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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, May 29, 2006, Vol. 7, No. 105

                            Headlines

G E R M A N Y

BCA AUTOMATEN: Claims Registration Ends June 11
BAUUNTERNEHMUNG FRED: Claims Filing Period Ends June 12
FRINGS FRINGS: Claims Filing Period Ends June 11
HVT GESELLSCHAFT: Claims Registration Ends June 13
HERM GMBH: Claims Registration Ends June 12

JOHANN RIEMERSCHMID: Creditors' Meeting Slated for July 3
KWL LIEGENSCHAFTEN: Meeting of Creditors Set on June 12
ME-FA-KO: Meeting of Creditors Set on June 12
ROMPA GMBH: Claims Filing Period Ends June 13
SENATOR HOTEL: Claims Registration Ends June 14


I R E L A N D

EIRCOM GROUP: Issues 1.073 Billion Share Capital
ELAN CORP: May Increase Price on Tysabri Following Regulatory OK
ELAN CORPORATION: Shareholders Approve AGM Resolutions


I T A L Y

ALITALIA SPA: Transport Minister Eyes Management Change
BANCA NAZIONALE: BNP Eyes 2,000 Job Cuts Following Takeover
POPOLARE DI INTRA: Board Chairman & Two Directors Leave Post


K A Z A K H S T A N

ATF BANK: Fitch Assigns BB- Rating to US$350 Million Eurobond
BOZTORGAI: Creditors Must File Claims by June 9
GIROVO: Creditors Must File Claims by June 9
MARS: Creditors' Claims Due June 9
MELIORATOR: West Kazakhstan Court Sets June 9 Claims Bar Date

ORAL-PRESS: Creditors' Claims Due June 9
SATTILIK: Proof of Claim Deadline Slated for June 9
SYNDYR ZAISAN-OST: Proof of Claim Deadline Slated for June 9
TEPLOIMPORT-AZIA: Claims Registration Ends June 9
TRIM: Claims Registration Ends June 9


K Y R G Y Z S T A N

AMANAT: Creditors Must File Claims by July 17
AMERICAN CHAMBER: Proof of Claim Deadline Slated for July 17
ARENA: Creditors' Claims Due July 17


N E T H E R L A N D S

EFES BREWERIES: Posts US$5.48 Million Net Loss in First Quarter
EFES BREWERIES: Sells Romania Subsidiary IEB for EUR20.79 Mln


R U S S I A

BASHKIRSKAYA SOYUZ: Court Commences Bankruptcy Supervision
KIROVSKAYA: Bankruptcy Hearing Slated for July 12
KUBAN-CARGO-EXPRESS: Bankruptcy Hearing Slated for June 26
NELMA: Court Names A. Sidorak as Interim Insolvency Manager
OAO GAZPROM: Reappoints Alexey Miller as Management Chairman

OAO GAZPROM: Board Recommends RUB1.5 Per Share Annual Dividend
OAO SEVERSTAL: Inks EUR7 Billion Merger Pact with Arcelor S.A.
OAO SEVERSTAL: Annual Shareholders' Meeting Set for June 9
RUSSIAN AGRICULTURAL: Fitch Assigns D/E Individual Rating
SREDNEVOLZHSKAYA BUILDING: Court Opens Bankruptcy Proceedings

STROY-MECHANIZATION 1: Omsk Court Begins Bankruptcy Process
TERMINAL: Bankruptcy Hearing Slated for June 14
TSVET-RED-MET-SNAB: Court Launches Bankruptcy Proceedings
URAL-GRAPHITE: O. Khvoynyashskiy to Manage Insolvency Assets
YUKOS OIL: Sells 53.7% Mazeikiu Stake to PKN Orlen for US$1.49BB


U K R A I N E

ASKER: Court Appoints Svitlana Babich as Liquidator
DNIPROPLAST: Court Taps O. Dobrodub to Liquiate Assets
ELLAYS-DESIGN: Kyiv Court Laucnhes Bankruptcy Proceedings
INTERNATIONAL COMMUNICATIONS: Court Opens Bankruptcy Proceedings
PRIKARPATTYA-MEAT: Court Starts Bankruptcy Supervision

RESHKO: Kyiv Court Commences Bankruptcy Proceedings
SINON: Kyiv Court Starts Bankruptcy Proceedings
TINIVKA: Court Taps V. Domachuk to Manage Insolvency Assets
VISIO TRADING: Court Names O. Dobrodub as Insolvency Manager


U N I T E D   K I N G D O M

ALLPARTS LIMITED: Meeting of Creditors Set on May 30
APPLICATIONS FACTORY: Creditors Confirm Voluntary Liquidation
BURLINGTON PROPERTY: Meeting of Creditors Set for June 12
CARRE PLC: Creditors' Meeting Set for May 31
CHEMICAL SERVICES: NatWest Appoints Grant Thornton Receivers

CORONIS PLC: Fitch Junks GBP13.7 Million Class F Notes
ENRON CORP: Sells Prisma Unit for US$2.9 Bln to Ashmore Energy
GRACE MOTOR: Brings In Walletts to Administer Assets
INVENSYS PLC: March 31 Balance Sheet Upside-Down by GBP593 Mln
INVENSYS PLC: Eyes to Pay Debt Via GBP1-Bln Share Issue & Loan

INVENSYS PLC: Moody's Review Low-B Ratings for Possible Upgrade
INVENSYS PLC: Sells US & Asian Operations to Schneider Electric
METALSIDAC DISPLAYS: Taps Joint Administrators from Quadra
MOUNTAIN ESCARGOTS: Brings In Bond Partners as Administrator
NASH POINT: S&P Assigns BB Prelim Rating to EUR15.25-Mln Notes

ODS OPTICAL: Creditors' Meeting Slated for June 2
OMEGA PLASTICS: Creditors' Meeting Slated for May 31
PRIVATE PROPERTIES: Appoints Administrator from Budsworth & Co
REMAL THERMAL: Hires Joint Administrators from Begbies Traynor
ROADCHEF FINANCE: Fitch Rates GBP42 Million Class B Notes at BB

SOUTH BOATS: Creditors' Meeting Slated for May 30
STIRLING COOKE: Scheme Creditors' Meeting Set on July 5
TRANSGLOBAL TYRES: Taps Simon John Lowes to Liquidate Assets
TRAVELMATE COACHES: Creditors Agree to Liquidation
TRUE MEDIA: Appoints Tenon Recovery Administrators

TRUMAX LIMITED: Administrators Sell Business as Going Concern
TUBE VALVES: Halts Operations & Appoints Liquidator
UNIVERSAL HEATING: Brings In Liquidator from Bond Partners LLP
VANTAGE365 LIMITED: Creditors Pass Winding Up Resolution
VENUS IN THE PARK: Gordon Johnston Leads Winding Up Procedure

WELDSPAN LIMITED: Financial Woes Prompt Liquidation
WINSTONMEAD LONDON: Names Lloyd Biscoe Liquidator
WOMERSLEY ROAD: Joint Liquidators Take Over Operations

                            *********

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


BCA AUTOMATEN: Claims Registration Ends June 11
-----------------------------------------------
Creditors of BCA Automaten Verwaltungs GmbH have until June 11
to register their claims with court-appointed provisional
administrator Albert Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 7, 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 Koblenz
         Hall 123
         Main Law Courts
         Karmeliterstrasse 14
         56068 Koblenz, 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 Koblenz opened bankruptcy proceedings
against BCA Automaten Verwaltungs GmbH on April 5.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         BCA Automaten Verwaltungs GmbH
         Rheinau 2
         56075 Koblenz, Germany
                  
The administrator can be contacted at:

         Albert Lieser
         Josef-Gorres-Place 5
         56068 Koblenz, Germany
         Tel: 0261/304-790
         Fax: 0261/911-4729


BAUUNTERNEHMUNG FRED: Claims Filing Period Ends June 12
-------------------------------------------------------
Creditors of Bauunternehmung Fred Rauch GmbH have until June 12
to register their claims with court-appointed provisional
administrator Dr. Andreas Ropke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 3, 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 Duisburg
         Meeting Room C407         
         4th Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, Germany

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

The District Court of Duisburg opened bankruptcy proceedings
against Bauunternehmung Fred Rauch GmbH on April 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Bauunternehmung Fred Rauch GmbH
         Borsigstr. 20
         47169 Duisburg, Germany

         Attn: Andreas Herbst, Manager
         Kolpingstr. 38
         47169 Duisburg, Germany

         Fred Rauch, Manager
         Krawehlstr. 59
         45130 Essen, Germany
                  
The administrator can be contacted at:

         Dr. Andreas Ropke
         Dammstr. 26
         47119 Duisburg, Germany


FRINGS FRINGS: Claims Filing Period Ends June 11
------------------------------------------------
Creditors of Frings Frings Handelsgesellschaft mbH have until
June 11 to register their claims with court-appointed
provisional administrator Dr. Dietmar Penzlin.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on July 18, 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 Itzehoe
         Hall 2
         Itzehoe, 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 Itzehoe opened bankruptcy proceedings
against Frings Frings Handelsgesellschaft mbH on April 28.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Frings Frings Handelsgesellschaft mbH
         Moor 1a
         25588 Mehlbek, Germany
                  
The administrator can be contacted at:

         Dr. Dietmar Penzlin
         Jungfernstieg 51
         20354 Hamburg, Germany


HVT GESELLSCHAFT: Claims Registration Ends June 13
--------------------------------------------------
Creditors of HVT Gesellschaft fuer Handel- Vermietung und
Transport mbH have until June 13 to register their claims with
court-appointed provisional administrator Dr. Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Cologne
         Hall 14
         Ground Floor
         Luxemburger Road 101
         50939 Cologne, 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 Cologne opened bankruptcy proceedings
against HVT Gesellschaft fuer Handel- Vermietung und Transport
mbH on March 31.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         HVT Gesellschaft fuer Handel- Vermietung und
         Transport mbH
         Roesrather Road 544
         51107 Cologne, Germany

         Attn: Birgit Kuepper, Manager
         Schellenbeckerstrasse 58
         42279 Wuppertal, Germany
                  
The administrator can be contacted at:

         Dr. Bruno Kuebler
         Aachener Str. 222
         50931 Cologne, Germany
         Tel: +49221400770
         Fax: +492214007720
         Web: http://www.kuebler-gbr.de/


HERM GMBH: Claims Registration Ends June 12
-------------------------------------------
Creditors of Herm GmbH have until June 12 to register their
claims with court-appointed provisional administrator Stephan
Haspel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on July 11, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Landau in der Pfalz
         Room 223
         Marienring 13
         76829 Landau in der Pfalz, Germany

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

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

The Debtor can be contacted at:

         Herm GmbH
         Poststr. 7
         76829 Landau in der Pfalz, Germany

         Attn: Juergen Herm, Manager
         Hauptstr. 1
         76848 Darstein
                  
The administrator can be contacted at:

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


JOHANN RIEMERSCHMID: Creditors' Meeting Slated for July 3
---------------------------------------------------------
The court-appointed provisional administrator for Johann
Riemerschmid Fleischwaren GmbH, Stephan Jaeger, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 8:40 a.m. on July 3.

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

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         Munich, 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 15 to register their claims with the
court-appointed provisional administrator.

The District Court of Munich opened bankruptcy proceedings
against Johann Riemerschmid Fleischwaren GmbH on March 28.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Johann Riemerschmid Fleischwaren GmbH
         Zenettistr. 10
         80337 Munich, Germany
                 
The administrator can be reached at:

         Stephan Jaeger
         Leopoldstr. 139
         80804 Munich, Germany
         Tel: 361930-750
         Fax: 361930-999


KWL LIEGENSCHAFTEN: Meeting of Creditors Set on June 12
-------------------------------------------------------
The court-appointed provisional administrator for KWL
Liegenschaften Gesellschaft fuer Grundstuecksverwertung GmbH,
Dr. Wolfgang Schroder, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:15
a.m. on June 12.

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 9:05 a.m. on Sept. 18 at the same
venue.

