TCREUR_Public/060531.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Wednesday, May 31, 2006, Vol. 7, No. 107

                            Headlines

A U S T R I A

21 GASTRONOMIEBETRIEBS: Claims Deadline Slated for June 22
AFS AQUA: Proof of Claim Deadline Slated for June 19
HOLLY: Creditors Must File Claims by June 28
ING. B. FEDL: Creditors Must Submit Claims by June 15
PETER BRAUNEIS: Creditors Must Submit Claims by June 22

SHOPPING NET: Proof of Claim Deadline Set for June 16


F I N L A N D

M-REAL OYJ: Strikes & Shutdowns to Weaken Second Quarter Profits


F R A N C E

ALSTOM SA: Romanian Unit Eyes Electroputere's Locomotive Arm


G E R M A N Y

BLITZ GERUESTBAU: Registration of Claims Ends June 7
CSS CONSULTING: Claims Registration Until June 14
DMP MASSIVBAU: Registration of Claims Ends June 14
HOLTZ & WILLEMSEN: Claims Filing Period Ends June 8
IDEAL-REISEN: Creditors' Meeting Slated for July 18

IHS GMBH: Meeting of Creditors Set for July 17
MARTIN STOLTE: Claims Registration Ends June 6
NEON-ZUECK: Claims Filing Period Ends June 6
PANPANINI AG: Claims Filing Period Ends June 11
WIZEMANN SCHLOSSEREI: Claims Filing Period Ends June 9


I T A L Y

ALITALIA SPA: Anti-Trust Authority to Probe on Volare Takeover
PARMALAT SPA: Perdigao Acquires 51% of Brazilian Unit
VOLARE SPA: Anti-Trust Authority to Probe on Takeover


K A Z A K H S T A N

BAGJAN: Kyzylorda Court Opens Bankruptcy Proceedings
GALL: Creditors Must File Claims by June 9
KAITAR SK: Creditors Must File Claims by June 9
MUNAY TRADE: Creditors' Claims Due June 9
NURMAKEN: Creditors' Claims Due June 9

PANASEYA SAYUS: Proof of Claim Deadline Slated for June 9
SMELAKS PLUS: Proof of Claim Deadline Slated for June 9
THOMESTO ENGINEERING: Claims Registration Ends June 12
TIALAN: Claims Registration Ends June 9
UDMURTBURENIE: Claims Registration Ends June 9


L U X E M B O U R G

MILLICOM INTERNATIONAL: Pursues Advanced Talks Over Equity Sale


P O L A N D

NETIA SA: Shareholders to Vote on Merger Resolution on June 8


R O M A N I A

ALSTOM ROMANIA: To Bid for Electroputere's Locomotive Arm
ELECTROPUTERE CRAIOVA: Alstom Romania Eyes Locomotive Unit


R U S S I A

AGRO-TEKHNIKA: A. Tyutikov to Act as Interim Insolvency Manager
ALEKSANDROVSKIY STUD 12: Court Taps Insolvency Manager
BURAEVSKAYA SEL-KHOZ-TEKHNIKA: Court Names Insolvency Manager
CENTERTELECOM: Board Recommends 2005 Dividend Payment
KRASNOKAMENSKIY MEAT: Chita Court Starts Bankruptcy Process

LIPETSK-STEEL-CONSTRUCTION: Court Appoints Insolvency Manager
NIKOLAEVSKIY BRICKWORKS: Court Begins Bankruptcy Proceedings
NIZHNEDEVITSK-AGRO-PROM-TRANS: Court Hearing Set for June 22
OAO GAZPROM: Aims to Produce 80 Million Tons of Oil by 2020
POYARKOV-COAL: Sakhalin Court Begins Bankruptcy Process

ROSBANK: Fitch Upgrades Issuer Default Rating to B+
YAMAL: Kemerovo Court Commences Bankruptcy Proceedings


U K R A I N E

ALFA: Vinnitsya Court Starts Bankruptcy Supervision
BOGUSLAVKA: Kyiv Court Taps Dmitro Zheronkin to Liquidate Assets
KREMENCHUK' METAL: Poltava Court Begins Bankruptcy Supervision
KROPIVYANSKE: Vinnitsya Court Orders Debt Moratorium
SVITANOK: Mikolaiv Court Appoints Vitalij Peychev as Liquidator

TULCHINSKIJ: Vinnitsya Court Begins Bankruptcy Supervision
UKRPROMBUD: Court Names Sergij Azarenko as Insolvency Manager
VOLODARSKIJ SILICATE: Court Commences Bankruptcy Supervision
ZORYA: Kyiv Court Names Dmitro Zheronkin as Insolvency Manager


U N I T E D   K I N G D O M

A K WINDOWS: Financial Woes Trigger Liquidation
ABSOLUTE CUSTOMER: Appoints Citroen Wells as Administrators
ACQUA LIDER: Creditors Pass Winding Up Resolution
CHAPMAN STEWART: Brings In Joint Liquidators from Tait Walker
CLAPHAM JUNCTION: Day Care Hires Begbies to Administer Assets

EMI GROUP: Warner Music Mulls Over US$5.2 Billion Counteroffer
EUROWEIGH LIMITED: Creditors Confirm Voluntary Liquidation
GAS FLAME: Appoints Jacksons Jolliffe as Joint Administrators
GOURMET EXPRESS: Brings In Langley Group Administrators
GUARDIAN RECRUITMENT: Brings In Pannell House as Administrator

INCO LTD: Reaches Tentative CBA with USW Bargaining Committee
KRUNCH LIMITED: Brings In Moore Stephens Joint Administrators
LEADERS LOUNGE: Names Stephen Paul Grant Liquidator
MFI FURNITURE: Taps Dresdner to Auction Stores in Sale Process
OAKLEY ALUMINIUM: Creditors Agree to Liquidation

P.D. BUILDERS: Winds Up Operations & Appoints Liquidator
PLATINUM HOME: Names Andrew Fender as Administrator
RINGTAIL TIMBER: Hires Joint Liquidators from Begbies Traynor
SMALL CAFE: Taps Paul James Fleming to Liquidate Assets
SNACK POINT: Names John Paul Bell as Administrator

SOUTHERN COMPONENTS: Taps Tenon Recovery to Administer Assets
UNIVERSAL BODY: Brings In Chantrey Vellacott Administrators
VINCENT JONES: Hires Joint Administrators From RE10 Ltd.

                            *********

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


21 GASTRONOMIEBETRIEBS: Claims Deadline Slated for June 22
----------------------------------------------------------
Creditors owed money by LLC 21 Gastronomiebetriebs (FN 240857b)
have until June 22 to submit written proofs of claim to court-
appointed property manager Johanna Abel-Winkler at:

         Johanna Abel-Winkler
         Franz-Josefs-Kai 49/19
         1010 Vienna
         Austria
         Tel: 533 52 72
         Fax: DW 15
         E-Mail: office@abel-abel.at

The Court will convene at 10:30 a.m., on July 6 to consider the
adoption of the rule by revision and accountability.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 4, 2006 (Bankr. Case No. 2 S 73/06g).  


AFS AQUA: Proof of Claim Deadline Slated for June 19
----------------------------------------------------
Creditors owed money by LLC AFS Aqua Fluid Systems (FN 221502p)
have until June 19 to submit written proofs of claim to court-
appointed property manager Gerhard Muller at:

         Gerhard Muller
         Maria-Theresien-Strasse 8
         6890 Lustenau
         Austria
         Tel: 05577/88644
         Fax: 05577/88644-3
         E-Mail: kanzlei@grabher-mueller.jet2web.at

The Court will convene at 9:20 a.m., on June 29 to consider the
adoption of the rule by revision and accountability.

Headquartered in Altach, Austria, the Debtor declared bankruptcy
on May 4, 2006 (Bankr. Case No. 13 S 16/06t).  


HOLLY: Creditors Must File Claims by June 28
--------------------------------------------
Creditors owed money by Transportation and Construction LLC
Holly (FN 157746f) have until June 28 to submit written proofs
of claim to court-appointed property manager Alexander Gruber
at:

         Alexander Gruber
         Wipplingerstrasse 20
         1010 Vienna
         Austria
         Tel: 533 14 17
         Fax: 533 14 17 18
         E-Mail: gruberkeg@law-mediation.at

The Court will convene at 9:15 a.m., on July 12 to consider the
adoption of the rule by revision and accountability.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 4, 2006 (Bankr. Case No. 4 S 68/06m).  


