TCREUR_Public/060614.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, June 14, 2006, Vol. 7, No. 117

                            Headlines


F I N L A N D

SEA FORT: Fitch Rates EUR15 Million Class E Notes at BB


F R A N C E

AXLETECH INT'L: Moody's Holds Junk Rating on Senior Secured Loan


G E R M A N Y

AUTOHAUS BERGERHAUSEN: Claims Registration Ends June 29
CONWIND GMBH: Claims Registration Ends July 3
CSC CARGO: Creditors' Meeting Slated for June 29
ESSENTIAL PUBLIC: Fitch Rates EUR6.75-Mln Class E Notes at BB
GEFATEC GESELLSCHAFT: Creditors' Meeting Slated for June 29

GERMAN MEDIA: Meeting of Creditors Set for June 29
HWG ALTWISMARSTRASSE: Claims Filing Period Ends July 3
KABEL BW: Moody's Places Junk Debt Ratings Under Review
KILA-DRUCK: Claims Filing Period Ends June 28
KRUSE GESELLSCHAFT: Claims Filing Period Ends July 3

SCHWARZ & SOHN: Claims Registration Ends June 30
W. MOBES: Creditors' Meeting Slated for June 29


I R E L A N D

EIRCOM GROUP: Deutsche Bank Holds 5.65% Notifiable Interest


I T A L Y

PARMALAT SPA: US Court Extends Prelim Injunction to Sept. 15


K A Z A K H S T A N

BARS-PV: Creditors Must File Claims by June 23
DOSYA AZIA: East Kazakhstan Court Opens Bankruptcy Proceedings
HOLDING KURYLYS: Almaty Court Begins Bankruptcy Proceedings
KRONIKAL: Mangistau Court Starts Bankruptcy Process
MAKSIMUM LTD: Creditors Must File Claims by June 23

NIKOS-PV: Proof of Claim Deadline Slated for June 23
ONIKS-OIL-PV: Claims Registration Ends June 23
PERIZAT EKIBASTUZ: Creditors' Claims Due June 23


K Y R G Y Z S T A N

M.H. INTERNATIONAL: Creditors Must File Claims by Aug. 7
PROMENERGOSERVIS: Proof of Claim Deadline Slated for Aug. 8
ROOFING AND INSULATING: Claims Registration Ends Aug. 8


L U X E M B O U R G

NORTEL NETWORKS: Files Unaudited First Quarter Financial Reports
NORTEL NETWORKS: S&P Keeps B Credit Rating on Negative Watch


P O L A N D

NETIA SA: Subsidiaries Register Share Capital Increases
PKBL SA: Asset SA Sells 84.51% of Equity Stake to Final Holding


R U S S I A

ENISEY BREAD: Court Starts Bankruptcy Supervision
HIMPLAST: Bankruptcy Hearing Slated for August 23
NOVOTERENGULSKOYE: Court Starts Bankruptcy Proceedings
PENZA-TEXTILE: Court Commences Bankruptcy Proceedings
RESHOTINSKIY CHEMICAL: Court Begins Bankruptcy Supervision

ROSNEFT OIL: Earns US$802 Million of Net Income in First Quarter
SEVERSTAL: Reaffirms Arcelor's Recommendation on Merger Offer
STREZHEVSKOYE BEER: Court Hearing Salted for July 13
TOPKINSKIY PIPE: Court Opens Bankruptcy Proceedings
YUKOS OIL: Bankruptcy Hearing Slated for June 27


U K R A I N E

AGROSERVICE: Court Begins Bankruptcy Supervision
ATTIK: AR Krym Court Begins Bankruptcy Supervision
ESKOM: Court Names Oleg Oprishko to Manage Insolvency Assets
NOVA-ETEREY: Court Names L. Leonidov as Insolvency Manager
REINFORCED METAL: Court Begins Bankruptcy Supervision Procedure

RESURS-2005: Court Appoints M. Kozlov to Liquidate Assets
RIVNEOBLAGROTEHSERVICE: Court Commences Bankruptcy Supervision
SKIBIN: Court Names Terentij Davidyuk as Liquidator


U N I T E D   K I N G D O M

21ST CENTURY: Brings In Begbies Traynor as Administrators
AUDIO MEDICAL: Creditors Pass Winding Up Resolution
B.A.T. DESIGN: Claims Filing Period Ends June 30
BARKER INTERIORS: Appoints Moore Stephens as Administrators
BEAVER SHOES: Financial Woes Prompt Liquidation

BROOKS LANE: Creditors Resolve to Liquidation
C & W PAVING: Brings In Joint Liquidators from Hawdon Bell & Co.
CABLE & WIRELESS: Employee Share Trustees Shed 4,493 Shares
CABLE & WIRELESS: FMR & Fidelity Hold 4.18% Equity Stake
CAXTON PRINT: Names Joint Administrators from Harrisons

CLASSIC BUILD: Appoints Administrators from Smith & Williamson
CLEMENTS PRECISION: Taps Gerald Irwin to Liquidate Assets
COMPLETE MEDIA: Names Greg Whitehead Liquidator
DALE PIANOS: Hires Liquidator from Sale Smith & Co. Limited
IGNITE FIRES: Creditors Confirm Voluntary Liquidation

INVESTEC BANK: S&P Assigns BB Rating to Class D Notes
KENT LAMINATORS: Hires SFP to Administer Assets
LADYBUG LIMITED: Appoints P.D. Masters as Liquidator
MIDLAND & NORTHERN: Names Roderick G. Butcher as Administrator
MISYS PLC: Discloses 499,341,441 Shares In Issue

PERMACELL FINESSE: Brings In Begbies Traynor as Administrator
RANK GROUP: Cancels 850,000 Shares in Buy Back Program
RETAIL GROUP: Appoints Joint Administrators from Vantis
RON LEIGH: Names Joint Administrators from Milner Boardman
WESTWING INVESTMENTS: Hires Rothman Pantall as Administrators

                            *********

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F I N L A N D
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SEA FORT: Fitch Rates EUR15 Million Class E Notes at BB
-------------------------------------------------------
Fitch Ratings placed expected ratings to SEA FORT Securities
PLC.'s EUR1 billion notes and senior credit-default swap due
December 2014 as:

   -- EUR855 million SCDS: AAA;
   -- EUR41.5 million Class A notes: AAA;
   -- EUR22 million Class B notes: AA;
   -- EUR14.5 million Class C notes: A;
   -- EUR14.5 million Class D notes: BBB; and
   -- EUR15 million Class E notes: BB.

This transaction is a securitization of EUR-denominated bank
loans and drawn credit facilities to small-and medium-sized
entities as well as large corporate entities and financial
institutions incorporated in Finland and originated by Sampo
Bank PLC.  The final ratings are contingent on the receipt of
final documents conforming to information already received.

The expected ratings of the notes are based on the credit
quality of the reference pool, the cash deposit as collateral,
available credit enhancement, the origination and servicing
capabilities of Sampo and the transaction's sound financial and
legal structure.

Credit enhancement for the SCDS totals 10.35% and is provided by
the Class A notes, Class B, Class C, Class D, the Class E notes
and Class F.  In addition, credit enhancement will be available
from synthetic excess spread to cover losses via a PDL
mechanism.

The issuer is a special-purpose vehicle incorporated in Ireland
with limited liability.  The SCDS and all the Classes of credit-
linked notes will be backed by a credit default swap between the
issuer and Sampo through which the issuer receives a premium one
month in advance from the swap counterparty in exchange for loss
protection on a reference portfolio.

The net proceeds of the notes, together with the initial CDS
payment, will be invested in Dexia Municipal Agency covered
bonds, which serves as collateral for the notes.  The notes
assume the economic risk of the EUR1bn reference portfolio.

As of the closing date, the reference portfolio will consist of
608 borrowers with their primary incorporation in Finland.  All
of the loans were performing at the time of inclusion.  The
transaction will have a replenishment period of three years with
replenishment conditions in order to maintain the expected
credit quality over the life of the transaction.  The
transaction will de-reference in 5.5 years on the final
redemption date falling in December 2011.

The rating of the notes addresses timely payment of interest on
the adjusted principal balance of the notes and ultimate payment
of principal on the initial balance of the notes in accordance
to the terms and conditions of the notes.