Creditors have until July 25 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against KWL Liegenschaften Gesellschaft fuer
Grundstuecksverwertung GmbH on April 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         KWL Liegenschaften Gesellschaft fuer
         Grundstuecksverwertung GmbH
         Hagenstr. 1
         14193 Berlin, Germany
                 
The administrator can be reached at:

         Dr. Wolfgang Schroder
         Genthiner Str. 48
         10785 Berlin, Germany


ME-FA-KO: Meeting of Creditors Set on June 12
---------------------------------------------
The court-appointed provisional administrator for ME-FA-KO
Metall-Fassaden-Konstruktions GmbH, Dr. Petra Hilgers, will
present her first report on the Company's insolvency proceedings
at a creditors' meeting at 9:10 a.m. on June 12.

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 9:00 a.m. on Sept. 18 at the same
venue.

Creditors have until July 25 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against ME-FA-KO Metall-Fassaden-Konstruktions GmbH
on April 25.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         ME-FA-KO Metall-Fassaden-Konstruktions GmbH
         General-Pape-Road 56
         12101 Berlin, Germany
                 
The administrator can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin, Germany


ROMPA GMBH: Claims Filing Period Ends June 13
---------------------------------------------
Creditors of Rompa GmbH have until June 13 to register their
claims with court-appointed provisional administrator Ernst
Schroder.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Wilhelmshaven
         Hall 109
         Old Building
         Market Route 15
         26382 Wilhelmshaven, 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 Wilhelmshaven opened bankruptcy
proceedings against Rompa GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Rompa GmbH
         Attn: Ralf Mondorf, Manager
         Admiral-Klatt-Road 50
         26382 Wilhelmshaven, Germany
                  
The administrator can be contacted at:

         Ernst Schroder
         Montsstr. 12
         D-26382 Wilhelmshaven, Germany
         Tel: 04421/15060
         Fax: 04421/150678


SENATOR HOTEL: Claims Registration Ends June 14
-----------------------------------------------
Creditors of Senator Hotel Reich und Venosa GbR have until
June 14 to register their claims with court-appointed
provisional administrator Andreas Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Bielefeld
         Hall 4065
         4 Ebene         
         Court Route 6
         33602 Bielefeld, 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 Bielefeld opened bankruptcy proceedings
against Senator Hotel Reich und Venosa GbR on April 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Senator Hotel Reich und Venosa GbR
         Attn: Sylvana Reich, Manager
         Sonderburger Str. 3
         33605 Bielefeld, Germany
                  
The administrator can be contacted at:

         Andreas Stratenwerth
         Lemgoer Str. 4
         33604 Bielefeld, Germany


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I R E L A N D
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EIRCOM GROUP: Issues 1.073 Billion Share Capital
------------------------------------------------
Eircom Group plc confirmed on May 26, its issuance of share
capital consisting of 1,073,433,248 ordinary shares of EUR0.10
each and 144,166,666 convertible preference shares of EUR0.50
each, in accordance with the City Code on Takeovers and Mergers.

The ISIN code for eircom's ordinary share is GB0034341890.

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.


ELAN CORP: May Increase Price on Tysabri Following Regulatory OK
----------------------------------------------------------------
Elan Corp. plc eyes a price increase of its withdrawn multiple
sclerosis drug, Tysabri(R), should U.S. regulators approve its
return next month, Etain Lavelle of Bloomberg News cites CEO
Kelly Martin as saying.  The Irish company hopes to re-launch
the product in the third quarter following regulatory approval,
Reuters reports.

"Clearly there's headroom to raise the price," Mr. Martin said
Thursday.  "But we haven't finalized that."

According to Bloomberg, Elan and partner Biogen Idec Inc. will
decide how much to increase the drug's US$23,500 annual cost by
the end of the month.  NCB analyst Orla Hartford believes Elan
and Biogen may raise the price by about 10% now that they have
two-year data on the drug, Mr. Lavelle writes for Bloomberg.

Trading of the MS drug was withdrawn in February 2005 in
connection with a rare brain infection developed in three
patients that led to two deaths.

                      About the Company

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

                        *     *     *

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

As reported by TCR-Europe on May 2, 2005, the company's net loss
for the first quarter of 2005 amounted to US$115.6 million, an
increase of 86% over the US$62.2 million reported in the same
quarter of 2004.  Of the US$74.7 million net operating loss for
the first quarter of 2005, US$58.6 million related to
Tysabri(TM).  Total revenue decreased 31% to US$102.7 million in
the first quarter of 2005 from US$148.3 million in the first
quarter of 2004.


ELAN CORPORATION: Shareholders Approve AGM Resolutions
------------------------------------------------------
Elan Corporation plc held its annual general meeting on May 25.  
The shareholders passed all 18 shareholder resolutions proposed
to the meeting.

                      About the Company

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

                        *     *     *

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

As reported by TCR-Europe on May 2, 2005, the company's net loss
for the first quarter of 2005 amounted to US$115.6 million, an
increase of 86% over the US$62.2 million reported in the same
quarter of 2004.  Of the US$74.7 million net operating loss for
the first quarter of 2005, US$58.6 million related to
Tysabri(TM).  Total revenue decreased 31% to US$102.7 million in
the first quarter of 2005 from US$148.3 million in the first
quarter of 2004.


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


ALITALIA SPA: Transport Minister Eyes Management Change
-------------------------------------------------------
A management shakeup can be expected at Alitalia S.p.A. as new
Transportation Minister Alessandro Bianchi expressed
dissatisfaction on the national carrier's performance, Reuters
says.

On the axe list is Alitalia Chief Executive Giancarlo Cimoli,
Mr. Bianchi told ANSA News Agency.  The Minister said that Mr.
Cimoli's job was "necessarily one of the subjects under
discussion."

"I am not fond of the formula, 'change the government, change
the management,'" ANSA quoted Mr. Bianchi as saying.  "But it is
clear that even this needs to be discussed, because if there are
things that are not working, the management should have the
answers."

"We know only that the accounts of this company have worsened
lately, and we should understand why," Mr. Bianchi added.

For the first three months of 2006, Alitalia booked EUR156.6
million in pre-tax loss, which the carrier attributed to the
sharp increase in fuel costs and the industrial unrest that
occurred in January.  Net revenues amounted to EUR965 million,
showing a decrease of EUR31 million compared a year ago.  
Operating loss amounted to EUR129 million, slightly higher than
EUR118 million a year ago.

Alitalia, however, refused to confirm its 2006 profit forecast.  
The government owns 49.9% of Alitalia.

                         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.


BANCA NAZIONALE: BNP Eyes 2,000 Job Cuts Following Takeover
-----------------------------------------------------------
BNP Paribas S.A. will likely cut 2,000 jobs at Banca Nazionale
del Lavoro SA, Bloomberg News cited Italian daily Milano
Finanza.

According to the report, the reduction of BNL's workforce will
be implemented after BNP's takeover is concluded.  

BNP Paribas eyes eliminating between 1,000 and 2,000 of BNL's
17,000 employees and might deliver a scheme on cutting costs by
July, Bloomberg related.

BNP Paribas concluded its public offer for Banca Nazional del
Lavoro SA's common and savings stock on May 17 which resulted in
BNP's holding a 97% stake of BNL's common stock.

                        About BNP Paribas

Headquartered in Milan, Italy, BNP Paribas --
http://www.bnpparibas.com/en/home-- is one of the largest  
foreign banks in Italy, with a leading and longstanding presence
in retail financial services, a well-established position in
asset management and services, and the status of a top tier
player in corporate and investment banking.  It employs more
than 3,700 people and generates revenues in excess of EUR750
million.

                         About BNL

Banca Nazionale del Lavoro -- http://www.bnl.it/default.asp--  
is the sixth largest Italian bank in terms of deposits and
loans.  Its network offers nationwide coverage via approximately
800 branches covering all major urban areas.  It serves around 3
million retail customers, 39,000 corporate clients, and 16,000
public entities.

                        *     *     *

As reported in TCR-Europe on May 22, Fitch Ratings upgraded
Fitch ratings upgraded Italy-based Banca Nazionale del Lavoro's
rating to Issuer Default AA- from A+.  At the same time, the
agency affirmed the bank's Short-term, Individual and Support
ratings at F1, C and 1 respectively.  Following the upgrade, the
outlook is now stable.


POPOLARE DI INTRA: Board Chairman & Two Directors Leave Post
------------------------------------------------------------
Cesare Ponti resigned as chairman Banca Popolare di Intra after
learning he was included in the probe into the collpse of
textiles group Finpart S.p.A., La Stampa says.

Aside from Mr. Ponti, Michele Alessi Anghini and Luigi Bonomi
also resigned as board members of the group.  The Board of
Directors accepted their resignation on May 24.

According to La Stampa, Popolare di Intra wants to avoid
complications from the inquiry since it is in the process of
closing merger talks.

Popolare di Intra has suspended Claudio Ferrari as the Company's
managing director for the next two months, La Stampa reports.  
The group was to name a new chairman and an interim managing
director Friday, May 26.

                  About Banca Popolare di Intra

Based in Verbania Intra, Italy, Banca Popolare di Intra --  
http://www.bpintra.it/-- Intra is a small cooperative bank with  
a strong local franchise in Piedmont and Lombardy.  The bank
operates through a network of 80 branches and employs around
1,100 staff.

                        *     *     *

As reported in the TCR-Europe on Feb. 21, Fitch Ratings lowered
Banca Popolare di Intra's ratings to Long-term BBB- from BBB and
Individual rating to D from C.  At the same time the agency has
put on Rating Watch Negative the bank's Long-term BBB- and
Short-term F3 ratings.The Support rating is affirmed at 3.

The downgrade of the bank's Long-term and Individual ratings
reflects the weakening of Intra's capital base stemming from
large losses in its loan portfolio.  For 2005 the bank reported
a net loss of EUR113 million, severely limiting its financial
flexibility.  

"This probability underpins the bank's Long-term rating.
However, should the bank not be acquired, the agency will review
the bank's ratings and does not exclude further downgrades,"
Fitch said

As reported in the TCR-Europe on May 19, Standard & Poor's
Ratings Services lowered its long- and short-term counterparty
credit ratings on Banca Popolare di Intra SCPARL to 'BB+/B' from
'BBB-/A-3'.  The ratings remain on CreditWatch with developing
implications, where they were placed on Feb. 15.

"The downgrade reflects the additional risk to Intra's finances
and reputation generated by recent developments regarding the
bankruptcy of Finpart," said Standard & Poor's credit analyst
Renato Panichi.


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


ATF BANK: Fitch Assigns BB- Rating to US$350 Million Eurobond
-------------------------------------------------------------
Fitch Ratings assigned Kazakhstan-based ATF Bank's US$350
million 9% eurobond due May 2016 a final Long-term BB- rating.

ATF is rated Long-term Issuer Default BB- with a Stable Outlook,
Short-term B, Individual D and Support 3.

ATF is the fourth-largest commercial bank in Kazakhstan by
assets with a market share of 8% of assets at end-2005.  It
provides a broad range of banking services to large companies
and SMEs, and is also expanding its retail business, with a
focus on higher- and middle-income individuals.


BOZTORGAI: Creditors Must File Claims by June 9
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Boztorgai insolvent on March 15.

Creditors have until June 9 to submit written proofs of claim
to:

         Krylova Str. 92/1
         Ust-Kamenogorsk, East Kazakhstan Region
         Kazakhstan   
         Tel: 8 (3232) 25-12-13


GIROVO: Creditors Must File Claims by June 9
--------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Girovo insolvent.

Creditors have until June 9 to submit written proofs of claim
to:

         Seifullina Str. 39-16
         Uralsk, West Kazakhstan Region
         Kazakhstan
         Tel: 8 (3112) 51-27-24


MARS: Creditors' Claims Due June 9
----------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Mars insolvent on March 20.

Creditors have until June 9 to submit written proofs of claim
to:

         Micro District 28
         Aktau, Kazakhstan
         Tel/Fax: 8 (3292) 41-14-58


MELIORATOR: West Kazakhstan Court Sets June 9 Claims Bar Date
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Ayatsky Health Improving Center Meliorator
insolvent.

