TCREUR_Public/060612.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

             Monday, June 12, 2006, Vol. 7, No. 115     

                            Headlines


A U S T R I A

ABSOLUT: Insufficient Funds Prompts Court to Close Case
ELDO ELECTRIC: Court to Close Case After Claims Payment
GABRIEL PETRICA: Korneuburg Court Closes Bankruptcy Proceedings
GRENZLAND: Graz Court Will Close Case After Claims Payment
HOLBFER & KOHLER: Leoben Court Closes Bankruptcy Proceedings


G E R M A N Y

CELLER HOF: Claims Registration Ends June 30
HERBORT MASCHINENFABRIK: Claims Registration Ends June 28
J + N METALLBAU: Claims Registration Ends June 26
MONDELO GMBH: Claims Filing Period Ends June 28
MRV MULTI: Claims Filing Period Ends June 27

N/B METALL: Claims Filing Period Ends June 28
OTTO WIBBING: Claims Filing Period Ends June 27
WILHELM GMBH: Creditors' Meeting Slated for June 29
WOHNWERT VERWALTUNGS: Creditors' Meeting Slated for June 26
XERUS MARKETING: Creditors' Meeting Slated for June 29


K A Z A K H S T A N

AK-BULAK: Proof of Claim Deadline Slated for June 23
FIRMA INTERFORVARD: Proof of Claim Deadline Slated for June 23
JAPANESE NATIONAL: Claims Registration Ends June 23
KAZKEISITELEKOM: Claims Registration Ends June 23
KTK-HIMPROMSNAB: Creditors Must File Claims by June 23

NAR: Creditors Must File Claims by June 23


N E T H E R L A N D S

FORD CAPITAL: Fitch Downgrades Issuer Default Rating to B+


R U S S I A

BUILDING ASSEMBLY 21: Bankruptcy Hearing Slated for June 22
CHUVASHIA: Moody's Assigns Ba2 Rating to RUR1 Billion Bond
ELANSK-AGRO-PROM-KHIMIYA: Y. Podgornov to Manage Assets
INTERNATIONAL MOSCOW: Fitch Affirms Individual Rating at C/D
KRASNOYARSKIY FACTORY: P. Protsenko to Manage Insolvency Assets

MOKOVSKIY BRICKWORKS: Court Taps S. Bulgakov to Manage Assets
NOVATEK: Shareholders Approve 2005 Dividend in AGM
ONIX-GROUP: Court Begins Bankruptcy Supervision
ROSBANK: S&P Places B/C and ruA- Ratings on CreditWatch Positive
RUSSIAN MORTGAGE: Fitch Assigns BB- Rating on Class B Notes

SIBEX: Kemerovo Court Starts Bankruptcy Supervision
TNK-BP: Sergey Brezitsky Replaces Igor Dibtsev as EVP-Upstream
VIMPELCOM: Earns US$150 Million in First Quarter 2006
YUKOS OIL: Arbitration Court Postpones First Creditors' Meeting
ZAPADNOYE: Court Names Y. Shapovalov as Insolvency Manager


S P A I N

CONSUMO BANCAJA: Fitch Junks EUR13.5 Million Series D Notes
ESPANOLA DEL ZINC: Heliopolis Invest Purchases 5% Equity Stake


T U R K E Y

TURK EXIMBANK: Moody's Assigns Issuer Rating at Ba1


U K R A I N E

AGROFIRM MOLODIVSKA: Court Opens Bankruptcy Proceedings
AKVARIUMIST: Court Commences Bankruptcy Supervision
ARIOL: Court Names S. Vardikyan to Manage Insolvency Assets
IRON TRADE: Dnipropetrovsk Court Opens Bankruptcy Proceedings
LVIV' TABACCO: Court Taps Roman Ulyanik as Liquidator

SHALFEJNE: AR Krym Court Starts Bankruptcy Process
TROSTYANETS' BREAD: Court Commences Bankruptcy Supervision
VOSHOD: Court Names Denis Matvijchuk to Liquidate Assets
ZORYA: Court Names Viktoriya Cherepenko to Manage Assets


U N I T E D   K I N G D O M

24 STORE: Creditors Pass Winding Up Resolution
A1 VALE: Brings In Joint Liquidators from Lines Henry
ADVICE FOR LIFE: Creditors Confirm Voluntary Liquidation
ALBA SALES: Financial Woes Trigger Liquidation
BAA PLC: Accepts Ferrovial's GBP10.3 Billion Takeover Offer

BENTLEY BROOK: Appoints E.J. Stonham as Administrator
CABLE & WIRELESS: Employee Share Trustees Sell 140,924 Shares
C.S. INTERIORS: Names Anthony Harry Hyams Liquidator
CHEMI-COM SUPPLIES: Creditors Resolve to Liquidation
CONSORT CONCRETE: Hires Liquidator from Benedict Mackenzie LLP

D. A. MCKENNA: Hires Joint Administrators from DTE Leonard
EAST CENTRAL: Taps UHY Hacker Young to Administer Assets
ELSYM (BURTON): Joint Liquidators Take Over Operations
ESSEX BATHROOMS: Winds Up Business & Appoints Joint Liquidators
FABTECH ENGINEERING: Creditors' Meeting Slated for June 19

FCE BANK: Fitch Downgrades Issuer Default Rating to B+
LUCITE INTERNATIONAL: Moody's Places Ratings Under Review
MALLINGSON INTERNATIONAL: Taps Hurst Morrison as Administrators
OPTICAL NETWORKS: Appoints Administrators from Portland Business
OVENDEN COLBERT: Creditors' Meeting Slated for June 14

PORTMAN RUBBER: Claims Filing Period Ends June 30
RANK GROUP: Cancels 1,750,000 Shares in Buy Back Program
STORM UNIVERSAL: Appoints Rothman Pantall as Administrators
TORFAEN COMMUNITY: Appoints Jones Giles as Administrators
WINDSOR RACECOURSE: Names Administrators from Begbies Traynor

                            *********

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


ABSOLUT: Insufficient Funds Prompts Court to Close Case
-------------------------------------------------------
The Land Court of Korneuburg dismissed the bankruptcy case of
LLC Absolut (FN 155508p) on May 5 due to the Debtor's
administrative insolvency.  This means that the Debtor does not
have enough cash to cover costs of the bankruptcy proceedings.

As a result, creditors will not receive any distribution.

Headquartered in Fritz Mitterhauserweg, Austria, the Debtor
declared bankruptcy on May 27, 2002 (Bankr. Case No. 36 S
30/02g).  Bruckner Ferdinand served as the court-appointed
property manager for the bankrupt estate.  


ELDO ELECTRIC: Court to Close Case After Claims Payment
-------------------------------------------------------
The Land Court of Klagenfurt will close the bankruptcy case of
LLC Eldo Electric Systems (FN 195106x) after the Debtor's final
distribution to creditors.

Creditors will recover 20% on account of their claim to be paid
in three installments:

   -- 10% within 14 days after the Debtor's bankruptcy case
      closing;

   -- after adoption of the project by compulsory compensation          
      payment:

      * 5% until Aug. 31, 2006 and
      * 5% until Oct. 31, 2006.

Headquartered in Karnten, Austria, the Debtor declared
bankruptcy on Nov. 9, 2005 (Bankr. Case No. 41 S 100/05m).  
Werner Poms served as the court-appointed property manager for
the bankrupt estate.  


GABRIEL PETRICA: Korneuburg Court Closes Bankruptcy Proceedings
---------------------------------------------------------------
The Land Court of Korneuburg entered an order closing the
bankruptcy case of KEG Gabriel Petrica Pancis (FN 192150z) on
May 5.  

Creditors will recover 20% on account of their claim to be paid
in four installments:

   -- 5% within 14 days after the Debtor's bankruptcy case
      closing;

   -- after adoption of the project by compulsory compensation
      payment:

      * 5% within 12 months
      * 5% within 18 months; and
      * 5% within 24 months.

The last day for final claims distribution is set for Feb. 15,
2008.

Headquartered in Schwechat, Austria, the Debtor declared
bankruptcy on Oct. 24, 2005 (Bankr. Case No. 36 S 109/05d).  
Stefan Langer served as the court-appointed property manager for
the bankrupt estate.  


GRENZLAND: Graz Court Will Close Case After Claims Payment
----------------------------------------------------------
The Land Court of Graz will close the bankruptcy case of LLC
Grenzland (FN 239471p) after the Debtor's final distribution to
creditors.

Creditors owed money by the Debtor will receive 3.2% on account
of their claim.

Headquartered in Straden, Austria, the Debtor declared
bankruptcy on June 1, 2005 (Bankr. Case No. 26 S 61/05y).  
Wilfried Stenitzer served as the court-appointed property
manager for the bankrupt estate.  


HOLBFER & KOHLER: Leoben Court Closes Bankruptcy Proceedings
------------------------------------------------------------
The Land Court of Leoben entered an order closing the bankruptcy
case of LLC Holbfer & Kohler (FN 75489p) on May 5.  

Creditors will recover 20% on account of their claim to be paid
in four installments:

   -- 15% in cash within 14 days after bankruptcy case closing;
   -- after adoption of the project by compulsory compensation
      payment:

      * 5% within 12 months
      * 2.5% within 18 months; and
      * 2.5% within 24 months.

The last day for final claims distribution is set for March 29,
2008.

Headquartered in Muerzzuschlag, Austria, the Debtor declared
bankruptcy on Dec. 12, 2005 (Bankr. Case No. 17 S 99/05k).  
Norbert Scherbaum served as the court-appointed property manager
for the bankrupt estate.  