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F R A N C E
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AXLETECH INT'L: Moody's Holds Junk Rating on Senior Secured Loan
----------------------------------------------------------------
Moody's Investors Service confirmed the ratings of AxleTech
International Holdings, Inc.  The action concludes a review for
possible downgrade announced on April 10, 2006 following the
company's request to its bank group for an extension to the
delivery date of its audited financial statements for Dec. 31,
2005.

The request was driven by complications associated with multiple
stub accounting periods and purchase accounting following the
acquisition in October 2005.  The company received the requested
waiver, completed its audit process, supplied required financial
statements to its lenders and is current in its reporting
requirements.  While performance from the date of the
acquisition through the first quarter of 2006 has been slightly
below plan, prospectively it remains consistent with Moody's
expectations at the time of the initial ratings assignment.

One-time expenses and purchase accounting adjustments account
for the bulk of variations from original expectations, although
working capital needs and corresponding use of the revolving
credit in the first quarter of 2006 exceeded anticipated
amounts. The company was in compliance with its financial
covenants at March 31 with ample headroom.

Moody's anticipates AxleTech's prospective debt protection
measures will continue in an acceptable range for the B2
Corporate Family rating category and support a stable outlook.

Ratings Confirmed:

   * Corporate Family, B2
   * Senior Secured First Lien bank debt, B2
   * Senior Secured Second lien term loan, Caa1

AxleTech International Holdings, Inc., headquartered in Troy,
Michigan, is a leading supplier of planetary axles, brakes and
other drivertrain components and aftermarket for off-highway,
military and specialty vehicles.  The company has approximately
425 employees with significant operations in Oshkosh, Wisconsin,
Belvidere, Illinois, St. Etienne, France, and Osasco, Brazil.


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G E R M A N Y
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AUTOHAUS BERGERHAUSEN: Claims Registration Ends June 29
-------------------------------------------------------
Creditors of Autohaus Bergerhausen GmbH have until
June 29 to register their claims with court-appointed
provisional administrator Dr. Martin Dreschers.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Aachen
         Meeting Room K5
         3rd Floor
         Old Post Office Yard 1
         52062 Aachen, 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 Aachen opened bankruptcy proceedings
against Autohaus Bergerhausen GmbH on May 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Autohaus Bergerhausen GmbH
         Boscheler Berg 4 b
         52134 Herzogenrath, Germany

         Attn: Stephan Bergerhausen, Wiesengrund 1
         52499 Baesweiler, Germany

The administrator can be contacted at:

         Dr. Martin Dreschers
         Juelicher Road 116
         52070 Aachen, Germany


CONWIND GMBH: Claims Registration Ends July 3
---------------------------------------------
Creditors of ConWind GmbH have until July 3 to register their
claims with court-appointed provisional administrator Dr. A.
Kohler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:28 a.m. on Aug. 7, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Montabaur
         Hall 106
         1 Stock
         Law Courts
         Station Route 47
         56410 Montabaur, 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 Montabaur opened bankruptcy proceedings
against ConWind GmbH on May 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         ConWind GmbH
         Robert-Bosch-Road 10/III
         56410 Montabaur, Germany

         Attn: Ciro Capricano, Manager
         Parkstrasse 22
         65582 Diez, Germany

         Heinz Weisenbach, Manager
         Emperor Maximilian Place 6
         87629 Fuessen

The administrator can be contacted at:

         Dr. A. Kohler
         William Route 42
         65582 Diez, Germany
         Tel: 06432/64580
         Fax: 06432/645820


CSC CARGO: Creditors' Meeting Slated for June 29
------------------------------------------------
The court-appointed provisional administrator for CSC Cargo
Schnell Courier Popp GmbH, Rolf Nacke, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:29 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 9:55 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 CSC Cargo Schnell Courier Popp GmbH on
April 27.  Consequently, all pending proceedings against the
company have been automatically stayed

The Debtor can be reached at:

         CSC Cargo Schnell Courier Popp GmbH
         Mohnweg 37
         12357 Berlin, Germany

The administrator can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin, Germany


ESSENTIAL PUBLIC: Fitch Rates EUR6.75-Mln Class E Notes at BB
-------------------------------------------------------------
Fitch Ratings assigned Essential Public Infrastructure Capital
II GmbH's EUR79 million Class A+, A, B, C, D and E credit-linked
floating-rate notes expected ratings:

   -- EUR0.5 million Class A+: AAA;
   -- EUR45 million Class A: AAA;
   -- EUR9 million Class B: AA;
   -- EUR9 million Class C: A;
   -- EUR9 million Class D: BBB; and
   -- EUR6.75 million Class E: BB.

The transaction is a securitization of an internationally
diversified portfolio of loans, bonds and guarantees to public
infrastructure projects in the transport, healthcare, schools
and waste management sectors.

EPIC II is a bankruptcy-remote, special-purpose vehicle
incorporated in Germany.  The structure follows the template
introduced by the True Sale Initiative, whereby the SPV is
jointly and equally owned by three German charitable trusts.

At closing, DEPFA BANK plc will buy principal protection under a
bank swap in respect of a EUR900 million reference portfolio,
net of a threshold amount, from the German public agency KfW.
KfW will hedge its exposure by issuing the credit-linked
certificates of indebtedness to be purchased by Epic II using
the note proceeds and by entering into a senior credit default
swap with a senior swap provider.

The preliminary reference portfolio at closing will total
EUR718.054 million and may increase up to EUR900 million during
the revolving period subject to Fitch confirming the inclusion
of additional reference obligations.

The expected ratings of the notes are based on the credit
quality of the reference portfolio, the available credit
enhancement in the form of subordination, DEPFA's origination
and servicing capabilities, the transaction's financial and
legal structure and the credit quality of the collateral issued
by KfW.

Credit enhancement for the Class A+ notes and the SCDS totals
10.5% and is provided by the Class A notes, Class B notes, the
Class C notes, the Class D notes, the Class E notes and the
threshold amount.

In assigning the ratings and carrying out its analysis Fitch
employed the use of its collateralized debt obligation group and
its project finance team.  The project finance group assigned
the ratings, gave input on correlation assumptions and asset-by-
asset recovery rates.

In its analysis the CDO group utilized its Vector model, which
has the capability to design bespoke correlation matrices and
utilize short positions in order to reflect the unique
characteristics of Public Private Partnership assets.


GEFATEC GESELLSCHAFT: Creditors' Meeting Slated for June 29
-----------------------------------------------------------
The court-appointed provisional administrator for Gesellschaft
fuer Fassaden-Technik mbH, Dr. Petra Hilgers, will present her
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:15 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 9:45 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 Gesellschaft fuer Fassaden-Technik mbH on
May 1.  Consequently, all pending proceedings against the
company have been automatically stayed

The Debtor can be reached at:

         Gesellschaft fuer Fassaden-Technik mbH
         Haderslebener Str. 26 A
         12163 Berlin, Germany

The administrator can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin, Germany


GERMAN MEDIA: Meeting of Creditors Set for June 29
--------------------------------------------------
The court-appointed provisional administrator for German Media
GmbH, Dr. Petra Hilgers, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:10
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 German Media GmbH on May 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         German Media GmbH
         Gubener Str. 44
         10243 Berlin, Germany

The administrator can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin, Germany


HWG ALTWISMARSTRASSE: Claims Filing Period Ends July 3
------------------------------------------------------
Creditors of HWG Altwismarstrasse GmbH have until July 3 to
register their claims with court-appointed provisional
administrator Reinhard Titz.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Aug. 2, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         4th Floor
         Sievekingplatz 1
         20355 Hamburg, Germany

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

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

The Debtor can be contacted at:

         HWG Altwismarstrasse GmbH
         Attn: Herbert Wenzel, Manager
         Apostelweg 2
         22143 Hamburg, Germany

The administrator can be contacted at:

         Reinhard Titz
         Speersort 4/6
         20095 Hamburg, Germany
         Tel: 303010
         Fax: 30301226


KABEL BW: Moody's Places Junk Debt Ratings Under Review
-------------------------------------------------------
Moody's Investors Service put the ratings of Kabel BW Holdings
GmbH on review for possible downgrade.  The downgrade is
initiated following the announcement of a secondary buy-out by
EQT Partners and implementation of a new capital structure.

