TCREUR_Public/060619.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, June 19, 2006, Vol. 7, No. 120     

                            Headlines


A U S T R I A

ALAN: Insufficient Funds Prompt Court to Close Bankruptcy Case
BAWAG PSK: Austrian Trade Union to Sell Bank in One Piece
F. BAUER: Claims Filing Deadline Slated for June 27
MILLENIUM: Meeting of Creditors Set for July 3
VOJTA UND PETERS: Supreme Court of Vienna Closes Bankruptcy Case

ZELJKO BUBNJEVIC: Claims Filing Deadline Slated for July 3


C Z E C H   R E P U B L I C

OREA HOTELS: Moody's Rates Long-Term Issuer Rating at Ba1
* Moody's Presents New National Scale Rating for Czech Republic


F R A N C E

BULL (GROUPE): S&P Affirms B- Long-Term Corp. Credit Rating


G E R M A N Y

1 2 3 AUTOWASCH: Claims Registration Ends July 4
A-TEAM: Creditors' Meeting Slated for June 22
ALLGEMEINE WOHNBAU: Claims Registration Ends July 3
ALUPOR FASSADENL: Claims Registration Ends June 30
B. PRISACK: Claims Registration Ends June 27

BAUUNTERNEHMEN EICHLER: Claims Registration Ends June 30
BL-PRODUKTIONS: Claims Registration Ends July 1
EASY-RENT: Claims Registration Ends July 3
HGB MALER: Claims Registration Ends June 30
SMART DESIGN: Claims Registration Ends June 26

VISTEON CORP: Fitch Keeps Issuer Default Rating at CCC


G R E E C E

EMPORIKI BANK: Moody's Confirms D+ Financial Strength Rating


H U N G A R Y

BORSODCHEM RT: Embarks Pollution Cleanup at Kazincbarcika Site
BORSODCHEM RT: Increases Treasury Shares to 1.147 Million


I R E L A N D

ELAN CORP: Tysabri Relaunch Prompts Moody's to Affirm B3 Rating


I T A L Y

INTER AUTO: S&P Withdraws B+ Long-Term Corp. Credit Rating


K A Z A K H S T A N

AIKYN OIL: Creditors Must File Claims by June 30
AKSUSKY HLEBOZAVOD: Creditors Must File Claims by June 30
ARENA: Proof of Claim Deadline Slated for June 30
BIZON LTD: Proof of Claim Deadline Slated for June 30
BRENT: Claims Registration Ends June 30

CONTINENTAL SERVICES: Claims Registration Ends June 30
DJIN KO. SERVICE: Creditors' Claims Due June 30
ISTIS: Creditors' Claims Due June 30
JUBAY: Creditors' Claims Due June 30
TASTOBE-AGRO: Court Sets June 30 Claims Bar Date


K Y R G Y Z S T A N

KYRGYZKURULUSH: Public Auction Scheduled for June 21
VESTA-TOKMOK: Public Auction Scheduled for June 23
VZRYVPROM: Creditors' Meeting Slated for June 22


N E T H E R L A N D S

ROYAL AHOLD: U.S. District Court Okays Class Action Settlement


R U S S I A

CARCASS-PANEL HOUSE: A. Yushkeich to Act as Insolvency Manager
DYURTYULINSKIY BRICKWORKS: Court Names External Management
FRUNZE: Samara Court Commences Bankruptcy Supervision
LUKOIL: Develops Transport Infrastructure for Transfer Terminal
OAO GAZPROM: Inks Gasification Schedule with St. Petersburg

ROSTELECOM: Acquires Controlling Stake in Zebra Telecom
SAN-TEKH-ELECTRO-ASSEMBLY: Court Starts Bankruptcy Supervision
SOSNOOBORSKIY CREAMERY: T. Kostyukoskaya to Manage Assets
SOUTHERN TELECOM: Pays 2nd Coupon Income Under Series 04 Issue
STROY-TRUST: Bankruptcy Hearing Slated for July 11
SYZRANSKAYA FURNITURE: Bankruptcy Hearing Slated for June 27

VNESHTORGBANK: Issues US$90-Million Mortgage-Backed Securities
YANIKOSKOYE: Chuashiya Court Begins Bankruptcy Supervision


S P A I N

BANKINTER 2: Moody's Rates EUR10.7-Mln Class D Notes at Ba3


S L O V A K   R E P U B L I C

* Moody's Presents New National Scale Rating for Slovak Republic


T U R K E Y

* S&P Affirms Turkey's Low-B Foreign Currency Ratings


U K R A I N E

AGROLEND: Kyiv Court Begins Bankruptcy Supervision
GRANIT PLUS: Court Appoints S. Kravtsov as Insolvency Manager
PROGRES: Court Names Mihajlo Grishin Insolvency Manager
ROZDILSKIJ BRICK: Donetsk Court Freezes Debt Payment
SHEVCHENKIVSKE: Court Names Yurij Arhipov to Liquidate Assets

TULCHIN-MLIN: Vinnitsya Court Starts Bankruptcy Supervision
UKRMETAL: Kyiv Court Starts Bankruptcy Supervision
VERSTATOLIV: Court Appoints Denis Frolov as Insolvency Manager
ZAKARPATNAFTA: Donetsk Court Freezes Debt Payment


U N I T E D   K I N G D O M

A & A DIGITAL: Claims Filing Period Ends Aug. 8
ACKERMANS CHOCOLATES: Appoints T. Papanicola as Administrator
ADAL GROUP: Administrators Sell Assets as Going Concern
ALLENS LIMITED: Taps Joint Administrators from Menzies
AQUILA PLC: Fitch Affirms GBP3.35-Mln Class E Securities at BB

BRITISH AIRWAYS: Trustee Sells 44,921 Units in Share Scheme
CHEMIX PLC: Administrators Sell Business as Going Concern
GVG DISTRIBUTION: Taps Baker Tilly to Liquidate Assets
H.C. HILL: Creditors' Meeting Slated for June 20
INTRIGUE DESIGNS: Creditors Confirm Voluntary Liquidation

K & S COMMUNICATION: Creditors Pass Winding Up Resolution
LAS REALISATIONS: Creditors Resolve to Liquidation
LEWIS & WAYNE: Names Piper Thompson as Administrator
LMC STREATHAM: Creditors' Meeting Slated for June 20
MOLLOY EUROPEAN: Appoints Administrators from Smith & Williamson

MISYS PLC: Morgan Stanley Steps Down as Corporate Broker
ORANGE GROVE: Financial Woes Prompt Liquidation
SCORPION LIFTING: Names Andrew James Nichols to Liquidate Assets
SIXTEN LEISURE: Taps P&A Partnership to Administer Assets
STILLFRAME LIMITED: Brings In Recovery HJS as Administrator

TARONBOND LIMITED: Appoints Joint Administrators from Menzies
TAMBAR PRODUCTIONS: Brings In Liquidators from Acre House
WHY CREATE: Taps J.N. Bleazard to Liquidate Assets
WORLDWIDE TRANSPORT: Hires Liquidator from PB Recovery Limited
WWF WHOLESALE: Hires Joint Administrators from PKF


                            *********

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


ALAN: Insufficient Funds Prompt Court to Close Bankruptcy Case
--------------------------------------------------------------
The Trade Court of Vienna dismissed the bankruptcy case of
Construction LLC Alan (FN 057599f) on May 8 due to the Debtor's
administrative insolvency.   This means that the Debtor does not
have enough cash to cover costs of the bankruptcy proceedings.

As a result, creditors will not receive any distribution.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 3 (Bankr. Case No. 2 S 24/06a).  


BAWAG PSK: Austrian Trade Union to Sell Bank in One Piece
---------------------------------------------------------
Osterreichischer Gewerkschaftsbund, the Austrian Trade Union
Federation, wants to sell BAWAG P.S.K. as a whole, Boris
Groendahl writes for Reuters.

BAWAG chief executive Ewald Nowotny revealed that OeGB would
rather sell the bank in one piece rather than break it up.  "We
have discussed a break-up and agreed with Morgan Stanley that
this is not going to yield more," Mr. Nowotny said.

Mr. Nowotny, however, said the buyer could break up the bank
after the sale, Reuters relates.

OeGB has placed Bawag on the trading table following the bank's
alleged role in the collapse of Refco Inc.  Investment bank
Morgan Stanley, which facilitates the sale, and Bawag are
currently drafting a memorandum to invite possible buyers and
preparing the books for a due diligence, Mr. Nowotny revealed.  
The chief executive, however, declined to comment on the
auction's schedule, valuation or preferred buyers, Reuters
relates.

Deputy Chief Executive Stephan Koren revealed that Bawag's book
value was around EUR1.7 billion.  According to Reuters, Bawag's
buyer has to pour in fresh capital to at least partly make up
for the EUR900-million state guarantee that will expire once the
sale materializes.

As reported in TCR-Europe on June 16, J.C. Flowers & Co. LLC and
Cerberus Capital Management LP are thought to be considering
bids for Bawag.  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.