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


CELLER HOF: Claims Registration Ends June 30
--------------------------------------------
Creditors of Celler Hof Betriebsgesellschaft mbH have until
June 30 to register their claims with court-appointed
provisional administrator Thomas Westphal.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on July 11, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Celle
         Hall 014
         Ground Floor
         Mill Road 4
         29221 Celle, 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 Celle opened bankruptcy proceedings
against Celler Hof Betriebsgesellschaft mbH on May 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Celler Hof Betriebsgesellschaft mbH
         Attn: Axel Armbrecht, Manager        
         Stechbahn 11
         29221 Celle, Germany

The administrator can be contacted at:

         Dr. Thomas Westphal
         Meteorstr. 1
         29221 Celle, Germany
         Tel: 05141/99290-60
         Fax: 05141/7648
         E-mail: ThWestphal@t-online.de


HERBORT MASCHINENFABRIK: Claims Registration Ends June 28
---------------------------------------------------------
Creditors of Herbort Maschinenfabrik GmbH have until June 28 to
register their claims with court-appointed provisional
administrator Dirk Stadler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:25 a.m. on July 26, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

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

The Debtor can be contacted at:

         Herbort Maschinenfabrik GmbH
         Max-Mueller-Str. 22
         30179 Hanover, Germany

         Attn: Max Mueller, Manager
         Tiergartenstr. 2
         30559 Hanover, Germany

The administrator can be contacted at:

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


J + N METALLBAU: Claims Registration Ends June 26
-------------------------------------------------
Creditors of J + N Metallbau Verwaltungs GmbH 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 11:25 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 Verwaltungs GmbH on May 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         J + N Metallbau Verwaltungs GmbH
         Dieselstrasse 16
         48683 Ahaus, Germany

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

The administrator can be contacted at:

         Andreas Sontopski
         Gnoiener Place 1
         48493 Wettringen, Germany


MONDELO GMBH: Claims Filing Period Ends June 28
-----------------------------------------------
Creditors of Mondelo GmbH have until June 28 to register their
claims with court-appointed provisional administrator Dirk
Stadler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:40 a.m. on July 26, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

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

The Debtor can be contacted at:

         Mondelo GmbH
         Hainhauser Way 101
         30855 Langenhagen, Germany

         Attn: Manfred Nimmerfroh, Manager        
         Hasendamm 5
         31275 Lehrte, Germany

The administrator can be contacted at:

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


MRV MULTI: Claims Filing Period Ends June 27
--------------------------------------------
Creditors of MRV Multi Reverse Vending GmbH have until June 27
to register their claims with court-appointed provisional
administrator Norbert Kruse.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.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 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 MRV Multi Reverse Vending GmbH on April 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         MRV Multi Reverse Vending GmbH
         Attn: Rudolph Klaus, Manager        
         Industrial Road 27
         49492 Westerkappeln, Germany

The administrator can be contacted at:

         Norbert Kruse
         Bonhoefferstr. 10
         48282 Emsdetten, Germany


N/B METALL: Claims Filing Period Ends June 28
---------------------------------------------
Creditors of N/B Metall & Apparatebau GmbH have until June 28 to
register their claims with court-appointed provisional
administrator Dirk Stadler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:50 a.m. on July 26, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Hanover opened bankruptcy proceedings
against N/B Metall & Apparatebau GmbH on May 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         N/B Metall & Apparatebau GmbH
         Hainhauser Way 101
         30855 Langenhagen, Germany

         Attn: Manfred Nimmerfroh, Manager        
         Hasendamm 5
         31275 Lehrte, Germany

The administrator can be contacted at:

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


OTTO WIBBING: Claims Filing Period Ends June 27
-----------------------------------------------
Creditors of Otto Wibbing GmbH have until June 27 to register
their claims with court-appointed provisional administrator Dr.
Norbert Westhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.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 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 Otto Wibbing GmbH on May 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Otto Wibbing GmbH
         Breite Str. 28
         33602 Bielefeld, Germany

         Attn: Hans-Otto Wibbing, Manager        
         Jadeweg 54 c
         33689 Bielefeld, Germany

The administrator can be contacted at:

         Dr. Norbert Westhoff
         Adenauerplatz 4
         33602 Bielefeld, Germany


WILHELM GMBH: Creditors' Meeting Slated for June 29
---------------------------------------------------
The court-appointed provisional administrator for Wilhelm GmbH &
Co. Ladenbau KG, Dr. Christoph Schulte-Kaubruegger, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 9:50 a.m., on June 29.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:10 a.m., on Sept. 14 at the same
venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Wilhelm GmbH & Co. Ladenbau KG on May 5.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         Wilhelm GmbH & Co. Ladenbau KG
         Daimlerstrasse 9
         67346 Speyer, Germany
                 
The administrator can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin, Germany


WOHNWERT VERWALTUNGS: Creditors' Meeting Slated for June 26
-----------------------------------------------------------
The court-appointed provisional administrator for Wohnwert
Verwaltungsgesellschaft mbH & Co. Asgard Hotelbetriebs KG,
Wolfgang Mathass, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 2:30 p.m., on
June 26.

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

         The District Court of Worms
         Hall-Nr. 320
         Hardtgasse 6
         67547 Worms, Germany

The Court will also verify the claims set out in the
administrator's report at 2:30 p.m., on Sept. 4 at the same
venue.

Creditors have until Aug. 14 to register their claims with the
court-appointed provisional administrator.

The District Court of Worms opened bankruptcy proceedings
against Wohnwert Verwaltungsgesellschaft mbH & Co. Asgard
Hotelbetriebs KG on April 1.  Consequently, all pending
proceedings against the company have been automatically stayed

The Debtor can be reached at:

         Wohnwert Verwaltungsgesellschaft mbH & Co.
         Asgard Hotelbetriebs KG
         Gutleutstrasse 4
         67547 Worms, Germany

         Attn: Stefan Pruss, Manager
         Untertrave 86
         23552 Luebeck, Germany
                 
The administrator can be reached at:

         Wolfgang Mathass
         Kirschgartenweg 58
         67549 Worms, Germany
         Tel: 06241/2061-0
         Fax: 06241/2061-20


XERUS MARKETING: Creditors' Meeting Slated for June 29
------------------------------------------------------
The court-appointed provisional administrator for Xerus
Marketing GmbH, Dr. Petra Hilgers, will present her first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:05 a.m., on June 29.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:25 a.m., on Sept. 14 at the same
venue.

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

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

The Debtor can be reached at:

         Xerus Marketing GmbH
         Magazinstr. 15 - 16
         10179 Berlin, Germany
                 
The administrator can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin, Germany


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


AK-BULAK: Proof of Claim Deadline Slated for June 23
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
declared LLP AK-Bulak insolvent.

Creditors have until June 23 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Maulenova Str. 92  
         Almaty, Kazakhstan
         Tel: 8 (3272) 67-63-59


FIRMA INTERFORVARD: Proof of Claim Deadline Slated for June 23
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
declared LLP Firma Interforvard insolvent.

Creditors have until June 23 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Maulenova Str. 92
         Almaty, Kazakhstan
         Tel: 8 (3272) 67-63-59


JAPANESE NATIONAL: Claims Registration Ends June 23
---------------------------------------------------
Japanese National Corporation on Oil, Fluid and Metals has
declared insolvency.  Creditors have until June 23 to submit
written proofs of claim to:

         Japanese National Corporation on Oil, Fluid and Metals
         Abai Ave. 153-37
         Almaty, Kazakhstan
         Tel: 8 (3272) 40-25-59


KAZKEISITELEKOM: Claims Registration Ends June 23   
-------------------------------------------------
CJSC Kazkeisitelekom (Kaz K & C Telekom) has declared
insolvency.  

Creditors have until June 23 to submit written proofs of claim
to:

         CJSC Kazkeisitelekom (Kaz K & C Telekom)
         Krivoguza Str. 5
         Karaganda
         Karaganda Region
         Kazakhstan


KTK-HIMPROMSNAB: Creditors Must File Claims by June 23
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
declared LLP KTK-Himpromsnab insolvent.

Creditors have until June 23 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Maulenova Str. 92  
         Almaty, Kazakhstan
         Tel: 8 (3272) 67-63-59


NAR: Creditors Must File Claims by June 23
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP NAR insolvent on March 30.

Creditors have until June 23 to submit written proofs of claim
to:
        
         LLP NAR
         Office 4
         Kassina Str. 2/1
         Mamyr
         050052 Almaty, Kazakhstan
         Tel: 8 (3272) 93-19-22
              8 (3335) 59-68-31
              8 (3332) 58-50-41


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


FORD CAPITAL: Fitch Downgrades Issuer Default Rating to B+
----------------------------------------------------------
Fitch downgraded the following long-term ratings for both Ford
Motor Company and Ford Motor Credit Company with Negative Rating
Outlook, and assigned the following Recovery Ratings:

Ford
   -- Issuer Default Rating to B+ from BB; and
   -- Senior unsecured to BB-/RR3 from BB.

FMCC
   -- Issuer Default Rating to B+ from BB.

Fitch also affirms FMCC's senior unsecured debt at BB/RR2.

Ford's newly assigned RR3 rating indicates average recovery
prospects of 50-70% in the event that further deterioration in
operating results eventually results in a filing for bankruptcy.
FMCC's new RR2 rating indicates superior recovery prospects of
70-90%.

The downgrade and Negative Outlook reflect Fitch's expectation
of persistent revenue deterioration through at least 2006 due to
continued market share losses, deteriorating mix, price
competition, a lack of key product introductions, coupled with
lack of tangible progress in reducing its cost structure.

