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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, June 16, 2006, Vol. 7, No. 119

                            Headlines


A U S T R I A

BAWAG PSK: Turnaround Specialists Set to Join Bidding Race
H & S: Meeting of Creditors Set for June 21
HOTEL BISCHOFSBERG: Creditors Must File Claims by June 27
NASRALLA: Creditors' Meeting Set for June 28
PREMAX: Creditors Must Submit Claims by July 4

SEJDIJA MUAMED: Court Sets July 4 Claims Bar Date
SULEJMANI ISAK: Creditors Must Submit Claims by July 4


B E L G I U M

DORSET STREET: Moody's Rates EUR30-Mln Class H Notes at Ba1


F I N L A N D

METSO CORP: Posts EUR57 Million Deferred Tax Asset in 2nd Qtr.
METSO CORP: Inks EUR25 Million Supply Pact with ITC Bhadrachalam


G E R M A N Y

ACTIVEMETA.NET: Claims Registration Ends June 30
ALLGEMEINE HYPOTHEKENBANK: Sells Financing Business to Hypo Real
ALLGEMEINE WOHNBAU: Claims Registration Ends July 3
ANG LOGISTIK: Creditors' Meeting Slated for July 5
BUSSE SPEDITION: Claims Filing Period Ends July 4

FELIX AUSTRIA: Claims Registration Ends July 4
HEITKAMP-DEILMANN: Eyes 780 Job Cuts at Deilmann Haniel
POBURSKI DACHTECHNIK: Claims Registration Ends June 23
R & M UMWELT: Claims Registration Ends July 3
SELECT SECURITY: Claims Registration Ends July 3

SONJA UND GUIDO: Claims Registration Ends June 30
VIEWEG GMBH: Claims Filing Period Ends July 3


H U N G A R Y

BORSODCHEM RT: Holds 1,098,455 Treasury Shares


I R E L A N D

EIRCOM GROUP: Submits Scheme Document for Shareholder Vote


I T A L Y

ALITALIA SPA: Texas Pacific Eyes Possible Equity Investment
BANCA POPOLARE: Board Keeps Function Despite Director Suspension
FIAT SPA: Sells Banca Unione Stake to BSI for EUR260 Million
PARMALAT SPA: U.S. Judge Extends Injunction Through Sept. 7


K A Z A K H S T A N

BEST LTD: Creditors Must File Claims by June 27
DALIA DISTRIBUTION: Creditors Must File Claims by June 24
JETYSU: Claims Registration Ends June 30
JAZYK: Claims Registration Ends June 26
KUBRA: Proof of Claim Deadline Slated for June 27

LERKA VK: Proof of Claim Deadline Slated for June 27
METIZ: Creditors' Claims Due June 30
POMORHLEB: Creditors' Claims Due June 26
VAGONMASHTREID: Creditors' Claims Due June 27


K Y R G Y Z S T A N

AKYL PUBLISHING: Creditors' Meeting Slated for June 19
CHUISKAYA PTISEFABRIKA: Creditors' Meeting Slated for June 19
TAVZ: Public Auction on Assets Set for June 20


N E T H E R L A N D S

GROSVENOR PLACE: Moody's Assigns Ba1 Rating to Class P Notes


N O R W A Y

NORSKE SKOG: Names Christian Rynning-Tonnesen as CEO & President


R U S S I A

AMURSKIY OIL: Court Taps A. Shilova to Manage Assets
BOLSHEVIK: Bankruptcy Hearing Slated for June 21
CENTERTELECOM: Fitch Affirms Issuer Default Rating at B-
KUGANAKSKIY BRICKWORKS: Court Starts Bankruptcy Supervision
MASH-KOMPLEKT: Court Appoints Kh. Khasanov as Insolvency Manager

MOBIL: Court Appoints A. Chuvashev as Insolvency Manager
MOTOR: Court Names A. Bulin to Manage Insolvency Assets
RURAL BUILDING: Court Names S. Kaminov as Insolvency Manager
URAL-SIB-DREV: Perm Court Starts Bankruptcy Supervision
YAROSLAVSKAYA SHEEPSKIN: Court Names B. Yun Insolvency Manager

YUZHNOURALSKIY FACTORY: I. Bagin to Manage Insolvency Assets
ZUEVSKIY BUTTER: Court Names V. Pototskaya to Manage Assets


U K R A I N E

CRIMEAN INDUSTRIAL 2: Svitlana Bikova to Liquidate Assets
ERTEL-TOURISM: Court Names Oleg Kravets as Liquidator
IVASHKI' ALCOHOL: Harkiv Court Begins Bankruptcy Supervision
KOZAK: Sumi Court Starts Bankruptcy Supervision
LENDER: AR Krym Court Commences Bankruptcy Supervision

MRIYA: Kyiv Court Commences Bankruptcy Supervision
SEVERNIJ: AR Krym Court Starts Bankruptcy Supervision
STROITEL: Donetsk Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

BARKER BUILDING: Financial Woes Prompt Liquidation
BANCO MERCANTIL: Inquiries on NY Agency Liquidation Due June 29
BASINGSTOKE PRESS: Claims Filing Period Ends June 19
BUSINESS ENTERPRISE: Brings In Simon Thornton as Administrator
C.S.T. LIMITED: Names Menzies as Joint Administrators

CABLE-TRAK: Creditors Pass Winding Up Resolution
CLOSE ENCOUNTER: Brings In Liquidators From Jacksons Jolliffe
COMPANY SOLUTIONS: Creditors Resolve to Liquidation
DIR INTERNATIONAL: Pertemps Investments Taps RSM as Receivers
EDWARD TURNBULL: Claims Registration Ends Today

ENTITLEMENT LIMITED: Names Gordon Craig as Administrator
EP DIGITAL: Brings In Administrator from Marks Bloom
GMS TRADE: Taps Laurence Russell to Liquidate Assets
ICT DEVELOPMENTS: Appoints Joint Liquidators to Wind Up Business
INLIST CO: Names Stephen M. Katz Liquidator

J.L. FRENCH: Creditors Unanimously Approve Reorganization Plan
EXECUTIVE CLUB: Pertemps Investments Names RSM as Receivers
MISYS PLC: Sir Dominic Cadbury Chairs Independent Committee
RACECOURSE YACHT: Governor Appoints Joint Receivers from Begbies
RESIDENTIAL MORTGAGE: S&P Assigns BB Rating to B2 Notes

VALENBECK LIMITED: Claims Registration Ends June 19
WEBTECH COMPUTERS: Begins Liquidation Procedure

                            *********

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


BAWAG PSK: Turnaround Specialists Set to Join Bidding Race
----------------------------------------------------------
J.C. Flowers & Co. LLC and Cerberus Capital Management LP are thought to be considering bids for Austria's Bawag P.S.K., Sunday
Business reveals.

According to the report, it remains unclear if the groups, which both target bankrupt or financially troubled companies, have
approached investment bank Morgan Stanley, which facilitates the sale, regarding a possible offer.

Osterreichischer Gewerkschaftsbund, the Austrian Trade Union Federation, has placed Bawag on the trading table following the bank's
alleged role in the collapse of Refco Inc.

Sunday Business reports that Commerzbank AG, Generali, Allianz and Volksbanken-Investkredit are also interested in launching an
offer for Bawag aside from the two US turnaround firms.  Morgan Stanley has begun inviting bids after Bawag inked a US$675 million
settlement deal with Refco investors.

JC Flowers has been involved in the final sale process for parts of Refco Inc. following the bankruptcy of the US brokerage.

According to Sunday Times, analysts peg Bawag's value at EUR1.8 billion, though its sale might be complicated by the EUR900-million
state-spearheaded rescue package.

                       About J.C. Flowers

J.C. Flowers & Co. LLC is an investment firm specializing in
financial services.

                     About Cerberus Capital

Cerberus Capital Management LP invests in troubled companies and aims to make its acquired businesses profitable.

                         About BAWAG

Headquartered in Vienna, Austria, BAWAG P.S.K. (Bank fur Arbeit und Wirtschaft AG) is an Austrian universal bank founded in 1922 by
former Austrian Chancellor Karl Renner.  As of 2004, the bank's majority shareholder was the OGB (Osterreichischer
Gewerkschaftsbund), the Austrian Trade Union Federation.  The bank has total consolidated assets of EUR56 billion as of
Dec. 31, 2004.

                        *     *     *

As reported in the TCR-Europe on May 11, Moody's downgraded
BAWAG P.S.K's

   -- financial strength rating (BFSR) to D- from C-;
   -- Tier 1 debt rating to Baa3 from Baa2.

Both ratings remain under review for possible downgrade.  At the same time, Moody's has also downgraded to Prime-2 with stable
outlook from Prime-1 the bank's short-term debt and deposit rating.  The A3 long-term debt and deposit ratings and the Baa1
subordinated debt rating remain on review for possible downgrade.

These ratings were downgraded as part the rating action:

   -- BAWAG P.S.K.: bank financial strength rating from C- to
      D-;

   -- BAWAG P.S.K.: short-term rating from P-1 to P-2;

   -- BAWAG P.S.K. CAPITAL Finance (Jersey) Ltd.: debt and
      deposit rating to Baa3 from Baa2;

   -- BAWAG P.S.K. Capital Finance (Jersey) II Ltd.: debt and
      deposit rating to Baa3 from Baa2; and

   -- BAWAG P.S.K. Capital Finance (Jersey) III Ltd.: debt and
      deposit rating to Baa3 from Baa2.

These ratings are under review for possible downgrade:

   -- BAWAG P.S.K.: bank financial strength rating of D-;

   -- BAWAG P.S.K.: long-term debt and deposit


H & S: Meeting of Creditors Set for June 21
-------------------------------------------
Creditors owed money by Transport LLC H & S (FN 74012t) are encouraged to attend the creditors' meeting at 11:00 a.m. on June 21 to
consider the revision of the rule by adoption and accountability.

The creditors' meeting will be held at:

         The Land Court of Leoben
         Hall IV
         1st Floor
         Leoben, Austria

Headquartered in Oberaich, Austria, the Debtor declared bankruptcy on May 8 (Bankr. Case No. 17 S 34/06b).  Michael Zsizsik serves
as the court-appointed property manager for the bankrupt estate.


