporate entities against our ratings scale.

The issuer will primarily secure its obligations toward
noteholders by investing the note issuance proceeds in
redeemable Pfandbriefe rated 'AAA'.  In addition, it will assign
its rights under the issuer guarantee and the other transaction
documents to the trustee for the noteholders' benefit.

Payments of interest and principal on the rated notes will
depend on the performance of the reference portfolio, and
Commerzbanks's ability to make premium payments under the terms
and conditions of the issuer guarantee with the issuer.  As
Commerzbank is currently rated 'A-2', it will provide cash
collateral for one and a half interest premiums in advance.  If
this advance is not paid, the transaction will terminate with no
loss to the noteholders.

                     CoCo Finance 2006-1 PLC
       EUR282.2 Million Floating-Rate Credit-Linked Notes

                        Prelim.         Prelim. Amt.
         Class          rating          (Mil. EUR)
         -----          ------          ------------
         A+             AAA              0.5
         A              AAA             58.5
         B              AA              72.0
         C              A               45.0
         D              BBB             40.5
         E              BB              65.7


CORUS GROUP: Inks Purchase Pact with Aleris for Aluminum Biz
------------------------------------------------------------
Corus Group plc signed a Share Purchase Agreement for EUR826
million sale of its aluminum rolled products and extrusions
businesses to Aleris International Inc.

On March 16, Corus and Aleris signed a Letter of Intent for the
proposed acquisition by Aleris of Corus' downstream aluminum
rolled products and extrusions businesses for a gross
consideration of EUR826 million.

Following the completion of internal consultation and advice
processes related to the transaction, Corus and Aleris confirmed
they entered into a definitive Share Purchase Agreement.  The
transaction remains subject to certain external regulatory
clearances.  Completion is anticipated in the third quarter of
2006.

The net cash proceeds, after deducting pension liabilities but
excluding minority interests and net debt, would be
approximately EUR728 million.  These proceeds will be used to
further strengthen both the Group's balance sheet and develop
the carbon steel business.  The transaction is not expected to
have a material effect on the Group's net assets.

In 2005, Corus' downstream aluminum rolled products and
extrusions businesses generated a profit before taxation of
EUR47 million.  Gross assets related to these businesses, as at
Jan. 1, 2006, were EUR1.120 billion.  The management teams of
these businesses are expected to transfer to Aleris.

                          About Aleris

Headquartered in Beachwood Ohio, suburb of Cleveland, Aleris
International Inc.-- http://www.aleris.com/-- is a major North
American manufacturer of rolled aluminum products and is a
global leader in aluminum recycling and the production of
specification alloys.  Aleris is also a leading manufacturer of
value-added zinc products that include zinc oxide, zinc dust and
zinc metal.  The Company operates 41 production facilities in
the United States, Brazil, Germany, Mexico and Wales, and
employs approximately 4,000 employees.

                       About Corus Group

Corus Group PLC -- http://www.corusgroup.com/-- is one of the
world's largest metal producers with a turnover of over GBP10
billion and major operating facilities in the U.K., the
Netherlands, Germany, France, Norway, Belgium and Canada.

Operating through four divisions -- Strip Products, Long
Products, Aluminum and Distribution & Building Systems -- Corus
has over 47,300 employees in over 40 countries and sales offices
and service centers worldwide.

Corus was created through the merger of British Steel plc and
Koninklijke Hoogovens N.V.  It suffered six years ago from the
crisis in British manufacturing, which prompted it to shake up
management, close plants, cut jobs, and sell assets to lower
debt.  Its debt was thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 23,
Fitch Ratings changed Corus Group PLC's Outlook to Positive from
Stable and affirmed the Issuer Default Rating at BB- following
the company's announcement of its 2005 results and plan to
dispose its aluminium business for EUR826 million.  Corus' debt
instruments are also affirmed as listed below.

   a) Corus Group PLC EUR800 mln 7.5% senior notes B+;
   b) Corus Group PLC EUR307 mln 3.0% convertible bonds B+;
   c) Corus Finance PLC GBP200 mln 6.75% guaranteed bonds B+;
      and
   d) Corus Finance PLC EUR20 mln 5.375% guaranteed bonds B+.


EMERGENCY TRAINING: Brings In Liquidator from Wilson Field
----------------------------------------------------------
Emergency Training Limited is winding up its operations after
creditors decided to liquidate the company's assets on March 23.

Lisa Hogg, of Wilson Field, was appointed Liquidator.

The company can be contacted at:

         Emergency Training Limited
         Holywell Road
         Northop Mold Clwyd CH7 6AA
         United Kingdom
         Tel: 01244 537 926
         Fax: 01352 840 945


EMP STATIC: Names Jonathan Lord Liquidator
------------------------------------------
Jonathan Lord, of Bridgestones, was appointed Liquidator of EMP
Static Guarding Limited after creditors agreed to wind up the
company during an extraordinary general meeting on March 22.

