TCREUR_Public/060530.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Tuesday, May 30, 2006, Vol. 7, No. 106

                            Headlines


A U S T R I A

EUCONSULT: Vienna Court Closes Bankruptcy Proceedings
IMAGO SIEBDRUCK: Court to Close Bankruptcy After Confirmation
IS4B: Court Closes Bankruptcy Case Following Final Claim Payment
KELLER: Insufficient Funds Prompt Court to Dismiss Bankr. Case
OSTAB: Court to Close Bankruptcy Case Following Claims Payment


G E R M A N Y

ADVANCED MICRO: Plans US$2.5-Bln Expansion Projects in Germany
AUTOZENTRUM LUTHER: Claims Registration Ends June 13
BEWO GASTRONOMIE: Creditors' Meeting Slated for June 13
DIVEMASTER BONN: Claims Filing Period Ends June 13
ETIENNE AUTOMOBILE: Claims Filing Period Ends June 13

GASTRO INTERNATIONAL: Claims Registration Ends June 7
HOBBYFANT BASTEL: Meeting of Creditors Set for May 31
METALL ART: Claims Filing Period Ends June 13
OKO-EXPRESS: Claims Registration Ends June 9
VELA WERBEARTIKEL: Claims Registration Ends June 15

WERBE-PARTNER: Claims Registration Ends June 16


H U N G A R Y

BORSODCHEM RT: Firthlion Hikes Equity Stake to 22.69%


I R E L A N D

ELAN CORPORATION: William Rohn Joins Board of Directors


K A Z A K H S T A N

BASK-COMPANY: Creditors Must File Claims by June 9
ESKIZ-SHIELI: Creditors Must File Claims by June 9
KARAGANDINSKAYA REGIONAL: Creditors' Claims Due June 9
KUNARLYLYK: Creditors Must File Claims by June 9
MARTEK: Creditors Must File Claims by June 9

MEDISINA AKB: Creditors Must File Claims by June 9
PS-110: Proof of Claim Deadline Slated for June 9
SEVKAZENERGO: Proof of Claim Deadline Slated for June 9
SMIRNOVSKY AVTOTRANS: Claims Registration Ends June 9
ZYRIANOVSKNEFTEPRODUKT: Claims Registration Ends June 9


K Y R G Y Z S T A N

BICKON TRADING: Creditors Must File Claims by July 18
KEY INDUSTRY: Proof of Claim Deadline Slated for July 18
PROMORGTEHSERVIS: Creditors' Claims Due July 17
TABAK-TREIDING: Claims Registration Ends July 17


L I T H U A N I A

MAZEIKIU NAFTA: Yukos Sells 53.7% Stake to PKN for US$1.49 Bln
MAZEIKIU NAFTA: Fitch Assigns B+ Issuer Default Rating


N E T H E R L A N D S

VNU N.V.: Moody's Cuts Sr. Unsecured Ratings to B1


R U S S I A

ANTNYA-AGRO-KHIM-SERVICE: I. Lapytov to Manage Insolvency Assets
EAR: Voronezh Court N. Mamontova to Manage Insolvency Assets
ISKITIMSKIY BAKERY: Novosibirsk Court Starts Bankruptcy Process
IZHEVSKOYE ICE-CREAM: Udmurtiya Court Begins Bankruptcy Process
KRASNOUSOLSKIY GLASS: Court Taps F. Yunusov Insolvency Manager

OAO SEVERSTAL: Moody's Might Raise All Ratings on Takeover Plan
OAO SEVERSTAL: Fitch Puts BB- on Issuer Default Rating
OAO SEVERSTAL: Arcelor Merger Spurs S&P's CreditWatch Positive
QUANTUM: Primorye Court Launches Bankruptcy Proceedings
REM-STROY-SERVICE: Court Names N. Valitov as Insolvency Manager

SEL-KHOZ-TEKHNIKA: Ulyanovsk Court Starts Bankruptcy Process
VILYUYSKOYE ENTERPRISE 1: Bankrupcy Hearing Slated for Oct. 9
VIMPELCOM: Hosting First Quarter Conference Call on June 1


S P A I N

IM PASTOR: S&P Rates Class D Mortgage-Backed Notes at BB


T U R K E Y

TURKCELL A.S.: Fitch Raises Local Currency IDR to BB+


U K R A I N E

BLAGOVEST: District Tax Agency to Liquidate Assets
INTERAGROPROM: Oleksandr Dashko to Manage Bankruptcy Assets
MERCURY: Donetsk Court Orders Debt Moratorium
POLLAKS: Kyiv Court Names I. Gusar as Liquidator
POLYANKA' PORCELAIN: Court Begins Bankruptcy Supervision

PROMIN: Vinnitsya Court Commences Bankruptcy Supervision
PROMTEH: Court Names Local Tax Agency as Liquidator
SCIENTIFIC-EXPERIMENTAL: Court Begins Bankruptcy Proceedings
UKRINTERATIMPEKS: Court Appoints Oleksandr Dashko Liquidator


U N I T E D   K I N G D O M

ARCHITECTURE STRUCTURE: Creditors Pass Winding Up Resolution
BLACKLEYS (MIDLANDS): Creditors Resolve to Liquidation
BLUE BLUE: Creditors Confirm Voluntary Liquidation
BOHLIN INSTRUMENTS: Hires Joint Liquidators from Tenon Recovery
BUSINESS MACHINE: Taps Philip Michael Lyon to Liquidate Assets

CABLE & WIRELESS: Posts GBP175 Million Year-End Profit
CAMBRIDGESHIRE INDUSTRIAL: Meeting of Creditors Set for June 7
DOVEDALE FINANCE: Moody's Rates Class C Notes at (P)Ba2
DOVEDALE FINANCE: S&P Assigns BB Rating to Two Notes Classes
DOLLARGRAND PROMOTIONS: Names M.S.E. Solomons as Liquidator

DPP CARPETS: Financial Woes Trigger Liquidation
FCE BANK: S&P Places BB- Long-Term Rating on Watch Developing
FOOD MATTERS: Creditors' Meeting Slated for June 8
HERITABLE BANK: Fitch Upgrades Individual Rating to C
INEOS VINYLS: New Ownership Structure Spurs S&P's Watch Positive

INTERNEXUS GROUP: Brings In Grant Thornton Administrators
INXPRESSION LIMITED: Claims Filing Period Ends June 23
ONLINE DESIGN: Joint Liquidators Take Over Operations
QUESTOR INTERNATIONAL: Brings In Liquidator from Piper Thompson
RICHARD T.: Taps Begbies Traynor to Administer Assets

SANCTUARY GROUP: Frank Presland Replaces Andy Taylor as CEO
SUPANET LIMITED: Appoints Grant Thornton Administrators
SWIFTSEAL MASTIC: Brings In Gordon Craig to Administer Assets
TALISMAN-1: Fitch Affirms EUR7.7 Million Class G Notes at BB
THOMAS NORMAN: Appoints Joint Administrators from Chantrey

TN LOGISTICS: Menzies Joint Administrators Take Helm
TURRELL CONSTRUCTION: Mazars Administrators Take Over Operations
V. AND J.: Appoints Marriotts LLP Joint Liquidators

* Large Companies with Insolvent Balance Sheets

                            *********

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


EUCONSULT: Vienna Court Closes Bankruptcy Proceedings
-----------------------------------------------------
The Trade Court of Vienna entered an order closing the
bankruptcy case of LLC Euconsult (FN 74259f) on May 2.

Under the confirmed compulsory compensation payment scheme,
creditors owed money by the Debtor will recover 20% of their
claim to be paid in four installments:

  (a) 5% within 14 days after confirmation of the payment scheme
      but not until the Debtor's bankruptcy case closing;

  (b) 5% within 8, 16, and 24 months after adoption of the
      payment scheme.

The Debtor will pay creditors' claims until Jan. 26, 2008.

Headquartered in Vienna, Austria, LLC Euconsult declared
bankruptcy on Sept. 6, 2005 (Bankr. Case No. 2 S 113/05p).
Richard Proksch served as the court-appointed property manager.
Edmund Roehlich represented Mr. Proksch in the bankruptcy
proceedings.


IMAGO SIEBDRUCK: Court to Close Bankruptcy After Confirmation
-------------------------------------------------------------
The Land Court of Graz will close the bankruptcy proceedings of
KG IMAGO Siebdruck Tepesch (FN 175224h) after confirmation of
the Debtor's adopted project by compulsory compensation payment.

Under the terms of the payment scheme, creditors will recover
20% of their claim in three installments:

  (a) 10% to be paid by the insolvency manager within 14 days
      after bankruptcy closing;

  (b) 5% within six months following confirmation; and

  (c) 5% within a year after confirmation of the scheme.

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Sept. 15, 2005 (Bankr. Case No. 25 S 95/05s).  LLC
Scherbaum/Seebacher Rechtsanwalte served as the court-appointed
property manager for the bankrupt estate.


IS4B: Court Closes Bankruptcy Case Following Final Claim Payment
----------------------------------------------------------------
The Trade Court of Vienna entered an order closing the
bankruptcy case of JSC IS4B (FN 174052i) on May 2.

Court-appointed property-manager Schirl Karl distributed 5.5% in
final claims payment to creditors.

Headquartered in Vienna, Austria, JSC IS4B declared bankruptcy
on April 30, 2001 (Bankr. Case No. 2 S 217/01a).


KELLER: Insufficient Funds Prompt Court to Dismiss Bankr. Case
--------------------------------------------------------------
The Land Court of Wiener Neustadt dismissed the bankruptcy case
of Construction LLC Keller (FN 221809s) on May 2 after proving
that the Debtor is administratively insolvent.  This means that
the Debtor does not have enough cash to cover costs of the
bankruptcy proceedings.

As a result, creditors will not receive any distribution.

Headquartered in Wiener Neustadt, the Debtor declared bankruptcy
on Oct. 3, 2003 (Bankr. Case No. 11 S 326/03g).  Kientzl Helmut
served as the court-appointed property manager for the bankrupt
estate.  Jagerndorfer Michael represented Mr. Helmut in the
case.


OSTAB: Court to Close Bankruptcy Case Following Claims Payment
--------------------------------------------------------------
The Court of Vienna will close the bankruptcy case of LLC Ostab
(FN 89442h) after the Debtor's final distribution to creditors.

On Dec. 9, 2005, court-appointed property manager Richard
Proksch said that the Debtor's estate is insufficient to pay off
creditors in full.

In March, the Court confirmed Mr. Proksch's final allocation
document which calls for a partial payment of the creditors'
claims.