HOTEL BISCHOFSBERG: Creditors Must File Claims by June 27
---------------------------------------------------------
Creditors owed money by LLC Hotel Bischofsberg (FN 250524v) have until June 27 to submit written proofs of claims to court-appointed
property manager Erhard Hackl at:

         Dr. Erhard Hackl
         Hofgasse 7
         4020 Linz
         Austria
         Tel:  0732/776234
         Fax: 776234, 776235
         E-mail: hackl.hatak@aon.at

Creditors and other interested parties are encouraged to attend the meeting at 2:45 p.m. on July 11 to consider the revision of the
rule by adoption.

Headquartered in Windisclgarsten, Austria, the Debtor declared bankruptcy on May 8 (Bankr. Case No. 14 S 25/06h).  Markus
Weixlbaumer represents Dr. Hackl in the bankruptcy proceedings.


NASRALLA: Creditors' Meeting Set for June 28
--------------------------------------------
Creditors of Trade and Transport LLC Nasralla (FN 204726v) are encouraged to attend the meeting at 9:15 a.m. on June 28 to consider
the revision of the rule by adoption and accountability.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 8 (Bankr. Case No. 38 S 37/06b).  Charlotte Bohm serves as
the court-appointed property manager for the bankrupt estate.


PREMAX: Creditors Must Submit Claims by July 4
----------------------------------------------
Creditors owed money by Construction LLC Premax (FN 255959k) have until July 4 to submit written proofs of claims to court-appointed
property manager Ilse Korenjak at:

         Dr. Ilse Korenjak
         Gusshausstrasse 6
         1040 Vienna
         Austria
         Tel: 512 21 02
         Fax: 512 21 02 20
         E-Mail: office@buresch-korenjak.at

Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on July 18 to consider the revision of the
rule by adoption and accountability.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 8 (Bankr. Case No. 6 S 45/06v).


SEJDIJA MUAMED: Court Sets July 4 Claims Bar Date
-------------------------------------------------
Creditors owed money by Private Firm Sejdija Muamed (FN 241181d) have until July 4 to submit written proofs of claims to
court-appointed property manager Georg Freimueller at:

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

Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 18 to consider the revision of the
rule by adoption and accountability.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 8 (Bankr. Case No. 6 S 44/06x).  Erwin Senoner represents
Dr. Freimueller in the bankruptcy proceedings.


SULEJMANI ISAK: Creditors Must Submit Claims by July 4
------------------------------------------------------
Creditors of Private Enterprise Sulejmani Isak (FN 235910b) have until July 4 to submit written proofs of claims to court-appointed
property manager Eva Riess at:

         Dr. Eva Riess
         Zeltgasse 3
         1080 Vienna
         Austria
         Tel: 402 57 01
         Fax: 402 57 01 21
         E-Mail: law@riess.co.at

Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on July 18 to consider the revision of the
rule by adoption and accountability.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 8 (Bankr. Case No. 6 S 46/06s).  Leopold Riess represents
Dr. Riess in the bankruptcy proceedings.


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B E L G I U M
=============


DORSET STREET: Moody's Rates EUR30-Mln Class H Notes at Ba1
-----------------------------------------------------------
Moody's assigned long-term ratings to these Notes issued by Dorset Street Finance Limited:

   -- EUR45,000,000 Class A1 Floating rate Credit-Linked Notes:
      Aaa;

   -- EUR75,000,000 Class A2 Floating rate Credit-Linked Notes:
      Aaa;

   -- EUR98,250,000 Class B Floating rate Credit-Linked Notes:
      Aa1;

   -- EUR91,500,000 Class C Floating rate Credit-Linked Notes:
      Aa2;

   -- EUR75,000,000 Class D Floating rate Credit-Linked Notes:
      Aa3;

   -- EUR 60,000,000 Class E Floating rate Credit-Linked Notes:
      A2;

   -- EUR37,500,000 Class F Floating rate Credit-Linked Notes:
      A3;

   -- EUR33,750,000 Class G Floating rate Credit-Linked Notes:
      Baa2; and

   -- EUR30,000,000 Class H Floating rate Credit-Linked Notes:
      Ba1.

Moody's ratings address the expected loss posed to investors by the legal final maturity (October 2040).  Moody's ratings address
only the credit risks associated with the transactions; other non-credit risks have not been addressed, but may have significant
effect on yield to investors.

In these transactions, Dorset Street Finance Limited will issue Credit-Linked Notes exposed to a portfolio of corporate reference
obligations representing 85% of the total exposure (EUR2.55 billion) -- 65% of the total pool exposure being direct corporate credit
exposures and 35% being respectively ten mezzanine tranches of ten bespoke CDOs.  The remaining 15% of the exposure is comprised of
structured finance reference obligations.  Among these 15%, 5% of the portfolio can be comprised of Proxy ABS Securities, which
correspond to synthetic credit default swaps on structured finance reference obligations.

The proceeds of issuance of each Class of Notes will be invested in OECD government debt securities, corporate bonds, ABS securities
or commercial paper under a repurchase agreement with KBC Investments Cayman Islands V, Ltd., guaranteed by KBC Bank NV.

As credit default swap counterparty, KBC Investments Cayman Islands V, Ltd will identify the initial reference portfolio.
Subsequently it may replace any of the reference entities included in the direct corporate portfolio, in the ten bespoke CDO
reference pools and in the structured finance portfolio.  It may also adjust the subordination of each bespoke CDO obligation.  This
is all subject to certain investment guidelines and in particular the satisfaction of a maximum Moody's Metric test computed by the
Moody's CDOROM model.

It should be noted that the corporate exposures and the bespoke CDO exposures will terminate in April 2016 and the Notes will then
benefit from a spread two-times step-up.  Structured finance reference obligations may however have a maturity that goes beyond
2016, and therefore the Notes may be amortized at a later date.


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


METSO CORP: Posts EUR57 Million Deferred Tax Asset in 2nd Qtr.
--------------------------------------------------------------
Metso Corp. records a EUR57 million one-time deferred tax asset in the second quarter of 2006.

The company's operating tax loss carry-forwards relating to the U.S. operations amounted to approximately EUR154 million as of Dec.
31, 2005.  Furthermore, Metso had approximately EUR150 million of deductible temporary timing differences and unused tax credits
attributable to its U.S. subsidiaries.

Based on Metso's U.S. corporate income tax rate of 39 percent, the unrecorded deferred tax assets relating to these items amounted
to EUR119 million at Dec. 31, 2005.  The deferred tax assets had remained unrecorded due to the losses of Metso's U.S. operations in
previous years and the uncertainty relating to the utilization of such losses.

Based on the applicable accounting guidance, Metso has decided to record a one-time deferred tax asset of EUR57 million through
income statement in the second quarter of 2006.  The decision is based on the fact that Metso's U.S. operations turned clearly
profitable in 2005, and the latest management forecast indicates that the profit before tax in Metso's U.S. operations will continue
to be clearly positive also in 2006 and 2007.

Excluding this one-time deferred tax asset, Metso Corporation's tax rate in 2006 is estimated to be about 24 percent.  After
recording this one-time deferred tax asset, the unrecorded deferred tax assets related to Metso's U.S. operations are estimated to
amount to approximately EUR30 million.  These deferred tax assets will be recognized when it is probable that there will be
sufficient future taxable income against which they can be utilized.

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology corporation with 2005 net sales of approximately EUR4.2 billion.
Its 22,000 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.

                        *     *     *

As reported in TCR-Europe on April 11, Standard & Poor's Ratings Services revised its outlook on Finland-based machinery and
engineering group Metso Corp. to positive from stable, reflecting improvements in the group's operating performance and capital
structure that offer it the potential to return to a low investment-grade rating.  The 'BB+' long-term and 'B' short-term corporate
credit ratings, as well as the 'BB' senior unsecured debt rating on the group were affirmed.


METSO CORP: Inks EUR25 Million Supply Pact with ITC Bhadrachalam
----------------------------------------------------------------
Metso Paper will supply a new fiber line to an Indian customer, ITC Ltd., for company's pulp mill expansion project in Bhadrachalam,
in the state of Andhra Pradesh.

The pulp mill expansion project forms a part of ITC's plans to increase its paper production.  The value of the order is close to
EUR25 million and the line is scheduled to start-up in July 2007.

Metso Paper's scope of delivery covers all the main process machinery, pressure vessels, field instruments, basic engineering and
supervision services from cooking, up to ready bleached pulp.  The selected technology features a modern environmentally sound
process, utilizing oxygen delignification and ozone bleaching technologies.  After the expansion work has been completed, the daily
production of the pulp mill will be 750 bone-dry tons fully bleached pulp of eucalyptus and Subabul as raw materials.

In addition, Metso Paper will also supply an ozone bleaching stage for the existing line to minimize the environmental impact of the
mill.  The new cooking system is going to produce pulp for both fiber lines and is designed for a total daily production of 800
tonnes.  The special feature of the process is that it enables simultaneous cooking of two different wood species for the need of
the two fiber lines.

ITC is one of India's foremost private sector companies with a turnover of US$3 billion.  ITC Bhadrachalam Paperboards and Specialty
Papers Division is the largest manufacturer of Packaging and Graphic Boards in South Asia.

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology corporation with 2005 net sales of approximately EUR4.2 billion.
Its 22,000 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.

                        *     *     *

As reported in TCR-Europe on April 11, Standard & Poor's Ratings Services revised its outlook on Finland-based machinery and
engineering group Metso Corp. to positive from stable, reflecting improvements in the group's operating performance and capital
structure that offer it the potential to return to a low investment-grade rating.  The 'BB+' long-term and 'B' short-term corporate
credit ratings, as well as the 'BB' senior unsecured debt rating on the group were affirmed.


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


ACTIVEMETA.NET: Claims Registration Ends June 30
------------------------------------------------
Creditors of activemeta.net.GmbH have until June 30 to register their claims with court-appointed provisional administrator Volker
Quinkert.

Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on July 21, at which time the administrator
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Room A 341
         3rd Floor
         Muehlenstrasse 34
         40213 Duesseldorf, Germany

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

The District Court of Duesseldorf opened bankruptcy proceedings against activemeta.net.GmbH on May 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         activemeta.net.GmbH
         Attn: Oliver Tschirdewahn, Manager
         Meerbuscher Str. 64-78
         40670 Meerbusch, Germany

The administrator can be contacted at:

         Volker Quinkert
         Brucknerallee 6
         41236 Monchengladbach, Germany


ALLGEMEINE HYPOTHEKENBANK: Sells Financing Business to Hypo Real
----------------------------------------------------------------
Allgemeine HypothekenBank Rheinboden AG has concluded an agreement with Hypo Real Estate Bank International AG, a subsidiary of Hypo
Real Estate Holding AG, for the sale of its European real estate financing portfolio.