Creditors have until June 9 to submit written proofs of claim
to:

         Seifullina Str. 39-16
         Uralsk, West Kazakhstan Region
         Kazakhstan
         Tel: 8 (3112) 51-27-24


ORAL-PRESS: Creditors' Claims Due June 9
----------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Oral-Press insolvent.  

Creditors have until June 9 to submit written proofs of claim
to:

         Seifullina Str. 39-16
         Uralsk, West Kazakhstan Region
         Tel: 8 (3112) 51-27-24


SATTILIK: Proof of Claim Deadline Slated for June 9
---------------------------------------------------
JSC Sattilik has declared insolvency.  Creditors have until
June 9 to submit written proofs of claim to:

         Demitrova Str. 6
         Aktobe
         Aktube Region
         Kazakhstan


SYNDYR ZAISAN-OST: Proof of Claim Deadline Slated for June 9
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Syndyr Zaisan-Ost insolvent on March 15.

Creditors have until June 9 to submit written proofs of claim
to:

         Krylova Str. 92/1
         Ust-Kamenogorsk, East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 25-12-13


TEPLOIMPORT-AZIA: Claims Registration Ends June 9
-------------------------------------------------
LLP Joint Venture Teploimport-Azia has declared insolvency.  
Creditors have until June 9 to submit written proofs of claim
to:

         Auezova Str. 134
         Almaty, Kazakhstan


TRIM: Claims Registration Ends June 9
-------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Trim insolvent on March 15.

Creditors have until June 9 to submit written proofs of claim
to:

         Krylova Str. 92/1
         Ust-Kamenogorsk, East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 25-12-13


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


AMANAT: Creditors Must File Claims by July 17
---------------------------------------------
LLC Amanat has declared insolvency.  Creditors have until
July 17 to submit written proofs of claim to:

         Chui Ave. 182
         Bishkek, Kyrgyzstan


AMERICAN CHAMBER: Proof of Claim Deadline Slated for July 17
------------------------------------------------------------    
The American Chamber of Commerce has declared insolvency.  
Creditors have until July 17 to submit written proofs of claim
to:

         Office 123  
         Hotel Hayatt
         Sovetskaya Str. 191
         Bishkek, Kyrgyzstan


ARENA: Creditors' Claims Due July 17
------------------------------------
Joint Kyrgyz-Italian LLC Arena has declared insolvency.  
Creditors have until July 17 to submit written proofs of claim
to:

         Ahunbayeva Str. 116 a
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 54-12-69


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


EFES BREWERIES: Posts US$5.48 Million Net Loss in First Quarter
---------------------------------------------------------------
Efes Breweries International N.V. released its first quarter
results for three-month ended March 31, 2006.

The company posted US$5.48 million net loss on US$38.13 million
net sales for the quarter ended March 31, 2006, compared with
the US$34.87 million net sales with US$7.12 million net loss for
the same quarter in 2005.

As of March 31, 2006, the company's consolidated balance sheet
revealed US$1.18 billion in total assets, US$796.12 in total
liabilities and US$386.82 million in shareholders' equity.

Efes Breweries International N.V. CEO and Chairman of the Board
of Management Ahmet Boyacioglu commented, "The first quarter of
2006 has been a challenging period given the exceptionally
unfavorable weather conditions in all our operating territories.
However, we were able to deliver sales volume and revenue growth
while maintaining our operating metrics."

"In addition we have successfully completed a major acquisition
in Russia, which proves our commitment to our largest market of
operation," he added.

A full-text copy of the company's first quarter results is
available for free at http://researcharchives.com/t/s?9fb  

Headquartered in Netherlands, Efes Breweries International N.V.
-- http://www.efesholland.nl/-- is a leading brewing group in  
the countries in which it operates across the Commonwealth of
Independent States, Eastern Europe and the Balkans, and in
particular has a strong presence in Russia.  Currently it
markets and sells beer products in the Russian Federation,
Kazakhstan, Moldova, Romania, and Serbia & Montenegro and has
nine breweries in total.

The Company is a majority-owned subsidiary of Anadolu Efes
Biracilik ve Malt Sanayii A. S., which is the leading brewer in
Turkey and is listed on the Istanbul Stock Exchange.  Anadolu
Efes, together with its direct and indirect subsidiaries and
affiliates, produces and markets beer, bottled water, malt and
soft drinks, including Coca-Cola trademark beverages across
Turkey, Eastern Europe, the Balkans and the CIS.

                        *     *     *

As reported by TCR-Europe on Feb. 21, Fitch Ratings kept the
BBB- Local Currency IDR of the Turkish brewer Anadolu Efes
Biracilik ve Malt Sanayii A.S. on Rating Watch Negative.  Its
International Foreign Currency IDR stayed at BB- with a Positive
Outlook.


EFES BREWERIES: Sells Romania Subsidiary IEB for EUR20.79 Mln
-------------------------------------------------------------
Efes Breweries International N.V.'s Supervisory Board approved
the execution of the Share Sale Agreement with InBev, which will
facilitate EBI to sell all of its remaining shares in its
operating subsidiary in Romania, Interbrew Efes Brewery that
constitutes 49.99% of the share capital of IEB.

The Share Sale Agreement will be executed shortly.

As per the Share Sale Agreement, Anadolu Efes Biracilik ve Malt
Sanayii A.S., 70% majority shareholder of EBI, will also sell
all of its remaining shares in IEB that constitutes 0.01% of the
share capital of the Company.

The transaction is based on the shareholder's agreement of IEB
and other related agreements that provide EBI and Anadolu Efes
an option to sell their shares in the Company to InBev.  EBI is
expected to receive approximately EUR20.79 million for 49.99% of
the share capital of IEB that are to be sold as per the Share
Sale Agreement.

IEB operates a brewery in Ploiesti, 60 km from the capital
Bucharest.  The brewery became operational in 1998 as the first
green field investment of Anadolu Efes outside of Turkey and a
wholly owned subsidiary of EBI.  The business was restructured
as a 50%-50% joint venture with InBev in 2000 and has been
managed successfully since then.  IEB currently represents a
relatively smaller portion of EBI's business portfolio,
generating 4% of EBI's consolidated sales revenues in 2005.

Headquartered in Netherlands, Efes Breweries International N.V.
-- http://www.efesholland.nl/-- is a leading brewing group in  
the countries in which it operates across the Commonwealth of
Independent States, Eastern Europe and the Balkans, and in
particular has a strong presence in Russia.  Currently it
markets and sells beer products in the Russian Federation,
Kazakhstan, Moldova, Romania, and Serbia & Montenegro and has
nine breweries in total.

The Company is a majority-owned subsidiary of Anadolu Efes
Biracilik ve Malt Sanayii A. S., which is the leading brewer in
Turkey and is listed on the Istanbul Stock Exchange.  Anadolu
Efes, together with its direct and indirect subsidiaries and
affiliates, produces and markets beer, bottled water, malt and
soft drinks, including Coca-Cola trademark beverages across
Turkey, Eastern Europe, the Balkans and the CIS.

                        *     *     *

As reported by TCR-Europe on Feb. 21, Fitch Ratings kept the
BBB- Local Currency IDR of the Turkish brewer Anadolu Efes
Biracilik ve Malt Sanayii A.S. on Rating Watch Negative.  Its
International Foreign Currency IDR stayed at BB- with a Positive
Outlook.


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


BASHKIRSKAYA SOYUZ: Court Commences Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Bashkortostan Republic has commenced
bankruptcy supervision procedure on LLC Bashkirskaya Investment
Company Soyuz (Case No. A07-5227/05-G-MOG).

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

         Krupskaya Str. 25
         Karaidel
         452360 Bashkortostan Republic, Russia

The Debtor can be reached at:

         LLC Bashkirskaya Investment Company Soyuz
         Rossiyskaya Str. 21
         Ufa
         Bashkortostan Republic, Russia


KIROVSKAYA: Bankruptcy Hearing Slated for July 12
-------------------------------------------------
The Arbitration Court of Novosibirsk Region will convene on
July 12 at 09:30 a.m. to hear the bankruptcy supervision
procedure on LLC Building Company Kirovskaya (TIN 5403142374)
at:

         Room 912
         Kirova Str. 3
         630007 Novosibirsk Region, Russia

The case is docketed under Case No. A45-19787/05-10/313.  Mr. A.
Beznosov has been appointed temporary insolvency manager and can
be reached at:

         Office 210
         Nizhegorodskaya Str. 23
         630102 Novosibirsk Region, Russia

The Debtor can be reached at:

         LLC Building Company Kirovskaya
         Mira Str. 63a
         630024 Novosibirsk Region, Russia


KUBAN-CARGO-EXPRESS: Bankruptcy Hearing Slated for June 26
----------------------------------------------------------
The Arbitration Court of Krasnodar Autonomous Region will
convene on June 26 to hear the bankruptcy supervision procedure
on LLC Kuban-Cargo-Express (Case No. A-32-67662/2005-37/730-B).

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

         Post User Box 6473
         Studencheskaya Str. 7
         350911 Krasnodar Region, Russia

The Debtor can be reached at:

         LLC Kuban-Cargo-Express
         Krasnodar Region, Russia


NELMA: Court Names A. Sidorak as Interim Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Khabarovsk Region appointed Mr. A.
Sidorak as temporary insolvency manager for CJSC Nelma (Case No.
A73-19422/2005-9).  He can be reached at:

         Leningradskaya Str. 3-50
         680013 Khabarovsk Region, Russia

The Court has commenced bankruptcy supervision procedure on the
company.

The Debtor can be reached at:

         CJSC Nelma
         Room 1
         Pogibshikh Partizan Str. 42
         Sovetskaya Gavan 15
         682880 Khabarovsk Region, Russia


OAO GAZPROM: Reappoints Alexey Miller as Management Chairman
------------------------------------------------------------
The Board of Directors has reappointed Alexey Miller as
Gazprom's Management Committee Chairman in view of expiry of his
term of office.

The relevant five-year contract is entering into force on
May 31, 2006.

                       About the Company

Headquartered in Moscow, Russia, OAO Gazprom --
http://www.gazprom.ru/eng-- produces 94% of the country's  
natural gas, controls 25% of the world's reserves, and is also
the world's largest gas producer.  It focuses on gas
exploration, processing, transport, and marketing.

                         *     *     *

As reported in the TCR-Europe on Jan. 18, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
OAO Gazprom to 'BB+' from 'BB'.  

As reported in the TCR-Europe on Oct 27, 2005, Fitch Ratings
upgraded Gazprom International S.A. Series 1 US$1.25-billion
structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB'
from 'BBB-'.  

The upgrade follows Fitch's upgrade of OAO Gazprom's, the
world's largest gas company, Senior Unsecured local and foreign
currency ratings to 'BB+' from 'BB', and a change in Gazprom's
going concern assessment, which is now equivalent to a 'BBB'
rating compared to 'BBB-' previously.


OAO GAZPROM: Board Recommends RUB1.5 Per Share Annual Dividend
--------------------------------------------------------------
The Board of Directors for OAO Gazprom resolved to hold the
company's Annual General Shareholders' Meeting on June 30, 10:00
a.m. Moscow time, at Gazprom's headquarters and initiate
registration of participants on June 28 at 10:00 a.m. and on
June 30 at 9:00 a.m.

The Board also resolved to provisionally endorse and submit for
the Shareholders' Meeting approval the Gazprom 2005 Annual
Report and the Gazprom 2005 financial accounts prepared in
accordance with Russian legislation.

The Board recommended the Shareholders' Meeting to approve the
allocation of Gazprom's profit based on the 2005 operating
results.

The Board recommended the Shareholders' Meeting to approve
proposals to pay out RUB1.5 per share in annual dividend -- more
than 26% increase versus the previous year -- based on the
Gazprom 2005 operating results and set Dec. 31 as the dividend
payment deadline.

The Board endorsed proposals on the remuneration of the Board of
Directors and Audit Commission.

The Board formed the Shareholders' Meeting Presidium made up of
the Board Members and approved Dmitry Medvedev as the
Shareholders' Meeting Chairman.

The Board reviewed the results of the open tender for the
selection of an auditing company responsible for performing
statutory annual audit of Gazprom and nominated the tender
winner -- PricewaterhouseCoopers Audit as Gazprom's auditor,
subject to approval by the Shareholders' Meeting.