Ratings affected:

Kabel BW Holdings GmbH:

   -- Corporate Family rating at B2; and
   -- EUR170 million senior subordinated note due 2015 at Caa1.

The review will focus on the new capital structure and its
impact on the company's leverage profile.  At the same time,
Moody's notes the announcement of a tender offer dated June 2
for the outstanding bonds, which is valid until June 30.  In the
event all the bonds are tendered, the rating agency will
withdraw the rating on the bonds.

Headquartered in Germany, KBW is a Level 3 cable television
provider in Germany located in the federal region of Baden-
Wurttemberg.  In Q1 2006, the company reported revenues of
approximately EUR71.9   million.


KILA-DRUCK: Claims Filing Period Ends June 28
---------------------------------------------
Creditors of kila-druck GmbH have until June 28 to register
their claims with court-appointed provisional administrator Dr.
Bernd Schneiderbanger.

Creditors and other interested parties are encouraged to attend
the meeting at 1:15 p.m. on July 25, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hof
         Meeting Room 012
         Ground Floor
         Berliner Place 1
         95030 Yard, 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 Hof opened bankruptcy proceedings against
kila-druck GmbH on April 28.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         kila-druck GmbH
         Schuetzenstr. 2-4
         95158 Kirchenlamitz, Germany

The administrator can be contacted at:

         Dr. Bernd Schneiderbanger
         Schillerstr. 2
         95028 Hof, Germany
         Tel: 09281/71550
         Fax: 09281/715555


KRUSE GESELLSCHAFT: Claims Filing Period Ends July 3
----------------------------------------------------
Creditors of Kruse Gesellschaft fuer SystemTechnik mbH have
until July 3 to register their claims with court-appointed
provisional administrator Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 1, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Dresden opened bankruptcy proceedings
against Kruse Gesellschaft fuer SystemTechnik mbH on May 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Kruse Gesellschaft fuer SystemTechnik mbH
         Attn: Werner Kruse, Manager
         Merkurstr. 1a
         30419 Hanover, Germany

The administrator can be contacted at:

         Helge Wachsmuth
         Alexanderstr. 2
         30159 Hanover, Germany
         Tel: 0511/325095
         Fax: 0511/329934


SCHWARZ & SOHN: Claims Registration Ends June 30
------------------------------------------------
Creditors of Schwarz & Sohn Bauausfhrungen GmbH have until
June 30 to register their claims with court-appointed
provisional administrator Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 28, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         4th Floor
         Sievekingplatz 1
         20355 Hamburg, Germany

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

The District Court of Dresden opened bankruptcy proceedings
against Schwarz & Sohn Bauausfhrungen GmbH on April 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Schwarz & Sohn Bauausfhrungen GmbH
         Schnackenburgallee 22
         22525 Hamburg, Germany

         Attn: Oswald Buechler, Manager
         Ehrenbergstrasse 60
         22767 Hamburg, Germany

The administrator can be contacted at:

         Dr. Olaf Buechler
         Herrengraben 3
         20459 Hamburg, Germany
         Tel: 36968351
         Fax: 36968383


W. MOBES: Creditors' Meeting Slated for June 29
-----------------------------------------------
The court-appointed provisional administrator for W. Mobes
Nachf. GmbH, Dr. Petra Hilgers, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:25 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 9:50 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 W. Mobes Nachf. GmbH on May 1.
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         W. Mobes Nachf. GmbH
         Bergiusstrasse 40
         12057 Berlin, Germany

The administrator can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin, Germany


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EIRCOM GROUP: Deutsche Bank Holds 5.65% Notifiable Interest
-----------------------------------------------------------
Deutsche Bank AG and its affiliates disclosed a 5.65% notifiable
interest in 60,664,609 ordinary shares of eircom Group plc.
Part of this holding may relate to hedging arrangements for
customer transactions.

Deutsche Bank AG is a corporation domiciled in Frankfurt,
Germany, of which Deutsche Bank AG London is a branch.

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

                        *     *     *

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


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PARMALAT SPA: US Court Extends Prelim Injunction to Sept. 15
------------------------------------------------------------
The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York extends the Preliminary Injunction
to Sept. 15, 2006, in the case of Parmalat S.p.A. and its
debtor-affiliates.

In the interim, creditors subject to the jurisdiction of the
U.S. court are enjoined from, among others, commencing or
continuing any action to collect a prepetition debt against the
Foreign Debtors or any of their subsidiaries and affiliates, or
Reorganized Parmalat.

           Permanent Injunction Hearing Set on Sept. 12

Judge Drain directs the Foreign Debtors to file, on or before
July 14, 2006, a proposed form of permanent injunction order and
supporting documents.

The U.S. Bankruptcy Court will convene a hearing on Sept. 12,
2006, at 10:00 a.m., to consider entry of a permanent
injunction.

Any objection to the entry of the proposed permanent injunction
must be filed and served on counsel for the Foreign Debtors by
Aug. 14, 2006.  Responses to the objections, if any, must be
submitted by Sept. 5.

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

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

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

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


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


BARS-PV: Creditors Must File Claims by June 23
----------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Bars-PV (Case No. 2-709/06) insolvent on March 30.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar Region
         Katayeva Str. 24-8
         Pavlodar, Kazakhstan
         Tel: 8 (3002) 28-47-28


DOSYA AZIA: East Kazakhstan Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceedings against LLP Financial
Industrial Company Dosya Azia Grupp on March 23.


HOLDING KURYLYS: Almaty Court Begins Bankruptcy Proceedings
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against OJSC Holding Kurylys
Materialdary on April 14. The case is docketed under Case No.
1514.


KRONIKAL: Mangistau Court Starts Bankruptcy Process
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region commenced bankruptcy proceedings against LLP Kronikal on
April 21.

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

         Micro District 27
         Aktau, Kazakhstan
         Tel: 8 (3292) 41-22-37


MAKSIMUM LTD: Creditors Must File Claims by June 23
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Maksimum Ltd. insolvent on April 17 without
introduction of the bankruptcy proceedings.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau Region
         Building of the Bus Station
         Micro District 28
         Aktau
         Mangistau Region
         Kazakhstan
         Tel: 8 (3292) 41-14-58
         Fax: 8 (3292) 41-14-58


NIKOS-PV: Proof of Claim Deadline Slated for June 23
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
LLP Nikos-Pv (Case No. 2-702/06) declared insolvent on March 29.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar Region
         Katayeva Str. 24-8
         Pavlodar, Kazakhstan
         Tel: 8 (3002) 28-47-28


ONIKS-OIL-PV: Claims Registration Ends June 23
----------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Oniks-Oil-Pv (Case No. 2-670/06) insolvent on
March 29.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar Region
         Katayeva Str. 24-8
         Pavlodar, Kazakhstan
         Tel: 8 (3002) 28-47-28


PERIZAT EKIBASTUZ: Creditors' Claims Due June 23
------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Perizat Ekibastuz (Case No. 2-320/2006) insolvent
on March 28.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar Region
         Katayeva Str. 24-8
         Pavlodar, Kazakhstan
         Tel: 8 (3002) 28-47-28


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


M.H. INTERNATIONAL: Creditors Must File Claims by Aug. 7
--------------------------------------------------------
LLC M.H. International has declared insolvency.  Creditors have
until Aug. 7 to submit written proofs of claim to:

         LLC M.H. International
         Izmailovsky Side Street 68
         Bishkek, Kyrgyzstan
         Tel: (0-502) 32-62-20


PROMENERGOSERVIS: Proof of Claim Deadline Slated for Aug. 8
-----------------------------------------------------------
LLC Promenergoservis has declared insolvency.  Creditors have
until Aug. 8 to submit written proofs of claim to:

         LLC Promenergoservis
         Manasa Str. 28-110
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 21-99-83
              (+996 312) 95-59-25


ROOFING AND INSULATING: Claims Registration Ends Aug. 8
-------------------------------------------------------
LLC Roofing and Insulating Materials has declared insolvency.
Creditors have until Aug. 8 to submit written proofs of claim.

The company can be contacted at (+996 312) 54-08-91 or 54-10-36.