ING. B. FEDL: Creditors Must Submit Claims by June 15
-----------------------------------------------------
Creditors owed money by Construction LLC ING. B. FEDL have until
June 15 to submit written proofs of claim to court-appointed
property manager Franz Doppelhofer at:

         Franz Doppelhofer
         Reitschugasse 1
         Land Court
         8010 Graz
         Austria
         Tel: 0316/810030
         Fax: 0316/810080
         E-Mail: office@fritschpartner.at

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on June 26 to consider the adoption of
the European code of rules on bankruptcy.

The first meeting of creditors will be held at:

         Room 22
         2nd Floor
         Land Court of Graz
         8010 Graz
         Austria

Headquartered in Dobl, Austria, the Debtor declared bankruptcy
on May 4 (Bankr. Case No. 26 S 37/06w).  Bruckner & Emberger of
Leibnitz represents the Debtor in the bankruptcy proceedings.  


PETER BRAUNEIS: Creditors Must Submit Claims by June 22
-------------------------------------------------------
Creditors owed money by LLC Peter Brauneis (FN 43461p) have
until June 22 to submit written proofs of claims to court-
appointed property manager Annemarie Kosesnik-Wehrle at:

         Annemarie Kosesnik-Wehrle
         Olzeltgasse 4/6
         1030 Vienna
         Austria
         Tel: 713 61 92
         Fax: DW 22
         E-Mail: kanzlei@kosesnik-langer.at

The Court will convene at 10:50 a.m., on July 6 to consider the
adoption of the rule by revision and accountability.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 4 (Bankr. Case No. 2 S 74/06d).  Stefan Langer represents
Ms. Kosesnik-Wehrle in the bankruptcy proceedings.


SHOPPING NET: Proof of Claim Deadline Set for June 16
-----------------------------------------------------
Creditors owed money by Trade LLC Shopping Net (FN 179061a) have
until June 16 to submit written proofs of claim to court-
appointed property manager Stephan Kasseroler at:

         Stephan Kasseroler
         Lieberstrasse 3
         6020 Innsbruck
         Austria
         Tel: 0512/571331
         Fax: 0512/57133199
         E-Mail: office@kasseroler.at

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 3 to consider the adoption of
the European code of rules on bankruptcy.

The first meeting of creditors will be held at:

         Land Court of Innsbruck
         Conference Hall 212
         New Building, 2nd Floor
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on May 4 (Bankr. Case No. 19 S 41/06m).  Verena
Grossmann represents Dr. Kasseroler in the bankruptcy
proceedings.


=============
F I N L A N D
=============


M-REAL OYJ: Strikes & Shutdowns to Weaken Second Quarter Profits
----------------------------------------------------------------
M-Real Oyj revealed that investment and maintenance shutdowns
would weaken the company's second quarter results by EUR20
million.

The result will also be negatively affected by the Finnish paper
workers' strike, which resulted in a loss of EUR4 million, as
well as by seasonal factors.

The second quarter will include a total of EUR5 million worth of
non-recurring costs, arising from personnel reductions
implemented in Germany and Austria.

"In Finland, the reason behind the weakened result is the two-
week shutdown at the Simpele mill where the board machine was
rebuilt and the finishing department was renewed.  Total
investment costs amount to roughly EUR60 million.  The aim is to
raise production capacity by 45,000 tons and improve the quality
of the board," said M-real's President and CEO Hannu Anttila.

"In addition, at the Alizay paper and pulp mill in France, the
former section of the paper machine was rebuilt simultaneously
with the annual maintenance shutdown at the pulp mill in April.  
The shutdown lasted for nearly three weeks.  The investment cost
of the former section is approximately EUR8 million, and the aim
is to clearly improve paper quality," Anttila continued.

               Cost Savings and Efficiency Program

M-real's Stockstadt and Hallein mills are targeting up to EUR14
million worth of annual savings, which will be fully implemented
in stages during the period 2006-2008.  At Stockstadt paper and
pulp mill, agreement on the efficiency program has been reached.  
As a result, personnel reductions involving a total of 140
employees will be made by the end of 2008.

A similar program agreed at the Austrian paper and pulp mill in
Hallein will mean a reduction of 100 employees over the next
three years.

                      About the Company

Headquartered in Espoo, Finland, M-Real Oyj produces and
distributes coated and uncoated fine papers for printing and
packaging industries.

                        *     *     *

M-Real's senior unsecured bond carries Moody's Investors
Service's Ba3 rating since February 2006.  The company also
carries Standard & Poor's BB rating on its issuer credit.


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


ALSTOM SA: Romanian Unit Eyes Electroputere's Locomotive Arm
------------------------------------------------------------
Alstom Transport Romania, a unit of French engineering giant
Alstom S.A., is interested in acquiring Electroputere Craiova's
locomotive division, Nine O'Clock News says.

Gabriel Stanciu, Alstom Transport Romania's general director,
revealed that if the state privatization agency -- Authority for
State Assets Realization (AVAS) -- decide to sell Electroputere
Craiova's divisions separately, Alstom would bid for the
locomotive unit.

AVAS president Razvan Orasanu met with the company's officials
mid-May to discuss the preparations for the privatization, Nine
O'Clock News relates.  Trade union officials have been informed
of the privatization plan.

The Romanian government, through AVAS, holds a 62.82% stake in
Electroputere Craiova while private investors own the remaining
shares.

Headquartered in Craiova, Romania, Electroputere Craiova S.A. --
http://www.electroputere.ro/en/-- manufactures high-current  
electro-technical equipment for railway transport.  The group
has four divisions:  electrical rotating motors, power
transformers, electric apparatus and locomotives.  The group
posted net losses of RON2.4 million in 2001, RON26.3 million in
2002, RON8.3 million in 2003, and RON16.95 million in 2004.

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


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


BLITZ GERUESTBAU: Registration of Claims Ends June 7
----------------------------------------------------
Creditors of Blitz Geruestbau Siebert GmbH have until June 7 to
register their claims with court-appointed provisional
administrator Ralph Buenning.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 5, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hanover
         Hall 226
         2 Upper Floor
         Hamburg Avenue 26
         30161 Hanover, Germany

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

The District Court of Hanover opened bankruptcy proceedings
against Blitz Geruestbau Siebert GmbH on April 25.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Blitz Geruestbau Siebert GmbH
         Manteuffelstr. 6
         30163 Hannover, Germany

         Attn: Vito Lo Magno, Manager
         Bahnhofstr. 17/1
         74182 Obersulm-Affaltrach, Germany
                  
The administrator can be contacted at:

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


CSS CONSULTING: Claims Registration Until June 14
-------------------------------------------------
Creditors of CSS Consulting Services & Sales GmbH have until
June 14 to register their claims with court-appointed
provisional administrator Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 5, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Room A 341
         3rd Floor
         Muehlenstrasse 34
         40213 Duesseldorf, 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 Duesseldorf opened bankruptcy proceedings
against CSS Consulting Services & Sales GmbH on May 8.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         CSS Consulting Services & Sales GmbH
         Ludenberger Str. 58
         40629 Duesseldorf, Germany

         Attn: Thomas Merten, Manager
         Hubertushof 18
         40882 Ratingen, Germany

         Joachim Walther, Manager
         Eibenweg 2
         41470 Neuss, Germany
                  
The administrator can be contacted at:

         Georg Kreplin
         Breite Road 27
         40213 Duesseldorf, Germany


DMP MASSIVBAU: Registration of Claims Ends June 14
--------------------------------------------------
Creditors of DMP Massivbau Projektmanagement GmbH have until
June 14 to register their claims with court-appointed
provisional administrator Stephan Holtershinken.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 6, 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 Bueckeburg
         City Hall
         Ratskeller
         Bueckeburg, 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 Bueckeburg opened bankruptcy proceedings
against DMP Massivbau Projektmanagement GmbH on May 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         DMP Massivbau Projektmanagement GmbH
         Main Street 11
         31542 Bad Nenndorf, Germany

         Attn: Gisbert Haver, Manager
         Main Street 57
         31840 Hessisch Oldendorf
                  
The administrator can be contacted at:

         Stephan Holtershinken
         Marienstr. 126
         32425 Minden, Germany
         Tel: 0571/64577-10
         Fax: 0571/64577-39


HOLTZ & WILLEMSEN: Claims Filing Period Ends June 8
---------------------------------------------------
Creditors of Holtz & Willemsen GmbH have until June 8 to
register their claims with court-appointed provisional
administrator Henning Jung.