The Board submitted for the Shareholders' Meeting approval draft
amendments in the Gazprom Articles of Association, as prescribed
by the modified Federal Law on Joint-Stock Companies from
July 1, 2006.

The Board also adopted decisions on other matters relative to
the Gazprom General Shareholders' Meeting preparation and
holding.

                       About the Company

Headquartered in Moscow, Russia, OAO Gazprom --
http://www.gazprom.ru/eng-- produces 94% of the country's  
natural gas, controls 25% of the world's reserves, and is also
the world's largest gas producer.  It focuses on gas
exploration, processing, transport, and marketing.

                         *     *     *

As reported in the TCR-Europe on Jan. 18, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
OAO Gazprom to 'BB+' from 'BB'.  

As reported in the TCR-Europe on Oct 27, 2005, Fitch Ratings
upgraded Gazprom International S.A. Series 1 US$1.25-billion
structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB'
from 'BBB-'.  

The upgrade follows Fitch's upgrade of OAO Gazprom's, the
world's largest gas company, Senior Unsecured local and foreign
currency ratings to 'BB+' from 'BB', and a change in Gazprom's
going concern assessment, which is now equivalent to a 'BBB'
rating compared to 'BBB-' previously.


OAO SEVERSTAL: Inks EUR7 Billion Merger Pact with Arcelor S.A.
--------------------------------------------------------------
Arcelor S.A. (Pink Sheets:ARLOF) (Paris:LOR) and OAO Severstal,
have agreed to merge, creating the world's steel champion and
most profitable steel company.  

The combined company will rank amongst the world's most
competitive steel making and resource assets in both developed
and emerging markets, and will be the only one with leading
positions in Brazil and Russia.

                     Transaction Highlights

The transaction values Arcelor at EUR44 per share, excluding
EUR1.85 dividend, representing a premium of 100% over Arcelor's
closing price on Jan. 26, 2006, the day before Mittal Steel
announced its hostile offer, and 36.6% over Arcelor's closing
price ex-dividend on May 25, 2006.

In addition, up to EUR7.6 billion cash will be returned to
shareholders, including via dividends and OPRA (self tender).

The combination of Arcelor and Severstal will be the number 1
steel company in the world with EUR46 billion in sales, EUR9
billion in EBITDA and 70 million tons of production, based on
each company's pro forma 2005 results.

Under the definitive agreements signed by the parties:

   -- Alexey A. Mordashov, Severstal's controlling shareholder,
      will contribute all of his economic interests in
      Severstal's steel business, including Severstal North
      America, as well as Severstal-Resource (iron ore and coal
      assets) and his ownership interest in Italian steelmaker
      Lucchini, to Arcelor;

   -- Mr. Mordashov will also contribute a cash payment of
      EUR1.25 billion to Arcelor in exchange for shares at a
      price of EUR44 per share;

   -- in total, Mr. Mordashov will receive 295 million newly
      issued Arcelor shares at a price of EUR44 per share,
      representing approximately 32% of the enlarged Arcelor;

   -- Arcelor's existing shareholders will retain approximately
      68% of the enlarged Arcelor.

                Creating a Global Steel Champion

The combined entity will consolidate Arcelor's technology
leadership and experience and will be the undisputed world
leader in all product segments including flat carbon steel, long
carbon steel and distribution.  The combination will strengthen
Arcelor's Number 1 global position in the automotive steel
segment, with Number 1 positions worldwide with a global market
share over 20% -- more than double that of its nearest
competitor.

The combined company will offer an exceptional, balanced
geographic presence with leadership both in developed and
emerging markets and in particular will:

   -- be Number 1 in Europe, Russia and South America;

   -- take advantage of its leading position in North America;
      and

   -- further grow strong industrial presence and partnerships
      globally

With geographically balanced contributions, over 40% of 2005 pro
forma EBITDA is generated in Brazil and Russia.

The two companies have a longstanding relationship and know each
other well from their Russian joint-ventures which include the
Severgal galvanizing plant in Cherepovets, wire drawing
operations in Orel and various industrial cooperation projects.

The combination of high value-added products, low-cost
operations and ownership of key raw materials will result in a
combined company with one of the highest profit margins in the
industry, generating a 2005 pro forma EBITDA per tonne of
EUR130.  The combined company will have outstanding resilience
through the steel cycle.

            Compelling Value Creation for Shareholders

   -- targeted normalized EBITDA of EUR10 billion;

   -- accretive on earnings as early as 2006, before synergies;

   -- synergies of EUR590 million and potentially more from
      capital expenditures;

   -- ROCE above Arcelor's current 15% target;

   -- strong balance sheet allowing financial flexibility for
      growth and consolidation; and

   -- up to EUR7.6 billion cash to be returned to shareholders
      including dividends and OPRA (self tender)

               Continuation of Arcelor's Best Practice
                     Corporate Governance Model

   -- one share, one vote;

   -- all board members are non-executive;

   -- 18 board members, at least nine being independent;

   -- three board committees (Audit, Nomination and
      Remuneration, Strategy);

   -- all Audit Committee Members independent;

   -- new Strategic Committee to be chaired by Mr. Mordashov;

   -- independent Chairman of the Nomination and Remuneration
      Committee;

   -- Mr. Joseph Kinsch and Mr. Guy Dolle will continue to serve
      as Arcelor's Chairman of the Board of Directors and Chief
      Executive Officer, respectively, and Arcelor's executive
      management will remain in place, supplemented by Severstal
      executives; and

   -- Mr. Mordashov will become non-executive President of the
      Arcelor Board of Directors.  He will have the right to
      nominate 6 out of 18 directors on the Arcelor Board of
      Directors.  Mr. Mordashov has agreed to vote his shares in       
      accordance with the recommendations of the Board of
      Directors.  In addition, he has committed to a standstill
      on Arcelor shares for four years and to a lock-up for five
      years.

The transaction is subject to antitrust approvals, which the
parties expect will be obtained shortly.  The transaction is
expected to close in July 2006, subject to obtaining regulatory
approvals.

Arcelor shareholders will have the opportunity to express their
choice about this transaction at a shareholders meeting.  Unless
more than 50% of the currently outstanding shares opposes this
transaction, the transaction will go forward and is expected to
be finalized by the end of July.

Arcelor's Board of Directors was given a presentation by the
advisors of the company and also received a fairness opinion
from its own financial advisor in connection with the
Arcelor/Severstal transaction.

"Arcelor's Board of Directors believes that the merger with
Severstal fully recognizes the value inherent in Arcelor, and
offers Arcelor shareholders superior industrial logic, greater
value and the highest standards of corporate governance compared
to Mittal Steel's offer," Mr. Joseph Kinsch, Chairman of
Arcelor's Board of Directors, said.  "Therefore we believe this
deal is in the best interests of Arcelor's shareholders.

Mr. Alexey A. Mordashov, Severstal's Chairman and controlling
shareholder, said: "I am delighted about our merger with
Arcelor.  Arcelor is a superb company with highly successful
management, world-class assets that produces extremely high
quality products.  Severstal's top management team, highly
profitable assets and low cost operations, together with
Arcelor's attributes, will position the combined company to lead
the way in the consolidation of the steel industry."

Mr. Guy Dolle, Chief Executive Officer of Arcelor said: "The
merger with Severstal represents a breakthrough transaction for
Arcelor that positions the combined company in the forefront of
the international steel industry.  The transaction is consistent
with Arcelor's strategy of value before volume, and was
negotiated in the best interest of both groups.  The merger is
consistent with Arcelor's growth strategy in the BRIC markets.  
We are creating a truly extraordinary growth platform for
investors and a much better choice for our shareholders.  We are
confident that they will support the Arcelor way."  

He added: "Long-lasting relationships, existing successful
partnerships and a friendly approach guarantee limited risks of
execution and therefore increase the chances to make this merger
a massive success."

                        About Arcelor

Headquartered in Avenue de la Liberte in Luxembourg, Arcelor is
the number one steel company in the world with a turnover of
32.6 billion euros in 2005.  The company holds leadership
positions in its main markets: automotive, construction,
household appliances and packaging as well as general industry.  
The company - number one steel producer in Europe and Latin
America - ambitions to further expand internationally in order
to capture the growth potential of developing economies and
offer technologically advanced steel solutions to its global
customers.  In 2006, Arcelor employs 110,000 associates in over
60 countries.  The company places its commitment to sustainable
development at the heart of its strategy and ambitions to be a
benchmark for economic performance, labor relations and social
responsibility.

                      About Severstal

Severstal is the largest Russian steel producer, with 2005
annual steel production of 17.1 million tons.  It is the second
largest flat steel producer in Russia with annual steel
production of 10.9 million tons.  In addition, Severstal owns
Severstal North America, the fifth largest integrated steel
maker in the U.S. with 2005 production of 2.7 million tons, and
Lucchini, Italy's second largest steel group with 2005
production of 3.5 million tons.  Severstal is one of the world's
lowest cost and most profitable steel producers, with 2005
EBITDA per ton of approximately 150 euros per ton.

                        *     *     *

As reported in TCR-Europe on Feb. 13, Standard & Poor's Ratings
Services revised its outlook on Russia-based steelmaker OAO
Severstal to positive from stable following the company's
announcement that it plans to consolidate mining assets held by
its shareholders through a shares swap.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit and 'ruA+' national scale ratings on the company.


OAO SEVERSTAL: Annual Shareholders' Meeting Set for June 9
----------------------------------------------------------
The Board of Directors of OAO Severstal has scheduled an Annual
General Shareholders Meeting for June 9, 12:00 noon at:

         The Palace of Metallurgists (Dvoretz metallurgov)
         41 Stalevarov Street
         Cherepovets
         Vologda Region
         Russia

The registration of participants will start at 10:00 a.m. on
that date.

Voting bulletins will be preliminary sent to shareholders and
then could be completed, signed and returned to:

         Office 311
         30 Central Checkpoint Building
         Mira Street
         Cherepovets
         162600 Vologda Region
         Russia

until June 6.  Record date is April 21.  The shareholders who
are stated in register on the record date are entitled to
participate in the AGSM.

Agenda:

   1. electing of the Board of Directors of OAO Severstal;

   2. approval of the annual report and accounts;

   3. approval of dividend payment for the full year 2005;

   4. approval of the new revision of the Charter of OAO
      Severstal;

   5. approval of the interested party transaction, or several
      interconnected transactions, for delivering of rolled
      products between OAO Severstal (Seller) and Severstal
      Export GmbH (Switzerland) (Buyer) with limit of
      RUB50 billion;

   6. approval of the interested party transaction (or several
      interconnected transactions) for delivering of rolled
      steel products between OAO Severstal (Seller) and ZAO
      Severstal-metiz (Buyer) limited by the total value of
      RUB18 billion;

   7. approval of the interested party transaction, or several
      interconnected transactions, for delivering of rolled
      steel products between OAO Severstal (Seller) and ZAO
      Izhorsky Tube Plant (Buyer) limited by the total value of
      RUB18 billion;

   8. approval of the interested party transaction, or several
      interconnected transactions, to deposit free cash in
      currency of the Russian Federation and foreign currency
      between OAO Severstal (Depositor) and OAO Promstroibank
      (Bank) with the minimal annual rate of 0.5% and term not
      less than one day within the limits of RUB65 billion;

   9. approval of the interested party transaction, or several
      interconnected transactions, to deposit free cash in
      currency of the Russian Federation and foreign currency
      between OAO Severstal (Depositor) and OAO Metcombank
      (Bank) with the minimal annual rate of 0.5% and term not
      less than one day within the limits of RUB50 billion;

  10. approval of the interested party transaction, or several
      interconnected transactions, to deposit free cash in
      currency of the Russian Federation and foreign currency
      between OAO Severstal (Depositor) and OAO Joint Stock Bank
      Russia (Bank) with the minimal annual rate of 0.5% and
      term not less than one day within the limits of
      RUB15 billion;

  11. approval of the interested party transaction - Gas Supply
      Agreement for delivering of gasiform oxygen, nitrogen and
      argon between OAO Severstal (Buyer) and ZAO Air Liquide
      Severstal (Seller) with the term of 15 years from the date
      of putting into operation of air separation machine 11
      within the limits of RUB18 billion;

  12. approval of the interested party transaction - Additional
      Agreement to Gas Supply Agreement for delivering of
      gasiform oxygen, nitrogen and argon between OAO Severstal
      (Buyer) and ZAO Air Liquide Severstal (Seller) with the
      term of 15 years from the date of putting into operation
      of air separation machine 11 within the limits of
      RUB18 billion;

  13. election of the auditing commission of OAO Severstal; and

  14. appointment of the statutory auditor of OAO Severstal.

