TCREUR_Public/060608.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, June 8, 2006, Vol. 7, No. 113     

                            Headlines

C R O A T I A

ZELJEZARA SISAK: Inks Pact Selling Remont Caprag to Valjaonica


F R A N C E

EUROTUNNEL GROUP: Rebel Shareholder to Consider Other Plans


G E R M A N Y

AUTO-CENTER: Claims Registration Ends June 23
BUKON GMBH: Claims Registration Ends June 23
CASTRO LOPEZ: Claims Registration Ends June 23
GROHE HOLDING: Moody's Junks 11.5% Sr. Notes on Weak Credit
H & P RECHENZENTRUM: Claims Filing Period Ends June 21

HALEN LADENBAU: Creditors' Meeting Slated for June 22
KLOECKNER & CO.: S&P Places Corporate Credit Rating at B+
KMD GMBH: Creditors' Meeting Slated for July 14
KUNOSTA KUNSTSTOFFRECYCLINGTECHNIK: Sets June 21 Claims Bar Date
MHT MATERIAL: Claims Filing Period Ends June 21

SALMIX GMBH: Claims Registration Ends June 22
ZS BAUUNTERNEHMUNG: Claims Filing Period Ends June 16


I T A L Y

PARMALAT GROUP: Grand Cayman Court Appoints Kroll as Liquidator
PARMALAT SPA: Fraud Proceedings Kick Off in Parma Court


K A Z A K H S T A N

BAYER & K: Creditors Must File Claims by June 16
BES-BULAK: Creditors Must File Claims by June 16
CAB-2: Claims Registration Ends June 16
FIBRIN: Claims Registration Ends June 19
KOBRA: Creditors' Claims Due June 16

MAGAFUR & K: Creditors' Claims Due June 16
OIL-EXPO-SERVIS: Atyrau Court Opens Bankruptcy Proceedings
TEHIMSNAB: Proof of Claim Deadline Slated for June 16
UZENMUNAIBAZA: Proof of Claim Deadline Slated for June 19


P O L A N D

BRE BANK: Moody's Changes D- Financial Strength Rating Outlook
NETIA SA: Court Closes Netia Holdings' Arrangement Proceedings


R U S S I A

AGRO-INVEST-AVIA: Court Begins Bankruptcy Supervision
ANAPA AGRO-RPOM: Court Taps A. Mavrov as Insolvency Manager
CHERKESSKIY METAL: Court Names R. Dzhaubaev Insolvency Manager
CHUPINSKIY MINING: Bankruptcy Hearing Slated for July 28
IMPEXBANK: S&P Lifts Counterparty Credit Ratings to BB+/B

KABARDINO-BALKARIYA: Court Names R. Dzhaubaev Insolvency Manager
KUBANSKOYE STEEL-CONSTRUCTION: V. Ryzhov to Manage Assets
OAO LUKOIL: Board of Directors Approve 2005 Annual Report
OAO NOVATEK: Shareholders Approve 2005 Annual Report in AGM
OAO NOVATEK: Shareholders Elect New Board of Directors

OAO NOVATEK: Shareholders Approve Company's Share Split
OAO ROSNEFT: Shareholders Approve Consolidation of Subsidiaries
OMZ URALMASH: Inks RUR350-Mln Supply Pact with Rosenergoatom
PSEBAYSKOYE: Court Appoints A. Mavrov as Insolvency Manager
YUKOS OIL: V. Grekhov Steps Down as President of Production


S P A I N

RURAL HIPOTECARIO: Fitch Junks EUR11.7 Million Class E Notes


S W I T Z E R L A N D

SWISS REINSURANCE: S&P Rates 10 Senior Debt Classes at B


U K R A I N E

AGROPROMBUD: Chernigiv Court Begins Bankruptcy Supervision
CHERNIVTSI' SUGAR: Court Names S. Ivanov as Insolvency Manager
DONSNAB-HARKIV: Court Names O. Trizna to Manage Assets
KREDO: Court Names Yaroslav Derevyanchenko as Liquidator
NAFTOGAZTRADE: Court Names Vadim Hristenko to Manage Assets

SAGAJDAK' BREAD: Court Names Y. Ovsij to Liquidate Assets
SAPSAN: Zaporizhya Court Starts Bankruptcy Supervision
SLOVYANI-PLUS: Court Names Vadim Hristenko as Liquidator


U N I T E D   K I N G D O M

CABLE & WIRELESS: Employee Share Trustees Sell 118,379 Shares
AMB ELECTRICAL: Appoints Administrators from Gerald Edelman
COLLECTIBLE WORLD: NatWest Taps Begbies Traynor as Receivers
DEW CONSTRUCTION: Lloyds TSB Names Receivers from Ernst & Young
EIRCOM GROUP: Credit Suisse Holds 6.98% Equity Stake

EUROTUNNEL GROUP: Rebel Shareholder to Consider Other Plans
HILLSMEN ENGINEERING: Brings In Jacksons Jolliffe as Liquidators
HORCA GRIFFIN: Brings In Portland Business to Administer Assets
JAMUNA RESTAURANT: Creditors Pass Winding Up Resolution
LANSDOWNE CONSTRUCTION: Names Simon James Bonney Liquidator

LASTING IMPRESSIONS: Appoints Joint Administrators from Menzies
MISYS PLC: Transfers 7,841 Shares to Scheme Participants
N. TAYLOR: Brings In Creswall Associates as Administrators
PEBBLESTONE LIMITED: Appoints Joint Administrators from Deloitte
POLESTAR CORP.: S&P Withdraws B- Corp. Credit and Debt Ratings

PROPERO LIMITED: Taps Smith & Williamson to Administer Assets
RANK GROUP: Cancels Another 1,000,000 Shares in Buyback Program
RDL LIMITED: Appoints Administrators from Moore Stephens
RELIEF DRIVER: Names Peter Alan Langard as Administrator
RITI PERFORMANCE: Taps Keith Aleric Stevens to Liquidate Assets

SOLITAIRE WINDOW: Financial Woes Trigger Liquidation
SOUTHERN CLADDING: Brings In Liquidator from Fisher Partners
T D C MOTORS: Creditors Confirm Voluntary Liquidation
TONI & GUY: Hires Joint Liquidators from David Rubin & Partners
TRUSTED SERVICES: Hires Liquidator from Vantis Numerica LLP

* Competition Commission Welcomes Peter Davis as Deputy Chairman


                            *********

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C R O A T I A
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ZELJEZARA SISAK: Inks Pact Selling Remont Caprag to Valjaonica
--------------------------------------------------------------
Valjaonica cijevi Sisak acquired Remont Caprag from bankrupt
ironworks firm Zeljezara Sisak d.d. for an undisclosed sum,
Croatia Today reports.  Valjaonica is 100% owned by Croatian
Privatisation Fund.

The acquisition would permit Valjaonica to continue its
operations since it is using Remont's services to maintain its
production equipment, CT relates.

According to the report, Valjaonica is seeking potential
investors to purchase a part of Remont's property in order to
unblock the latter's bank accounts.  The Croatian steel mill
would also sell non-core assets in order to settle its debts to
other trustees, including a KN6.5 million debt to the Ministry
of Finance, CT discloses.

The sale agreement was signed by VCS Management President Damir
Begovi and Zeljezara's bankruptcy manager Darko Sket.

Headquartered in Sisak, Croatia, Zeljezara Sisak d.d.
manufactures welded, seamless and cold-rolled steel pipes.


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F R A N C E
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EUROTUNNEL GROUP: Rebel Shareholder to Consider Other Plans
-----------------------------------------------------------
Eurotunnel Group shareholder activist Nicolas Miguet said he
wants to look at all alternative debt-reduction proposals before
agreeing to a management-backed rescue plan, Bloomberg News
relates.

"If there are two plans, I'll judge between both of them," Mr.
Miguet told Bloomberg.  "If there are three, I'll choose between
three.  If there's only one, which is currently the case, my
position hasn't changed."

As previously reported in TCR-Europe, the Group confirmed on
June 4 that it did not officially receive or contact any
alternative restructuring plan from any other financial
institution to date.  

The binding agreement Eurotunnel signed with the Ad Hoc
Committee on May 23 and financed by the consortium, Goldman
Sachs, Barclays and Macquarie, envisages a reduction of the
initial debt, reducing it from GBP6.2 billion to GBP2.9 billion.  
The Group stressed that any alternative solution should, in
terms of debt write off, have at least the same ambition.

The Agreement preserves, as far as possible, the interests of
all the parties involved.  It is being presented to the other
debt holders and will be presented to Eurotunnel shareholders at
the next General Meeting scheduled for July 12.

                        About the Company

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

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

                        *     *     *

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

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

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

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


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G E R M A N Y
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AUTO-CENTER: Claims Registration Ends June 23
---------------------------------------------
Creditors of Auto-Center Zwickau GmbH have until June 23 to
register their claims with court-appointed provisional
administrator Frank Ruediger Scheffler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 19, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Prince Road 21
         Chemnitz, Germany
         
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Chemnitz opened bankruptcy proceedings
against Auto-Center Zwickau GmbH on April 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Auto-Center Zwickau GmbH
         Attn: Dr. Uwe Hannig, Manager
         Werdauer Road 162
         08060 Zwickau, Germany

The administrator can be reached at:

         Frank Ruediger Scheffler
         Ulmenstrasse 14
         09112 Chemnitz, Germany
         Web: http://www.tiefenbacher.de/


BUKON GMBH: Claims Registration Ends June 23
--------------------------------------------
Creditors of BUKON GmbH have until June 23 to register their
claims with court-appointed provisional administrator Dr. Ruth
Rigol.

Creditors and other interested parties are encouraged to attend
the meeting at 12:00 noon on July 31, 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 Bonn
         Hall W126
         1. 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
BUKON GmbH on May 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         BUKON GmbH
         Attn: Gerd Rambow, Manager
         Old Zielei 4
         51588 Nuembrecht, Germany

The administrator can be reached at:

         Dr. Ruth Rigol
         Magnusstrasse 13
         50672 Cologne, Germany
         Tel: 0221/650660
         Fax: 0221/650661


CASTRO LOPEZ: Claims Registration Ends June 23
----------------------------------------------
Creditors of Castro Lopez GmbH have until June 23 to register
their claims with court-appointed provisional administrator
Mathias Dorn.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 13, 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 Kempten
         Meeting Room 157/I
         Residence Place 4-6
         87435 Kempten, 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 Kempten opened bankruptcy proceedings
against Castro Lopez GmbH on April 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Castro Lopez GmbH
         Weber Lane 35-37
         87435 Kempten, Germany

The administrator can be reached at:

         Mathias Dorn
         Allgauer Road 1
         87435 Kempten, Germany
         Tel: 0831/5800434
         Fax: 0831/5800464


GROHE HOLDING: Moody's Junks 11.5% Sr. Notes on Weak Credit
-----------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Grohe Holding GmbH to B2 from B1.  The outlook remains
negative.  