The company can be reached at:

         EMP Static Guarding Limited
         Hoobrook Industrial Estate
         Worcester Road
         Kidderminster Worcestershire DY101HY
         United Kingdom-
         Tel: 01562 755 555


EUROTUNNEL PLC: Inks Prelim Binding Pact with Ad Hoc Committee
--------------------------------------------------------------
Eurotunnel signed a preliminary binding agreement with the Ad
Hoc Committee on the financial restructuring of the Group.

Discussions will continue on this basis with other lenders,
including junior bondholders.

At the same time, Eurotunnel will continue to explore with
international financial institutions the best ways to put in
place a new corporate financing for the group.

As a consequence, Eurotunnel will seek to obtain approval from
the French commercial court to postpone the general meeting of
Eurotunnel S.A., which should be held on June 30 to July 12 in
order to present a complete outline for approval by shareholders
of the Group.

                Debt Restructuring Agreement

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

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

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

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

                       Company Crisis

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

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

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

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


GLENFIELDS LIMITED: Hires Joint Liquidators from Insol House
------------------------------------------------------------
Glenfields Limited is liquidating its assets after creditors
passed a resolution to wind up the company during an
extraordinary general meeting on March 22.

Richard Frank Simms and Martin Richard Buttriss, of Insol House,
will jointly liquidate the company's assets.

The company can be reached at:

         Glenfields Limited
         5 Blenheim Court
         Peppercorn Close
         Peterborough
         Cambridgeshire PE1 2DU
         United Kingdom
         Tel: 01733 349666


HUNT & HOLDITCH: Taps J.N. Bleazard to Liquidate Assets
-------------------------------------------------------
Creditors of Hunt & Holditch Limited agreed to liquidate the
company's assets during an extraordinary general meeting on
March 23.

J.N. Bleazard, of XL Business Solutions, was appointed
Liquidator.

The company can be reached at:

         Hunt & Holditch Limited
         Torbay Court
         Chelston Road
         Torquay Devon TQ2 6PX
         United Kingdom
         Tel: 01803 605 202
         Fax: 01803 607 677


HYTYME MANAGEMENT: Meeting of Creditors Set on May 31
-----------------------------------------------------
Creditors of Hytyme Management Services Limited (Company Number
04123671) will meet at 10:30 a.m. on May 31 at:

         67 Butts Green Road
         Hornchurch
         Essex RM11 2JS
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on May 30 at:

         P. Atkinson
         Joint Administrator
         Vantis Redhead French Limited
         43-45 Butts Green Road
         Hornchurch
         Essex RM11 2JX
         United Kingdom
         Tel: 01708 458211
         Fax: 01708 442308

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


INFINITE DESIGNS: Joint Liquidators Take Over Operations
--------------------------------------------------------
Graham Stuart Wolloff and Richard John Elwell, of Elwell
Watchorn & Saxton LLP, were appointed Joint Liquidators of
Infinite Designs International Limited after creditors decided
to liquidate the company's assets on March 24.

The company can be reached at:

         Infinite Designs International Limited
         Matrix House
         12-16 Lionel Road
         Canvey Island
         Essex SS8 9DE
         United Kingdom
         Tel: 020 8590 4400


JCT HAULAGE: Financial Woes Trigger Liquidation
-----------------------------------------------
JCT Haulage Limited is liquidating its assets after creditors
found out that the company could no longer continue its
operations due to mounting debts.

Subsequently, Vincent A. Simmons was appointed Liquidator.

The company can be reached at:

         JCT Haulage Limited
         45-51 Chorley New Road
         Bolton BL1 4QR
         United Kingdom
         Tel: 01270 506 933


JOHN GLADSTONE: Appoints Administrators from Begbies Traynor
------------------------------------------------------------
Michael E.G. Saville and Rob Sadler of Begbies Traynor were
appointed joint administrators of John Gladstone (Dyers &
Finishers) Limited (Company Number 04086852) on May 2.

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.

John Gladstone (Dyers & Finishers) Limited can be reached at:

         Union Mills
         George Street
         Milnsbridge
         Huddersfield HD3 4JD
         United Kingdom
         Tel: 01484 654 221


LAKEOVALE LIMITED: Creditors Resolve to Liquidation
---------------------------------------------------
Creditors of Lakeovale Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
March 22.

The voluntary liquidation came as a result of the Debtor's
inability to continue its operations due to its liabilities.

John Russell and Andrew Philip Wood, of The P&A Partnership,
were appointed Joint Liquidators.

The company can be reached at:

         Lakeovale Limited
         36 Southwark Street
         Nottingham NG6 0DA
         United Kingdom
         Tel: 0115 978 6397
         Fax: 0115 919 3949


NTL CABLE: Fitch Rates GBP375-Mln Senior Notes at B+/RR4
--------------------------------------------------------
Fitch Ratings changed the Rating Watch on NTL Cable plc's senior
notes to Negative from Evolving, following an announcement by
NTL Inc of its plans to refinance its GBP1.8-billion bridge
facility.