Headquartered in Vienna, Austria, LLC Ostab declared bankruptcy
on Aug. 10, 2005 (Bankr. Case No. 6 S 90/05k).  Edmund Roehlich
represented Mr. Proksch in the case.


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


ADVANCED MICRO: Plans US$2.5-Bln Expansion Projects in Germany
--------------------------------------------------------------
Advanced Micro Devices, Inc., plans to expand its microprocessor
manufacturing capacity over the next three years by adding
additional 300-millimeter wafer production capabilities in
Dresden, Germany, through the implementation of three new
projects.

AMD's newest fabrication facility will come online through a
major transformation of the company's existing Fab 30, which
will be named Fab 38.  The transition from 200mm to 300mm allows
for more than twice as many processors on a wafer.

In addition, AMD will also expand Fab 36's existing 300mm
capacity and build a new clean room facility to handle the
site's growing Bump and Test requirements, which is one of the
final stages of the manufacturing process where wafers are
prepared to be shipped for packaging.

With plans to invest a total of US$2.5 billion in the Dresden
expansion projects, AMD continues to aggressively scale its
innovative manufacturing processes to meet growing customer
needs.

"As global demand continues to rise for AMD products, we are
scaling our manufacturing capacity intelligently to meet our
customers' growing needs," said Hector Ruiz, chairman of the
board and chief executive officer of AMD.  "To achieve this, we
are pursuing an aggressive path to invest in and expand our top-
rated manufacturing capabilities in Dresden.  These strategic
investments highlight how significant Germany and Europe are to
the future of AMD competitiveness.  We expect that AMD's
momentum and demand for our products will continue to increase,
fueled by our technology leadership, our commitment to customer-
centric innovation and the continuing global antitrust scrutiny
that will ensure truly competitive markets."

AMD will ramp down 200mm manufacturing in the second half of
2007, with preparation already underway for the ramp of 300mm
wafers on 65nm process technology at Fab 38 by the end of 2007.
Through the combination of leading-edge equipment, Automated
Precision Manufacturing and the great people of Dresden, the
plant will produce the latest generations of AMD
microprocessors, reaching full capacity by the end of 2008.

The majority of the investment will go into new equipment in the
Fab 38 facility.  AMD will also build a new clean room facility
on its Dresden campus for Bump and Test requirements, which will
support both fabrication facilities.  Previously the clean room
facilities for Bump and Test activities were located within Fab
30 and Fab 36.  By moving them into a new facility in 2007, AMD
has the ability to maximize production space at both Fab 36 and
Fab 38, providing increased output and capacity.  These three
projects have the potential to increase Dresden-based
manufacturing to a full capacity of 45,000 300mm wafer starts
per month by the end of 2008.

"With the addition of Fab 36, AMD took a major step forward in
increasing output and scale for its global manufacturing and
with this announcement we raise the bar even further," Daryl
Ostrander, senior vice president, logic technology and
manufacturing, Microprocessor Solutions Sector, said.  "As we
look ahead to aggressive process technology transitions to 45nm
and beyond, the ability to continue delivering these
technologies with world-class yields will provide customers with
incredibly sophisticated and agile manufacturing capabilities,
whereby we can continue to accommodate the increasing demand for
AMD products."

                      About the Company

Based in Sunnyvale, California, Advanced Micro Devices Inc. --
http://www.amd.com/-- is a leading global provider of
innovative microprocessor solutions for computing,
communications and consumer electronics markets.  Founded in
1969, AMD is dedicated to delivering superior computing
solutions based on customer needs that empower users worldwide.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 31, 2006,
Standard & Poor's Ratings Services raised its ratings on
Sunnyvale, California-based Advanced Micro Devices Inc.,
including its corporate credit rating, to 'B+' from 'B'.  In
addition, the ratings on the microprocessor manufacturer were
removed from CreditWatch with positive implications, where they
were placed on Jan. 24, 2006.  S&P says the ratings outlook is
stable.

In addition, Fitch Ratings revised Advanced Micro Devices Inc.'s
Rating Outlook to Positive from Stable and affirmed the
company's 'B' issuer default rating.   AMD's 'B/RR4' senior
unsecured debt and 'BB/RR1' senior secured bank credit facility
are also affirmed.  Fitch's action affected approximately $1.2
billion of  total debt.

At the same time, Moody's Investors Service raised the corporate
family rating of Advanced Micro Devices, Inc., two notches to
Ba3, with a stable outlook.


AUTOZENTRUM LUTHER: Claims Registration Ends June 13
----------------------------------------------------
Creditors of Autozentrum Luther GmbH & Co. KG have until June 13
to register their claims with court-appointed provisional
administrator Thomas Linse.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Coburg
         Meeting Room K
         I. Stock
         Coburg, 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 Coburg opened bankruptcy proceedings
against Autozentrum Luther GmbH & Co. KG on May 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Autozentrum Luther GmbH & Co. KG
         Coburger Road 6
         96489 Niederfuellbach, Germany

The administrator can be contacted at:

         Thomas Linse
         Rosenauer Road 22
         96450 Coburg, Germany
         Tel: 09561/80340
         Fax: 09561/803434


BEWO GASTRONOMIE: Creditors' Meeting Slated for June 13
-------------------------------------------------------
The court-appointed provisional administrator for BEWO
Gastronomie Betriebsgesellschaft mbH, Joachim Voigt-Salus, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:40 a.m., on June 13.

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

         The District Court of Charlottenburg
         II Stock Hal1 218
         District Court Place 1
         14057 Berlin, Germany

The Court will also verify the claims set out in the
administrator's report at 9:30 a.m. on Sept. 26 at the same
venue.

Creditors have until July 30 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against BEWO Gastronomie Betriebsgesellschaft mbH on
April 27.  Consequently, all pending proceedings against the
company have been automatically stayed

The Debtor can be reached at:

         BEWO Gastronomie Betriebsgesellschaft mbH
         Tauentzienstr. 9-12
         10789 Berlin, Germany

The administrator can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin, Germany


DIVEMASTER BONN: Claims Filing Period Ends June 13
--------------------------------------------------
Creditors of divemaster Bonn Tauchsport GmbH have until
June 13 to register their claims with court-appointed
provisional administrator Dr. Andreas Schulte-Beckhausen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on July 21, 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 Bonn
         Hall S 2.22
         2. Stock
         William Route 21
         53111 Bonn, 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 Bonn opened bankruptcy proceedings against
"divemaster Bonn Tauchsport GmbH" on May 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         divemaster Bonn Tauchsport GmbH
         Romerstr. 71
         53111 Bonn, Germany

         Attn: Uwe Kohler, Manager
         Rose Valley 32
         53111 Bonn, Germany

The administrator can be contacted at:

         Dr. Andreas Schulte-Beckhausen
         Oxfordstr. 2
         53111 Bonn, Germany
         Tel: 0228 / 985210
         Fax: 0228 / 9852122


ETIENNE AUTOMOBILE: Claims Filing Period Ends June 13
-----------------------------------------------------
Creditors of Etienne Automobile Ltd. & Co. Deutschland KG have
until June 13 to register their claims with court-appointed
provisional administrator Nikolaus Gaede.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 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 Augsburg
         Meeting Room 162
         Alten Einlass 1
         86150 Augsburg, 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 Augsburg opened bankruptcy proceedings
against Etienne Automobile Ltd. & Co. Deutschland KG on April 5.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Etienne Automobile Ltd. & Co. Deutschland KG
         Unterkreuthweg 3
         86444 Affing, Germany

         Attn: Rahn Rudolf, Manager
         Lipper Hellweg 42
         33604 Bielefeld

The administrator can be contacted at:

         Nikolaus Gaede
         Buerkleinstr. 6
         80538 Munich, Germany


GASTRO INTERNATIONAL: Claims Registration Ends June 7
-----------------------------------------------------
Creditors of Gastro International GmbH have until June 7 to
register their claims with court-appointed provisional
administrator Barbara Fritzer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 17, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D 132
         Olbrichtplatz 1
         01099 Dresden, Germany

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

The District Court of Dresden opened bankruptcy proceedings
against Gastro International GmbH on May 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Gastro International GmbH
         Heinrich-Heine-Str. 19
         01917 Kamenz, Germany

The administrator can be contacted at:

         Barbara Fritzer
         Louis-Braille-Str. 1
         01099 Dresden, Germany
         Web: http://www.ra-fritzer.de/


HOBBYFANT BASTEL: Meeting of Creditors Set for May 31
-----------------------------------------------------
The court-appointed provisional administrator for Hobbyfant
Bastel- und Geschenkartikel GmbH, Volker Dick, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:00 a.m., on Wednesday, May 31.

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

         The District Court of Bonn
         Room W 1.30A
         1. Stock
         William Route 21
         53111 Bonn, Germany

The Court will also verify the claims set out in the
administrator's report at 9:50 a.m. on July 10 at:

         Insolvency Court of Bonn
         Hall S 2.18
         Wilhelmstr. 21
         53111 Bonn, Germany

Creditors have until June 12 to register their claims with the
court-appointed provisional administrator.

The District Court of Bonn opened bankruptcy proceedings against
Hobbyfant Bastel- und Geschenkartikel GmbH on May 10.
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         Hobbyfant Bastel- und Geschenkartikel GmbH
         Market 44
         53757 Sankt Augustin, Germany

         Attn: Norbert Schiffers, Manager
         Hasselterstr. 53a
         52511 Geilenkirchen, Germany

The administrator can be reached at:

         Volker Dick
         Cologne Route 135
         53757 Sankt Augustin, Germany
         Tel: 02241/90600 and 21041
         Fax: 02241/21048


METALL ART: Claims Filing Period Ends June 13
---------------------------------------------
Creditors of Metall Art GmbH Schlosserei und Stahlbau have until
June 13 to register their claims with court-appointed
provisional administrator Steffi Radack - Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 11:25 a.m. on July 18, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt, 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 Frankfurt opened bankruptcy proceedings
against Metall Art GmbH Schlosserei und Stahlbau on May 4.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Metall Art GmbH Schlosserei und Stahlbau
         Locknitzstrasse 37
         15537 Erkner, Germany

The administrator can be contacted at:

         Steffi Radack - Mueller
         French Road 9-12
         10117 Berlin, Germany


OKO-EXPRESS: Claims Registration Ends June 9
--------------------------------------------
Creditors of Oko-Express GmbH have until June 9 to register
their claims with court-appointed provisional administrator
Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on June 30, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         II. Floor
         Court Place 1
         44135 Dortmund, Germany

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

The District Court of Dortmund opened bankruptcy proceedings
against Oko-Express GmbH on May 5.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Oko-Express GmbH
         Attn: Juergen Hueser, Manager
         Borker Str. 45 b
         44534 Luenen, Germany

The administrator can be contacted at:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund, Germany
         Tel: 54110
         Fax: 5411266


VELA WERBEARTIKEL: Claims Registration Ends June 15
---------------------------------------------------
Creditors of Vela Werbeartikel Produktion und Service GmbH & Co.
KG have until June 15 to register their claims with court-
appointed provisional administrator Hans-Achim Ernst.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 14, 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 Detmold
         Hall 12
         Auxiliary Building
         Gerichtsstr. 6
         32756 Detmold, 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 Detmold opened bankruptcy proceedings
against Vela Werbeartikel Produktion und Service GmbH & Co. KG
on April 20.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Vela Werbeartikel Produktion und Service GmbH & Co. KG
         Attn: Uwe Ellermann and Peter Schlinkheider, Managers
         Pappelweg 1
         32107 Bad Salzuflen, Germany

The administrator can be contacted at:

         Hans-Achim Ernst
         Bunsenstr. 3
         32052 Herford, Germany
         Tel: 05221/6930732
         Fax: 05221/6930691


WERBE-PARTNER: Claims Registration Ends June 16
-----------------------------------------------
Creditors of Werbe-Partner Gesellschaft fuer Verkaufsforderung
und Werbung mbH have until June 16 to register their claims with
court-appointed provisional administrator Dr. Wolf-R. von der
Fecht.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 16, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Room H 131
         1. Floor
         North barrier 131
         47798 Krefeld, Germany

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Aug. 18 at the same
venue.