The portfolio comprises real estate loans with a total volume of some EUR3.5 billion.  The 36 AHBR employees currently working in
this business segment will move to Hypo Real Estate Bank International AG.  The parties have agreed not to disclose the sale price.

Following a competitive tender process, organized by Citigroup Global Markets Ltd., the transaction is subject to approval from the
German Federal Cartel Office.  It is carried out as planned, being part of AHBR's radical restructuring.  The Bank will in future
focus on commercial real estate financing with Germany becoming the core market.

                      About the Company

Headquartered in Frankfurt, Germany, Allgemeine Hypothekenbank
Rheinboden AG -- http://www.ahbr.de/-- finances residential and commercial real estate projects locally.  The group is also engaged
in commercial lending abroad.  It has assets of more than EUR80 billion.  It is owned directly and indirectly -- through BHW -- by
the trade union private equity holding group BGAG.  BGAG has provided it EUR1.2 billion in financing, and guaranteed it under a
EUR1.2 billion risk protection scheme.  It recently sold the company to U.S. investment group Lone Star for EUR400 million.

                        *     *     *

As reported in TCR Europe on April 26, Fitch Ratings placed Allgemeine Hypothekenbank Rheinboden's Short-term F3 and
Support 2 ratings, BBB- senior unsecured obligations, and BB+ subordinated obligations on Rating Watch Negative.  It assigned AHBR
an Issuer Default Rating of BBB-, which is also put on RWN.   The IDR, which replaces the Long-term rating, applies to those
obligations for which Fitch expects potential support to be forthcoming.

At the same time, the bank's Individual rating is upgraded to D/E from E and remains on Rating Watch Positive.  In addition, Fitch
affirmed AHBR's outstanding public sector Pfandbriefe at AAA while the AA+ rated mortgage Pfandbriefe was placed on RWN.   The
agency downgraded AHBR's participation rights maturing in December 2005 through to December 2008 to C/RR6 on the Recovery Rating
Scale and removed them from RWN, following the publication of its 2005 losses.  Genussscheine maturing after December 2008 are
affirmed at CC/RR5 and removed from RWN.

As reported in TCR Europe on Dec. 20, 2005, Standard & Poor's
Ratings Services removed its 'BB+' counterparty credit ratings on AHBR from CreditWatch, where they were first placed on
Oct. 25, 2005.  In addition, Standard & Poor's affirmed its 'BB+/B' counterparty credit and senior unsecured ratings on AHBR, and
raised the ratings on subordinated debt issued by AHBR to 'BB-' from 'B'.  The outlook is negative.  At the same time, the 'AAA'
ratings on senior secured Offentliche Pfandbriefe and Hypothekenpfandbriefe issued by AHBR were affirmed.


ALLGEMEINE WOHNBAU: Claims Registration Ends July 3
---------------------------------------------------
Creditors of Allgemeine Wohnbau Consult GmbH have until
July 3 to register their claims with court-appointed provisional administrator Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.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 Niebuell
         Hall 2
         Gerichtsgebaude Sylter Bogen 1 A
         25899 Niebuell, 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 Niebuell opened bankruptcy proceedings against Allgemeine Wohnbau Consult GmbH on May 22.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Allgemeine Wohnbau Consult GmbH
         Attn: Wolfgang Jocks and Thomas Egon Bock, Managers
         Mooringer Wai 2
         25920 Risum-Lindholm, Germany

The administrator can be contacted at:

         Berthold Brinkmann
         Sechslingspforte 2
         22087 Hamburg, Germany


ANG LOGISTIK: Creditors' Meeting Slated for July 5
--------------------------------------------------
The court-appointed provisional administrator for ANG Logistik GmbH, Wolfgang Schroder, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 10:20 a.m. on July 5.

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 10:15 a.m. on Oct. 11 at the same venue.

Creditors have until Aug. 16 to register their claims with the court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy proceedings against ANG Logistik GmbH on May 12.  Consequently, all pending
proceedings against the company have been automatically stayed

The Debtor can be reached at:

         ANG Logistik GmbH
         Kinzigstr. 23
         10247 Berlin, Germany

The administrator can be reached at:

         Dr. Wolfgang Schroder
         Genthiner Str. 48
         10785 Berlin, Germany


BUSSE SPEDITION: Claims Filing Period Ends July 4
-------------------------------------------------
Creditors of Busse Spedition GmbH & Co. KG have until July 4 to register their claims with court-appointed provisional administrator
Hans-Achim Ernst.

Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.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 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 Busse Spedition GmbH & Co. KG on May 1.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Busse Spedition GmbH & Co. KG
         Attn: Friedrich Busse, Manager
         Bergkirchener Str. 309
         32429 Minden, Germany

The administrator can be contacted at:

         Hans-Achim Ernst
         Bunsenstr. 3
         32052 Herford, Germany


FELIX AUSTRIA: Claims Registration Ends July 4
----------------------------------------------
Creditors of Felix Austria Feinkost GmbH have until July 4 to register their claims with court-appointed provisional administrator
Biner Bahr.

Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.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 Duesseldorf
         Area A 409
         4th Floor
         Muehlenstrasse 34
         40213 Duesseldorf, Germany

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

The District Court of Duesseldorf opened bankruptcy proceedings against Felix Austria Feinkost GmbH on May 17.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Felix Austria Feinkost GmbH
         Heesenstr. 70
         40549 Duesseldorf, Germany

         Attn: Jorg Ulmer, Manager
         Volmerswerther Str. 212
         40221 Duesseldorf

The administrator can be contacted at:

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


HEITKAMP-DEILMANN: Eyes 780 Job Cuts at Deilmann Haniel
-------------------------------------------------------
Heitkamp-Deilmann-Haniel will cut half the work force of its mining division, Deilmann Haniel, in order to avoid insolvency,
Handelsblatt says.

The Company said it would lay off 450 employees and place 330 workers under the social welfare measure but did not rule out
additional job cuts when its mining operations in Ruhrgebiet ends.

Smaller coal mining subsidies forced Deutsche Steinkohle to reduce the contracts it awards to Deilmann Haniel, Handelsblatt relates.
According to the report, HDH had tried to transfer jobs legally to DSK but failed, resulting to EUR2.5 million in monthly losses on
wages alone.

As reported in the TCR-Europe on March 9, HDH warned Deilmann-Haniel could be facing insolvency since Deilmann's sole customer DSK,
did not have enough orders for the Company to continue operations threatening the jobs of about 1,500 employees.

Headquartered in Herne, Germany, Heitkamp-Deilmann-Haniel GmbH -
-- http://www.heitkamp.de/-- is a merger between Bauunternehmung E. Heitkamp GmbH, Herne and Deilmann-Haniel GmbH.  The Group
focuses on the mining and civil construction industries and is active in engineering and services for the mining industry.

The Company's recovery plan entails selling its Canada-based Redpath mining unit and pulling out from its loss-making activities.
The pullout would cut the group's construction output from EUR850 million to EUR500 million and result in 800 job losses.  The
Company said the planned sale remains on track.


POBURSKI DACHTECHNIK: Claims Registration Ends June 23
------------------------------------------------------
Creditors of Poburski Dachtechnik GmbH Hanover have until
June 23 to register their claims with court-appointed provisional administrator Jens-Soren Schroder.

Creditors and other interested parties are encouraged to attend the meeting at 12:35 p.m. on July 20, at which time the
administrator will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         4th Floor
         Insolvency Court
         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 Poburski Dachtechnik GmbH Hanover on May 22.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Poburski Dachtechnik GmbH Hanover
         Randersweide 69-73
         21035 Hamburg, Germany

         Attn: Max Dietrich Wilhelm Poburski, Manager
         Billeweg 24a
         21465 Wentorf, Germany

         Guenter Poburski, Manager
         Sigismundkorso 54
         12465 Berlin, Germany

The administrator can be contacted at:

         Jens-Soren Schroder
         Raboisen 38
         20095 Hamburg, Germany
         Tel: 334460
         Fax: 33446111


R & M UMWELT: Claims Registration Ends July 3
---------------------------------------------
Creditors of R & M Umwelt GmbH have until July 3 to register their claims with court-appointed provisional administrator Axel Roth.

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

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Leipzig, 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 Leipzig opened bankruptcy proceedings against R & M Umwelt GmbH on May 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         R & M Umwelt GmbH
         Attn: Bernd Mueller, Manager
         Franz-Flemming-Str. 5
         04179 Leipzig, Germany

The administrator can be contacted at:

         Axel Roth
         Dittrichring 18-20
         04109 Leipzig, Germany


SELECT SECURITY: Claims Registration Ends July 3
------------------------------------------------
Creditors of Select Security GmbH have until July 3 to register their claims with court-appointed provisional administrator Jana
Dettmer.

Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Aug. 3, at which time the administrator
will present her first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Hall 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne, 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 Cologne opened bankruptcy proceedings against Select Security GmbH on May 11.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Select Security GmbH
         Breitestr. 137 - 139
         50668 Cologne, Germany

         Attn: Angelo Gallo, Manager
         Barbaraweg 1
         52388 Norvenich, Germany

The administrator can be contacted at:

         Jana Dettmer
         Weyerstr. 54
         50676 Cologne, Germany
         Tel: 0221/921217-0
         Fax: +49221/92121720


SONJA UND GUIDO: Claims Registration Ends June 30
-------------------------------------------------
Creditors of Sonja und Guido Dihlmann GdbR have until June 30 to register their claims with court-appointed provisional
administrator Christian Hellmich.

Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.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 Pforzheim
         Area 223, 2nd Floor
         Mannheimer Str. 17
         75179 Pforzheim, 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 Pforzheim opened bankruptcy proceedings against Sonja und Guido Dihlmann GdbR on May 22.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Sonja und Guido Dihlmann GdbR
         Attn: Sonja and Guido Dihlmann, Managers
         Dr. Simons Road 12
         75417 Muehlacker, Germany

The administrator can be contacted at:

         Christian Hellmich
         Konigstr. 20
         70173 Stuttgart, Germany


VIEWEG GMBH: Claims Filing Period Ends July 3
---------------------------------------------
Creditors of Vieweg GmbH have until July 3 to register their claims with court-appointed provisional administrator Matthias Carl.

Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on July 19, at which time the
administrator will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ansbach
         Meeting Room 3
         Promenade 8
         91522 Ansbach, 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 Ansbach opened bankruptcy proceedings against Vieweg GmbH on May 4.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         Vieweg GmbH
         Fliederstr. 16
         91567 Neuendettelsau, Germany

The administrator can be contacted at:

         Dr. Matthias Carl
         Kanalstr. 2-10
         91522 Ansbach, Germany
         Tel: 0981/97045-0
         Fax: 0981/97045-10


=============
H U N G A R Y
=============


BORSODCHEM RT: Holds 1,098,455 Treasury Shares
----------------------------------------------
BorsodChem Rt., purchased 48,000 ordinary shares of BorsodChem at a price of HUF2,178 per ordinary share on the Budapest Stock
Exchange on June 13.

The transaction has been completed through HSBC Bank plc via K&H Equites (Hungary) Zrt. based on the announcement made by the
Company on May 30, 2006.  Following the purchase, BorsodChem holds 1,098,455 ordinary shares as treasury shares.

                        About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Rt. -- http://www.borsodchem.hu/-- produces chlorine, chloric alkali,
hydrochloric acid, caustic lye and PVC resins, and additives for the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

The group's EBITDA for 2005 was HUF27.0 billion, 31.7% higher than HUF20.5 billion in 2004.  BorsodChem's net profit was down 17.7%,
to HUF14.4 billion in 2005, from HUF17.8 billion a year ago.

At Dec. 31, 2005, BorsodChem's had HUF237.9 billion in total assets, HUF98.9 billion in total liabilities and HUF139.02 billion in
total shareholders' equity.

                        *     *     *

The Company's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.


=============
I R E L A N D
=============


EIRCOM GROUP: Submits Scheme Document for Shareholder Vote
----------------------------------------------------------
eircom Group Plc posted a Scheme Document to Scheme Ordinary Shareholders on June 13.

This is in connection with the Offer for eircom by BCM Ireland Holdings Limited to be effected by means of a scheme arrangement
under section 425 of the U.K. Companies Act.

The Court Meeting and Extraordinary General Meeting of the company is set at 10:45 a.m. and 11:00 a.m. respectively on
July 26.  Both meetings will be held at:

         Portmarnock Hotel & Golf Links
         Portmarnock, Co.
         Dublin, Ireland

A full description of the expected timetable of the principal events, the terms and conditions of the Scheme and the action to be
taken by Scheme Ordinary Shareholders are set out in the Scheme Document.

As described in the Scheme Document, the Scheme will require the approval of Scheme Ordinary Shareholders at the Court Meeting, the
passing of the resolution by Scheme Ordinary Shareholders at the EGM and the sanction of the Scheme by the Court.

Copies of the Scheme Document are available for inspection during normal business hours on any business day at:

         Freshfields Bruckhaus Deringer
         65 Fleet Street
         London EC4Y 1HS
         United Kingdom

            -- and --

         A&L Goodbody
         International Financial Services Center
         North Wall Quay
         Dublin, Ireland

The document includes the Effective Date or the date that the Scheme lapses or is withdrawn, whichever is the earlier.  Copies of
the Scheme Document have also been submitted to the Financial Services Authority and the Irish Stock Exchange and will shortly be
available for inspection at the Financial Services Authority's Document Viewing Facility, which is situated at:

         The Financial Services Authority
         25 The North Colonnade
         Canary Wharf
         London E14 5HS
         United Kingdom

The Scheme Document is also available online, via eircom's Web site at http://www.eircom.ie/ir/

Application will be made for the Ordinary Shares to be suspended from the Official Lists of the U.K. Listing Authority and the Irish
Stock Exchange with effect from 4:30 p.m. on Aug. 17.

Application will also be made for the Ordinary Shares to cease to be admitted to trading on the London Stock Exchange's and Irish
Stock Exchange's markets for listed securities from the same date.  It is expected that the Effective Date of the Scheme will be
Aug. 18.

These dates are indicative only and will depend, inter alia, on the date upon which the Court sanctions the Scheme and the Reduction
of Capital.  If the expected dates change, eircom will give notice of such a change in an announcement through a Regulatory
Information Service.

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.


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


ALITALIA SPA: Texas Pacific Eyes Possible Equity Investment
-----------------------------------------------------------
Texas Pacific Group could invest in Alitalia S.p.A. after the Italian government secures the flag carrier's future, Reuters cited Il
Sole 24 Ore.

"Alitalia is a company that could be very interesting. I can't deny that," TPG founder David Bonderman told the paper.  "TPG will
not go near Alitalia until the government has decided on the company's future and therefore on its privatization."

Mr. Bonderman revealed that TPG currently has US$1.5 billion reserved for equity investments, after selling off its 30% stake in
motorcycle maker Ducati S.p.A. to InvestIndustrial for EUR40.6 million.  The TPG CEO said the group mulls investing in Italy in
sectors like airports, luxury, food and consumer goods.  Mr. Bonderman, however, refused to identify their target companies, Reuters
relays.

                       About Alitalia

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

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


BANCA POPOLARE: Board Keeps Function Despite Director Suspension
----------------------------------------------------------------
The Board of Directors for Banca Popolare di Intra will continue to function despite the suspension of board member Lanfranco
Vivarelli, Il Sole 24 Ore reports.

According to the paper, the public prosecutors in Milan suspended Mr. Vivarelli from the Board pending a probe into his alleged role
in Italian holding company, Finpart's collapse.  Milan magistrate Luigi Orsi has also suspended six other members of BPI's board of
directors for the Finpart probe.

In a statement, BPI said Mr. Vivarelli technically remains a member of the board despite being barred from exercising his functions
as a director.

                  About Banca Popolare di Intra

Based in Verbania Intra, Italy, Banca Popolare di Intra --
http://www.bpintra.it/-- Intra is a small cooperative bank with a strong local franchise in Piedmont and Lombardy.  The bank
operates through a network of 80 branches and employs around 1,100 staff.

                        *     *     *

As reported in the TCR-Europe on Feb. 21, Fitch Ratings lowered Banca Popolare di Intra's ratings to Long-term BBB- from BBB and
Individual rating to D from C.  At the same time the agency has put on Rating Watch Negative the bank's Long-term BBB- and
Short-term F3 ratings.The Support rating is affirmed at 3.

The downgrade of the bank's Long-term and Individual ratings reflects the weakening of Intra's capital base stemming from large
losses in its loan portfolio.  For 2005 the bank reported a net loss of EUR113 million, severely limiting its financial flexibility.

"This probability underpins the bank's Long-term rating. However, should the bank not be acquired, the agency will review the bank's
ratings and does not exclude further downgrades," Fitch said.

As reported in the TCR-Europe on May 19, Standard & Poor's Ratings Services lowered its long- and short-term counterparty credit
ratings on Banca Popolare di Intra SCPARL to 'BB+/B' from 'BBB-/A-3'.  The ratings remain on CreditWatch with developing
implications, where they were placed on Feb. 15.

"The downgrade reflects the additional risk to Intra's finances and reputation generated by recent developments regarding the
bankruptcy of Finpart," said Standard & Poor's credit analyst Renato Panichi.


FIAT SPA: Sells Banca Unione Stake to BSI for EUR260 Million
------------------------------------------------------------
The Fiat Group, through IHF-Internazionale Holding Fiat, and BSI SA, a Generali Group company, reached an agreement under which BSI
will purchase 100% of the capital stock of Banca Unione di Credito of Lugano.

The value of the transaction, subject to the results of due diligence, is approximately CHF400 million or about EUR260 million.

The agreement will require approval by regulatory and antitrust authorities.

Credito Italiano founded BUC in 1919.  It is a banking institution under Swiss law and has been a Fiat Group company since 1947.  It
is headquartered in Lugano with branches in Zurich and Geneva.  It manages assets worth CHF4.6 billion and its stockholders' equity
is equal to CHF281 million.

The transaction is consistent with the Fiat Group's strategy of focusing on its core automotive business through the sale of
non-strategic assets.  The sale of Banca Unione di Credito to the oldest bank of the Ticino Canton provides a guarantee that the
process of renewal undertaken and the development of BUC will continue.

The purchase is part of BSI's plan to increase its presence in the asset management business on the basis of the mission it was
assigned by the Generali Group.  This acquisition also confirms the expansion policy of the BSI Group, under which it recently
acquired the Paris-based bank Ifabanque.  The transaction would enable total assets of the new Institution to exceed CHF60 billion.

This will enable BSI to consolidate its presence in the Ticino Canton and in the main financial centers of Switzerland, in
particular Zurich and Geneva, thereby strengthening its position in its key market.  As a result of this acquisition the bank's
stability, its growth opportunities and value-generation potential will further increase.  Its customers will in turn benefit from
the advantages deriving from significant economies of scale and the synergies obtained from greater skills and professionalism of
its human resources.

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

                        *     *     *

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

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


PARMALAT SPA: U.S. Judge Extends Injunction Through Sept. 7
-----------------------------------------------------------
As reported in TCR-Europe on April 19, the Hon. Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York
enjoins and restrains, on an interim basis, all persons subject to the jurisdiction of the U.S. court from commencing or continuing
any action to collect a pre-petition debt against Parmalat S.p.A. and its affiliates and subsidiaries, and the successor of the
Foreign Debtors pursuant to the Composition with Creditors, without obtaining permission from the Bankruptcy Court.

The Bankruptcy Court continues the Temporary Restraining Order until midnight (New York time) on Sept. 7 at the request of Gordon I.
MacRae and James Cleaver, as Joint Provisional Liquidators of Parmalat Capital Finance Limited, Dairy Holdings Limited, and Food
Holdings Limited.

Unless further extended, Parmalat Finanziaria will have until
Oct. 10 to answer the petition commencing the ancillary proceedings.

Messrs. MacRae and Cleaver were appointed as official liquidators of Parmalat Capital Finance Limited, Dairy Holdings Limited, and
Food Holdings Limited by the Grand Court of Cayman Islands in May.