The recommended amount of dividend payment in respect of 2005 is
RUB4.00 per share.  The ex-dividend date is April 21st, 2006.
Recommended starting date for payments is June 10th, 2006.

                      About the Company

OAO Severstal is a principal operating company within a major
Russian industrial holding group, under common control (directly
or indirectly) of a single shareholder, which has assets in
metallurgy, mining, automobile making, machinery,
transportation, banking, insurance, woodworking and other
businesses.

Severstal is both a principal operating company within, and the
current holding company of, the Shareholder Group's steel-making
business, the principal activity of which is the production and
sale of steel products.  This division unites assets of the
Cherepovets steel mill and Severstal North America Inc, State of
Michigan, U.S.A.

                        *     *     *

As reported in TCR-Europe on Feb. 13, Standard & Poor's Ratings
Services revised its outlook on Russia-based steelmaker OAO
Severstal to positive from stable following the company's
announcement that it plans to consolidate mining assets held by
its shareholders through a shares swap.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit and 'ruA+' national scale ratings on the company.


RUSSIAN AGRICULTURAL: Fitch Assigns D/E Individual Rating
---------------------------------------------------------
Fitch Ratings assigned RSHB Capital S.A.'s new US$1.5 billion
limited recourse program of loan participation notes a final
Long-term rating of BBB and Short-term F3.  Fitch also assigned
a final Long-term BBB rating to the US$700 million 7.175% issue
due May 2013, which was first under the program.

The program is to be used solely for financing loans to Russian
Agricultural Bank, which is rated Issuer Default BBB, Short-term
F3, Individual D/E, Support 2 and National Long-term AAA.  A
Stable Outlook is in place for both the IDR and National Long-
term ratings.

RSHB will only pay noteholders amounts received from RAB under
the loan agreement.  

RAB was founded in 2000 and is 100%-owned by the Federal Agency
on Federal Property Management.  At end-2005, it was one of the
20 largest banks in Russia and the second largest lender to the
agricultural sector, after Sberbank.  RAB implements state
policies in the agriculture and related sectors, providing
credit, settlement and other financial services to these sectors
and retail banking services to people living in rural areas.


SREDNEVOLZHSKAYA BUILDING: Court Opens Bankruptcy Proceedings
-------------------------------------------------------------
The Arbitration Court of Samara Region commenced bankruptcy
proceedings against LLC Srednevolzhskaya Building Company (Case
No. A55-29228/05) after finding it insolvent.

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

         Office 209
         Demokraticheskaya Str. 8
         443031 Samara Region, Russia

The Debtor can be reached at:

         LLC Srednevolzhskaya Building Company
         Pobeda Str. 8g/3
         443083 Samara Region, Russia


STROY-MECHANIZATION 1: Omsk Court Begins Bankruptcy Process
-----------------------------------------------------------
The Arbitration Court of Omsk Region has commenced bankruptcy
supervision procedure on OJSC Stroy-Mechanization 1 (Case No.
A46-1952/2006).

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

         Marksa Pr. 4-109a
         644024 Omsk-24, Russia

The Debtor can be reached at:

         OJSC Stroy-Mechanization 1
         Marksa Pr. 4-109a
         644024 Omsk-24, Russia


TERMINAL: Bankruptcy Hearing Slated for June 14
-----------------------------------------------
The Arbitration Court of Kursk Region will convene on June 14 at
11:00 a.m. to hear the bankruptcy supervision procedure on LLC
Terminal (Case No. A35-14028/05 g).

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

         Office 312
         Dimitrova Str. 76
         305004 Kursk Region, Russia

The Debtor can be reached at:

         LLC Terminal
         Timskiy Region
         Kursk Region, Russia


TSVET-RED-MET-SNAB: Court Launches Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against LLC Tsvet-Red-Met-Snab (Case No. A40-70649/05-86-209 B)
after finding it insolvent.

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

         Post User Box 96
         2nd Dubrovskaya Str. 1
         109044 Moscow Region, Russia

The Debtor can be reached at:

         LLC Tsvet-Red-Met-Snab
         Building 2, 3
         M. Gnezdinskiy Per. 12
         103091 Moscow Region, Russia


URAL-GRAPHITE: O. Khvoynyashskiy to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Chelyabinsk Region appointed Mr. O.
Khvoynyashskiy as temporary insolvency manager for CJSC Ural-
Graphite (Case No. A76-3421/2005-52-204).  He can be reached at:

         Gagarina Str. 10
         454100 Chelyabinsk Region, Russia

The Court has commenced bankruptcy supervision procedure on the
company.

The Debtor can be reached at:

         CJSC Ural-Graphite
         Mira Str. 1a
         Tayginka
         Kyshtym
         Chelyabinsk Region, Russia


YUKOS OIL: Sells 53.7% Mazeikiu Stake to PKN Orlen for US$1.49BB
----------------------------------------------------------------
Yukos Oil Company is selling its 53.7% stake in Mazeikiu Nafta
AB to PKN Orlen S.A., Poland's largest oil refiner, for US$1.49
billion.  The parties signed a Share Sale and Purchase Agreement
Friday, May 26, a day after the U.S. Bankruptcy Court for the
Southern District of New York lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

At the same time, PKN Orlen will purchase the Lithuanian
government's 30.66% stake in Mazeikiu.

"After 10 months of effort, intensive negotiations, and talks
held with both the Lithuanian Government and Yukos International
UK BV, the acquisition of Mazeikiu Nafta has become a fact," PKN
Orlen said in its press release.  "This largest foreign
investment in Poland's history leads towards the creation of the
biggest concern in Central Europe measured by the amount of oil
processed and revenues.  The transaction is also a great success
for Lithuania, because it finalizes a long and difficult
privatization process.  The Lithuanian Government's decision
allows MN to gain a credible and stable investor."

The Lithuanian government has already launched procedures that
would allow it, with Parliament's approval, to countersign the
agreement.

                     Terms of the Agreement

According to the agreements, Lithuania will keep a 10% stake in
Mazeikiu and will have a five-year option to put those shares to
PKN Orlen, where the offered price for the projects is to
decrease from US$284 million to US$278 million after three
years.

Immediately after signing the agreement with Yukos, PKN Orlen
will submit the application to the European Commission seeking
consent for the transactions.  At the same time, the fuel
concern will seek the consent of the Government of Lithuania for
the transaction with Yukos.  

The Agreement will be presented to the government, which will
have 30 days from delivery of the Agreement to exercise its
right of first refusal.  From the initial agreement it seems
that the Government will not exercise this right.  Once the
closing conditions are satisfied, the simultaneous closing of
both transactions is expected in the first quarter of 2007.  The
next step will be the calling by PKN Orlen for a mandatory
tender offer for 5.76% shares of Mazeikiu Nafta, which is quoted
on the Vilnius Stock Exchange.

                     Transaction Details

PKN Orlen will purchase from Yukos International UK B.V.
379,918,411 shares of the company, constituting 53.7% of all
assets, at US$3.927 per share.  The sales price is not adjusted
at the closing.  

Basing on the sales agreement signed by PKN Orlen on May 19, the
Group agreed to buy from the government of the Republic of
Lithuania 216,915,941 shares of the company, constituting 30.66%
of all the company's shares for a total amount of US$852
million.  

Similarly to the case of transaction with Yukos, the sale price
is fixed and is not adjusted at closing.  The share sale
agreement, including the put option agreement, agreement among
shareholders and deed of termination and release of all parties'
obligations, were signed by PKN Orlen on May 19 and deposited
with the Government of Lithuania after approval from the
Lithuanian Parliament for the conclusion of the transaction.

Implementation of the transaction on the basis of the share sale
agreement with Yukos International is dependent on the meeting
of several conditions.  These include:

   -- obtaining approval of the European Commission;

   -- obtaining by PKN ORLEN certainty that the transaction    
      conditions are not harmful for creditors of Yukos
      International; and

   -- non-performance by the Lithuanian Government of the pre-
      emption right:

      * obtaining the consent from the Government of the
        Republic of Lithuania for PKN ORLEN to take over Yukos'
        right ensuing from privatization agreements of 1992 and
        2002 and also the binding agreement of the shareholders;
        and

      * conclusion of the agreement to sell 30.66% of the
        company shares between PKN Orlen;

   -- the Government of the Republic of Lithuania.

In addition, the transaction with the Government of the Republic
of Lithuania will depend on meeting specified conditions.  They
include:

   -- being granted consent from the European Commission;

   -- closure of the transaction of purchase of 53.7% of
      Mazeikiu Nafta share from Yukos;

   -- entering into a new agreement by shareholders as well as
      the deed of termination and release of all parties'
      obligations concerning the privatization agreements of
      1999 and 2002; and

   -- the binding shareholders' agreement.

The new agreement between shareholders and the Lithuanian
government assumes that if the Parliament consents to the
transaction with PKN Orlen, the shareholder agreement in force
will be substituted by a new agreement wherein PKN Orlen gains
full operational control over Mazeikiu.  In line with provisions
of the new agreement, the Lithuanian Government will have the
right to appoint one member of the Supervisory Board and one
member of the Management Board in Mazeikiu Nafta.  Moreover the
Lithuania government will have the right to demand the repeal of
decisions made by the governing bodies of Mazeikiu, if those
decisions might threaten the national security or energy
security of Lithuania.

The Lithuanian Government will have the right to demand from PKN
Orlen the sale of all shares in Mazeikiu Nafta in the following
cases:

  (a) if Mozejki records a loss for five years in a row;

  (b) components of the assets of Mazeikiu Nafta with the value
      exceeding US$200 million will be taken over due to
      enforcement measures; or

  (c) in the case when the right to exercise over 50% of the
      voting rights at the general Assembly of PKN Orlen will be
      gained by an entity, which in the reasonable opinion of
      the Government of the Republic of Lithuania constitutes a
      threat to national security of Lithuania.

Moreover the provisions of the new agreement state that the sale
of shares in Mazeikiu Nafta by PKN Orlen or the Government of
the Republic of Lithuania is covered by the pre-emption right of
the other party.

                           Financing

PKN Orlen will use its own funds, existing credit lines and new
indebtedness to finance the transaction.  The main sources of
funding are: loans, subsequently refinanced from the issuance of
bonds on the Polish and European markets, and a new bank loan.

Based on internal analyses and the opinions of external
advisors, PKN Orlen is aware of the increase in indebtedness
related to the financing of the transaction, and it will make it
the top policy priority in this respect to gradually lower
indebtedness.  The management is determined to gradually reduce
indebtedness measures to the level of 1.5 x consolidated EBITDA
with a view to maintaining the investment rating.  To this end,
PKN Orlen announced a new dividend policy based on FCFE.  The
Group is also continuing with the sale of assets unrelated to
its main line of business and the optimization of investment
outlays.

The sale agreement bested three other oil firms eyeing to take
over Mazeikiu:

   -- Russia's Lukoil and TNK-BP; and
   -- Kazakhstan's KazMunaiGas.

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.


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


ASKER: Court Appoints Svitlana Babich as Liquidator
---------------------------------------------------
The Economic Court of Kyiv Region appointed Svitlana Babich has
been appointed Liquidator/Insolvency Manager for LLC Asker (code
EDRPOU 32425353).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 16.

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 Asker
         Rejtarska Str. 35-A
         01034 Kyiv Region, Ukraine


DNIPROPLAST: Court Taps O. Dobrodub to Liquiate Assets
------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. O. Dobrodub as
Liquidator/Insolvency Manager for LLC Dniproplast (code EDRPOU
31982598).  He can be reached at:

         Office 18
         Bogomolets Str. 4
         01601 Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 22.  The case is docketed
under Case No. 76/11 b-06.