The District Court of Krefeld opened bankruptcy proceedings
against Werbe-Partner Gesellschaft fuer Verkaufsforderung und
Werbung mbH on March 14.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         Werbe-Partner Gesellschaft fuer Verkaufsforderung
         und Werbung mbH
         Attn: Reiner Stratmanns, Manager
         Bahnstr. 7
         47929 Grefrath, Germany

The administrator can be contacted at:

         Dr. Wolf-R. von der Fecht
         Rheinort 1
         40213 Duesseldorf, Germany


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


BORSODCHEM RT: Firthlion Hikes Equity Stake to 22.69%
-----------------------------------------------------
Firthlion Limited, as a company indirectly controlled by Timur
Rahimkulov, a member of BorsodChem Rt.'s Board of Directors, has
acquired 806,387 ordinary shares of BorsodChem Rt. at an average
price of HUF2.271.

As a result of the transaction Firthlion Limited holds
18,485,564 BorsodChem Rt. shares representing a total of 22.69%
direct shareholding in Borsodchem Rt.

Considering the 1,767,432 pieces of BorsodChem shares held by
Altalanos Ertekforgalmi Bank Rt. controlled by Kafijat
Kereskedelmi es Consulting Kft., the shares constitute a 24.86%-
os indirect control in BorsodChem Rt by KAFIJAT Kereskedelmi es
Consulting Kft., a 76% owner of FIRTHLION LIMITED.


In consideration of the 126,295 BorsodChem Rt. ordinary shares
directly owned by Timur Rahimkulov, as well as the 119,675
BorsodChem Rt. ordinary shares owned by Ruszlan Rahimkulov, the
shares constitute:

   -- a 25.16% indirect control in BorsodChem Rt. by Megdet
      Rahimkulov;

   -- a 71.72% owner of KAFIJAT Kft.

and thereby resulting in a 25.16% direct and indirect control in
BorsodChem Rt. by Messrs. Rahimkulov and Ruszlan Rahimkulov,
each possessing 14.14% ownership in KAFIJAT Kft. and by Megdet
Rahimkulov and their close relatives.

                        About BorsodChem

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

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

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

                        *     *     *

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


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


ELAN CORPORATION: William Rohn Joins Board of Directors
-------------------------------------------------------
Elan Corporation plc appointed William R. Rohn to the company's
Board of Directors.

"The Board is extremely pleased to announce the appointment of
Bill.  His extensive experience in the pharmaceutical and
biotech industries, together with his personal qualities, will
make him an excellent addition to the Board and we all look
forward to working with him," Kyran McLaughlin, Elan's chairman,
said.

Kelly Martin, Elan's president and chief executive officer,
added, "I look forward to working with Bill and benefiting from
the experience he brings with him."

Mr. Rohn, 62, is an experienced biotech and pharmaceutical
industry executive.  He is currently Vice Chairman of Raven
Biotechnologies, Inc., and a Director of Metabasis Therapeutics,
Inc., Cerus Corp and Pharmacyclics, Inc.

Previously he was Chief Operating Officer of Biogen Idec until
January 2005 and prior thereto President and Chief Operating
Officer of Idec Pharmaceutical Corporation from 1993.

                      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.


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


BASK-COMPANY: Creditors Must File Claims by June 9
--------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Bask-Company insolvent on March
20.  Bankruptcy proceedings were introduced at the company.

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

         Molodejnoye
         M. Jumabayeva District
         North Kazakhstan Region
         Kazakhstan


ESKIZ-SHIELI: Creditors Must File Claims by June 9
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region declared LLP Eskiz-Shieli insolvent on March 15.
Bankruptcy proceedings were introduced at the company.

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

         Hangeldina Str. 50
         Kyzylorda, Kazakhstan
         Tel:  8 (3242) 23-37-56
               8 (7059) 50 24-27


KARAGANDINSKAYA REGIONAL: Creditors' Claims Due June 9
------------------------------------------------------
CJSC Karagandinskaya Regional Organization of the Scientific and
Engineering Unions has declared insolvency.  Creditors have
until June 9 to submit written proofs of claim to:

         Stroiteley Ave. 28
         100026 Karaganda, Kazakhstan


KUNARLYLYK: Creditors Must File Claims by June 9
------------------------------------------------
OJSC Kunarlylyk has declared insolvency.  Creditors have until
June 9 to submit written proofs of claim to:

         Mayakovskogo Str. 116
         Kordai
         Kordai District
         Kazakhstan
         Tel: 8 (32347) 2-10-53


MARTEK: Creditors Must File Claims by June 9
--------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
declared LLP Martek insolvent.

Creditors have until June 9 to submit written proofs of claim to
the insolvency manager at:

         Altynsarina Str. 31
         Aktobe
         Aktube Region
         Kazakhstan


MEDISINA AKB: Creditors Must File Claims by June 9
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
declared CJSC Medisina AKB insolvent.

Creditors have until June 9 to submit written proofs of claim to
the insolvency manager at:

         Altynsarina Str. 31
         Aktobe
         Aktube Region
         Kazakhstan


PS-110: Proof of Claim Deadline Slated for June 9
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
declared LLP PS-110 insolvent.

Creditors have until June 9 to submit written proofs of claim to
the insolvency manager at:

         Altynsarina Str. 31
         Aktobe
         Aktube Region
         Kazakhstan


SEVKAZENERGO: Proof of Claim Deadline Slated for June 9
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Sevkazenergo insolvent.
Bankruptcy proceedings were introduced at the company.

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

         Molodejnoye
         M. Jumabayeva District
         North Kazakhstan Region
         Kazakhstan


SMIRNOVSKY AVTOTRANS: Claims Registration Ends June 9
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared OJSC Smirnovsky Avtotrans insolvent
on March 2.  Bankruptcy proceedings were introduced at the
company.

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

         Molodejnoye
         M. Jumabayeva District
         North Kazakhstan Region
         Kazakhstan


ZYRIANOVSKNEFTEPRODUKT: Claims Registration Ends June 9
-------------------------------------------------------
JSC Zyrianovsknefteprodukt has declared insolvency.  Creditors
have until June 9 to submit written proofs of claim to:

         Zubovsk
         Zyrianovsky District
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (235) 2-38-08


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


BICKON TRADING: Creditors Must File Claims by July 18
-----------------------------------------------------
Branch of the Bickon Trading Limited in Osh Region has declared
insolvency.  Creditors have until July 18 to submit written
proofs of claim to:

         Privokzalnaya Str. 101a
         Osh Region
         Kyrgyzstan
         Tel: 8 (3222) 5-72-85


KEY INDUSTRY: Proof of Claim Deadline Slated for July 18
--------------------------------------------------------
Joint Kyrgyz-American LLC Key Industry Engineering Ltd. has
declared insolvency.  Creditors have until July 18 to submit
written proofs of claim to:

         Kalinina Str. 145
         Bishkek, Kyrgyzstan


PROMORGTEHSERVIS: Creditors' Claims Due July 17
-----------------------------------------------
LLC Promorgtehservis has declared insolvency.  Creditors have
until July 17 to submit written proofs of claim to:

         Room 313
         Shabdan Baatyr Str. 4a
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 53-00-67


TABAK-TREIDING: Claims Registration Ends July 17
------------------------------------------------
LLC Tabak-Treiding Ltd. has declared insolvency.  Creditors have
until July 17 to submit written proofs of claim to:

         Kashkina Str. 1
         Djalalabad Region
         Kyrgyzstan
         Tel: (0-502) 83-37-73


=================
L I T H U A N I A
=================


MAZEIKIU NAFTA: Yukos Sells 53.7% Stake to PKN for US$1.49 Bln
--------------------------------------------------------------
Yukos Oil 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.

Headquartered in Mazeikiai District, Lithuania, Mazeikiu Nafta
-- http://nafta.it/en-- is an integrated downstream oil company
that comprises in one complex pipeline operations, oil refining,
marine terminal operations, and logistics of crude oil and
refined products.

                        *     *     *

Mazeikiu Nafta carries Fitch Ratings' short-term B and B+ senior
unsecured debt with stable outlook since 2005.


MAZEIKIU NAFTA: Fitch Assigns B+ Issuer Default Rating
------------------------------------------------------
Fitch Ratings placed Lithuania's refining company Mazeikiu Nafta
AB's Issuer Default Rating of B+ on Rating Watch Positive.

This follows PKN Orlen S.A.'s announcement that it reached an
agreement with Yukos International U.K. B.V. to acquire its
53.7% stake in MN for US$1.492 billion.

PKN also aimed to purchase a 30.66% stake in MN from the
Lithuanian government for US$0.852 billion, subject to approval
by the Lithuanian parliament.  MN's Short-term rating of B was
affirmed.  PKN's Issuer Default rating of BBB and Short term F3
were placed on Rating Watch Negative in connection with the
announcements.

The Watch Positive status will be resolved upon the completion
of the transactions, expected in the second half of 2006.

The RWP reflects Fitch's opinion that the arrival of a higher-
rated new investor, PKN, is likely to improve MN's financial
flexibility and enable it to purchase crude oil on more
favorable terms, i.e. without considerable cash deposits.  It
will also enable the company to commence its approximately US$1
billion modernization program, which should increase MN's
refining depth and lower its break-even crack margins in the
next three to four years.

