TCREUR_Public/060609.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, June 9, 2006, Vol. 7, No. 114

                            Headlines


A U S T R I A

ADESSI: Awaits Court's Decision on Property Manager's Claim
ASTENIK: First Creditors' Meeting Slated for June 22
BAYRAMOGLU: Korneuburg Court Opens Bankruptcy Proceedings
FEIMANN: Claims Registration Ends June 28
FEIMANN ALEXANDER: Claims Filing Period Ends June 28

ING. HELMUT: Claims Filing Period Ends June 26
INTERNATIONAL LTD: Claims Filing Period Ends June 26
KA-RA SCHILDNER: Claims Filing Period Ends June 19
TK-LEASING: Court Closes Bankruptcy Case After Claims Payment
UNTERNEHMENSBERATUNG CAREER: Claims Filing Period Ends June 15


F R A N C E

BANQUE AGF: Fitch Affirms Individual Rating at C/D


G E R M A N Y

BONA BAUTRAGER: Claims Filing Period Ends June 26
CONVERT PAPIER: Claims Registration Ends June 28
FANTASIA IMMOBILIENGESELLSCHAFT: Sets June 28 Claims Bar Date
J + N METALLBAU: Claims Registration Ends June 26
METALLBAU HORST: Claims Filing Period Ends June 28

SCHLOSSEREI & METALLBAU: Claims Registration Ends June 27
SCHMIDT & PETERS: Claims Filing Period Ends June 30
SSB BAUTRAGER: Claims Registration Ends June 27
TUI AG: Moody' Changes Ba2 Rating Outlook to Negative
VEREINS SOZIALARBEIT: Claims Filing Period Ends June 26

W. GERLING: Claims Filing Period Ends June 27


I T A L Y

FIAT SPA: Considers Sale of 51% Equity Stake in Fidis Retail
FIAT SPA: Plans to Purchase Back Mediobanca's Stake on Ferrari
TK ALUMINUM: Moody's Junks Corporate Family Rating


K A Z A K H S T A N

AKFARM: Creditors Must File Claims by June 20
BIS-TARAZ: Creditors Must File Claims by June 20
CENTRAL ASIA: Creditors' Claims Due June 20
INDUSTRIALNYI PARK: Creditors' Claims Due June 20
JASYL: Claims Registration Ends June 20

NEON-TREID: Claims Registration Ends June 19
NSK: Proof of Claim Deadline Slated for June 20
PENAT: Proof of Claim Deadline Slated for June 19
PLANTA: Pavlodar Court Sets June 19 Claims Bar Date
RAYHAN: Jambyl Court Sets June 20 Claims Bar Date


L U X E M B O U R G

TEKSID ALUMINUM: Moody's Cuts Senior Unsecured Rating to Caa3


N E T H E R L A N D S

HARBOURMASTER PRO-RATA: Fitch Rates EUR26 Million Notes at BB


N O R W A Y

FALCONBRIDGE LTD: Selling Assets to LionOre for US$650 Million


R O M A N I A

CFR MARFA: Moody's Affirms Ba2 Senior Unsecured Rating
COMPANIA NATIONALA: Moody's Places Ba2 Rating Under Review
TRANSELECTRICA SA: Moody's May Downgrade Ba1 Corp. Family Rating


R U S S I A

BRYANSK-OBL-GRAZHDAN-STROY: N. Shirokov to Manage Assets
BUILDER: Court Names Y. Chernikova as Insolvency Manager
NARTKALINSKIY SPIRIT: S. Martynova Acts as Insolvency Manager
OAO ROSNEFT: Yukos Holds 9.7% Stake After Yugansk Consolidation
REINFORCED-CONCRETE 25: Bankruptcy Hearing Slated for July 12

ROVENKI-AGRO-PROM-KHIMIYA: I. Shteynikov to Manage Assets
RUBY: Kaluga Court Appoints S. Smorgachev as Insolvency Manager
SARAPULSKIY TANNERY: Court Commences Bankruptcy Supervision
YUKOS OIL: Holding Talks Next Week Over Transpetrol Equity Sale
YUKOS OIL: Holds 9.7% in Rosneft After Yugansk Consolidation


U K R A I N E

AGROMIST: Kyiv Court Starts Bankruptcy Supervision
AUTOSERVICE: Volinska Court Opens Bankruptcy Proceedings
BUDMETAL: Court Names Mihajlo Mitsak as Insolvency Manager
INTERAGROSERVICE: Court Starts Bankruptcy Supervision
INTERINVEST LIMITED: Court Taps Aviation Solution as Liquidator

INVEST-UKR: Court Appoints T. Tarasenko as Insolvency Manager
KUPYANSK' HEAT: Harkiv Court Opens Bankruptcy Proceedings
SILGOSPPRODUKT: Court Appoints O. Novikov as Liquidator
SLAVUTICH: Court Names O. Novikov to Manage Assets


U N I T E D   K I N G D O M

3MB DEVELOPMENTS: Names David N. Kaye Administrator
ALFRED DEARNLEY: Creditors Pass Winding Up Resolution
BAA PLC: Moody's Downgrades GBP1.049 Billion Debt Ratings at Ba1
CORTECS PHARMACEUTICAL: Appoints Peter W. Engel as Liquidator
CWE DEVEOPMENTS: Brings In PwC as Joint Liquidators

CWE MANAGEMENT: Begins Liquidation Proceedings
DEW PITCHMASTIC: Lloyds TSB Appoints Ernst & Young as Receivers
DEW REMEDIATION: Appoints Ernst & Young as Administrators
EZALGAVON LIMITED: Hires Joint Administrators from P&A
GPS LOGISTICS: Creditors Resolve to Liquidation

INCO LTD: Selling Falconbridge Assets to LionOre for US$650 Mln
INDIGO ESTATES: Claims Filing Period Ends June 30
J & J FLOORINGS: Names Peter John Godfrey-Evans Liquidator
KAVANAGH HOLDINGS: Taps Freddy Khalastchi to Liquidate Assets
LUCITE INTERNATIONAL: S&P Places BB Rating on Watch Negative

MALLARDS RETIREMENT: Brings In Liquidator from Gallaghers
MEADOWS OF CANTERBURY: Financial Woes Trigger Liquidation
NEWGATE FUNDING: Fitch Rates on GBP2.3 Mln Class E Notes at BB
RAMENCO LIMITED: Brings In Joint Administrators from DTE
SIGHT & SOUND: Taps Gerald Edelman to Administer Assets

T & T THOMPSON: Appoints Begbies Traynor as Administrators
THAMES LABORATORIES: Halts Operations & Appoints Liquidator
WETHERIGGS COUNTRY: NatWest Bank Appoints Begbies as Receivers

* Fitch Notes Rise on Delinquency Index in European Auto ABS

                            *********

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


ADESSI: Awaits Court's Decision on Property Manager's Claim
-----------------------------------------------------------
Martina Simlinger-Haas, the court-appointed property manager for
Trade LLC ADESSI (FN 247222m), declared on May 5 that the Debtor
does not have enough assets to pay off creditors.

The Trade Court of Vienna is yet to rule on the property
manager's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 24 (Bankr. Case No. 3 S 50/06g).  


ASTENIK: First Creditors' Meeting Slated for June 22
----------------------------------------------------
Creditors owed money by LLC Astenik (FN 253066g) are encouraged
to attend the creditors' meeting at 2:15 p.m. on June 22 to
consider the revision of the rule by adoption and
accountability.

The first creditors' meeting will be held at:

         Land Court of Graz
         Hall L, Room 230
         2nd Floor
         Graz, Austria

Court-appointed property manager Hans Georg Popp declared on
May 5 that the Debtor's assets is insufficient to pay off
creditors.

The Land Court of Graz is yet to rule on the property manager's
claim.

Headquartered in Gratkorn, Austria, the Debtor declared
bankruptcy on April 12 (Bankr. Case No. 40 S 19/06a).  


BAYRAMOGLU: Korneuburg Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Land Court of Korneuburg opened bankruptcy proceedings
against KEG Bayramoglu (FN 259372f) on May 4 under Bankruptcy
Case No. 35 Se 111/06t.

The Debtor can be reached at:

         KEG Bayramoglu
         Main Street 30
         2452 Mannersdorf
         Leithagebirge, Austria


FEIMANN: Claims Registration Ends June 28
-----------------------------------------
Creditors owed money by LLC Feimann  (FN 106141s) have until
June 28 to submit written proofs of claim to court-appointed
property manager Helmut Platzgummer at:

         Helmut Platzgummer
         ??hlmarkt 14
         1010 Vienna
         Austria
         Tel:  533 19 39
         Fax: 533 19 39 39
         E-Mail: helmut.platzgummer@lp-law.at

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 12 to consider the revision of
the rule by adoption and accountability.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 5 (Bankr. Case No. 4 S 73/06x).  Wolfgang Leitne
represents Mr. Platzgummer in the bankruptcy proceedings.  


FEIMANN ALEXANDER: Claims Filing Period Ends June 28
----------------------------------------------------
Creditors owed money by KEG Feimann Alexander (FN 7579x) have
until June 28 to submit written proofs of claim to court-
appointed property manager Helmut Platzgummer at:

         Helmut Platzgummer
         ??hlmarkt 14
         1010 Vienna
         Austria
         Tel: 533 19 39
         Fax: 533 19 39 39
         E-Mail: helmut.platzgummer@lp-law.at

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on
June 12 to consider the revision of the rule by adoption and
accountability.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 5 (Bankr. Case No. 4 S 71/06b).  Wolfgang Leitne
represents Mr. Platzgummer in the bankruptcy proceedings.  


ING. HELMUT: Claims Filing Period Ends June 26
----------------------------------------------
Creditors owed money by LLC Ing. Helmut Obritzberger (FN 89220s)
have until June 26 to submit written proofs of claim to court-
appointed property manager Wolfgang Winiwarter at:

         Wolfgang Winiwarter
         Utzstrasse 9
         3500 Krems an der Donau
         Austria
         Tel: 02732/83234
         Fax: 02732/74153
         E-Mail: office@winiwarter.at

Creditors and other interested parties are encouraged to attend
the first creditors' meeting at 10:30 a.m. on July 12 to
consider the revision of the rule by adoption and
accountability.

The first meeting of creditors will be held at:

         Land Court of Krems an der Donau
         Hall A, 2nd Floor
         3500 Krems an der Donau
         Austria

Headquartered in Langenlois, Austria, the Debtor declared
bankruptcy on May 5 (Bankr. Case No. 9 S 24/06m).  