Despite an aggressive spending plan in 2006 to reduce its fixed
cost structure, persistently high commodity prices, and
financial and operational stresses at Ford's supply base are
likely to more than offset any progress in 2006, and Fitch
expects that Ford will see little relief in either cost category
over the near term.  The unfavorable trend of revenues and key
cost factors is expected to result in accelerated negative cash
flows through 2006 and into 2007.

Ford will be challenged to reverse negative cash flows given a
relatively sparse product pipeline over the next several years.
Ford has taken a number of steps to address its fixed cost
structure through employee buyouts, the recent health care
agreement with the UAW and certain plant closures, although cash
savings are likely to be insufficient to reverse negative cash
flows prior to the 2007 UAW contract re-opening.  

Ford's latest restructuring program extends through the 2012,
with the bulk of facility closures not commencing until after
2007, limiting Ford's ability to achieve near-term cost
reductions.  The success of the restructuring program will, to a
large degree, depend on the success of the OEM's ability to
negotiate further benefit reductions and operational flexibility
in the 2007 contract.  Ford's U.S. supplier base remains fragile
throughout the supply chain, which could result in higher direct
costs, manufacturing inefficiencies or production interruptions
at Ford.

Although Ford has benefited from an improved passenger car
portfolio and the strong market position of its core F-Series
products, this has been insufficient to outpace the decline in
midsize and large SUV sales, including the Explorer, which have
historically been strong profit contributors.  Ford also faces
intensifying competition in the large pickup market from a
refreshed GM lineup and the opening of a new Toyota plant later
this year.

Ford Credit, a strong provider of dividends over the past
several years, is expected to demonstrate significantly reduced
profitability and dividends going forward, resulting from a
smaller portfolio, a reduced benefit from lower loss accruals,
and higher interest rates.  

Fitch also recognizes that Ford has shown improvement and
profitability in its operations outside the United States,
including Europe, its Premium Automotive Group, Latin America,
and in its Mazda holdings.  Although Jaguar operations remain a
significant drain on P.A.G., the turnaround in the consolidated
group over the past several years has been a positive to this
point.

Ford's RR3 Recovery Rating is based on an analysis of a
potentially restructured Ford.  Fitch's restructuring analysis
incorporates a Chapter 11 filing of North American operations
and would result in significant claims from working capital
liabilities in addition to unsecured debtholders.  Fitch also
factored in liabilities related to on and off-balance sheet
liabilities that could augment claims.  Fitch did not factor in
claims related to potential termination or alteration of legacy
OPEB and pension costs.

In the event of a filing, Fitch anticipates that Ford would not
attempt to terminate its pension plans.  Changes to OPEB
liabilities, as with the recent agreement between Ford and the
UAW, would have to be negotiated as part of a new labor
agreement in the event of a Chapter 11 filing, without resulting
in claims against the estate.  

The restructured enterprise value includes reduced production
volumes and sufficient cost reductions to achieve a 3% operating
margin in North America, plus asset values associated with
international operations and its 100% ownership of Ford Credit.

Liquidity remains adequate to finance restructuring requirements
and negative cash flows through the reopening of the UAW
contract.  Cash and short-term VEBA at March 31, 2006 totaled
US$23.7 billion, supplemented by long-term VEBA that could be
utilized to fund health care expenditures over the near term.
Over the past several years, with the assistance of dividends
from Ford Credit and the sale of Hertz, Ford has been able to
maintain a strong level of liquidity, and has modestly reduced
debt.

Debt maturities remain very extended.  Legacy liabilities are
expected to decline in 2006 due to Ford's recent health care
agreement with the UAW and a re-measurement of health care and
pension liabilities due to higher interest rates.  However,
potential pension legislation could accelerate funding
requirements.

FMCC's IDR remains linked to those of Ford due to the close
business relationship between them.  Fitch expects FMCC's
earnings and dividends to decline noticeably in 2006 primarily
due to lower receivables outstanding and margins.  FMCC has
benefited from lower provision expense, as the quality of its
receivables pool has increased, the pace of these improvements
is expected to slow going forward.  

Fitch believes that FMCC maintains a good degree of liquidity
relative to its rating. Supporting this is FMCC's ability to
sell or securitize a broad spectrum of assets such as retail
finance, lease, and wholesale loans.  Moreover, FMCC continues
to hold high cash balances and its assets mature faster than its
debt.

The RR2 Recovery Rating indicates superior recovery prospects on
unsecured debt resulting from solid unencumbered asset
protection, although discounted to account for stressed
performance and/or disposition.  

Fitch downgraded these ratings with a Negative Rating Outlook:

Ford Motor Co.
   -- Issuer Default Rating to B+ from BB;
   -- Senior debt to BB-/RR3 from BB.

Ford Motor Credit Co.
   -- Issuer Default Rating to B+ from BB.

FCE Bank Plc
   -- Issuer Default Rating to B+ from BB.

Ford Capital B.V.
   -- Issuer Default Rating to B+ from BB.

Ford Credit Canada Ltd.
   -- Issuer Default Rating to B+ from BB.

Ford Motor Capital Trust II
   -- Preferred stock to B-/RR6 from B+.

Ford Holdings, Inc.
   -- Issuer Default Rating to B+ from BB;
   -- Senior debt to BB-/RR3 from BB.

Ford Motor Co. of Australia
   -- Issuer Default Rating to B+ from BB;
   -- Senior debt to BB-/RR3 from BB.

Ford Credit Australia Ltd.
   -- Issuer Default Rating to B+ from BB.

PRIMUS Financial Services (Japan)
   -- Issuer Default Rating to B+ from BB.

Ford Credit de Mexico, S.A. de C.V.
   -- Issuer Default Rating to B+ from BB.

Ford Motor Credit Co. of New Zealand
   -- Issuer Default Rating to B+ from BB.

Ford Credit Co S.A. de CV
   -- Issuer Default Rating to B+ from BB.

Fitch has also taken these rating actions:

Ford Motor Co.
   -- Short-term Issuer Default Rating, rated B, is withdrawn.

Ford Motor Credit Co.
   -- Short-term Issuer Default Rating affirmed at B;
   -- Commercial paper affirmed at B;
   -- Senior debt affirmed at BB/RR2.

FCE Bank Plc
   -- Senior Unsecured affirmed at BB/RR2.
   -- Short-term Issuer Default Rating affirmed at B;
   -- Commercial Paper affirmed at B; and
   -- Short-term Deposits affirmed at B;

Ford Capital B.V.
   -- Senior Unsecured affirmed at BB/RR2.

Ford Credit Canada
   -- Short-term Issuer Default Rating affirmed at B;
   -- Commercial Paper affirmed at B;
   -- Senior Unsecured affirmed at BB/RR2.

Ford Credit Australia Ltd.
   -- Senior Unsecured affirmed at BB/RR2;
   -- Short-Term IDR affirmed at B;
   -- Commercial Paper affirmed at B.

PRIMUS Financial Services (Japan)
   -- Senior Unsecured affirmed at BB/RR2;
   -- Short-term IDR affirmed at B.

Ford Motor Credit Co. of New Zealand
   -- Senior Unsecured affirmed at BB/RR2;
   -- Short-Term IDR affirmed at B;
   -- Commercial Paper affirmed at B.

Ford Credit Co. S.A. de C.V.
   -- Senior Unsecured affirmed at BB/RR2.

Fitch's Recovery Ratings, introduced in 2005, are a relative
indicator of creditor recovery on a given obligation in the
event of a default.


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


BUILDING ASSEMBLY 21: Bankruptcy Hearing Slated for June 22
-----------------------------------------------------------
The Arbitration Court of Stavropol Region will convene on
June 22 to hear the bankruptcy supervision procedure on CJSC
Building Assembly Enterprise 21 (TIN/KPP 2630000589/263001001).  
The case is docketed under Case No. A63-1422/06-S5.

The Temporary Insolvency Manager is:

         V. Kovalchuk
         Krasnoflotskaya Str. 46
         355000, Stavropol Region, Russia

The Debtor can be reached at:

         CJSC Building Assembly Enterprise 21
         Novoselova Str. 9A
         Mineralnye Vody
         357207, Stavropol Region, Russia


CHUVASHIA: Moody's Assigns Ba2 Rating to RUR1 Billion Bond
----------------------------------------------------------
Moody's Investors Service assigned the definitive Global Scale
Rating of Ba2 to the RUR1 billion Bond due 2011 issued by the
Republic of Chuvashia and partially guaranteed by the
International Finance Corporation.  At the same time Moody's
Interfax Rating Agency, which is majority owned by Moody's,
assigned the definitive National Scale Rating of Aa2.ru to the
Bond.

According to Moody's and Moody's Interfax, the Ba2 Global Scale
Rating reflects the transaction's global default and loss
expectation, while the Aa2.ru National Scale Rating reflects the
standing of its credit quality relative to its domestic peers.

This transaction is partially guaranteed by the IFC, a member of
the World Bank Group.  The irrevocable and unconditional partial
guarantee from the IFC enhances the credit of the Republic of
Chuvashia on this five-year maturity bullet bond.

Under the guarantee documentation, the IFC will, subject to the
timely receipt of a notice from the Authorized Agent, cover any
potential shortfall due to bondholders including the outstanding
interest and principal amount due under the Bond, up to a
maximum of 23% of the outstanding principal amount
RUR230,000,000.

The ratings address the expected loss on the Bonds during the
life of the transaction.  In Moody's opinion the structure
allows for timely payment of interest during the life of the
transaction, and ultimate payment of principal by the final
legal maturity.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have
not been addressed, but may have a significant effect on yield
to investors.