This should result in a stronger business profile, enabling it
to operate profitably in times of lower refining margins, which
was not the case in 2001-2002.  The capital expenditure program
is primarily targeted at a reduction of bottom-of-the barrel
products and construction of petrochemical facilities.

The B+ rating partly reflects that most of the surplus cash
generated by the refinery in 2004-2005 is held in restricted
accounts as collateral for banks issuing letters of credit for
payments of crude oil purchased by MN.  This is due to MN's
current majority shareholder Yukos' distressed financial
situation.

MN reported record profits in 2005, capitalizing on favorable
market conditions, in particular high refining margins and
widened Brent-to-Ural differential.  In 2005, MN's EBITDA
increased 16% to US$419 million.


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


VNU N.V.: Moody's Cuts Sr. Unsecured Ratings to B1
--------------------------------------------------
Moody's Investors Service said that it had downgraded VNU N.V.'S
Corporate Family Rating to B1 (from Ba1).

The company's senior unsecured debt instruments were also
downgraded to B1 (from Ba1) following today's clarification by
Valcon Acquisitions B.V. as to which of VNU's long-term bonds it
does not want to retain as part of the new VNU group's future
capital structure and for which Valcon Acquisitions has
therefore launched a tender offer.

Valcon Acquisitions is a vehicle owned by a group of financial
investors whose offer to acquire VNU's equity for around EUR7.6
billion was declared unconditional on May 22.  Moody's said that
the new CFR reflects the significant debt element in the
acquisition.

Moody's acknowledges that Valcon Acquisitions has launched a
tender offer for certain of VNU's bonds.  For these bonds, the
B1 rating reflects Moody's assessment of the credit risk for any
bonds that are not tendered.

All of VNU's debt ratings remain under review for possible
further downgrade.

VNU ratings downgraded to B1 (from Ba1) that remain under review
for further downgrade include:

   -- Corporate Family Rating;
   -- floating rate Euro MT Notes due 2012;
   -- 6.75% Euro MT Notes due 2012;
   -- 2.5% Yen MT Notes due 2011;
   -- floating rate Euro MT Notes due 2010;
   -- 5.625% GBP MT Notes due 2010/17;
   -- 5.5% Eurobonds due 2008;
   -- 6.75% Eurobonds due 2008;
   -- 6.625% Eurobonds due 2007;
   -- Euro MTN program; and
   -- Nielsen Media Research Inc.'s 7.6% Noted due 2009
      (guaranteed by VNU)

The ongoing review of the new B1 Corporate Family rating and the
B1 bond ratings will focus on establishing Valcon Acquisition's
plans for the final leverage level and capital structure of the
new VNU group.  The review will also clarify the ranking of
rated bonds that remain outstanding within the new capital
structure.  Given the lack of indenture protection for VNU
N.V.'s rated bonds those that remain outstanding could be
notched down from VNU's Corporate Family Rating.

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


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


ANTNYA-AGRO-KHIM-SERVICE: I. Lapytov to Manage Insolvency Assets
----------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. I.
Lapytov as insolvency manager for OJSC Antnya-Agro-Khim-Service
(Case No. A65-24410/2005-SG4-16).  He can be reached at:

         Post User Box 582
         Zelenodolsk
         422540 Tatarstan Republic, Russia

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

The Debtor can be reached at:

         OJSC Antnya-Agro-Khim-Service
         Bolshaya Atnya
         Tatarstan Republic, Russia


EAR: Voronezh Court N. Mamontova to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Ms. N.
Mamontova as insolvency manager for OJSC EAR (Case No. A14-
13625/2005/135/20b).  He can be reached at:

         Apt. 1
         Blanskaya Str. 2
         Borisoglebsk
         397160 Voronezh Region, Russia

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

The Debtor can be reached at:

         OJSC Ear
         Elizavetino
         Buturlinskiy Region
         Voronezh Region, Russia


ISKITIMSKIY BAKERY: Novosibirsk Court Starts Bankruptcy Process
---------------------------------------------------------------
The Arbitration Court of Novosibirsk Region has commenced
bankruptcy proceedings against OJSC Iskitimskiy Bakery (Case No.
A45-17531/05-10/291) after finding it insolvent.

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

         Post User Box 116
         630087 Novosibirsk Region, Russia

The Debtor can be reached at:

         OJSC Iskitimskiy Bakery
         Yubileynyj Per. 5a
         Iskitim
         633210 Novosibirsk Region, Russia


IZHEVSKOYE ICE-CREAM: Udmurtiya Court Begins Bankruptcy Process
---------------------------------------------------------------
The Arbitration Court of Udmurtiya Republic has commenced
bankruptcy proceedings against LLC Izhevskoye Ice-Cream (Case
No. A71-154/2005-G2) after finding it insolvent.

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

         Post User Box 174
         630077 Novosibirsk Region, Russia

The Debtor can be reached at:

         LLC Izhevskoye Ice-Cream
         K. Marksa Str. 440-64
         Izhevsk
         Udmurtiya Republic, Russia


KRASNOUSOLSKIY GLASS: Court Taps F. Yunusov Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. F.
Yunusov as insolvency manager for OJSC Krasnousolskiy Glass
Factory (TIN 0219005320).  He can be reached at:

         Room 22.
         Br. Kadomtsevykh Str. 6
         Ufa
         450059 Bashkortostan Republic, Russia

The Court has commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under
Case No. A07-18132/05-KhRM.

The Debtor can be reached at:

         OJSC Krasnousolskiy Glass Factory
         Krasnousolsk
         Gafurinskiy Region
         Bashkortostan Republic, Russia


OAO SEVERSTAL: Moody's Might Raise All Ratings on Takeover Plan
----------------------------------------------------------------
Moody's Investors Service placed the corporate family rating of
B1 and the senior unsecured rating of B2 of Severstal on review
for possible upgrade following the intention of Severstal's
majority owner to merge Severstal and its mining assets with
Arcelor (currently rated Baa2, on review for possible
downgrade).

Several factors will influence the degree of convergence of the
ratings of Severstal and Arcelor.  These include notably:

   -- the degree of integration of Severstal into the new
      enlarged group;

   -- the future legal structure, strategy and governance of the
      enlarged group; and

   -- its cash flow and debt profile.

If the shareholders of Arcelor do not approve the transaction,
the ratings of Severstal will most likely be confirmed with a
positive outlook.

On Feb. 13, Moody's has changed the outlook of Severstal's
ratings from stable to positive, following the company's
announcement of the acquisition of a majority interest in mining
assets currently held by affiliated parties outside the
borrowing group.

OAO Severstal is the second largest -- measured by production
volume -- steel producer in Russia, with a subsidiary in the
U.S.  Its steel production capacity is 13.8 tons/year.  At the
end of Financial Year 2005, the company reported Net Revenues of
US$7.5 billion.


OAO SEVERSTAL: Fitch Puts BB- on Issuer Default Rating
------------------------------------------------------
Fitch Ratings placed OAO Severstal's ratings of Issuer Default
BB-, Senior Unsecured BB-, Short-term B and National Long-term
A+ on Rating Watch Positive, following OAO'a agreement to merge
with the Luxembourg-based Arcelor.

Under the proposed transaction Arcelor will receive a 89.6%
interest in Severstal, mining and foreign steel assets, and a
cash payment of EUR1.25 billion from Alexey Mordashov, currently
the controlling shareholder in Severstal.  In exchange Mr.
Mordashov will receive 295 million Arcelor shares valued at
EUR44 per share, equivalent to a 32.2 shareholding in the
enlarged Arcelor group.

Existing Arcelor shareholders will hold a 67.8% interest.  Fitch
will resolve the RWP following meetings with Severstal's
management and the closure of the transaction expected in mid-
July 2006.

A combined Arcelor and Severstal would be the world's largest
steelmaker, with annual crude steel production of approximately
70 million metric tons.  Fitch notes that the enlarged Arcelor
will have increased geographic diversification, low production
costs and good levels of self-sufficiency in coal and iron-ore.

The new entity will have a net debt/EBITDA ratio of 1.7x and net
debt/equity of 55%, which Fitch notes is consistent with an
investment-grade financial profile.

Completion of the transaction is subject to anti-trust approvals
in the EU, Russia and North America, and a vote by existing
Arcelor shareholders.  The agreement between Arcelor and
Severstal would be terminated if greater than 50% of Arcelor's
shareholders oppose the transaction.  The transaction would also
be unwound in the event that Mittal Steel acquires more than 50%
of Arcelor's diluted share capital.

Despite the material size of the transaction, the combined
entity will only account for around 6% of global steel output,
which will have a limited impact on addressing the fragmented
nature of the steel industry given its inherent cyclicality.

Nevertheless, the deal continues to highlight Fitch's view that
the steel industry is undergoing a shake-up, marked by
continuous M&A activity over the last two years.  It remains
likely, therefore, that the transformation of the sector is far
from complete yet.

Severstal is the world's 13th largest steelmaker and specialises
in flat steel products.


OAO SEVERSTAL: Arcelor Merger Spurs S&P's CreditWatch Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Russia-based integrated steel maker
OAO Severstal on CreditWatch with positive implications,
following the announcement of an agreed merger with Luxembourg
steelmaker Arcelor S.A.

At the same time, the 'BBB' long-term corporate credit rating on
Arcelor was kept on CreditWatch with developing implications and
the 'A-2' short-term corporate credit rating on Arcelor was kept
on CreditWatch with negative implications.

The 'BBB+' long-term corporate credit rating on Dutch steel
group Mittal Steel Co. N.V. also remains on CreditWatch with
negative implications.  The ratings on Arcelor and Mittal were
placed on CreditWatch on Jan. 27 following Mittal's unsolicited
takeover bid for Arcelor.

The CreditWatch placement on Severstal reflects the potential
significant upside for the company from a merger with a higher
rated entity.  In addition, the business risk profile of the
enlarged group might improve compared with that of Arcelor or
Severstal on a standalone basis, due to increased geographic
diversity, greater scale, and potential operational synergies.

S&P notes, however, an increase in exposure for Arcelor to
revenues and assets located in emerging markets if the merger
was successful.

The merger transaction is planned as a share swap.  Controlling
stakes in Severstal and resource subsidiaries, currently owned
by Mr. Alexey Mordashov, will be exchanged for 295 million of
newly issued Arcelor shares, representing about 32% of the
enlarged Arcelor group.  Mr. Mordashov is also expected to pay
EUR1.25 billion in cash from his own holdings to Arcelor.  No
special dividend or other cash contribution from Severstal is
expected according to the current proposed terms.