INTERNATIONAL LTD: Claims Filing Period Ends June 26
----------------------------------------------------
Creditors owed money by HCL International Ltd (FN 235772z) have
until June 26 to submit written proofs of claim to court-
appointed property manager Thomas Peter Payer at:

         Thomas Peter Payer
         Paris-Lodron-Str. 19
         5020 Salzburg
         Austria
         Tel: 0662-872350
         Fax: 0662-871214
         E-Mail: office@lhl.at

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 6 to consider the revision of
the rule by adoption and accountability.

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on May 5 (Bankr. Case No23 S 32/06k).  Helg Herbert
Leiduck represents the Debtor in the bankruptcy proceedings.


KA-RA SCHILDNER: Claims Filing Period Ends June 19
--------------------------------------------------
Creditors owed money by LLC KA-RA Schildner und Gravuren (FN
98859g) have until June 19 to submit written proofs of claim to
court-appointed property manager Ulla Reisch at:

         Ulla Reisch
         Praterstrasse 62-64
         1020 Vienna
         Austria
         Tel: 212 55 00
         Fax: 212 55 00-5
         E-Mail: office.wien@ulsr.at

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 3 to consider the revision of
the rule by adoption and accountability.

The meeting will be held at:

         Room 1705
         Trade Court of Vienna
         1060 Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 5 (Bankr. Case No. 3 S 68/06d).  


TK-LEASING: Court Closes Bankruptcy Case After Claims Payment
-------------------------------------------------------------
The Land Court of Korneuburg entered an order closing the
bankruptcy case of LLC of Logistics And Leasing TK-Leasing Und
Logistik Branch Osterreich (FN 220288d) on May 5 following the
Debtor's final distribution to creditors.

Creditors owed money by the Debtor recovered 11.73% on account
of their claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 19, 2004 (Bankr. Case No. 36 S 99/04g).  Norbert Abel
served as the court-appointed property manager for the bankrupt
estate.


UNTERNEHMENSBERATUNG CAREER: Claims Filing Period Ends June 15
--------------------------------------------------------------
Creditors owed money by Consulting LLC Unternehmensberatung
Career Communication (FN 218534z) have until June 15 to submit
written proofs of claim to court-appointed property manager
Erwin Senoner at:

         Erwin Senoner
         Alser Road 21
         1080 Vienna
         Austria
         Tel: 406 05 51
         Fax: 406 96 01
         E-Mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 29 to consider the revision of
the rule by adoption and accountability.

The meeting will be held at:

         Room 1703
         Trade Court of Vienna
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 5 (Bankr. Case No. 5 S 67/06x).  Georg Freimueller
represents Mr. Senoner in the bankruptcy proceedings.


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


BANQUE AGF: Fitch Affirms Individual Rating at C/D
--------------------------------------------------
Fitch Ratings affirmed Banque AGF's Issuer Default Rating at A.  
At the same time BAGF's Short term, Individual and Support
ratings are affirmed at F1, C/D and 1 respectively.  The Outlook
on the IDR remains Stable.

The IDR, Short-term and Support ratings of BAGF are based on the
support it can expect to receive in the event of need from the
operating entities of the French insurance group Assurances
Generales de France with which it is highly integrated.

The entities are AGF IART and AGF Vie, both rated Insurer
Financial Strength.  Its Individual rating reflects its small
size, short track record in multi-channel retail banking,
reasonable risk profile and good capitalization.

The retail banking activity, which accounted for half of BAGF's
2005 operating income, continued to be loss making in 2005 and
the number of clients fell.  Consequently, BAGF redefined its
strategy as being the banking services provider to AGF's clients
and focusing on its higher-net-worth individuals.  

This division should break even in 2008.  However, the bank's
net income was positive in 2005, thanks to profits generated
through its market activities and its 20% stake in the French
stockbroker Oddo et Cie.  As far as risk management is
concerned, credit risks controls have been strengthened and
market risks are well controlled.  The bank's capitalization is
sound with a Tier 1 ratio of 16.3% at end-2005.

BAGF is the retail bank of the AGF insurance group.  Its main
activity is retail banking with a clientele of individuals
recruited from AGF's five million clients.  The bank is
accessible through financial advisers, AGF's general agents and
brokers.  It had around 225,000 clients at end-2005.  BAGF also
carries out market activities for its own account and manages
part of AGF's cash surpluses.


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


BONA BAUTRAGER: Claims Filing Period Ends June 26
-------------------------------------------------
Creditors of BONA Bautrager GmbH have until June 26 to register
their claims with court-appointed provisional administrator Dirk
Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Duisburg
         Area C207
         2nd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, Germany
         
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Duisburg opened bankruptcy proceedings
against BONA Bautrager GmbH on April 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         BONA Bautrager GmbH
         Duesseldorfer Str. 111
         47239 Duisburg, Germany

         Attn: Paul Vorderwuelbecke, Manager
         Ringstr. 6
         47239 Duisburg, Germany

         Dieter Bringsken, Manager
         Wieen 6
         47239 Duisburg, Germany

The administrator can be reached at:

         Dirk Hammes
         William Yard Avenue 75
         47800 Krefeld, Germany


CONVERT PAPIER: Claims Registration Ends June 28
------------------------------------------------
Creditors of convert papier GmbH have until June 28 to register
their claims with court-appointed provisional administrator Dr.
Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 2, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201, 2nd Floor
         Court Place 1
         44135 Dortmund, Germany         

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

The District Court of Dortmund opened bankruptcy proceedings
against convert papier GmbH on May 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         convert papier GmbH
         Attn: Dirk Radine, Manager
         Ardeyer Str. 12
         58730 Frondenberg, Germany

The administrator can be reached at:

         Dr. Sebastian Henneke
         Hansastrasse 61
         44137 Dortmund, Germany
         Tel: 0231-56559921
         Fax: 0231-56559922


FANTASIA IMMOBILIENGESELLSCHAFT: Sets June 28 Claims Bar Date
-------------------------------------------------------------
Creditors of Fantasia Immobiliengesellschaft mbH & Co. KG have
until June 28 to register their claims with court-appointed
provisional administrator Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on Aug. 9, 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 28
         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 Fantasia Immobiliengesellschaft mbH & Co. KG on
May 11.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Fantasia Immobiliengesellschaft mbH & Co. KG
         Attn: Manfred Voigtmann, Manager
         Albert Route 5
         09212 Limbach-Oberfrohna, Germany

The administrator can be reached at:

         Ruediger Wienberg
         Michaelstrasse 71
         09116 Chemnitz, Germany
         Web: http://www.hww-kanzlei.de/


J + N METALLBAU: Claims Registration Ends June 26
-------------------------------------------------
Creditors of J + N Metallbau GmbH & Co. KG have until June 26 to
register their claims with court-appointed provisional
administrator Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 17, 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 Muenster
         Meeting Room 13 B
         Gerichtsstr. 2-6
         48149 Muenster, 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 Muenster opened bankruptcy proceedings
against J + N Metallbau GmbH & Co. KG on May 9.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         J + N Metallbau GmbH & Co. KG
         Diesel Route 15
         48683 Ahaus, Germany

         Attn: Marcus Nonnast, Manager
         Hovesaat 11
         48683 Ahaus, Germany

The administrator can be reached at:

         Andreas Sontopski
         Gnoiener Place 1
         48493 Wettringen, Germany


METALLBAU HORST: Claims Filing Period Ends June 28
--------------------------------------------------
Creditors of Metallbau Horst Thielking GmbH & Co. oHG have until
June 28 to register their claims with court-appointed
provisional administrator Stefan Meyer.

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 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 Metallbau Horst Thielking GmbH & Co. oHG on May 16.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Metallbau Horst Thielking GmbH & Co. oHG
         Industrial Way 10
         32479 Hille, Germany

         Attn: Anke Thielking, Manager
         Hummelweg 15
         32426 Minden, Germany

The administrator can be reached at:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke, Germany


SCHLOSSEREI & METALLBAU: Claims Registration Ends June 27
---------------------------------------------------------
Creditors of Schlosserei & Metallbau Voigt GmbH have until
June 27 to register their claims with court-appointed
provisional administrator Wolf-Dieter H. Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 3:20 p.m. on July 18, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Meeting Room
         2. OG
         Elizabeth Route 6
         26135 Oldenburg, 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 Oldenburg opened bankruptcy proceedings
against Schlosserei & Metallbau Voigt GmbH on May 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schlosserei & Metallbau Voigt GmbH
         Attn: Udo Voigt, Manager
         Klein Feldhus 32
         26180 Rastede, Germany

The administrator can be reached at:

         Wolf-Dieter H. Weber
         Hauptstrasse 91
         26188 Edewecht, Germany
         E-mail: Kanzlei@Weber-Kanzlei.de


SCHMIDT & PETERS: Claims Filing Period Ends June 30
---------------------------------------------------
Creditors of Schmidt & Peters GbR have until June 30 to register
their claims with court-appointed provisional administrator
Thorsten Schnoor.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 14, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Eutin
         Hall C
         1 Stock
         Jungfernstieg 3
         Eutin, 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 Eutin opened bankruptcy proceedings
against Schmidt & Peters GbR on May 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Schmidt & Peters GbR
         Attn: Stephan Peters and Juergen Schmidt, Managers
         Katthorst 2
         23611 Sereetz, Germany

The administrator can be reached at:

         Thorsten Schnoor
         Wendenstrasse 4
         20097 Hamburg, Germany


SSB BAUTRAGER: Claims Registration Ends June 27
-----------------------------------------------
Creditors of SSB Bautrager KG have until June 27 to register
their claims with court-appointed provisional administrator
Karl-Joachim Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 20, 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 Lueneburg
         Hall 302
         Ochsenmarkt 3
         21335 Lueneburg, 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 Lueneburg opened bankruptcy proceedings
against SSB Bautrager KG on May 11.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         SSB Bautrager KG
         Attn: Wilfried Strauer, Manager
         Feldstr. 2
         21403 Wendisch-Evern, Germany

The administrator can be reached at:

         Karl-Joachim Meyer
         Schiessgrabenstr. 8/9
         21335 Lueneburg, Germany
         Tel: 20100
         Fax: 201014


TUI AG: Moody' Changes Ba2 Rating Outlook to Negative
-----------------------------------------------------
Moody's Investors Service changed the outlook on the Ba2
Corporate Family Rating, the Ba2 Senior Unsecured long term, and
the B1 Subordinated ratings of TUI AG (TUI) to negative from
stable.  The rating action reflects the company's weaker
operating performance and slower-than-expected
de-leveraging prospects.