The Economic Court of Kyiv Region is located in:

         Komintern Str. 165
         01032 Kyiv Region, Ukraine

The Debtor can be reached at:

         LLC Dniproplast
         Lesya Ukrainka Str. 64
         Vishneve
         Kiyevo-Svyatoshinskij District
         Kyiv Region, Ukraine


ELLAYS-DESIGN: Kyiv Court Laucnhes Bankruptcy Proceedings
---------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Ellays-Design (code EDRPOU 32596913)
after finding it insolvent on March 16.

Svitlana Babich has been appointed Liquidator/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 Ellays-Design
         Rejtarska Str. 35-A
         01034 Kyiv Region, Ukraine


INTERNATIONAL COMMUNICATIONS: Court Opens Bankruptcy Proceedings
----------------------------------------------------------------
The Economic Court of Odessa Region commenced bankruptcy
proceedings against LLC International Communications (code
EDRPOU 32469961) after finding it insolvent on March 31.  The
case is docketed under Case No. 21/85-06-2862.

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

The Economic Court of Odessa Region is located in:

         Shevchenko Avenue 4
         65032 Odessa Region, Ukraine

The Debtor can be reached at:

         LLC International Communications
         Otradna Str. 15
         Odessa Region, Ukraine


PRIKARPATTYA-MEAT: Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
supervision procedure on Prikarpattya-Meat (code EDRPOU
30478403).  The case is docketed under Case No. 6/38-5/38.

Sergij Muha has been appointed temporary insolvency manager and
can be reached at:

         Kerchenska Str. 11/32
         79000 Lviv Region, Ukraine

The Economic Court of Lviv Region is located in:

         Lichakivska Str. 81
         79010 Lviv Region, Ukraine

The Debtor can be reached at:

         Prikarpattya-Meat
         Promislova Str. 50/52
         79024 Lviv Region, Ukraine


RESHKO: Kyiv Court Commences Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Reshko (code EDRPOU 32050230) after
finding it insolvent on March 16.  The case is docketed under
Case No. 43/152.

Svitlana Babich has been appointed Liquidator/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 Reshko
         Oranzherejna Str. 1
         04112 Kyiv Region, Ukraine


SINON: Kyiv Court Starts Bankruptcy Proceedings
-----------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Sinon (code EDRPOU 31815671) after
finding it insolvent on March 16.  The case is docketed under
Case No. 43/151.

Svitlana Babich has been appointed Liquidator/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 Sinon
         V. Vasilevska Str. 14
         04116 Kyiv Region, Ukraine


TINIVKA: Court Taps V. Domachuk to Manage Insolvency Assets
-----------------------------------------------------------
The Economic Court of Cherkassy Region appointed Mr. V. Domachuk
has been appointed Liquidator/Insolvency Manager for LLC Tinivka
(code EDRPOU 03792668).  He can be reached:

         Lenin Str. 130/46
         Monastirishe
         19100 Cherkassy Region, Ukraine Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
14/4490.

The Economic Court of Cherkassy Region is located in:

         Shevchenko Avenue 307
         18005 Cherkassy Region, Ukraine

The Debtor can be reached at: LLC TINIVKA:

         Tinivka
         Zhashkivskij District
         Cherkassy Region, Ukraine


VISIO TRADING: Court Names O. Dobrodub as Insolvency Manager
------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. O. Dobrodub as
Liquidator/Insolvency Manager for LLC Visio Trading (code EDRPOU
32791657).  He can be reached at:

         Office 18
         Bogomolets Str. 4
         01601 Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 21.  The case is docketed
under Case No. 50/2 b-2006.

The Economic Court of Kyiv Region is located in:

         Komintern Str. 165
         01032 Kyiv Region, Ukraine

The Debtor can be reached at:

         LLC Visio Trading
         Chornovol Str. 1-A
         Vishneve
         Kiyevo-Svyatoshinskij District
         8150 Kyiv Region, Ukraine


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


ALLPARTS LIMITED: Meeting of Creditors Set on 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 at:

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


APPLICATIONS FACTORY: Creditors Confirm Voluntary Liquidation
-------------------------------------------------------------
Creditors of The Applications Factory LLP confirmed the
company's voluntary liquidation during an extraordinary general
meeting on March 23.

Creditors also ratified the appointment of Andrew John Duncan
and Paul David Williams, of Menzies Corporate Restructuring, as
Joint Liquidators.

The company can be reached at:

         The Applications Factory LLP
         Index House
         St. Georges Lane
         Ascot Berkshire SL5 7ET
         United Kingdom
         Tel: 01344 872 750
         Fax: 0870 762 2974

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--  
is a member of Moores Rowland International, an association of
independent accounting firms throughout the world with some
20,800 partners and staff, operating from 628 offices in 92
countries.  MRI, which is ranked 8th amongst the leading
international accounting associations, achieved global revenues
of US$1,800 million in 2003.


BURLINGTON PROPERTY: Meeting of Creditors Set for June 12
---------------------------------------------------------
Creditors of Burlington Property Investments Limited (Company
Number 05105172) will meet at 11:00 a.m., on June 12 at:

         The Cromwell Lodge Hotel
         9-11 North Bar Street
         Banbury
         Oxfordshire OX16 0TB
         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 June 9 at:

         Gerald Irwin
         Administrator
         Irwin & Company
         Station House
         Midland Drive
         Sutton Coldfield
         Birmingham
         West Midlands B72 1TU
         United Kingdom
         Tel: 08700 111812
         Fax: 08700 111813
         E-mail: mail@irwinuk.net


CARRE PLC: Creditors' Meeting Set for May 31
--------------------------------------------
Creditors of Carre Plc (Company Number 03092667) will meet at
12:00 noon on May 31 at:

         Twelve Knights Hotel
         Margam Road
         Margam
         Port Talbot SA13 2DB
         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:

         Nicholas Hugh O'Reilly and Geoffrey Paul Rowley
         Joint Administrators
         Vantis
         PO Box 2653
         66 Wigmore Street
         London W1A 3RT
         United Kingdom
         Tel: 020 7467 4000
         Fax: 020 7284 4995

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


CHEMICAL SERVICES: NatWest Appoints Grant Thornton Receivers
------------------------------------------------------------
National Westminster Bank plc appointed Keith Hinds and Leslie
Ross of Grant Thornton UK LLP joint administrative receivers of
Chemical Services Fabrication And Erection Limited (Company
Number 01141648) on May 11.

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

Located in Worsley, England, Chemical Services Fabrication And
Erection Limited are consulting and contracting engineers.


CORONIS PLC: Fitch Junks GBP13.7 Million Class F Notes
------------------------------------------------------
Fitch Ratings affirmed Coronis Plc's European Loan Conduit No.8
commercial mortgage-backed floating-rate notes due 2010 as:

   -- GBP7.3 million Class A at AAA;
   -- GBP9.6 million Class B at AAA;
   -- GBP39.7 million Class C at AAA;
   -- GBP32.3 million Class D at AA-;
   -- GBP29.6 million Class E at BB+; and
   -- GBP13.7 million Class F at CCC+/DR1.

At the same time, Fitch has assigned a Distressed Recovery
rating of DR1 to the Class F notes, reflecting outstanding
recovery prospects - historically 90%-100% - in the event of
default.

The affirmation and the assignment of the Recovery rating follow
a detailed review of the transaction in general and the latest
developments in the distressed Bridge Properties Investments
Limited loan.  The Class C and D notes had been upgraded in
February 2006 with a simultaneous downgrade of Class F.

Having defaulted for the second time in January 2006, the BPIL
loan remains in default as of May 2006.  There were a number of
positive developments since the review in February 2006,
including the sale of the Haymarket in Sheffield for GBP2.8
million and the letting of the Highgrounds property to Next Plc.

However, these changes did not occur in time to improve the
loan's performance during the collection period ended in April
2006.  The April interest coverage ratio remained below the
default level of 1.1x.  Now that the Highgrounds property is
generating income again, the ICR is expected to improve.
However, the loan is also in default since the borrower failed
to top up the depleted escrow accounts with a GBP7.6 million
cash injection.  This payment is unlikely to be received.

The only other remaining loan, Redingview Nominees, continues to
perform well.  It is a GBP72.5 million interest-only loan
secured on the Oracle shopping Centre.  Readingview has a low
loan-to-value of 49.4% and a current ICR of 2.19x, showing
stable performance since closing.  Its maturity date, like
BPIL's, is October 2008.


ENRON CORP: Sells Prisma Unit for US$2.9 Bln to Ashmore Energy
--------------------------------------------------------------
Enron Corp. reported that Ashmore Energy International Limited,
which is majority-owned by funds managed by Ashmore Investment
Management Ltd., has agreed to acquire Prisma Energy
International Inc., a wholly owned subsidiary of Enron in a two-
stage transaction.  

The realizable value to Enron from Prisma Energy during 2006 is
expected to be approximately US$2.9 billion, which includes
approximately US$800 million in cash dividends received earlier
in 2006 by Enron from Prisma Energy.

"We are pleased that the expected value is over three times
greater than the estimated value of Prisma Energy contained in
the disclosure statement filed with Enron's Bankruptcy Plan, and
is a substantial benefit to the Enron creditors," John J. Ray
III, Enron's President and Board Chairman, said.

The first stage of the Transaction closed on May 25, 2006, with
Ashmore Energy acquiring an equity stake in Prisma Energy,
initially representing just less than 25% of the aggregate
voting interest.  Ashmore Energy's purchase of the remaining
equity interest in Prisma Energy will be consummated only after
certain required consents and regulatory approvals have been
obtained, which is expected to occur later this year.

Prior to entering into the Transaction, Prisma Energy
transferred to Enron a majority of Prisma Energy's interest in
the Promigas business in Colombia, which is expected to be
subject to a separate auction process after the closing of the
second stage of the Transaction.

"We appreciate the substantial effort that Enron and Prisma
Energy personnel put into this transaction.  The Transaction
represents an enormous milestone for the Enron Estate," Mr. Ray
concluded.  Prisma Energy is the last of the three major
platform entities under the Bankruptcy Plan to be distributed to
Enron's creditors or sold.

Enron is represented by The Blackstone Group, as investment
bankers, and Milbank Tweed Hadley & McCloy, as legal counsel.

                          About Ashmore

Headquartered in London, England, Ashmore Investment Management
Limited -- http://www.ashmoregroup.com/-- launched Ashmore  
Energy International Limited at the beginning of the year with
the contribution of five gas and electric, transmission, and
distribution companies owned by its funds.  Ashmore Energy's aim
is to deliver quality service to its customers and contribute to
the continued expansion and upgrading of the energy systems of
the countries in which it operates.

                           About Enron

Based in Houston, Tex., Enron Corporation --
http://www.enron.com/-- filed for chapter 11 protection on Dec.  
2, 2001 (Bankr. S.D.N.Y. Case No. 01-16033) following
controversy over accounting procedures, which caused Enron's
stock price and credit rating to drop sharply.  Judge Gonzalez
confirmed the Company's Modified Fifth Amended Plan on July 15,
2004, and numerous appeals followed.  The Debtors' confirmed
chapter 11 Plan took effect on Nov. 17, 2004.  Martin J.
Bienenstock, Esq., and Brian S. Rosen, Esq., at Weil, Gotshal &
Manges, LLP, represent the Debtors in their restructuring
efforts.  Luc A. Despins, Esq., Matthew Scott Barr, Esq., and
Paul D. Malek, Esq., at Milbank, Tweed, Hadley & McCloy, LLP,
represent the Official Committee of Unsecured Creditors.


GRACE MOTOR: Brings In Walletts to Administer Assets
----------------------------------------------------
Michael F. McCarthy of Walletts Insolvency Services was
appointed administrator of Grace Motor Company Limited (Company
Number 04092283) on April 28.

The administrator can be reached at:

         Walletts Insolvency Services
         Adventure Place
         Hanley
         Stoke On Trent
         Staffordshire ST1 3AF
         United Kingdom
         Tel: 01782 212326
         Fax: 01782 683904

Headquartered in Stafford, England, Grace Motor Company Limited
is engaged in automotive repair.