Should the transaction be completed, the rating on Severstal
would most likely be raised by several notches but would depend
on the eventual relationship between itself and Arcelor.

The proposed Severstal transaction comes at a time when Arcelor
itself remains subject to Mittal's unsolicited takeover bid.
This adds to the uncertainty surrounding the outcome of these
competing transactions, which are subject to regulatory and
shareholder approval, and appear on current terms to
be mutually exclusive.

Uncertainties include:

   -- How Mittal might respond to the proposed Severstal/Arcelor
      merger;

   -- The level and timing of substantial planned cash
      distributions by Arcelor, which S&P note have increased to
      EUR7.6 billion in the merger announcement;

   -- The future financial policy and business risk profile of
      an enlarged group (for either transaction); and

   -- Political risks in Russia concerning the proposed
      Severstal merger.


QUANTUM: Primorye Court Launches Bankruptcy Proceedings
-------------------------------------------------------
The Arbitration Court of Primorye Region has commenced
bankruptcy proceedings against CJSC Quantum (Case No. A51-
14860/2005 21-225b) after finding it insolvent.

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

         Post User Box 46
         Nakhodka-3
         692903 Primorye Region, Russia

The Debtor can be reached at:

         CJSC Quantum
         Leninskaya Str. 2-A
         Nakhodka
         Primorye Region, Russia


REM-STROY-SERVICE: Court Names N. Valitov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. N.
Valitov as insolvency manager for CJSC Rem-Stroy-Service (Case
No. A65-38682/2005-SG4-16).  He can be reached at:

         Post User Box 112
         Kazan
         420036 Tatarstan Republic, Russia

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

The Debtor can be reached at:

         CJSC Rem-Stroy-Service
         Kazan
         Tatarstan Republic, Russia


SEL-KHOZ-TEKHNIKA: Ulyanovsk Court Starts Bankruptcy Process
------------------------------------------------------------
The Arbitration Court of Ulyanovsk Region has commenced
bankruptcy proceedings against Municipal Enterprise Sel-Khoz-
Tekhnika (Case No. A72-9715/04-21/39-B) after finding it
insolvent.

Ms. L. Karikh has been appointed insolvency manager and can be
reached at:

         Post User Box 4601
         432063 Ulyanovsk Region, Russia

The Debtor can be reached at:

         Municipal Enterprise Sel-Khoz-Tekhnika
         Selkhoztekhniki Str. 3
         Novospasskiy Region
         433871 Ulyanovsk Region, Russia


VILYUYSKOYE ENTERPRISE 1: Bankrupcy Hearing Slated for Oct. 9
-------------------------------------------------------------
The Arbitration Court of Sakha Republic- Yakutiya will convene
on Oct. 9 at 10:00 a.m. to hear the bankruptcy proceedings
against OJSC Vilyuyskoye Enterprise 1 (Case No. A58-5815/05)
after finding it insolvent.

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

         8th Marta Str. 65
         Yakutsk
         677015 Sakha Republic- Yakutiya, Russia

The Debtor can be reached at:

         OJSC Vilyuyskoye Enterprise 1
         Amosova Str. 14
         Vilyuysk
         Sakha Republic- Yakutiya, Russia


VIMPELCOM: Hosting First Quarter Conference Call on June 1
----------------------------------------------------------
Open Joint Stock Company Vimpel-Communications (NYSE: VIP) will
Web-cast its conference call on its first quarter 2006 financial
and operating results on Thursday, June 1, at 6:30 p.m. Moscow
time (10:30 a.m. ET).

Alexander Izosimov, Chief Executive Officer, will host the
conference call.  He will be joined by:

   -- Elena Shmatova, Chief Financial Officer;
   -- Nikolay Pryanishnikov, Executive Vice President General
      Director, Regions;
   -- Kent McNeley, Chief Marketing Officer; and
   -- Valery Goldin, Vice President of International and
      Investor Relations.

The Company's management will discuss its first quarter 2006
results during a conference call and slide presentation.

                      About VimpelCom

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

                        *     *     *

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


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


IM PASTOR: S&P Rates Class D Mortgage-Backed Notes at BB
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR925 million mortgage-backed floating-
rate notes to be issued by IM PASTOR 4, Fondo de Titulización de
Activos, an SPE.

The originator is Banco Pastor, S.A., which is ranked among the
top 20 banks in Spain.  It enjoys an outstanding regional
presence in its original home market, Galicia, and this is one
of its main business strengths.  Its primary business is SME
lending and retail banking.

With this transaction, Banco Pastor will securitize part of its
growing residential mortgage-lending book.  The loans,
originated across Spain, feature a first-ranking security and
are for the purpose of property acquisition.

This is the sixth RMBS securitization of Banco Pastor's mortgage
loans, and the 10th securitization for the bank.

This transaction is very similar to previous IM PASTOR
transactions, both in terms of the structure and the
characteristics of the collateral backing the notes.

As in other Spanish transactions, interest and principal are
combined into a single priority of payments, with triggers in
the payment of the interest of subordinated notes to protect the
senior class.

                          Ratings List
          IM PASTOR 4, Fondo De Titulizacion de Activos
       EUR925 Million Mortgage-Backed Floating-Rate Notes

              Class          Prelim.          Prelim.
                             rating           amount
              -----          -------          -------
              A              AAA              EUR890.8 Mln
              B              AA-              EUR18 Mln
              C              BBB+             EUR9.3 Mln
              D              BB               EUR6.9 Mln


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


TURKCELL A.S.: Fitch Raises Local Currency IDR to BB+
-----------------------------------------------------
Fitch Ratings raised Turkey-based Turkcell A.S.'s local currency
Issuer Default Rating to BB+ from BB.

The foreign currency IDR, which is capped by the Country
Ceiling, is affirmed at BB- with Positive Outlook.  The Outlooks
remain Positive.  Turkcell has no bond issues outstanding as of
May 2006.

The upgrade of the local currency IDR reflects the solid
performance of Turkcell's Turkish mobile operations on the back
of its leading market position despite rising competition.
Positive macroeconomic trends and a stronger Turkish lira also
contributed to the good performance.

The Positive Outlook reflects Fitch's expectation that Turkcell
will maintain a low financial leverage and continue to grow its
earnings.  While Turkcell is expected to face increased
competition in its core Turkish market, Fitch views that the
expected development of the Turkish economy will support strong
growth in the local telecommunications industry.  Even after
allowing for some market share loss, the Turkcell business is
likely to benefit from a further growth of revenues and
earnings, although margins may decline somewhat.

Turkcell's ratings are supported by the company's impressive
operating performance in 2005 and Q106, good long-term growth
prospects in the domestic market, its strong cash generation
capability and favorable credit profile compared to its European
peers.  Average revenue per user increased in 2005, mainly due
to the stronger lira, a 4% yoy increase in minutes of use, two
consecutive price rises and improving consumer sentiment.

Turkcell faces potential regulatory and competitive challenges:

   -- the passage of the Electronic Communications Draft law
      that will grant more power to the Telecommunications
      Authority;

   -- the completion of Turk Telekom's privatization to a
      consortium of Oger Telecom and Telecom Italia;

   -- Telsim's sale to Vodafone; and

   -- the potential introduction of mobile number portability by
      2007 the latest and new technologies such as MVNOs and 3G.

Fitch notes that Turkcell's market share in the local market may
dip below the 60% threshold in the next three years.  However,
the company management focuses on the core strategy of
maintaining new subscriber acquisition market share.

Thanks to its cash generation capability, Turkcell was able to
maintain US$808 million cash liquid balances at FY05 despite
significant capital expenditures and cash dividend payments.
Consequently, gross debt to operating EBITDA was only modest at
0.4x, which is strong for the rating level.

Historically, Turkcell's shareholders have supported the growth
of the business and it is Fitch's opinion that the shareholders
will continue to view this as an overriding priority.  Most
recently, the introduction of the third shareholder, Alfa Group,
has led to a restructuring in the company's board of directors
to reflect the new shareholding structure.  The wrangling over
the full control of Turkcell between major shareholders Cukurova
Holding and Telia Sonera could be expected to persist in the
short to medium term.

Turkcell is the largest provider of GSM telephony services in
Turkey with a market share of nearly 62.2% as of Q106.  As of
Q106, it had 28.7 million subscribers.  Turkcell also has
investments in mobile markets in the CIS through Fintur Holding.


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


BLAGOVEST: District Tax Agency to Liquidate Assets
--------------------------------------------------
The Economic Court of Kyiv Region appointed State Tax Inspection
of Kiyevo-Svyatoshinskij District as Liquidator for LLC
BLAGOVEST (code EDRPOU 31495964).  It can be reached at:

         Lomonosov Str. 34
         Vishneve
         Kiyevo-Svyatoshinskij District
         08132 Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Feb. 23.  The case is docketed
under Case No. 39/14 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 Blagovest
         Shkilna Str. 15
         Bobritsya
         Kiyevo-Svyatoshinskij District
         08132 Kyiv Region, Ukraine


INTERAGROPROM: Oleksandr Dashko to Manage Bankruptcy Assets
-----------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. Dashko Oleksandr
as Liquidator/Insolvency Manager for LLC Interagroprom (code
EDRPOU 30372745).  He can be reached at:

         Stalingradu Avenue 59/174
         Geroiv
         04213 Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 14.  The case is docketed
under Case No. 15/685-b.

The Economic Court of Kyiv Region is located in:

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

The Debtor can be reached at:

         LLC Interagroprom
         Institutska Str. 29-a
         Kyiv Region, Ukraine


MERCURY: Donetsk Court Orders Debt Moratorium
---------------------------------------------
The Economic Court of Donetsk Region entered an order freezing
the payment of claims to the creditors of LLC Trade House
Mercury (code EDRPOU 13512150).

The Court commenced bankruptcy supervision procedure on the
company on March 9.  The case is docketed under Case No. 27/44
B.

Ludmila Nesvit has been appointed temporary insolvency manager
and can be reached at:

         M. Mametova Str. 8/2
         Donetsk Region, Ukraine

The Economic Court of Donetsk Region is located in:

         Artema Str. 157
         83048 Donetsk Region, Ukraine

The Debtor can be reached at:

         LLC Trade House Mercury
         Voinska Str. 16
         83096 Donetsk Region, Ukraine


POLLAKS: Kyiv Court Names I. Gusar as Liquidator
------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. I. Gusar as
Liquidator/Insolvency Manager for LLC Trade House Pollaks (code
EDRPOU 32378775).  He can be reached at:

         a/b 29
         01030 Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 20.  The case is docketed
under Case No. 15/687-b.