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 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


F. BAUER: Claims Filing Deadline Slated for June 27
---------------------------------------------------
Creditors owed money by LLC F. Bauer (FN 248228t) have until
June 27 to submit written proofs of claims to court-appointed
property manager Christian Bachmann at:

         Dr. Christian Bachmann
         Opernring 8
         1010 Vienna
         Austria
         Tel: 512 87 01
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at  

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on July 11 to consider the revision of
the rule by adoption and accountability.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 9 (Bankr. Case No. 2 S 78/06t).  Eva-Maria Bachmann-Lang
represents Dr. Bachmann in the bankruptcy proceedings.


MILLENIUM: Meeting of Creditors Set for July 3
----------------------------------------------
Creditors owed money by LLC Millenium (FN 37575h) are encouraged
to attend the creditors' meeting at 10:00 a.m. on July 3 to
consider the revision of the rule by adoption and
accountability.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 9 (Bankr. Case No. 3 S 71/06w).   Johanna Abel-Winkler
serves as the court-appointed property manager of the bankrupt
estate with Norbert Abel as her representative.


VOJTA UND PETERS: Supreme Court of Vienna Closes Bankruptcy Case
----------------------------------------------------------------
The Supreme Court of Vienna entered an order closing the
bankruptcy case against Private Enterprise Vojta Und Peters (FN
246406m) on May 2.  The case is transferred to the Trial Court
for new consideration.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 31, 2006 (Bankr. Case No. 45 S 17/06p).  Dr. Annemarie
Kosesnik-Wehrle serves as the court-appointed property manager
of the bankrupt estate.


ZELJKO BUBNJEVIC: Claims Filing Deadline Slated for July 3
----------------------------------------------------------
Creditors owed money by LLC Zeljko Bubnjevic (FN 98946i) have
until July 3 to submit written proofs of claims to court-
appointed property manager Robert Klein at:

         Dr. Robert Klein
         Mirror Lane 10
         1010 Vienna
         Austria
         Tel: 513 99 39
         Fax: 513 99 39-30
         E-mail: klein@lawcenter.at

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on July 17 to consider the revision of
the rule by adoption and accountability.

The meeting of creditors will be held at:

         Trade Court of Vienna
         Room 2102
         21st Floor
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 9 (Bankr. Case No. 45 S 27/06h).  


===========================
C Z E C H   R E P U B L I C
===========================


OREA HOTELS: Moody's Rates Long-Term Issuer Rating at Ba1
---------------------------------------------------------
Moody's Investors Service has assigned a Ba1.cz Long-term
national scale issuer rating to OREA Hotels a.s. with a stable
outlook on June 15.

The announcement came with the rating agency's introduction of a
new National Rating Scale for use in the Czech Republic.


* Moody's Presents New National Scale Rating for Czech Republic
---------------------------------------------------------------
Moody's Investors Service introduced a new National Rating Scale
for use in the Czech Republic on June 15.

The new rating scale provides a ranking of relative
creditworthiness including relevant external support in the
Czech Republic and will use Moody's globally recognized rating
symbols, modified with a '.cz' marker.  Moody's Investors
Service will continue to issue within the Czech Republic global
scale ratings comparable internationally, which would not carry
the '.cz' marker.

"Investors and other users of credit ratings have found National
Scale Ratings to be helpful in providing greater differentiation
among credits within a country, says Frederic Drevon, Senior
Managing Director - Europe.  "In the Czech Republic, this is
particularly beneficial since global scale ratings for most
domestic issuers are clustered around a more narrow rating
range, and the Czech national rating scale divides the ratings
more finely within these clusters," adds Mr. Drevon.  Overall,
Moody's believes NSRs provide enhanced transparency regarding
the local credit market environment.

"NSRs will benefit Czech issuers that are active in the
developing domestic capital markets, particularly in the banking
sector as Czech financial institutions adhere to Basel II
requirements," says Petr Vins, General Manager - Moody's Central
Europe. Moody's introduction of NSRs in the Czech Republic
coincides with the strong development of the country's mutual
fund sector and potential pension reforms that could accelerate
growth in the Czech capital markets.

Moody's has also published a Rating Methodology entitled
"National Scale Ratings in the Czech Republic", which provides a
detailed explanation of how Moody's develops and implements
national scale systems.

National Scale Ratings can be understood as a relative ranking
of creditworthiness including relevant external support within a
particular country.  While the symbols and definitions are
consistent with National Scale Rating systems in other countries
where Moody's provides such ratings, National Scale Ratings are
not designed to be compared among countries as are Moody's
global scale ratings; rather, they address relative credit risk
within a given country.  The use of National Scale Ratings by
investors is only appropriate within that portion of a portfolio
that is exposed to a given country's local market, not taking
into consideration the various risks implied by that country's
foreign currency ceiling or its local currency guideline.

National Scale ratings assigned:

   -- BH Securities: Baa2.cz Long-term national scale issuer
      rating;

   -- City of Beroun: Aa2.cz Long-term national scale issuer
      rating;

   -- City of Klatovy: Aa1.cz Long-term national scale issuer
      rating with a stable outlook;

   -- City of Prostejov: Aa1.cz Long-term national scale issuer
      rating with a stable outlook;

   -- City of Zdar nad Sazavou: Aa1.cz Long-term national scale
      issuer rating with a stable outlook;

   -- Home Credit Finance, a.s.: A3.cz; Long-term national scale
      issuer rating with a stable outlook;

   -- Orco Property Group S.A.: A3.cz Long-term national scale
      issuer rating, placed under review for possible downgrade.

   -- OREA Hotels a.s.: Ba1.cz Long-term national scale issuer
      rating with a stable outlook;

   -- Region of Liberecky: Aa1.cz Long-term national scale
      issuer rating with a stable outlook

   -- Statni fond dopravni infrastruktury: Aaa.cz Long-term
      national scale issuer rating with a stable outlook;

   -- Teplarna Strakonice, a.s.: Aa2.cz Long-term national scale
      issuer rating with a stable outlook; and

   -- Vojenske lesy a statky CR, s.p.: Aaa.cz Long-term national
      scale issuer rating with a stable outlook.

Moody's Investors Service -- http://moodys.com/-- is a leading  
provider of credit ratings, research, and risk analysis.  The
firm's ratings and analysis track over US$35 trillion of debt
covering approximately 170,000 corporate, government and
structured finance securities, over 100,000 public finance
obligations, 10,000 corporate relationships, and 100 sovereign
nations. Moody's also publishes credit opinions, research and
commentary that reach more than 2,600 institutions and 16,500
users around the globe.  Moody's Investors Service is a
subsidiary of Moody's Corporation (NYSE: MCO), which employs
approximately 2,900 employees in 22 countries and had revenue of
US$1.7 billion in 2005.  


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


BULL (GROUPE): S&P Affirms B- Long-Term Corp. Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
France-based IT company Bull (Groupe) to stable from positive,
following a profit warning from the group.  

At the same time, the 'B-' long-term corporate credit rating was
affirmed.  At Dec. 31, 2005, Bull had EUR83 million in gross
debt.
     
The rating on Bull reflects the company's small size in the
highly competitive and concentrated server market, low
profitability, and weak cash flow generation, factors only
partially offset by the group's adequate liquidity and limited
on-balance-sheet debt.

Bull recently announced a significant downward revision of its
2006 EBIT forecast.  Weak demand from the Italian public sector
and strong pricing pressure in the open server market are the
two main reasons for the company's downward profit trend.

Standard & Poor's is concerned that cash losses at Bull's
Italian operations could gradually increase.  In addition,
pricing pressure on the group's open server business from
players with significantly more financial resources directly
threatens Bull's already low near-term profitability.
     
"The double-digit growth recorded by the company's services
division is unlikely to offset, in profit terms, the rapid
erosion in profitable maintenance revenues," said Standard &
Poor's credit analyst Patrice Cochelin.
     
Bull's liquidity is adequate, and could offset potential near-
term cash needs.
     
"S&P does not envisage a return to a positive outlook until the
situation at the group's Italian operations is resolved and the
core business grows profits and revenues again," added Ms.
Cochelin.

If the company's operational issues result in materially weaker
liquidity, the outlook could be changed to negative, or the
rating lowered.
  

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


1 2 3 AUTOWASCH: Claims Registration Ends July 4
------------------------------------------------
Creditors of 1 2 3 Autowasch- & Service GmbH have until
July 4 to register their claims with court-appointed provisional
administrator Karl-Dieter Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Aug. 11, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.22
         2 Stock
         William Route 21
         53111 Bonn, Germany

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

The District Court of Bonn opened bankruptcy proceedings against
1 2 3 Autowasch- & Service GmbH on May 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         1 2 3 Autowasch- & Service GmbH
         Attn: Minou Garding, Manager         
         Main Street 3
         53804 Much, Germany

The administrator can be contacted at:

         Karl-Dieter Sommerfeld
         Hammerweg 3
         51766 Engelskirchen-Ruenderoth, Germany
         Tel: 02263/9039-0
         Fax: 02263/9039-10


A-TEAM: Creditors' Meeting Slated for June 22
---------------------------------------------
The court-appointed provisional administrator for A-Team Media
Bremen GmbH, Nils Heidelk, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 2:00
p.m. on June 22.