The downgrade reflects the company's weakened credit metrics,
which are no longer commensurate with the previous rating
category.  In the twelve months to March 31, Adjusted Total
Debt/EBITDA (adjusted for pensions and before restructuring
costs) increased to nearly 8.3x, while cash flows from
operations were negative, after a net EUR30 million inflow from
working capital.  Moody's recognizes that on a like-for-like
basis, total sales in the first quarter of 2006 increased year-
on-year in most geographical areas, with some stabilization in
Germany.  Nevertheless, the EBITDA margin remained below the
same period last year, and has been impacted by increased costs,
notably for raw materials.  Moody's also notes that cash flows
have been significantly impacted by cash restructuring costs,
which the company expects will decline in the current year.

The company's liquidity at March 31 consisted of EUR31 million
in cash in hand and at banks, in addition to EUR55.4 million
under its Revolving Credit Facility and other bank lines, and
EUR30 million committed under Tranche D of its senior credit
facilities.  Grohe's short-term financial liabilities remain
minimal, namely EUR9.4 million in debt at subsidiaries
(excluding commitments under the revolver, which can, however,
be refinanced on a rolling basis).  The senior facilities do not
begin to mature until the end of 2007.

The negative outlook reflects Moody's view that high interest
costs and ongoing cash restructuring costs are likely to absorb
a significant amount of operating cash flow and thus constrain
the potential for significant deleveraging in the near term.
Should the company's restructuring efforts lead to a
strengthening in operating cash flows and result in Adjusted
Total Debt/EBITDA falling towards 7.0x with a strengthening in
cash flow metrics, the outlook could be stabilized.  Downward
rating pressure could arise if operating profits do not improve,
or if concerns develop about the company's near-term liquidity.

Four ratings have been affected:

   -- the B1 Corporate Family Rating lowered to B2;

   -- the B1 rating on the EUR900 million senior secured credit
      facilities lowered to B2;

   -- the B3 rating on the EUR335.0 million 8.625% senior notes
      due 2014 lowered to Caa1;

   -- the Caa1 on the remaining 11.5% senior notes due 2010
      (originally issued by Grohe Aktiengesellschaft) lowered to
      Caa2.

Grohe Holding GmbH is the ultimate holding company for Grohe
Water Technology AG & Co. KG, which is headquartered in Hemer,
Germany, and is a leading European supplier of sanitary
technology systems.  For the year ended December 2005, Grohe
generated revenues and EBITDA (before exceptionals) of
EUR865million and EUR160 million, respectively.


H & P RECHENZENTRUM: Claims Filing Period Ends June 21
------------------------------------------------------
Creditors of H & P Rechenzentrum GmbH have until June 21 to
register their claims with court-appointed provisional
administrator Martin Kienitz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 12, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         4. Ebene
         Court Route 6
         33602 Bielefeld, Germany

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

The District Court of Bielefeld opened bankruptcy proceedings
against H & P Rechenzentrum GmbH on May 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         H & P Rechenzentrum GmbH
         Attn: Siegfried Hornig, Manager
         Mountain Route 27
         32278 Kirchlengern, Germany         

The administrator can be reached at:

         Martin Kienitz
         Ruegenweg 14
         32427 Minden, Germany


HALEN LADENBAU: Creditors' Meeting Slated for June 22
-----------------------------------------------------
The court-appointed provisional administrator for Halen Ladenbau
GmbH, Dr. Karl Gobel, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
11:15 a.m. on June 22.

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

         The District Court of Bremen
         Hall 115
         Court House (New Building)
         Ostertorstr. 25-31
         28195 Bremen, Germany

The Court will also verify the claims set out in the
administrator's report at 11:15 a.m. on July 20 at the same
venue.

Creditors have until June 27 to register their claims with the
court-appointed provisional administrator.

The District Court of Bremen opened bankruptcy proceedings
against Halen Ladenbau GmbH on May 1.  Consequently, all pending
proceedings against the company have been automatically stayed

The Debtor can be reached at:

         Halen Ladenbau GmbH
         Attn: Peter and Marie Halen, Manager
         Hermann-Funk-Road 3
         28309 Bremen, Germany
       
The administrator can be reached at:

         Dr. Karl Gobel
         Wachtstr. 17
         28195 Bremen, Germany
         Tel: 0421/366060
         Fax: 0421/3660630
         Web: http://www.ra-dr-goebel.de/
         E-mail: ra.dr.goebel@nord-com.net


KLOECKNER & CO.: S&P Places Corporate Credit Rating at B+
---------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Germany-based metal distributor
Kloeckner & Co. International GmbH (Kloeckner) on CreditWatch
with positive implications.  

The 'B-' rating on the EUR260 million subordinated bonds issued
by Kloeckner Investment S.C.A. and guaranteed by Kloeckner was
also placed on CreditWatch with positive implications.
  
This follows today's announcement by the company that it plans
to undertake a partial IPO in the very near term.
     
"The CreditWatch placement reflects the potential strengthening
of Kloeckner's financial profile likely to stem from the
proposed partial IPO of up to 50% of group equity," said
Standard & Poor's credit analyst Eve Greb.

"Although the details of the proposed transaction are yet to be
specified, a positive rating action is likely to be triggered if
the IPO goes ahead and if a substantial portion of the proceeds
is used to reduce net indebtedness."
    
This could involve a claw-back of up to 35% of the outstanding
bond issued by Kloeckner Investment S.C.A.
     
A successful transaction would lead to a one-notch upgrade of
all ratings if the new capital structure results in pro forma
operating cash flow (OCF) to adjusted debt of between 15% and
20% on a sustained basis.  A ratio of OCF to adjusted debt in
excess of this level would likely result in a two-notch upgrade
of all ratings.  Conversely, if the partial IPO does not go
ahead, or if the proceeds are not used for debt reduction, the
ratings would likely be affirmed and the corporate credit rating
assigned a positive outlook.  The CreditWatch will be resolved
once the details of the transaction have been finalized and the
ultimate success, or otherwise, of the IPO is assured.


KMD GMBH: Creditors' Meeting Slated for July 14
-----------------------------------------------
The court-appointed provisional administrator for KMD GmbH,
Biner Bahr, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 8:45 a.m. on
July 14.

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

         The District Court of Duesseldorf
         Meeting Room A 341
         3rd Floor
         Mill Road 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.

Creditors have until June 23 to register their claims with the
court-appointed provisional administrator.

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

The Debtor can be reached at:

         KMD GmbH
         Attn: Ulrich Over, Manager
         Puellenweg 9
         41352 Korschenbroich, Germany

The administrator can be reached at:

         Dr. Biner Bahr
         Jagerhofstrasse 21-22
         40479 Duesseldorf, Germany


KUNOSTA KUNSTSTOFFRECYCLINGTECHNIK: Sets June 21 Claims Bar Date
----------------------------------------------------------------
Creditors of Kunosta Kunststoffrecyclingtechnik GmbH have until
June 21 to register their claims with court-appointed
provisional administrator Martin Kienitz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 12, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         4. Ebene
         Court Route 6
         33602 Bielefeld, Germany         

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

The District Court of Bielefeld opened bankruptcy proceedings
against Kunosta Kunststoffrecyclingtechnik GmbH on May 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kunosta Kunststoffrecyclingtechnik GmbH
         Old Post Office Way 16
         32469 Petershagen, Germany

         Attn: Uwe Grundke, Manager
         Karolingerstr. 65F
         46395 Bocholt

The administrator can be reached at:

         Martin Kienitz
         Ruegenweg 14
         32427 Minden, Germany


MHT MATERIAL: Claims Filing Period Ends June 21
-----------------------------------------------
Creditors of mht material handling technologies GmbH & Co. KG
have until June 21 to register their claims with court-appointed
provisional administrator Markus Eibofner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 12, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Contactor         
         Schorndorfer Road 28, 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 Ludwigsburg opened bankruptcy proceedings
against mht material handling technologies GmbH & Co. KG on
April 18.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         mht material handling technologies GmbH & Co. KG
         Attn: Dr. Stephan Poller, Manager
         Schultheis-Kohle-Road 1
         71636 Ludwigsburg, Germany

The administrator can be reached at:

         Markus Eibofner
         William Route 4
         70182 Stuttgart, Germany         


SALMIX GMBH: Claims Registration Ends June 22
---------------------------------------------
Creditors of Salmix GmbH have until June 22 to register their
claims with court-appointed provisional administrator Hans-
Juergen Beil.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on July 7, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Norderstedt
         Hall B
         City Hall Avenue 80
         22846 Norderstedt, 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 Norderstedt opened bankruptcy proceedings
against Salmix GmbH on May 10.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Salmix GmbH
         Attn: Reiner and Brigitte Caspar, Managers
         Holstenstrasse 16
         24641 Sievershuetten, Germany

The administrator can be reached at:

         Hans-Juergen Beil
         Hallerstrasse 76
         20146 Hamburg, Germany


ZS BAUUNTERNEHMUNG: Claims Filing Period Ends June 16
-----------------------------------------------------
Creditors of ZS Bauunternehmung und Holzbau GmbH have until
June 16 to register their claims with court-appointed
provisional administrator Thomas Farian.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Ludwigsburg
         Hall 2008
         Palace Contactor
         Schorndorfer Road 28
         Ludwigsburg, 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 Ludwigsburg opened bankruptcy proceedings
against ZS Bauunternehmung und Holzbau GmbH on May 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ZS Bauunternehmung und Holzbau GmbH
         Attn: Selim Zarifoglu, Manager
         Liebigstrasse 10
         71636 Ludwigsburg, Germany

The administrator can be reached at:

         Thomas Farian
         Stuttgarter Strasse 78
         71638 Ludwigsburg, Germany
         Tel: 07141/95470


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PARMALAT GROUP: Grand Cayman Court Appoints Kroll as Liquidator
---------------------------------------------------------------
In a judgment dated May 12, 2006, the Grand Court of Cayman
Islands appointed Gordon I. MacRae and James Cleaver at Kroll
(Cayman) Limited as Joint Official Liquidators of Parmalat
Capital Finance Limited, Dairy Holdings Limited, and Food
Holdings Limited.