TUI's 2005 operating profit was constrained by one-off elements
in the company's tourism activity -- mainly in its French
division, as a result of the costs of the Corsair 747 fleet
renewal and the impact of the suburban riots in France and the
virus outbreak in La Reunion -- and by the costs of integrating
CP Ships in the group's shipping division, together with a
decrease in freight rates over the last quarter of the year.
Moreover, TUI's operating cash flow generation remained weak in
light of the group's heavy capital expenditure program and its
high adjusted debt level, which factors in a substantial amount
of lease-adjusted debt and has increased from 2004 on account of
TUI's strategy to add more capacity in hotels, aircraft and
ships.

As a result, although the company's Q1 2006 operating result
improved to a loss of EUR45 million from a loss of EUR169
million in Q1 2005, Moody's expects TUI's credit metrics to
remain low for the Ba2 rating category.  Specifically, Retained
Cash Flow pre working capital to net adjusted debt stood at
10.4% and Adjusted Gross Debt to EBITDAR at 6.7 at year-end
2005.  Moody's cautions that the company may not succeed in
improving its credit metrics to the levels previously
anticipated, i.e. Gross adjusted debt to EBITDAR below 5.8 and
Retained Cash Flow to Net Adjusted debt to progressively
strengthen over the intermediate term.

Specifically, the rating agency notes that, while the company
has in recent years sold non-core assets to support its cash
flow generation and enable it to repay debt and finance its
capital expenditure program and its dividend, the disposal
program is now almost completed (with the recent sales of TQ3
and PNA) and the group will therefore have to rely on its
internally generated cash flow to finance its growth, and
continue at the same time to reduce its debt.

Moreover, Moody's analysis takes into account structural
elements of TUI's core businesses that are cyclical,
capital-intensive and -- in the case of tourism -- seasonal and
relatively low-margin, as well as exposed to fluctuations in
fuel prices and consequent margin pressure in the event that
cost pass-throughs or fuel surcharges are not possible or
delayed.  In parallel, as a result of the growth experienced by
the lost-cost carriers and the increased Internet penetration
trend in Europe, the packaged tour industry has become more
commodity-like, hence weakening TUI's prospects for operating
margin improvement.

Moody's nevertheless notes that the travel business in Germany
is expected to pick up due to the FIFA World Cup and that the
integration of CP Ships appears to be proceeding smoothly, with
synergies materializing ahead of levels anticipated by
management.  In particular, Hapag-Lloyd is benefiting from
recognized yield management systems and CP Ships' high exposure
to the more resilient transatlantic market and is, in Moody's
view, relatively well positioned to withstand any market
deceleration.

TUI, headquartered in Hanover, Germany, is Europe's largest
integrated tourism group and a leading provider of container
shipping services, with sales of EUR18.2 billion in 2005.


VEREINS SOZIALARBEIT: Claims Filing Period Ends June 26
-------------------------------------------------------
Creditors of Vereins Sozialarbeit Suederelbe e.V. have until
June 26 to register their claims with court-appointed
provisional administrator Tjark Thies.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on July 31, 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 Hamburg
         Hall B 405
         4th Floor
         Sievekingplatz 1
         20355 Hamburg, 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 Hamburg opened bankruptcy proceedings
against Vereins Sozialarbeit Suederelbe e.V. on May 3.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Vereins Sozialarbeit Suederelbe e.V.
         Attn: Sigrid Lund, Margrit Abel and
         Fritz Gramer, Managers
         Neugrabener Station Route 21
         22149 Hamburg, Germany
         
The administrator can be reached at:

         Dr. Tjark Thies
         Cathedral Route 15
         20095 Hamburg, Germany
         Tel: 41522416


W. GERLING: Claims Filing Period Ends June 27
---------------------------------------------
Creditors of W. Gerling GmbH have until June 27 to register
their claims with court-appointed provisional administrator
Nikolaus Ackermann.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on July 25, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aschaffenburg
         Meeting Room 5.103 (1st Upper Floor)
         Schlossplatz 5
         63739 Aschaffenburg, Germany
         
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Aschaffenburg opened bankruptcy
proceedings against W. Gerling GmbH on May 12.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         W. Gerling GmbH
         Pheasant Avenue 23
         63920 Grossheubach, Germany

The administrator can be reached at:

         Nikolaus Ackermann
         Friedrichstr. 19
         63739 Aschaffenburg, Germany
         Tel: 06021/368919
         Fax: 06021/368924


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


FIAT SPA: Considers Sale of 51% Equity Stake in Fidis Retail
------------------------------------------------------------
Fiat S.p.A. confirmed that it is looking into several
evaluations to identify a sole partner for Fidis Retail Italia
SpA, Fiat Auto's financial services arm, but no final decision
is made yet.  This is in response to the speculations published
on newspapers.

Fiat might sell 51% of Fidis for approximately EUR1 billion to a
foreign bank as soon as July, Bloomberg News cited Italian daily
la Repubblica.  According to the report, BNP Paribas SA, Credit
Agricole SA, Societe Generale and Deutsche Bank AG have
expressed interest in acquiring the equity stake.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial  
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                        *     *     *

In August 2005, S&P revised its outlook on Fiat to stable from
negative.  At the same time, it affirmed its 'BB-' long-term and
'B' short-term corporate credit ratings on the group.

As reported in the TCR-Europe on Feb. 10, Fitch Ratings has
changed the Outlook on Fiat S.p.A.'s 'BB-' Senior Unsecured
rating to Stable from Negative.  The agency has at the same time
affirmed the Senior Unsecured and Short-term 'B' ratings.  EUR6
billion of debt is affected by this Rating action.  The Outlook
change is underpinned by early signs that the restructuring plan
is on track, the stabilization of Fiat Auto's market shares in
late 2005 and the successful resolution of a number of credit
issues.


FIAT SPA: Plans to Purchase Back Mediobanca's Stake on Ferrari
--------------------------------------------------------------
Fiat SpA intends to repurchase a stake in luxury sportscar maker
Ferrari SpA from a group of investors including Mediobanca SpA,
Fiat Chairman and Ferrari CEO Luca Cordero di Montezemolo said.

Fiat is set to pay EUR850 million to buy back a 29% stake in
Ferrari from some investors including Mediobanca, Bloomberg News
cited Il Sole/24.  In 2002, Mediobanca bought 34% stake of
Ferrari from Fiat.  Part of the stake, Bloomberg says, is now
held by ABN Amro Holding NV, Commerzbank AG and Lehman Brothers
Holdings Inc.

Il Giornale earlier disclosed that Fiat considered giving up its
1.8% stake on Mediobanca to raise money in buying back its
Ferrari holding.  Fiat planned to repurchase Mediobanca's 12%
holding in Ferrari, which the Italian carmaker considers as a
strategic asset, Gironale said.

On June 2, Fiat disclosed that broad and thorough discussions
are under way between the company and Mediobanca to reach an
agreement on the stake held in Ferrari by the bank.  

"In any case, negotiations with Mediobanca exclusively regard
Fiat SpA in its position as a stakeholder of Ferrari and
Mediobanca," a Fiat spokesperson said.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial  
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                        *     *     *

In August 2005, S&P revised its outlook on Fiat to stable from
negative.  At the same time, it affirmed its 'BB-' long-term and
'B' short-term corporate credit ratings on the group.

As reported in the TCR-Europe on Feb. 10, Fitch Ratings has
changed the Outlook on Fiat S.p.A.'s 'BB-' Senior Unsecured
rating to Stable from Negative.  The agency has at the same time
affirmed the Senior Unsecured and Short-term 'B' ratings.  EUR6
billion of debt is affected by this Rating action.  The Outlook
change is underpinned by early signs that the restructuring plan
is on track, the stabilization of Fiat Auto's market shares in
late 2005 and the successful resolution of a number of credit
issues.


TK ALUMINUM: Moody's Junks Corporate Family Rating
--------------------------------------------------
Moody's Investors Service downgraded TK Aluminum Ltd. Corporate
Family Rating to Caa1 from B2 and Teksid Aluminum Luxembourg
Sarl SCA senior unsecured rating to Caa3 from Caa1 following the
continuing deterioration in the companies operating performance
and the prospect for a modest recovery over the medium term.  
The outlook on the ratings remains negative.

The downgrade reflects Teksid continuing pressure on operating
margins as increasing raw material costs, the time lag to pass
these to final customers and prolonged inefficiencies in North
America continue to erode Teksid efforts to drive costs savings
and to improve the company's cash generation from core
operations.  Lower cash flow generation during 2005 and Q1 06
resulted in weakening credit metrics with leverage, in
particular, that measured as total adjusted debt to EBITDAR was
in excess of 8x as at March 06 on a LTM basis.

Going forward financial leverage is expected to remain weak in
the context of thin operating margin, below 1%, and the
relatively modest room to absorb additional shocks at time when
execution risk associated with the company's cost reduction
programs is still high.  The rating action also reflects high
cash burn rates, which continue to absorb the company's
liquidity despite the recent renegotiated covenant headroom.

Moody's recognizes, however, management's efforts to restore
profitability, in a challenging industry environment, notably
reducing operating costs, recently renegotiating key contracts
with customers to allow a more timely pass through of raw
material costs and alleviating immediate liquidity concern by
renegotiating covenants and refinancing maturing debt.  Moody's
remains concerned that the Company's ability to retain cost
savings will remain challenging given the need to improve
efficiency and better offset elevated raw material prices, and
this will continue to weigh on the materiality of any
improvements in credit metrics over the short term.

The negative outlook reflects Moody's expectation that whilst
Teksid is a growing company, the Group will remain challenged to
restore its profitability during the second half of 2006 and
that the new contractual terms with OEMs still have to prove
beneficial for the Group.  In addition, cash flow generation
from operating activities is expected to remain under pressure
over the intermediate term hindering the liquidity resources of
the company and delaying any potential deleveraging from current
levels.

Any further deterioration in Teksid's financial leverage or
reduction in the company's recently restored liquidity resources
due to the company's inability to revert cash flow losses, in
conjunction with only moderate improvement in terms of operating
performance would result in a further downgrade of the company's
ratings.

Although at this stage an upward movement on the ratings is
unlikely as key metrics remains weak for the rating category,
any stabilization of the rating's outlook could arise after
substantial strengthening of cash flows generation, both form
operating activity and after capital expenditure, and a clear
trend in total adjusted debt to EBITDAR ratio reduction toward
the 7.0x.