The Economic Court of Kyiv Region is located in:

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

The Debtor can be reached at:

         LLC Trade House Pollaks
         Alishera Navoi Str. 76
         Kyiv Region, Ukraine


POLYANKA' PORCELAIN: Court Begins Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Zhitomir Region commenced bankruptcy
supervision procedure on OJSC Polyanka' Porcelain Plant (code
EDRPOU 5756932) on January 27.  The case is docketed under Case
No. 3/15 B.

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

         Kosmonavtiv Str. 56/1
         10009 Zhitomir Region, Ukraine

The Economic Court of Zhitomir Region is located in:

         Putyatinski Square 3/65
         10002 Zhitomir Region, Ukraine

The Debtor can be reached at:

         OJSC Polyanka' Porcelain Plant
         Kalinin Str. 1
         Polyanka
         Baranivskij District
         2742 Zhitomir Region, Ukraine


PROMIN: Vinnitsya Court Commences Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
supervision procedure on LLC Promin (code EDRPOU 30548449) on
March 30.  The case is docketed under Case No. 5/88-06.

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

         Room 13
         Hmelnitske Shose Str. 23
         21036 Vinnitsya Region, Ukraine

The Economic Court of Vinnitsya Region is located in:

         Hmelnitske Shose 7
         Vinnitsya Region, Ukraine

The Debtor can be reached at:

         LLC Promin
         Chernyahovskij Str. 11
         Yampil
         24500 Vinnitsya Region, Ukraine


PROMTEH: Court Names Local Tax Agency as Liquidator
---------------------------------------------------
The Economic Court of Kyiv Region appointed State Tax Inspection
of Kiyevo-Svyatoshinskij District as Liquidator for LLC Promteh
(code EDRPOU 30886411).  It can be reached at:

         Lomonosov Str. 34
         Vishneve
         Kiyevo-Svyatoshinskij District
         08132 Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 2.  The case is docketed
under Case No. 56/14 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 Promteh
         Promislova Str. 5
         Vishneve
         Kiyevo-Svyatoshinskij District
         08132 Kyiv Region, Ukraine


SCIENTIFIC-EXPERIMENTAL: Court Begins Bankruptcy Proceedings
------------------------------------------------------------
The Economic Court of Odessa Region commenced bankruptcy
supervision procedure on OJSC Scientific-Experimental Institute
of the Special Ways of Casting (code EDRPOU 33058466) on
March 16.  The case is docketed under Case No. 32/55-06-2281.

Yevgenij Grib has been appointed temporary insolvency manager
and can be reached at:

         a/b 13
         Academic Korolyov Str. 81/60
         65122 Odessa Region, Ukraine

The Economic Court of Odessa Region is located in:

         Shevchenko Avenue 4
         65032 Odessa Region, Ukraine

The Debtor can be reached at:

         OJSC Scientific-Experimental Institute
         of the Special Ways of Casting
         Himichna Str. 2
         65031 Odessa Region, Ukraine


UKRINTERATIMPEKS: Court Appoints Oleksandr Dashko Liquidator
------------------------------------------------------------
The Economic Court of Kyiv Region appointed Oleksandr Dashko as
Liquidator/Insolvency Manager for LLC Production-Commercial Firm
Ukrinteratimpeks (code EDRPOU 19026829).  He can be reached at:

         Stalingradu Avenue 59/174
         Geroiv
         04213 Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 14.  The case is docketed
under Case No. 15/686-b.

The Economic Court of Kyiv Region is located in:

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

The Debtor can be reached at:

         LLC Production-Commercial Firm Ukrinteratimpeks
         Stelmah Str. 10-a
         Kyiv Region, Ukraine


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


ARCHITECTURE STRUCTURE: Creditors Pass Winding Up Resolution
------------------------------------------------------------
Creditors of Architecture Structure & Management Limited passed
a resolution to wind up the company's operations during an
extraordinary general meeting on March 21.

Roger Anthony Stanford Isaacs, of Milsted Langdon, was appointed
Liquidator.

The company can be reached at:

         Architecture Structure & Management Limited
         Old Rectory
         High Street
         Iron Acton
         Bristol BS379UQ
         United Kingdom
         Tel: 01454 228 994


BLACKLEYS (MIDLANDS): Creditors Resolve to Liquidation
------------------------------------------------------
Creditors of Blackleys (Midlands) Limited resolved to liquidate
the company's assets during an extraordinary general meeting on
March 20.

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

C.H.I. Moore, of K.J. Watkin & Co., was appointed Liquidator.

The company can be reached at:

         Blackleys (Midlands) Limited
         1022 Chester Road
         Erdington
         Birmingham B24 0LL
         United Kingdom
         Tel: 0121 350 8655


BLUE BLUE: Creditors Confirm Voluntary Liquidation
--------------------------------------------------
Creditors of Blue Blue Limited confirmed the company's voluntary
liquidation during an extraordinary general meeting on March 24.

Creditors also ratified the appointment of Tyrone Shaun Courtman
and Jeremy Philip William Meadows, both of Cooper Parry LLP, as
Joint Liquidators.

The company can be reached at:

         Blue Blue Limited
         Tennax House
         Station Road
         Glenfield
         Leicester LE3 8BT
         United Kingdom
         Tel: 0116 287 0700


BOHLIN INSTRUMENTS: Hires Joint Liquidators from Tenon Recovery
---------------------------------------------------------------
S.R. Thomas and T.J. Binyon, of Tenon Recovery, were appointed
Joint Liquidators of Bohlin Instruments Limited after creditors
passed a resolution to wind up the company on March 22.

Chairman R. Stephens revealed the company could no longer
continue its operations due to mounting debts.

The company can be reached at:

         Bohlin Instruments Limited
         Enigma House
         Grovewood Road
         Malvern WR141GD
         United Kingdom
         Tel: 01285 644 407
         Fax: 01285 644 314


BUSINESS MACHINE: Taps Philip Michael Lyon to Liquidate Assets
--------------------------------------------------------------
Creditors of Limited agreed to liquidate the company's assets
during an extraordinary general meeting on March 9.

Philip Michael Lyon, of Mazars LLP, was appointed Liquidator.

The company can be reached at:

         Business Machine Realisations Limited
         Northern Technical Centre
         Lowfields Business Park
         Elland HX5 9DE
         United Kingdom
         Tel: 01422 372 232


CABLE & WIRELESS: Posts GBP175 Million Year-End Profit
------------------------------------------------------
Cable & Wireless plc released its financial results for the year
ended March 31, 2006.

The Group reported GBP175 million in net profit on GBP3.23
billion in revenues, compared to GBP354 million in net profit on
EUR2.95 billion in revenues for the same period in 2005.

Consolidated operating loss amounted to GBP67 million for 2006,
a decline from GBP131 million operating profit in the last
annual review.

At March 31, 2006, the Group had GBP4.7 billion in total assets,
GBP2.78 billion in total liabilities and GBP1.93 billion in
shareholders' equity.

"The last year has been one of change and of progress in which
we have taken significant steps to continue the turnaround of
Cable & Wireless," Cable & Wireless Chairman Richard Lapthorne
commented.  "The acquisition of Energis and the separation of
the business into two self-contained business units --
International and U.K. -- were particularly important."

"In the last three years, we have removed substantial risks to
the Group's financial security with exits from unsustainable
markets.  We have successfully rebalanced the International
business towards the growth areas of broadband and mobile,
whilst absorbing the impact of liberalization.  The U.K. now has
the tools to execute its strategy.

"With our strategic repositioning complete, our priorities for
the next three years are clear - delivery and execution.  Our
commitment is to deliver for our customers and our shareholders.

"I am pleased to announce a final dividend of 3.1 pence per
share.  The total dividend for the year of 4.5 pence per share
represents an increase of 18% over the prior year.  The rise in
the dividend reflects the increased visibility of the future
prospects for the Group, which the move to the execution phase
of our turnaround gives us," Mr. Lapthorne concluded.

A full-text copy of Cable & Wireless' annual results is
available at no charge at http://researcharchives.com/t/s?a0c

Headquartered in London, Cable & Wireless PLC --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
Its principal operations are in the United Kingdom, continental
Europe, Asia, the Caribbean, Panama and the Middle East.

Fitch Ratings has affirmed Cable & Wireless' ratings at Long-
term 'BB+' with Stable Outlook and Short-term 'B'.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 3,
Standard & Poor's Ratings Services said that the ratings and
outlook on U.K.-based telecommunications operator Cable &
Wireless PLC (C&W; BB-/Negative/B) were unchanged following the
group's presentation of plans for further restructuring and
refocusing of its U.K. business.

C&W is replicating the broadly successful business model of
Energis, the U.K. telecoms services company that it acquired in
November 2005.  It has announced a withdrawal from the low-
margin U.K. small-to-midsized business market and a focus on
large U.K. corporate customers.  Given this streamlining of the
customer and product base, employee numbers could reduce by up
to 3,000, resulting in additional headcount reduction and lease
exit costs.  The group is to continue investing in Bulldog, its
early stage, and largely residential, local-loop-access
operation.


CAMBRIDGESHIRE INDUSTRIAL: Meeting of Creditors Set for June 7
--------------------------------------------------------------
Creditors of Cambridgeshire Industrial Flooring Limited (Company
Number 01593190) will meet at 10:30 a.m., on June 7 at:

         Best Western Quy Mill Hotel
         Church Road
         Stow-Cum-Quy
         Cambridge CB5 9AF
         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 6 at:

         Graham Bushby
         Administrator
         Baker Tilly
         5th Floor
         Exchange House
         446 Midsummer Boulevard
         Central Milton Keynes MK9 2EA
         United Kingdom
         Tel: 01908 687 800
         Fax: 01908 687 801

Headquartered in Birmingham, Baker Tilly --
http://www.bakertilly.co.uk/-- is a leading independent firm of
chartered accountants and business advisers in the United
Kingdom.


DOVEDALE FINANCE: Moody's Rates Class C Notes at (P)Ba2
-------------------------------------------------------
Moody's Investors Service has assigned provisional long-term
credit ratings to these classes of Notes issued by Dovedale
Finance No.1 Plc:

   -- (P)A1 to the GBP Class A1 Notes due December 2038;
   -- (P)A1 to the EUR Class A2 Notes due December 2038;
   -- (P)Baa2 to the GBP Class B1 Notes due December 2038;
   -- (P)Baa2 to the EUR Class B2 Notes due December 2038;
   -- (P)Ba2 to the GBP Class C1 Notes due December 2038; and
   -- (P)Ba2 to the EUR Class C2 Notes due December 2038.

The Class A Notes are expected to total GBP13,337,210; the Class
B Notes are expected to total GBP36,677,329; and the Class C
Notes are expected to total GBP53,348,842.