The Cayman Court has yet to enter an order regarding the
judgment.

The Official Liquidators expect Parmalat Finanziaria SpA and its
affiliates and subsidiaries to file a notice of appeal from the
Grand Court Order.

Messrs. Cleaver and MacRae are former partners of Ernst & Young
Restructuring Ltd., before the Cayman Islands insolvency and
advisory arm of Ernst & Young was acquired by Kroll Cayman, an
affiliate of Kroll, Inc., in 2005.

Dairy Holdings and Food Holdings are Cayman Island special-
purpose vehicles established by Parmalat SpA.  The Finance
Companies are under separate winding up petitions before the
Grand Court of the Cayman Islands.  On January 20, 2004, the
Liquidators filed Sec. 304 petition, Case No. 04-10362, in the
United States Bankruptcy Court for the Southern District of New
York before Judge Drain.  In May 2006, the Cayman Island Court
appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.

                          About Parmalat

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.


PARMALAT SPA: Fraud Proceedings Kick Off in Parma Court
-------------------------------------------------------
Criminal proceedings related to Parmalat SpA's collapse began in
a court in Parma, Italy, on June 5, 2006.

As widely reported, 64 individuals, including Parmalat founder
Calisto Tanzi and former chief financial officer Fausto Tonna,
face possible fraud charges.  The defendants are mostly former
executives, accountants, auditors and bankers.

Charges range from criminal association to fraudulent
bankruptcy, AGI Online relates.

The preliminary hearings have been slated for three days,
however, court officials believe the proceedings could extend
for months, as some defendants may seek pretrial plea
agreements, The Associated Press says.

According to Reuters, Judge Domenico Truppa, who oversees the
proceedings, will have to decide whether to put all the cases
together and whether the executives will face a trial.

                          About Parmalat

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.


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


BAYER & K: Creditors Must File Claims by June 16
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Bayer & K insolvent.

Creditors have until June 16 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai Region
         Tarana Str. 157  
         Kostanai
         Kostanai Region
         Kazakhstan


BES-BULAK: Creditors Must File Claims by June 16
------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
declared LLP Bes-Bulak insolvent.

Creditors have until June 16 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Aktube Region
         Altynsarina Str. 31
         Aktobe
    Aktube Region
         Kazakhstan


CAB-2: Claims Registration Ends June 16
---------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP CAB-2 insolvent.

Creditors have until June 16 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai Region
         Tarana Str. 157
         Kostanai
         Kostanai Region
         Kazakhstan


FIBRIN: Claims Registration Ends June 19
----------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Fibrin insolvent on March 30.

Creditors have until June 19 to submit written proofs of claim
to:

         LLP Fibrin
         Office 4
         Kassina Str. 2/1  
         Mamyr
         050052 Almaty, Kazakhstan
         Tel: 8 (3272) 93-19-22
              8 (3335) 59-68-31
              8 (3332) 58-50-41


KOBRA: Creditors' Claims Due June 16
------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Kobra insolvent.

Creditors have until June 16 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai Region
         Tarana Str. 157
         Kostanai
         Kostanai Region
         Kazakhstan


MAGAFUR & K: Creditors' Claims Due June 16
------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Magafur & K insolvent.

Creditors have until June 16 to submit written proofs of claim
to:
        
         The Specialized Inter-Regional
         Economic Court of Kostanai Region
         Tarana Str. 157  
         Kostanai
         Kostanai Region
         Kazakhstan


OIL-EXPO-SERVIS: Atyrau Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
commenced bankruptcy proceedings against LLP Oil-Expo-Servis on
April 11.

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

         Moldogalieva Str. 26-105
         Atyrau
         Atyrau Region
         Kazakhstan
   

TEHIMSNAB: Proof of Claim Deadline Slated for June 16
-----------------------------------------------------
LLC Tehimsnab has declared insolvency.  Creditors have until
June 16 to submit written proofs of claim to:
        
         LLC Tehimsnab
         Timiryazeva Str. 42
         Micro District Jetysu-2 57-1
         Almaty, Kazakhstan
         Tel: 8 (3272) 74-98-87
              8 (3333) 83-12-08


UZENMUNAIBAZA: Proof of Claim Deadline Slated for June 19
---------------------------------------------------------
LLP Uzenmunaibaza has declared insolvency.  Creditors have until
June 19 to submit written proofs of claim to:

         LLP Uzenmunaibaza
         Petroleum Storage Depot, Room 1
         Industry Zone
         Janaozen, East Kazakhstan Region
         Kazakhstan
         Tel: 8 (32934) 3-18-45


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


BRE BANK: Moody's Changes D- Financial Strength Rating Outlook
--------------------------------------------------------------
Moody's Investors Service has changed the outlook on D- Bank
Financial Strength Rating of BRE Bank SA (BRE Bank) to Positive
from Stable.  The rating action does not affect the A3/P-2
deposit ratings of BRE bank, both of which have been affirmed.  
The bank is 70.6% owned by German Commerzbank (rated A2/P-1/C+)
whose expected support underpins BRE Bank's deposit ratings.

Moody's stated that the change in outlook reflected the bank's
progress in addressing its areas of weaknesses, good track
record in recent years in achieving its business objectives,
improving financial fundamentals and reducing risk profile.

BRE Bank has been recently concentrating on restoring its
recurring profitability, restructuring corporate banking
business line, enhancing performance of its retail operations
and improving its overall risk profile.  Moody's added that a
future upgrade of BRE Bank SA's FSR could be based on further
improvement in the bank's financial fundamentals, in particular-
increased revenue generation and further improvement in
operating efficiency and profitability.  Other factors that
could contribute to an upgrade of the bank's FSR could include
maintaining its market share in corporate and investment banking
and demonstrating further progress in developing its retail
franchise.

Headquartered in Warsaw, Poland, BRE Bank SA is the country's
fifth largest bank.  At the end of 2005, it had consolidated
total assets, according to IFRS, amounting to PLN32,817 million
(EUR8.52 bn) vs. 2004 consolidated total assets of PLN30,494
million, and IFRS net profit of PLN248 million (EUR64.4 million)
vs. 2004 net loss of PLN294 million.


NETIA SA: Court Closes Netia Holdings' Arrangement Proceedings
--------------------------------------------------------------
The Regional Court in Warsaw completed the arrangement
proceedings of Netia Holdings SA, further to full repayment of
receivables provided in the arrangement plan adopted by Netia
and its creditors.

Arrangements proceedings of Netia constituted the last part of
the court arrangement proceedings performed in connection with
the financial restructuring of the Netia group.  Along with the
completion of these proceedings, and following the earlier
completion of arrangement proceedings of Netia Telekom SA and
Netia South Sp. z o.o., the process of financial restructuring
of the Netia group is completed.

On Aug. 9, 2002, the District Court for the City of Warsaw
approved the arrangement plan that was previously adopted by the
requisite majority of Netia Holdings S.A.'s creditors,
representing over 95% of total value of claims.

Terms of the confirmed arrangement plan for Netia Holdings
include:

  (1) 91.3 % of the debts subject to the arrangement plan will
      be written off;

  (2) Creditors will be repaid in annual installments;

  (3) Installment obligations will be denominated in Polish
      zloty, will be zero coupon and shall be payable on the
      last day of each consecutive calendar year during the
      period when the arrangement plan is in force:

      (a) the first installment payable on Dec. 31, 2007, will
          be equal to 8.5% of the reduced claims subject to the
          arrangement;

      (b) the second installment payable on Dec. 31, 2008, will
          be equal to 8.5% of the reduced claims subject to the
          arrangement plan;

      (c) the third installment payable on Dec. 31, 2009, will
          be equal to 17% of the reduced claims subject to the
          arrangement plan;

      (d) the fourth installment payable on Dec. 31, 2010, will
          be equal to 17% of the reduced claims subject to the
          arrangement plan;

      (e) the fifth installment payable on Dec. 31, 2011, will
          be equal to 24.5% of the reduced claims subject to the
          arrangement plan; and

      (f) the sixth installment payable on Dec. 31, 2012, will
          be equal to 24.5% of the reduced claims subject to the          
          arrangement plan.

  (4) The obligations under the arrangement plan will not be
      secured by any form of security interest.

Pursuant to the Polish Commercial Companies Code, Netia SA
became the legal successor of Netia Telekom SA and its eighteen
wholly owned subsidiaries following a merger in December 2003.

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


AGRO-INVEST-AVIA: Court Begins Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Kursk Region has commenced bankruptcy
supervision procedure on LLC Agro-Invest-Avia.  The case is
docketed under Case No. A35-11788/05 g.

The Temporary Insolvency Manager is:

         V. Afanasyev
         Office 312
         Dimirova Str. 76
         305004, Kursk Region, Russia

The Debtor can be reached at:

         LLC Agro-Invest-Avia
         Kursk
         Kursk Region, Russia


ANAPA AGRO-RPOM: Court Taps A. Mavrov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. A.
Mavrov as insolvency manager for CJSC Anapa Agro-Rpom (Case No.
A-32-18173/2005-38/240-B).  He can be reached at:

         Anapa Agro-Rpom
         Stasova Str. 180
         305575, Krasnodar Region, Russia

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

The Debtor can be reached at:

         CJSC Anapa Agro-Rpom
         Anapa Pionerskiy Pr. 30
         353456 Krasnodar Region, Russia


CHERKESSKIY METAL: Court Names R. Dzhaubaev Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Karachaevo-Cherkessiya Republic
appointed Mr. R. Dzhaubaev as insolvency manager for LLC
Cherkesskiy Factory of Metal Goods (TIN 0901050134).  He can be
reached at:

         R. Dzhaubaev
         Cherkessk, Lenina Str. 50
         Karachaevo-Cherkessiya Republic, Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent (Case No. A25-3790/05-8).

The Debtor can be reached at:

         LLC Cherkesskiy Factory of Metal Goods
         Lenina Str. 334A
         Post Office 1
         Cherkessk
         369001, Karachaevo-Cherkessiya Republic, Russia


CHUPINSKIY MINING: Bankruptcy Hearing Slated for July 28
--------------------------------------------------------
The Arbitration Court of Kareliya Republic will convene on
July 28 to hear the bankruptcy supervision procedure on CJSC
Chupinskiy Mining-and-Processing Integrated Works (Case No.
A26-680/2006-18).