The U.S. Bankruptcy Court's consideration of Messrs. MacRae and
Cleaver's application for a preliminary injunction is adjourned to Sept. 6, 2006.

The Official Liquidators have opted not to seek entry of a preliminary injunction until after the proceedings in the Grand
Court is concluded.

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
===================


BEST LTD: Creditors Must File Claims by June 27
------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan Region declared LLP Best Ltd. insolvent on April 11.
Subsequently, bankruptcy proceedings were introduced at the company.

Creditors have until June 27 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region
         Valihanova Str. 19-149
         Petropavlovsk, North Kazakhstan Region
         Kazakhstan


DALIA DISTRIBUTION: Creditors Must File Claims by June 24
---------------------------------------------------------
LLP Dalia Distribution has declared insolvency.  Creditors have until June 24 to submit written proofs of claim to:

         LLP Dalia Distribution
         Suinbaya Str. 199
         050030 Almaty, Kazakhstan


JETYSU: Claims Registration Ends June 30
----------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region declared JSC Jetysu insolvent on April 11.

Creditors have until June 30 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty Region
         Micro District Musheltoi 12-59
         Taldykorgan
         Almaty Region
         Kazakhstan
         Tel: 8 (3282) 30-00-22


JAZYK: Claims Registration Ends June 26
---------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region declared LLP Jazyk insolvent on April 5 without introduction of the
bankruptcy proceedings.

Creditors have until June 26 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai Region
         Gogol Str. 117a
         Kostanai
         Kostanai Region
         Kazakhstan


KUBRA: Proof of Claim Deadline Slated for June 27
-------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan Region declared LLP Kubra insolvent on April 4.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until June 27 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region
         Valihanova Str. 19-149
         Petropavlovsk, North Kazakhstan Region
         Kazakhstan


LERKA VK: Proof of Claim Deadline Slated for June 27
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Lerka VK insolvent.

Creditors have until June 27 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Myzy Str. 29-77
         Ust-Kamenogorsk, East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 57-77-29


METIZ: Creditors' Claims Due June 30
------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Metiz insolvent.  Creditors have until
June 30 to submit written proofs of claim.


POMORHLEB: Creditors' Claims Due June 26
----------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region declared LLP Pomorhleb insolvent on March 29 without introduction
of the bankruptcy proceedings.

Creditors have until June 26 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai Region
         Gogol Str. 117a
         Kostanai
         Kostanai Region
         Kazakhstan


VAGONMASHTREID: Creditors' Claims Due June 27
---------------------------------------------
LLP Vagonmashtreid has declared insolvency.  Creditors have until June 27 to submit written proofs of claim to:

         LLP Vagonmashtreid
         Kunayeva Str. 7
         Ekibastuz
         Pavlodar Region
         Kazakhstan


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


AKYL PUBLISHING: Creditors' Meeting Slated for June 19
------------------------------------------------------
The Subdivision Service of the Court Officers of Pervomaisk
District in Bishkek will auction part of OJSC Publishing Company Akyl's two-story building on June 19, 10:00 a.m. at:

          OJSC Publishing Company Akyl
          Abdrahmanova Str. 170
          Bishkek, Kyrgyzstan

for a KGS2.34 million starting price.

Interested bidders must deposit an amount equivalent to 10% of the starting price to the deposit account of Pervomaisky District
Court of Bishkek.

The company can be reached at (+996 312) 62-19-44.


CHUISKAYA PTISEFABRIKA: Creditors' Meeting Slated for June 19
-------------------------------------------------------------
As requested by the manager of LLC Iskra Azia, the creditors of OJSC Chuiskaya Poultry Factory Chuiskaya Ptisefabrika will convene
on June 19, 10:00 a.m. at:

         OJSC Chuiskaya Poultry Factory Chuiskaya Ptisefabrika
         Iskra
         Chui Region
         Kyrgyzstan

Proxies must have authorization to vote.

Inquiries can be addressed to: (+996 3138) 5-71-60 or
(0-502) 12-36-59.


TAVZ: Public Auction on Assets Set for June 20
----------------------------------------------
The Subdivision Service of the Court Officers of Tokmok will auction the administrative building of OJSC Tavz to the public on June
20, 2:30 p.m. at:

         OJSC Tavz
         Zavodskaya Str. 68
         Tokmok, Kyrgyzstan

for an KGS800,000 starting price.

Participants have until 12:00 noon today, June 16, to deposit an amount equivalent to 10% of the starting price and submit their
bids to the court officer at:

         Room 36
         4th Floor
         Industry Zone, Building of the Radio Plant
         Tokmok, Kyrgyzstan
         Tel: (+996 3138) 5-54-87


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


GROSVENOR PLACE: Moody's Assigns Ba1 Rating to Class P Notes
------------------------------------------------------------
Moody's assigned definitive long-term credit ratings to the following Notes issued by Grosvenor Place CLO I B.V., a special purpose
company incorporated in the Netherlands.  Grosvenor Place will invest in high-yield loans with the advise of CQS Cayman Limited
Partnership and CQS (U.K.) LLP as collateral managers.

Ratings assigned:

Issuer: Grosvenor Place CLO I

   -- EUR173 million Class A-1 Senior Floating Rate Delayed Draw
      Notes Notes: Aaa;

   -- GBP27.528 million Class A-2 Senior Floating Rate Notes
      Notes: Aaa;

   -- EUR35 million Class A-3 Senior Multi-Currency Revolving
      Floating Rate Notes Notes: Aaa;

   -- EUR20 million Class A-4 Senior Floating Rate Notes Notes:
      Aa1;

   -- EUR47 million Class B Senior Floating Rate Notes Notes:
      Aa2;

   -- EUR19 million Class C Deferrable Interest Floating Rate
      Notes Notes: A2;

   -- EUR14.5 million Class D Deferrable Interest Floating Rate
      Notes Notes: Baa2;

   -- EUR10 million Class E Deferrable Interest Floating Rate
      Notes Notes: Ba2;

   -- EUR3 million Class P Combination Notes: Ba1; and

   -- EUR3 million Class Q Combination Notes Notes: Baa3.

The EUR42,500,000 Class F Subordinated Notes will also be issued but not rated by Moody's.

The Class P Combination Notes represent an ownership of a EUR1,500,000 principal amount of the Class E Deferrable Interest Floating
Rate Notes, and of a EUR1,500,000 principal amount of the Class F Subordinated Notes issued by Grosvenor Place.

The Class Q Combination Notes are combination notes, which represent an ownership of a EUR1,800,000 principal amount of the Class D
Deferrable Interest Floating Rate Notes and of a EUR1,200,000 principal amount of the Class F Subordinated Notes issued by Grosvenor
Place.

The ratings address the expected loss posed to investors by the legal final maturity (20 July 2021).  The ratings of the Class P and
Class Q Combination Notes address the expected loss posed to investors by the legal final maturity (20 July 2021) as a proportion of
the Rated Balance, where the Rated Balance is equal, at any time, to the principal amount of the Combination Notes on the closing
date minus the aggregate of all payments made from the closing date to such date, either through interest or principal payments.

These ratings are primarily based upon:

   -- an assessment of the eligibility criteria and portfolio
      guidelines applicable to the future additions to the
      portfolio;

   -- the protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   -- the expertise of CQS Cayman Limited Partnership and CQS
      (U.K.) LLP as collateral managers;

   -- the protection against FX risk in the transaction stemming
      from the purchase of collateral obligations and issue of
      Notes in several currencies; and

   -- the legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation related to a portfolio of mostly European senior and mezzanine loans
with a predominance of senior loans.  The portfolio will be primarily composed of both EUR-denominated and GBP-denominated assets.
The target par amount of the portfolio is EUR393,500,000.

This portfolio is dynamically managed by CQS. It will be partially acquired at closing and partially during the nine-month ramp-up
period.  Thereafter, the portfolio of loans will be actively managed and the investment adviser will have the option to direct the
issuer to buy or sell loans.  Any addition or removal of loans will be subject to a number of portfolio criteria.

During the reinvestment period, Grosvenor Place will hedge the FX risk through the purchase of FX options, the issue of the
GBP-denominated A-2 Notes and the A-3 multi-currency revolving Notes, which have capacity in EUR, US$, GBP, NOK, SEK, CHF, DKK.
During the life of the transaction, Grosvenor Place will monetise these options and/or redenominate the Class A-3 Notes to mitigate
any FX risk that might arise.

"In our analysis, we have considered the currency options," Moody's said.  In order to assess the benefit of these options, Moody's
has conducted a Monte Carlo simulation of the future FX rate.  Due to the multi-currency composition of the assets, Moody's has
stressed the volatility assumption with regards to the worst-case portfolio composition.

After the reinvestment period, Grosvenor Place may enter into short-term currency hedges to cover potential mismatches in the
redemption profile of the collateral obligations.  Because of any such mismatches, the structure may be obliged to exchange interest
and principal income from one currency to another in order to properly perform the pro-rata allocation among the Class A Notes.  The
short-term currency hedges will allow for a reduced FX risk, as it will fix, over a short time-period, the FX rate.  However, the
structure may incur mark-to-market losses due to the rollover of these hedges.  "In our analysis, we have considered the worst case,
i.e. both the benefit of the short-term hedges combined with potential mark-to-market losses and no coverage against any FX risk at
all after the reinvestment period," the rating agency relates.


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


NORSKE SKOG: Names Christian Rynning-Tonnesen as CEO & President
----------------------------------------------------------------
The Board of Directors for Skogindustrier ASA has appointed Christian Rynning-Tonnesen as president and CEO of the company.  He is
currently chief financial officer.

Andreas Enger, currently president of Midelfart Holding AS, has also been appointed as the new CFO.  Mr. Rynning-Tonnesen joined
Norske Skog last year after serving as a member of the corporate management team at state-owned power generator Statkraft for 11
years and as its deputy CEO for two.

Before that, he spent three years with McKinsey and three years with Esso Norge.  He holds an engineering degree from the Norwegian
Institute of Technology.

Mr. Enger has been in his present position since April 2005, and was executive vice president for strategy and business development
at Petroleum Geo-Services (PGS) from 2003-2005.

Prior to this, he spent 15 years with McKinsey, as partner from 1996.  He has an engineering degree from NTH and an MBA from INSEAD.

Mr. Rynning-Tonnesen resigned from Norske Skog earlier this year to become chief executive of Agder Energi, but had not yet taken up
this post.