ELANSK-AGRO-PROM-KHIMIYA: Y. Podgornov to Manage Assets
-------------------------------------------------------
The Arbitration Court of Volgograd Region appointed Mr. Y.
Podgornov as insolvency manager for Municipal Unitary Enterprise
Elansk-Agro-Prom-Khimiya (Case No. A12-998/06-s58).  He can be
reached at:

         Y. Podgornov
         Khirosimy Str. 1194
         400050, Volgograd Region, Russia

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

The Debtor can be reached at:

         Municipal Unitary Enterprise Elansk-Agro-Prom-Khimiya
         V. Ponomareva Str. 1
         Elan
         Volgograd Region, Russia


INTERNATIONAL MOSCOW: Fitch Affirms Individual Rating at C/D
------------------------------------------------------------
Fitch Ratings affirmed International Moscow Bank's ratings at
foreign currency Issuer Default BBB, Short-term foreign currency
F3, local currency Issuer Default BBB+, Short-term local
currency F2, Individual C/D, and Support 2.  The Outlooks on the
Issuer Default ratings are Stable.

IMB's IDRs, Short-term and Support ratings are driven by the
potential strong support from its indirect majority-owner,
UniCredito Italiano.  However, IMB's foreign currency IDR is
constrained by the BBB Country Ceiling for Russia.

The Individual rating reflects IMB's fairly high, albeit
improved, concentration levels on both sides of the balance
sheet.  It also considers the risks associated with the bank's
rapid loan growth in segments and regions where it has less
experience.  

However, it also factors in IMB's experienced management, good
risk-management framework, fairly limited market risk and the
input of its foreign owners.  Profitability is also robust and
IMB's franchise is growing.

A change in UCI's propensity and/or ability to support IMB could
affect the IDRs.  Movement in the Country Ceiling would also
have implications for the foreign currency IDR.  An upgrade of
the Individual rating could result from a strengthening of IMB's
capital base, a further fall in concentrations and/or an
improvement in the operating environment.  

A downgrade could result from a failure to manage the risks
associated with loan diversification, resulting in a sharp
deterioration in asset quality, and/or if capital came under
more pressure.

IMB was established in October 1989 as Russia's first joint
venture bank with foreign participation.  IMB's core business is
servicing large and medium-sized domestic corporates.  However,
its strategy is to develop its retail banking operations
further, including in the regions, as well as lending to smaller
companies.  Bayerische Hypo- und Vereinsbank has approximately
53% of the voting rights in IMB, Nordea 26%, BCEN-Eurobank 16%
and the European Bank for Reconstruction and Development 5%.  
IMB ranks among the top 10 Russian banks by total assets.


KRASNOYARSKIY FACTORY: P. Protsenko to Manage Insolvency Assets
---------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. P.
Protsenko as insolvency manager for CJSC Krasnoyarskiy Factory
Of Heavy Engineering (Case No. A33-11202/2005).  He can be
reached at:

         P. Protsenko
         Post User Box 12016
         660028, Krasnoyarsk Region, Russia

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


MOKOVSKIY BRICKWORKS: Court Taps S. Bulgakov to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. S. Bulgakov
as insolvency manager for LLC Mokovskiy Brickworks.  He can be
reached at:

         S. Bulgakov
         Litovskaya Str. 12A
         305023, Kursk Region, Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent (Case No. A35-8875/05g).


NOVATEK: Shareholders Approve 2005 Dividend in AGM
--------------------------------------------------
Shareholders OAO Novatek approved the Company's profit
distribution for 2005 during their Annual General Meeting.

Based on NOVATEK's 2005 annual results, net profit in accordance
with Russian Accounting Standards amounted to RUR15.18 billion.  
The AGM resolved to pay dividends on the Company's shares in the
amount of RUR523 per one ordinary share (excluding interim
dividends paid for nine months of 2005 in the amount of RUB377
per one ordinary share).

The total dividend distribution amounting to RUB2.7 billion
(including interim dividends paid for nine months of 2005)
equals 18% of the Company's net profit for 2005 (according to
RSA), or RUB900 per ordinary share.

The date of record for the list of persons entitled to receive
dividends was compiled on April 21, which also coincided with
the date for making a list of those entitled to attend the
Company's AGM.

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

                        *     *     *

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


ONIX-GROUP: Court Begins Bankruptcy Supervision
-----------------------------------------------
The Arbitration Court of Kareliya Republic has commenced
bankruptcy supervision procedure on CJSC Onix-Group (Case No.
A26-10827/2006-18).

The Temporary Insolvency Manager is:

         G. Spirin
         Kirova Str. 6-4
         Sortavala
         186790, Kareliya Republic, Russia


ROSBANK: S&P Places B/C and ruA- Ratings on CreditWatch Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term and
'C' short-term counterparty credit ratings and 'ruA-' Russia
national scale rating on Russia-based Rosbank OJSC on
CreditWatch with positive implications following news that
French bank Soci,t, G,n,rale (SocGen) is acquiring a 10% stake
and aiming to increase its holding in Rosbank to 20% in the
coming months.
     
Standard & Poor's is likely to resolve the CreditWatch placement
in the coming months and upgrade Rosbank, depending on the
extent of SocGen's future operational support, commitment to and
strategic involvement in the Russian bank, following the
possible increase of the French bank's stake to 20%.
     
"With SocGen and Rosbank, we will aim to determine the expected
benefits of their cooperation," said Standard & Poor's credit
analyst Ekaterina Trofimova.  "The investment fits well with
SocGen's strategy to expand in the Commonwealth of Independent
States with a focus on retail banking, and stands to strengthen
the French bank's position in the fast-growing Russian market."
     
The development of Rosbank's commercial and financial profile
will also be an important rating driver.
     
The ratings on Rosbank reflect its low operating efficiency;
challenges in managing an extensive distribution network;
limited capitalization; the untested quality of a fast-growing
retail portfolio; substantial, albeit declining, loan and
funding concentrations; and Russia's high operating risks.
These factors are mitigated by Rosbank's strengthening
commercial and financial profile, benefiting from a growing
business base, namely in retail banking; good commercial
dynamism; and expectations of higher sustained core
profitability in the medium term.
     
With total assets of RUR213 billion (about EUR7.4 billion) at
Dec. 31, 2005, Rosbank ranked among the top three private sector
banks in Russia.  The bank is owned by Russia's largest
nonenergy financial industrial group, Interros; its largest
asset is OJSC MMC Norilsk Nickel, specialized in metals and
mining.  Due to Interros' uneven support track record, we have
not given Rosbank any rating uplift for its current ownership
above the stand-alone ratings.


RUSSIAN MORTGAGE: Fitch Assigns BB- Rating on Class B Notes
-----------------------------------------------------------
Fitch Ratings assigned Russian Mortgage Backed Securities 2006-1
S.A's Class A notes an expected BBB+ rating.  The Class B notes
are assigned an expected BBB and the Class C notes BB-.  This is
the first cross-border RMBS transaction to emanate from the
Russian Federation.  The originator and seller of the mortgage
portfolio is JSC Vneshtorgbank, the second largest bank in
Russia and is 99.9% owned by the Russian state.

Head of Fitch's Emerging Markets Structured Finance Nick
Eisinger disclosed, "The transaction represents an important
milestone for the nascent Russian securitization market and the
evolution of mortgage funding in the Federation."

"The securitization market is, nonetheless, at an early stage of
development in Russia and obstacles to its broader growth
remain.  In particular the evolving legal environment remains
untested as far as existing asset securitization is concerned,"
he added.

Despite these general shortcomings, there are various factors
associated with this transaction, including the capital
structure and systemic importance of the originating bank that
mitigate Fitch's concerns over legal issues.

This transaction is a securitization of first ranking US dollar-
denominated residential mortgage loans secured on property
located in the Russian Federation.  The ratings address the
timely payment of interest and ultimate payment of principal in
accordance with the terms of the notes.  

The expected ratings are based on the quality of the collateral,
available credit enhancement, the underwriting and servicing
capabilities of the originator and the legal structure of the
transaction.  VTB ownership dynamics and its importance for the
Russian financial system also played a vital part in the rating
analysis.

Initial credit enhancement of 18.5% for the Class A notes will
be provided by the subordination of the Class B notes and the
Class C notes.  Further credit enhancement is available in the
form of a non-amortizing cash reserve in the amount of 2.5% of
the issuance amount fully funded at closing by a subordinated
loan extended by VTB.

A liquidity facility will also be made available for covering
interest and senior fee shortfalls up to a limit of 6% of the
issuance, which will be allowed to amortize to 2% of the
outstanding balance of the notes subject to certain conditions.
The transaction also benefits from a sovereign risk facility
that provides liquidity for the senior notes in the event of the
Russian government restricting the ability to convert and
transfer US dollars out of the country.


SIBEX: Kemerovo Court Starts Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Kemerovo Region has commenced
bankruptcy supervision procedure on CJSC Sibex (Case No. A27-
41867/2005-4).

The Temporary Insolvency Manager is:

         A. Markov
         Post User Box 830
         Main Post Office
         650099, Kemerovo Region, Russia

The Debtor can be reached at:

         CJSC Sibex
         Oktyabrskiy Pr. 53/2
         Kemerovo Region, Russia


TNK-BP: Sergey Brezitsky Replaces Igor Dibtsev as EVP-Upstream
--------------------------------------------------------------
TNK-BP has appointed Sergey Brezitsky as Executive Vice
President, Upstream effective immediately.  He replaces Igor
Dibtsev, who had previously decided to leave the company to
pursue other career opportunities.

Mr. Brezitsky joined the TNK group in 1999, and was appointed
Samotlor Business Unit Leader at the time of the TNK-BP merger.  
For the last 18 months, he has had the post of EVP of Oil Field
Services at TNK-BP, and has led the development and
implementation of its restructuring strategy for services
provision.