The Temporary Insolvency Manager is:

         I. Belyaminov
         Post User Box 8
         Petrozavodsk
         185035, Kareliya Republic, Russia

The Debtor can be reached at:

         CJSC Chupinskiy Mining-and-Processing Integrated Works
         Pionerskaya Str. 42
         Chupa
         Kareliya Republic, Russia


IMPEXBANK: S&P Lifts Counterparty Credit Ratings to BB+/B
---------------------------------------------------------
Standard & Poor's Ratings Services raised its long- and short-
term counterparty credit ratings on Russia-based JSC Impexbank
to 'BB+/B' from 'B-/C'.  At the same time, the ratings were
removed from CreditWatch with positive implications, where they
had originally been placed on Feb. 1.  The outlook is positive.
    
The upgrade is based on Impex's 100%-ownership by Raiffeisen
International Bank-Holding AG (RI; not rated), a majority owned
subsidiary of Austria-based Raiffeisen Zentralbank Tsterreich
(RZB; --/--/A-1).  Standard & Poor's views Impex as a
strategically important subsidiary of the RI group, benefiting
from access to group funding and capital resources.
    
"The ratings on Impex reflect the expectation of significant
benefits from membership in the RI group in terms of risk-
management, liquidity, IT, and managerial support.  The ratings
are also supported by Impex's good business franchise in
servicing small and midsize enterprises and individual clients,
its decreased credit concentration on related parties, and its
good funding diversification," said Standard & Poor's credit
analyst Eugene Tarzimanov.  The ratings are constrained,
however, by its weak capitalization, and low (although
improving) core profitability.
     
Standard & Poor's expects that Impex has a strong potential to
further strengthen its creditworthiness in the medium term, with
the support of RI.  Impex's collaboration and/or merger with ZAO
Raiffeisenbank Austria (not rated) should also improve its
credit profile and strategic positioning in the RI group, as
reflected by the positive outlook.  Impex's focus on retail and
SME lending should boost margins and recurrent revenues in the
future, and help to decrease lending concentration.

A negative rating action might result if Impex's ties to RI are
weakened, its capitalization level erodes, or the quality of its
loan portfolio and earnings structure deteriorates.  "The
ratings on Impex will largely be driven by the extent of support
it will receive from RI, the development of the economic and
industry risks in Russia, and the sustainable improvement in
Impex's performance," added Mr. Tarzimanov.


KABARDINO-BALKARIYA: Court Names R. Dzhaubaev Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kabardino-Balkariya Republic appointed
Mr. R. Dzhaubaev as insolvency manager for OJSC Mineral Waters
of Kabardino-Balkariya (TIN 0711053573).  He can be reached at:

         R. Dzhaubaev
         Kabardinskaya Str. 151
         Nalchik
         360000, Kabardino-Balkariya Republic, Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent (Case No. A20-7818/2005).


KUBANSKOYE STEEL-CONSTRUCTION: V. Ryzhov to Manage Assets
---------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. V.
Ryzhov as insolvency manager for Kubanskoye Enterprise OJSC
Steel-Construction (Case No. A-32-1779/2006-44/7 B).  He can be
reached at:

         V. Ryzhov
         Room 31
         Zheleznodorozhnaya Str. 24
         350033, Krasnodar Region, Russia

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

The Debtor can be reached at:

         Kubanskoye Enterprise OJSC Steel-Construction
         Prom.zone
         Armavir
         352900, Krasnodar Region, Russia


OAO LUKOIL: Board of Directors Approve 2005 Annual Report
---------------------------------------------------------
The Board of Directors for OAO Lukoil gave preliminary approval
to the Company's 2005 Annual Report in accordance with the
Federal Law of the Russian Federation for Joint-Stock Companies
and in compliance with the Company Charter on May 30.  

The document was submitted for consideration of the General
Shareholders Meeting scheduled for June 28, 2006.

In 2005, geological exploration yielded discovery of four new
oilfields and one oil and gas condensate field together with
eleven new reservoirs in the fields discovered earlier.

As of Jan. 1, 2006, proven reserves of the LUKOIL Group reached,
according to the international classification of reserves, 20.3
billion barrels of oil equivalent including 16.1 billion barrels
of oil and 25.3 trillion cubic feet of gas.  The amount of
proven reserves secures 24 years of oil production and 95 years
of gas production at the current extraction rate.

The most substantial oil reserves growth was observed in the
Nenetz Autonomous Region, in Western Siberia, in the Caspian
basin and in Perm Region.  Hydrocarbon replenishment rate
reached 137 percent.

LUKOIL Group's oil production in 2005 totaled 90,158 ths tons.
Average daily production rate increased by 4.7 percent as
compared to 2004.  Natural production growth rate reached 4
percent. Domestic production totaled 86 277 ths tons.

In 2005, gas production of the LUKOIL Group totaled 7,569
million cubic meter Average daily gas production rose by 17.3
percent as compared to 2004.  Natural gas production reached
2,628 million cubic meter and increased by 43.8 percent as
compared to 2004.

Increasing attractiveness of domestic supplies accounted for 1
percent decrease in oil exports of LUKOIL subsidiaries, as
compared to the same period of the previous year, and amounted
to 45.8 million tons.

Oil refining volumes, including processing at third party
refineries, increased by 11.3 percent as compared to 2004 and
totaled 50.4 million tons.

Petroleum product sales in the Russian market reached 19.97
million tons in 2005.  Retail sales totaled 3.55 million tons,
which made a 29.4 percent increase as compared to 2004.
Petroleum product daily average per filling station increased by
19 percent and reached 7.6 tons per day.

Sales of petroleum products abroad in 2005 reached 56.67 million
tons, including 7.12 million tons (29.9% up from the level of
2004) through the Company's retail network of filling stations.

In 2005, the LUKOIL Group companies spent US$320 million on
environmental safety programs, including US$160 million on
nature conservation facilities.  Approximately US$230 million
were allocated to finance the Occupational Health and Safety
Program in 2005.

Reports of the Board of Directors, the Audit Committee, the
Strategy and Investments and the HR and Compensation Committees
were presented at the meeting.

In 2005 the Board of Directors approved major indicators for the
Budget and Investments Program for 2006 and the Midterm
Development Plan of the LUKOIL Group for 2006-2008.  The Board
of Directors also resolved to make further improvements in
corporate governance and outlined areas of development for
specific business segments.

The Audit Committee particularly examined the issue of improving
accountancy and accounting policy and endorsed the improved
system of hydrocarbon reserves evaluation and audit management.

The Strategy and Investments Committee analyzed the major
indicators for the Budget and Investments Program for 2006 and
the Midterm Development Plan of the LUKOIL Group for 2006-2008
and reviewed amendments to the Group's investment program in
account of the global oil price changes.

The HR and Compensation Committee analysed implementation of the
Company's social policy pursued in accordance with OAO LUKOIL's
Social Code and the Agreement between the employer and the
Company's labor union for 2006-2008.

Performance of the Board of Directors and its Committees was
recognized as positive.  The 2005 Annual Report was suggested to
be submitted to the General Shareholders Meeting for approval.

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

                        *     *     *

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

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


OAO NOVATEK: Shareholders Approve 2005 Annual Report in AGM
-----------------------------------------------------------
Shareholders approved OAO Novatek's 2005 Annual Report, annual
RSA accounts and allocation of profits for 2005 at its Annual
General Meeting.

"During 2005, the Company consistently executed its corporate
strategy aimed at increasing hydrocarbon production volumes,
growing its resource base, constructing new processing
facilities and strengthening its market positions," Leonid
Mikhelson, NOVATEK's CEO, said.

In 2005, total hydrocarbon production increased by 17% reaching
186 million barrels of oil equivalent (boe), the highest
production volumes for natural gas and gas condensate achieved
over the Company's history. Gross production of natural gas
totaled 25.2 billion cubic meters (bcm) increasing by 4.3. bcm,
or 21%, compared to the previous year.  Average daily natural
gas production grew in 2005 by 13 million cubic meters (mmcm),
or 23%, to 69 mmcm per day.  In December 2005, the Company
achieved record daily production volumes of 80 mmcm.  In 2005,
gas condensate output increased by 135 thousand tons, or 7%,
exceeding 2 million tons for the year.

At year-end 2005, NOVATEK increased its proven reserves of
natural gas, gas condensate and crude oil by 9.5% to 4.6 billion
boe.  In 2005, the Company's replaced 311% of its hydrocarbon
production through its successful geological and development
activities.  The volume of proven reserves ensures current
production level of 2005, reserves-to-production ratio, for the
next 25 years.

In June 2005, NOVATEK commenced operations at its Purovsky gas
condensate processing facility (Purovsky Plant) enabling the
Company to process 100% of its unstable gas condensate
production.  The construction of the Purovsky Plant was
completed within 18 months During 2005, the Purovsky Plant
processed about 1 million tons of unstable gas condensate and
produced 764 thousand tons of stable gas condensate and 245
thousand tons of liquefied petroleum gas.  The commencement of
operations at the Purovsky Plant enhanced NOVATEK's marketing
distribution channels for liquid hydrocarbons providing
flexibility to deliver products to both the international and
domestic markets.  In 2005, NOVATEK together with Belomorskaya
Neftebaza (White Sea Oil Depot) expanded the gas condensate
loading and storage facilities in the port of Vitino located in
the Murmansk region.

In June 2005, in order to develop deep processing of raw
hydrocarbons and their derivatives, NOVATEK commissioned a
biaxial-orientated polypropylene plant (BOPP) which design
capacity of 25 thousand tons per annum allowing the Company to
supply up to one-quarter of Russian market for consumer
packaging film materials used in the food, tobacco, perfume,
pharmaceutical and textile industries.

During 2005, the Company's natural gas sales volumes increased
by 10 bcm, or 58%, to 27.33 bcm as compared to the prior year.  
NOVATEK expanded its geography of natural gas sales from 17 to
30 Russian regions, including Chelyabinsk, Samara, Leningrad,
Perm and Tyumen regions.  The main consumers of the Company's
natural gas are electric power companies, other industrial
consumers and regional natural gas distributors.

The commencement of the Purovsky Plant caused significant
changes in the composition of liquid hydrocarbon sales in 2005.  
The portion of oil and oil products sold decreased from 100% to
60%, whereas sales of stable gas condensate and LPG produced at
the plant accounted for 40% of the volumes sold.  Total liquids
sales increased in 2005 by 348 thousand tons, or 17%, over prior
period achieving sales volumes of approximately 2,46 million
tons.  The Purovsky Plant and port facilities in Vitino enabled
the Company to approach new markets.  In 2005, NOVATEK supplied
gas condensate both to European countries and North America
selecting a region subject to pricing conditions in these
markets.