Creditors and other interested parties are encouraged to attend
the meeting at 12:30 p.m. on July 6, 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 Fritzlar
         Meeting Room/Area 17
         Building A
         Schladenweg 1
         34560 Fritzlar, 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 Fritzlar opened bankruptcy proceedings
against Holtz & Willemsen GmbH on May 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Holtz & Willemsen GmbH
         Attn: Joachim Frohlich-Gildhoff, Manager
         Mittelhofer Str. 11-13
         34587 Felsberg, Germany
                  
The administrator can be contacted at:

         Henning Jung
         Wilhelmshoher Avenue 270
         34131 Kassel, Germany
         Tel: 0561/3166311
         Fax: 0561/3166312


IDEAL-REISEN: Creditors' Meeting Slated for July 18
---------------------------------------------------
The court-appointed provisional administrator for Ideal-Reisen
GmbH, Dirk Stadler, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:40
a.m., on July 18.

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

         The District Court of Hanover
         Hall 226
         2. Upper Floor
         Hamburger Avenue 26
         30161 Hanover, Germany

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

Creditors have until June 13 to register their claims with the
court-appointed provisional administrator.

The District Court of Hanover opened bankruptcy proceedings
against Ideal-Reisen GmbH on May 2.  Consequently, all pending
proceedings against the company have been automatically stayed

The Debtor can be reached at:

         Ideal-Reisen GmbH
         Attn: Uwe Potz, Manager
         Appelstr. 19
         30167 Hanover, Germany
                 
The administrator can be reached at:

         Dirk Stadler
         Callinstr. 43
         30167 Hanover, Germany
         Tel: 0511/4739080
         Fax: 0511/47390811


IHS GMBH: Meeting of Creditors Set for July 17
----------------------------------------------
The court-appointed provisional administrator for IHS GmbH,
Andre Loffler, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:20 a.m., on
July 17.

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

         The District Court of Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg, Germany

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

Creditors have until June 13 to register their claims with the
court-appointed provisional administrator.

The District Court of Magdeburg opened bankruptcy proceedings
against IHS GmbH on May 4.  Consequently, all pending
proceedings against the company have been automatically stayed

The Debtor can be reached at:

         IHS GmbH
         Grundweg 83
         39218 Schonebeck, Germany

         Attn: Uwe Stephan, Manager
         Akazienweg 12
         39167 Biederitz, Germany
                 
The administrator can be reached at:

         Andre Loffler
         Klewitzstr. 15
         39112 Magdeburg, Germany
         Tel: 0391/7324630
         Fax: 0391/7324633
         E-mail: magdeburg@loeffler-insolvenzverwalter.de


MARTIN STOLTE: Claims Registration Ends June 6
----------------------------------------------
Creditors of Martin Stolte und Thomas Staub Heim- und Bauservice
GbR have until June 6 to register their claims with court-
appointed provisional administrator Cathleen Tetzel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg, 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 Magdeburg opened bankruptcy proceedings
against Martin Stolte und Thomas Staub Heim- und Bauservice GbR
on May 3.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Martin Stolte und Thomas Staub Heim- und Bauservice GbR
         Hoymer Str. 252a
         06464 Frose, Germany

         Attn: Martin Stolte, Manager
         Lindenstr. 54
         06469 Nachterstedt, Germany

         Thomas Staub, Manager
         Plan 1
         06343 Mansfeld, Germany
                  
The administrator can be contacted at:

         Cathleen Tetzel
         Halberstadter Road 40a
         39112 Magdeburg, Germany
         Tel: 0391/6223886
         Fax: 0391/6223887
         E-mail: suk-insolvenzkanzlei@t-online.de


NEON-ZUECK: Claims Filing Period Ends June 6
--------------------------------------------
Creditors of Neon-Zueck GmbH have until June 6 to register their
claims with court-appointed provisional administrator Dirk
Pfeil.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Giessen
         Room 410
         4. OG
         Building B
         Gutfleischstrasse 1
         35390 Giessen, 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 Giessen opened bankruptcy proceedings
against Neon-Zueck GmbH on May 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Neon-Zueck GmbH
         Beethovenstrasse 1
         35418 Buseck, Germany

         Attn: Ulrich Auschrath, Manager
         Brueggemannstr. 23
         45327 Essen, Germany
                  
The administrator can be contacted at:

         Dirk Pfeil
         Eschersheimer Landstr. 60-62
         D-60017 Frankfurt, Germany
         Tel: 069/153096-0
         Fax: 069/15309666


PANPANINI AG: Claims Filing Period Ends June 11
-----------------------------------------------
Creditors of Panpanini AG have until June 11 to register their
claims with court-appointed provisional administrator Sven
Bader.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on July 3, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         2. Floor
         Eiland 2
         42103 Wuppertal, 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 Wuppertal opened bankruptcy proceedings
against Panpanini AG on May 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Panpanini AG
         Allerstr. 13-15
         42853 Remscheid, Germany

         Attn: Helmut Miermeister, Manager
         Grosser Weideweg 12
         27367 Ahausen, Germany
                  
The administrator can be contacted at:

         Sven Bader
         Carl-Grueber-Way 14
         42853 Remscheid, Germany


WIZEMANN SCHLOSSEREI: Claims Filing Period Ends June 9
------------------------------------------------------
Creditors of Wizemann Schlosserei und Metallbau GmbH have until
June 9 to register their claims with court-appointed provisional
administrator Hansjorg Wanner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 4, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Tuebingen
         Hall 208
         2. OG
         Schulberg 14
         72074 Tuebingen, 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 Tuebingen opened bankruptcy proceedings
against Wizemann Schlosserei und Metallbau GmbH on May 3.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Wizemann Schlosserei und Metallbau GmbH
         Maierackerstr. 27-29
         72108 Rottenburg, Germany

         Attn: Klaus Wizemann, Manager
         Adolf-Schnitzler-Str. 3
         72414 Rangendingen, Germany
                  
The administrator can be contacted at:

         Hansjorg Wanner
         Reutlinger Str. 105
         72800 Eningen, Germany


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


ALITALIA SPA: Anti-Trust Authority to Probe on Volare Takeover
--------------------------------------------------------------
Autorita Garante della Concorrenza e del Mercato, Italy's anti-
trust authority, will open a probe into national carrier
Alitalia S.p.A.'s takeover of discount airline Volare S.p.A.,
AFX News says.

In a statement, the competition commission said it would look
into the impact of the acquisition on flights from Milan Linate
to Bari, Brindisi, Lamezia, Catania, Naples, and Paris.

Both Alitalia and Volare operate flights on the routes and the
anti-trust agency want to determine Alitalia's unfair dominance
in their rivalry, AFX relates.

According to the report, the commission will also probe into:

   -- other routes from Linate where there is no overlap between    
      Alitalia and Volare;

   -- the possible take-off and landing slots that would
      emerge following the takeover; and

   -- whether the slot reallocations would increase  
      Alitalia's position, particular for business fliers.

"... The operation could constitute or strengthen a dominant
position in some passenger air transport markets," the agency
said.

Autorita expects to end the inquiry on July 10.

Italy's State Council has blocked Alitalia's EUR38 million
takeover bid of rival Volare on May 24 due to certain flaws in
the sale process.

Air One, which made the second highest bid for Volare, claims
that Alitalia is an unfair competitor and that it lacks the
conditions to buy another airline following a near-bankruptcy
miss in 2005, the Associated Press reports.  

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

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

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

Alitalia, however, refused to confirm its 2006 profit forecast.  

                         About Volare

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

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in  
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.  The Italian government owns 49.9% of Alitalia.

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


PARMALAT SPA: Perdigao Acquires 51% of Brazilian Unit
-----------------------------------------------------
Creditors of Parmalat Brasil Industria de Alimentos SA on
May 26, 2006, agreed to sell Parmalat Finanziaria SpA's
Brazilian unit to Latin American Equity Partners, Reuters
reports.

The transaction will allow the unit to emerge from bankruptcy
protection.

As part of the agreement, 51% of Parmalat Brasil's Batavia unit
will be sold to Perdigao SA.

LatAm is a Brazilian investment fund.  Perdigao is a producer
and distributor of meat and poultry products.

The creditors agree to give LatAm control of Parmalat Brasil in
exchange for its BRL20 million (US$8.85 million) investment.