Mikhail Osipov is appointed Executive Vice President, Oil Field
Services, replacing Mr. Brezitsky.  Mr. Osipov joined the TNK
group in 1998.  Since the TNK-BP merger in late 2003, he has
successfully led Upstream Business Units in Tyumen and Orenburg.  
With his experience in leading diverse businesses with important
field services connections, Mr. Osipov will take the Oil Field
Services Stream forward in its strategic direction.  This
appointment is effective immediately.

James Dupree will be leaving TNK-BP this summer, having been
Executive Vice President for Technology since the formation of
TNK-BP.  Mr. Dupree led the application of world class
technology and working closely with Upstream, helped create TNK-
BP's brownfield renaissance, and initiated programs for resource
and people development that will sustain the company's future
growth.

Richard Herbert is appointed Executive Vice President,
Technology, replacing James Dupree.  Mr. Herbert joined the BP
group in 1980, and came to TNK-BP as Vice President Exploration
after serving in increasingly responsible international
operations and technical leadership roles.  Since the formation
of TNK-BP, he has led the creation of an Exploration team
delivering world-class results and building a portfolio of
growth projects. This appointment is effective from July 10th,
2006.

All three appointments will report to TNK-BP's Chief Operating
Officer, Tim Summers.

"I am particularly pleased that the strength and experience of
our management team has allowed us to promote internal
candidates to these important roles and create continuing growth
opportunities within the company," TNK-BP President and CEO,
Robert Dudley said.

Headquartered in the British Virgin Islands, TNK-BP is one of
the largest oil companies in Russia, jointly owned by BP Plc and
Alfa Access/Renova.  At year-end 2004, the group had just above
8 billion barrels of proved SEC (to economic life of fields)
reserves and in the first 9 months of 2005 produced close to
1.56 million barrels of oil per day.  TNK-BP generated revenues
of US$14.3 billion in 2004.

                        *     *     *

As reported in TCR-Europe on Feb. 15, Fitch Ratings assessed
TNK-BP International Ltd's Senior Unsecured rating at BB+ with
Outlook Positive and Short-term B.  Its US$700 million eurobond
is affirmed at BB+.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.


VIMPELCOM: Earns US$150 Million in First Quarter 2006
-----------------------------------------------------
Vimpel-Communications reveals its unaudited first quarter
financial results for the three months ended March 31, 2006.

The Company reported a US$150,223,000 net income on
US$936,466,000 net revenues for the three months ended
March 31, 2006, compared with the US$109,664,000 net income on
US$640,636,000 net revenues for the same period in 2005.

At March 31, 2006, the VimpelCom's consolidated balance sheet
showed US$6.52 billion in total assets, US$3.61 billion in total
liabilities and US$2.91 billion in shareholders' equity.

"Our business continued its successful development in the first
quarter of 2006," VimpelCom Chief Executive Officer Alexander
Izosimov said.  "This was the 26th consecutive quarter of
revenue growth.  In the first quarter of 2006, we achieved the
highest quarterly OIBDA and OIBDA margin in our history.  These
results came on the back of strong performance both in Russia
and Kazakhstan."

                         About VimpelCom

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

                        *     *     *

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


YUKOS OIL: Arbitration Court Postpones First Creditors' Meeting
---------------------------------------------------------------
The Arbitration Court of Moxcow entered an order postponing the
first meeting of creditors of Yukos Oil Company slated for
Friday, June 16, RIA Novosti relates.

According to the report, the Court said it needs more time to
decide whether to include Yukos creditors into a register of
creditors suing the company, which included:

   * Rosneft -- US$482 million
   * Yuganskneftegaz -- RUB75 billion or about US$3 billion
   * Tomskneft-VNK -- RUB12.3 billion or US$457.6 million
   * Samaraneftegaz -- RUB1.85 billion or US$69 million

The paper said the court also postponed until June 14 a ruling
on a similar request from the Russian tax authorities and
Siberian Internet Company with their RUB353.8 billion and
RUB74.4 million claims, respectively.

Other pending hearings will now have to be moved because of the
delayed creditors' session, RIA Novosti 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.


ZAPADNOYE: Court Names Y. Shapovalov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Stavropol Region appointed Mr. Y.
Shapovalov as insolvency manager for CJSC Zapadnoye.  He can be
reached at:

         Y. Shapovalov
         Pyatigorsk, Ermolova Str. 38
         Stavropol Region, Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent (Case No. A63-2563/06-S5).

The Debtor can be reached at:

         CJSC Zapadnoye
         Vin Sady
         Stavropol Region, Russia


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


CONSUMO BANCAJA: Fitch Junks EUR13.5 Million Series D Notes
-----------------------------------------------------------
Fitch Ratings assigned expected ratings to Consumo Bancaja 1
Fondo de Titulizacion de Activos' asset-backed securities notes
due in May 2020 as:

   -- EUR566.1 million Series A: AAA;
   -- EUR14.7 million Series B: AA;
   -- EUR19.2 million Series C: A-; and
   -- EUR12.8 million - EUR13.5 million Series D: CCC.

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

The expected ratings are based on the quality of the collateral,
the available credit enhancement, Bancaja's underwriting and
servicing capabilities, the integrity of the transaction's legal
and financial structures, and Europea de Titulizacion SGFT, SA's
administrative capabilities.

This is the first consumer and auto loan securitization
originated by the seller.  The transaction has a two-year
revolving period after which the notes will amortize
sequentially.  Caja de Ahorros de Valencia, Castellon y Alicante
is an active player in the Spanish securitization arena,
bringing to the market a total of 12 single seller RMBS and MBS
transactions and five SME CDOs to date.

Initial credit enhancement for the Series A notes will be
provided by the subordination of the Series B and C notes, plus
a reserve fund.  Initial credit enhancement for the Series B
notes will be provided by the subordination of the Series C
notes plus the reserve fund, and initial credit enhancement for
the Series C notes will be formed only by the reserve fund.

The expected ratings address payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger on Series B and C notes, as well
as the repayment of principal by legal maturity.  The issuer
will be legally represented and managed by Europea de
Titulizacion SGFT, SA, a limited liability, special-purpose
management company incorporated under the laws of Spain.


ESPANOLA DEL ZINC: Heliopolis Invest Purchases 5% Equity Stake
--------------------------------------------------------------
Heliopolis Invest SA has acquired a 5% stake in Espanola del
Zinc SA for EUR2.4 per share, 30% more than Espanola's last
trade before the stock was suspended in January 2005 due to a
financial reorganization, Bloomberg News reports.  

Espanola Chairman Juan Martinez disclosed that stockholders can
choose between a management-backed plan and an alternative plan
proposed by Metainversion SA, which has a 10.5% holding in the
company, at a stockholders' meeting slated for June 23,
Bloomberg relates.

Bloomberg said the management-supported plan calls for the sale
of approximately EUR46.8 million in stock while the rival plan
calls for the sale of fewer shares and charging more for them.  

According to the report, the Company has expressed the need to
bolster its finances, repay debt and move its facilities to
better locations.

Headquartered in Madrid, Spain, Espanola del Zinc manufactures
zinc ingots and sulfuric acid.


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


TURK EXIMBANK: Moody's Assigns Issuer Rating at Ba1
---------------------------------------------------
Moody's Investors Service assigned a Ba1 foreign currency issuer
rating to Export Credit Bank of Turkey (Turk Eximbank).  This
rating was assigned in line with Moody's methodology on rating
Government-Related Issuers (GRIs), and has a stable outlook.  
The Ba1 rating is two notches higher than the Republic of
Turkey's Ba3 foreign currency debt rating and remains
constrained by the revised ceiling for foreign currency debt in
the country.

The GRI methodology, which applies Joint-Default Analysis,
formally disaggregates the ratings of GRIs into four components:

   -- an assessment of the GRI's baseline credit risk,

   -- the default risk of the supporting government,

   -- the default dependence between the GRI and the government,
      and

   -- the expected level of support from the government.

According to Moody's, Turk Eximbank's baseline credit assessment
(BCA) of 4 (on a scale of 1-to-6, with 1 indicating highest
credit quality), which reflects the bank's standalone financial
strength, would on its own have been higher than the current Ba1
in an unconstrained environment.  It remains capped at this
level despite further reinforcement by a high likelihood of
support from the Turkish Government and by moderate default
dependence.

Turk Eximbank's BCA takes into account the bank's very strong
profitability and capitalization and moderate exposure to credit
risk.  It also factors in the bank's solid export finance and
credit insurance franchise, notwithstanding growing competition
from private commercial banks.  Turk Eximbank was set up by the
Turkish Government in 1987 and finances or insures about 10% of
the country's exports.

Moody's view on the high likelihood of support from the Turkish
Government is based on 100% ownership by the Turkish Treasury,
on Turk Eximbank's important role in promoting the country's
exports and on the government's track record of reimbursing the
institution for any losses it incurs in its foreign activities
due to political risk.

Export Credit Bank of Turkey is headquartered in Ankara and at
the end of 2005 had total assets of YTL3.42 billion (US$2.53
billion).


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


AGROFIRM MOLODIVSKA: Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy
proceedings against LLC Agrofirm Molodivska (code EDRPOU
30773180) after finding it insolvent on April 3.  The case is
docketed under Case No. B-50/166-05.

The Liquidator/Insolvency Manager is:

         Anatolij Rovnij
         Miru Str. 5/8
         Komunist
         Harkiv District
         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 Agrofirm Molodivska
         Molodova
         Volchanskij District
         62653, Harkiv Region, Ukraine


AKVARIUMIST: Court Commences Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Akvariumist on March 2.  The case
is docketed under Case No. 43/163.

Mr. S. Dyachenko has been appointed temporary insolvency
manager.  