"We're very satisfied that Rynning-Tonnesen will stay at Norske Skog, now as chief executive, and that Enger has accepted the
position of chief financial officer," says chair Lars Wilhelm Grøholt.  "Rynning-Tonnesen is very familiar with the company and has
the best starting point for taking it forward."

"I am approaching the role of chief executive with great enthusiasm," says Rynning-Tonnesen.  "The company has many very capable
people.  Together we will take on the challenges we face and reach the goals set out by the board."

Rynning-Tonnesen takes over as chief executive effective June 6, at a basic salary of NOK3.6 million per year.  In addition, his
bonus agreement is worth a maximum of half a year's pay.  He has also been granted 60,000 synthetic options at an average price to
be set from June 12 to June 30, and which are exercisable during the first half of 2009.

Mr. Enger is due to join Norske Skog at a time to be agreed later.  He has purchased 1,000 shares at a price of NOK89.75 each.

Headquartered in Lysaker, Norway, Norske Skog -- http://www.norskeskog.com/-- manufactures paper and pulp.  It produces long and
short fiber sulphate pulp, newsprint, bleached Kraft paper and others.  The Company owns and operates paper mills in Europe, Asia,
Australia, Africa and North and South America.  Norske has posted three consecutive annual net losses of EUR116.3 million in 2004,
EUR315.4 million in 2003, and EUR849 million in 2002.

The Company's senior unsecured debt carries Moody's Investors Service's Ba1 rating since April 20, 2006.


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


AMURSKIY OIL: Court Taps A. Shilova to Manage Assets
----------------------------------------------------
The Arbitration Court of Amur Region appointed Ms. A. Shilova as insolvency manager for LLC Amurskiy Oil Mill (Case No.
A04-524/06-7/17 b).

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

The Debtor can be reached at:

         LLC Amurskiy Oil Mill
         Pervomayskaya Str. 1
         Blagoveshensk
         675000 Amur Region
         Russia


BOLSHEVIK: Bankruptcy Hearing Slated for June 21
------------------------------------------------
The Arbitration Court of Voronezh Region will convene on June 21 to hear the bankruptcy supervision procedure on OJSC Breeding
Poultry Farm Bolshevik.  The case is docketed under Case No. A14-1903/2006/2/27B.

The Temporary Insolvency Manager is:

         V. Chernyshev
         Post User Box 2
         Main Post Office
         Ostrogozhsk
         397855 Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Breeding Poultry Farm Bolshevik
         Yasenki
         Bobrovskiy Region
         397721 Voronezh Region
         Russia


CENTERTELECOM: Fitch Affirms Issuer Default Rating at B-
--------------------------------------------------------
Fitch Ratings changed OAO Centertelecom's Outlook to Stable from Negative.

Its Issuer Default rating is affirmed at B- and its Short-term rating is affirmed at B.  CT's National Long-term rating is upgraded
to BB+ from BB.  The Outlook on the National rating remains Stable.

The change in Outlook and the National rating upgrade reflect CT's stable market share in its key segments of fixed telephony and
gradual de-leveraging.  The ratings take into account CT's continued position as the market leader in fixed-line communications in
the Central Federal District of Russia.

As the incumbent, it benefits from broad network coverage and a massive customer base.  Its market share has been stable over the
last two years and is not expected to significantly decline. Although the company is making efforts to increase its presence in the
profitable corporate and VIP high-use private clients, its success has so far been limited and Fitch does not expect a significant
rise in contribution from these segments.

Fitch's TMT team Director Nikolai Lukashevich disclosed, "The company is still more leveraged than its domestic peers with net
debt/EBITDA ratio at 4.2x at end-2004, and estimated 3.5x at end-2005, which remains a credit-constraining factor."

"The ratings are also constrained by substantial short-term refinancing risks and CT's limited financial flexibility," he added.

At end-2005 short-term debt accounted for 70% of the total, which exposes CT to substantial refinancing risks.  In 2006 CT will have
to redeem its RUB2 billion domestic bond.  Additional refinancing pressure could arise if holders of RUB5.6 billion bond exercise
their put option in November this year, although Fitch views it unlikely that the entire bond will be put to the company.

CT heavily depends on a few relationship banks.  The available credit lines are not sufficient to cover the entire short-term
refinancing exposure although the company is planning to put in place new financing to address this.

Although the company has committed to de-leveraging, this goal may take a few years to achieve.  De-leveraging is likely to be a
result of modest EBITDA growth and debt reductions financed from free operating cash flow.  Following three years of expansive
development, CT dramatically reduced capital expenditure to turn free cash flow positive.

However, reduced capital spending is likely to curtail greenfield fixed-line development at a time that CT is actively developing a
segment of 'new' services, most notably broadband internet via ADSL technology.  Although revenue and earnings contribution from
this segment is rapidly increasing, it remains relatively low in absolute terms.  Active broadband roll-out may require a
substantial increase in capital spending, which may compromise de-leveraging.

In holding a natural monopoly, CT is subject to strict tariff regulation, which stimulates cross-subsidization between loss-making
and profitable segments.  The company is exposed to significant regulatory risks as the approved tariff increases may not be
sufficient to maintain the profitability of its operations.

The ratings also reflect the influence of the company's majority shareholder, Svyazinvest, on decision- making and its lobbying
support.


KUGANAKSKIY BRICKWORKS: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Bashkortostan Republic has commenced bankruptcy supervision procedure on LLC Kuganakskiy Brickworks (TIN
0242005897).  The case is docketed under Case No.
A07-47163/05-G-KhRM.

The Temporary Insolvency Manager is:

         R. Islamov
         Komsomolskaya Str. 21/1
         Ufa
         450097 Bashkortostan Republic
         Russia

The Debtor can be reached at:

         LLC Kuganakskiy Brickworks
         Kuganak
         Sterlitamakskiy Region
         453149 Bashkortostan Republic
         Russia


MASH-KOMPLEKT: Court Appoints Kh. Khasanov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Rostov Region appointed Mr. Kh. Khasanov as insolvency manager for CJSC Mash-Komplekt Engineering (TIN/KPP
6166048752/616601001).  He can be reached at:

         Kh. Khasanov
         Kirpichnaya Str. 60
         Apartment 23
         456400 Novocherkassk
         Russia

The Court commenced bankruptcy proceedings against the company after finding it insolvent (Case No. A53-2038/06-S2-30).

The Debtor can be reached at:

         CJSC Mash-Komplekt Engineering
         Orskaya Str. 1
         Rostov-na-Donu
         Russia


MOBIL: Court Appoints A. Chuvashev as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. A. Chuvashev as insolvency manager appointed for OJSC Mobil (TIN
666601001296).  He can be reached at:

         A. Chuvashev
         Svobody Str. 66
         Irbit
         623850 Sverdlovsk Region, Russia

The Court commenced bankruptcy proceedings against the company after finding it insolvent (Case No. A60-2799/06-S11).

The Debtor can be reached at:

         OJSC Mobil
         Moskovskaya Str. 12
         Alapaevsk
         Sverdlovsk Region
         Russia


MOTOR: Court Names A. Bulin to Manage Insolvency Assets
-------------------------------------------------------
The Arbitration Court of Ulyanovsk Region appointed Mr. A. Bulin as insolvency manager for CJSC Motor.  He can be reached at:

         A. Bulin
         Engelsa Str. 19
         432063 Ulyanovsk
         Russia

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

The Debtor can be reached at:

         CJSC Motor
         Timafeevka
         Tsilninskiy Region
         433642 Ulyanovsk Region
         Russia


RURAL BUILDING: Court Names S. Kaminov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Kalmykiya Republic appointed Mr. S. Kaminov as insolvency manager for State Unitary Enterprise Rural
Building Combine (Case No. A22-1405/03/2-142).  He can be reached at:

         S. Kaminov
         Lermontova Str. 71
         Elista
         358000 Kalmykiya Republic
         Russia

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

The Debtor can be reached at:

         State Unitary Enterprise Rural Building Combine
         Lermontova Str. 71
         Elista
         358000 Kalmykiya Republic
         Russia


URAL-SIB-DREV: Perm Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Perm Region has commenced bankruptcy supervision procedure on CJSC Ural-Sib-Drev (5920019160).  The case is
docketed under Case No. A50-4094/2006-B.

The Temporary Insolvency Manager is:

         A. Karelin
         K. Marksa Str. 432-142
         426000 Izhevsk
         Russia

The Debtor can be reached at:

         CJSC Ural-Sib-Drev
         Vokzalnaya Str. 9.
         Chaykovskiy
         617764 Perm Region
         Russia


YAROSLAVSKAYA SHEEPSKIN: Court Names B. Yun Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Yaroslavl Region appointed Mr. B. Yun as insolvency manager for OJSC Yaroslavskaya Sheepskin Skinnery (Case
No. A82-9690/05-56-B/46).  He can be reached at:

         B. Yun
         M. Ekaterininskaya Str. 17/21
         129110 Moscow
         Russia

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

The Debtor can be reached at:

         OJSC Yaroslavskaya Sheepskin Skinnery
         Kalinina Str. 30
         Miklyaikha
         Tutaevskiy Region
         Yaroslavl Region
         Russia


YUZHNOURALSKIY FACTORY: I. Bagin to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Chelyabinsk Region appointed Mr. I. Bagin as insolvency manager for LLC Yuzhnouralskiy Factory of Building
Constructions (Case No. A76-49959/05-55-322).  He can be reached at:

         I. Bagin
         St. Bolshevikov Str. 2a/2
         620017 Ekaterinburg
         Russia

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

The Debtor can be reached at:

         LLC Yuzhnouralskiy Factory of Building Constructions
         Sportivnaya Str. 1v
         Yuzhno-Uralsk
         Chelyabinsk Region
         Russia


ZUEVSKIY BUTTER: Court Names V. Pototskaya to Manage Assets
-----------------------------------------------------------
The Arbitration Court of Kirov Region appointed Ms. V. Pototskaya as insolvency manager for OJSC Zuevskiy Butter Making Plant (Case
No. A28-28/06-24/24).