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

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

The Court will also verify the claims set out in the
administrator's report at 11:30 a.m. on Oct. 19 at the same
venue.

Creditors have until Sept. 5 to register their claims with the
court-appointed provisional administrator.

The District Court of Bremen opened bankruptcy proceedings
against A-Team Media Bremen GmbH on May 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         A-Team Media Bremen GmbH
         Friedrich Ebert Road 20
         28199 Bremen, Germany

         Attn: Frank Jellinghaus, Manager
         Schwachhauser Heerstr. 176 B
         28213 Bremen, Germany
                 
The administrator can be reached at:

         Nils Heidelk
         Domshof 18-20
         28195 Bremen, Germany
         Tel: 0421/3686-0
         Fax: 0421/3686-100
         Web: http://www.schubra.de/
         E-mail: InsOBremen@schubra.de


ALLGEMEINE WOHNBAU: Claims Registration Ends July 3
---------------------------------------------------
Creditors of Allgemeine Wohnbau Beteiligungen GmbH & Co.
Residenz Babelsberg KG 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 1:40 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
         Law Courts 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 Beteiligungen GmbH & Co.  Residenz
Babelsberg KG on May 19.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         Allgemeine Wohnbau Beteiligungen GmbH & Co.
         Residenz Babelsberg KG
         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


ALUPOR FASSADENL: Claims Registration Ends June 30
--------------------------------------------------
Creditors of alupor Fassaden + Balkongelander GmbH have until
June 30 to register their claims with court-appointed
provisional administrator Reni Lindemann-Deffert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 24, 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 Osnabrueck
         N 301
         Kollegienwall 10
         49074 Osnabrueck, 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 Osnabrueck opened bankruptcy proceedings
against alupor Fassaden + Balkongelander GmbH on May 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         alupor Fassaden + Balkongelander GmbH
         Zeppelinstrasse 3
         49134 Wallenhorst, Germany

         Attn: Joachim Woker, Manager
         Roonstrasse 17
         49076 Osnabrueck, Germany

The administrator can be contacted at:

         Reni Lindemann-Deffert
         Niedersachsenstrasse 15a
         49074 Osnabrueck, Germany
         Tel: 0541/357910
         Fax: 0541/3579128


B. PRISACK: Claims Registration Ends June 27
--------------------------------------------
Creditors of B. Prisack GmbH have until June 27 to register
their claims with court-appointed provisional administrator
Joachim Schwendinger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on July 18, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         Room No. 137/I
         Residence Place 4-6
         87435 Kempten, Germany

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

The District Court of Kempten opened bankruptcy proceedings
against B. Prisack GmbH on May 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         B. Prisack GmbH
         Hufe 19
         51491 Overath, Germany

The administrator can be contacted at:

         Joachim Schwendinger
         Allgauer Road 1
         87435 Kempten, Germany
         Tel: (0831) 5800434
         Fax: (0831) 5800464


BAUUNTERNEHMEN EICHLER: Claims Registration Ends June 30
--------------------------------------------------------
Creditors of Bauunternehmen Eichler GmbH have until
June 30 to register their claims with court-appointed
provisional administrator Frank Krueger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 24, 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 Osnabrueck
         N301
         Kollegianwall 10
         49074 Osnabrueck, 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 Osnabrueck opened bankruptcy proceedings
against Bauunternehmen Eichler GmbH on May 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Bauunternehmen Eichler GmbH
         Attn: Karl-Heinz Eichler, Manager
         Holtkamp 27
         49170 Hagen/TW, Germany

The administrator can be contacted at:

         Dr. Frank Krueger
         Sutthauser Str. 394
         49080 Osnabrueck, Germany
         Tel: 0541/990330
         Fax: 0541/9903310


BL-PRODUKTIONS: Claims Registration Ends July 1
-----------------------------------------------
Creditors of BL-Produktions GmbH have until July 1 to register
their claims with court-appointed provisional administrator
Klaus Reischl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 17, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Passau
         Meeting Room 12
         Schustergasse 4
         Passau, Germany

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on Aug. 11 at the same
venue.

The District Court of Aachen opened bankruptcy proceedings
against BL-Produktions GmbH on May 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         BL-Produktions GmbH
         Gartenstr. 38
         94104 Tittling, Germany

The administrator can be contacted at:

         Dr. Klaus Reischl
         Residence Place 10
         94032 Passau, Germany
         Tel: 0851/9890589
         Fax: 0851/9890599       


EASY-RENT: Claims Registration Ends July 3
------------------------------------------
Creditors of Easy-Rent GmbH have until July 3 to register their
claims with court-appointed provisional administrator Mark
Zeuner.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on July 18, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Stendal
         Hall 411
         Albrecht der Bar
         Scharnhorststrasse 40
         39576 Stendal, 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 Stendal opened bankruptcy proceedings
against Easy-Rent GmbH on May 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Easy-Rent GmbH
         Luederitzer Road 56
         39576 Stendal, Germany

         Attn: Bernd Hilmar Blume, Manager
         Arnimer Dam 86
         39576 Stendal, Germany

The administrator can be contacted at:

         Dr. Mark Zeuner
         Lehmweg 17
         D-20251 Hamburg, Germany
         Tel: 040/4806390
         Fax: 040/48063999


HGB MALER: Claims Registration Ends June 30
-------------------------------------------
Creditors of HGB Maler- und Lackierbetrieb GmbH have until
June 30 to register their claims with court-appointed
provisional administrator Friedrich Knoop.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 HGB Maler- und Lackierbetrieb GmbH on May 22.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         HGB Maler- und Lackierbetrieb GmbH
         Attn: Hans-Georg Bartusch, Manager
         Breite Road 2
         41460 Neuss, Germany

The administrator can be contacted at:

         Friedrich Knoop
         Robert Route 3
         40229 Duesseldorf, Germany


SMART DESIGN: Claims Registration Ends June 26
----------------------------------------------
Creditors of SmART design Merchandising GmbH have until June 26
to register their claims with court-appointed provisional
administrator Knut Thomas Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 26, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Hanover opened bankruptcy proceedings
against SmART design Merchandising GmbH on May 22.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         SmART design Merchandising GmbH
         Boulevard der EU 7
         30539 Hanover, Germany

         Attn: Elke Sommers and Carl-Ludwig Holzach, Managers
         c/o SmART design
         Schaftbrinke 63
         30519 Hanover, Germany

The administrator can be contacted at:

         Knut Thomas Hofheinz
         Market 13
         30159 Hanover, Germany
         Tel: 0511/357721-0
         Fax: 0511/357721-40


VISTEON CORP: Fitch Keeps Issuer Default Rating at CCC
------------------------------------------------------
Fitch Ratings placed a rating of B/RR1 to the senior secured
bank debt announced by Visteon Corp.  

In addition, Fitch affirmed Visteon's Senior unsecured debt at
CCC-/RR5.  The Issuer Default Rating is unchanged at CCC.  The
Rating Outlook is Negative.

Most of the proceeds from the new bank facility were used for
the repayment of the company's previous secured bank facilities.  
Visteon's previous term debt was scheduled to mature in June
2007.  New bank facilities will include an US$800 million seven-
year term loan and two five-year revolving credit facilities in
the U.S. and Europe totaling US$700 million.  All of Visteon's
new facilities are expected to close by late second to early
third quarter.

Fitch views enhanced liquidity as a positive development for
Visteon, in what is likely to be an uncertain period in the
domestic auto industry, for example: the 2007 contract re-
opening between the domestic OEM's and the UAW.

The rating affirmation reflects Fitch's view that the company
will be challenged to produce positive free cash flow through
2008.  Issues affecting cash flow include declining Ford market
share and Ford-related content per vehicle, relatively weak
market positions in non-core portions of Visteon's product
portfolio, the extent of the company's restructuring activities
over the near-term, and uncertainty regarding the profitability
of newly-booked business given the company's evolving cost
structure.

The RR1 recovery rating on the senior secured bank facility
reflects the collateral package that includes: substantially all
domestic assets plus a pledge of capital stock of 65% of many
first-tier foreign subsidiaries.  Although U.S. manufacturing
assets could be of limited value in a stress scenario,
receivables and inventory, plus the stock in many international
subsidiaries should provide full coverage for the bank
facilities.  The recovery rating on Visteon's unsecured debt is
RR5 based on the limited value of the assets that would remain
following repayment of the secured facilities.

Ford-related revenues are projected to continue to decline
steadily for the foreseeable future due to Ford production
declines, contractual price decreases, attrition of old programs
and the probability that Ford will source new business away from
Visteon.  Scheduled production declines over the short term at
Ford will be supplemented by an acceleration of facility
closures at Ford under its longer-term restructuring plan,
producing significant revenue pressure at Visteon.

Fitch believes the company will be challenged to produce
positive free cash flow through 2008.  Visteon's substantial
restructuring over the next three years includes the expected
closure or disposition of 23 plants as well as a significant
reduction in salaried and administrative costs.  