The split within the A, B and C Note Classes has still to be
finalized.

Class A will represent 10%; Class B 27.5%; and Class C 40% and
all are protected by threshold amount of 22.5%.

The ratings assigned take into account the credit risk
associated with the Credit Default Swap and the legal and
structural integrity of the transaction.

This is a synthetic transaction, where investors take the credit
risk on the Issuer Reserve Funds on 7 underlying Leek
transactions, which are securitization of U.K. non-conforming
mortgage loans originated by:

   -- Platform Funding Limited,
   -- Kensington Mortgage Company Limited,
   -- Advance Home Loans Limited,
   -- Equfund (RTB) Limited,
   -- Genesis Home Loans PLC,
   -- Grosvenor Home Loans Limited,
   -- Flagship Homeloans Limited,
   -- Citibank International plc,
   -- The Money Store Limited,
   -- Southern Pacific Mortgage Limited, and
   -- Mortgage Agency Services Number One Limited.

The servicing of the mortgages has been delegated to Western
Mortgage Services Limited, a wholly owned subsidiary of
Britannia Building Society (A2, Prime-1).

Concurrently with the issuance of the Notes the Issuer will, on
the Closing Date, enter into the CDS with Britannia Building
Society in its role as Credit Default Swap Counterparty.  In
return for periodic payments of Swap Premium by the Credit
Default Swap Counterparty, the Issuer will be liable to pay
Credit Protection Payments to the Credit Default Swap
Counterparty upon the occurrence of a Credit Event with respect
to the underlying Leek Reserve Funds.

A Credit Event will occur if on a final repayment date the total
amount available to repay a subordinated loan of the underlying
Leek transaction plus ultimate deferred consideration amount is
less than the aggregate of the subordinated loan principal and
the ultimate deferred consideration amount.  The transaction
benefits from the Threshold Amount, which is initially [22.5%]
of the total reference pool of Leek subordinated loans and
ultimate deferred consideration amounts.

Upon the final repayment date of a Leek transaction the
Threshold amount will decrease with the maximum of the
Transaction Specific Threshold amount of that relevant
transaction and the credit event amount, if any, subject to a
minimum of zero.  Unless and until a Credit Event Amount exceed
the Threshold Amount, no Credit Protection Payments will be
payable by the Issuer.

The underlying transactions are:

   -- Leek Finance Number Ten PLC,
   -- Leek Finance Number Eleven PLC,
   -- Leek Finance Number Twelve PLC,
   -- Leek Finance Number Fourteen PLC,
   -- Leek Finance Number Fifteen PLC,
   -- Leek Finance Number Sixteen PLC, and
   -- Leek Finance Number Seventeen PLC.

The ratings assigned to the Dovedale Notes may experience
greater volatility than other U.K. Non-conforming RMBS as the
assets backing the Dovedale transaction are first loss pieces.

The underlying reserve funds are therefore exposed to any change
in the performance of the collateral of the underlying
transactions.  However, the underlying transactions are
currently performing in line with expectations and the pools
benefit from significant amounts of seasoning.  Britannia, the
seller and originator of the underlying mortgage assets is
currently rated A2/Prime-1.


DOVEDALE FINANCE: S&P Assigns BB Rating to Two Notes Classes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP103.3 million asset-backed floating-
rate credit-linked notes to be issued by Dovedale Finance No.  1
PLC, an SPE.

The purpose of the transaction is to transfer the credit risk
associated with the reserve funds in seven Leek transactions
from Britannia Building Society to third-party investors.
Britannia originated the underlying Leek transactions between
2003 and 2006.

On the closing date, the issuer will deposit the issuance
proceeds of the notes as cash with Britannia, as transaction
account bank.

At the same time, it will enter into a CDS for GBP103 million
with Britannia, under which the issuer will sell protection on
the reserve funds of the U.K. RMBS transactions.  The funds have
a total value of GBP133 million.  Britannia will retain an
initial threshold amount of GBP30 million.

Britannia, as protection buyer, will make quarterly premium
payments to the issuer.  In return, the issuer must make credit
protection payments to Britannia if a credit event occurs,
subject to certain conditions being met.

If the issuer makes a credit protection payment to Britannia,
the principal balance of the notes will be reduced by a
corresponding amount.

This is the first time that a nonconforming issuer has used
various cash reserve funds in a synthetic CDS.

                          Ratings List
                   Dovedale Finance No. 1 PLC
                 GBP103.3 Million Asset-Backed
               Floating-Rate Credit-Linked Notes

              Class          Prelim.          Prelim.
                             rating           amount
              -----          -------          -------
              A1             A                GBP13.3 Mln
              A2             A                To be determined
              B1             BBB              GBP36.7 Mln
              B2             BBB              To be determined
              C1             BB               GBP53.3 Mln
              C2             BB               To be determined

The class A notes will total GBP13.3 million, representing 10%
of the reference portfolio.  The class B notes will in aggregate
equal GBP36.7 million, representing 27.5% of the reference
portfolio.  The class C notes will total GBP53.3 million,
representing 40% of the reference portfolio.


DOLLARGRAND PROMOTIONS: Names M.S.E. Solomons as Liquidator
-----------------------------------------------------------
M.S.E. Solomons, of SPW Poppleton & Appleby, was appointed
Liquidator of Dollargrand (Promotions) Limited after creditors
decided to wind up the company during an extraordinary general
meeting on March 22.

The company can be reached at:

         Dollargrand (Promotions) Limited
         14-16 Peterborough Road
         London SW6 3BN
         United Kingdom
         Tel: 020 7384 2662
              020 7431 2756
              0845 108 4455
         Fax: 0845 108 4433


DPP CARPETS: Financial Woes Trigger Liquidation
-----------------------------------------------
DPP Carpets Limited is winding up its operations after creditors
established the company could no longer continue its business
due to mounting debts.

C.H.I. Moore, of K.J. Watkin & Co., was appointed Liquidator.

The company can be reached at:

         DPP Carpets Limited
         Unit 10
         Gilbert Enterprise Park
         Ashmore Lake Road
         Willenhall WV124LA
         United Kingdom
         Tel: 01902 601 222


FCE BANK: S&P Places BB- Long-Term Rating on Watch Developing
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
and 'B-2' short-term ratings on Ford Motor Co., Ford Motor
Credit Co., and related entities -- except FCE Bank PLC -- on
CreditWatch with negative implications.

The 'BB-' long-term rating on FCE Bank PLC, Ford Credit's
European bank, was placed on CreditWatch with developing
implications, while its 'B-2' short-term rating was placed on
CreditWatch with negative implications.

The Ford CreditWatch placement reflects Standard & Poor's
increasing concerns about Ford's performance in 2006 amid
deteriorating product mix and market share in North America and
persistently high commodity costs generally.  Standard & Poor's
currently plans to resolve both of these reviews by the end of
June.

"We will consider the effect of the continuing pressure on
Ford's midsize SUVs, as well as prospects for the health of the
crucial full-size pickup segment," said Standard & Poor's credit
analyst Robert Schulz.  "The remainder of Ford's automotive
operations and Ford Credit are performing in line with our
expectations and so are not central factors in this review.
But, the performance of these units is not sufficient to offset
the problems the company faces in its North American
operations," he continued.

The developing CreditWatch on FCE Bank PLC's long-term rating
reflects Standard & Poor's intention to reassess the protections
afforded FCE's creditors, given the regulation of FCE by the
U.K. Financial Services Authority.  Any rating differentiation
of FCE's rating from that on Ford Motor Credit Co. would likely
be limited to one notch, as is the case with several other
captive finance subsidiaries of major European automotive
groups.

As part of this review, Standard & Poor's will assess Ford's
sales performance for the remainder of 2006 and will meet with
Ford's management to discuss the company's plans to address the
heightened challenges it faces in North America.


FOOD MATTERS: Creditors' Meeting Slated for June 8
--------------------------------------------------
Creditors of Food Matters Europe Limited (Company Number
03875384) will meet at 12:00 noon on June 8 at:

         25 Harley Street
         London W1G 9BR
         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 7 at:

         Bernard Hoffman and Ian Douglas Yerrill
         Joint Administrators
         Gerald Edelman
         Suite 2
         Kent House
         Station Road
         Ashford
         Kent TN23 1PP
         United Kingdom
         Tel: 01233 666 280
         Fax: 01233 666 281

Gerald Edelman -- http://www.geraldedelman.com/-- is registered
to carry on audit work by the Institute of Chartered Accountants
in England and Wales and is authorized and regulated by the
Financial Services Authority.


HERITABLE BANK: Fitch Upgrades Individual Rating to C
-----------------------------------------------------
Fitch Ratings upgraded U.K.-based Heritable Bank Limited's
Individual rating to C from C/D and affirmed the other ratings
at Issuer Default A, Short-term F1 and Support 1.  The Outlook
is Stable.

The Issuer Default rating, Short-term and Support ratings of
Heritable are based on a guarantee of all its obligations from
its parent, Landsbanki Islands of Iceland, which has an IDR A.

The upgrade reflects Heritable's rapidly improving
profitability, the growth in its balance sheet and the
increasing diversification in its loan portfolio.  However, it
also reflects Fitch's concerns that asset quality may be
expected to deteriorate slightly as the rapidly grown loan
portfolio seasons.

Heritable is a small U.K. bank, specializing in property
finance, and has expanded rapidly in the last three years.
Since 2003, the bank has grown its residential mortgage
business, which now accounts for around half of the portfolio,
with the remainder largely being commercial and residential
developments.

In April 2005, Heritable bought Key Business Finance
Corporation, a provider of short-term working capital to
professional, mainly law, firms.  Heritable also set up an asset
finance operation in 2005, which is growing well.  These
developments have helped diversify the loan portfolio and the
bank is now fully self-funded.

Heritable was established in 1877.  It is a 100% subsidiary of
Landsbanki and was acquired in 2000 as part of Landsbanki's
strategy to diversify its business outside Iceland.


INEOS VINYLS: New Ownership Structure Spurs S&P's Watch Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its 'B' long-term corporate credit rating
on U.K.-based PVC producer, Ineos Vinyls Ltd.

The 'CCC+' rating on the 2011 bonds guaranteed by Ineos Vinyls
was also placed on CreditWatch positive.

The CreditWatch placement reflects the announcement by Ineos
Group Holdings PLC (Ineos Group; B+/Stable/--) that it will
acquire 100% of Ineos Vinyls (from 0%) and subsequently will
guarantee Ineos Vinyls' outstanding bond.