Two ratings have bee affected:

   -- the B2 Corporate Family Rating lowered to Caa1

   -- the Caa1 Senior unsecured rating on the EUR240 million
      notes due 2011 lowered to Caa3  

The outlook on the ratings is negative.

TK Aluminum Ltd, a Bermuda-based company with corporate offices
in Carmagnola, Italy, is a leading global supplier of aluminium
casting components for the automotive industry worldwide. For
the twelve months ended Dec. 31, 2005 the company generated net
revenues of EUR1,001 million.  For the three months ended
March 31, 2006 the company generated net revenues of EUR 274.5
million.  Total debt balance sheet debt as at March 2006 stood
at EUR420.9 million.


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


AKFARM: Creditors Must File Claims by June 20
---------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Akfarm insolvent on March 27.

Creditors have until June 20 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Akmola Region
         Office 75
         Auelbekova Str. 126 Office 75
         Kokshetau
         Akmola Region
         Kazakhstan
         Tel: 8 (3162) 25-40-67


BIS-TARAZ: Creditors Must File Claims by June 20
------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Bis-Taraz insolvent on March 30.  Bankruptcy
proceedings were introduced at the company.

Creditors have until June 20 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Jambyl Region        
         Suleymanova Str. 11a (17)
         Taraz
         Jambyl Region
         Kazakhstan


CENTRAL ASIA: Creditors' Claims Due June 20
-------------------------------------------
LLP Central Asia Group Ltd. has declared insolvency.  Creditors
have until June 20 to submit written proofs of claim to:

         LLP Central Asia Group Ltd.
         Micro District 14, 8-23
         Aktau, Kazakhstan


INDUSTRIALNYI PARK: Creditors' Claims Due June 20
-------------------------------------------------
LLP Industrialnyi Park has declared insolvency.  Creditors have
until June 20 to submit written proofs of claim to:

         LLP Industrialnyi Park
         Abai Ave. 115
         Almaty, Kazakhstan
         Tel: 8 (3272) 91-40-57


JASYL: Claims Registration Ends June 20
---------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Jasyl insolvent on March 27.

Creditors have until June 20 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Akmola Region
         Office 75
         Auelbekova Str. 126
         Kokshetau,
         Akmola Region
         Kazakhstan
         Tel: 8 (3162) 25-40-67


NEON-TREID: Claims Registration Ends June 19
--------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Neon-Treid insolvent on March 30.  Bankruptcy
proceedings were introduced at the company.

Creditors have until June 19 to submit written proofs of claim
to the insolvency manager at:

         The Specialized Inter-Regional
         Economic Court of Pavlodar Region
         Lunacharskogo Str. 49  
         Pavlodar
         Pavlodar Region
         Kazakhstan
         Tel: 8 (3182) 55-32-62


NSK: Proof of Claim Deadline Slated for June 20
-----------------------------------------------
LLP Korean-Kazakh Joint Venture NSK has declared insolvency.  
Creditors have until June 20 to submit written proofs of claim
to:

         LLP Korean-Kazakh Joint Venture NSK
         Dinamovsky Throughfare 4
         Shymkent
         South Kazakhstan Region
         Kazakhstan


PENAT: Proof of Claim Deadline Slated for June 19
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Penat insolvent on March 30.  Bankruptcy
proceedings were introduced at the company.

Creditors have until June 19 to submit written proofs of claim
to the insolvency manager at:

         The Specialized Inter-Regional
         Economic Court of Pavlodar Region
         Lunacharskogo Str. 49
         Pavlodar
         Pavlodar Region
         Kazakhstan
         Tel: 8 (3182) 55-32-62


PLANTA: Pavlodar Court Sets June 19 Claims Bar Date
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Firma Planta insolvent on Mach 30.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until June 19 to submit written proofs of claim
to the insolvency manager at:

         The Specialized Inter-Regional
         Economic Court of Pavlodar Region
         Lunacharskogo Str. 49
         Pavlodar
         Pavlodar Region
         Kazakhstan  
         Tel: 8 (3182) 55-32-62


RAYHAN: Jambyl Court Sets June 20 Claims Bar Date
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Private Firm Rayhan insolvent on March 30.  
Bankruptcy proceedings were introduced at the company.

Creditors have until June 20 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Jambyl Region
         Suleymanova Str. 11a (17)  
         Taraz
         Jambyl Region
         Kazakhstan


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


TEKSID ALUMINUM: Moody's Cuts Senior Unsecured Rating to Caa3
-------------------------------------------------------------
Moody's Investors Service downgraded TK Aluminum Ltd. Corporate
Family Rating to Caa1 from B2 and Teksid Aluminum Luxembourg
Sarl SCA senior unsecured rating to Caa3 from Caa1 following the
continuing deterioration in the companies operating performance
and the prospect for a modest recovery over the medium term.  
The outlook on the ratings remains negative.

The downgrade reflects Teksid continuing pressure on operating
margins as increasing raw material costs, the time lag to pass
these to final customers and prolonged inefficiencies in North
America continue to erode Teksid efforts to drive costs savings
and to improve the company's cash generation from core
operations.  Lower cash flow generation during 2005 and Q1 06
resulted in weakening credit metrics with leverage, in
particular, that measured as total adjusted debt to EBITDAR was
in excess of 8x as at March 06 on a LTM basis.

Going forward financial leverage is expected to remain weak in
the context of thin operating margin, below 1%, and the
relatively modest room to absorb additional shocks at time when
execution risk associated with the company's cost reduction
programs is still high.  The rating action also reflects high
cash burn rates, which continue to absorb the company's
liquidity despite the recent renegotiated covenant headroom.

Moody's recognizes, however, management's efforts to restore
profitability, in a challenging industry environment, notably
reducing operating costs, recently renegotiating key contracts
with customers to allow a more timely pass through of raw
material costs and alleviating immediate liquidity concern by
renegotiating covenants and refinancing maturing debt.  Moody's
remains concerned that the Company's ability to retain cost
savings will remain challenging given the need to improve
efficiency and better offset elevated raw material prices, and
this will continue to weigh on the materiality of any
improvements in credit metrics over the short term.

The negative outlook reflects Moody's expectation that whilst
Teksid is a growing company, the Group will remain challenged to
restore its profitability during the second half of 2006 and
that the new contractual terms with OEMs still have to prove
beneficial for the Group.  In addition, cash flow generation
from operating activities is expected to remain under pressure
over the intermediate term hindering the liquidity resources of
the company and delaying any potential deleveraging from current
levels.

Any further deterioration in Teksid's financial leverage or
reduction in the company's recently restored liquidity resources
due to the company's inability to revert cash flow losses, in
conjunction with only moderate improvement in terms of operating
performance would result in a further downgrade of the company's
ratings.

Although at this stage an upward movement on the ratings is
unlikely as key metrics remains weak for the rating category,
any stabilization of the rating's outlook could arise after
substantial strengthening of cash flows generation, both form
operating activity and after capital expenditure, and a clear
trend in total adjusted debt to EBITDAR ratio reduction toward
the 7.0x.

Two ratings have bee affected:

   -- the B2 Corporate Family Rating lowered to Caa1

   -- the Caa1 Senior unsecured rating on the EUR240 million
      notes due 2011 lowered to Caa3  

The outlook on the ratings is negative.

TK Aluminum Ltd, a Bermuda-based company with corporate offices
in Carmagnola, Italy, is a leading global supplier of aluminium
casting components for the automotive industry worldwide. For
the twelve months ended Dec. 31, 2005 the company generated net
revenues of EUR1,001 million.  For the three months ended
March 31, 2006 the company generated net revenues of EUR 274.5
million.  Total debt balance sheet debt as at March 2006 stood
at EUR420.9 million.


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


HARBOURMASTER PRO-RATA: Fitch Rates EUR26 Million Notes at BB
-------------------------------------------------------------
Fitch Ratings assigned Harbourmaster Pro-Rata CLO 1 B.V's issue
of EUR341 million floating-rate notes due 2021 final ratings.  
The transaction, a European arbitrage collateralized loan
obligation, is a securitization of primarily senior secured
loans.  

It is the first such transaction that synthetically references a
portfolio of European leveraged loans and the first transaction
that includes exposure to the revolving credit facilities of
European leveraged loans.  This transaction is the seventh
European CLO to be managed by Harbourmaster Capital Limited.

   -- EUR160 million Class A1 notes: AAA;
   -- EUR35 million Class A2 notes: AA;
   -- EUR32 million Class A3 notes: A-;
   -- EUR28 million Class B1 notes: BBB;
   -- EUR26 million Class B2 notes: BB;
   -- EUR60 million Class C subordinated notes: not rated; and
   -- EUR3.3 million Class S1 combination notes: BBB.

The rating of the Class A1 notes addresses the ultimate
repayment of principal at maturity and timely payment of
interest when due according to the terms of the notes.

For all other Classes of notes the ratings address the ultimate
payment of principal and interest, including deferred interest,
at maturity.  The rating assigned to the S1 combination note
addresses the ultimate payment of principal from funds received
on their components of B1 and the unrated C notes.

The ratings are based on the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager subject to the guidelines outlined in the collateral
management agreement.  The said guidelines limit the collateral
manager's portfolio allocations with respect to obligor,
industry and asset type.  

Fitch assigned Harbourmaster a CDO Asset Manager Rating of 2 for
leveraged loans in September 2004 that was affirmed in
November 2005, based on the manager's strong credit underwriting
and workout experience.  The ratings are also based on the
credit enhancement provided to the various Classes of notes,
which consists of the subordinated notes, structural protection
covenants and excess spread.

This is the first European arbitrage CLO that enables the
manager to have larger exposure to the traditionally bank-
dominated revolving credit facility and term loan A portion of
synthetically referenced through a credit default swap with ABN
AMRO Bank N.V.  

Through this, the issuer receives a premium from the swap
counterparty in exchange for loss protection on a reference
portfolio of senior secured and unsecured loans, which ABN AMRO
has granted across a variety of jurisdictions.

The issuer is a company with limited liability, incorporated
under the laws of the Netherlands.  The net proceeds from the
note issuance are invested in a guaranteed investment contract,
which serves as collateral for the notes.


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


FALCONBRIDGE LTD: Selling Assets to LionOre for US$650 Million
--------------------------------------------------------------
Falconbridge Limited and Inco Limited reached a definitive
agreement with LionOre Mining International Ltd. covering the
sale to LionOre of certain assets and related operations of
Falconbridge.