INVENSYS PLC: March 31 Balance Sheet Upside-Down by GBP593 Mln
--------------------------------------------------------------
Invensys Plc released its preliminary Results for the year ended
March 31, 2006.

Revenues from continuing operations amounted to GBP2.457
billion, compared to GBP2.359 billion a year ago.  Operating
profit from continuing operations went up 11% to GBP191 million
from GBP165 million.

Net results amounted to GBP19 million, a marked improvement
compared to -GBP95 million in the last review period.  Net debt
was trimmed by GBP45 million to GBP757 million.

"I am pleased to report that we are making good progress in
improving the fortunes of Invensys, culminating in the
announcement of the proposals to refinance the Group," Chief
Executive Ulf Henriksson said. "During the year ended March 31,
2006, Invensys has continued to focus on addressing the
operational performance of each of its businesses and building a
solid foundation for growth.

"The overall prospects for the Group's major markets remain
encouraging," Chairman Martin Jay noted.  "Against this
background and having identified the actions to be undertaken
within each of our businesses to improve their performance, the
Board is confident that the Group will make further progress in
the year ending March 31, 2007."

As of March 31, 2006, Invensys Plc had GBP2.228 billion in total
assets, GBP2.821 billion in total liabilities and GBP593 million
in shareholders' deficit.

A full-text copy of Invensys Plc's preliminary results for the
year-ended March 31, 2006, is available free-of-charge at:
http://researcharchives.com/t/s?9f2

                       About Invensys Plc

Based in London, United Kingdom, Invensys Plc --
http://www.invensys.com/-- is a global automation, controls and  
process solutions Group operating in more than 60 countries
worldwide.  The company operates through six units: Controls,
Process Systems, Rail Systems, APV, Wonderware, and Eurotherm.
For the 12 ended March 31, 2006, Invensys had GBP2.5 billion in
total revenues from continuing operations.  

                        *     *     *

As reported in the TCR-Europe on Jan. 11, Standard & Poor's
Ratings Services revised its outlook on Invensys Plc to stable
from negative, reflecting an improvement in the group's near-
term prospects, although significant credit risks remain.  At
the same time, all ratings on the group, including the long-term
'B+' corporate credit rating, were affirmed.


INVENSYS PLC: Eyes to Pay Debt Via GBP1-Bln Share Issue & Loan
--------------------------------------------------------------
The Board of Directors of Invensys plc revealed the details of a
refinancing plan consisting of these inter-conditional elements:

   -- a fully underwritten rights issue of up to 2,276 million
      New Shares at 15 pence per share on the basis of two new          
      shares for every five existing shares to raise       
      approximately GBP341 million, before expenses; and

   -- the arrangement of new banking facilities of approximately
      GBP700 million.

The proceeds of the Rights Issue will be used to repay 35% of
the aggregate principal amount of the Group's outstanding High
Yield Bonds with the balance being applied to partially fund a
tender offer for all the Group's outstanding 144A Notes.

The New Senior Credit Facilities, together with certain existing
cash resources will be used to repay and cancel the Group's
existing bank facilities.

In addition, the Group revealed the disposal of the Invensys
Building Systems operations in the U.S. and Asia Pacific to
Schneider Electric S.A. for GBP157 million.  A portion of the
proceeds of the Rights Issue plus some of the proceeds of the
IBS disposal will be used to tender for all of the 144A Notes.

In the light of the significant progress the Group has made in
many areas, the Board of Invensys has reviewed the Group's
financing structure to evaluate whether the Group could secure
more appropriate capital and financing arrangements to reduce
the financial costs and relax some of the restrictions
associated with the 2004 refinancing, which presently have a
negative impact on its business.

Consequently, the Board has concluded that to maximize the
opportunities across the Group and continue to enhance value for
Shareholders, it should undertake the 2006 Refinancing.  The
Board believes that by proceeding with the 2006 Refinancing now,
Invensys can immediately benefit from a cheaper, more robust,
efficient and flexible capital and financing structure, which in
turn will help build greater stakeholder confidence in the
Group's stability. The 2006 Refinancing will also provide an
improved platform for future growth.

"The additional flexibility and financial strength arising from
this refinancing will enable Invensys to compete on a more equal
footing with our competitors," Ulf Henriksson, Chief Executive
of Invensys, said.  "This positive momentum will enable us to
have conversations about growth with employees, customers and
suppliers.

"It will increase customer confidence leading to higher growth
potential and will provide the means to reduce risk and lower
costs through joint venturing, particularly in Controls.  It
will also increase our ability to attract and retain key staff
and will underpin our existing and future plans."

"This refinancing reflects the considerable progress that
Invensys has made both operationally and financially during the
past two years," Martin Jay, Chairman of Invensys, said.  "It
will provide us with a more normalized capital structure and
will give the Group a firm basis from which to invest in its
future and to generate shareholder value."

                       About Invensys Plc

Based in London, United Kingdom, Invensys Plc --
http://www.invensys.com/-- is a global automation, controls and  
process solutions Group operating in more than 60 countries
worldwide.  The company operates through six units: Controls,
Process Systems, Rail Systems, APV, Wonderware, and Eurotherm.
For the 12 ended March 31, 2006, Invensys had GBP2.5 billion in
total revenues from continuing operations.  

                        *     *     *

As reported in the TCR-Europe on Jan. 11, Standard & Poor's
Ratings Services revised its outlook on Invensys Plc to stable
from negative, reflecting an improvement in the group's near-
term prospects, although significant credit risks remain.  At
the same time, all ratings on the group, including the long-term
'B+' corporate credit rating, were affirmed.


INVENSYS PLC: Moody's Review Low-B Ratings for Possible Upgrade
---------------------------------------------------------------
Moody's Investors Service has placed the debt ratings of
Invensys plc and its subsidiary, Invensys International Holdings
Ltd., on review for possible upgrade following the company's
announcement that it plans to raise approximately GBP341 million
of new equity -- net of expenses -- by way of a rights issue and
use the proceeds to repay 35% of the company's senior notes due
2011 under the equity clawback provision, with the remainder of
the balance to be applied to partially fund a tender offer for
the company's outstanding 144A notes.

Ratings placed on review:

Invensys plc

   -- B1 corporate family rating; and

   -- B3 rating of the senior notes due 2011 and 144A notes due
      2007 and 2010

Invensys International Holdings Ltd.

   -- Ba3 rating of the GBP1.35 billion senior secured credit       
      facilities due 2009;

   -- B1 rating of the Euro 150 million & US$300 million second
      lien facility due 2009

Moody's expects to withdraw the ratings of both of the above
facilities following the prepayment and cancellation of these
facilities from the proceeds of the proposed ca. GBP700 million
of new banking facilities.

The review for upgrade reflects Moody's expectation that
Invensys will successfully complete its right issue, which is
fully underwritten, and that its credit metrics will improve as
a result.  The divestiture of IBS, which is expected to be
completed in July 2006, is also viewed as a credit positive
event given that the company intends to use the proceeds of the
disposal to further reduce its indebtedness as well as to make
additional cash contributions to its U.K. and U.S. pension
schemes.  

Furthermore, whilst 2007 cash flows are expected to be
negatively impacted by one-off cash costs associated with the
refinancing of GBP65 million, going forward the company's debt
service metrics should improve as a result of the estimated
interest savings of ca. GBP45 million per annum.

Moody's cautions however that whilst the company's management of
its legacy liabilities -- including pensions, litigation,
taxation, environmental and transition costs -- has been in line
with expectations, the underlying operating performance of its
divisions remains mixed.  In particular, despite recent
restructuring efforts, APV is loss making and continues to lose
market share whilst Controls has evidenced margin deterioration
over the past 12 months as the company has suffered from
manufacturing quality and efficiency issues which have limited
its ability to pass on raw material cost increases to its
customers.

The review for upgrade will focus on the capital structure and
liquidity position of the company following the proposed equity
offering and asset disposal as well as its future growth
prospects.  In particular, the operational review will focus on
Invensys' ability to improve its revenues, margins and free cash
flow generation in light of the ongoing operational difficulties
at APV and Controls and the highly competitive operating
environment in which it operates.

In the event that the rights issue and refinancing is
successful, Moody's expects that the rating change of Invensys'
corporate family rating will be limited to one notch, whilst the
notching on the company's senior notes is not expected to be
impacted.

Headquartered in London, England, Invensys is a leading global
automation, controls and process solutions group.  For the
twelve months ended March 31, 2006, Invensys reported total
revenues from continuing operations of approximately GBP2.5
billion.  


INVENSYS PLC: Sells US & Asian Operations to Schneider Electric
---------------------------------------------------------------
Invensys plc has signed an agreement for the sale of its
Invensys Building Systems operations in the U.S.A. and Asia
Pacific (IBS) to Schneider Electric S.A. for a gross cash
consideration of US$296 million (GBP157 million).  IBS is a
leading supplier of building management systems.

The transaction is subject to customary regulatory approvals and
is expected to complete by the end of July 2006. The proceeds
from this disposal will be applied towards satisfying the
group's liabilities.

In the year ended March 31, 2006, IBS had revenue of GBP73
million and operating profit2 of GBP11 million; the gross assets
of IBS at March 31, 2006 were GBP48 million and net operating
assets were GBP32 million, including goodwill of GBP8 million.

                       About Invensys Plc

Based in London, United Kingdom, Invensys plc --
http://www.invensys.com/-- is a global automation, controls and  
process solutions Group operating in more than 60 countries
worldwide.  The company operates through six units: Controls,
Process Systems, Rail Systems, APV, Wonderware, and Eurotherm.
For the 12 ended March 31, 2006, Invensys had GBP2.5 billion in
total revenues from continuing operations.  

                        *     *     *

As reported in the TCR-Europe on Jan. 11, Standard & Poor's
Ratings Services revised its outlook on Invensys Plc to stable
from negative, reflecting an improvement in the group's near-
term prospects, although significant credit risks remain.  At
the same time, all ratings on the group, including the long-term
'B+' corporate credit rating, were affirmed.


METALSIDAC DISPLAYS: Taps Joint Administrators from Quadra
----------------------------------------------------------
Stephen James Hobson and Richard Patrick Neville of Quadra
Business Recovery Limited were appointed joint administrators of
Metalsidac Displays Limited (Company Number 4048129) 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 Buildings
         Queen Annes Battery
         Plymouth
         Devon PL4 0LP
         United Kingdom
         Tel: 01752672288
         Fax: 01752 672290

Metalsidac Displays Limited can be contacted at:

         Peat House
         Newham Road
         Truro
         Cornwall TR1 2DP
         United Kingdom


MOUNTAIN ESCARGOTS: Brings In Bond Partners as Administrator
------------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed administrator
of Mountain Escargots Limited (Company Number 03661100) on
May 8.

Mountains Escargots Limited can be reached at:

         Unit 64
         Mochdre Industrial Estate
         Mochdre Newtown
         Powys SY16 4LE
         United Kingdom
         Tel: 01686 625 008         
         Fax: 01686 621 037

Bond Partners LLP -- http://www.bondpartners.co.uk/-- The group  
specializes in: audit and assurance, taxation, corporate
recovery, business rescue and insolvency, bookkeeping services,
as well as financial services through Bond Financial Network.


NASH POINT: S&P Assigns BB Prelim Rating to EUR15.25-Mln Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR448.75 million senior secured floating-
rate notes to be issued by Nash Point CLO, an SPE.  

At the same time, Nash Point will issue unrated notes to the
amount of EUR51.25 million.
  
At closing, Nash Point will issue floating-rate notes, the
proceeds of which, after paying transaction fees and expenses,
will be invested in a portfolio of predominantly senior-secured
leveraged loans.  The transaction has a reinvestment period of
six years, and the collateral manager will be Sankaty
Advisors LLC.
  
This is the 12th CLO transaction to be managed by Sankaty and
rated by Standard & Poor's.  The most recent was Race Point III
CLO, which closed in April 2006.
  