The Company also presented its consolidated financial statements
prepared in accordance with International Financial Reporting
Standards.  Total revenue and other income grew by 71% in 2005
while the Company's total debt was reduced by RUB15 billion, or
by 62%, to RUB9 billion as compared to 2004.  The full
consolidation of core subsidiaries combined with increased sales
volumes of natural gas and gas condensate contributed to the
record results reported in the Company's financial results for
2005.

According to NOVATEK's CFO, Mark Gyetvay, "Last year the Company
reported revenues and earnings above those planned in the budget
largely due to increases in sales volumes and favorable pricing
conditions in the domestic and international markets."

The Company obtained a first-time corporate rating from Moody's
(Ba2/ stable outlook) and S&P (BB-/ stable outlook) during the
year.  Mr. Gyetvay stated, "We continued our aggressive debt
reduction program in 2005 significantly strengthening our
balance sheet and reducing our finance cost, which contributed
to the positive ratings received from the credit rating
agencies."

Summing up the results of 2005, NOVATEK's Board of Director
Chairman, Alexander Natalenko stated that "2005 was the most
successful year in the Company's history.  We were able to
improve the Company's financial and business performance,
complete our assets restructuring and ensure the entry onto the
stock exchange markets."

Headquartered in Moscow, OAO Novatek is Russia's second largest
gas company after state-controlled Gazprom, and the largest of
the country's independent gas producers.  

                        *     *     *

As reported in TCR-Europe on March 21, Standard & Poor's Ratings
Services assigned its 'BB-' long-term corporate credit rating to
OAO Novatek, Russia's largest independent gas producer.  S&P
said the outlook is stable.


OAO NOVATEK: Shareholders Elect New Board of Directors
------------------------------------------------------
Shareholders of OAO Novatek elected a new Board of Directors
which consists of five independent directors and three executive
directors.

The independent Board members include:

   * Anatoly Mikhailovich Brekhuntsov, General Director of OAO
     Siberian Scientific and Analytical Center

   * Vladimir Alexandrovich Dmitriev, CEO, Vnesheconombank

   * Anatoly Nikolayevich Dmitrievsky, Director of Oil and Gas
     Institute, Russian Academy of Sciences and Chairman of the
     Expert Commission on the Expert Council for Oil and Gas
     within the Russian Federation government for the
     implementation of oil and gas projects

   * Ruben Karlenovich Vardanian, Chairman of BOD of Troika
     Dialog Group.

   * Ilya Arthurovich Yuzhanov, Supervisory Board Chairman of
     ZAO NOMOS-BANK and member of the Board of Directors of RAO
     UES of Russia.

The Executive Management Board members consist of:

   * Mark Anthony Gyetvay, Chief Financial Officer of OAO
     NOVATEK.

   * Leonid Viktorovich Mikhelson, Chief Executive Officer
     andChairman of Management Board of NOVATEK.

   * Alexander Yegorovich Natalenko, Chairman of the Board of
     Directors OAO NOVATEK.

Headquartered in Moscow, OAO Novatek is Russia's second largest
gas company after state-controlled Gazprom, and the largest of
the country's independent gas producers.  

                        *     *     *

As reported in TCR-Europe on March 21, Standard & Poor's Ratings
Services assigned its 'BB-' long-term corporate credit rating to
OAO Novatek, Russia's largest independent gas producer.  S&P
said the outlook is stable.


OAO NOVATEK: Shareholders Approve Company's Share Split
-------------------------------------------------------
OAO Novatek disclosed that the Annual General Meeting of
Shareholders approved the decision to split the Company's
ordinary shares.

As a result of the share split, one ordinary registered share
with a nominal value of one hundred roubles will be converted
into 1,000 shares of the same category with a nominal value of
ten kopecks subject to retention of the size of the charter
capital and scope of rights granted to each shareholder.

The AGM underlined that the share split will increase the shares
liquidity and convertibility.

Headquartered in Moscow, OAO Novatek is Russia's second largest
gas company after state-controlled Gazprom, and the largest of
the country's independent gas producers.  

                        *     *     *

As reported in TCR-Europe on March 21, Standard & Poor's Ratings
Services assigned its 'BB-' long-term corporate credit rating to
OAO Novatek, Russia's largest independent gas producer.  S&P
said the outlook is stable.


OAO ROSNEFT: Shareholders Approve Consolidation of Subsidiaries
---------------------------------------------------------------
Majority of shareholders voted in favor of the consolidation of
OAO Rosneft companies based on the proposed conversion ratios on
June 2.

According to preliminary tallies, shareholders approve the
consolidation of:

   * Rosneft;
   * Rosneft-Krasnodarneftegaz;
   * Rosneft-Purneftegaz;
   * Rosneft-Sakhalinmorneftegaz;
   * Rosneft-Stavropolneftegaz;
   * Yuganskneftegaz;
   * Severnaya Neft;
   * Selkupneftegaz;
   * Rosneft-Komsomolsk Refinery;
   * Rosneft-Tuapse Refinery;
   * Rosneft-Arkhangelsknefteprodukt;
   * Rosneft-Nakhodkanefteprodukt; and
   * Rosneft-Tuapsenefteprodukt.

Approximately 99% of voting shareholders in Rosneft's refinery
and retail subsidiaries -- Komsomolsk and Tuapse refineries,
Arkhangelsknefteprodukt, Nakhodkanefteprodukt and
Tuapsenefteprodukt -- voted for the consolidation with an
estimated quorum of 85%.

Vote counting in Rosneft's larger exploration and production
subsidiaries, some of which have thousands of shareholders, are
in process.  

Preliminary results also indicate the majority of votes are in
favor of the proposed consolidation; final results will be
announced within 15 days in accordance with Russian legislation.

At an additional extraordinary joint general meeting,
shareholders of Rosneft and the above subsidiaries also approved
amendments and addenda to be introduced to the preamble of the
Company's charter, which will make Rosneft the successor of the
consolidated subsidiaries.  All meetings were conducted through
proxy votes.

Approval by minority shareholders of Rosneft's proposed
restructuring is a key milestone in the process of creating a
unified, vertically-integrated oil and gas company of world
class standards.  The consolidation will result in reduced
costs, more efficient management, increased effectiveness of
capital investments and better performance from Rosneft in
general.  A unified Rosneft will allow the Company to move away
from intra-group sales and transfer pricing, which will minimize
legal, tax and other risks associated with the Company's
operations.  The consolidation process and resulting simplified
corporate structure will also facilitate Rosneft's access to the
capital markets, thereby improving the financing terms available
to the Company as it continues to invest in its leading
development and exploration portfolio.

Headquartered in Moscow, OAO Rosneft --
http://www.rosneft.com/english-- produces and markets petroleum   
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                        *     *     *

Standard & Poor's assigned B+ ratings to Rosneft's long-term and
local foreign issuer credit, while Fitch assigned BB+ ratings to
the Company's foreign currency and local currency long-term debt
in 2005.


OMZ URALMASH: Inks RUR350-Mln Supply Pact with Rosenergoatom
------------------------------------------------------------
OMZ Uralmash-Izhora Group has reached an agreement to supply new
time-saving devices for power units at the Balakovo and Kalinin
nuclear power plants.  The cost of the contract, for two
multiple stud tensioners for the main casing joints, is RUR350
million.  The equipment is scheduled for delivery in 2007.

The specialized multiple stud tensioners are designed for power
unit compression and decompression for refueling or scheduled
repair.  Use of a multiple stud tensioner can save time by a
factor of 70% in comparison with conventional ways of opening
and closing a main casing joint.

OMZ's NPPEQ division specializes in engineering, production,
sales and servicing of equipment for the nuclear energy
industry.  The division's production facilities are located in
St. Petersburg (Izhora plants) and the Czech Republic (Skoda
JS).

                      About the Company

OMZ (Uralmash-Izhora Group) is one of the largest heavy industry
enterprises in Russia.  It specializes in engineering,
manufacturing, sales and maintenance of plant, equipment and
machinery for the nuclear power industry, and also producing
special steels and providing industrial services.  The company
comprises the divisions of OMZ NPPEQ, OMZ- Spetsstal, OMZ-MINEQ
and OMZ Uralmash-Promuslugi, located in Russia -- at Uralmash
and Izhorskiye Zavody -- and in the Czech Republic -- at Skoda
Steel and Skoda JS.

                        *     *     *

As reported in TCR-Europe on Feb. 10, 2006, Standard & Poor's
Rating Services placed its 'CCC+' long-term corporate credit and
'ruBB' national scale ratings on Russia-based heavy-engineering
holding company OAO OMZ (Uralmash-Izhora Group) on CreditWatch
with developing implications.  This follows the announced
acquisition of more than 75% of the company by a group of
investors represented by Gazprombank (BB/Positive/B).

"The CreditWatch placement reflects the strong upside potential
for OMZ resulting from this change of control," said Standard &
Poor's credit analyst Tatiana Kordyukova.  "The company's
business position might benefit from restructuring efforts and
new order inflow if the new shareholders are related to--and
their actions coordinated with--the government, as reported."


PSEBAYSKOYE: Court Appoints A. Mavrov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. A.
Mavrov as insolvency manager for OJSC Psebayskoye.  He can be
reached at:

         A. Mavrov
         Stasova Str. 180
         350075, Krasnodar Region, Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent (Case No. A-32-37006/05-37/489-B).

The Debtor can be reached at:

         OJSC Psebayskoye
         Psebay, Sovetskaya Str. 276
         Mostovskiy Region
         353570 Krasnodar Region, Russia


YUKOS OIL: V. Grekhov Steps Down as President of Production
-----------------------------------------------------------
Yukos Oil Company disclosed the resignation of Victor Grekhov as
President of its Exploration Production effective immediately.  
No replacement for Mr. Grekhov is being announced at this time.

The Company dismissed Stanislav Vinokurov's statements that he
has taken over Mr. Grekhov's position rejecting Mr. Vinokurov's
authority as President of Refining Marketing.

"The Company would like to reiterate its statement of May 24
regarding the representations Mr. Vinokurov made about his
authority within YUKOS RM," Claire Davidson, spokesperson for
YUKOS Oil Company, said.  "Mr. Vinokurov has not been legally
appointed to any position of authority in YUKOS or in any of its
subsidiaries by the legally appointed management of YUKOS Oil
Company."

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.  

On May 26, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.