Ineos Group intented to buy Ineos Chlor (not rated, and not
owned by Ineos Group).  These three sister companies are
ultimately 100% owned by the same shareholders, and these
acquisitions, if successful, will thus regroup the assets under
one controlling entity, Ineos Group.  Ineos Chlor and Vinyls are
small compared with Ineos Group.

The rating on the latter is unaffected by the announcement.
Several commercial, project, and product links exist between
these entities.

The CreditWatch resolution will focus on:

   -- the finalization of the process, which depends notably on
      lenders' consent; and

   -- the finalization of the debt, legal structure, and
      documentation.

"Standard & Poor's review, which should occur in the next few
weeks, could result in Ineos Vinyl's ratings being equalized
with the rating on Ineos Group," said Mr. Zitouni.

The rating on Ineos Vinyls reflects the company's exposure to
the low-margin, cyclical Western European PVC market, persisting
operating challenges resulting in limited EBITDA generation,
weak or nonexistent free operating cash flow (FOCF)
capabilities, and a still-leveraged profile.  These weaknesses
are partially offset by adequate cash balances and support from
the parent, INEOS.


INTERNEXUS GROUP: Brings In Grant Thornton Administrators
---------------------------------------------------------
Martin Ellis, Andrew Hosking and Leslie Ross of Grant Thornton
U.K. LLP were appointed joint administrators of The Internexus
Group Limited (Company Number 3376785) on May 5.

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

Headquartered in Burnley, England, The Internexus Group Limited
-- http://www.internexusgroup.co.uk/-- is a leading provider of
Voice/Internet and E-Business solutions for a diverse range of
customers from small businesses to large multi-nationals.


INXPRESSION LIMITED: Claims Filing Period Ends June 23
------------------------------------------------------
Creditors of Inxpression Limited have until June 23 to send in
their full names, addresses and descriptions, full particulars
of debts or claims, and the names and addresses of Solicitors,
if any, to appointed Liquidator, M.H. Abdullah, of Moore
Stephens.

The company can be reached at:

         Inxpression Limited
         Repeat House
         Bright Road
         Eccles Manchester
         Lancashire M30 0WG
         United Kingdom
         Tel: 0161 789 8109
         Fax: 0161 789 7392


ONLINE DESIGN: Joint Liquidators Take Over Operations
-----------------------------------------------------
Neil Henry and Michael Simister, of Lines Henry, were appointed
Joint Liquidators of Online Design Media Limited after creditors
passed a resolution to wind up the company during an
extraordinary general meeting on March 24.

The company can be reached at:

         Online Design Media Limited
         Caversham House
         4 Gosbrook Road
         Caversham Reading
         Berkshire RG4 8BS
         United Kingdom
         Tel: 0870 777 0802
              0118 947 6644
         Fax: 0118 947 6690


QUESTOR INTERNATIONAL: Brings In Liquidator from Piper Thompson
---------------------------------------------------------------
Tony James Thompson, of Piper Thompson, was appointed Liquidator
of Questor International Limited after creditors agreed to
liquidate the company's assets on March 23.

The company can be reached at:

         Questor International Limited
         Liberty House
         222 Regent Street
         London W1B 5TR
         United Kingdom
         Tel: 020 7297 2001


RICHARD T.: Taps Begbies Traynor to Administer Assets
-----------------------------------------------------
David Acland and Andrew Dick of Begbies Traynor were appointed
joint administrators of Richard T. Cort (Holdings) Limited
(Company Number 01883973) on May 5.

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.

Headquartered in Bury, England, Richard T. Cort (Holdings)
Limited sells motor vehicles.


SANCTUARY GROUP: Frank Presland Replaces Andy Taylor as CEO
-----------------------------------------------------------
The Board of Directors for The Sanctuary Group removed Group
Chief Executive Andy Taylor as director of the company.  Frank
Presland, chief executive of Twenty-First Artists Management
Limited, was appointed by the Board to be Chief Executive for
the remainder of 2006, at which point the position will be
reviewed.

Mr. Presland, 62, is chief executive of Twenty-First Artists
Management Limited, a music management company providing
management services to acts.  Sanctuary acquired Twenty-First
Artists in 2005.

The Board's decision to remove Mr. Taylor followed their
conclusion that certain of the prior year adjustments made in
the 2005 accounts should have been presented as a correction of
fundamental errors and not as changes in accounting policy.

The Board reached this conclusion in the context of its review
of the 2005 financial statements in order to respond to
questions raised by The Financial Reporting Review Panel.

As a result of this review, the Board confirmed that the
accounting policies adopted by the Company in the 2005 financial
statements in respect of the items under review were appropriate
and no adjustments are required to be made to the consolidated
balance sheet of the Group as at Sept. 30, 2005 as a result of
the review.

The P&L account for the year to Sept. 30, 2005 may be adjusted
as a result of certain exceptional items being recognized in
prior years.

Sanctuary Chairman Bob Ayling expressed, "I am delighted that
Frank Presland has agreed to step up to the role of CEO.  He is
a hugely experienced and respected industry figure and knows the
Group well.  He will help drive the business to deliver
appropriate levels of performance."

                        About the Company

Based in London, The Sanctuary Group PLC --
http://www.sanctuarygroup.com/-- is one of the world's leading
developers of music intellectual property rights (IPR), with
offices in New York, Berlin, Houston and Los Angeles.  In 2004,
Sanctuary recorded a turnover of GBP221 million and a group
profit of GBP16.1 million.

                        *     *     *

On Sept. 21, 2005, due to a number of operational and trading
problems, the company said it is likely to generate a loss at
EBITDA level before exceptional items such as restructuring
costs and provisions.  The Group has also suffered from recent
negative commentary as a result of poor trading in 2005 and this
has had an adverse impact in particular in the Records division.
It would be looking at disposals of a number of non-core
businesses, following the completion of the sale of its Book
Publishing division to Music Sales.



SUPANET LIMITED: Appoints Grant Thornton Administrators
-------------------------------------------------------
Martin Ellis, Andrew Hosking and Leslie Ross of Grant Thornton
U.K. LLP were appointed joint administrators of Supanet Limited
(Company Number 3995772) on May 5.

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

Headquartered in Burnley, England, Supanet Limited is a virtual
internet service provider.


SWIFTSEAL MASTIC: Brings In Gordon Craig to Administer Assets
-------------------------------------------------------------
Gordon Craig of Cresswall Associates Limited was appointed
administrator of Swiftseal Mastic Services Limited (Company
Number 4891338) on April 25.

The administrator can be contacted at:

         Cresswall Associates Limited
         Maple View
         White Moss Business Park
         Skelmersdale WN8 9TG
         United Kingdom

Headquartered in Chorley, England Swiftseal Mastic Services
Limited is engaged in general construction services.


TALISMAN-1: Fitch Affirms EUR7.7 Million Class G Notes at BB
------------------------------------------------------------
Fitch Ratings affirmed Talisman-1 Finance Plc's floating rate
notes due 2014 as:

   -- EUR227.3 million Class A at AAA;
   -- EUR0.05 million Class X at AAA;
   -- EUR31.3 million Class B at AA;
   -- EUR31.3 million Class C at A;
   -- EUR30.1 million Class D at BBB;
   -- EUR3.4 million Class E at BBB-;
   -- EUR5.8 million Class F at BB; and
   -- EUR7.7 million Class G at BB.

The affirmation follows a detailed review of the transaction.
As of the April 2006 interest payment date, three of the
original four loans remained, totaling EUR402.9 million.  The
AZL loan was prepaid after all 25 properties securing the loan
had been sold, leading to an increase in credit enhancement.

The remainders are secured on residential and retail properties
in Berlin, Hamburg and North Rhine Westphalia, Germany.  The
weighted average interest and debt service coverage ratio in
April 2006 were at 1.8x and 1.5x while the weighted average loan
notes of the VVG and Prime Commercial loans.  The ICR for the A
notes remained stable around 2.4x; the respective LTV improved
to 66% from 73% since closing in May 2005.

The VVG loan experienced a sharp decline in ICR / DSCR in
January 2006.  This was due to three reasons: increased
expenses, annual expense payments related to tenants and
properties, and finally the annual amortization.  The loan did
not breach the ICR trigger.  Due to the absence of scheduled
amortization there is no DSCR trigger.  No actual shortfall
occurred.  In April 2006, the loan returned to the previous ICR
range of 1.7x.

Around 48% of all leases will expire in 2012.  The final legal
maturity of the transaction is 2014.  Despite the good
performance and the increased credit enhancement, all ratings
were affirmed rather than upgraded.  The main reasons were the
relatively short lease term and the increased concentration
risk.

Fitch will continue to monitor the performance of the
transaction.


THOMAS NORMAN: Appoints Joint Administrators from Chantrey
----------------------------------------------------------
Richard Howard Toone and Kenneth William Touhey of Chantrey
Vellacott DFK were appointed joint administrators of Thomas
Norman Limited (Company Number 00188274) on May 3.

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

Based in Kent, Thomas Norman Limited --
http://www.thomasnorman.co.uk/-- manufactures corrugated paper
and paperboard and of containers of paper and paperboard.


TN LOGISTICS: Menzies Joint Administrators Take Helm
----------------------------------------------------
Jason James Godefroy and Paul John Clark of Menzies Corporate
Restructuring were appointed joint administrators of TN
Logistics Limited (Company Number 05128224) on May 9.

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

TN Logistics Limited can be reached at:

         Flat 14 Oyster Quay
         Port Way
         Port Solent
         Portsmouth PO6 4TE
         United Kingdom


TURRELL CONSTRUCTION: Mazars Administrators Take Over Operations
----------------------------------------------------------------
Timothy Colin Hamilton Ball and Roderick John Weston of Mazars
LLP were appointed joint administrators of Turrell Construction
Limited (Company Number 04016867) on May 10.

Mazars -- http://www.mazars.com/-- is an international,
integrated and independent organization, specialized in audit,
accounting, tax and advisory services.

Headquartered in Bracknell, England, Turrel Construction Limited
constructs houses.


V. AND J.: Appoints Marriotts LLP Joint Liquidators
---------------------------------------------------
Kevin Thomas Brown and Anthony Harry Hyams of Marriotts LLP were
appointed joint administrators of V. and J. Harbour Limited
(Company Number 01266233) on April 28.

The administrators can be reached at:

         Marriotts LLP
         Allan House
         10 John Princes Street
         London W1G 0JW
         United Kingdom
         Tel: 020 7495 2348

Headquartered in Watford, England, V. and J. Harbour Limited
provides telecommunications services.


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

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

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


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


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


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


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


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


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


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

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


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


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


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


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


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


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


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


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


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

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

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

                           *********


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

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

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

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

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

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


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