At the same time Fitch affirmed NTL Inc's Issuer Default rating
at B+ with Stable Outlook and Short-term rating at B.  NTL
Investment Holdings Limited's GBP3.3 billion senior secured
credit facilities are affirmed BB+ and Recovery rating RR1.

Notes on Rating Watch Negative:

NTL Cable plc

   -- GBP375 million 9.75% senior notes due 2014: B+/RR4;
   -- USD425 million 8.75% senior notes due 2014: B+/RR4; and
   -- EUR225m 8.75% senior notes due 2014: B+/RR4.

The change in Rating Watch reflects NTL's announcement that it
plans to refinance the bridge facility by an additional tranche
of senior debt of its subsidiary NTL Investment Holdings Limited
and a bond offering by its subsidiary NTL Cable plc, which will
rank pari passu with the existing bonds.  The Watch will be
resolved once the refinancing is completed.

Director in Fitch's European TMT Group Stuart Reid disclosed,
"The Rating Watch Negative reflects the structural subordination
and increased level of senior debt ranking ahead of the existing
and prospective notes under the proposed structure."

"Fitch recognizes the cost savings that will be made through the
chosen financing and has already signaled to investors the
likely impact on ratings of this chosen route.  Any acceleration
in the company's ability to de-leverage will, however, be
reflected in future rating actions," he added.

Based on earlier indications, Fitch expects NTL Inc. to raise in
the region of GBP1.2 billion in bank debt at the NTL Investment
Holdings Limited level and GBP600 million of pari passu bonds at
NTL Cable.  Provided these amounts are confirmed, the agency's
recovery analysis indicates a one notch downgrade for NTL
Cable's notes.  In the event of a material change to these
amounts the agency will reassess recoveries and notching of the
various Classes of debt in due course.


OCEAN MANAGEMENT: Meeting of Creditors Set for June 1
-----------------------------------------------------
Creditors of Ocean Management Services Limited (Company Number
04779552) will meet at 11:00 a.m. on June 1 at:

         Acre House
         11-15 William Road
         London NW1 3ER
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on May 31 at:

         S.M. Katz
         Administrator
         Fisher Partners
         Acre House
         11/15 William Road
         London NW1 3ER
         United Kingdom
         Tel: 020 7388 7000
         Fax: 020 7380 4900
         E-mail: skatz@hwfisher.co.uk


PMG REALISATIONS: Creditors' Meeting Slated for May 30
------------------------------------------------------
Creditors of PMG Realisations Limited (Company Number 04839852)
will meet at 11:00 a.m. on May 30 at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland SR5 3JN
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on May 29 at:

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

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


QUALITY REPAINTS: Winds Up Operations & Appoints Liquidator
-----------------------------------------------------------
Roderick Graham Butcher, of Butcher Woods, was appointed
Liquidator of Quality Repaints Limited after creditors passed a
resolution to wind up the company's operations during an
extraordinary general meeting on March 21.

The company can be reached at:

         Quality Repaints Limited
         Old Bush Trading Est
         Old Bush Street
         Brierley Hill DY5 1UB
         United Kingdom
         Tel: 01384 481 899
         Fax: 01384 783 87


SEABIRD CONTAINERS: Meeting of Creditors Set for May 30
-------------------------------------------------------
Creditors of Seabird Containers Limited (Company Number
04548643) will meet at 11:00 a.m. on May 30 at:

         Premier Travel Inn
         Bath Road
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on May 29 at:

         T. Papanicola
         Joint Administrator
         Bond Partners LLP
         The Grange
         100 High Street
         London N14 6TG
         Tel: 020 8444 2000
         Fax: 020 8444 3400


SYSTEMEC LIMITED: Brings In Administrators from Quadra Business
---------------------------------------------------------------
Stephen James Hobson and Richard Patrick Neville of Quadra
Business Recovery Limited were appointed joint administrators of
Systemec Limited (Company Number 1083478) on May 5.

The administrators can be reached at:

         Stephen James Hobson
         Quadra Business Recovery Limited
         Southernhay House
         36 Southernhay East
         Exeter
         Devon EX1 1NX
         United Kingdom
         Tel: 01392 667000
         Fax: 01392 662751

         Richard Patrick Neville
         Quadra Business Recovery Limited
         10-11 Lynher Building
         Queen Anne's Battery
         Plymouth PL4 0LP
         United Kingdom
         Tel: 01752672288
         Fax: 01752 672290

Headquartered in Queens, England, Systemec Limited supplies shop
counters and display units.

                           *********

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

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

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

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

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

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


                 * * * End of Transmission * * *