The extent and timetable of this restructuring indicates that
Visteon's near-term cost structure will remain highly uncertain.
As a result, the profitability of newly-booked business also
remains ambiguous.  Given the rapid pace of change in the
industry, relatively weak market positions in portions of its
product portfolio, the potential for unsustainable-margins in
weaker product lines and the company's revenue pressures more
extensive restructuring efforts may be required.

Visteon's management anticipates an improvement in 2006
profitability as a result of previous cost saving actions taken
in 2005.  The transaction with Ford provided substantial relief
from legacy liabilities and unprofitable assets and
substantially enhanced the operating flexibility in the U.S. by
shifting all UAW workers under a national agreement back to
Ford.

Further balance sheet degradation is expected to continue in the
absence of positive free cash flow.  Liquidity includes
approximately US$881 million in cash as of March 31, 2006,
although a majority of this is held overseas.  Including
Visteon's new bank facilities, Fitch estimates approximately
US$700 million in available liquidity plus cash.  

In addition to the new bank facility, Visteon also has access to
US$400 million in an escrow fund, which was set up at the time
of the agreement with Ford in order to finance the company's
restructuring activities.

Visteon remains heavily dependent on former-parent Ford's North
American operations. T he North American operations of Ford will
represent about 23% of Visteon's post-Ford transaction total
annual revenue while total sales to Ford Motor Co. will
represent around 50%.  As of the end of May, year-to-date North
American Ford production is down by 32,689 units or 2.3% versus
the same period last year.

Visteon's first quarter operating EBITDA was ahead of Fitch's
expectations at US$178 million.  However, free cash flow was in-
line at negative US$117 million, being adversely affected by
working capital changes.  Total Debt-to-Operating EBITDA at the
end of first quarter 2006 was 6.6x, while Operating EBITDA-to-
Gross Interest Expense was 3.8x.

While debt levels were only modestly higher than expectations at
Dec. 31, 2005, the company's debt increased during 1Q06 by
approximately US$90 million.  Along with other off-balance sheet
debt, including operating leases and foreign securitization and
factoring, 1Q06 total adjusted debt was US$2.8 billion.

Fitch estimates that, upon completion all of Visteon's capital
restructuring, total adjusted debt will be around US$3 billion,
but partially offset by additional cash.  Even though the total
amount of Visteon debt could increase from the end of 2005,
Visteon believes that it will be in compliance with its bank
covenant leverage ratio of 5.25x due to improved profitability.


===========
G R E E C E
===========


EMPORIKI BANK: Moody's Confirms D+ Financial Strength Rating
------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the Baa1/Prime-2 deposit, Baa1 senior debt and Baa2
subordinated debt ratings of Emporiki Bank of Greece SA.  

In addition, the Baa1 senior debt and Baa2 subordinated debt
ratings assigned to Emporiki Finance Group were also placed on
review for possible upgrade.  In a rating action not related to
this transaction, Moody's has confirmed Emporiki's D+ financial
strength rating.

Moody's decision to place Emporiki's debt and deposit ratings on
review for possible upgrade is triggered by the announcement of
Credit Agricole S.A. that it will bid to acquire Emporiki,
subject to regulatory approval.  Credit Agricole has been a
strategic partner in Emporiki since 2000 and currently owns 8.8%
of the bank.  The offer is for 100% of Emporiki's share capital
at EUR23.50 per share, with a minimum acceptance level of 40%,
including CA's existing stake in Emporiki.  The offer is subject
to approval by the Greek Capital Markets Commission and the Bank
of Greece and is expected to be completed by the beginning of
August, if successful.

According to Moody's, once the transaction is completed as
planned, CA's foreign parental support could uplift Emporiki's
deposit ratings, depending on:

   -- the expected level of commitment and support to be
      demonstrated by Emporiki's new strategic shareholder; and

   -- the likely management and financial resources provided to
      the bank that would help it to enhance its franchise so as
      to compete more effectively in a highly competitive
      banking system, while supporting financially its future
      development.

Moody's will closely monitor the bidding process and expects to
conclude the review once a controlling shareholder with a
substantial stake in Emporiki emerges.

In a non-related action, Moody's has confirmed Emporiki's D+ FSR
taking into account the significant improvement in its financial
fundamentals since the rating was placed on review for possible
downgrade.  A significant capital increase through a rights
issue and the disposal of treasury shares in late 2005 helped
Emporiki to absorb the impact of the pension fund shortfall
following the adoption of IFRS, and to restore its equity
position to adequate levels.  Although Emporiki experienced a
significant increase in reported problem loans during FY2005 --
reflecting the challenging environment in its domestic market
and the disruptions in its business activities due to industrial
actions that hindered debt collection -- March 2006 financial
results showed a slight improvement in the bank's credit quality
metrics, with the NPLs ratio declining to 5.5% compared to 5.7%
in Dec. 2005.  Nevertheless, Emporiki's credit quality remains
weaker than that of peers, and continues to weigh negatively on
its FSR.  Though on an increasing trend, Emporiki's earning
power remains lower than that of other rated Greek banks,
constrained primarily by weak operational efficiency stemming
from a high personnel cost base and lower employee productivity.  
Going forward, we expect Emporiki to narrow the gap between its
own financial performance and that of its peers.  Our belief is
supported by the bank's increasing business volumes, as
evidenced by higher consumer and mortgage loan disbursements, by
lower operating expenses due to declining personnel numbers and
reduced pension costs, and by the expected turnaround of its
problematic subsidiaries.  However, our optimism with regard to
Emporiki's financial performance is based on the assumption that
its ongoing restructuring process will continue unabated and
unhindered and that there will be no long and disruptive
industrial actions that could undermine its performance and
business activities, especially in light of the likely upcoming
changes in its ownership structure.

Ratings affected:

Emporiki Bank of Greece SA:

   -- Foreign Currency Deposit: Baa1/Prime-2;

   -- Senior Debt: Baa1;

   -- Subordinated Debt Ratings: Baa2, placed on review for
      possible upgrade; and

   -- Financial Strength Rating: D+, confirmed with stable
      outlook.

Emporiki Finance Group:

   -- Senior Debt: Baa1; and

   -- Subordinated Debt Ratings: Baa2, placed on review for
      possible upgrade.

Headquartered in Athens, Greece, Emporiki Bank of Greece S.A.
had consolidated total assets of EUR21.0 billion as of March
2006.


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


BORSODCHEM RT: Embarks Pollution Cleanup at Kazincbarcika Site
--------------------------------------------------------------
During the operation of BorsodChem's legal predecessor Borsodi
Vegyi Kombinat, dichloroethane contaminated the ground water in
a limited area on the factory site.  

Dichloroethane is an interim product of PVC manufacturing.  
Environment protection is a high-priority issue for BorsodChem
at all times, therefore, in order to protect the underground
waters and drinking water base, BorsodChem is to launch a
project encompassing a technology which was developed by its own
expert team with a view to reducing contamination below the
limit value.  The project will be realized with the support of
KIOP SA (Structure Fund of Environmental and Infrastructure
Operative Program).

During the operation of BorsodChem's state-owned legal
predecessor BVK, the ground water became contaminated with 1,2-
dichloroethane in a limited area of the Kazincbarcika site.  The
technical solutions of that time did not provide for circulating
dichloroethane in a fully closed system and did not prevent it
from being released into the atmosphere, which contributed to
the contamination as a major cause.

In the second half of the 1990's BorsodChem analysed and
determined the expansion of the contaminated area as well as the
distribution of contamination concentration.  The contamination
has remained within site boundaries, however detailed
computerised expansion model calculations warn that it may
spread further without any technical intervention.  By relying
on detailed facts exposed by an independent specialist company,
BorsodChem experts found that only a series of technical actions
may stop contamination from spreading as well as improve ground
water quality to the legally specified standard.  As a result,
BorsodChem decided to implement a decontamination project.

The project aims to reduce the 1,2-dichloroethane contaminations
in the ground water exposed on BorsodChem site below 0.5 mg/l or
"D" contamination limit value, specified in a decree by the
North Hungarian Environmental Inspectorate.  In order to
facilitate implementation, BorsodChem submitted a tender under
the Environmental and Infrastructure Operative Programme (KIOP)
and was granted HUF451 million subsidy.

The technology of the decontamination process looks back on
several years of research carried out by BorsodChem experts.  
BorsodChem will operate the technology and provide both the
required operational costs and proper professional personnel.

Contaminated ground water will be removed during the procedure
from water wells installed within the framework of the project
and stripping equipment will separate dichloroethane from ground
water.  Thus cleansed ground water will be discharged through
BorsodChem's wastewater treatment plant into River Sajo.  The
dichloroethane recovered from the ground water through stripping
will be recycled in the VCM Plant by implementing a closed and
environment-friendly technology without releasing any waste.  
Ground water will be monitored continuously thus the progress of
decontamination can be tracked during the expected 10-year
implementation.  

As per the present calculations, BorsodChem expects that the
dichloroethane content of the groundwater shall drop below the
specified "D" limit value by this time.  The properly set rate
of groundwater removal will practically stop the contamination
from spreading further in the moment the decontamination
technology is launched.