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


NORTEL NETWORKS: Files Unaudited First Quarter Financial Reports
----------------------------------------------------------------
Nortel Networks Corporation (NYSE:NT; TSX: NT) and its principal
operating subsidiary Nortel Networks Limited have filed their
unaudited financial statements for the first quarter of 2006
prepared in accordance with accounting principles generally
accepted in the United States and related Quarterly Reports on
Form 10-Q and corresponding Canadian filings.

Revenues were US$2.38 billion for the first quarter of 2006,
compared to US$2.39 billion for the first quarter of 2005 and
US$3.0 billion for the fourth quarter of 2005.  The Company
reported a US$167 million net loss in the first quarter,
compared to a US$104 million net loss in the first quarter of
2005 and a US$2.3 billion net loss in the fourth quarter of
2005.

Net loss in the first quarter of 2006 included an income tax
expense of approximately US$23 million, a shareholder litigation
expense of US$19 million reflecting a mark-to-market adjustment
of the share portion of the proposed class action settlement and
a benefit of US$35 million in gains on the sale of businesses
and assets.  Net loss in the first quarter of 2005 included
special charges of US$14 million related to restructuring
activities.  Net loss in the fourth quarter of 2005 included a
litigation expense of US$2,474 million for the proposed class
action settlement, a tax benefit of approximately US$140 million
related to a liability release as a result of new information
regarding transfer pricing issues, special charges of US$25
million related to restructuring activities and US$11 million of
costs related to the sale of businesses and assets.

"I am pleased to be current in our financial reporting," said
Mike Zafirovski, president and chief executive officer, Nortel.
"While our results reflect a challenging first quarter, we
continue to expect good revenue and operating margin momentum
commencing in the second quarter, in line with our previously
communicated full year plan.  We remain focused on our business
transformation initiatives, integrity renewal and short term
growth opportunities, while concurrently building the long-term
foundation for the new Nortel."

            Breakdown of First Quarter 2006 Revenues

Mobility and Converged Core Networks revenues were US$1.43
billion, a decrease of 4 percent compared with the year-ago
quarter and a decrease of 23 percent sequentially.  Enterprise
Solutions and Packet Networks revenues were US$871 million, a
decrease of 1 percent compared with the year-ago quarter and a
decrease of 15 percent sequentially.  Revenues in both segments
were impacted by the timing of certain contracts as both
deferred revenues and backlog increased at quarter end by US$140
million and US$275 million, respectively.

                           Gross Margin

Gross margin was 38 percent of revenue in the first quarter of
2006, primarily impacted by product mix, including the timing of
certain contracts, and competitive pricing pressures, partially
offset by improvements in our cost structure.

            Selling, General and Administrative (SG&A)

SG&A expenses were US$595 million in the first quarter of 2006,
which included a cost of US$43 million in relation to internal
control remediation activities and investment in our finance
organization.  This compares to SG&A expenses of US$578 million
for the first quarter of 2005, which included costs of US$60
million in relation to restatement activities and investment in
the Company's finance organization and US$680 million for the
fourth quarter of 2005, which included costs of approximately
US$38 million related to executive recruitment and retirement
and costs of US$50 million in relation to internal control
remedial measures, investment in the Company's finance processes
and our prior restatement related activities.

                  Research and Development (R&D)

R&D expenses were US$478 million in the first quarter of 2006,
reflecting increased investment in targeted product areas and
unfavorable foreign exchange.  This compares to US$474 million
for the first quarter of 2005 and US$451 million for the fourth
quarter of 2005.

                 Other Income (expense) - net

Other income (expense) - net was net income of US$69 million for
the first quarter of 2006, which primarily related to investment
income of approximately US$29 million and a gain of US$26
million related to the sale of a note receivable from Bookham,
Inc.

                            Cash

Cash balance at the end of the first quarter of 2006 was US$2.70
billion, down from US$2.95 billion at the end of 2005.  This
decrease in cash from the end of 2005 was primarily driven by a
cash outflow from operations of US$174 million, which included
US$91 million for pension funding and US$35 million for
restructuring, and payments of US$99 million for plant and
equipment, and net payments of US$98 million related to the
acquisition of Tasman, partially offset by cash proceeds of
US$87 million related to the sale of the Brampton facility.  On
June 1, 2006, US$575 million related to the proposed class
action settlement, plus approximately US$5 million in interest
(accrued since March 23, 2006), was placed in escrow pending
satisfactory completion of all conditions to the settlement.

                           Outlook

"For the full year 2006, we continue to expect strong revenue
momentum for the rest of 2006, resulting in high single digit
growth for the full year 2006 compared to 2005, gross margin to
be around 40% as a percentage of revenue and operating expenses
to be flat to up slightly from 2005, with foreign exchange and
growth related expenses offsetting productivity and
efficiencies," Peter Currie, executive vice president and chief
financial officer, Nortel, said  "For the second quarter of
2006, we expect revenue, gross margin and operating expenses to
support our full year guidance."

               Financial Reporting Obligations

With the filing by the Company and NNL of their Quarterly
Reports on Form 10-Q for the first quarter of 2006 and
corresponding Canadian filings, the Company and NNL are now
current with their financial reporting obligations.  With the
delivery of the filings to the New York and Toronto stock
exchanges, and their subsequent delivery to shareholders, the
Company and NNL will be in compliance with stock exchange
listing requirements and their financial statement delivery
obligations under applicable securities laws.

                     Credit Facilities

With the delivery of these filings to the indenture trustees,
the Company and NNL will also be in compliance with their
obligations under their public debt indentures.  As previously
announced, the Company and NNL have obtained waivers under
Nortel's US$1.3 billion one-year credit facility and NNL has
obtained a waiver from Export Development Canada (EDC) of all
remaining defaults and breaches under the EDC performance-based
support facility.  With the delivery of the first quarter of
2006 filings, the Company and NNL are in compliance with their
obligations under the credit and support facilities.

                Management Cease Trade Orders

These announcements serve as a status update by the Company and
NNL pursuant to the alternate information guidelines of the
Ontario Securities Commission.  The Company and NNL reported
that there have been no material developments from prior status
updates, with the exception of the matters described herein.  As
previously announced, the OSC issued an order prohibiting
certain directors and officers and certain current and former
employees of the Company and NNL from trading in securities of
the Company and NNL.  Two other Canadian securities commissions
issued similar orders.  Now that the Company and NNL are current
in their financial reporting obligations for the first quarter
of 2006, the Company and NNL will be applying to have the
management cease trade orders revoked and will cease reporting
under the OSC's alternate information guidelines.

Headquartered in Ontario, Canada, Nortel Networks Corporation --
http://www.nortel.com/-- is a recognized leader in delivering
communications capabilities that enhance the human experience,
ignite and power global commerce, and secure and protect the
world's most critical information.  Serving both service
provider and enterprise customers, Nortel delivers innovative
technology solutions encompassing end-to-end broadband, Voice
over IP, multimedia services and applications, and wireless
broadband designed to help people solve the world's greatest
challenges.  Nortel does business in more than 150 countries.


NORTEL NETWORKS: S&P Keeps B Credit Rating on Negative Watch
------------------------------------------------------------
Standard & Poor's Ratings Services kept its ratings on Nortel
Networks Limited, including its 'B-' long-term corporate credit
rating, on CreditWatch with negative implications, where they
were placed March 10, 2006.

The ratings were placed on CreditWatch initially due to NNL's
restatement activities announced in first-quarter 2006 and the
associated delay in filing its 2005 annual financial statements,
and the subsequent delay in filing its first-quarter 2006
interim financial statements.

On June 5, 2006, NNL and its parent, Nortel Networks Corporation
(NNC; collectively Nortel), filed first-quarter 2006 interim
financial statements.  Nortel is now in compliance with all of
its filing requirements and has obtained all relevant waivers
with respect to past breaches of covenants under its various
financing facilities.

"We had previously stated that we would likely affirm the 'B-'
rating on the company with a positive outlook should Nortel
complete its first-quarter 2006 filings as expected, and if
there were no further negative consequences," said Standard &
Poor's credit analyst Joe Morin.

"But first-quarter 2006 operating results were somewhat weaker
than expected due to competitive pricing pressures and an
unfavorable revenue mix, which resulted in a 4 percentage point
drop in gross margins as compared with first-quarter 2005," Mr.
Morin added.

In addition, SG&A expenses are not being reduced as quickly as
had been previously expected, which, combined with lower gross
margins, continue to dampen overall profitability.