The purchase price to be paid by LionOre for the assets and
related operations to be sold is US$650 million, of which
US$400 million will be in cash and US$250 million of LionOre
common shares.  This purchase price is subject to certain
adjustments tied to changes in the final working capital levels
of the operations to be sold to LionOre and certain other
adjustments.

"We are pleased in having reached this agreement with LionOre,"
said Scott Hand, Chairman and CEO of Inco.  "This is an
important milestone in the regulatory clearance process and we
look forward to completing this process so that the acquisition
can be cleared by the U.S. Department of Justice and the
European Commission."

Inco and Falconbridge have been discussing with the U.S.
Department of Justice and European Commission about the assets
and related operations that would be divested and the associated
arrangements that would be necessary as the proposed remedy
to address potential competition issues that the DOJ and the
Commission have identified relating to Inco's pending
acquisition of Falconbridge.  The sale of these assets and
related operations to LionOre will include Falconbridge's
Nikkelverk refinery in Norway and the Falconbridge marketing and
custom feed organizations that market and sell the finished
nickel and other products produced at Nikkelverk and obtain
third-party feeds for this facility.

Inco also agreed to supply up to 60,000 tonnes of nickel in
matte under a 10-year supply agreement, which approximates the
current volume of feed provided by Falconbridge's operations to
the facility.  The closing of this sale is conditioned on, and
expected to be completed upon receipt of, the clearance by both
the DOJ and the Commission of the pending acquisition of
Falconbridge by Inco, as well as Inco taking up and paying for
Falconbridge shares pursuant to its offer and certain other
standard terms and conditions to closing.

Inco and Falconbridge understand that the DOJ and the Commission
are reviewing the final terms of the proposed remedy that they
have been discussing with these regulatory agencies, including
the terms of this sale to LionOre.

Inco and Falconbridge expects that the DOJ and the Commission
will advise them whether the acquisition will be cleared based
upon this sale to LionOre prior to the end of June 2006.  Both
companies believe that the competition issues that have been
identified by the DOJ and the Commission are addressed by the
agreements entered into covering this sale to LionOre.  The
parties will continue to cooperate with the DOJ and the
Commission in connection with their respective final reviews of
the terms of the remedy.

                           About Inco

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

                       About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited --
http://www.falconbridge.com/-- is a leading copper and nickel
company with investments in fully integrated zinc and aluminum
assets.  Its primary focus is the identification and development
of world-class copper and nickel orebodies.  It employs 14,500
people at its operations and offices in 18 countries.  The
Company
owns nickel mines in Canada and the Dominican Republic and
operates a refinery and sulfuric acid plant in Norway.  It is
also
a major producer of copper (38% of sales) through its Kidd mine
in
Canada and its stake in Chile's Collahuasi mine and Lomas Bayas
mine.  Its other products include cobalt, platinum group metals,
and zinc.

                          *     *     *

Falconbridge's CDN$150 million 5% convertible and callable bonds
due April 30, 2007, carries Standard & Poor's BB+ rating.


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


CFR MARFA: Moody's Affirms Ba2 Senior Unsecured Rating
------------------------------------------------------
Moody's Investors Service affirmed the Ba2 Senior Unsecured
rating of CFR Marfa S.A., following an earlier decision by
Moody's to place the Romanian government's ratings of Ba1 on
review for possible upgrade.  The outlook on CFR Marfa's rating
remains negative.

In accordance with Moody's GRI rating methodology, the rating of
CFR Marfa reflects the combination of the following inputs:

   -- Baseline credit assessment of 6 (on a scale of 1 to 6,
      where 1 represents lowest credit risk)

   -- Ba1 local currency rating of the Romanian government

   -- High dependence

   -- High support

Moody's assessments of CFR Marfa's baseline credit risk, default
dependence, and government support remain unchanged at this
stage.  The rating affirmation, therefore, solely reflects the
impact of the sovereign ratings action, as applied through
Moody's GRI rating methodology.  An upgrade of the Romanian
government ratings would lead to a change in the outlook on CFR
Marfa's rating from negative to stable.

CFR MARFA S.A., headquartered in Bucharest, is the national
company for freight railway transport of Romania.


COMPANIA NATIONALA: Moody's Places Ba2 Rating Under Review
----------------------------------------------------------
Moody's Investors Service placed the Ba2 corporate family rating
of Compania Nationala de Cai Ferate CFR S.A. on review for
possible upgrade following an earlier decision by Moody's to
place the Ba1 rating of the Government of Romania on review for
possible upgrade.

In accordance with Moody's GRI rating methodology, the rating of
CFR reflects the combination of the following inputs:

   -- Baseline credit assessment of 6 (on a scale of 1 to 6,
      where 1 represents lowest credit risk)

   -- Ba1 local currency rating of the Government of Romania

   -- High dependence

   -- High support

The last rating action was on November 7, 2005 when Moody's
upgraded CFR's Corporate Family Rating to Ba2 from B2.  

Ratings outstanding:

   -- Corporate Family Rating: Ba2, review for upgrade

Moody's assessment of CFR's baseline credit risk, default
dependence, and government support remain unchanged. The rating
action therefore solely reflects the impact of the sovereign
rating action, as applied through Moody's GRI rating
methodology.  An upgrade of the rating of the Government of
Romania would lead to an upgrade of the rating of CFR.

Compania Nationala de Cai Ferate CFR S.A., headquartered in
Bucharest, is the owner and operator of Romania's rail
infrastructure.


TRANSELECTRICA SA: Moody's May Downgrade Ba1 Corp. Family Rating
----------------------------------------------------------------  
Moody's Investors Service placed the Ba1 corporate family rating
of Transelectrica S.A. (Transelectrica) on review for possible
upgrade following an earlier decision by Moody's to place the
Romanian government's ratings of Ba1 on review for possible
upgrade.

In accordance with Moody's GRI rating methodology, the rating of
Transelectrica reflects the combination of the following inputs:

   -- Baseline credit assessment of 5 (on a scale of 1 to 6,
      where 1 represents lowest credit risk)

   -- Ba1 local currency rating of the Romanian government

   -- Medium dependence

   -- High support

Moody's assessments of Transelectrica's baseline credit risk,
default dependence, and government support remain unchanged at
this stage.  The rating action therefore solely reflects the
impact of the sovereign ratings action, as applied through
Moody's GRI rating methodology.  An upgrade of the Romanian
government ratings would lead to an upgrade of the rating of
Transelectrica.

Transelectrica, headquartered in Bucharest, Romania, is the
electricity transmission, system and market operator in Romania.
In 2004, the company's turnover was RON1.06 billion (about
EUR 268 million).


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


BRYANSK-OBL-GRAZHDAN-STROY: N. Shirokov to Manage Assets
--------------------------------------------------------
The Arbitration Court of Bryansk Region appointed Mr. N.
Shirokov as insolvency manager for CJSC Bryansk-Obl-Grazhdan-
Stroy (Case No. A09-3297/04-28).  He can be reached at:

         N. Shirokov
         4th Floor
         3rd Kurskaya Str. 15
         302004, Orel Region, Russia

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

The Debtor can be reached at:

         CJSC Bryansk-Obl-Grazhdan-Stroy
         Fokina Str. 73A
         Bryansk Region, Russia


BUILDER: Court Names Y. Chernikova as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Ms.
Y. Chernikova as insolvency manager for OJSC Builder.  She can
be reached at:

         Y. Chernikova
         M. Ekaterininskaya Str. 17/21
         129110, Moscow Region, Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent (Case No. A 43-4136/2005 24-114).

The Debtor can be reached at:

         OJSC Builder
         Proizvodstvennaya Str. 7
         Knyagino
         Nizhniy Novgorod Region, Russia


NARTKALINSKIY SPIRIT: S. Martynova Acts as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Kabardino Balkariya Republic appointed
Ms. S. Martynova as insolvency manager for OJSC Nartkalinskiy
Spirit Distillery  (Case No. A20-7802/2005).  She can be reached
at:

         S. Martynova
         M. Ekaterininskaya Str. 17/21
         129110, Moscow Region, Russia

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

The Debtor can be reached at:

         OJSC Nartkalinskiy Spirit Distillery
         Oshnokova Str. 1
         Nartkala
         Kabardino Balkariya Republic, Russia


OAO ROSNEFT: Yukos Holds 9.7% Stake After Yugansk Consolidation
---------------------------------------------------------------
Yukos Oil Company has agreed to the consolidation of
Yuganskneftegaz into state-owned OAO Rosneft, currently underway
in preparation of Rosneft's planned initial public offering in
July, Kommersant relates.

Yukos would now become Rosneft's largest minority shareholder
with its 9.7% holding in Rosneft in exchange for its own 23.21%
stake in Yuganskneftegaz, the Russian daily said.  According to
the report, Rosneft is likely to get the equity holding after
Yukos' inevitable bankruptcy proceedings.

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%.  The consolidation involves:

   * 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.

Rosneft intends to hold investor presentations on June 26 before
its planned initial public offer in July, Reuters reports.

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.

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.


REINFORCED-CONCRETE 25: Bankruptcy Hearing Slated for July 12
-------------------------------------------------------------
The Arbitration Court of Altay Region will convene on July 12
to hear the bankruptcy supervision procedure on CJSC Factory Of
Reinforced-Concrete Goods 25 (Case No. A03-23538/05-B).

The Temporary Insolvency Manager is:

         D. Mishenko
         Post User Box 16
         Barnaul
         656015, Altay Region, Russia

The Debtor can be reached at:

         CJSC Factory of Reinforced-Concrete Goods 25
         Energetikov Str. 41
         Barnaul
         656922 Altay Region, Russia


ROVENKI-AGRO-PROM-KHIMIYA: I. Shteynikov to Manage Assets
---------------------------------------------------------
The Arbitration Court of Belgorod Region appointed Mr. I.
Shteynikov as insolvency manager for OJSC Rovenki-Agro-Prom-
Khimiya (Case No. A08-3539/05-11 B).  He can be reached at:

         I. Shteynikov
         Komsomolskaya, 1
         Rovenki
         Belgorod Region, Russia

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

The Arbitration Court of Belgorod Region is located at:

         Narodnyj Avenue 135
         Belgorod Region, Russia

The Debtor can be reached at:

         OJSC Rovenki-Agro-Prom-Khimiya
         Komsomolskaya, 1
         Rovenki
         Belgorod Region, Russia


RUBY: Kaluga Court Appoints S. Smorgachev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Kaluga Region appointed Mr. S.
Smorgachev as insolvency manager for LLC Ruby.  She can be
reached at:

         S. Smorgachev
         Office 13
         Kirova Str. 7/47
         248001, Kaluga Region, Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent (Case No. A23-375/06B-17-12).