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 Akvariumist
         G. Skovoroda Str. 17-v
         01380 Kyiv Region, Ukraine


ARIOL: Court Names S. Vardikyan to Manage Insolvency Assets
-----------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Mr. S.
Vardikyan has been appointed Liquidator/Insolvency Manager for
LLC Ariol (code EDRPOU 31473893).  He can be reached at:

         Lenin Avenue 84/15
         69002 Zaporizhya Region, Ukraine
         Tel: (061) 270-01-79

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on April 4.  The case is docketed under
Case No. 21/97/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region, Ukraine

The Debtor can be reached at:

         LLC Ariol
         Zhukovskij Str. 77
         69002 Zaporizhya Region, Ukraine


IRON TRADE: Dnipropetrovsk Court Opens Bankruptcy Proceedings
-------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
proceedings against LLC Iron Trade (code EDRPOU 30011357) after
finding it insolvent on April 6.  The case is docketed under
Case No. B 24/247/05.

The Liquidator/Insolvency Manager is:

         Kostyantin Romanov
         a/b 3740
         49064, Dnipropetrovsk Region, Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600, Dnipropetrovsk Region, Ukraine

The Debtor can be reached at:

         LLC Iron Trade
         Ovrazhna Str. 39
         49094, Dnipropetrovsk Region, Ukraine


LVIV' TABACCO: Court Taps Roman Ulyanik as Liquidator
-----------------------------------------------------
The Economic Court of Lviv Region appointed Roman Ulyanik as
Liquidator/Insolvency Manager for OJSC Lviv' Tabacco Factory
(code EDRPOU 30477389).  He can be reached at:

         Roman Ulyanik
         Shiroka Str. 90/16
         79052 Lviv Region, Ukraine

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on March 13.  The case is docketed under
Case No. 6/210-29/241.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region, Ukraine

The Debtor can be reached at:

         OJSC Lviv' Tabacco Factory
         Shevchenko Str. 1
         79000 Lviv Region, Ukraine


SHALFEJNE: AR Krym Court Starts Bankruptcy Process
--------------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy
supervision procedure on OJSC Shalfejne (code EDRPOU 00388116)
on Feb. 16.  The case is docketed under Case No. 2-20/6654-2006.

The Temporary Insolvency Manager is:

         Vasil Kuht
         Ruskij Lane, 94
         Simferopol
         AR Krym Region, Ukraine

The Economic Court of Ar Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region, Ukraine

The Debtor can be reached at:

         OJSC Shalfejne
         Shkilna Str. 3
         Rozdolne
         Sovetskij District
         97215 AR Krym Region, Ukraine


TROSTYANETS' BREAD: Court Commences Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
supervision procedure on OJSC Trostyanets' Bread Receiving
Enterprise (code EDRPOU 00953289).  The case is docketed under
Case No. 10/34-06.

The Temporary Insolvency Manager is:

         Sergij Severin
         Hmelnitske Shoes Str. 2-A/710
         Vinnitsya Region, Ukraine Ukraine

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036, Vinnitsya Region, Ukraine

The Debtor can be reached at:

         OJSC Trostyanets' Bread Receiving Enterprise
         Pershogo Travnya Str. 26
         Trostyanets
         24300, Vinnitsya Region, Ukraine


VOSHOD: Court Names Denis Matvijchuk to Liquidate Assets
--------------------------------------------------------
The Economic Court of Donetsk Region appointed Denis Matvijchuk
has been appointed Liquidator/Insolvency Manager for LLC VOSHOD
(code EDRPOU 31933687).  He can be reached at:

         Denis Matvijchuk
         Mariupol, a/b 189
         87557 Donetsk Region, Ukraine

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on March 28.  The case is docketed under
Case No. 15/170 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region, Ukraine

The Debtor can be reached at:

         LLC Voshod
         Kujbishev Str. 107
         83048 Donetsk Region, Ukraine


ZORYA: Court Names Viktoriya Cherepenko to Manage Assets
--------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Viktoriya
Cherepenko as Liquidator/Insolvency Manager for LLC Zorya (code
EDRPOU 03765482).  She can be reached at:

         Moskovska Str. 54-a
         54017 Mikolaiv Region, Ukraine
         Tel: 8 (0512) 47-34-64

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on April 6.  The case is docketed under
Case No. 2/178/05.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region, Ukraine

The Debtor can be reached at:

         LLC Zorya
         District Illichivka
         Bratskij
         Mikolaiv Region, Ukraine


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


24 STORE: Creditors Pass Winding Up Resolution
----------------------------------------------
Creditors of 24 Store Limited passed a resolution to wind up the
company's operations during an extraordinary general meeting on
March 10.

Robert James Thompson, of Rendell Thompson, was appointed
Liquidator.

The company can be reached at:

         24 Store Ltd
         Cyberia House
         Church Street
         Basingstoke Hampshire RG21 7QG
         United Kingdom
         Tel: 01256 867900


A1 VALE: Brings In Joint Liquidators from Lines Henry
-----------------------------------------------------
Neil Henry and Michael Simister, of Lines Henry, were appointed
Joint Liquidators of A1 Vale Skips Limited after creditors
agreed to liquidate the company's assets during an extraordinary
general meeting on March 29.

The company can be reached at

         A1 Vale Skips Limited
         10 Flaxendale
         Cotgrave Nottingham
         Nottinghamshire NG123NR
         United Kingdom
         Tel: 0115 989 0192
         Fax: 0115 989 0192


ADVICE FOR LIFE: Creditors Confirm Voluntary Liquidation
--------------------------------------------------------
Creditors of Advice for Life Limited confirmed the company's
voluntary liquidation during an extraordinary general meeting on
March 29.

Creditors also ratified the appointment of Geoffrey Stuart
Kinlan and Anthony Sanderson, of BDO Stoy Hayward LLP, as Joint
Liquidators.

The company can be reached at:

         Advice for Life Limited
         1 Park Terr
         Manor Road
         Luton LU1 3HN
         United Kingdom
         Tel: 01582 616 000


ALBA SALES: Financial Woes Trigger Liquidation
----------------------------------------------
Alba Sales Limited is winding up its operations after creditors
established the company could no longer continue its business
due to mounting debts.

Clive Robert Hammond, of PB Recovery Limited, was appointed
Liquidator.

The company can be reached at:

         Alba Sales Limited
         Ongar Road Trading Estate
         Onger Road
         Dunmow Essex CM6 1EU
         United Kingdom
         Tel: 01371 875 557
         Fax: 01371 875 937


BAA PLC: Accepts Ferrovial's GBP10.3 Billion Takeover Offer
-----------------------------------------------------------
BAA plc has agreed to a revised definitive proposal from Spain's
Grupo Ferrovial SA, rejecting a rival offer from Goldman Sachs
and its bidding partners.

The Company said Ferrovial's business proposal had better
strategic rationale than Goldman Sachs, Christopher Bjork writes
for the Wall Street Journal.  Ferrovial's offer values the
company at GBP950.25 per share, or approximately GBP10.3
billion.

"As part of this consideration, shareholders will be entitled to
receive the proposed final dividend of GBP15.25 per share.  The
Board believes that an offer at this level represents an
attractive price for BAA," BAA said in a statement.

Goldman Sachs disclosed that it has abandoned talks to takeover
Britain's largest airport operator.  

"Ferrovial has the backing of BAA, owns shares and is further
along in the process so the offer has a very good chance of
success now," Frank Skodzik, an analyst with WestLB in
Dusseldorf, Germany, told Bloomberg News.

Michael Harrison and Andy McSmith of The Independent said
Ferrovial is expected to sell off some of BAA's foreign assets
to reduce the company's debts, which will rise to GBP12 billion
once the takeover is complete.

Ferrovial has until June 26 to complete the deal.

According to The Independent, BAA Chief Executive Mike Clasper
would likely leave BAA after the takeover.

Headquartered in London, England, BAA plc owns and operates
seven airports in the United Kingdom, including Healthrow, the
world's busiest international airport, and Budapest Airport,
serving 700 destination by around 300 airlines.  Its UK airports
handled over 117 million international passenger during the 12
months up to October 2005.  International passengers make up 81%
of its total UK airport traffic.  BAA had total assets of
GBP15.2 billion and pre-tax profits of GBP757 million for the
year ended March 31, 2006.

                        *     *     *

As reported in TCR-Europe on June 9, 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.


BENTLEY BROOK: Appoints E.J. Stonham as Administrator
-----------------------------------------------------
E. J. Stonham of Stonham & Co. was appointed administrator of
Bentley Brook Ltd. (Company Number 4270926) on May 16.

The administrator can be contacted at:

         Stonham & Co.
         13 Southgate
         Chichester
         West Sussex PO19 1ES
         United Kingdom
         Tel: 01243 839000   

Headquartered in London, Bentley Brook Ltd retails household
furniture.


CABLE & WIRELESS: Employee Share Trustees Sell 140,924 Shares
-------------------------------------------------------------
The Trustees of Cable and Wireless PLC Employee Share Ownership
Trust disposed of 135,366 Ordinary Shares at a price of
GBP1.0275 per share on June 6.

On the same day, the Trust disposed of 5,558 Ordinary Shares at
a price of GBP1.0425 per share.

Following the disposals, 50,503,290 Ordinary Shares are held
under the Trust.  

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

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

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

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

                        *     *     *

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

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


C.S. INTERIORS: Names Anthony Harry Hyams Liquidator
----------------------------------------------------
Anthony Harry Hyams, of Marriotts LLP, was appointed Liquidator
of C.S. Interiors Limited after creditors decided to wind up the
company on March 23.