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


RURAL HIPOTECARIO: Fitch Junks EUR11.7 Million Class E Notes
------------------------------------------------------------
Fitch Ratings assigned final ratings to Rural Hipotecario VIII,
Fondo de Titulizacion de Activos' residential mortgage-backed
floating-rate notes totaling EUR1.31 billion due in January 2044
as:

   -- EUR97.5 million Class A1: AAA;
   -- EUR802.4 million Class A2a: AAA;
   -- EUR350 million Class A2b: AAA;
   -- EUR27.3 million Class B: A+;
   -- EUR15.6 million Class C: BBB;
   -- EUR7.2 million Class D: BB+; and
   -- EUR11.7 million Class E: CC.

This transaction is a cash flow securitization of a EUR1.3
billion static pool of first-ranking residential mortgage loans
originated by 19 rural credit cooperatives who will continue to
service the mortgages.

The ratings are based on the quality of the collateral,
available credit enhancement, the legal and financial structure
of the deal, the underwriting and servicing of the collateral
and the Europea de Titulizacion S.A. S.G.F.T.'s administrative
capabilities.  

The ratings on the Class A to D notes address payment of
interest on the notes according to the terms and conditions of
the documentation, subject to a deferral trigger on the Class B,
C and D notes, as well as the repayment of principal by the
legal final maturity for each note.  The Class E notes were
issued to finance the cash reserve fund.  

The Class E notes are ultimately likely to default, and their
ratings are supported by the expected recovery rate for
noteholders, that is, the amounts investors are likely to
receive during the life of the transaction.

The fund is regulated by Spanish Securitisation Law 19/1992 and
Royal Decree 926/1998.  Its sole purpose is to transform the
mortgage transmission certificates acquired from the sellers
into securities.  The certificates were subscribed by Europea de
Titulizacion S.A. S.G.F.T., whose sole function is to manage
asset-backed notes on behalf of the fund.

This is the eighth residential mortgage securitization conducted
by cajas rurales and the third rated by Fitch.  The cajas
rurales belong to the Asociacion Espanola de Cajas Rurales,
which offers its members a wide range of wholesale and retail
banking services through Banco Cooperativo Espanol.

Cooperativo acts as the paying agent servicing the notes, the
swap counterparty and the treasury account provider.  Two of the
19 sellers are rated by Fitch: Caja Rural De Navarra, S.C.C. and
Caja Rural Del Mediterraneo, Ruralcaja S.C.C..


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


SWISS REINSURANCE: S&P Rates 10 Senior Debt Classes at B
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its senior secured
debt ratings to the principal at-risk variable-rate notes issued
under Swiss Reinsurance Co.'s (Swiss Re) Successor shelf
program.  These are the first issuances under the seven newly
established USS$1.5 billion principal at-risk variable-rate note
programs.
  
The issuers are all special-purpose Cayman Islands-exempted
companies whose ordinary shares are held in charitable trust.
Within series, they issued various classes of notes and invested
the proceeds in high-quality assets within separate collateral
accounts for each issuer.
  
The issuers swap the total return of the asset portfolio with
Swiss Re Financial Products Corp., in exchange for quarterly
LIBOR-based payments.  Simultaneous to the issuance of the
notes, each issuer entered into an ISDA-based counterparty
contract comparable to a retrocession contract with Swiss Re.
These contracts will provide Swiss Re with a source of
protection for hurricanes in the North Atlantic, windstorms in
Europe, and earthquakes in California and/or Japan on a per-
occurrence basis over a period of up to two years.
  
The payments received from Swiss Re under the counterparty
contracts and the proceeds from the total return swap with Swiss
Re Financial Products are used to make the scheduled interest
payments to the holders of the various classes.  Swiss Re will
pay the issuers' up-front and ongoing expenses in connection
with the security issuances.
  
EQECAT Inc.'s proprietary models were used to determine the
probability of attachment of each class within a series of
notes.  EQECAT will use information supplied by the designated
reporting agencies to calculate a loss index (in the case of
Successor Hurricane Industry Ltd., Successor Euro Wind Ltd., and
Successor Cal Quake Parametric Ltd.) or to model the losses to
the corresponding notional portfolios (in the case of Successor
Hurricane Modeled Ltd. and Successor Japan Quake Ltd.) following
the occurrence of these natural catastrophes.
  
The index or the modeled loss amount is used to determine
whether or not a principal loss to the noteholders of that class
of notes has occurred, and the amount of the loss.  If a loss
has occurred, assets in the collateral account are sold to fund
the loss payment to Swiss Re, and the principal amount of the
notes is reduced.  The loss payments to Swiss Re will not
necessarily bear any direct or indirect correlation to any loss
actually incurred by Swiss Re.
  
A significant part of the rating analysis took account of an
assessment of the occurrence probabilities of the covered
natural perils as modeled by EQECAT.  Further, the ratings on
the classes of notes are based on the creditworthiness of Swiss
Re (long-term AA/Watch Neg; short-term A-1+) as payer of its
obligations under the counterparty contracts and as guarantor of
Swiss Re Financial Products, the counterparty for all total
return swap contracts.
  
For the U.S. hurricane peril, EQECAT provided two measures of
the probability of attachment: a near-term analysis and a long-
term analysis.  Standard & Poor's gave greater weight to the
near-term analysis when assigning the rating on the notes in
line with our newly published criteria (see "Standard & Poor's
Updates U.S. Hurricane Catastrophe Bond Ratings Criteria",
published on June 2 on RatingsDirect, at www.ratingsdirect.com).
  
In general, noteholders lose money once the loss amount or the
index value reaches or exceeds a predefined level, the
attachment point.  However, the class F notes issued by
Successor Hurricane Industry have been structured as a "knock-
out" tranche.  The holders of this class incur a loss only if
the ultimate index value calculated by EQECAT remains between
the attachment and a predefined upper limit, the exhaustion
point.  They do not incur a loss if the index value exceeds this
exhaustion point.  This is the first time Standard & Poor's has
observed this mechanism in relation to the issuance of principal
at-risk notes.
  
In addition, losses under the notes issued by Successor
Hurricane Industry depend on industry losses published by
Property Claims Services (PCS).  If the PCS industry losses
figures are reduced between payment dates, Swiss Re would be
obliged to pay back parts of the loss payment already received
from Successor Hurricane Industry.  For the class F notes, this
could result in a total repayment of principal by Swiss Re once
the index value exceeds the exhaustion point for this class of
notes.
  
Swiss Re has the option to extend the maturity of each class of
notes by four months.  In addition, it is able to extend the
maturity of the notes issued by Successor Hurricane Industry by
up to 24 months to allow for the PCS industry losses to develop
following a North Atlantic hurricane.  During the extension
periods, noteholders receive a lower coupon rate because the
occurrence of any additional events during this time does not
have any effect on the loss of principal.
  
                        Ratings List

                        Transaction

  Series                            Amount          
   Class         Rating         (Mil. US$)         Maturity
  ------         ------         ----------         --------
  
               Successor Hurricane Industry Ltd.
              US$119.5 Million Principal at-Risk
              Variable-Rate Notes Series 1 And 2
  
  Series 1
    Class B         BB-             14.00          Dec. 6, 2007
    Class C         B                7.25          Dec. 6, 2007
    Class D         B               34.25          Dec. 6, 2007
    Class F         B               54.00          Dec. 6, 2007
  
  Series 2
    Class D         B               10.25          June 6, 2007
  
               Successor Hurricane Modeled Ltd.
              US$42.25 Million Principal at-Risk
                 Variable-Rate Notes Series 1
  
  Series 1
    Class B         BB-             42.25          Dec. 6, 2007
  
              Successor Cal Quake Parametric Ltd.
               US$47.50 Million Principal at-Risk
                  Variable-Rate Notes Series 1
  
  Series 1
    Class A         BB              47.50          June 6, 2008
  
                 Successor Japan Quake Ltd.
              US$203.47 Million Principal at-Risk
               Variable-Rate Notes Series 1 And 2
  
  Series 1
    Class A         BB             103.47          June 6, 2008
    Class B         BB-             26.25          June 6, 2008
    Class C         B               70.75          June 6, 2008
  
  Series 2
    Class C         B                3.00          June 6, 2007
  
                 Successor Euro Wind Ltd.
             US$232.38 Million Principal at-Risk
             Variable-Rate Notes Series 1 And 2
  
  Series 1
    Class A         BB              97.13          June 6, 2008
    Class B         BB-             18.50          June 6, 2008
    Class C         B              110.75          June 6, 2008
  
  Series 2
    Class A         BB               3.00          June 6, 2007
    Class C         B                3.00          June 6, 2007
  
                     Successor II Ltd.
            US$73.20 Million Principal at-Risk
               Variable-Rate Notes Series 1
  
  Series 1
    Class A         B               73.20          June 6, 2008
  
                     Successor IV Ltd.
            US$30.00 Million Principal at-Risk
               Variable-Rate Notes Series 1
  
  Series 1
    Class A         B               30.00          June 6, 2008


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


AGROPROMBUD: Chernigiv Court Begins Bankruptcy Supervision
----------------------------------------------------------------
The Economic Court of Chernigiv Region commenced bankruptcy
supervision procedure on CJSC Agroprombud (code EDRPOU 03588301)
on March 17.  The case is docketed under Case No. 9/128 B.

The Temporary Insolvency Manager is:

         Vladislav Reshetnyak
         a/b V-523
         01001 Kyiv Region, Ukraine

The Economic Court of Chernigiv Region is located at:

         Miru Avenue 20
         14000 Chernigiv Region, Ukraine

The Debtor can be reached at:

         CJSC Agroprombud
         Parizkoyi komuni Str. 33
         Borzna
         16400 Chernigiv Region, Ukraine


CHERNIVTSI' SUGAR: Court Names S. Ivanov as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Chernivtsi Region appointed Mr. S. Ivanov
as Liquidator/Insolvency Manager for OJSC Chernivtsi' Sugar
Plant (code EDRPOU 00373117).  He can be reached at:

         S. Ivanov
         Charles Darwin Str. 19/15
         Chernivtsi Region, Ukraine

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on April 4.  The case is docketed under
Case No. 5/161/b.

The Economic Court of Chernivtsi Region is located at:

         O. Kobilyanska Str. 14
         58000 Chernivtsi Region, Ukraine

The Debtor can be reached at:

         OJSC Chernivtsi' Sugar Plant
         Hotinska Str. 4
         Chernivtsi Region, Ukraine


DONSNAB-HARKIV: Court Names O. Trizna to Manage Assets
------------------------------------------------------
The Economic Court of Harkiv Region appointed Mr. O. Trizna as
Liquidator/Insolvency Manager for LLC Donsnab-Harkiv (code
EDRPOU 32357729).  