The ratings reflect commensurate credit enhancement in the form
of over-collateralization and subordination, a diversified
collateral pool of loans and derivative financial instruments,
currency risk protections, strong collateral investment
guidelines, the expected bankruptcy-remoteness of the issuer,
and various amortization triggers.  
  
                          Ratings List
                         Nash Point CLO
       EUR500 Million Senior Secured Floating-Rate Notes
  
          Class          Prelim.         Prelim. amount
                         rating          (Mil. EUR)
          -----          -------         --------------
          A              AAA                347.50
          B              AA                  35.00
          C              A                   35.00
          D              BBB                 12.50
          E              BB                  18.75
          F              NR                  51.25


ODS OPTICAL: Creditors' Meeting Slated for June 2
-------------------------------------------------
Creditors of ODS Optical Disc Service Limited (Company Number
04551132) will meet at 10:00 a.m., on June 2 at:

         Vantis
         66 Wigmore Street
         London W1U 2SB
         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 1 at:

         Geoffrey Paul Rowley and Nicholas Hugh O'Reilly
         Joint Administrators
         Vantis
         PO Box 2653
         66 Wigmore Street
         London W1A 3RT
         United Kingdom
         Tel: 020 7467 4000
         Fax: 020 7284 4995

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


OMEGA PLASTICS: Creditors' Meeting Slated for May 31
----------------------------------------------------
Creditors of Omega Plastics (U.K.) Limited (Company Number
03397370) will meet at 3:00 p.m. on May 31 at:

         The Marriott Hotel
         High Gosforth Park
         Gosforth
         Newcastle upon Tyne NE3 5HN
         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:

         Gordon S. Goldie and Allan David Kelly
         Joint Administrators
         Tait Walker
         Bulman House
         Regent Centre
         Gosforth
         Newcastle upon Tyne NE3 3LS
         United Kingdom
         Tel: 0191 285 0321
         Fax: 0191 284 9117
         E-mail: advice@taitwalker.co.uk         

Tait Walker -- http://www.taitwalker.co.uk/-- have established  
core service lines to meet the ever growing complexity of our
clients needs in a timely and efficient manner.


PRIVATE PROPERTIES: Appoints Administrator from Budsworth & Co
--------------------------------------------------------------
Beverley Ellice Budsworth of Budsworth & Co was appointed
administrator of Private Properties Limited (Company Number
03741400) on May 3.

The administrator can be reached at:

         Budsworth & Co.
         454 Chester Road
         Old Trafford
         Manchester
         Greater Manchester M16 9HD
         United Kingdom
         Tel: 0161 877 2081
         Fax: 0161 877 2091
         E-mail: advice@recoverypros.co.uk

Located in Ipswich, England Private Properties Limited --
http://www.privateproperties.co.uk/-- are property agents.


REMAL THERMAL: Hires Joint Administrators from Begbies Traynor
--------------------------------------------------------------
David Moore and Donald Bailey of Begbies Traynor were appointed
joint administrators of Remal Thermal Cycling Limited (Company
Number 01550399) on May 3.

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

Based in Skelmersdale, England, Remal Thermal Cycling Limited
manufactures heat treatment equipment.


ROADCHEF FINANCE: Fitch Rates GBP42 Million Class B Notes at BB
---------------------------------------------------------------
In a special report, Fitch Ratings commented the double-digit
growth in Costa Coffee sales in the last two years have had a
mixed impact on RoadChef Finance Limited's gross profit margin
and the other catering formats.

Fitch reviewed the transaction's latest reported financial
performance and the product mix and analyses the impact that the
shift in consumer preference regarding different catering
initiatives on the transaction's EBITDA.  The focus of RoadChef
on Costa seems to have increased footfall and enabled the
transaction's EBITDA to grow as a result, but Fitch believes
that Costa's growth also had a cannibalizing effect on other
catering formats sales.

In addition, with the transaction's debt service coverage ratio
now at 1.35x, RoadChef begun to draw on the Barclays Bank's GBP4
million ancillary facility to fund additional capital
expenditure as permitted by the transaction documentation.  
Fitch examines the mixed effect RoadChef's previous historical
capital expenditure program has had on the transaction's
financial performance.

The ratings of RoadChef Finance Limited's notes are:

-- Class A1 GBP16.635 million secured floating-rate notes due
    2008 at BBB;

-- Class A2 GBP133 million secured 7.418% fixed-rate notes due
    2023 at BBB; and

-- Class B GBP42 million secured 8.015% fixed-rate notes due
    2026 at BB.


SOUTH BOATS: Creditors' Meeting Slated for May 30
-------------------------------------------------
Creditors of South Boats Limited (Company Number 03869773) will
meet at 11:00 a.m. on May 30 at:

         Portland Business & Financial Solutions Limited
         1640 Parkway
         Solent Business Park
         Whiteley
         Fareham
         Hampshire PO15 7AH
         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:

         J. Tickell
         Joint Administrator
         Portland Business & Financial Solutions Ltd.
         1640 Parkway
         Solent Business Park
         Whiteley
         Fareham
         Hampshire PO15 7AH
         United Kingdom
         Tel: 01489 550 440
         E-mail: james.tickell@portland-solutions.co.uk


STIRLING COOKE: Scheme Creditors' Meeting Set on July 5
-------------------------------------------------------
The High Court of Justice in England and Wales, Chancery
Division, set the meeting of all Scheme Creditors in Stirling
Cooke Brown Insurance Brokers Limited's case at 2:00 p.m. on
July 5 in Plumtree Court in London.

All Scheme Creditors are requested to attend in person or by
proxy.

The Scheme Creditors will be asked to consider the approval of a
Scheme of Arrangement pursuant to Section 425 of the Companies
Act 1985.

The Court has appointed Paul Anthony Brereton Evans or, failing
him, Dan Yoram Schwarzmann, to act as Chairman of the Scheme
Meeting and directed Mr. Evans to report the result of the
meeting to the Court.

The proposed Scheme is available on the Company's Web site.

Stirling Cooke Brown Insurance Brokers Limited --
http://www.stirlingcookebrown.co.uk/-- was a medium sized  
Lloyds broker which operated in a number of areas including the
U.S. Workers' Compensation insurance market.  On July 17, 2003,
the High Court of Justice, Chancery Division, appointed Paul
Anthony Brereton Evans and Dan Yoram Schwarzmann as the Debtor's
Joint Administrators.


TRANSGLOBAL TYRES: Taps Simon John Lowes to Liquidate Assets
------------------------------------------------------------
Transglobal Tyres Limited is liquidating its assets after
creditors passed a resolution to wind up the company on March
23.

Simon John Lowes, of Roger Evans, was appointed Liquidator.

The company can be reached at:

         Transglobal Tyres Limited
         Blandford Road
         Poole Dorset BH165BN
         United Kingdom
         Tel: 01202 512 513
         Fax: 01202 512 513
         Web: http://www.transglobaltyres.com/


TRAVELMATE COACHES: Creditors Agree to Liquidation
--------------------------------------------------
Creditors of Travelmate Coaches Limited decided to liquidate the
company's assets during an extraordinary general meeting on
Feb. 15.

They authorized Solomon Cohen, of Pitman Cohen, to lead the
liquidation process.

The company can be reached at:

         Travelmate Coaches Limited
         Unit C11
         46 Holton Road
         Holton Heath
         Poole Dorset BH16 6LT
         United Kingdom
         Tel: 01202 623000


TRUE MEDIA: Appoints Tenon Recovery Administrators
--------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of True Media Limited (Company
Number 5257629) on May 5.

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

Headquartered in London, True Media Limited is engaged in film
editing.


TRUMAX LIMITED: Administrators Sell Business as Going Concern
-------------------------------------------------------------
Paul Clark and Jason Godefroy of Menzies Corporate
Restructuring, in their capacities as joint administrators for
Trumax Limited, is selling the Company's business and assets as
a going concern.

The Company, established in 1981, reports a GBP2.5 million
annual turnover.  It trades from leasehold premises in Warmley,
Bristol as a manufacturer and supplier of screen printing
machinery.

Inquiries can be addressed to:

         Michael Bills or Rebecca Mills
         Menzies Corporate Restructuring
         Tel: 020 7487 7240
         Fax: 020 7487 7299
         E-mail: mbills@menzies.co.uk

         Rebecca Mills
         Menzies Corporate Restructuring
         Tel: 020 7487 7240
         Fax: 020 7487 7299
         E-mail: rmills@menzies.co.uk

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--  
is a member of Moores Rowland International, an association of
independent accounting firms throughout the world with some
20,800 partners and staff, operating from 628 offices in 92
countries.  MRI, which is ranked 8th amongst the leading
international accounting associations, achieved global revenues
of US$1,800 million in 2003.


TUBE VALVES: Halts Operations & Appoints Liquidator
---------------------------------------------------
Tube Valves & Fittings Limited is winding up its business after
creditors resolved to company's voluntary liquidation during an
extraordinary general meeting on March 23.

Roderick Graham Butcher, of Butcher Woods, was appointed
Liquidator.

The company can be reached at:

         Tube Valves & Fittings Limited
         Corngreaves Works
         Corngreaves Road
         Cradley Heath
         West Midlands B64 7DA
         United Kingdom
         Tel: 01384 411 050
         Fax: 01384 412 413


UNIVERSAL HEATING: Brings In Liquidator from Bond Partners LLP
--------------------------------------------------------------
Creditors of Universal Heating (Gloucester) Limited decided to
liquidate the company's assets during an extraordinary general
meeting on March 22.

They appointed T. Papanicola, of Bond Partners LLP, as
Liquidator.

The company can be reached at:

         Universal Heating (Gloucester) Limited
         25 Morpeth Street
         Gloucester Gloucestershire GL1 4TN
         United Kingdom
         Tel: 01452 545 322


VANTAGE365 LIMITED: Creditors Pass Winding Up Resolution
--------------------------------------------------------
Creditors of Vantage365 Limited passed a resolution to wind up
the company during an extraordinary general meeting on March 17.

They authorized Ash Miller, of David Rubin & Partners, to lead
the winding up proceedings.

The company can be reached at:

         Vantage365 Limited
         Missing Link House
         3 Eastbury Road
         Northwood Middlesex HA6 3BG
         United Kingdom
         Tel: 01923 828 292
         Fax: 01923 823 737


VENUS IN THE PARK: Gordon Johnston Leads Winding Up Procedure
-------------------------------------------------------------
Gordon Johnston, of hjs Recovery, was appointed Liquidator of
Venus in the Park Limited after creditors decided to wind up the
company's operations during an extraordinary general meeting on
March 20.

The company can be reached at:

         Venus in the Park Limited
         552 Mile End Road
         London E3 4PL
         United Kingdom
         Tel: 020 8983 6001
         Fax: 020 8880 6900


WELDSPAN LIMITED: Financial Woes Prompt Liquidation
---------------------------------------------------
Weldspan Limited is liquidating its assets after creditors
established the company could no longer continue its business
due to mounting debts.

Neil Henry and Michael Simister, both of Lines Henry, were
appointed Joint Liquidators.

The company can be reached at:

         Weldspan Limited
         Bay 1
         Mule Street
         Bolton
         Lancashire BL2 2AR
         United Kingdom
         Tel: 01204 526 823
         Fax: 01204 526 874


WINSTONMEAD LONDON: Names Lloyd Biscoe Liquidator
-------------------------------------------------
Lloyd Biscoe, of Begbies Traynor, was appointed Liquidator of
Winstonmead London Limited after creditors agreed to wind up the
company during an extraordinary general meeting on March 24.

The company can be reached at:

         Winstonmead London Limited
         Bentalls House
         Bentalls Basildon
         Essex SS14 3BS
         United Kingdom
         Tel: 01268 274477


WOMERSLEY ROAD: Joint Liquidators Take Over Operations
------------------------------------------------------
Allan Cooper and John Russell, of The P&A Partnership, were
appointed Joint Liquidators of Womersley Road Garage Limited   
after creditors decided to liquidate the company's assets on
March 17.

The company can be reached at:

         Womersley Road Garage Limited   
         Womersley Road
         Grimsby
         South Humberside DN313SJ
         United Kingdom
         Tel: 01472 357 548


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

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

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

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

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

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


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