Perdigao paid BRL101 million for the Batavia stake.

According to Reuters, the creditors agreed to write off 85% of
Parmalat Brasil's liabilities estimated at BRL970 million.  The
new owners will pay the remaining debt at closing.

LatAm Managing Partner Marcus Elias told Reuters in an interview
that the investment fund plans to license the Parmalat brand
name from Parmalat Brasil's parent, which will no longer have a
stake in the unit after the sale.

                       Perdigao's Statement

   Pursuant to CVM Instruction 358 of Jan. 3, 2002, Perdigao
S.A. (NYSE: PDA) said that PDA Distribuidora de Alimentos Ltda.,
a corporation indirectly controlled by Perdigao S.A., has
acquired 51% of the capital stock of Batavia S/A Industria de
Alimentos, subject to the effective transfer of shares.

   PDA, Batavia, Cooperativa Central de Laticinios do Parana
Ltda., Cooperativa Central Agromilk and Parmalat Brasil S.A.
Industria de Alimentos have concluded a series of transactions
under which:

   a) PDA has acquired from Parmalat at a price of          
      BRL101 million, 73,542,000 common shares issued by Batavia
      and held by Parmalat and the totality of the equipment
      that up to the present time has been leased free of charge
      by Parmalat to Batavia;

   b) PDA has acquired from the Cooperatives at a total price of
      BRL8.7 million, five million common nominative shares
      issued by Batavia and held by said Cooperatives.

   c) The implementation and conclusion of the operations
      described in the first and second items are subject to
      compliance with the suspensive conditions in the documents
      relative to the transactions.

   Wang Wei Chang
   Chief Financial Officer

Headquartered in Milan, Italy, Parmalat S.p.A. --  
http://www.parmalat.net/-- sells nameplate milk products that  
can be stored at room temperature for months.  It also has 40-
some brand product line includes yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.  

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

The U.S. Debtors filed for chapter 11 protection on Feb. 24,
2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary Holtzer, Esq.,
and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP,
represent the Debtors.  When the U.S. Debtors filed for
bankruptcy protection, they reported more than US$200 million in
assets and debts.  The U.S. Debtors emerged from bankruptcy on
April 13, 2005.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.


VOLARE SPA: Anti-Trust Authority to Probe on Takeover
-----------------------------------------------------
Autorita Garante della Concorrenza e del Mercato, Italy's anti-
trust authority, will open a probe into national carrier
Alitalia S.p.A.'s takeover of discount airline Volare S.p.A.,
AFX News says.

In a statement, the competition commission said it would look
into the impact of the acquisition on flights from Milan Linate
to Bari, Brindisi, Lamezia, Catania, Naples, and Paris.

Both Alitalia and Volare operate flights on the routes and the
anti-trust agency want to determine Alitalia's unfair dominance
in their rivalry, AFX relates.

According to the report, the commission will also probe into:

   -- other routes from Linate where there is no overlap between    
      Alitalia and Volare;

   -- the possible take-off and landing slots that would
      emerge following the takeover; and

   -- whether the slot reallocations would increase  
      Alitalia's position, particular for business fliers.

"... The operation could constitute or strengthen a dominant
position in some passenger air transport markets," the agency
said.

Autorita expects to end the inquiry on July 10.

Italy's State Council has blocked Alitalia's EUR38 million
takeover bid of rival Volare on May 24 due to certain flaws in
the sale process.

Air One, which made the second highest bid for Volare, claims
that Alitalia is an unfair competitor and that it lacks the
conditions to buy another airline following a near-bankruptcy
miss in 2005, the Associated Press reports.  

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

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

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

Alitalia, however, refused to confirm its 2006 profit forecast.  

                         About Alitalia

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

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

                         About Volare

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


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


BAGJAN: Kyzylorda Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region commenced bankruptcy proceedings against LLP Bagjan.

The Specialized Inter-Regional Economic Court of Kyzylorda
Region can be reached at:

         Aiteke bi Str. 29
         Kyzylorda, Kazakhstan


GALL: Creditors Must File Claims by June 9
------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
declared LLP Gall insolvent.  Creditors have until June 9 to
submit written proofs of claim to the insolvency manager at:

         Altynsarina Str. 31  
         Aktobe
         Aktube Region
         Kazakhstan


KAITAR SK: Creditors Must File Claims by June 9
-----------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Kaitar SK insolvent on March 20.  
Subsequently, bankruptcy proceedings were introduced at the
company.  

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region
         Molodejnoye
         M. Jumabayeva District
         North Kazakhstan Region
         Kazakhstan


MUNAY TRADE: Creditors' Claims Due June 9
-----------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Munay Trade Produkt insolvent on March 16.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Krylova Str. 92/1
         Ust-Kamenogorsk, East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 25-12-13


NURMAKEN: Creditors' Claims Due June 9
--------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Nurmaken insolvent on March 16.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Krylova Str. 92/1  
         Ust-Kamenogorsk, East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 25-12-13


PANASEYA SAYUS: Proof of Claim Deadline Slated for June 9  
---------------------------------------------------------
CJSC Panaseya Sayus has declared insolvency.  Creditors have
until June 9 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Permitina Str. 27-206
         Ust-Kamenogorsk, East Kazakhstan Region
         Kazakhstan


SMELAKS PLUS: Proof of Claim Deadline Slated for June 9
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Smelaks Plus insolvent on March 16.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Krylova Str. 92/1
         Ust-Kamenogorsk, East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 25-12-13


THOMESTO ENGINEERING: Claims Registration Ends June 12
------------------------------------------------------
JSC Thomesto Engineering Oy has declared insolvency.  Creditors
have until June 12 to submit written proofs of claim to:

         Buzurbayeva Str. 21-36
         Almaty, Kazakhstan


TIALAN: Claims Registration Ends June 9
---------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Tialan insolvent on March 20.  
Subsequently, bankruptcy proceedings were introduced at the
company.  

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region
         Molodejnoye  
         M. Jumabayeva District
         North Kazakhstan Region
         Kazakhstan


UDMURTBURENIE: Claims Registration Ends June 9
----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
declared LLP Joint Venture Kazakhstan Udmurtburenie insolvent.

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

         Altynsarina Str. 31  
         Aktobe
         Aktube Region
         Kazakhstan


===================
L U X E M B O U R G
===================


MILLICOM INTERNATIONAL: Pursues Advanced Talks Over Equity Sale
---------------------------------------------------------------
Millicom International Cellular S.A. is in advanced discussions
and due diligence with a potential bidder of the company's
entire share capital.

The Company said no agreement has been reached at this time and
there is no certainty as to whether these discussions will lead
to any agreement.

The identity of the potential purchaser was not disclosed.

According to a May 24 report by the Wall Street Journal, China
Mobile Communications Corp., which is among the final bidders
for the mobile phone company, submitted a US$5.3 billion offer,
or US$48 per share, in cash to acquire Millicom.

The Company has hired Morgan Stanley as its sale adviser.

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A. --
http://www.millicom.com/-- is a global telecommunications  
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of approximately 391 million people.

                        *     *     *

Millicom International's 10% senior notes due 2013 carry Moody's
B3 rating and Standard & Poor's B- rating.


===========
P O L A N D
===========


NETIA SA: Shareholders to Vote on Merger Resolution on June 8
-------------------------------------------------------------
The Extraordinary General Shareholders' Meeting of Netia S.A.
resolves to merge Netia with its wholly owned subsidiaries:

   -- Regionalne Sieci Telekomunikacyjne El-Net S.A. - KRS
       0000095991,

   -- Netia WiMax S.A. - KRS 0000134258,

   -- Polbox Sp. Z.o.o. - KRS 0000019310,

all of which are entered into the register of entrepreneurs kept
by the District Court for the Capital City of Warsaw, Commercial
Court XX Division of the National Court Register.

                      Terms of Merger

The merger applies to the publicly listed company Netia Spolka
Akcyjna with its registered seat in Warsaw and its single
shareholder companies (the acquired companies) with their seats
in Warsaw.

The merger will be carried out pursuant to Article 492 of the
Commercial Companies Code through the transfer of the
subsidiaries' assets to Netia without any increase in Netia's
share capital, without any share exchanges and without amending
Netia's Statute.

Shareholders will vote on the resolutions at the extraordinary
general meeting of shareholders on June 8, 2006.