The Debtor can be reached at:

         LLC Ruby
         Tovarkovo.
         Dzerzhinskiy Region
         Kaluga Region, Russia


SARAPULSKIY TANNERY: Court Commences Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Udmurtiya Republic has commenced
bankruptcy supervision procedure on OJSC Sarapulskiy Tannery
(Case No. A71-35/2005-G21).

The Temporary Insolvency Manager is:

         I. Klemeshov
         Post User Box 173
         630077, Novosibirsk-77, Russia

The Debtor can be reached at:

         OJSC Sarapulskiy Tannery
         Truda Str. 61a
         Sarapul
         427964 Udmurtiya Republic, Russia


YUKOS OIL: Holding Talks Next Week Over Transpetrol Equity Sale
---------------------------------------------------------------
Yukos Oil Company will hold talks next week to complete the
proposed sale of its 49% stake in Transpetrol AS to Russia's OAO
NK Russneft, Garfield Reynolds writes for Bloomberg News.

According to Reuters, Yukos chairman Viktor Gerashchenko said
the company failed to sell its Transpetrol holding due to
differences with the Slovak government.

Slovakia's Antimonopoly Office has cleared the equity sale last
May.

The Slovak government, which holds the remaining 51% in
Transpetrol, has veto power over any sale of Yukos' stake until
mid-2007, Reuters reveals.

As reported in TCR-Europe on March 3, YUKOS Finance BV, a
subsidiary of YUKOS Oil, agreed to sell its equity holding in
Slovakian company Transpetrol to RussNeft for US$103 million.  
The sale and purchase agreement was signed by both parties on
Feb. 4, 2006.

In 2005, the Board of Directors and the management team of YUKOS
Oil Company decided that non-core, non-Russian assets would be
divested and the cash generated from these sales would be ear-
marked to meet liabilities from creditors.

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.


YUKOS OIL: Holds 9.7% in Rosneft After Yugansk Consolidation
------------------------------------------------------------
Yukos Oil Company has agreed to the consolidation of
Yuganskneftegaz into state-owned OAO Rosneft, currently underway
in preparation of Rosneft's planned initial public offering in
July, Kommersant relates.

Yukos would now become Rosneft's largest minority shareholder
with its 9.7% holding in Rosneft in exchange for its own 23.21%
stake in Yuganskneftegaz, the Russian daily said.  According to
the report, Rosneft is likely to get the equity holding after
Yukos' inevitable bankruptcy proceedings.

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%.  The consolidation involves:

   * 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.

Rosneft intends to hold investor presentations on June 26 before
its planned initial public offer in July, Reuters reports.

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.

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.


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


AGROMIST: Kyiv Court Starts Bankruptcy Supervision
--------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Agromist (code EDRPOU 25195335) on
April 11.  The case is docketed under Case No. 23/72-b.

The Temporary Insolvency Manager is:

         300 Rokiv Vozzyednannya Str. 31
         91029, Lugansk Region, Ukraine

The Economic Court of Kyiv Region is located at:

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

The Debtor can be reached at:

         LLC Agromist:
         Suvorov Str. 4/6
         01010 Kyiv Region, Ukraine


AUTOSERVICE: Volinska Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Economic Court of Volinska Region commenced bankruptcy
proceedings against LLC AUTOSERVICE (code EDRPOU 13356164) after
finding it insolvent on April 3.  The case is docketed under
Case No. 1/44-B.

The Liquidator is:

         Department of Pension Fund
         Nezalezhnosti Str. 101
         Kovel
         Volinska Region, Ukraine

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         Lutsk
         43010, Volinska Region, Ukraine

The Debtor can be reached at:

         LLC Autoservice:
         Brestska Str. 113a
         Kovel
         Volinska Region, Ukraine


BUDMETAL: Court Names Mihajlo Mitsak as Insolvency Manager
----------------------------------------------------------
The Economic Court of Kyiv Region appointed Mihajlo Mitsak as
Liquidator/Insolvency Manager for LLC Budmetal (code EDRPOU
31759146).  He can be reached at:

         Mihajlo Mitsak
         Zhmerinska Str. 22/12
         01023 Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on March 27.  The case is docketed under
Case No. 24/158-B.

The Economic Court of Kyiv Region is located at:

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

The Debtor can be reached at:

         Zhmerinska Str. 22/12
         01023 Kyiv Region, Ukraine


INTERAGROSERVICE: Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Interagroservice (code EDRPOU
31010218).  The case is docketed under Case No. 250/3 b-05/11.

The Temporary Insolvency Manager is:

         Sergij Yegorenkov
         L. Ukrainka Boulevard 19/138
         01133, Kyiv Region, Ukraine

The Economic Court of Kyiv Region is located at:

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

The Debtor can be reached at:

         LLC Interagroservice
         Stovpyagi
         Pereyaslav-Hmelnitskij District
         08400, Kyiv Region, Ukraine


INTERINVEST LIMITED: Court Taps Aviation Solution as Liquidator
---------------------------------------------------------------
The Economic Court of Kyiv Region appointed LLC Aviation
Solution (code EDRPOU 3160660) as Liquidator for for LLC
Interinvest Limited (code EDRPOU 32962373).  The Liquidator can
be reached at:

         LLC Aviation Solution
         Kikvidze Str. 13
         01103 Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on April 5.  The case is docketed under
Case No. 43/208.

The Economic Court of Kyiv Region is located at:

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

The Debtor can be reached at:

         LLC Interinvest Limited
         Kiyanivskij Lane 3-7
         04053 Kyiv Region, Ukraine


INVEST-UKR: Court Appoints T. Tarasenko as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. T. Tarasenko as
Liquidator/Insolvency Manager for LLC Invest-Ukr (code EDRPOU
31027242).  He can be reached at:

         T. Tarasenko
         Dobrohotov Str. 17/49
         Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on March 16.  The case is docketed under
Case No. 43/798.

The Economic Court of Kyiv Region is located at:

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

The Debtor can be reached at:

         LLC Invest-Ukr
         Dimitrov Str. 16-g
         Kyiv Region, Ukraine


KUPYANSK' HEAT: Harkiv Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy
proceedings against LLC Kupyansk' Heat Networks (code EDRPOU
33001645) after finding it insolvent.  The case is docketed
under Case No. B 50/77-05.

The Liquidator/Insolvency Manager is:

         Vladislav Kardash
         Kupyansk, Lenin Str. 15/4
         63701, Harkiv Region, Ukraine

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 Kupyansk' Heat Networks
         Lenin Str. 108-A
         Kupyansk
         Harkiv Region, Ukraine


SILGOSPPRODUKT: Court Appoints O. Novikov as Liquidator
-------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Mr. O.
Novikov as Liquidator/Insolvency Manager for LLC Silgospprodukt
(code EDRPOU 00851821).  He can be reached at:

         O. Novikov
         Office 40
         Dzerzhinskij Str. 29
         49600 Dnipropetrovsk Region, Ukraine

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on April 13.  The case is docketed under
Case No. B 29/156/04.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region, Ukraine

The Debtor can be reached at:

         LLC Silgospprodukt
         Magistralna Str. 1
         Vasilkivske
         Petropavlivskij District
         52751 Dnipropetrovsk Region, Ukraine


SLAVUTICH: Court Names O. Novikov to Manage Assets
--------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Mr. O.
Novikov as Liquidator/Insolvency Manager for OJSC Production-
Trade Complex Slavutich (code EDRPOU 13429555).   He can be
reached at:

         O. Novikov
         Office 40
         Dzerzhinskij Str. 29
         49600 Dnipropetrovsk Region, Ukraine

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on April 11.  The case is docketed under
Case No. B 15/169/05.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region, Ukraine

The Debtor can be reached at:

         OJSC Production-Trade Complex Slavutich
         Artema Str. 12
         49000 Dnipropetrovsk Region, Ukraine


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


3MB DEVELOPMENTS: Names David N. Kaye Administrator
---------------------------------------------------
David N. Kaye of Crawfords was appointed administrator of 3MB
Developments Limited (Company Number 04570773) on May 15.

The administrator can be contacted at:

         Crawfords
         Stanton House
         41 Blackfriars Road
         Salford
         Manchester
         Greater Manchester M3 7DB
         United Kingdom
         Tel: 0161 828 1000
         Fax: 0161 832 1829

Headquartered in Kensington, United Kingdom, 3MB Developments
Limited are building contractors.


ALFRED DEARNLEY: Creditors Pass Winding Up Resolution
-----------------------------------------------------
Creditors of Alfred Dearnley & Sons Limited passed a resolution
to wind up the company's operations during an extraordinary
general meeting on March 24.

Patrick Ellward and Dilip Dattani, of Tenon Recovery, were
appointed Joint Liquidators.

The company can be reached at:

         Alfred Dearnley & Sons Limited
         Draycott Mills
         Market Street
         Draycott Derby DE723NB
         United Kingdom
         Tel: 01332 873 638


BAA PLC: Moody's Downgrades GBP1.049 Billion Debt Ratings at Ba1
----------------------------------------------------------------
Moody's Investors Service downgraded to Ba1 from Baa3 the issuer
rating of BAA Plc as well as the ratings for:

   -- GBP425 million convertible bonds due August 2009;
   -- GBP424 million convertible bonds due April 2008; and
   -- GBP200 million 7.875% bonds due February 2007.  

BAA's short-term rating was also downgraded to Not Prime from
Prime-3.  All other long-term debt ratings remain at Baa2.  All
long-term ratings remain on review for further downgrade.

This rating action follows the announcement on June 6 that BAA
intends to recommend to shareholders and convertible bond
holders that they accept an offer from Airport Development and
Investment Limited (ADI) to acquire the shares and convertible
bonds of BAA.  Moody's notes that the acquisition would, if it
went ahead, be predominantly debt-financed and would
consequently increase the effective debt burden of the combined
ADI / BAA group significantly to a level that would be
inconsistent with an investment-grade credit rating at the BAA
plc level -- hence the downgrade of the Un-guaranteed Bonds, the
Issuer Rating and the short-term rating.

However, those bonds that benefit from guarantees from Heathrow
Airport Limited, Gatwick Airport Limited and Stansted Airport
Limited, which constitute the majority of the rated bonds, are
not downgraded.  This reflects Moody's view, based on the
current somewhat limited information and taking account of
possible outcomes, that these debt obligations would remain
commensurate with investment grade following completion of the
proposed acquisition and execution of ADI's refinancing plans.
Nevertheless, there remains a risk that following completion of
the proposed acquisition ADI might be unable to create a
refinancing structure that would retain an investment-grade
credit rating for the Guaranteed Bonds, hence the continued
review for downgrade of these ratings.  Moody's also notes the
possibility that another financial consortium may make an offer
for BAA, on terms that are currently unknown but that may lead
to a substantially leveraged position for BAA.