With the implementation of the project, BorsodChem actively
contributes to reducing the number of contaminated areas
included in the National Decontamination Priority List.

                        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.


BORSODCHEM RT: Increases Treasury Shares to 1.147 Million
---------------------------------------------------------
BorsodChem Rt. purchased 48,989 ordinary shares of BorsodChem at
a price of HUF2,192.57 per ordinary share on the Budapest Stock
Exchange on June 14.

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 1,147,444 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
=============


ELAN CORP: Tysabri Relaunch Prompts Moody's to Affirm B3 Rating
---------------------------------------------------------------
Moody's Investors Service revised the outlook on the ratings of
Elan Corporation, plc to stable from negative.  At the same
time, Moody's affirmed Elan's ratings, including the B3
corporate family rating.  These rating actions follow the recent
FDA decision to approve Tysabri for resumed marketing in the
U.S.  The stable outlook reflects Moody's current assumption
that with a reasonably successful Tysabri re-launch, Elan is
more likely to meet its 2008 debt maturities with a combination
of internal funds and refinancing in the event of a shortfall.

The last prior rating action was an outlook revision to negative
from stable on March 1, 2005, following the withdrawal of
Tysabri from the market.

However, Moody's believes that the company's remaining
challenges are significant.  In addition, it has over US$2
billion of debt outstanding of which US$850 million is due in
2008. A number of Elan's key financial ratios -- including cash
flow from operations to debt, free cash flow to debt, debt to
capital, and EBITA margins -- map to the Caa category according
to Moody's global pharmaceutical rating methodology.  However,
Elan reported approximately US$1.1 billion of cash and
investments as of March 31 and its cash coverage of debt maps to
the A category, providing a buffer to the high current rate of
cash use.

Moody's expects that the market acceptance of Tysabri will be a
critical factor driving any future changes in Elan's credit
rating.

Although not expected in the near term, upward rating pressure
could result from a very successful relaunch of Tysabri, leading
Moody's to conclude that Elan is on a clear path to generate
positive free cash flow.  To consider any movement towards a B2
corporate family rating, we believe that a minimum of 5% free
cash flow relative to debt would have to appear sustainable.

Negative rating pressure could develop if Moody's believes that
there will be a large shortfall between 2008 debt maturities and
internal sources of liquidity, and if it believes that Elan will
be unlikely to obtain external financing.  

This scenario could occur if:

   -- Tysabri is again removed from the market;

   -- Tysabri sales fall short of Moody's expectations; or

   -- Elan fails to advance the products in its Alzheimer's
      pipeline.

Ratings affirmed:

Elan Corporation, plc

   -- B3 corporate family rating

Elan Finance plc

   -- B3 fixed-rate senior notes of US$850 million due 2011
      (guaranteed by Elan Corporation, plc and subsidiaries)

   -- B3 floating rate senior notes of US$300 million due 2011
      (guaranteed by Elan Corporation, plc and subsidiaries)

Athena Neurosciences Finance, LLC

   -- B3 senior notes of US$613 million due 2008 (guaranteed by
      Elan Corporation, plc and subsidiaries)

Moody's does not rate Elan's US$254 million convertible notes
due 2008.

Elan Corporation, plc, is a specialty biopharmaceutical company
headquartered in Dublin Ireland, with areas of expertise in
neurological and autoimmune disease, and drug delivery
technology.


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


INTER AUTO: S&P Withdraws B+ Long-Term Corp. Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B+' long-
term corporate credit rating on Italian automotive-parts
distributor Inter Auto Parts Italia SpA at the company's
request.   At the time of the withdrawal, the outlook was
stable.

There is no rated outstanding debt.


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


AIKYN OIL: Creditors Must File Claims by June 30
------------------------------------------------
LLP Aikyn Oil has declared insolvency.  Creditors have until
June 30 to submit written proofs of claim to:

         LLP Aikyn Oil
         Shkolnaya Str. 3-3
         Zarechnyi
         Kapshagai
         Almaty Region
         Kazakhstan
         Tel: 8(272/32772) 50-97-74


AKSUSKY HLEBOZAVOD: Creditors Must File Claims by June 30
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared OJSC Aksusky Hlebozavod insolvent on April 7.  
Subsequently, bankruptcy proceedings were introduced at the
company.

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

         OJSC Aksusky Hlebozavod
         Donentayeva Str. 8
         Aksu
         Pavlodar Region
         Kazakhstan
         Tel: 8 (237) 5-01-06


ARENA: Proof of Claim Deadline Slated for June 30
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Arena (RNN 302000220501) insolvent without
introduction of bankruptcy proceedings.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda Region
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


BIZON LTD: Proof of Claim Deadline Slated for June 30
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Bizon Ltd. (RNN 301700026962) insolvent
without introduction of the bankruptcy proceedings.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda Region
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


BRENT: Claims Registration Ends June 30
---------------------------------------
CJSC Brent has declared insolvency.  Creditors have until
June 30 to submit written proofs of claim to:

         CJSC Brent
         Jeltoksan Str. 98
         Almaty, Kazakhstan


CONTINENTAL SERVICES: Claims Registration Ends June 30
------------------------------------------------------
LLP Continental Services has declared insolvency.  Creditors
have until June 30 to submit written proofs of claim to:

         LLP Continental Services
         Alashahana Ave. 41-19
         Jezkazgan
         Karaganda Region
         Kazakhstan


DJIN KO. SERVICE: Creditors' Claims Due June 30
------------------------------------------------
LLP Djin Ko. Service has declared insolvency.  Creditors have
until June 30 to submit written proofs of claim to:

         LLP Djin Ko. Service
         Brusilovskogo Str. 30-29
         Almaty, Kazakhstan
         Tel: 8(3272) 50-28-64


ISTIS: Creditors' Claims Due June 30
------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Istis insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda Region
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


JUBAY: Creditors' Claims Due June 30
------------------------------------
LLP Jubay has declared insolvency.  Creditors have until June 30
to submit written proofs of claim to:
        
         LLP Jubay
         Micro District Sportivnyi 4-45
         Shymkent, South Kazakhstan Region
         Kazakhstan
         Tel: 8 (3007) 18-57-23


TASTOBE-AGRO: Court Sets June 30 Claims Bar Date
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Tastobe-Agro insolvent on April 10.  Subsequently,
bankruptcy proceedings were introduced at the company.

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

         LLP Tastobe-Agro
         Tastobe
         Kartalsky District     
         Almaty Region
         Kazakhstan


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


KYRGYZKURULUSH: Public Auction Scheduled for June 21
----------------------------------------------------
The bidding organizer and insolvency manager of the OJSC Joint
Stock Company Kyrgyzkurulush will auction the company's
properties to the public on June 21, 2006, 10:00 a.m., at:

         Motornaya Str. 2a
         Osh, Kyrgyzstan

For sale is the property complex of the Debtor's Wood-Working
Shop which includes:   

   -- office and annex with starting price of KGS92,250;

   -- buildings and constructions, workshops, sheds, fire-
      fighting implements, transformer substation and fences for
      a KGS6,849,874 starting price; and

   -- woodworking equipment for KGS432,478.

The starting price for all auctioned assets has been reduced by
25%.

Bidders have until 2:00 p.m., on June 20, to deposit an amount
equivalent to 10% of the starting price to:

         Joint-Stock Commercial Bank AsiaUniversalBank
         Settlement Account No. 1231101690000101
         MFO 330107772

or to the cashier of OJSC Joint Stock Company Kyrgyzkurulush.

Participants may submit their bids to:

         Motornaya Str. 2a   
         L. Tolstogo Str. 20
         Osh, Bishkek
         Kyrgyzstan
         Tel: (0-517) 75-27-59
              (0-502) 52-39-32
              (+996 312) 64-55-46


VESTA-TOKMOK: Public Auction Scheduled for June 23
--------------------------------------------------
The bidding organizer and insolvency manager of the LLC Vesta-
Tokmok will auction the company's knitting equipment complex to
the public on June 23, 10:00 a.m. at:

         Ovcharova Str. 39-a
         Tokmok
         Kyrgyzstan

for a starting price of EUR1,043,452.   The Company disclosed
that the starting price for the auctioned asset has been reduced
by 25%.

Bidders have until 2:00 p.m., June 22, to deposit an amount
equivalent to 10% of the starting price to:

         The Lenin Department of the OJSC Kyrgyzpromstroibank
         Settlement Account No. 1020002000271781
         MFO 102002

or to the cashier of LLC Vesta-Tokmok.

Participants may submit their bids to:

         Room 310
         L. Tolstogo Str. 114
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 65-94-34
              (0-502) 53-60-48


VZRYVPROM: Creditors' Meeting Slated for June 22
------------------------------------------------
The temporary insolvency manager of the JSC Vzryvprom will
discuss his final report during a creditors' meeting on June 22,
10:00 a.m. at:

         JSC Vzryvprom
         L.Tolstogo Str. 20
         Bishkek
         Kyrgyzstan

Proxies must have authorization to vote.  