Headquartered in Warsaw, Poland, Netia S.A. (B+/Stable/) --
http://netia.pl/-- is an alternative fixed-line  
telecommunications operator in Poland.  It operates on the basis
of its own, state-of-the-art fiber-optic backbone network that
connects the largest Polish cities as well as its local access
networks.  Netia provides a broad range of telecommunications
services, including voice, data and network wholesale services.


=============
R O M A N I A
=============


ALSTOM ROMANIA: To Bid for Electroputere's Locomotive Arm
---------------------------------------------------------
Alstom Transport Romania, a unit of French engineering giant
Alstom S.A., is interested in acquiring Electroputere Craiova's
locomotive division, Nine O'Clock News says.

Gabriel Stanciu, Alstom Transport Romania's general director,
revealed that if the state privatization agency -- Authority for
State Assets Realization (AVAS) -- decide to sell Electroputere
Craiova's divisions separately, Alstom would bid for the
locomotive unit.

AVAS president Razvan Orasanu met with the company's officials
mid-May to discuss the preparations for the privatization, Nine
O'Clock News relates.  Trade union officials have been informed
of the privatization plan.

The Romanian government, through AVAS, holds a 62.82% stake in
Electroputere Craiova while private investors own the remaining
shares.

Headquartered in Craiova, Romania, Electroputere Craiova S.A. --
http://www.electroputere.ro/en/-- manufactures high-current  
electro-technical equipment for railway transport.  The group
has four divisions:  electrical rotating motors, power
transformers, electric apparatus and locomotives.  The group
posted net losses of RON2.4 million in 2001, RON26.3 million in
2002, RON8.3 million in 2003, and RON16.95 million in 2004.

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


ELECTROPUTERE CRAIOVA: Alstom Romania Eyes Locomotive Unit
----------------------------------------------------------
Alstom Transport Romania, a unit of French engineering giant
Alstom S.A., is interested in acquiring Electroputere Craiova's
locomotive division, Nine O'Clock News says.

Gabriel Stanciu, Alstom Transport Romania's general director,
revealed that if the state privatization agency -- Authority for
State Assets Realization (AVAS) -- decide to sell Electroputere
Craiova's divisions separately, Alstom would bid for the
locomotive unit.

AVAS president Razvan Orasanu met with the company's officials
mid-May to discuss the preparations for the privatization, Nine
O'Clock News relates.  Trade union officials have been informed
of the privatization plan.

The Romanian government, through AVAS, holds a 62.82% stake in
Electroputere Craiova while private investors own the remaining
shares.

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

Based in Craiova, Romania, Electroputere Craiova S.A. --
http://www.electroputere.ro/en/-- manufactures high-current  
electro-technical equipment for railway transport.  The group
has four divisions:  electrical rotating motors, power
transformers, electric apparatus and locomotives.  The group
posted net losses of RON2.4 million in 2001, RON26.3 million in
2002, RON8.3 million in 2003, and RON16.95 million in 2004.


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


AGRO-TEKHNIKA: A. Tyutikov to Act as Interim Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Samara Region appointed Mr. A. Tyutikov
as temporary insolvency manager for OJSC Agro-Tekhnika (Case No.
A-57-657b/05-32).  He can be reached at:

         A. Tyutikov
         Shmidta Str. 4
         440039 Penza Region, Russia

The Court has commenced bankruptcy supervision procedure on the
company.

The Debtor can be reached at:

         OJSC Agro-Tekhnika
         Dergachi
         Saratov Region, Russia


ALEKSANDROVSKIY STUD 12: Court Taps Insolvency Manager
------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. N.
Krasilnikov as insolvency manager for OJSC Aleksandrovskiy Stud
Farm 12 (Case No. A35-5722/05 g).  He can be reached at:

         Mr. N. Krasilnikov
         Post User Box 129
         305000 Kursk Region, Russia

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

The Debtor can be reached at:

         OJSC Aleksandrovskiy Stud Farm 12
         Aleksandrovskiy.
         Kastorenskiy Region
         Kursk Region, Russia


BURAEVSKAYA SEL-KHOZ-TEKHNIKA: Court Names Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. K.
Glodev as insolvency manager for State Unitary Agricultural
Enterprise Buraevskaya Sel-Khoz-Tekhnika (Case No.
A07-18105/05-G-FLE).  He can be reached at:

         Mr. K. Glodev
         Office 120
         K. Marksa Str. 35
         Ufa
         450077 Bashkortostan Republic, Russia

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

The Debtor can be reached at:

         State Unitary Agricultural Enterprise
         Buraevskaya Sel-Khoz-Tekhnika
         Energetikov Str. 10
         Buraevo
         452960, Bashkortostan Republic, Russia


CENTERTELECOM: Board Recommends 2005 Dividend Payment
-----------------------------------------------------
The Board of Directors for OJSC CenterTelecom recommends the
authorization of a dividend payment for 2005 at the upcoming
Annual General Shareholders' Meeting scheduled for June 28.

The payment value per preferred A-type share was set at RUR
0.1270937, and RUR 0.0674191 per ordinary share.

OJSC CenterTelecom -- http://www.centertelecom.ru/eng--   
provides fixed-line and mobile communications in the Russian
Central Federal District.

                        *     *     *

As reported in TCR-Europe on Feb. 9, Fitch Ratings assigned
Issuer Default ratings to companies in the European
Telecommunications, Media and Technology sectors.  Revised
Senior Unsecured ratings now apply to the senior unsecured bond
issues of these entities.  CenterTelecom now carries Fitch's B-
rating with a negative outlook.


KRASNOKAMENSKIY MEAT: Chita Court Starts Bankruptcy Process
-----------------------------------------------------------
The Arbitration Court of Chita Region has commenced bankruptcy
proceedings against Municipal Unitary Enterprise Krasnokamenskiy
Meat Combine (Case No. A-78-3604/2005-B-22) after finding it
insolvent.

The Insolvency Manager is:

         Ms. S. Shaydurova
         Apartment 35
         Puteyskaya Str. 49
         672023 Chita Region, Russia

The Debtor can be reached at:

         Municipal Unitary Enterprise
         Krasnokamenskiy Meat Combine
         Kranokamensk
         674665 Chita Region, Russia


LIPETSK-STEEL-CONSTRUCTION: Court Appoints Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Lipetsk Region appointed Mr. M. Kakunin
as insolvency manager for OJSC Lipetsk-Steel-Construction (Case
No. A36-2876/2005).  He can be reached at:

         Mr. M. Kakunin
         Ferrosplavnaya Str. 10a
         398005 Lipetsk Region, Russia

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

The Debtor can be reached at:

         OJSC Lipetsk-Steel-Construction
         398005 Lipetsk Region, Russia
         Ferrosplavnaya Str. 10a


NIKOLAEVSKIY BRICKWORKS: Court Begins Bankruptcy Proceedings
------------------------------------------------------------
The Arbitration Court of Khabarovsk Region has commenced
bankruptcy proceedings against OJSC Nikolaevskiy Brickworks
(Case No. A73-816/2006-39) after finding it insolvent.

The Insolvency Manager is:

         Ms. G. Chmutina
         Office 105
         Sv. Innokentiya Per. 13
         675000 Blagoveshensk Region, Russia

The Debtor can be reached at:

         OJSC Nikolaevskiy Brickworks
         Khabarovskaya Str. 56
         682460 Nikolaevsk-na-Amure, Russia


NIZHNEDEVITSK-AGRO-PROM-TRANS: Court Hearing Set for June 22
------------------------------------------------------------
The Arbitration Court of Voronezh Region will convene on
June 22 at 10:00 a.m. to hear the bankruptcy supervision
procedure on OJSC Nizhnedevitsk-Agro-Prom-Trans (Case No.
A14-1594-2006 3/20b)

The Insolvency Manager is:

         Mr. A. Ivanov
         Room 601
         Apartment 28
         Deputatskaya Str. 12
         394055 Voronezh
         Russia

The Debtor can be reached at:

         OJSC Nizhnedevitsk-Agro-Prom-Trans
         Gagarina Str. 70
         Kurbatovo
         Nizhnedevistkiy Region
         Voronezh Region, Russia


OAO GAZPROM: Aims to Produce 80 Million Tons of Oil by 2020
-----------------------------------------------------------
The Management Committee has endorsed the OAO Gazprom oil
business development strategy stipulating annual crude recovery
to be boosted to 80 million tons by 2020.  

The oil business will be developed on the vertical integration
basis.