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on April 5.  The case is docketed under
Case No. B-19/34-06.

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region, Ukraine

The Debtor can be reached at:

         LLC Donsnab-Harkiv
         Solonitsivka
         Harkiv Region, Ukraine


KREDO: Court Names Yaroslav Derevyanchenko as Liquidator
--------------------------------------------------------
The Economic Court of Donetsk Region appointed Yaroslav
Derevyanchenko as Liquidator/Insolvency Manager for LLC KREDO
(code EDRPOU 31178037).  He can be reached at:

         Yaroslav Derevyanchenko
         SRSR Str. 139/6
         50-Richya
         83100 Donetsk Region, Ukraine

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on April 10.  The case is docketed under
Case No. 27/45 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region, Ukraine

The Debtor can be reached at:

         LLC Kredo
         Tkachenko Str. 115
         83062 Donetsk Region, Ukraine


NAFTOGAZTRADE: Court Names Vadim Hristenko to Manage Assets
-----------------------------------------------------------
The Economic Court of Kirovograd Region appointed Vadim
Hristenko as Liquidator/Insolvency Manager for LLC Naftogaztrade
(code EDRPOU 31200067).  He can be reached at:

         Stalingradu Str. 4/9
         Geroiv
         25028 Kirovograd Region, Ukraine
         Tel: 8 (0522) 22-75-86

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on March 14.  The case is docketed under
Case No. 9/187.

The Economic Court of Kirovograd Region is located at:

         Lunacharski Str. 29
         Kirovograd Region, Ukraine

The Debtor can be reached at:

         LLC Naftogaztrade
         Lipnyazhka
         Dobrovelikivskij District
         27015 Kirovograd Region, Ukraine


SAGAJDAK' BREAD: Court Names Y. Ovsij to Liquidate Assets
---------------------------------------------------------
The Economic Court of Poltava Region appointed Mr. Y. Ovsij as
Liquidator/Insolvency Manager for OJSC Sagajdak' Bread Receiving
Enterprise (code EDRPOU 00955503).

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on March 28.  The case is docketed under
Case No. 10/88.

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region, Ukraine

The Debtor can be reached at:

         OJSC Sagajdak' Bread Receiving Enterprise
         Fedorenko Str. 94
         Sagajdak
         Shishatskij District
         38033 Poltava Region, Ukraine


SAPSAN: Zaporizhya Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
supervision procedure on LLC Sapsan (code EDRPOU 25481242).  The
case is docketed under Case No. 02-7/2517-25/66/06.

The Temporary Insolvency Manager is:

         D. Gerashenko
         a/b 7611
         69002 Zaporizhya Region, Ukraine

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region, Ukraine

The Debtor can be reached at:

         LLC Sapsan
         Perspektivna Str. 1
         69106 Zaporizhya Region, Ukraine


SLOVYANI-PLUS: Court Names Vadim Hristenko as Liquidator
--------------------------------------------------------
The Economic Court of Kirovograd Region appointed Vadim
Hristenko as Liquidator/Insolvency Manager for LLC Slovyani-Plus
(code EDRPOU 23224162).  He can be reached at:

         Vadim Hristenko
         Geroiv Stalingradu Str. 4/9
         Tel: 8 (0522) 22-75-86
         25028 Kirovograd Region, Ukraine

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on March 22.  The case is docketed under
Case No. 10/18.

The Economic Court of Kirovograd Region is located at:

         Lunacharski Str. 29
         Kirovograd Region, Ukraine

The Debtor can be reached at:

         LLC Slovyani-Plus
         Moshena
         Gayvoronskij District
         26314 Kirovograd Region, Ukraine


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


CABLE & WIRELESS: Employee Share Trustees Sell 118,379 Shares
-------------------------------------------------------------
The Trustees of Cable and Wireless PLC Employee Share Ownership
Trust disposed of 5,309 Ordinary Shares at a price of GBP1.045
per share on June 2.

On June 5, the Trust disposed of 113,070 Ordinary Shares at a
price of GBP1.0425 per share.

Following the disposals, 50,689,699 Ordinary Shares are held
under the Trust.  

Rob Rowley, George Battersby, Tony Rice, John Pluthero, and
Harris Jones (all being directors of Cable and Wireless plc), in
their capacity as members of the class of beneficiaries under
the Trust and Towers Perrin Share Plan Services (GSY) Limited in
their capacity as Trustees of the Trust, are deemed to have a
non-beneficial interest in these Ordinary Shares.

No Directors are disposing of any beneficial interests in the
Company.

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.


AMB ELECTRICAL: Appoints Administrators from Gerald Edelman
-----------------------------------------------------------
B. Hoffman and I. D. Yerrill of Gerald Edelman Business Recovery
were appointed joint administrators of AMB Electrical
Engineering Limited (Company Number 04848338) on May 18.

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.

Headquartered in Goole, United Kingdom, AMB Electrical
Engineering Limited installs electrical wiring.


COLLECTIBLE WORLD: NatWest Taps Begbies Traynor as Receivers
------------------------------------------------------------
National Westminster Bank PLC appointed Paul Stanley and Gary
Lee of Begbies Traynor joint administrative receivers of
Collectible World Studios Ltd. (Company Number 02125762) on
May 18.

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 Stoke-On-Trent, United Kingdom, Collectible
World Studios Ltd manufactures, wholesales and retails hand-
painted figurines.


DEW CONSTRUCTION: Lloyds TSB Names Receivers from Ernst & Young
---------------------------------------------------------------
Lloyds TSB Bank PLC appointed Robert Hunter Kelly and Charles
Graham John King of Ernst & Young LLP joint administrative
receivers of Dew Construction Limited (Company Number 00286875)
on May 17.

Ernst & Young -- http://www.ey.com/-- is a global organization  
help companies in businesses across all industries-from emerging
growth companies to global powerhouses-deal with a broad range
of business issues.

Dew Construction Limited can be reached at:

         Brook Farm
         Westerleigh
         Bristol BS37 8QH
         United Kingdom
         Tel: 01454 311 111


EIRCOM GROUP: Credit Suisse Holds 6.98% Equity Stake
----------------------------------------------------
Credit Suisse companies acquired on June 1 these interests in
the issued share capital of eircom Group Plc:

   -- Credit Suisse Securities (Europe) Limited: 74,463,103
      shares.  

      CSSEL held an interest in 794,495 of these shares
      under section 208 of the act by virtue of the right to
      redelivery of equivalent securities under stock lending
      arrangements; and

   -- Credit Suisse International: 470,650 shares.

The CS companies now hold a total interest of 74,933,753 shares
being equivalent to approximately 6.98% of the issued share
capital of the Company.

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

                        *     *     *

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


EUROTUNNEL GROUP: Rebel Shareholder to Consider Other Plans
-----------------------------------------------------------
Eurotunnel Group shareholder activist Nicolas Miguet said he
wants to look at all alternative debt-reduction proposals before
agreeing to a management-backed rescue plan, Bloomberg News
relates.

"If there are two plans, I'll judge between both of them," Mr.
Miguet told Bloomberg.  "If there are three, I'll choose between
three.  If there's only one, which is currently the case, my
position hasn't changed."

As previously reported in TCR-Europe, the Group confirmed on
June 4 that it did not officially receive or contact any
alternative restructuring plan from any other financial
institution to date.  

The binding agreement Eurotunnel signed with the Ad Hoc
Committee on May 23 and financed by the consortium, Goldman
Sachs, Barclays and Macquarie, envisages a reduction of the
initial debt, reducing it from GBP6.2 billion to GBP2.9 billion.  
The Group stressed that any alternative solution should, in
terms of debt write off, have at least the same ambition.

The Agreement preserves, as far as possible, the interests of
all the parties involved.  It is being presented to the other
debt holders and will be presented to Eurotunnel shareholders at
the next General Meeting scheduled for July 12.

                        About the Company

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

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

                        *     *     *

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

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

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

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


HILLSMEN ENGINEERING: Brings In Jacksons Jolliffe as Liquidators
----------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis, of Jacksons
Jolliffe Cork, were appointed Joint Liquidators of Hillsmen
Engineering Limited after creditors agreed to wind up the
company's operations during an extraordinary general meeting on
March 24.

Headquartered in Hull, England, Hillsmen Engineering Limited --
http://www.hillsmen.com.co.uk/-- manufactures and supplies  
quality bottle cleaning equipment to customers throughout the UK
and worldwide.


HORCA GRIFFIN: Brings In Portland Business to Administer Assets
---------------------------------------------------------------
Carl Derek Faulds and James Richard Tickell of Portland Business
& Financial Solutions Ltd were appointed joint administrators of
Horca Griffin Engineering Limited (Company Number 4514278) on
May 22.

The administrators can be contacted at:

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

Horca Griffin Engineering Limited can be reached at:

         Unit 3
         Copnor Bridge Business Center
         Portsmouth PO3 6AP
         United Kingdom
         Tel: 023 9283 2840


JAMUNA RESTAURANT: Creditors Pass Winding Up Resolution
-------------------------------------------------------
Creditors of Jamuna Restaurant Limited passed a resolution to
wind up the company's operations during an extraordinary general
meeting on March 30.

Subsequently, Andreas Georgiou Kakouris was appointed
Liquidator.

Headquartered in London, England, Jamuna Restaurant Limited --
http://www.jamuna.co.uk/-- offers many authentic Indian recipes  
dishes with an innovative twist.


LANSDOWNE CONSTRUCTION: Names Simon James Bonney Liquidator
-----------------------------------------------------------
Lansdowne Construction Limited is liquidating its assets after
creditors decided to wind up the company on March 28.

Simon James Bonney, of B.N. Jackson Norton, was appointed
Liquidator.

The company can be reached at:

         Lansdowne Construction Limited
         217 Great Brickkiln Street
         Wolverhampton WV3 0PN
         United Kingdom
         Tel: 01902 311 966


LASTING IMPRESSIONS: Appoints Joint Administrators from Menzies
---------------------------------------------------------------
Paul John Clark and Jason James Godefroy of Menzies Corporate
Restructuring were appointed joint administrators of Lasting
Impressions Limited (Company Number 01439899) on May 19.

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.  MRI, which is
ranked 8th amongst the leading international accounting
associations, achieved global revenues of US$1,800 million in
2003.