The company can be reached at:

         C.S. Interiors Limited
         The Coach House
         High Street
         Hoddesdon Hertfordshire EN118ET
         United Kingdom
         Tel: 01992 445 787


CHEMI-COM SUPPLIES: Creditors Resolve to Liquidation
----------------------------------------------------
Creditors of Chemi-Com Supplies Limited resolved to liquidate
the company's assets during an extraordinary general meeting on
March 29.

Subsequently, Gagen Dulari Sharma was appointed Liquidator.

The company can be reached at:

         Chemi-Com Supplies Limited
         Unit 10B Audley Enterprise Park
         Audley Avenue
         Newport Shropshire TF107DP
         United Kingdom
         Tel: 01902 443 206


CONSORT CONCRETE: Hires Liquidator from Benedict Mackenzie LLP
--------------------------------------------------------------
Consort Concrete Limited is liquidating its assets after
creditors passed a resolution to wind up the company on
March 29.

Anthony Peter McQueen Benedict, of Benedict Mackenzie LLP, was
appointed Liquidator.

The company can be reached at:

         Consort Concrete Repair Limited
         Railway App
         Consort Road
         London SE152PR
         United Kingdom
         Tel: 020 7639 5300
         Fax: 020 7635 6571


D. A. MCKENNA: Hires Joint Administrators from DTE Leonard
----------------------------------------------------------
A. Poxon and J. M. Titley of DTE Leonard Curtis were appointed
joint administrators of D.A. McKenna Insurance Brokers Limited
(Company Number 04881185) 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.

D. A. Mckenna Insurance Brokers Limited can be reached at:

         Lancaster House
         70-76 Blackburn Street
         Radcliffe
         Manchester M26 2JW
         United Kingdom


EAST CENTRAL: Taps UHY Hacker Young to Administer Assets
--------------------------------------------------------
Andrew Andronikou and Ladislav Hornan of UHY Hacker Young were
appointed joint administrators of East Central (U.K.) Limited
(Company Number 05609956) on May 15.

The administrators can be reached at:

         UHY Hacker Young
         St Alphage House,
         2 Fore Street
         London EC2Y 5DH
         United Kingdom
         Tel: 020 7216 4600
         Fax: 020 7638 2159

Headquartered in Brentwood, United Kingdom, East Central (U.K.)
Limited distributes computer consumables.


ELSYM (BURTON): Joint Liquidators Take Over Operations
------------------------------------------------------
Richard James Philpott and Mark Jeremy Orton of KPMG LLP, were
appointed Joint Liquidators of Elsym (Burtion) Limited after
creditors resolved to liquidate the company's assets during an
extraordinary general meeting on March 24.

The company can be reached at:

         Elsym (Burton) Limited
         Unit 6
         Falcon Close
         Burton-on-Trent
         Staffordshire DE141SG
         United Kingdom
         Tel: 01283 510 717
         Fax: 01283 510 873


ESSEX BATHROOMS: Winds Up Business & Appoints Joint Liquidators
---------------------------------------------------------------
Essex Bathrooms Limited is winding up its operations after
creditors moved to liquidate the company's assets during an
extraordinary general meeting on March 29.

Richard Andrew Segal and Paul Michael Davis of Begbies Traynor
(South) LLP, were appointed Joint Liquidators.

The company can be reached at:

         Essex Bathrooms Limited
         8 Bernard Road
         Romford Essex RM7 0HX
         United Kingdom
         Tel: 01708 752 909


FABTECH ENGINEERING: Creditors' Meeting Slated for June 19
----------------------------------------------------------
Creditors of Fabtech Engineering (U.K.) Limited (Company Number
03814522) will meet at 10:00 noon, on June 19 at:

         The Chasley Hotel
         Queen Street
         Wakefield WF1 1LX
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon, on June 16 at:

         Matthew Colin Bowker and David Anthony Willis
         Joint Administrators
         Jackson Jolliffe Cork
         33 George Street,
         Wakefield WF1 1LX
         United Kingdom
         Tel: 01904 652100
         Fax: 01904 635349
               
Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- was  
established in 1998.  It has offices in Doncaster, Harrogate,
Hull, Middlesbrough, Wakefield and York.  The firm is engaged
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.


FCE BANK: Fitch Downgrades Issuer Default Rating to B+
------------------------------------------------------
Fitch downgraded the following long-term ratings for both Ford
Motor Company and Ford Motor Credit Company with Negative Rating
Outlook, and assigned the following Recovery Ratings:

Ford
   -- Issuer Default Rating to B+ from BB; and
   -- Senior unsecured to BB-/RR3 from BB.

FMCC
   -- Issuer Default Rating to B+ from BB.

Fitch also affirms FMCC's senior unsecured debt at BB/RR2.

Ford's newly assigned RR3 rating indicates average recovery
prospects of 50-70% in the event that further deterioration in
operating results eventually results in a filing for bankruptcy.
FMCC's new RR2 rating indicates superior recovery prospects of
70-90%.

The downgrade and Negative Outlook reflect Fitch's expectation
of persistent revenue deterioration through at least 2006 due to
continued market share losses, deteriorating mix, price
competition, a lack of key product introductions, coupled with
lack of tangible progress in reducing its cost structure.

Despite an aggressive spending plan in 2006 to reduce its fixed
cost structure, persistently high commodity prices, and
financial and operational stresses at Ford's supply base are
likely to more than offset any progress in 2006, and Fitch
expects that Ford will see little relief in either cost category
over the near term.  The unfavorable trend of revenues and key
cost factors is expected to result in accelerated negative cash
flows through 2006 and into 2007.

Ford will be challenged to reverse negative cash flows given a
relatively sparse product pipeline over the next several years.
Ford has taken a number of steps to address its fixed cost
structure through employee buyouts, the recent health care
agreement with the UAW and certain plant closures, although cash
savings are likely to be insufficient to reverse negative cash
flows prior to the 2007 UAW contract re-opening.  

Ford's latest restructuring program extends through the 2012,
with the bulk of facility closures not commencing until after
2007, limiting Ford's ability to achieve near-term cost
reductions.  The success of the restructuring program will, to a
large degree, depend on the success of the OEM's ability to
negotiate further benefit reductions and operational flexibility
in the 2007 contract.  Ford's U.S. supplier base remains fragile
throughout the supply chain, which could result in higher direct
costs, manufacturing inefficiencies or production interruptions
at Ford.

Although Ford has benefited from an improved passenger car
portfolio and the strong market position of its core F-Series
products, this has been insufficient to outpace the decline in
midsize and large SUV sales, including the Explorer, which have
historically been strong profit contributors.  Ford also faces
intensifying competition in the large pickup market from a
refreshed GM lineup and the opening of a new Toyota plant later
this year.

Ford Credit, a strong provider of dividends over the past
several years, is expected to demonstrate significantly reduced
profitability and dividends going forward, resulting from a
smaller portfolio, a reduced benefit from lower loss accruals,
and higher interest rates.  

Fitch also recognizes that Ford has shown improvement and
profitability in its operations outside the United States,
including Europe, its Premium Automotive Group, Latin America,
and in its Mazda holdings.  Although Jaguar operations remain a
significant drain on P.A.G., the turnaround in the consolidated
group over the past several years has been a positive to this
point.

Ford's RR3 Recovery Rating is based on an analysis of a
potentially restructured Ford.  Fitch's restructuring analysis
incorporates a Chapter 11 filing of North American operations
and would result in significant claims from working capital
liabilities in addition to unsecured debtholders.  Fitch also
factored in liabilities related to on and off-balance sheet
liabilities that could augment claims.  Fitch did not factor in
claims related to potential termination or alteration of legacy
OPEB and pension costs.

In the event of a filing, Fitch anticipates that Ford would not
attempt to terminate its pension plans.  Changes to OPEB
liabilities, as with the recent agreement between Ford and the
UAW, would have to be negotiated as part of a new labor
agreement in the event of a Chapter 11 filing, without resulting
in claims against the estate.  

The restructured enterprise value includes reduced production
volumes and sufficient cost reductions to achieve a 3% operating
margin in North America, plus asset values associated with
international operations and its 100% ownership of Ford Credit.

Liquidity remains adequate to finance restructuring requirements
and negative cash flows through the reopening of the UAW
contract.  Cash and short-term VEBA at March 31, 2006 totaled
US$23.7 billion, supplemented by long-term VEBA that could be
utilized to fund health care expenditures over the near term.
Over the past several years, with the assistance of dividends
from Ford Credit and the sale of Hertz, Ford has been able to
maintain a strong level of liquidity, and has modestly reduced
debt.

Debt maturities remain very extended.  Legacy liabilities are
expected to decline in 2006 due to Ford's recent health care
agreement with the UAW and a re-measurement of health care and
pension liabilities due to higher interest rates.  However,
potential pension legislation could accelerate funding
requirements.

FMCC's IDR remains linked to those of Ford due to the close
business relationship between them.  Fitch expects FMCC's
earnings and dividends to decline noticeably in 2006 primarily
due to lower receivables outstanding and margins.  FMCC has
benefited from lower provision expense, as the quality of its
receivables pool has increased, the pace of these improvements
is expected to slow going forward.  

Fitch believes that FMCC maintains a good degree of liquidity
relative to its rating. Supporting this is FMCC's ability to
sell or securitize a broad spectrum of assets such as retail
finance, lease, and wholesale loans.  Moreover, FMCC continues
to hold high cash balances and its assets mature faster than its
debt.

The RR2 Recovery Rating indicates superior recovery prospects on
unsecured debt resulting from solid unencumbered asset
protection, although discounted to account for stressed
performance and/or disposition.  

Fitch downgraded these ratings with a Negative Rating Outlook:

Ford Motor Co.
   -- Issuer Default Rating to B+ from BB;
   -- Senior debt to BB-/RR3 from BB.