Standard & Poor's expects an improvement in operating results
for the remainder of 2006, supported by modest top line growth.
Nevertheless, the rating agency believes Nortel will be
challenged to improve profitability in a meaningful way and, as
a result, expect free operating cash flow (after capital
expenditures) to remain negative for 2006.

The ratings, therefore, will remain on CreditWatch pending a
review, which is expected to be completed within two weeks.
Standard & Poor's review will focus primarily on:

   * the near-to-medium term prospects for a return to operating
     profitability; and

   * near-to-medium term liquidity.

At that time, Standard & Poor's expects to affirm the 'B-'
rating with an outlook of either stable or positive.


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


NETIA SA: Subsidiaries Register Share Capital Increases
-------------------------------------------------------
Netia Mobile Sp. z o.o., a subsidiary of Netia SA (WSE: NET),
received a decision of the register court, dated May 30, 2006,
registering an increase in Netia Mobile's share capital.

Following the registration, the share capital of Netia Mobile
amounts to PLN9.18 million and consists of 18,360 shares, PLN500
par value per share, each giving right to one vote at Netia
Mobile's general meeting of shareholders.  Netia owns 100% of
share capital of Netia Mobile.

In addition, Netia announced that Netia WiMax II SA, its
subsidiary, received a decision of the register court, dated
May 31, 2006, registering an increase in Netia WiMax's share
capital.

Following the registration, the share capital of Netia WiMax
amounts to PLN29.5 million and consists of 29,500,000 shares,
PLN1 par value per share, each giving right to one vote at Netia
WiMax's general meeting of shareholders.  Netia owns 100% of
share capital of Netia WiMax.

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


PKBL SA: Asset SA Sells 84.51% of Equity Stake to Final Holding
---------------------------------------------------------------
Asset SA in liquidation, an indirect subsidiary of Bank BPH,
sold 152,760 shares of PKBL SA in bankruptcy.

The share's nominal value is PLN4 each.  The shares sold
represent 84.51% of the company's initial capital and entitle to
84.79% of votes at the General Shareholders Meeting.

The above-mentioned assets were sold to the Final Holding
Sp. z.o.o. -- the Bank's 100% subsidiary by virtue of the sale
agreement.

The total value of sold shares amounted to PLN1 and their value
in books of Asset SA in liquidation as at day of share transfer
was equal to PLN1.

As a result, Asset SA in liquidation does not possess any shares
of PKBL SA in bankruptcy.

The purpose of the transaction was to complete a liquidation
process of Asset SA and simultaneously keep the assets sold in
the Bank's Group.

Asset SA in liquidation as well as Final Holding Sp. z o.o.
operates on the financial services market.

The Management Board of PKBL SA filed a motion for bankruptcy
declaration with the District Court of the Capital City of
Warsaw on July 14, 2004.


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


ENISEY BREAD: Court Starts Bankruptcy Supervision
-------------------------------------------------
The Arbitration Court of Krasnoyarsk Region has commenced
bankruptcy supervision procedure on OJSC Bread Baking Combine
Enisey.  The case is docketed under Case No. A33-30987/2005.

The Temporary Insolvency Manager is:

         V. Emelyanov
         Post User Box 4357
         660013, Krasnoyarsk Region, Russia

The Debtor can be reached at:

         OJSC Bread Baking Combine Enisey
         Severnoye Shosse, 25
         Krasnoyarsk, Russia


HIMPLAST: Bankruptcy Hearing Slated for August 23
-------------------------------------------------
The Arbitration Court of Novosibirsk Region will convene on
Aug. 23 to hear the bankruptcy supervision procedure on OJSC
Himplast.  The case is docketed under Case No. A45-6913/06-
10/20.

The Temporary Insolvency Manager is:

         V. Fedchenko
         Post User Box 173.
         630077, Novosibirsk-77, Russia

The Debtor can be reached at:

         OJSC Himplast
         Fabrichnaya Str. 10.
         630007, Novosibirsk Region, Russia


NOVOTERENGULSKOYE: Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Arbitration Court of Novosibirsk Region commenced bankruptcy
proceedings against OJSC Novoterengulskoye after finding it
insolvent (Case no. A45-21225/05-27/300).

The Temporary Insolvency Manager is:

         V. Makarov
         Office 404
         Koroleva Str. 40
         630015, Novosibirsk, Russia

The Debtor can be reached at:

         OJSC Novoterengulskoye
         Terengul
         Baganskiy region
         632793, Novosibirsk Region, Russia


PENZA-TEXTILE: Court Commences Bankruptcy Proceedings
-----------------------------------------------------
The Arbitration Court of Penza region commenced bankruptcy
proceedings against CJSC Penza-Textile (Case no. A49-1166/2006-
140B/3) after finding it insolvent.

The Temporary Insolvency Manager is:

         D. Pimenov
         Lunacharskogo Str. 53
         440061, Penza, Russia

The Debtor can be reached at: CJSC Penza-Textile

         Moskovskaya Str. 107-12
         Penza, Russia


RESHOTINSKIY CHEMICAL: Court Begins Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region has commenced
bankruptcy supervision procedure on LLC Reshotinskiy Chemical
Combine.  The case is docketed under Case No. A33-4343/2006.

The Temporary Insolvency Manager is:

         E. Dmitriev
         Post User Box 109.
         663600, Kansk, Russia

The Debtor can be reached at:

         LLC Reshotinskiy Chemical Combine
         Kanifolnyj
         Krasnoyarsk Region, Russia


ROSNEFT OIL: Earns US$802 Million of Net Income in First Quarter
----------------------------------------------------------------
OAO Rosneft Oil Co. reported its consolidated financial results,
in accordance with US GAAP, for the first three months of 2006,
ending March 3.

The company's total revenues for the period increased to
US$7.52 billion, up from US$4.36 billion on the first quarter of
2005.  First quarter net income increased to US$802 million from
US$724 million in the same period last year.

EBITDA increased by 24% to US$1.917 billion from US$1.545
billion.  The Company was able to maintain its industry leading
position with EBITDA margin at 25.5%, despite significantly
increased mineral extraction tax and export duties, as well as
real appreciation of the ruble by 8.7%.

Return on average capital employed (ROACE), the key performance
indicator of the Company's operations, increased from 19.7% to
22.9%.

The Company's net debt remained practically unchanged at
US$11.144 billion.  At the same time, improvement in capital
structure led to a reduction in gearing to 53%.  In 2004,
gearing was 79%.

In the first quarter of 2006, the Company made significant
progress in maximizing cash flows.  The Company's cash flow from
operations stood at US$1.413 billion, as opposed to US$(-52)
million for the same period in 2005.

Capital expenditures increased to USD 848 million from US$312
million in the first quarter of 2005.  This increase was
primarily the result of acquiring new licenses at a cost of USD
261 million, as well as intensified drilling activity in
Yuganskneftegaz.

In the first quarter of 2006, Rosneft acquired a 30.24% stake in
OJSC Rosneft-Tuapsenefteprodukt, a strategically located
transshipment terminal for oil and oil products on the Black
Sea, increasing its ownership in this enterprise to 89.93% of
ordinary shares.

Despite the harsh weather conditions during the winter of 2006,
Rosneft increased oil production in the first quarter of 2006 by
7%, delivering the strongest organic growth in the Russian oil
industry.

From January-March 2006, the Company produced 19.03 million tons
of oil, up from 17.79 million tons for the same period last
year. Severnaya Neft saw the greatest increase among the
subsidiaries, increasing production by 28%.  Yuganskneftegaz
increased crude production by 7%.

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

                        *     *     *

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


SEVERSTAL: Reaffirms Arcelor's Recommendation on Merger Offer
-------------------------------------------------------------
As reported in TCR-Europe yesterday, the Board of Directors for
Arcelor S.A. rejected Mittal Steel's EUR21.5 billion revised
offer and recommended that shareholders support the proposed
merger with OAO Severstal.