Developing the oil activity is a strategically important measure
aimed at converting Gazprom into a diversified company, a leader
in the global energy market.

Implementing this strategy will help reinforce Gazprom's
standing in the internal and external markets as an efficient
multi-profile petroleum company, expand the development of
Gazprom's oil reserves and create additional conditions for
enhancing Gazprom's market capitalization and improving its
bottom line.

The Management Committee resolved to submit the strategy for the
Board of Directors' approval.

Gazprom owns over 75% of shares in Sibneft.  In 2006 the Sibneft
Extraordinary Shareholders' Meeting decided to rebrand the
company as Gazprom Neft.

The strategy framing process focused on several development
options for Gazprom Group's crude recovery sector.

The priority was given to the option ensuring viable return on
investment and the strongest possible presence in the oil
market.  Under this scenario, Gazprom is projected to reach an
80-million ton recovery level by 2020 with average annual output
to be growing at four percent, which is two-fold up on the
world's largest oil companies.

Achieving the 80 million tons notch of crude recovery by 2020
implies stepping activities in the following directions:

   -- gradually bringing onstream all the Gazprom Neft explored
      oil fields (taking into account a Gazprom Neft 50% stake
      in Slavneft);

   -- bringing into development Gazprom's reserves; and

   -- expanding the resource base.

In the refining and marketing sector, Gazprom Neft will pursue
the objective of expanding refining capacities, exporting part
of the oil recovered, ensuring synergy with Gazprom's processing
facilities and developing retail networks.

Gazprom Neft will implement its investment programs self-funded,
without any financial support from Gazprom.

                       About the Company

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

                         *     *     *

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

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

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


POYARKOV-COAL: Sakhalin Court Begins Bankruptcy Process
-------------------------------------------------------
The Arbitration Court of Sakhalin Region has commenced
bankruptcy proceedings against OJSC Poyarkov-Coal (Case No.
A59-3693/03-S16) after finding it insolvent.  

The Insolvency Manager is:

         Mr. Y. Tryasorukov
         Post User Box 79
         693022 Yuzhno-Sakhalinsk-22, Russia

The Debtor can be reached at:

         OJSC Poyarkov-Coal
         Shebunino
         Nevelskiy Region
         Sakhalin Region, Russia


ROSBANK: Fitch Upgrades Issuer Default Rating to B+
---------------------------------------------------
Fitch Ratings upgraded Rosbank's Issuer Default rating to B+
from B and National Long-term rating to A- from BBB+.  Following
the upgrades, the Outlook on both ratings are now Stable.  At
the same time, the agency affirmed the bank's other ratings on
Short-term B, Individual D and Support 4.

The upgrade in Rosbank's ratings reflects the growth and
diversification of Rosbank's business, following the integration
with OVK banks, acquired by Interros in 2003, the resulting
diversification in the loan book and gradual improvements in the
operating environment.  

However, the ratings also reflect Fitch's concerns over the
historically weak core profitability, Rosbank's continued
reliance on related-party funding and growing credit risk in its
retail portfolio.

Fitch's Financial Institutions team Associate Director Dmitry
Piskulov disclosed, "Although the reserves on retail loans
appear to be somewhat low, our estimates show that stronger
provisioning would still not have a substantial negative effect
on Rosbank's capitalization, which remains adequate for this
rating level."

Upward pressure on Rosbank's ratings could result from a
substantial strengthening in Rosbank's core profitability and
successful development of the bank's retail franchise in the
regions, if combined with acceptable asset quality.  Downside
pressure is unlikely at the moment.

Rosbank was founded in 1992 and ranks among the top 10 banks in
Russia by total assets.  About 97% of its shares are ultimately
controlled by Interros, one of Russia's largest financial
industrial groups, with interests in the metals, power-machine
building, agricultural industries and insurance.  In 2006, the
bank plans to place shares in an IPO.  The business of the OVK
banking group was primarily retail and has now been transferred
to Rosbank.


YAMAL: Kemerovo Court Commences Bankruptcy Proceedings
------------------------------------------------------
The Arbitration Court of Kemerovo Region has commenced
bankruptcy proceedings against OJSC Yamal (Case No.
A27-4638/2006-4) after finding it insolvent.  

The Insolvency Manager is:

         Mr. A. Oparin
         Petrenko Str. 13.
         Prokopyevsk
         653033 Kemerovo Region, Russia

The Debtor can be reached at:

         OJSC Yamal
         Tolyatti Str. 45 A
         654083 Kemerovo Region, Russia
         Novokuznetsk


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


ALFA: Vinnitsya Court Starts Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
supervision procedure on State Building Firm Alfa (code EDRPOU
13320386).  The case is docketed under Case No. 5/76-06.

The Temporary Insolvency Manager is:

         Markovskij Stanislav
         Keletska Str. 126/137
         Vinnitsya Region, Ukraine
         
The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         Vinnitsya Region, Ukraine

The Debtor can be reached at:

         State Building Firm Alfa
         Lenin Str. 67
         Kalinivka
         22400 Vinnitsya Region, Ukraine


BOGUSLAVKA: Kyiv Court Taps Dmitro Zheronkin to Liquidate Assets
----------------------------------------------------------------
The Economic Court of Kyiv Region appointed Dmitro Zheronkin as
Liquidator/Insolvency Manager for LLC Boguslavka (code EDRPOU
31322999).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 6.  The case is docketed
under Case No. 226/14 b-05.

The Economic Court of Kyiv Region is located at:

         Komintern Str. 165
         01032 Kyiv Region, Ukraine

The Debtor can be reached at:

         LLC Boguslavka
         Hohitva
         Boguslavskij District
         Kyiv Region, Ukraine


KREMENCHUK' METAL: Poltava Court Begins Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Poltava Region commenced bankruptcy
supervision procedure on Kremenchuk' Metal Constructions Plant
(code EDRPOU 01412325) on March 30.  The case is docketed under
Case No. 7/27.

The Temporary Insolvency Manager is:

         Stepan Bonchak
         50 Rokiv SRSR Str. 29/6
         Kremenchuk
         39600 Poltava Region, Ukraine

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region, Ukraine

The Debtor can be reached at:

         Kremenchuk' Metal Constructions Plant
         Galuzevij Lane 30
         Kremenchuk
         39600 Poltava Region, Ukraine


KROPIVYANSKE: Vinnitsya Court Orders Debt Moratorium
----------------------------------------------------
The Economic Court of Vinnitsya Region entered an order freezing
the payment of claims to the creditors of Agricultural LLC
Kropivyanske (code EDRPOU 30805568).

The Court commenced bankruptcy supervision procedure on the
company on March 30.  The case is docketed under Case No.
5/65-06.

The Temporary Insolvency Manager is:

         Sergij Malahov
         Keletska Str. 126/137
         Vinnitsya Region, Ukraine

The Economic Court of Vinnitsya Region is located in:

         Hmelnitske Shose 7
         Vinnitsya Region, Ukraine

The Debtor can be reached at:

         Agricultural LLC Kropivyanske
         Nizhnya Kropivna
         Nemiriv District
         Vinnitsya Region, Ukraine


SVITANOK: Mikolaiv Court Appoints Vitalij Peychev as Liquidator
---------------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Vitalij Peychev
as Liquidator/Insolvency Manager for Agricultural CJSC Svitanok
(code EDRPOU 00429236).  He can be reached at:

         Vitalij Peychev
         Architector Starov Str. 6/55
         Mikolaiv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 28.  The case is docketed
under Case No. 2/34/06.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region, Ukraine

The Debtor can be reached at:

         Agricultural CJSC Svitanok
         Ryabokoneve
         Arbuzinskij District
         Mikolaiv Region, Ukraine


TULCHINSKIJ: Vinnitsya Court Begins Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
supervision procedure on Agricultural OJSC Bird Combine
Tulchinskij (code EDRPOU 05413994) on Feb. 15.  The case is
docketed under Case No. 5/1-06.

The Temporary Insolvency Manager is:

         Artur Milovanov  
         Room 805
         Zhovtneva Square 1        
         21001 Vinnitsya Region, Ukraine

The Economic Court of Vinnitsya Region is located in:

         Hmelnitske Shose 7
         Vinnitsya Region, Ukraine

The Debtor can be reached at:

         Agricultural OJSC Bird Combine Tulchinskij
         Kirnasivka
         Tulchinskij District
         23652 Vinnitsya Region, Ukraine


UKRPROMBUD: Court Names Sergij Azarenko as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed Sergij Azarenko as
Liquidator/Insolvency Manager for LLC Ukrprombud (code EDRPOU
32042298).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 17.  The case is docketed
under Case No. 43/160.