ADI, a consortium comprising Grupo Ferrovial S.A. (approximately
64%), Caisse de dep"t et placement du Quebec (approximately 26%)
and the Government of Singapore Investment Corporation Pte Ltd.
(approximately 10%), has made an offer for all of the shares and
convertible bonds of BAA that is estimated to cost GBP11.4
billion.  ADI has advised that GBP4.3 billion will be financed
by redeemable participating ordinary shares, GBP373 million by
payment-in-kind notes and the balance by a series of debt
facilities of varying levels of seniority, including GBP4.72
billion of Senior Acquisition Facilities.  ADI has further
advised that, shortly after the completion of the acquisition of
BAA, it intends to refinance the Senior Acquisition Facilities
with a longer-term financing structure based upon proven
techniques adopted by other regulated companies.  This process
is intended to provide the medium- and long-term financing
required to support the investment needs of BAA.

The Baa2 ratings of the Guaranteed Bonds reflect Moody's view
that the balance of interest for ADI / BAA would be on retaining
an investment-grade rating for these bonds as part of the
refinancing of the ADI Senior Acquisition Facilities.  ADI could
try to achieve this through the employment of structures adopted
by other regulated companies which, provided certain structural
features are incorporated, could enable the debt financing of
the Designated Airports and the Guaranteed Bonds to be
considered independently of the group debt.  Given BAA's
existing debt, its projected capital expenditure programme and
business risks and the fact that ADI is likely to attempt to
refinance at least part of the Senior Acquisition Facilities at
a level pari passu with the Guaranteed Bonds, Moody's believes
that a Baa1 rating of the Guaranteed Bonds would be unlikely
given the financial headroom that would be required to maintain
the rating, and that either a Baa2 or a Baa3 rating would
therefore be a more likely outcome.  If in the future Moody's
takes the view that the Designated Airports will be required to
support a level of debt inconsistent with an investment-grade
credit rating, a downgrade of the ratings of the Guaranteed
Bonds will likely follow.

All ratings remain on review for downgrade pending the
resolution of the acquisition of BAA by ADI and clarification of
the initial financing and short-term refinancing plans of ADI.

Consequently, Moody's review will focus on:

   -- the progress of the offer and whether or not an offer from
      another financial consortium emerges and the possible
      financial terms thereof, and

   -- the detail of ADI's plans for BAA, including the capital
      structure of ADI / BAA and the status of the Guaranteed
      Bonds therein.

Moody's last rating action on BAA was on May 23, when it
downgraded the Guaranteed Bonds to Baa2 from Baa1, the Un-
guaranteed Bonds and Issuer Rating to Baa3 from Baa1 and the
short-term rating to Prime-3 from Prime-2, and maintained all
ratings on review for further downgrade.

Ratings outstanding:

   -- GBP300 million 11.75% Bonds due 2016: Baa2 (guaranteed by
      the Designated Airports)

   -- GBP250 million 8.5% Bonds due 2021: Baa2 (guaranteed by
      the Designated Airports)

   -- GBP200 million 6.375% Bonds due 2028: Baa2 (guaranteed by
      the Designated Airports)

   -- All Issuance under GBP4.5 billion Euro Medium-Term Note
      Program: Baa2 (guaranteed by the Designated Airports)

   -- Issuer Rating: Ba1

   -- GBP425 million 2.625% Convertible Bonds due 2009: Ba1

   -- GBP424 million 2.94% Convertible Bonds due 2008: Ba1

   -- GBP200 million 7.875% Bonds due 2007: Ba1

   -- Short-term rating: Not Prime

All long-term ratings are on review for downgrade.

Headquartered in London, BAA plc owns and operates seven
airports in the United Kingdom, including Heathrow, the world's
busiest international airport, and Budapest Airport.  BAA had
total assets of GBP15.2 billion and pre-tax profits of GBP757
million for the year ended March 31, 2006.


CORTECS PHARMACEUTICAL: Appoints Peter W. Engel as Liquidator
-------------------------------------------------------------
Creditors of Cortecs Pharmaceutical Investments Limited agreed
to wind up the company during an extraordinary general meeting
on March 21.

Peter W. Engel, of Solomon Hare Business Rescue, was authorized
to liquidate the company's assets.

The company can be reached at:

         Cortecs Pharmaceutical Investments Limited
         Newtech Square
         Deeside Industrial Park
         Deeside Clwyd CH5 2NT
         United Kingdom
         Tel: 01244 833 446
         Fax: 01244 280 320


CWE DEVEOPMENTS: Brings In PwC as Joint Liquidators
---------------------------------------------------
Tim Walsh and Richard Setchim, of PricewaterhouseCoopers LLP,
were appointed Joint Liquidators of CWE Developments Limited
after creditors passed a resolution to wind up the company on
March 28.

The company can be reached at:

         CWE Developments Limited
         7 Clifford Street
         London W1S 2WE
         United Kingdom
         Fax: 020 7292 6111


CWE MANAGEMENT: Begins Liquidation Proceedings
-----------------------------------------------
CWE Management Limited is liquidating its assets after creditors
passed a resolution to wind up the company on March 28.

Tim Walsh and Richard Setchim, of PricewaterhouseCoopers LLP,
were appointed Joint Liquidators.

The company can be reached at:

         CWE Management Limited
         7 Clifford Street
         London W1S 2WE
         United Kingdom
         Tel: 020 7292 6100
         Fax: 020 7292 6111


DEW PITCHMASTIC: Lloyds TSB Appoints Ernst & Young as Receivers
---------------------------------------------------------------
Lloyds TSB Bank PLC appointed Robert Hunter Kelly and Charles
Graham John King of Ernst & Young LLP joint administrative
receivers of Dew Pitchmastic PLC (Company Number 00724054) on
May 17.

Ernst & Young -- http://www.ey.com/-- is 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 Pitchmastic PLC can be reached at:

         Royds Wks
         Attercliffe Road
         Sheffield S4 7WZ
         United Kingdom
         Tel: 0114 270 0100
         Fax: 0114 276 8782


DEW REMEDIATION: Appoints Ernst & Young as Administrators
---------------------------------------------------------
Robert Hunter Kelly and Charles Graham John King of Ernst &
Young LLP were appointed joint administrators of Dew Remediation
Limited (Company Number 03386013) May 18.

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

Headquartered in Sheffield, United Kingdom, Dew Remediation
Limited is engaged in construction.


EZALGAVON LIMITED: Hires Joint Administrators from P&A
------------------------------------------------------
Stephen Lord and Stephen James Wainwright of Poppleton & Appleby
were appointed joint administrators of Ezalgavon Limited
(formerly Novaglaze Limited)(Company Number 2497088) on May 17.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- is a member firm of the  
Insolvency Practitioners Association and the Association of
Business Recovery Professionals (R3) and act for all clearing
banks and a growing number of factors and asset lenders. Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

Headquartered in Huddersfield, United Kingdom, Ezalgavon Limited
is engaged in glass processing.


GPS LOGISTICS: Creditors Resolve to Liquidation
-----------------------------------------------
Creditors of GPS LOGISTICS (EU) Limited resolved to liquidate
the company's assets during an extraordinary general meeting on
March 24.

Ian Franses, of Ian Franses Associates, was appointed
Liquidator.

The company can be reached at:

         GPS Logistics (EU) Limited
         Unit 1
         Alpha Way
         Thorpe Industrial Estate
         Egham Surrey TW208RZ
         Tel: 01784 480 100


INCO LTD: Selling Falconbridge Assets to LionOre for US$650 Mln
---------------------------------------------------------------
Falconbridge Limited and Inco Limited reached a definitive
agreement with LionOre Mining International Ltd. covering the
sale to LionOre of certain assets and related operations of
Falconbridge.

The purchase price to be paid by LionOre for the assets and
related operations to be sold is US$650 million, of which
US$400 million will be in cash and US$250 million of LionOre
common shares.  This purchase price is subject to certain
adjustments tied to changes in the final working capital levels
of the operations to be sold to LionOre and certain other
adjustments.

"We are pleased in having reached this agreement with LionOre,"
said Scott Hand, Chairman and CEO of Inco.  "This is an
important milestone in the regulatory clearance process and we
look forward to completing this process so that the acquisition
can be cleared by the U.S. Department of Justice and the
European Commission."

Inco and Falconbridge have been discussing with the U.S.
Department of Justice and European Commission about the assets
and related operations that would be divested and the associated
arrangements that would be necessary as the proposed remedy
to address potential competition issues that the DOJ and the
Commission have identified relating to Inco's pending
acquisition of Falconbridge.  The sale of these assets and
related operations to LionOre will include Falconbridge's
Nikkelverk refinery in Norway and the Falconbridge marketing and
custom feed organizations that market and sell the finished
nickel and other products produced at Nikkelverk and obtain
third-party feeds for this facility.

Inco also agreed to supply up to 60,000 tonnes of nickel in
matte under a 10-year supply agreement, which approximates the
current volume of feed provided by Falconbridge's operations to
the facility.  The closing of this sale is conditioned on, and
expected to be completed upon receipt of, the clearance by both
the DOJ and the Commission of the pending acquisition of
Falconbridge by Inco, as well as Inco taking up and paying for
Falconbridge shares pursuant to its offer and certain other
standard terms and conditions to closing.

Inco and Falconbridge understand that the DOJ and the Commission
are reviewing the final terms of the proposed remedy that they
have been discussing with these regulatory agencies, including
the terms of this sale to LionOre.

Inco and Falconbridge expects that the DOJ and the Commission
will advise them whether the acquisition will be cleared based
upon this sale to LionOre prior to the end of June 2006.  Both
companies believe that the competition issues that have been
identified by the DOJ and the Commission are addressed by the
agreements entered into covering this sale to LionOre.  The
parties will continue to cooperate with the DOJ and the
Commission in connection with their respective final reviews of
the terms of the remedy.

                       About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited --
http://www.falconbridge.com/-- is a leading copper and nickel
company with investments in fully integrated zinc and aluminum
assets.  Its primary focus is the identification and development
of world-class copper and nickel orebodies.  It employs 14,500
people at its operations and offices in 18 countries.  The
Company owns nickel mines in Canada and the Dominican Republic
and operates a refinery and sulfuric acid plant in Norway.  It
is also a major producer of copper (38% of sales) through its
Kidd mine in Canada and its stake in Chile's Collahuasi mine and
Lomas Bayas mine.  Its other products include cobalt, platinum
group metals, and zinc.