Following a detailed review and analysis of:

   -- the revised terms of Mittal Steel's unsolicited offer of
      May 19, 2006 for all of the shares and convertible bonds
      of Arcelor;

   -- the Mittal Steel standalone business plan recently
      delivered to Arcelor;

   -- the letter sent to Arcelor by a minority of shareholders
      representing or claiming to represent some 30% of Arcelor
      capital;

   -- the consequences of various timing scenarios for the
      proposed self tender offer,

and having consulted Morgan Stanley on the financial aspects of
Mittal Steel's revised offer, the Board has unanimously
concluded that:

   -- Mittal Steel's current offer is inadequate as it continues
      to undervalue Arcelor; and

   -- the Severstal transaction is a more attractive alternative
      from a strategic, financial and social point of view.

Subsequently, the Board resolved to:

   -- reject Mittal Steel's current revised offer;

   -- recommend to Arcelor's shareholders and convertible bond
      holders not to tender into Mittal Steel's revised offer;

   -- recommend to Arcelor's shareholders to support the
      Severstal transaction at the general meeting scheduled for
      June 30, 2006;

   -- set the price per share of the self tender offer at
      EUR44;

   -- decide not to commence such self tender offer until after
      the day of the publication of Mittal Steel's offer
      results; and

   -- mandate that Arcelor's Group Management Board meets with
      Mittal Steel in order to review the improvements that
      Mittal Steel offered to make to its current offer.

                        Severstal Statement

"Severstal is very pleased with the strong, positive
reaffirmation of our merger by the Arcelor Board of Directors.
We particularly note the Board's statement of the compatibility
of Severstal with Arcelor versus the incompatibility of Mittal
Steel.  This basic incompatibility of course cannot be remedied
by Mittal Steel.

"We regard the Board's authorization of Arcelor management to
meet with Mittal concerning any future offers, as nothing more
than a
restatement of any board's fiduciary responsibility to review
all offers."

                         About Arcelor

Headquartered in Avenue de la Liberte, Luxembourg, Arcelor S.A.
http://www.arcelor.com/-- is the number one steel company in
the world with EUR32.6 billion in turnover in 2005.  The company
holds leadership positions in its main markets: automotive,
construction, household appliances and packaging as well as
general industry.  In 2006, Arcelor employs 110,000 associates
in over 60 countries.  The company places its commitment to
sustainable development at the heart of its strategy and
ambitions to be a benchmark for economic performance, labor
relations and social responsibility.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of approximately EUR150 per ton.

As at March 1, 2004, 82.75% of Severstals share capital was
controlled directly or indirectly by Alexey Mordashov, Chairman
of Severstals Board of Directors.  Institutional investors held
around 6.5% of Severstals shares while management and employees
held the remaining 10.75%.

As of Dec. 31, 2005, Severstal had US$10.75 billion in total
assets, US$3.66 billion in total liabilities and US$7.09 billion
in total shareholders' equity.

                        *     *     *

As reported in the TCR-Europe on May 30, Standard & Poor's
Ratings Services placed its 'B+' long-term corporate credit
rating on Russia-based integrated steel maker OAO Severstal on
CreditWatch with positive implications, following the
announcement of an agreed merger with Luxembourg steelmaker
Arcelor S.A.

Moody's Investors Service also placed the corporate family
rating of B1 and the senior unsecured rating of B2 of Severstal
on review for possible upgrade following the intention of
Severstal's majority owner to merge Severstal and its mining
assets with Arcelor.

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

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


STREZHEVSKOYE BEER: Court Hearing Salted for July 13
----------------------------------------------------
The Arbitration Court of Tomsk Region will convene on July 13 at
11:30 a.m. to hear the bankruptcy supervision procedure on LLC
Strezhevskoye Beer.  The case is docketed under Case No. A67-
1581/06.

The Temporary Insolvency Manager is:

         K. Sysoev
         Post User Box 338.
         630102, Novosibirsk Region, Russia

The Debtor can be reached at:

         LLC Strezhevskoye Beer
         Strezhevoy, Molodyezhnaya Str. 26.
         Tomsk Region, Russia


TOPKINSKIY PIPE: Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against CJSC Topkinskiy Pipe Factory after finding
it insolvent.  The case is docketed under Case no. A27-
26568/2005-4.

The Temporary Insolvency Manager is:

         Y. Smirnov
         Office 203
         Vesennyaya Str. 24A
         650099, Kemerovo, Russia

The Debtor can be reached at:

         CJSC Topkinskiy Pipe Factory
         Prom Area
         Topki
         652300, Kemerovo Region


YUKOS OIL: Bankruptcy Hearing Slated for June 27
------------------------------------------------
The Arbitration Court of Moscow will convene on June 27 to hear
the bankruptcy supervision procedure on OJSC Oil Company Yukos.
The case is docketed under Case No. A40-11836/06-88-35 B.

The Temporary Insolvency Manager is:

         E. Rebgun
         Zvenigorodskoye Shosse, 3.
         123022, Moscow Region, Russia

The Debtor can be reached at:

         OJSC Oil Company Yukos
         Dubinskaya Str. 31A
         115054, Moscow Region, Russia

Headquartered in Moscow, Yukos Oil -- http://yukos.com/
-- is an open joint stock company existing under the laws of the
Russian Federation.  Yukos is involved in energy industry
substantially through its ownership of its various subsidiaries,
which own or are otherwise entitled to enjoy certain rights to
oil and gas production, refining and marketing assets.

The Company filed for Chapter 11 protection Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
after, the Government sold its main production unit Yugansk, to
a little-known firm Baikalfinansgroup for US$9.35 billion, as
payment for US$27.5 billion in tax arrears for 2000- 2003.
Yugansk eventually was bought by state-owned Rosneft, which is
now claiming more than US$12 billion from Yukos.

On March 10, a 14-bank consortium led by Societe Generale filed
bankruptcy suit in the Moscow Arbitration Court in an attempt to
recover the remainder of a US$1 billion debt under outstanding
loan agreements.  The banks, however, sold the claim to Rosneft,
prompting the Court to replace them with the state-owned oil
company as plaintiff.

On April 13, court-appointed external manager Eduard Rebgun
filed a chapter 15 petition in the U.S. Bankruptcy Court for the
Southern District of New York (Bankr. S.D.N.Y. Case No. 06-
10775), in an attempt to halt the sale of Yukos' 53.7% ownership
interest in Lithuanian AB Mazeikiu Nafta.

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


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


AGROSERVICE: Court Begins Bankruptcy Supervision
------------------------------------------------
The Economic Court of Ivano-Frankivsk Region commenced
bankruptcy supervision procedure on LLC Agroservice (code EDRPOU
32841990) on March 15.  The case is docketed under Case No.
B-15/56.

The Temporary Insolvency Manager is:

         M. Pidgiryanka Str. 28/1
         78000, Ivano-Frankivsk Region, Ukraine

The Economic Court of Ivano-Frankivsk Region is located at:

         Shevchenko Str. 16a
         78000, Ivano-Frankivsk Region, Ukraine

The Debtor can be reached at:

         LLC Agroservice
         Rogatin, Galitska Str. 125
         77000, Ivano-Frankivsk Region, Ukraine


ATTIK: AR Krym Court Begins Bankruptcy Supervision
--------------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy
supervision procedure on CJSC Attik (code EDRPOU 30225688).  The
case is docketed under Case No. 2-8/14811-2005.

The Temporary Insolvency Manager is:

         Oleksandr Sklyarenko
         Industrialne shose Str. 21/88
         Kerch
         98300, 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:

         CJSC Attik
         Roza Luxenburg Str. 23
         Kerch
         98300, AR Krym Region, Ukraine


ESKOM: Court Names Oleg Oprishko to Manage Insolvency Assets
------------------------------------------------------------
The Economic Court of Lviv Region appointed Oleg Oprishko as
Liquidator/Insolvency Manager for LLC Eskom (code EDRPOU
22354589).  He can be reached at:

         Oleg Oprishko
         Chinu Str. 7/2a
         Listopadovogo
         79000 Lviv Region, Ukraine

The Court commenced bankruptcy proceedings at the company after
finding it insolvent.  The case is docketed under Case No.
6/130-4/94.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region, Ukraine

The Debtor can be reached at:

         LLC Eskom
         Shevchenko Str. 23a/6
         Dublyani
         Lviv Region, Ukraine


NOVA-ETEREY: Court Names L. Leonidov as Insolvency Manager
----------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. L. Leonidov as
Liquidator/Insolvency Manager for LLC Nova-Eterey (code EDRPOU
33497790).