Ford Motor Credit Co.
   -- Issuer Default Rating to B+ from BB.

FCE Bank Plc
   -- Issuer Default Rating to B+ from BB.

Ford Capital B.V.
   -- Issuer Default Rating to B+ from BB.

Ford Credit Canada Ltd.
   -- Issuer Default Rating to B+ from BB.

Ford Motor Capital Trust II
   -- Preferred stock to B-/RR6 from B+.

Ford Holdings, Inc.
   -- Issuer Default Rating to B+ from BB;
   -- Senior debt to BB-/RR3 from BB.

Ford Motor Co. of Australia
   -- Issuer Default Rating to B+ from BB;
   -- Senior debt to BB-/RR3 from BB.

Ford Credit Australia Ltd.
   -- Issuer Default Rating to B+ from BB.

PRIMUS Financial Services (Japan)
   -- Issuer Default Rating to B+ from BB.

Ford Credit de Mexico, S.A. de C.V.
   -- Issuer Default Rating to B+ from BB.

Ford Motor Credit Co. of New Zealand
   -- Issuer Default Rating to B+ from BB.

Ford Credit Co S.A. de CV
   -- Issuer Default Rating to B+ from BB.

Fitch has also taken these rating actions:

Ford Motor Co.
   -- Short-term Issuer Default Rating, rated B, is withdrawn.

Ford Motor Credit Co.
   -- Short-term Issuer Default Rating affirmed at B;
   -- Commercial paper affirmed at B;
   -- Senior debt affirmed at BB/RR2.

FCE Bank Plc
   -- Senior Unsecured affirmed at BB/RR2.
   -- Short-term Issuer Default Rating affirmed at B;
   -- Commercial Paper affirmed at B; and
   -- Short-term Deposits affirmed at B;

Ford Capital B.V.
   -- Senior Unsecured affirmed at BB/RR2.

Ford Credit Canada
   -- Short-term Issuer Default Rating affirmed at B;
   -- Commercial Paper affirmed at B;
   -- Senior Unsecured affirmed at BB/RR2.

Ford Credit Australia Ltd.
   -- Senior Unsecured affirmed at BB/RR2;
   -- Short-Term IDR affirmed at B;
   -- Commercial Paper affirmed at B.

PRIMUS Financial Services (Japan)
   -- Senior Unsecured affirmed at BB/RR2;
   -- Short-term IDR affirmed at B.

Ford Motor Credit Co. of New Zealand
   -- Senior Unsecured affirmed at BB/RR2;
   -- Short-Term IDR affirmed at B;
   -- Commercial Paper affirmed at B.

Ford Credit Co. S.A. de C.V.
   -- Senior Unsecured affirmed at BB/RR2.

Fitch's Recovery Ratings, introduced in 2005, are a relative
indicator of creditor recovery on a given obligation in the
event of a default.


LUCITE INTERNATIONAL: Moody's Places Ratings Under Review
---------------------------------------------------------
Moody's Investors Service placed all ratings of Lucite
International Group Holdings Ltd. and its subsidiaries under
review for possible downgrade following the group's announcement
of a possible refinancing.

The recent financial performance of Lucite International has
been robust which has facilitated the Company to strengthen its
balance sheet and de-leverage from the peak level of
approximately x6.2 on a Total Debt / EBITDA basis in 2001 to
approximately x3.2 at the end of 2005.  The performance of the
company has provided some additional financial flexibility to
accommodate a possible refinancing of the balance sheet.  At
this juncture the full details of any potential refinancing need
to be assessed and the review is prompted by the likelihood that
Lucite's leverage may increase as a result.

Moody's review will consider the current operating performance
of Lucite in the context of any proposed changes to the capital
structure and debt metrics post refinancing.  Moody's will also
review terms and conditions of any proposed facilities and debt
securities.  The rating agency will also consider the likelihood
and potential timing of any cash outflow related to the recently
announced EUR25 million EU competition related fine.

Moody's review will focus on:

   -- the debt level of the group post refinancing and its
      capital structure;

   -- the shareholders' plans and business strategy for the
      group after the refinancing;

   -- the group's operating and financial outlook for the medium
      term; and  

   -- the relative ranking of any proposed new facilities and
      securities.

Ratings affected:

   -- the Ba3 corporate family rating at Lucite International
      Group Holdings Ltd.; and

   -- the B2 rating on senior notes at Lucite International
      Finance plc.

Should any rated securities be fully redeemed Moody's would
withdraw the relevant rating on the securities.

Lucite is the leading global producer of methyl methacrylate and
downstream products with over 1000 kte of total production
capacity.  Lucite reported 2005 Net Revenues of GBP780 million
and EBITDA of GBP112 million (GBP203 million and EBITDA of
GBP21 million for the 1st quarter of 2006).


MALLINGSON INTERNATIONAL: Taps Hurst Morrison as Administrators
---------------------------------------------------------------
Paul W. Ellison and Gareth W. Roberts of Hurst Morrison Thomson
CR LLP were appointed joint administrators of Mallingson
International Limited (Company Number 02465231) on May 19.

The administrators can be reached at:

         Hurst Morrison Thomson Corporate Recovery LLP
         5 Fairmile
         Henley on Thames
         Oxfordshire RG9 2JR
         United Kingdom
         Tel: +44 (0) 1491 579866
         Fax: +44 (0) 1491 573397
         E-mail: hmt@hmtgroup.co.uk

Headquartered in Ware, United Kingdom, Mallingson International
Limited, formerly known as Hadham Water Limited produces mineral
water and soft drinks.


OPTICAL NETWORKS: Appoints Administrators from Portland Business
----------------------------------------------------------------
James Richard Tickell and Carl Derek Faulds of Portland Business
& Financial Solutions Ltd. were appointed joint administrators
of Optical Networks Limited (Company Number 3189467) on May 19.

The administrators can be reached at:

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

Optical Networks Limited can be reached at:

         16 East Links
         Tollgate
         Chandler's Ford
         Eastleigh
         Hampshire SO53 3TG
         United Kingdom
         Tel: 023 8065 0555  


OVENDEN COLBERT: Creditors' Meeting Slated for June 14
------------------------------------------------------
Creditors of Ovenden Colbert Printers Limited (Company Number
02437185) will meet at 11:00 a.m., on June 14 at:

         Thistle Hotel Euston
         43 Cardington Street
         London NW1 2LP
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon, on June 13 at:

         Andrew Lawrence Hosking and Anthony Norman Flynn
         Joint Administrators
         Grant Thornton U.K. LLP
         Grant Thornton House
         Melton Street
         Euston Square
         London NW1 2EP
         United Kingdom
         Tel: 020 7383 5100
         Fax: 020 7383 4715
        
Headquartered in London, Grant Thornton UK LLP --
http://www.grant-thornton.co.uk/-- is the UK member of Grant  
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.


PORTMAN RUBBER: Claims Filing Period Ends June 30
-------------------------------------------------
Creditors of Portman Rubber Limited passed a resolution to wind
up the company on Mach 30.

Appointed Liquidator, Philip John Gorman, of Hazlewoods LLP,
requires creditors to send in their full names, addresses and
descriptions, full particulars of debts or claims, and the names
and addresses of Solicitors (if any) on or before June 30.

The company can be reached at:

         Portman Rubber Limited
         Bulwark Chepstow
         Gwent NP165QZ
         United Kingdom
         Tel: 01291 623 786
         Fax: 01291 621 905


RANK GROUP: Cancels 1,750,000 Shares in Buy Back Program
--------------------------------------------------------
The Rank Group Plc bought back 1,750,000 ordinary shares of 10
pence in the Company on June 6 for cancellation at an average
price of 200.807143 pence per share.

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

                        *     *     *

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

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

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


STORM UNIVERSAL: Appoints Rothman Pantall as Administrators
-----------------------------------------------------------
R. D. Smailes and S. B. Ryman of Rothman Pantall & Co were
appointed joint administrators of Storm Universal Printing
Limited (Company Number 04148355) on May 17.

Rothman Pantall & Co -- http://www.rothman-pantall.co.uk/-- was  
established in 1955 as a general accountancy practice, and has
grown to its present 18 offices across the South of England. It
is one of the largest independent firms of Chartered Accountants
in the region, and rank in the top 40 in the United Kingdom.

Storm Universal Printing Limited can be contacted at:

         1423B London Road
         London SW16 4AH
         United Kingdom


TORFAEN COMMUNITY: Appoints Jones Giles as Administrators
---------------------------------------------------------
Richard I. B. Jones and Melanie R. Giles of Jones Giles were
appointed joint administrators of Torfaen Community Recycling
(Company Number 4409619) on May 18.

The administrators can be contacted at:

         Jones Giles
         Unit 8
         Williams Court
         Trade Street
         Cardiff
         South Glamorgan CF10 5DQ
         United Kingdom
         Tel: 029 2034 6530  

Torfaen Community Recycling can be reached at:

         Unit 10
         Ty Coch Distribution Center
         Ty Coch Way
         Cwmbran,
         Gwent NP44 7HF
         United Kingdom
         Tel: 01633 860086  


WINDSOR RACECOURSE: Names Administrators from Begbies Traynor
-------------------------------------------------------------
Timothy John Edward Dolder and Paul Michael Davis of Begbies
Traynor (South) LLP were appointed joint administrators of
Windsor Racecourse Park Homes Limited (Company Number 2693976)
on May 16.

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.  

Windsor Racecourse Park Homes Limited can be reached at:

         Racecourse Yatch Basin
         Maidenhead Road
         Windsor
         Berkshire SL4 5HT
         United Kingdom
         Tel: 01753 496960  

                           *********


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

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

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

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

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

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


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