                          About Inco

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

                          *     *     *

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


INDIGO ESTATES: Claims Filing Period Ends June 30
-------------------------------------------------
Creditors of Indigo Estates Limited have until June 30 to send
in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) to appointed Liquidator, Philip John Gorman,
Hazlewoods LLP.

The company can be reached at:

         Indigo Estates Limited
         Pumphouse Farm
         Pumphouse Lane
         Hanbury Droitwich
         Worcestershire WR9 7EB
         United Kingdom
         Tel: 01527 821 127


J & J FLOORINGS: Names Peter John Godfrey-Evans Liquidator
----------------------------------------------------------
Peter John Godfrey-Evans, of Mercer & Hole, was appointed
Liquidator of J & J Floorings (Watford) Limited after creditors
decided to wind up the company during an extraordinary general
meeting on March 24.

The company can be reached at:

         J & J Floorings (Watford) Limited
         18 Caxton Way
         Watford WD188UA
         United Kingdom
         Fax: 01923 818 946


KAVANAGH HOLDINGS: Taps Freddy Khalastchi to Liquidate Assets
-------------------------------------------------------------
Kavanagh Holdings Limited is liquidating its assets after
creditors agreed to wind up the company's operations on
March 29.

Freddy Khalastchi, of Harris Lipman LLP, was appointed
Liquidator.

The company can be reached at:

         Kavanagh Holdings Limited
         Amber House
         Market Street
         Bracknell Berkshire RG121JB
         United Kingdom
         Tel: 01344 409 800
         Fax: 01344 409 700


LUCITE INTERNATIONAL: S&P Places BB Rating on Watch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on acrylics producer Lucite
International Group Holdings Ltd. on CreditWatch with negative
implications on news of the group's potential recapitalization.
    
The 'B+' ratings on Lucite's 10.25% 2010 bonds were affirmed.

"The CreditWatch status reflects the potential weakening of
Lucite's cash flow protection ratios and overall financial
situation, as this recapitalization could lead to a material
additional debt burden," said Standard & Poor's credit analyst
Khaled Zitouni.

The private equity owner, Charterhouse, is considering
refinancing the group, which may include some dividends, after
plans to sell the company did not progress as planned.  To fund
these potential dividends, total debt could increase; the extent
of the possible increase has yet to be announced.
     
The affirmation of the rating on the 2010 bonds reflects our
expectation that the bonds would be fully refinanced with the
new recapitalization debt.
     
We expect to resolve the CreditWatch status in the next few
weeks.  This may result in a downgrade of up to two notches.
     
"Our review will focus on Lucite's new financial structure,
notably in terms of total debt, type of debt, leverage and
related cash flow ratios, and liquidity sources," said Mr.
Zitouni.  Markets, operating performance expectations,
litigation, and a review of the main projects and growth areas,
notably, the new "alpha" production process and operations in
China, will also be key.


MALLARDS RETIREMENT: Brings In Liquidator from Gallaghers
---------------------------------------------------------
Robert Stephen Palmer was appointed Liquidator of The Mallards
Retirement Home Limited after creditors moved to wind up the
company during an extraordinary general meeting on March 31.

The company can be reached at:

         The Mallards Retirement Home Limited
         Gallagher & Co
         London EC2A4RR
         United Kingdom
         Tel: 01234 365 563


MEADOWS OF CANTERBURY: Financial Woes Trigger Liquidation
---------------------------------------------------------
Creditors of Meadows of Canterbury Limited is winding up its
operations after creditors established the company could no
longer continue its business due to mounting debts.

David Jenner Cork, of McCabe Ford Williams, was appointed
Liquidator.

The company can be reached at:

         Meadows of Canterbury Limited
         Stour Valley Industrial Estate
         Ashford Road
         Chartham Canterbury Kent CT4 7HS
         United Kingdom
         Tel: 01227 731 489
         Fax: 01227 731 810


NEWGATE FUNDING: Fitch Rates on GBP2.3 Mln Class E Notes at BB
--------------------------------------------------------------
Fitch Ratings placed expected ratings to Newgate Funding PLC's
Series 2006-2 GBP500 million-equivalent mortgage-backed medium-
term notes due 2050 as:

   -- GBP-equivalent160 million Class A1: AAA;
   -- A1 detachable coupons: AAA;
   -- GBP-equivalent 47.55 million Class A2: AAA;
   -- A2 detachable coupons: AAA;
   -- GBP-equivalent 214 million Class A3: AAA;
   -- A3 detachable coupons: AAA;
   -- GBP-equivalent 12.55 million Class M: AAA;
   -- GBP-equivalent 30.35 million Class B: AA;
   -- GBP-equivalent 19 million Class C: A;
   -- GBP-equivalent 14.25 million Class D: BBB;
   -- GBP-equivalent 2.3 million Class E: BB;
   -- GBP-equivalent 4.75 million Class T: Not rated; and
   -- GBP-equivalent 5 million Class Q: Not rated.

The final ratings are contingent upon receipt of final documents
conforming to information already received.

This transaction is a securitization of sub-prime residential
mortgages originated and located in the UK.  The expected
ratings are based on the quality of the collateral, available
credit enhancement, the underwriting criteria and the servicing
capabilities of Mortgages PLC, and the back up servicing of
capabilities of Homeloan Management Limited and the
transaction's sound legal structure.

Credit enhancement for the Class A notes totals 16.99% and will
be provided by the subordination of the Class M notes, the Class
B notes, the Class C notes, the Class D notes and the Class E
notes and an initial and target reserve fund of 1.30%.

The Class T notes, which are unrated by Fitch, will receive
interest pari passu and pro rata with the Class D notes, and the
Class T notes will receive principal after any necessary
payments into the reserve fund.  Interest on the Class Q notes
will be paid after the replenishment of the reserve fund, if
needed, and before principal on the Class T.  Principal on the
Class Q will be paid after the principal on the Class T has been
repaid in full.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its UK Residential Mortgage
Default Model III.  The agency also modeled cash flows using the
results of the default model, with structural stresses including
various prepayment and interest rate scenarios.  The cash flow
tests showed that each Class of notes could withstand loan
losses at a level corresponding to the related stress scenario
without incurring any principal loss or interest shortfall and
can retire principal by legal final maturity.


RAMENCO LIMITED: Brings In Joint Administrators from DTE
--------------------------------------------------------
A. Poxon and J. M. Titley of DTE Leonard Curtis were appointed
joint administrators of Ramenco (2001) Limited (Company Number
04280332) on May 19.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax  
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

Headquartered in Ramsbottom Bury, United Kingdom, Ramenco (2001)
Limited manufactures fabricated metal products.


SIGHT & SOUND: Taps Gerald Edelman to Administer Assets
-------------------------------------------------------
Ian Douglas Yerrill and Bernard Hoffman of Gerald Edelman
Business Recovery were appointed joint administrators of Sight &
Sound Security Services Limited (Company Number 02978629) on
May 19.

The administrators can be reached at:

         Gerald Edelman Business Recovery
         25 Harley Street
         London W1N 2BR
         United Kingdom
         Tel: 020 7299 1400
         Fax: 020 7637 1440
         E-mails: bhoffman@GeraldEdelman.com  
                  insolvency@edelman.co.uk

Sight & Sound Security Services Limited can be reached at:

         50 Hedley Street
         Maidstone
         Kent ME14 5AD
         United Kingdom
         Tel: 01622 765 421


T & T THOMPSON: Appoints Begbies Traynor as Administrators
----------------------------------------------------------
D. Bailey and G. N. Lee of Begbies Traynor were appointed joint
administrators of T & T Thompson Limited (Company Number
02000469) on May 19.

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.  

T & T Thompson Limited is engaged in haulage contractors and
warehousing.


THAMES LABORATORIES: Halts Operations & Appoints Liquidator
-----------------------------------------------------------
Thames Laboratories Limited is winding up its operations after
creditors resolved to liquidate the company's assets during an
extraordinary general meeting on March 21.

Peter W. Engel of Solomon Hare Business Rescue was appointed
Liquidator.

The company can be reached at:

         Thames Laboratories Limited
         Brook Farm
         Thrapston Road
         Ellington Huntingdon
         Cambridgeshire PE280AE
         United Kingdom
         Tel: 01480 891 800
         Fax: 01480 890 008


WETHERIGGS COUNTRY: NatWest Bank Appoints Begbies as Receivers
--------------------------------------------------------------
National Westminster Bank PLC appointed Paul Stanley and Gary
Lee of Begbies Traynor joint administrative receivers of
Wetheriggs Country Pottery Limited (Company Number 02894624)
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.  

Wetheriggs Country Pottery Limited can be reached at:

         1 Wetheriggs Pottery
         Clifton Dykes Penrith
         Cumbria CA10 2DH
         United Kingdom
         Tel: 01768 892 733
         Fax: 01768 892 722


* Fitch Notes Rise on Delinquency Index in European Auto ABS
------------------------------------------------------------
Fitch Ratings noted performance trends for European auto
transactions were positive in Q106 with stable trends in
delinquencies and losses.  This is one of the highlights in
Fitch's latest quarterly auto index Tyre Tracks.

Fitch's 60-180 Delinquency Index rose slightly in the quarter
driven mainly by an increase in Portuguese delinquencies.  This
was not unexpected given the seasoned nature of these
transactions.  Conversely, the Fitch Net Loss Index showed a
slight decrease, reflecting a generally downward trend across
the various jurisdictions.  Positive performance was further
evidenced by an increase of 0.5% in the Excess Spread Index,
which ended the quarter at 2.7%.  The main contributors to this
improvement were Italy, the UK and France.

The report comments that recent news on the European auto
industry has been positive with increased car sales being seen
particularly in Germany, Italy and France.  Auto ABS issuance
levels for Q106 were similar to Q105 and Fitch expects further
issuance before end of Q2.

Included in the report are the Fitch European Auto ABS indices,
which are measures of three of the key performance indicators
that the agency uses when tracking the performance of
transactions.  The indices are the Fitch 60-180 Delinquency
Index, the Fitch 60-90 Early Delinquency Index, the Fitch 90-180
Late Delinquency Index, the Fitch Net Loss Index and the Fitch
Excess Spread Index.  The report also includes a commentary on
industry trends and issuance volumes.

                           *********

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.

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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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