Inquiries can be addressed to: (+996 312) 64-55-46 or (0-517)
75-27-59.


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


ROYAL AHOLD: U.S. District Court Okays Class Action Settlement
--------------------------------------------------------------
The United States District Court for the District of Maryland in
Baltimore has entered a final order and judgment approving Royal
Ahold N.V.'s, now Koninklijke Ahold N.V., agreement with the
lead plaintiffs to settle the securities class action entitled
"In re Royal Ahold N.V. Securities & ERISA Litigation."

Under the terms of the agreement in the securities class action,
the lead plaintiffs in the securities class action agree to
settle all claims against Ahold in the securities class action
for the sum of US$1.1 billion (EUR937 million).

The settlement covers Ahold, its subsidiaries and affiliates,
the individual defendants and the underwriters.

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,   
hypermarkets and discount stores in North and South America,
Europe and Asia.  The company's chain stores includes Stop &
Shop, Giant, TOPS, Albert Heijn and Bompreco.  Ahold also
supplies food to restaurants, hotels, healthcare institutions,
government facilities, universities, stadiums, and caterers.

                        *     *     *

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


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


CARCASS-PANEL HOUSE: A. Yushkeich to Act as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Bashkortostan republic appointed Ms. A.
Yushkeich as insolvency manager for OJSC House Building Combine
of Carcass-Panel House Building (TIN 0273046300)

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-32214/05-G-MOG.

The Debtor can be reached at:

         OJSC House Building Combine of
         Carcass-Panel House Building
         Ufimskoye Shosse, 3/1
         Ufa
         Bashkortostan Republic
         Russia


DYURTYULINSKIY BRICKWORKS: Court Names External Management
----------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed R.
Akhmadee as external insolvency manager for State Unitary
Enterprise Dyurtyulinskiy Brickworks Asyan (TIN 0260002151).  
The case is docketed under Case No. A07-16135/05-G-KhRM.

The Court has commenced external management bankruptcy procedure
on the company.

The Debtor can be reached at:

         State Unitary Enterprise
         Dyurtyulinskiy Brickworks Asyan
         Asyan
         452315 Bashkortostan Republic
         Dyurtyulinskiy Region


FRUNZE: Samara Court Commences Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Samara Region has commenced bankruptcy
Supervision procedure on OJSC Frunze.  The case is docketed
under Case No. A55-1398/2006 (42).

The temporary insolvency manager is:

         Platono
         Yuzhnoye Shosse Str. 105
         Tolyatti
         445944 Samara Region
         Russia

The Debtor can be reached at:

         OJSC Frunze
         Otradnyj, Prom.zone-1
         440039 Samara Region
         Russia


LUKOIL: Develops Transport Infrastructure for Transfer Terminal
---------------------------------------------------------------
Vagit Alekperov, OAO LUKOIL President, and Vladimir Yakunin,
President of OAO Russian Railways, have signed an agreement for
developing railway transportation infrastructure around the
LUKOIL-2 distribution and transfer terminal on Vysotsky island
in the Leningrad region.

Russian Railways will carry out electrification of Pikhtovaya-
Vysotsk haulage and other procedures aimed at boosting volumes
of oil and petroleum product transported to the terminal, up to
nine million tons per year.

LUKOIL's volume of investments in the project will amount to
RUB141.5 million.

In 2005, after 1.5-km long crossover tracks around Vyborg had
been put into operation and after Pikhtovaya station
construction had been completed, train-handling capacity to
LUKOIL-2 terminal increased to up to seven million tons per
year.  LUKOIL's investment in the construction of these sites
amounted to RUB300 million.  Implementation of the project also
gave way to improve the environmental situation in Vyborg since
railway carriages with oil and petroleum products quit passing
through the town.

Currently, OAO LUKOIL and OAO Russian Railways expert groups are
working together on further development of railway
infrastructure around LUKOIL-2 terminal aiming to increase the
volume of oil and petroleum product transportation to up to 12
million tons per year.

Development of transport infrastructure around LUKOIL-2
distribution and transfer terminal is one of the key
profitability factors of the terminal, given its unique
technical specifications and advantageous geographic position.

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

                        *     *     *

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

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


OAO GAZPROM: Inks Gasification Schedule with St. Petersburg
-----------------------------------------------------------
Alexey Miller, Chairman of Gazprom's Management Committee and
Valentina Matviyenko, Governor of the city of St. Petersburg
today have signed a synchronized construction schedule for the
city's gasification facilities on June 15.

In accordance with the schedule, St. Petersburg's suburbs will
see a complex of activities aimed at preparing consumers for gas
supply by Gazprom pipelines currently under sweeping
construction as stipulated by the Gasification Program for RF
Regions over 2005 to 2007.

"The needs in such an environmentally friendly and efficient
fuel as natural gas are big not only in the industrial and
agricultural sectors but also in the tourism industry.  I am
positive that gasifying St. Petersburg's Kurortniy district
inclusive will make the northern capital's suburbs even more
attractive for Russian and foreign guests with everyday life of
the local population to become more convenient and enjoyable,"
said Alexey Miller.

Valentina Matviyenko emphasized that St. Petersburg attached big
significance to the Gasification Program for RF Regions as well
as other Gazprom projects covering construction and upgrading of
St. Petersburg's thermal power facilities.

The synchronized construction schedule for gasification
facilities identifies an activity list and implementation dates
for gas infrastructure between 2006 and 2007, and is aimed at
providing gas connections to consumers immediately after
pipeline construction.  To connect consumers, regional
authorities are to construct local and household networks, build
new or convert to gas existing boiler plants, install household
gas appliances, etc.

These schedules are part of Gazprom's Gasification Program for
RF Regions over 2005 to 2007, which is funded with RUB35
billion.  Of this amount, RUB5.2 billion was already committed
in 2005 and not less than RUB17.6 billion and RUB12.2 billion is
slated for 2006 and 2007, respectively.  Extra RUB1.1 billion
will be allocated for the reconstruction and modernization of
existing gas distribution pipelines.

At present the Russia-averaged gasification rate makes up 53%
including 60% in cities & towns and 34% in rural area.

Implementing the Gasification Program over 2005 to 2007 will
help boost gas supply to Russian regions to a 60% average by
2008 including 66% in cities & towns and 42% in rural area.

To achieve said targets, Gazprom will provide gas to 3,851
thousand apartments & households including 2,673 thousand in
cities & towns and 1,178 thousand in rural area.

The Program will enable Gazprom to convert to natural gas about
20 thousand new residential facilities, over five thousand
boiler plants in villages & settlements and more than 500
agricultural companies, with more than 12,000 km of pipelines to
be laid and some 11 million citizens of 53 Russian regions to be
serviced.

Gazprom's investment priorities for regional gasification are
based on these criteria:

   -- full payments for gas deliveries;

   -- repayment of gas debts;

   -- economic viability of projected gas infrastructure;

   -- customers' readiness to receive gas; actual loading of gas
      laterals and distribution stations; and

   -- assistance of RF regional authorities in promoting the use
      of compressed and liquefied natural gas as motor fuel.

Gazprom and the Government of St. Petersburg signed a five-year
Agreement on Cooperation on Dec. 25, 2003.

Under its Gasification Program for RF Regions, Gazprom intends
to build 19 gas pipelines in St. Petersburg's suburbs.

Over 2005 Gazprom has provided the city with more than 9 bcm of
gas.

                       About the Company

Headquartered in Moscow, Russia, OAO Gazprom --
http://www.gazprom.ru/eng-- produces 94% of the country's  
natural gas, controls 25% of the world's reserves, and is also
the world's largest gas producer.  It focuses on gas
exploration, processing, transport, and marketing.

                         *     *     *

As reported in the TCR-Europe on Jan. 18, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
OAO Gazprom to 'BB+' from 'BB'.  

As reported in the TCR-Europe on Oct 27, 2005, Fitch Ratings
upgraded Gazprom International S.A. Series 1 US$1.25-billion
structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB'
from 'BBB-'.  

The upgrade follows Fitch's upgrade of OAO Gazprom's, the
world's largest gas company, Senior Unsecured local and foreign
currency ratings to 'BB+' from 'BB', and a change in Gazprom's
going concern assessment, which is now equivalent to a 'BBB'
rating compared to 'BBB-' previously.


ROSTELECOM: Acquires Controlling Stake in Zebra Telecom
-------------------------------------------------------
Rostelecom disclosed its acquisition of a controlling stake in
Zebra Telecom.

Rostelecom acquired 99.99% of Zebra Telecom's shares from the
Starford Investments Company Limited at a total cash purchase
price of around US$13.5 million.

"The acquisition of a controlling stake in Zebra Telecom is an
important step towards further strengthening our competitive
position in the retail market," Dmitry Yerokhin, General
Director of Rostelecom, said.  "It will enable the Company to
increase its market presence, while substantially expanding the
range of services to end-customers."

Headquartered in Moscow, Russia, Rostelecom --
http://www.rostelecom.ru/en-- is Russia's national long-
distance telecommunications operator.  The Company owns and
operates a nationwide modern backbone network enabling the
provision of telecommunications services across the entire
Russian Federation.