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on March 29.  The case is docketed under
Case No. 43/217.

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 Nova-Eterey
         Grushevskij Str. 28/2
         02021 Kyiv Region, Ukraine


REINFORCED METAL: Court Begins Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on CJSC Production Association 'Reinforced
Metal Products' (code EDRPOU 31746095) on March 23.  The case is
docketed under Case No. 43/61.

The Temporary Insolvency Manager is:

         Sergij Nesterenko
         Gagarin Str. 27/193
         Brovari
         Kyiv Region, Ukraine

The Economic Court of Kyiv Region is located at:

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

The Debtor can be reached at:

         CJSC Production Association
         Reinforced Metal Products
         40-richya Zhovtnya Avenue 120
         03127, Kyiv Region, Ukraine


RESURS-2005: Court Appoints M. Kozlov to Liquidate Assets
---------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. M. Kozlov as
Liquidator/Insolvency Manager for LLC Resurs-2005 (code EDRPOU
33229140).  He can be reached:

         M. Kozlov
         Bratislavska Str. 14-b
         02156 Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on March 29.  The case is docketed under
Case No. 43/218.

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 Resurs-2005
         Bratislavska Str. 14-b
         02156 Kyiv Region, Ukraine


RIVNEOBLAGROTEHSERVICE: Court Commences Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Rivne Region commenced bankruptcy
supervision procedure on OJSC Rivneoblagrotehservice (code
EDRPOU 22576746) on March 17.

The Temporary Insolvency Manager is:

         Sergij Hodakovskij
         Mitskevich Str. 7/28
         Rivne Region, Ukraine

The Economic Court of Rivne Region is located at:

         Yavornitski Str. 59
         33001, Rivne Region, Ukraine

The Debtor can be reached at:

         OJSC Rivneoblagrotehservice
         Slovatskij Str. 4/6
         33000, Rivne Region, Ukraine


SKIBIN: Court Names Terentij Davidyuk as Liquidator
---------------------------------------------------
The Economic Court of Cherkassy Region appointed Terentij
Davidyuk as Liquidator/Insolvency Manager for Agricultural LLC
Skibin (code EDRPOU 03792585).  He can be reached at:

         Terentij Davidyuk
         Chapayev Lane 51
         Zhashkiv
         19200 Cherkassy Region, Ukraine

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on March 23.  The case is docketed under
Case No. 01/1447.

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region, Ukraine

The Debtor can be reached at:

         Agricultural LLC Skibin
         Skibin
         Zhashkiv District
         19225 Cherkassy Region, Ukraine


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


21ST CENTURY: Brings In Begbies Traynor as Administrators
---------------------------------------------------------
Jamie Taylor and David Paul Hudson of Begbies Traynor were
appointed joint administrators of 21st Century International
U.K. Ltd. (Company Number 02867110) 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.

Headquartered in Rochford, United Kingdom, 21st Century
International U.K. Ltd. is engaged in the water cooler business.


AUDIO MEDICAL: Creditors Pass Winding Up Resolution
---------------------------------------------------
Creditors of Audio Medical Devices Limited passed a resolution
to wind up the company's operations during an extraordinary
general meeting on March 31.

Martin Charles Armstrong, of Turpin Barker Armstrong, was
appointed Liquidator.

The company can be reached at:

         Audio Medical Devices Limited
         343 Eden Park Avenue
         Beckenham Kent BR3 3JN
         United Kingdom
         Tel: 020 8663 0760
         Fax: 020 8663 0163


B.A.T. DESIGN: Claims Filing Period Ends June 30
------------------------------------------------
Creditors of B.A.T. Design Company LLP have until June 30 to
send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) to appointed Joint Liquidators, Gordon Craig
and Daniel Paul Hennessy, of Cresswall Associates Limited.

The company can be reached at:

         B.A.T. Design Company LLP
         Manchester House
         22 Bridge Street
         Manchester M3 3AB
         United Kingdom
         Tel: 0161 839 5900


BARKER INTERIORS: Appoints Moore Stephens as Administrators
-----------------------------------------------------------
Simon Paterson and David R Elliott of Moore Stephens LLP were
appointed joint administrators of Barker Interiors Limited
(Company Number 02934677) on May 19.

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

Headquartered in Essex, United Kingdom, Barker Interiors Limited
is engaged in the joinery installation business.


BEAVER SHOES: Financial Woes Prompt Liquidation
-----------------------------------------------
Beaver Shoes Limited is winding up its operations after
creditors established the company could no longer continue its
business due to mounting debts.

Subsequently, David Kirk was appointed Liquidator.

The company can be reached at:

         Beaver Shoes Limited
         Whitley Lane
         Walton Street
         Somerset BA169RW
         United Kingdom
         Tel: 01458 441 021
         Web: http://wwww.beavershoes.co.uk/


BROOKS LANE: Creditors Resolve to Liquidation
---------------------------------------------
Creditors of Brooks Lane Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
March 27.

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

P.D. Masters, of DTE Leonard Curtis, was appointed Liquidator.

The company can be reached at:

         Brooks Lane Limited
         Brooks Lane
         Middlewich Cheshire CW100JG
         United Kingdom
         Tel: 01606 835 271
         Fax: 01606 835 274


C & W PAVING: Brings In Joint Liquidators from Hawdon Bell & Co.
----------------------------------------------------------------
C & W Paving Limited is liquidating its assets after creditors
passed a resolution to wind up the company on March 30.

John Bell and Simon John Lundy, of Hawdon Bell & Co., were
appointed Joint Liquidators.

The company can be reached at:

         C & W Paving Limited
         74 Roslin Park
         Bedlington Northumberland NE225HL
         United Kingdom
         Tel: 01670 820 022


CABLE & WIRELESS: Employee Share Trustees Shed 4,493 Shares
-----------------------------------------------------------
The Trustees of Cable and Wireless plc Employee Share Ownership
Trust disposed of 4,493 Ordinary Shares in the company at a
price of GBP1.135 per share on June 12.

Following the disposal, 50,468,797 Ordinary Shares are currently
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.


CABLE & WIRELESS: FMR & Fidelity Hold 4.18% Equity Stake
--------------------------------------------------------
FMR Corp. and its direct and indirect subsidiaries, and Fidelity
International Limited and its direct and indirect subsidiaries,
both being non-beneficial holders of Cable and Wireless plc
disclosed their holding of 101,219,582 Ordinary Shares of 25
pence each in the issued Ordinary Share capital of the Company
as of June 12, 2006, solely for investment purposes.

This holding represents 4.18% per cent of the issued Ordinary
Share capital of 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.


CAXTON PRINT: Names Joint Administrators from Harrisons
-------------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
joint administrators of Caxton Print Finishers (Tonbridge)
Limited (Company Number 04195379) on May 23.

Harrisons -- http://www.harrisons.uk.com/-- provides advice and
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.  The firm has appointed an in-house solicitor specializing
in insolvency and security work to enable us to further broaden
the experience base of the firm.

Caxton Print Finishers (Tonbridge) Limited can be reached at:

         Chimneys
         Alders Road
         Five Oak Green
         Tonbridge
         Kent TN12 6SU
         Tel: 01892 871 085


CLASSIC BUILD: Appoints Administrators from Smith & Williamson
--------------------------------------------------------------
Kevin James Wilson Weir and Gregory Andrew Palfrey of Smith &
Williamson Limited were appointed joint administrators of
Classic Build Limited (Company Number 05068998) on May 17.

The administrators can be contacted at:

         Smith & Williamson Limited
         Imperial House,
         18-21 Kings Park Road,
         Southampton SO15 2AT
         E-mail: GP4@smith.williamson.co.uk

Headquartered in Romsey, United Kingdom, Classic Build Limited
is engaged in general construction and demolition.


CLEMENTS PRECISION: Taps Gerald Irwin to Liquidate Assets
---------------------------------------------------------
Gerald Irwin, of Irwin & Company, was appointed Liquidator of
Clements Precision Engineering (Walsall) Limited after creditors
agreed to wind up the company on March 30.

The company can be reached at:

         Clements Precision Engineering (Walsall) Limited
         140A Wednesbury Road
         Walsall WS1 4JJ
         United Kingdom
         Tel: 01922 630 906
         Fax: 01922 725 803


COMPLETE MEDIA: Names Greg Whitehead Liquidator
-----------------------------------------------
Greg Whitehead, of Northpoint Associates, was appointed
Liquidator of Complete Media Services Limited after creditors
decided to wind up the company during an extraordinary general
meeting on March 24.