Lasting Impressions Limited can be reached at:

         Gresham Way Ind Est
         Gresham Way
         London SW19 8ED
         Tel: 020 8944 0808
         Fax: 020 8944 2881


MISYS PLC: Transfers 7,841 Shares to Scheme Participants
--------------------------------------------------------
Misys plc transferred 7,841 ordinary shares on June 6 to
participants in its employee share schemes at prices between 140
pence and 189 pence per share.  The shares were all formerly
held as treasury shares.

Following the transfer of shares out of Treasury, Misys plc olds
a total of 52,385,595 ordinary shares in Treasury.  The total
number of ordinary shares in issue, excluding Treasury shares,
is 499,341,441.

Headquartered in the United Kingdom, Misys PLC --
http://www.misys.com/-- provides industry-specific software  
serving the international banking and healthcare industries and
the U.K. general insurance industry.

At Nov. 30, 2005, the company reported GBP155.6 million in total
stockholders' deficit.


N. TAYLOR: Brings In Creswall Associates as Administrators
----------------------------------------------------------
Gordon Craig and Daniel Paul Hennessy of Cresswall Associates
Limited were appointed joint administrators of N. Taylor & Sons
(Contractors) Limited (Company Number 0687640) on May 8.

The administrators can be reached at:

         Cresswall Associates Limited
         West Lancashire Investment Centre
         Maple View
         Whitemoss Business Park
         Skelmersdale
         Lancashire WN8 9TG
         United Kingdom
         Tel: 01695 712683  

Headquartered in Preston, United Kingdom, N. Taylor & Sons
Limited is engaged in general construction and civil
engineering.


PEBBLESTONE LIMITED: Appoints Joint Administrators from Deloitte
----------------------------------------------------------------
Andrew Philip Peters and Christopher James Farrington of
Deloitte & Touche LLP were appointed joint administrators of
Pebblestone (Leicester) Limited (Company Number 5393974) on
May 15.

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

Headquartered in Leicester, United Kingdom, Pebblestone Limited
manufactures textiles.


POLESTAR CORP.: S&P Withdraws B- Corp. Credit and Debt Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B-' long-term
corporate credit rating on U.K.-based printer The Polestar Corp.
PLC and its 'B-' senior secured debt ratings on related entity
The Polestar Group Ltd.  The rating withdrawal is at Polestar's
request, as management considers that the ratings are no longer
required.  At the time of withdrawal, the ratings were on
CreditWatch with negative implications, where they had been
placed on May 9.

The CreditWatch placement reflected our concerns about the
group's diminishing liquidity position, weak cash flow
generation, and very high financial leverage.  Polestar is
heavily reliant on the successful refinancing of its debt
facilities over the next six-nine months and continued support
from its major shareholder, Investcorp S.A., to alleviate near-
term liquidity pressure on the group.  At the time of
withdrawal, Polestar's credit quality was estimated to be in the
'CCC' rating category.


PROPERO LIMITED: Taps Smith & Williamson to Administer Assets
-------------------------------------------------------------
Stephen Cork and Joanne Milner of Smith & Williamson Limited
were appointed joint administrators of Propero Limited (Company
Number 03987844) on May 17.

The administrators can be reached at:

         Smith & Williamson Limited
         25 Moorgate
         London EC2R 6AY
         United Kingdom  
         Tel: 020 7637 5377
         Fax: 020 7631 0741

Headquartered in London, Propero -- http://www.propero.net/--  
is a leading provider of user virtualization software.  
Propero's workSpace Platform helps customers reduce the cost and
complexity of maintaining IT infrastructure while enabling
greater flexibility for the business.


RANK GROUP: Cancels Another 1,000,000 Shares in Buyback Program
---------------------------------------------------------------
The Rank Group Plc bought back 1,000,000 ordinary shares of 10
pence in the Company on June 6 for cancellation at an average
price of 204.78125 pence per share.

Headquartered in London, Rank Group PLC -- http://www.rank.com/
-- is an international leisure and entertainment company.  The
Group provides services to the film industry, including film
processing, video duplication and cinema exhibition.  The
Group's leisure and entertainment activities entail gambling
services, encompassing Mecca Bingo Clubs and Grosvenor Casinos,
and owned and franchises Hard Rock cafes.

                        *     *     *

As reported in the TCR-Europe on March 8 Moody's Investors
Service assigned a Ba2 corporate family rating to The Rank Group
Plc and concurrently downgraded the senior unsecured long-term
debt ratings of Rank Group Finance Plc (guaranteed by The Rank
Group Plc) to Ba2 (from Baa3).

At the same time, Fitch Ratings downgraded The Rank Group PLC's
Long-term Issuer Default rating and Senior Unsecured ratings to
BB- from BB+ and removed them from Rating Watch Negative.  A
Negative Outlook is assigned.  The Short-term rating is affirmed
at B.  The downgrade follows the disposal of its film processing
business, Deluxe Film, and confirmation of a return of capital
to shareholders announced in conjunction with its 2005
preliminary results.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.  S&P said the outlook is stable.


RDL LIMITED: Appoints Administrators from Moore Stephens
--------------------------------------------------------
Mark Elijah Thomas Bowen and Nigel Price of Moore Stephens LLP
were appointed joint administrators of RDL (U.K.) Limited
(Company Number 05450876) on May 18.

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.

Headquartered in Devon, United Kingdom, RDL (U.K.) Limited
retails electrical goods.


RELIEF DRIVER: Names Peter Alan Langard as Administrator
--------------------------------------------------------
Peter Alan Langard of Langard Lifford Hall was appointed
administrator of Relief Driver Services Limited (Company Number
2332168) on May 10.

Langard Lifford Hall -- http://www.liffordhall.co.uk/-- is a  
firm of accountants, established in 1964, which has grown to its
present size through its ability to provide clients with the
personal, professional service that they require.

Headquartered in Wolverhampton, United Kingdom, Relief Driver
Services Limited is engaged in recruitment agency and transport
services.


RITI PERFORMANCE: Taps Keith Aleric Stevens to Liquidate Assets
---------------------------------------------------------------
Keith Aleric Stevens, of Wilkins Kennedy was appointed
Liquidator of RITI Performance Engineering Limited after
creditors passed a resolution to wind up the company on
March 28.

The company can be reached at:

         RITI Performance Engineering Limited
         Unit D
         Leatherhead road
         Barwell Business Park
         Chessington Surrey KT9 2NY
         United Kingdom
         Tel: 020 8391 3391


SOLITAIRE WINDOW: Financial Woes Trigger Liquidation
----------------------------------------------------
Solitaire Window Systems Limited is winding up its operations
after creditors established the company could no longer continue
its business due to mounting debts.

Nigel Alexander Spearing, of Spearing Insolvency, was appointed
Liquidator.

Solitaire Window Systems Limited offers PVC double glazing
services.

The company can be reached at:

         Solitaire Window Systems Limited
         103A New Road
         Rubery Birmingham B45 9JR
         United Kingdom
         Tel: 0121 457 7286
         Fax: 0121 605 2211
         Web: http://www.solitairewindows.co.uk/


SOUTHERN CLADDING: Brings In Liquidator from Fisher Partners
------------------------------------------------------------
Stephen M. Katz, of Fisher Partners, was appointed Liquidator of
Southern Cladding Limited after creditors moved to liquidate the
company's assets during an extraordinary general meeting on
March 27.

The company can be reached at:

         Southern Cladding Limited
         6 The Court Yard
         Holding Street
         Rainham Gillingham
         Kent ME8 7HE
         United Kingdom
         Tel: 01233 638 401
         

T D C MOTORS: Creditors Confirm Voluntary Liquidation
-----------------------------------------------------
Creditors of T D C Motor Factors Limited confirmed the company's
voluntary liquidation during an extraordinary general meeting on
March 27.

Creditors also ratified the appointment of I.P. Sykes, of
Begbies Traynor, as Liquidator.

The company can be reached at:

         T D C Motor Factors Limited
         212 Hunts Pond Road
         Fareham Hampshire PO144PG
         United Kingdom
         Tel: 01489 581 718
         Fax: 01489 581 405


TONI & GUY: Hires Joint Liquidators from David Rubin & Partners
---------------------------------------------------------------
Paul Appleton and Asher Miller, of David Rubin & Partners, were
appointed Joint Liquidators of Toni & Guy (Darlington) Limited
after creditors resolved to wind up the company during an
extraordinary general meeting on March 27.

The company can be reached at:

         Toni & Guy (Darlington) Limited
         15-16 High Row
         Darlington County
         Durham DL3 7QQ
         United Kingdom
         Tel: 01325 480 048
         Web: http://www.toniandguy.com/


TRUSTED SERVICES: Hires Liquidator from Vantis Numerica LLP
-----------------------------------------------------------
Creditors of Trusted Services Limited agreed to wind up the
company's operations during an extraordinary general meeting on
March 29.

Alan Roderick Thompson, of Vantis Numerica LLP, was appointed
Liquidator.

The company can be reached at:

         Trusted Services Limited
         4 Crich Circle
         Littleover Derby DE236DS
         United Kingdom
         Tel: 01332 733 348


* Competition Commission Welcomes Peter Davis as Deputy Chairman
----------------------------------------------------------------
Peter Freeman, Chairman of the Competition Commission, has
welcomed the appointment of Peter Davis as its new Deputy
Chairman of the CC.  The appointment was announced on Tuesday,
June 6, by Minister of State for Trade, Investment and Foreign
Affairs, Ian McCartney.

"There were several strong candidates for this post but I am
delighted that we have been able to attract such an able
economist to complete our senior team," Mr. Freeman said.  
"Peter Davis will be a great asset to the CC."

Dr. Davis is a lecturer in economics at the London School of
Economics and has been a Member of the CC's Academic Panel since
2004.  He is also co-director of the Economics of Industry
Program at the Suntory Toyota International Centre for Research
in Economics at the LSE.

Dr. Davis will join the CC in September and become a member of
the CC Council.

His appointment means that the CC will have a full complement of
deputy chairmen, joining Diana Guy and Christopher Clarke, who
were appointed in 2004.

The Competition Commission is an independent public body
established by the Competition Act 1998.  It conducts in-depth
inquiries into mergers, markets and the regulation of the major
regulated industries.  Every inquiry is undertaken in response
to a reference made to it by another authority: usually by the
Office of Fair Trading but in certain circumstances the
Secretary of State, or by the regulators under sector-specific
legislative provisions relating to regulated industries.  The
Commission has no power to conduct inquiries on its own
initiative.

                           *********

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.


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