                        *     *     *

As reported in TCR-Europe on March 30, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on
Rostelecom to 'BB-' from 'B+', reflecting the company's
strengthened financial profile.  S&P said the outlook is stable.


SAN-TEKH-ELECTRO-ASSEMBLY: Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Tyumen Region has commenced bankruptcy
Supervision procedure on LLC San-Tekh-Electro-Assembly.  The
case is docketed under Case No. A-70-604/3-06.

The temporary insolvency manager is:

         S. Chepik
         Office 305a
         Stroiteley Str. 1
         652048 Tyumen
         Russia

The Debtor can be reached at:

         LLC San-Tekh-Electro-Assembly
         Respubliki Str. 2
         Ishim
         Tyumen Region
         Russia


SOSNOOBORSKIY CREAMERY: T. Kostyukoskaya to Manage Assets
---------------------------------------------------------
The Arbitration Court of Penza Region appointed Ms. T.
Kostyukoskaya as insolvency manager for OJSC Sosnooborskiy
Creamery (TIN 5831000104).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-693/2006-37b/10.

The Debtor can be reached at:

         OJSC Sosnooborskiy Creamery
         Krasnyj Khutor.
         Sosnooborsk
         442570 Penza Region
         Russia


SOUTHERN TELECOM: Pays 2nd Coupon Income Under Series 04 Issue
--------------------------------------------------------------
Southern Telecommunications Company paid out in full the second
coupon income under UTK series 04 non-convertible interest-
bearing documentary pay-to-bearer bonds on June 14.

The coupon interest rate will be set according to the decision
on the bond issue approved by the Company's Board of Directors.  
The second coupon interest rate of 10.5% was approved by the
company's director general on Dec. 14, 2005.  Total amount of
the second coupon yield payable under all UTK series 04 bonds
made RUB130.9 million.  The coupon income under one bond
amounted to RUB26.18.

The cut-off date of the register of the holders of UTK series 04
bonds for the second coupon income payment was 6th June 2006.

Payment agent of series 04 bond issue is NP "NDC".

                      Bond Issue Details

The bond issue is for a total of RUR5 billion, with a RUR1,000
face value for each bond.  The Bond issue provides for 16 coupon
periods of 91 days each.  

During the competition held on the starting day of the bond
placement, the first coupon interest rate was set at 10.5% per
annum, with effective yield to maturity at 10.5%.  The interest
rates on the second, third and fourth coupons are equal to the
first coupon interest rate.  The interest rate on the coupons
from 5th to 16th is fixed by the Issuer at 10.0%.  The coupon
yield is accrued on the unredeemed part of a bond's nominal
value.

Under the terms of the Decision of the bond issue, it is assumed
that the face value of each 04-series bond will be redeemed
consistently by installments within these deadlines:

    * on the fourth coupon payment date each bond is to be
      redeemed partly at 10% of its face value;

    * on the sixth coupon payment date each bond is to be
      redeemed partly at 15% of its face value;

    * on the eighth coupon payment date each bond is to be
      redeemed partly at 10% of its face value;

    * on the tenth coupon payment date each bond is to be
      redeemed partly at 15% of its face value;

    * on the fourteenth coupon payment date each bond is to be
      redeemed partly at 25% of its face value; and

    * on the sixteenth coupon payment date each bond is to be
      redeemed at the remaining 25% of its face value.

CJSC "AVK Investment Company" acts as the Financial Consultant
of 04-series bond issue.  NP acts as the Payment Agent and
Depositary providing for the centralized custody of the Bond
issue with LLC UTK-Finance acting as Underwriter for the issue.

                      About the Company

Headquartered in Krasnador, Russia, Southern Telecommunications
Co. -- http://www.stcompany.ru/-- provides local, long-
distance, and cellular telephone, paging and telegraph services.

                        *     *     *

Southern Telecommunications carries Moody's Investors' Service's
Caa1 issuer rating and B3 long-term corporate family rating
since 2004.  Standard & Poor's also assigned junk ratings to the
Company's issuer credit in 2005.


STROY-TRUST: Bankruptcy Hearing Slated for July 11
--------------------------------------------------
The Arbitration Court of Orenburg Region will convene on July 11
at 11:20 a.m. to hear the bankruptcy Supervision procedure on
LLC Building Company Stroy-Trust.  The case is docketed under
Case No. A47-17720/05-14GK.

The temporary insolvency manager is:

         N. Ersho
         Post User Box 1914
         443052 Samara
         Russia

The Debtor can be reached at:

         LLC Building Company Stroy-Trust
         Shafeea Str. 21
         450007 Orenburg
         Russia


SYZRANSKAYA FURNITURE: Bankruptcy Hearing Slated for June 27
------------------------------------------------------------
The Arbitration Court of Samara Region will convene on June 27
at 1:00 p.m. to hear the bankruptcy Supervision procedure on
CJSC Syzranskaya Furniture Factory.

The temporary insolvency manager is:

         Y. Lein
         Office 301
         Moskoskoye Shosse
         Kieskaya Str. 1
         446001 Samara
         Russia

The Debtor can be reached at:

         CJSC Syzranskaya Furniture Factory
         Khalynskaya Str. 83
         Syzran
         446012 Samara Region
         Russia


VNESHTORGBANK: Issues US$90-Million Mortgage-Backed Securities
--------------------------------------------------------------
JSC Vneshtorgbank has issued securities within the framework of
a project designed to support its proprietary mortgage loan
portfolio.  The total volume of the issue is expected to reach
US$90 million.

The transaction was arranged by Barclays and HSBC, and with the
support of the International Financial Corporation.

This is the first time mortgage-backed securities have ever been
issued in Russia.  And it is also the first time Russian
securities have been assigned an A1 rating by Moody's, and a BB+
rating by Fitch.  The securities will be placed on European
markets with a 29-year maturity.

"Undoubtedly, this transaction will gear up long-term financing
facilities channeled into mortgage business not only by
Vneshtorgbank, but also by other Russian banks, which will
finally allow offering lower interest rate mortgage loans to
households," the Company said in a statement.

                      About the Company

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.  As of
Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

At the beginning of 2006, VTB purchased a 98% stake in the Bank
Mriya located in Ukraine.  VTB has operated under a full banking
License No. 1000 from the Central Bank of the Russian Federation
since 1990.  With 23,145 employees as of Dec. 31, 2005, the
Group operates in the commercial banking sector including
deposit taking and commercial lending, support of clients'
export/import transactions, foreign exchange, securities
trading, and trading in derivative financial instruments.  The
Government of the Russian Federation is the main shareholder of
VTB and owns through the Federal Property Management Agency
99.9% of its registered share capital.  

                        *     *     *

As reported in TCR-Europe on March 30, Fitch Ratings assigned
Russia's JSC Vneshtorgbank a Local Currency Issuer Default
Rating of BBB.  VTB's other ratings are Foreign Currency IDR
BBB/Stable Outlook, Short-term F3, Support 2, and Individual
C/D.


YANIKOSKOYE: Chuashiya Court Begins Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Chuashiya republic has commenced
bankruptcy Supervision procedure on OJSC Yanikoskoye.  The case
is docketed under Case No. A79-485/2006.

The temporary insolvency manager is:

         B.Litti
         Room 216
         Tekstilshiko Str. 10
         Cheboksary
         Chuashiya Republic
         Russia


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


BANKINTER 2: Moody's Rates EUR10.7-Mln Class D Notes at Ba3
-----------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to the debt to be issued by Bankinter 2 PYME, FTA:

   -- EUR49.0 million Series A1 notes: (P)Aaa;
   -- EUR682.0 million Series A2 notes: (P)Aaa;
   -- EUR16.2 million Series B notes: (P)Aa3;
   -- EUR27.5 million Series C notes: (P)Baa2;
   -- EUR10.7 million Series D notes: (P)Ba3; and
   -- EUR14.6 million Series E notes: (P)C.

Bankinter 2 PYME, FTA is a securitization of loans to small- and
medium-sized enterprises (SMEs) carried out by Bankinter outside
of the scope of any of the Spanish guarantee programs for SME
loan-backed deals.

Strong features within this deal include, among others:

   -- extensive historical default and recovery information
      provided by Bankinter;

   -- an 18-month artificial write-off mechanism;

   -- good diversification of the pool in terms of geography;

   -- the fact that the management company will elect the loans
      from the provisional pool that will result in the least
      concentrated securitized pool; and

   -- the good performance of Bankinter's previous SME deal.

Weaker features include:

   -- the limited amount of spread in the transaction;
   
   -- the pro-rata amortization of the notes; and

   -- the negative impact of the interest deferral trigger on
      the subordinated series.

These increased risks were reflected in the credit enhancement
calculation.