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

The Debtor can be reached at:

         OJSC Zuevskiy Butter Making Plant
         Kirova Str. 61.
         Zuevka
         613040 Kirov Region
         Russia


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


CRIMEAN INDUSTRIAL 2: Svitlana Bikova to Liquidate Assets
---------------------------------------------------------
The Economic Court of Sevastopol appointed Svitlana Bikova as Liquidator/Insolvency Manager for LLC Crimean Industrial Company-2
(code EDRPOU 30709157).  She can be reached at:

         Svitlana Bikova
         V. Kuchera Str. 13/6
         Sevastopol
         AR Krym Region
         Ukraine

The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 3.  The case is docketed under
Case No. 20-10/79-9/290.

The Economic Court of Sevastopol is located at:

         Pavlichenko Str. 5
         Sevastopol
         99011, AR Krym Region
         Ukraine

The Debtor can be reached at:

         LLC Crimean Industrial Company-2
         Sevastopol, Shabalin Str. 27
         AR Krym Region
         Ukraine


ERTEL-TOURISM: Court Names Oleg Kravets as Liquidator
-----------------------------------------------------
The Economic Court of Lviv Region appointed Oleg Kravets as Liquidator/Insolvency Manager for Ertel-Tourism (code EDRPOU 31526693).
He can be reached at:

         Oleg Kravets
         Shafarik Str. 8/131
         79000 Lviv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company after finding it insolvent (Case No. 6/47-8/87)

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         Ertel-Tourism
         B. Hmelnitskij Str. 228
         Lviv Region
         Ukraine


IVASHKI' ALCOHOL: Harkiv Court Begins Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy supervision procedure on State Enterprise Ivashki' Alcohol Plant (code
EDRPOU 00375250) on April 17.  The case is docketed under Case No. B-19/30-06.

The Temporary Insolvency Manager is:

         Dmitro Maksichko
         Lenin Avenue 70/699
         61164 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:

         State Enterprise Ivashki' Alcohol Plant
         Ivashki
         Zolochivskij District
         62211 Harkiv Region
         Ukraine


KOZAK: Sumi Court Starts Bankruptcy Supervision
-----------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy supervision procedure on LLC Agrofirm Kozak (code EDRPOU 31622947) on March
10.  The case is docketed under Case No. 6/25-06.

The Temporary Insolvency Manager is:

         Gennadij Sidorenko
         Provulok Uritskogo 1
         Pershij
         Romni
         42000 Sumi Region
         Ukraine

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region, Ukraine

The Debtor can be reached at:

         LLC Agrofirm Kozak
         Lenin Str. 1
         Rusanivka
         Lipovodolinskij District
         42545 Sumi Region
         Ukraine


LENDER: AR Krym Court Commences Bankruptcy Supervision
------------------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy supervision procedure on LLC Lender (code EDRPOU 32924825).  The case is
docketed under Case No. 2-26/1980-2006.

The Temporary Insolvency Manager is:

         Kostyantin Laskavij
         Starobeshevska Str. 12-A
         Donetsk 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:

         LLC Lender
         Balaklavska Str. 68
         Simferopol
         95048 AR Krym Region
         Ukraine


MRIYA: Kyiv Court Commences Bankruptcy Supervision
--------------------------------------------------
The Economic Court of Kyiv Region Region commenced bankruptcy supervision procedure on LLC Mriya (code EDRPOU 03753645) on March 22.
The case is docketed under Case No. 70/11 b-06.

The Temporary Insolvency Manager is:

         Galina Serputko
         Geroiv Stalingradu Str. 20/243
         04210 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         Komintern Str. 165
         01032 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Mriya
         Vilhivets
         Boguslavskij District
         09728 Kyiv Region
         Ukraine


SEVERNIJ: AR Krym Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy supervision procedure on Agricultural LLC Severnij (code EDRPOU 30953608)
on February 24.  The case is docketed under Case No. 2-29/6430-2006.

The Temporary Insolvency Manager is:

         V. Kuhta
         Rosijskij Lane 10/39
         Simferopol
         95000 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:

         Agricultural LLC Severnij
         Krasnoperekopski
         96032 AR Krym Region
         Ukraine


STROITEL: Donetsk Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy supervision procedure on Stroitel (code EDRPOU 23184528) on January 16.
The case is docketed under Case No. 27/15 B.

The Temporary Insolvency Manager is:

         Ivan Popov
         Tayozhna Str. 1
         Makiyivka
         86123 Donetsk Region
         Ukraine

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         Stroitel
         Gazmistechko
         L. Ukrainka Str.
         Selidove
         85400 Donetsk Region
         Ukraine


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


BARKER BUILDING: Financial Woes Prompt Liquidation
--------------------------------------------------
Barker Building Limited is winding up its operations after creditors established that the company could no longer continue its
business due to mounting debts.

Subsequently, Frank Anthony Hatch was appointed Liquidator.

The company can be reached at:

         Barker Building Limited
         Dormston Trading Estate
         Burton Road
         Sedgley Dudley
         West Midlands DY1 2UF
         United Kingdom
         Tel: 01902 885 098


BANCO MERCANTIL: Inquiries on NY Agency Liquidation Due June 29
---------------------------------------------------------------
Banco Mercantil, C.A. (Banco Universal) commenced the voluntary liquidation of its New York agency under the provisions of Sec.
605.11(c) of the New York State Banking Law.

Upon completion of the liquidation, all related businesses will be conducted from Banco Mercantil's agency in Coral Gables, Florida.

All inquiries regarding the winding up of Banco Mercantil's New York Agency should be directed to Ms. Lourdes Jordan-Caldera
on or before June 29, 2006.  Ms. Caldera can be reached at this number: (212) 891-7400.

Headquartered in Caracas, Venezuela, Banco Mercantil, C.A.
-- http://www.bancomercantil.com/-- is a universal bank which operates under the supervision of the Superintendence of Banks and
Other Financial Institutions.  It has 300 branches in Venezuela, two agencies in Miami and New York, one branch in Curacao and five
representative offices in United Kingdom, Brazil, Colombia, Peru and Mexico.

                          *     *     *

Banco Mercantil's long-term bank deposits carry Moody's B3 rating.  The rating was placed on Sept. 8, 2004 with a stable outlook.

Standard & Poor's assigned the bank BB long-term local and foreign issuer credit ratings and B short-term local and foreign issuer
credit ratings.  The ratings were placed on June 4, 1999 with a stable outlook.

On Sept. 23, 2004, Fitch assigned the bank single B debt and default ratings with a negative outlook.


BASINGSTOKE PRESS: Claims Filing Period Ends June 19
----------------------------------------------------
Creditors of The Basingstoke Press Limited (Company Number 01209825) will meet at 10:30 a.m. on June 20 at:

         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London EC2Y 5DH
         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 19 at:

         Peter Kubik and Andrew Andronikou
         Joint Administrators
         UHY Hacker Young
         St Alphage House
         2 Fore Street
         London EC2Y 5DH
         United Kingdom
         Tel: 020 7216 4600
         Fax: 020 7638 2159


BUSINESS ENTERPRISE: Brings In Simon Thornton as Administrator
--------------------------------------------------------------
Simon Thornton of Houghton Stone Business Recovery was appointed administrator of Business Enterprise Support and Training Limited
(Company Number 03054970) on May 23.

The administrator can be contacted at:

         Houghton Stone Business Recovery
         The Conifers
         Filton Road
         Hambrook
         Bristol BS16 1Q6
         United Kingdom
         Tel: 0117 957 9009

Business Enterprise Support & Training Limited can be reached at:

         Taff Bargoed Centre
         Trelewis
         Treharris
         Mid Glamorgan CF46 6RD
         Tel: 01443 710 749
         Fax: 01443 710 789


C.S.T. LIMITED: Names Menzies as Joint Administrators
-----------------------------------------------------
Paul John Clark and Jason James Godefroy of Menzies Corporate Restructuring were appointed joint administrators of C.S.T.
(Wholesale) Limited (Company Number 04252549) on May 19.

Headquartered in London, Menzies Corporate Restructuring -- http://www.menzies.co.uk/-- is a member of Moores Rowland
International, an association of independent accounting firms throughout the world with some 20,800 partners and staff, operating
from 628 offices in 92 countries. MRI, which is ranked 8th amongst the leading international accounting associations, achieved
global revenues of US$1,800 million in 2003.

Headquartered in London, C.S.T. Limited wholesales meat and meat products.


CABLE-TRAK: Creditors Pass Winding Up Resolution
------------------------------------------------
Creditors of Cable-Trak Installations Limited passed a resolution to wind up the company's operations during an extraordinary
general meeting on March 30.

Robert Derek Smailes and Stephen Blandford Ryman, of Rothman Pantall & Co., were appointed Joint Liquidators.

The company can be reached at:

         Cable-Trak Installations Limited
         12A Merton Park Parade
         London SW193NT
         United Kingdom
         Fax: 020 8543 4408


CLOSE ENCOUNTER: Brings In Liquidators From Jacksons Jolliffe
-------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of, Jacksons Jolliffe Cork, were appointed Joint Liquidators of Close Encounter
(Systems) Limited after creditors decided to wind up the company's operations on March 29.

The company can be reached at:

         Close Encounter (Systems) Limited
         15A Hall Gate
         Doncaster
         South Yorkshire DN1 3NA
         United Kingdom
         Tel: 01302 570 568


COMPANY SOLUTIONS: Creditors Resolve to Liquidation
---------------------------------------------------
Creditors of Company Solutions (Europe) Limited resolved to liquidate the company's assets during an extraordinary general meeting
on March 22.

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

Mark R. Allen, of Grant Thornton UK LLP, was appointed Liquidator.

The company can be reached at:

         Company Solutions (Europe) Limited
         21 Woodside Road
         Beare Green
         Dorking Surrey RH5 4RH
         United Kingdom
         Tel: 01306 712 468


DIR INTERNATIONAL: Pertemps Investments Taps RSM as Receivers
-------------------------------------------------------------
Pertemps Investments Limited appointed J. N. Whitfield and G. C. Smith of RSM Robson Rhodes LLP joint administrative receivers of
DIR International Events Limited (Company Number 02372106) on May 23.

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/-- is a U.K. partnership of chartered accountants and management
consultants, providing a wide range of auditing, assurance, advisory and compliance services for both private and public sectors.