The Economic Court of Kyiv Region is located at:

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

The Debtor can be reached at:

         LLC Ukrprombud
         Andrij Bubnov Str. 11/8
         03040 Kyiv Region, Ukraine


VOLODARSKIJ SILICATE: Court Commences Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on Volodarskij Silicate Brick Plant (code
EDRPOU 23129920) on Feb. 20.  The case is docketed under Case
No. 5/28 B.

The Temporary Insolvency Manager is:

         Mr. O. Nesterenko
         Makiyivka
         Tayozhna Str. 1
         86123 Donetsk Region, Russia

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region, Ukraine

The Debtor can be reached at:

         Volodarskij Silicate Brick Plant
         Volodarskogo
         Amvrosiyivkskij District
         87314 Donetsk Region, Ukraine


ZORYA: Kyiv Court Names Dmitro Zheronkin as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Dmitro Zheronkin as
Liquidator/Insolvency Manager for LLC Agrofirm Zorya (code
EDRPOU 30839424).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 23.  The case is docketed
under Case No. 160/14 b-05.

The Economic Court of Kyiv Region is located at:

         Komintern Str. 165
         01032 Kyiv Region, Ukraine

The Debtor can be reached at:

         LLC Agrofirm Zorya
         Svitilnya
         Brovari District
         Kyiv Region, Ukraine


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


A K WINDOWS: Financial Woes Trigger Liquidation
-----------------------------------------------
A K Windows Limited is winding up its operations after creditors
established that the company could no longer continue its
business due to mounting debts.

Subsequently, Gagen Dulari Sharma was appointed Liquidator.

The company can be reached at:

         A K Windows Limited
         147-149 Merridale Street
         West Wolverhampton WV3 0RW
         United Kingdom
         Tel: 01902 421500


ABSOLUTE CUSTOMER: Appoints Citroen Wells as Administrators
-----------------------------------------------------------
Mark Richard Phillips and Murzban Khurshed Mehta of Citroen
Wells were appointed joint administrators of Absolute Customer
Management Ltd. (Company Number 04145947) on May 9.

Citroen Wells -- http://www.citroenwells.co.uk-- provides  
accountancy and tax services to businesses and personal clients.

Headquartered in East Grinstead, United Kingdom, Absolute
Customer Management Ltd. provides service to insurance
companies.


ACQUA LIDER: Creditors Pass Winding Up Resolution
-------------------------------------------------
Creditors of Acqua Lider (U.K.) Limited passed a resolution to
wind up the company's operations during an extraordinary general
meeting on March 22.

David Anthony Horner, of David Horner & Co., was appointed
Liquidator.

The company can be reached at:

         Acqua Lider (U.K.) Limited
         Unit 1C
         Derwent Mills Commercial Park
         Cockermouth
         Cumbria CA13 0HT
         United Kingdom
         Tel: 01900 828 977
         Fax: 01900 828 977


CHAPMAN STEWART: Brings In Joint Liquidators from Tait Walker
-------------------------------------------------------------
Gordon Smythe Goldie and Allan David Kelly, of Tait Walker, were
appointed Joint Liquidators of Chapman Stewart Advertising
Limited after creditors decided to wind up the company during an
extraordinary general meeting on March 24.

Headquartered in Newcastle Upon Tyne, United Kingdom, Chapman
Stewart Advertising Limited -- http://www.chapmanstewart.com/--  
provides marketing solutions and advertising services.


CLAPHAM JUNCTION: Day Care Hires Begbies to Administer Assets
-------------------------------------------------------------
Ian M. Rose of Begbies Traynor was appointed administrator of
Clapham Junction Nurseries Limited (Company Number 02103592) on
Nov. 11, 2005.

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.  

Clapham Junction Nurseries Limited can be contacted at:

         204 Lavender Hill
         London SW11 1JG
         United Kingdom
         Tel: 020 7924 1267


EMI GROUP: Warner Music Mulls Over US$5.2 Billion Counteroffer
--------------------------------------------------------------
Warner Music Chief Executive Edgar Bronfman is mulling over a
US$5.2 billion counteroffer for EMI Group Plc, the London-based
Times says.

According to the report, Mr. Bronfman is currently looking for
investment partners to raise the amount.  The chief executive
has tapped Thomas H. Lee Partners LP, Bain Capital LLC, and
Providence Equity Partners Inc. to arrange an offer for its U.K.
rival, the paper relates.

On May 3, Warner Music's Board of Directors rejected EMI Group's
bid to acquire all the outstanding shares of Warner Music for
US$4.23 billion, or US$28.50 per share, in a combination of cash
and EMI shares.

EMI Group submitted a "preliminary non-binding proposal" on
May 1, but was subsequently informed on May 2 that Warner did
not wish to enter into discussions regarding the proposal.  The
Warner Board determined that the proposal is not in the best
interests of their shareholders and unanimously rejected the
offer.

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

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


EUROWEIGH LIMITED: Creditors Confirm Voluntary Liquidation
----------------------------------------------------------
Creditors of Euroweigh Limited confirmed the company's voluntary
liquidation during an extraordinary general meeting on March 27.

Creditors also ratified the appointment of Neil Francis
Hickling, of Smith & Williamson Limited, as Liquidator.

The company can be reached at:

         Euroweigh Limited
         Unit 15/16 Maylite Trading Estate
         Berrow Green Road
         Martley Worcester
         Worcestershire WR6 6PQ
         United Kingdom
         Tel: 01886 888 050
         Fax: 01886 888 807
         Web: http://www.euroweigh.co.uk/


GAS FLAME: Appoints Jacksons Jolliffe as Joint Administrators
-------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Jacksons
Jolliffe Cork were appointed joint administrators of Gas Flame
Installations Limited (Company Number 04069940) on May 10.

Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- was  
established in 1998.  It has offices in Doncaster, Harrogate,
Hull, Middlesbrough, Wakefield and York.  The firm is engaged
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.

Gas Flame Installations Limited can be reached at:

         Cooking & Heating Ltd
         100 New Cleveland Street
         Hull HU8 7HE
         United Kingdom
         Tel: 01482 585 445


GOURMET EXPRESS: Brings In Langley Group Administrators
-------------------------------------------------------
Alan Simon and Philip Simons of Langley Group LLP were appointed
joint administrators of Gourmet Express (U.K.) Limited (Company
Number 3367288) on May 12.

The administrators can be contacted at:

         Langley Group LLP
         Langley House
         Park Road
         East Finchley
         London N2 8EX
         United Kingdom
         Tel: 020 8444 2000
         Fax: 020 8444 3400
         E-mail: philip.simons@langleypartners.co.uk

Gourmet Express (U.K.) Limited can be reached at:

         Unit 2
         Minster Court
         Courtwick Lane
         Wick Littlehampton
         West Sussex BN17 7RN
         Tel: 01903 722 733
         Fax: 01903 732 678


GUARDIAN RECRUITMENT: Brings In Pannell House as Administrator
--------------------------------------------------------------
Edward T. Kerr and Ian J. Gould, of Pannell House, were
appointed Joint Liquidators of Guardian Recruitment Solutions
Limited after creditors resolved to liquidate the company's
assets during an extraordinary general meeting on March 20.

The company can be reached at:

         Guardian Recruitment Solutions Limited
         13-15 Belvoir Street
         Leicester Leicestershire LE1 6SL
         United Kingdom
         Tel: 0116 254 9700  


INCO LTD: Reaches Tentative CBA with USW Bargaining Committee
-------------------------------------------------------------
Inco Limited and United Steelworkers Locals 6500 and 6200
reached a tentative collective bargaining agreement on May 29
for Inco's Sudbury and Port Colborne operations.

The bargaining committee for Locals 6500 and 6200 is unanimously
recommending acceptance of the proposed new three-year
agreement.

Mark Cutifani, Inco's President for North America/Europe said
the Company's offer includes improvements to wages, benefits and
pensions and provides the basis for continuing the business
improvement and growth strategy in Ontario.

"We believe the tentative agreement is a fair and reasonable
one," Mr. Cutifani said.  "Our employees are the key to our
success. Looking forward, our strategy is to continue working in
partnership with all employees to grow the business in Ontario
and generate positive returns in all price cycles."