The company can be reached at:

         Complete Media Services Limited
         Caledonia Cottage
         Caledonia
         Blaydon-on-Tyne
         Tyne and Wear NE216AX
         United Kingdom
         Tel: 0191 414 4466
         Fax: 0191 414 4499


DALE PIANOS: Hires Liquidator from Sale Smith & Co. Limited
-----------------------------------------------------------
Dale Pianos Limited is voluntary liquidating its assets after
creditors moved to wind up the company during an extraordinary
general meeting on March 29.

Eileen T.F. Sale, of Sale Smith & Co. Limited, was appointed
Liquidator.

The company can be reached at:

         Dale Pianos Limited
         22 Higher Walton Mill
         Cann Bridge Street
         Higher Walton
         Preston PR5 4DJ
         United Kingdom
         Tel: 01772 321 992
         Fax: 01772 321 993


IGNITE FIRES: Creditors Confirm Voluntary Liquidation
-----------------------------------------------------
Creditors of Ignite Fires Limited confirmed the company's
voluntary liquidation during an extraordinary general meeting on
March 29.

Creditors also ratified the appointment of John Russell and
Andrew Philip Wood, of The P&A Partnership, as Joint
Liquidators.

The company can be reached at:

         Ignite Fires Limited
         193 Sheffield Road
         Killamarsh Sheffield S21 1DX
         United Kingdom
         Tel: 0114 247 3666


INVESTEC BANK: S&P Assigns BB Rating to Class D Notes
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP200 million mortgage-backed floating-
rate notes to be issued by Landmark Mortgage Securities No.1
PLC, an SPE.

Landmark 1 is the first RMBS transaction by Investec Bank (U.K.)
Ltd.  Investec provides warehouse funding to Unity Homeloans
Ltd. and Infinity Mortgages Ltd., which recently bought a book
of loans from Amber Homeloans Ltd.  The collateral for this
transaction was originated by these three parties.

Infinity began trading in January 2004 and is 100% owned and
controlled by its directors.  Unity is a joint venture between
the Professional Mortgage Packagers Alliance, Investec, and two
of the directors of Infinity, although Infinity itself does not
own any shares in Unity.  Unity's first loan was originated in
October 2005.  Both Infinity and Unity aim their products at the
nonconforming market in England, Wales, and Northern Ireland.

The ratings reflect the sound payment structure and cash flow
mechanics of the transaction, and the cash flow analysis
performed by Standard & Poor's to verify that the notes will be
repaid under stress test scenarios.

Further considerations include:

   -- the protection provided by the class B, C, and D notes for
      the notes senior to them, plus a partially funded cash
      reserve of 1.2% at closing, and excess spread to cover
      credit losses and income shortfalls;

   -- a fully funded discount margin reserve that will increase
      the effective margins on all fixed-rate and discount-rate
      loans to their reversionary rates; and

   -- the issuer's ability to meet interest shortfalls on all
      rated notes through excess spread on the mortgages,
      amounts available under the amortizing liquidity facility,
      and drawings under the reserve fund.

                       Ratings List
           Landmark Mortgage Securities No.1 PLC
      GBP200 Million Mortgage-Backed Floating-Rate Notes

           Class          Prelim.       Prelim.
           -----          rating        amount (Mil. GBP) (1)
                          ------        ------
            A              AAA           168.6
            B              A              17.8
            C              BBB             7.6
            D              BB              6.0
            DACs (2)       AAA             N/A

        (1) The exact size of each class of note may change
            between the date of this report and closing.

        (2) Detachable A coupons for the class A notes.


KENT LAMINATORS: Hires SFP to Administer Assets
-----------------------------------------------
Simon Franklin Plant and Daniel Plant of SFP were appointed
joint administrators of Kent Laminators Limited (Company Number
02356537) on May 24.

The administrators can be contacted at:

         SFP
         9 Ensign House
         Admirals Way
         Marsh Wall
         London E14 9XQ
         United Kingdom

Headquartered in Dartford, United Kingdom, Kent Laminators
Limited is engaged in book binding and finishing.


LADYBUG LIMITED: Appoints P.D. Masters as Liquidator
----------------------------------------------------
P.D. Masters of DTE Leonard Curtis, was appointed Liquidator of
Ladybug Limited after creditors resolved to liquidate the
company's assets during an extraordinary general meeting on
March 27.

The company can be reached at:

         Ladybug Limited
         Crabtree Road
         Forest Vale Industrial Estate
         Cinderford Gloucestershire GL142YQ
         United Kingdom
         Tel: 01594 825 505


MIDLAND & NORTHERN: Names Roderick G. Butcher as Administrator
--------------------------------------------------------------
Roderick Graham Butcher of Butcher Woods Limited was appointed
administrator of Midland & Northern Electrical Services Limited
(Company Number 04390217) on May 23.

The administrator can be reached at:

         Butcher Woods
         79 Caroline Street
         Birmingham
         West Midlands B3 1UP
         United Kingdom
         Tel: 0121 236 6001
         Fax: 0121 236 5702
         E-mail: rod.butcher@butcher-woods.co.uk

Midlands & Northern Electrical Services Limited can be reached
at:

         Midland House (AG07)
         Hastingwood Industrial Park
         Erdington
         Birmingham
         West Midlands B24 9QR
         Tel: 0121 386 8407


MISYS PLC: Discloses 499,341,441 Shares In Issue
------------------------------------------------
Misys plc disclosed that it had 499,341,441 ordinary shares of 1
pence each in issue (excluding ordinary shares held in treasury)
as of June 9, 2006.

The ISIN reference number for these securities is GB0003857850.
Of the shares in issue, 22,496,120 are held by Misys employee
share trusts to fulfill options over ordinary shares granted to
employees of Misys.

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

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


PERMACELL FINESSE: Brings In Begbies Traynor as Administrator
-------------------------------------------------------------
Richard Albert Brock Saville and Peter Andrew Blair of Begbies
Traynor were appointed joint administrators of Parmacell Finesse
Ltd (Company Number 05484217) on May 18.

Headquartered in Manchester, Begbies Traynor --
http://www.begbies.com/-- assists companies, creditors,
financial institutions and individuals on all aspects of
financial restructuring and corporate recovery.

Headquartered in Nottinghamshire, United Kingdom, Permacell
Finesse Ltd. is a manufacturer of PVC-U products.


RANK GROUP: Cancels 850,000 Shares in Buy Back Program
------------------------------------------------------
The Rank Group Plc purchased on June 12 850,000 Ordinary shares
of 10 pence each in the Company for cancellation at an average
price of 204.10 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.


RETAIL GROUP: Appoints Joint Administrators from Vantis
-------------------------------------------------------
Geoffrey Paul Rowley and Simon Elliott Glyn of Vantis were
appointed joint administrators of Retail Group Holdings U.K.
Limited (Company Number 05153729) on May 17.

Headquartered in West Sussex, Vantis Numerica (nka Vantis plc) -
- http://www.vantisplc.com/-- provides accounting, business and
tax advisory services in the United Kingdom.


RON LEIGH: Names Joint Administrators from Milner Boardman
----------------------------------------------------------
Colin Burke and Gary Corbett of Milner Boardman & Partners were
appointed joint administrators of Ron Leigh Limited (Company
Number 02512190) on May 23.

Headquartered on Hale, Altrincham, South Manchester, Milner
Boardman -- http://www.milnerboardman.co.uk/-- is an
independent firm of chartered accountants and business advisers.

Headquartered in Wigan, United Kingdom, Ron Leigh Limited
retails electrical household goods, rents personal and household
goods.


WESTWING INVESTMENTS: Hires Rothman Pantall as Administrators
-------------------------------------------------------------
R. D. Smailes and S. B. Ryman of Rothman Pantall & Co were
appointed joint administrators of Westwing Investments Limited
(Company Number 05218693) on May 15.

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.

Westwing Investments Limited can be reached at:

         1 Peterborough Road
         Harrow
         Middlesex HA1 2AS
         United Kingdom

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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
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information, contact Christopher Beard at 240/629-3300.


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