DIR International Events Limited can be contacted at:

         Rugby House
         Upper Chase Road
         Malvern
         Worcestershire WR14 2BU
         United Kingdom
         Tel: 01684 560 247
         Fax: 01675 443 755


EDWARD TURNBULL: Claims Registration Ends Today
-----------------------------------------------
Creditors of Edward Turnbull & Co Limited (Company Number 01310437) will meet at 10:30 a.m. on June 19 at:

         Ideal Corporate Solutions Limited
         10 Eagley House
         Deakins Business Park
         Bolton BL7 9RP
         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:

         Andrew David Rosler
         Administrator
         Ideal Corporate Solutions Limited
         10 Eagley House
         Deakins Business Park
         Bolton BL7 9RP
         United Kingdom


ENTITLEMENT LIMITED: Names Gordon Craig as Administrator
--------------------------------------------------------
Gordon Craig of Cresswall Associates Limited was appointed administrator of Entitlement Limited (Company Number 04326456) on May 11.

The administrator can be contacted at:

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

Headquartered in Blackpool, United Kingdom, Entitlement Limited offers legal services.


EP DIGITAL: Brings In Administrator from Marks Bloom
----------------------------------------------------
Andrew John Whelan of Marks Bloom was appointed administrator of EP Digital and Screen Limited (Company Number 5529359) on
May 23.

Marks Bloom -- http://www.marksbloom.co.uk/-- is a three partner firm of Chartered Accountants, was established in 1949 and our
staff and services have expanded to the extent that we are able to offer the complete accountancy service for the business of the
third millennium.

EP Digital and Screen Limited offer in sign making products and services.


GMS TRADE: Taps Laurence Russell to Liquidate Assets
----------------------------------------------------
GMS Trade Windows Limited is liquidating its assets after creditors passed a resolution to wind up the company on
March 30.

Laurence Russell, of Albert Goodman, was appointed Liquidator.

The company can be reached at:

         GMS Trade Windows Limited
         21 Buckland Road
         Pen Mill Trading Estate
         Yeovil Somerset BA215HA
         United Kingdom
         Tel: 01935 477 137


ICT DEVELOPMENTS: Appoints Joint Liquidators to Wind Up Business
----------------------------------------------------------------
Graham P Petersen and Julie P. Vahey, of Benedict Mackenzie LLP, were appointed Joint Liquidators of ICT Developments Limited after
creditors resolved to liquidate the company's assets during an extraordinary general meeting on March 30.

The company can be reached at:

         ICT Developments Limited
         The Nortons
         Collier Street
         Marden Tonbridge
         Kent TN129RR
         United Kingdom
         Tel: 01892 730 766
         Fax: 01892 730 792


INLIST CO: Names Stephen M. Katz Liquidator
-------------------------------------------
Stephen M. Katz, of Fisher Partners, was appointed Liquidator of Inlist Company Limited after creditors agreed to wind up the
company on April 3.

The company can be reached at:

         Inlist Company Limited
         Boulters Island
         Raymill Road
         Maidenhead Berkshire SL6 8PE
         United Kingdom
         Tel: 01628 621 291
         Fax: 01628 626 048


J.L. FRENCH: Creditors Unanimously Approve Reorganization Plan
--------------------------------------------------------------
Each of the five voting creditor classes overwhelmingly accepted J.L. French Automotive Castings, Inc.'s Plan of Reorganization,
which readies the company for its confirmation hearing on
June 21.

The second lien noteholders voted unanimously to accept the Plan, along with more than 98% in claims amount and 95% in number of the
two classes of unsecured creditors who voted.  The senior subordinated noteholders also voted unanimously to accept the Plan.

In addition, the company's rights offering, which was conducted concurrently with the solicitation of plan acceptances, was fully
subscribed at US$130 million by the second lien noteholders.  Details on the rights offering subscriptions and the voting report
will be filed with the Court prior to the confirmation hearing.

The unsecured creditors' committee has filed a statement in support of Plan confirmation, and no objections to confirmation were
filed prior to the objection deadline.  If the court confirms the Plan, the company expects to emerge from bankruptcy shortly
thereafter.

Headquartered in Sheboygan, Wisconsin, J.L. French Automotive
Castings, Inc. -- http://www.jlfrench.com/-- is one of the world's leading global suppliers of die cast aluminum components and
assemblies.  There are currently nine manufacturing locations around the world including plants in the United States, United
Kingdom, Spain, and Mexico.  The company has fourteen engineering/customer service offices to globally support our customers near
their regional engineering and manufacturing locations.  The Company and its debtor-affiliates filed for chapter 11 protection on
Feb. 10, 2006 (Bankr. D. Del. Case No. 06-10119 to 06-06-10127).  James E. O'Neill, Esq., Laura Davis Jones, Esq., and Sandra G.M.
Selzer, Esq., at Pachulski Stang Ziehl Young & Jones, and Marc Kiesolstein, P.C., at Kirkland & Ellis LLP, represent the Debtors in
their restructuring efforts.  Miller Buckfire & Co., LLC, serves as their financial advisor.  Ricardo Palacio, Esq., and William
Pierce Bowden, Esq., at Ashby & Geddes, PA, represents the Official Committee Of Unsecured Creditors.  When the Debtor filed for
chapter 11 protection, it estimated assets and debts of more than US$100 million.

Immediately following the U.S. Debtors' pre-packaged chapter 11
filing, the Company's British unit went into administration.
Shagun Sunil Dubey, Geoffrey Stuart Kinlan and Christopher Kim
Rayment of BDO Stoy Hayward were appointed joint administrators.


EXECUTIVE CLUB: Pertemps Investments Names RSM as Receivers
-----------------------------------------------------------
Pertemps Investments Limited appointed J.N. Whitfield and G.C. Smith of RSM Robson Rhodes LLP joint administrative receivers of
Executive Club Sports Limited (Company Number 03788684) on
May 23.

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/-- is a U.K. partnership of chartered accountants and management
consultants, providing a wide range of auditing, assurance, advisory and compliance services for both private and public sectors.

Headquartered in Solihull, United Kingdom, Executive Club Sports Limited offers corporate hospitality and events management.


MISYS PLC: Sir Dominic Cadbury Chairs Independent Committee
-----------------------------------------------------------
Misys PLC formed an Independent Committee of the Board, comprising all of non-executive directors and chaired by Sir Dominic
Cadbury.  This is after the company confirmed on June 9 that it received a request from certain members of the senior management
team to explore the possibility of making an offer for Misys.

The Independent Committee authorized certain members of the senior management team, on a non-exclusive basis, to explore the
possibility of making an offer for Misys.  At this preliminary stage, the Independent Committee has not yet authorized the release
of any non-public information.

They believed there is significant value within Misys and is confident in the growth prospects of the Company.  The Independent
Committee is considering the best way of maximizing value for all shareholders while at the same time minimizing disruption to the
business and employees.

The Independent Committee reconfirms that no offer has been received and no price has been discussed in relation to either all or
part of Misys and therefore there is no certainty that an offer will be forthcoming.

JPMorgan Cazenove was appointed to advise the Independent Committee.

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 had GBP155.6 million in total stockholders' deficit.


RACECOURSE YACHT: Governor Appoints Joint Receivers from Begbies
----------------------------------------------------------------
The Governor and Company of the Bank of Scotland appointed Timothy John Edward Dolder and Paul Michael Davis of Begbies Traynor
(South) LLP joint administrative receivers of The Racecourse Yacht Basin (Windsor) Limited (Company Number 01038934) on May 12.

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.

Racecourse Yacht Basin (Windsor) Limited can be reached at:

         Maidenhead Road
         Windsor
         Berkshire SL4 5HT
         United Kingdom
         Tel: 01753 851501


RESIDENTIAL MORTGAGE: S&P Assigns BB Rating to B2 Notes
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary credit ratings to the GBP800 million (equivalent) mortgage-backed
floating-rate notes to be issued by Residential Mortgage Securities 22 PLC, an SPE.

Excluding tap issuances, this is Kensington Group PLC's 22nd securitization of its portfolio of mortgages, using a similar formula
to earlier transactions.

Kensington Group's principal business is originating residential mortgages, typically to borrowers who have financially recovered
from incidents of credit problems, or who have self-certified income or a limited credit track record, and cannot obtain financing
from banks and building societies.

The notes are backed by a pool of first-ranking mortgages secured over freehold and leasehold properties located in England, Wales,
and Scotland, originated by various subsidiaries of Kensington Group.

Ratings List
             Residential Mortgage Securities 22 PLC
          GBP800 Million (Equivalent) Mortgage-Backed
                      Floating-Rate Notes


Class                            Prelim. (1)
          -----                            rating
                                           ------
          A1a with A1a ordinary coupon      AAA
          A1b with A1b ordinary coupon      AAA
          A1c with A1c ordinary coupon      AAA
          A1 DAC (2)                        AAA
          A2c with A2c ordinary coupon      AAA
          A2 DAC (2)                        AAA
          A3a with A3a ordinary coupons     AAA
          A3b with A3b ordinary coupons     AAA
          A3c with A3c ordinary coupons     AAA
          A3 DAC (2)                        AAA
          M1a                               AA
          M1c                               AA
          M2a                               A
          M2c                               A
          B1a                               BBB
          B1c                               BBB
          B2                                BB
          MERCs (3)                         AAA

      (1) The exact capital split between the classes is yet
          to be determined, but the issue amount will total
          GBP800 million (equivalent).

      (2) DACs: These are detachable coupons for each of the
          class A1, A2, and A3 notes maturing in 2008 or
          2011.

      (3) MERCs:  Mortgage early redemption certificates.


VALENBECK LIMITED: Claims Registration Ends June 19
---------------------------------------------------
Creditors of Valenbeck Limited (Company Number 01567792) will meet at 11:00 a.m. on June 20 at:

         Tenon House
         Ferryboat Lane
         Sunderland SR5 3JN
         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 19 at:

         Ian William Kings
         Administrator
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland SR5 3JN
         United Kingdom
         Tel: 0191 511 5000
         Fax: 0191 511 5001

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


WEBTECH COMPUTERS: Begins Liquidation Procedure
-----------------------------------------------
Webtech Computers Limited is liquidating its assets after creditors moved to wind up the company during an extraordinary general
meeting on March 31.

Robert Day, of Robert Day and Company Limited, will lead the liquidation proceedings.

The company can be reached at

         Webtech Computers Limited
         111A High Street
         Chesham Buckinghamshire HP5 1DE
         United Kingdom
         Tel: 01494 776 667

                           *********


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
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