Union members have until today, May 31, to vote on the deal.

Details of the tentative agreement will not be made public until
the USW has an opportunity to present the tentative agreement to
its membership.

                           About Inco

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- is the world's #2 producer of nickel,  
which is used primarily for manufacturing stainless steel and
batteries.  Inco also mines and processes copper, gold, cobalt,
and platinum group metals.  It makes nickel battery materials
and nickel foams, flakes, and powders for use in catalysts,
electronics, and paints.  Sulphuric acid and liquid sulphur
dioxide are produced as byproducts.  The company's primary
mining and processing operations are in Canada, Indonesia, and
the UK.

                          *     *     *
Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating and Standard &
Poor's BB+ rating.


KRUNCH LIMITED: Brings In Moore Stephens Joint Administrators
-------------------------------------------------------------
Mark Elijah Thomas Bowen and Nigel Price of Moore Stephens LLP
were appointed joint administrators of The Krunch Limited
(Company Number 04029574) on May 10.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its UK network comprises over 1,400
partners and staff.

Based in Worcester, The Krunch Limited --
http://www.thekrunch.com/-- retails clothing, footwear and  
leather goods.


LEADERS LOUNGE: Names Stephen Paul Grant Liquidator
---------------------------------------------------
Leaders Lounge Suite Warehouse Limited is liquidating its assets
after creditors passed a resolution to wind up the company's
operations during an extraordinary general meeting on March 20.

Stephen Paul Grant of Wilkins Kennedy was appointed Liquidator.

The company can be reached at:

         Leaders Lounge Suite Warehouse Limited
         Bilton Road
         Chelmsford CM1 2UP
         United Kingdom
         Tel: 01245 280 600


MFI FURNITURE: Taps Dresdner to Auction Stores in Sale Process
--------------------------------------------------------------
MFI Furniture Group Plc resolved to begin a formal asset sale
procedure a week after announcing several bid approaches for all
or part of its furniture retail business, Lauren Mills writes
for The Business.

According to the report, the Group has appointed investment bank
Dresdner Kleinwort Wasserstein to help auction the Group's 200
store chains.

Potential bidders include Sweden's Nobia AG and South Africa's
Steinhoff International Holdings Ltd., the paper relates.

Headquartered in London, England, MFI Furniture Group --
http://www.mfi.co.uk/-- manufactures and sells household  
furniture.  The Company markets its furniture products through
its retail establishments located in the United Kingdom and
France.  MEI's subsidiaries include Schreiber Furniture Limited,
MFI Furniture Centres, and Howden Joinery Limited.

The Scotsman had reported that the furniture group is battling
rising debts and approximately GBP150 million in pension
deficit.  In 2005, it posted GBP85.1 million in operating
losses.

As reported in TCR-Europe on Feb. 17, the Group completed the
sale of its French retail business, Hygena Cuisines S.A., to
Nobia for EUR135 million in total gross cash proceeds.

Also in February, MFI Furniture agreed to a 39-month asset-
backed credit facility totaling GBP150 million, fully
underwritten by Burdale Financial Limited (a member of the Bank
of Ireland group) and Lloyds TSB Commercial Finance Limited.  
The facility will replace the Company's existing revolving
syndicated credit facility.

The new facility will allow MFI to focus on its turnaround plans
for UK retail and the growth of Howden.


OAKLEY ALUMINIUM: Creditors Agree to Liquidation
------------------------------------------------
Creditors of Oakley Aluminium Castings Limited agreed to
liquidate the company's assets during an extraordinary general
meeting on March 3.

They likewise authorized C. H. I. Moore of K. J. Watkin & Co. to
lead the liquidation process.

The company can be reached at:

         Oakley Aluminium Castings Limited
         Bridge Street
         Halesowen West Midlands B63 2UA
         United Kingdom
         Tel: 01384 412 515


P.D. BUILDERS: Winds Up Operations & Appoints Liquidator
--------------------------------------------------------
P.D. Builders Limited is liquidating its assets after creditors
passed a resolution to wind up the company's operations on
March 22.

Tony James Thompson of Piper Thompson was appointed Liquidator.

The company can be reached at:

         P.D. Builders Limited
         193 Moorfields Road
         Ballymena County
         Antrim BT423EF
         United Kingdom
         Tel: 028 2589 2239
         Fax: 028 2589 2239


PLATINUM HOME: Names Andrew Fender as Administrator
---------------------------------------------------
Andrew Fender of Sanderlings LLP was appointed administrator of
Platinum Home Entertainments (U.K.) Limited (Company Number
05160519) on May 9.

The administrator can be contacted at:

         Sanderlings LLP
         Sanderling House
         1071 Warwick Road
         Acocks Green
         Birmingham B27 6QT
         United Kingdom
         Tel: 0870 243 0540

Headquartered in Coventry, England, Platinum Home Entertainments
(U.K.) Limited retails electrical and other household goods.


RINGTAIL TIMBER: Hires Joint Liquidators from Begbies Traynor
-------------------------------------------------------------
David Moore and Donald Bailey, of Begbies Traynor, were
appointed Joint Liquidators of Ringtail Timber Limited after
creditors resolved to liquidate the company's assets on
March 24.

Director G. M. Oldfield revealed the company could no longer
continue its business due to mounting debts.

The company can be reached at:

         Ringtail Timber Limited
         Unit 6
         Tollgate Road
         Ringtail Industrial Estate
         Burscough Ormskirk
         Lancashire L40 8RT
         United Kingdom
         Tel: 01704 897 711
         Fax: 01704 895 511


SMALL CAFE: Taps Paul James Fleming to Liquidate Assets
-------------------------------------------------------
Creditors of Small Cafe Company Limited decided to liquidate the
company's assets during an extraordinary general meeting on
March 21.

Paul James Fleming of Parkin S. Booth & Co. was appointed
Liquidator.

The company can be reached at:

         The Small Cafe Company Limited
         396A Wilmslow Road
         Manchester M20 3BN
         United Kingdom
         Tel: 0161 445 9873


SNACK POINT: Names John Paul Bell as Administrator
--------------------------------------------------
John Paul Bell of Clarke Bell was appointed administrator of
Snack Point Limited (Company Number 037881133) on May 12.

The administrator can be reached at:

         Clarke Bell
         Parsonage Chambers
         3 The Parsonage
         Manchester
         Greater Manchester M3 2HW
         United Kingdom
         Tel: 0161 907 4044
         Fax: 0161 907 4086
         E-mail: clarkebell@mac56.com

Snack Point Limited can be reached at:

         Snack Point Limited
         Unit 8
         Hortonwood 7
         Telford
         Shropshire TF1 7YY
         United Kingdom
         Tel: 0870 163 3360
         Fax: 01952 602 629


SOUTHERN COMPONENTS: Taps Tenon Recovery to Administer Assets
-------------------------------------------------------------
Nigel Ian Fox and Duncan Robert Beat of Tenon Recovery were
appointed joint administrators of Southern Components Limited
(Company Number 3086697) on May 5.

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

Headquartered in Surbiton, England, Southern Components Limited
manufactures computer components.


UNIVERSAL BODY: Brings In Chantrey Vellacott Administrators
-----------------------------------------------------------
William John Turner and Kevin Anthony Murphy of Chantrey
Vellacott DFK LLP were appointed joint administrators of
Universal Body Services Limited (Company Number 04158339) on
May 2.

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.  

Headquartered in Tisbury, United Kingdom, Universal Body
Services Limited offers motor maintenance and repair services.


VINCENT JONES: Hires Joint Administrators From RE10 Ltd.
--------------------------------------------------------
Nimish Patel and Bijal Shah of RE10 (London) Limited were
appointed joint administrators of Vincent Jones (Wholesale
Warehouse) Limited (Company Number 01122961) on May 10.

The administrators can be reached at:

         RE10 (London) Limited
         Trinity House
         Heather Park Drive
         Wembley
         Middlesex HA0 1SU
         United Kingdom
         Tel: 870 787 2346

Vincent Jones (Wholesale Warehouse) Limited can be reached at:

         Enterprise House
         Viking Way
         Winch Wen
         Swansea SA1 7DA
         Tel: 01792 545 400
         Fax: 01792 545 401

                           *********

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, Julybien Atadero, Carmel Paderog,
and Joy Agravante, Editors.

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

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

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

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


                 * * * End of Transmission * * *