The provisional pool of underlying assets comprised, as of May
2006, a portfolio of 5,186 loans granted to 4,690 borrowers, all
of which are Spanish enterprises.  The loans have been
originated between 1997 and Oct. 2005, with a weighted average
seasoning of 2.2 years and a weighted average remaining life of
11.1 years.  The weighted average interest rate is 3.28%, with
all the loans linked to floating reference rates.  81.5% of the
outstanding of the portfolio is secured by a first-lien mortgage
guarantee over different type of properties, with a weighted
average loan to value equal to 52.6%.  The pool is well
diversified in terms of geography, given the nationwide presence
of the originator, and is around 40% concentrated in the
buildings and real estate sector according to Moody's industry
classification.  At closing, there will be no loans more than 30
days in arrears.

Moody's based the provisional ratings primarily on:

   -- an evaluation of the underlying portfolio of loans;

   -- historical performance information;

   -- the swap agreement hedging the interest rate risk;

   -- the credit enhancement provided through the GIC accounts,
      the pool spread, the reserve fund and the subordination of
      the notes; and

   -- the legal and structural integrity of the transaction.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only reflect Moody's
preliminary credit opinions regarding the transaction.  Upon a
conclusive review of the final pool of assets and the final
documentation, Moody's will endeavor to assign a definitive
rating to the notes.  A definitive rating, if any, may differ
from a provisional rating.

The provisional ratings address the expected loss posed to
investors by the legal final maturity (May 16, 2043).  In
Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal at par with respect
to the Series A1, A2, B, C and D notes, and for ultimate payment
of interest and principal at par with respect to the Series E
notes, on or before the final legal maturity date.  Moody's
ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed,
but may have a significant effect on yield to investors.


=============================
S L O V A K   R E P U B L I C
=============================


* Moody's Presents New National Scale Rating for Slovak Republic
----------------------------------------------------------------
Moody's Investors Service introduced a new National Rating Scale
for use in Slovakia on June 15.

The new rating scale provides a ranking of relative
creditworthiness including relevant external support in Slovakia
and will use Moody's globally recognized rating symbols,
modified with a '.sk' marker.  Moody's Investors Service will
continue to issue within Slovakia global scale ratings
comparable internationally, which would not carry the '.sk'
marker.

"Investors and other users of credit ratings have found National
Scale Ratings to be helpful in providing greater differentiation
among credits within a country, says Frederic Drevon, Senior
Managing Director - Europe.  "In Slovakia, this is particularly
beneficial since global scale ratings for most domestic issuers
are clustered around a more narrow rating range, and the Slovak
national rating scale divides the ratings more finely within
these clusters," adds Drevon. Overall, Moody's believes NSRs
provide enhanced transparency regarding the local credit market
environment.

"NSRs will benefit Slovak issuers that are active in the
developing domestic capital markets, particularly in the banking
sector as Slovak financial institutions adhere to Basel II
requirements," says Petr Vins, General Manager - Moody's Central
Europe.  Moody's introduction of NSRs in Slovakia coincides with
the strong development of the country's mutual fund sector and
potential pension reforms that could accelerate growth in the
Slovak capital markets.

Moody's has also published a Rating Methodology entitled
"National Scale Ratings in Slovakia", which provides a detailed
explanation of how Moody's develops and implements national
scale systems.

National Scale Ratings can be understood as a relative ranking
of creditworthiness including relevant external support within a
particular country.  While the symbols and definitions are
consistent with National Scale Rating systems in other countries
where Moody's provides such ratings, National Scale Ratings are
not designed to be compared among countries as are Moody's
global scale ratings; rather, they address relative credit risk
within a given country.  The use of National Scale Ratings by
investors is only appropriate within that portion of a portfolio
that is exposed to a given country's local market, not taking
into consideration the various risks implied by that country's
foreign currency ceiling or its local currency guideline.

Moody's Investors Service -- http://moodys.com/-- is a leading  
provider of credit ratings, research, and risk analysis.  The
firm's ratings and analysis track over US$35 trillion of debt
covering approximately 170,000 corporate, government and
structured finance securities, over 100,000 public finance
obligations, 10,000 corporate relationships, and 100 sovereign
nations. Moody's also publishes credit opinions, research and
commentary that reach more than 2,600 institutions and 16,500
users around the globe.  Moody's Investors Service is a
subsidiary of Moody's Corporation (NYSE: MCO), which employs
approximately 2,900 employees in 22 countries and had revenue of
US$1.7 billion in 2005.  


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


* S&P Affirms Turkey's Low-B Foreign Currency Ratings
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
and 'B' short-term foreign currency, and its 'BB' long-term and
'B' short-term local currency sovereign credit ratings on the
Republic of Turkey.  The outlook is positive.  At the same
time, Standard & Poor's affirmed its 'trAA+' long-term and'trA-
1' short-term national scale ratings on Turkey.
     
"Despite recent volatility in Turkish financial markets, we
consider that the ratings on Turkey remain well supported at
their current level by a sound fundamental economic story, given
the government's continued commitment to prudent macroeconomic
policies," said Standard & Poor's credit analyst Farouk
Soussa.

"Turkey's economic and fiscal performance since 2002 has been
exemplary, with the government meeting strict fiscal and
macroeconomic targets set under two successive IMF programs."
     
Although some slippage on the economic front is likely in 2006,
particularly with respect to the inflation and current account
targets, we expect the primary fiscal surplus to exceed the
program target of 6.5% of GNP, given the recent announcement
that the government will also pursue specific expenditure
targets.
     
These positive trends are expected to continue in the medium
term, despite scope for more market volatility ahead of
presidential and general elections in 2007, as macroeconomic
prudence will be anchored by the new IMF agreement and progress
on EU accession, for which talks started in October
2005.

The ratings are constrained by Turkey's continued vulnerability
to domestic and external financing shocks.  The government debt
and interest payments are projected to decline, but given the
relatively short maturity structure of borrowing, if the
deterioration in financing conditions witnessed in recent weeks
were to prove sustained, it would jeopardize the debt
trajectory. Moreover, we expect the current account deficit to
widen further to almost 7% of GDP in 2006, although these
external financing needs will be partly filled by foreign direct
investment, which is set to rise sharply in 2006, as the
government's privatization agenda progresses.

Accession talks with the EU and IMF support for the government's
economic program are creating a strong platform for future
rating improvements.  In the case of the former, although it is
expected that minor sporadic crises will occur, particularly
over relations with Cyprus, these are not expected to derail the
accession process.
     
"Continued fiscal consolidation and progress on structural
reform will also have a positive effect on the ratings," said
Mr. Soussa.  

"Conversely, severe policy slippage that jeopardizes current
macroeconomic achievements would put downward pressure on the
ratings, as would any major threats to the ongoing EU accession
talks."


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


AGROLEND: Kyiv Court Begins Bankruptcy Supervision
--------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on CJSC Agrolend (code EDRPOU 31088347).  
The case is docketed under Case No. 23/106-b.  

The temporary insolvency manager is:

         Kostyantin Paniotov
         Lyatoshinskij Str. 2/100
         Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         CJSC Agrolend
         Shors Str. 29
         01133 Kyiv Region
         Ukraine


GRANIT PLUS: Court Appoints S. Kravtsov as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Harkiv Region appointed Mr. S. Kravtsov as
Liquidator/Insolvency Manager for LLC Granit Plus (code EDRPOU
32938529).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 4.  The case is docketed
under Case No. B-19/31-06.

The Economic Court of Harkiv Region is located at:

         8th Entrance
         5 Derzhprom
         Svobodi Square
         61022 Harkiv
         Ukraine

The Debtor can be reached at:

         LLC Granit Plus
         Dzherelyanska Str. 2
         Lubotin
         62433 Harkiv Region        
         Ukraine


PROGRES: Court Names Mihajlo Grishin Insolvency Manager
-------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Mihajlo
Grishin as Liquidator/Insolvency Manager for LLC Agrofirm
Progres (code EDRPOU 30912514).  He can be reached at:

         Mihajlo Grishin
         Kujbishev Str. 1-a/18
         49027 Dnipropetrovsk Region
         Ukraine
         Phone: (056) 374-61-20

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 14.  The case is docketed
under Case No. B 26/100/05.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Agrofirm Progres
         Yanvarske
         Pokrovskij District
         53629 Dnipropetrovsk Region


ROZDILSKIJ BRICK: Donetsk Court Freezes Debt Payment
----------------------------------------------------
The Economic Court of Donetsk Region ordered a moratorium on
satisfaction of creditors' claims after commencing bankruptcy
supervision procedure on OJSC Rozdilskij Brick Plant (code
EDRPOU 31638894) on April 18.  The case is docketed under Case
No. 42/66B.  

The temporary insolvency manager is:

         Oleksandr Polishuk
         Vorovskij Str. 5/1
         83045 Donetsk
         Ukraine

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk
         Ukraine

The Debtor can be reached at:

         OJSC Rozdilskij Brick Plant
         Zarichna Str. 63
         Artemivsk
         84500 Donetsk Region
         Ukraine


SHEVCHENKIVSKE: Court Names Yurij Arhipov to Liquidate Assets
-------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Yurij Arhipov
as Liquidator/Insolvency Manager for LLC Agrofirm Shevchenkivske
(code EDRPOU 31734514).  He can be reached at:

         Radishev Str. 85
         69013 Zaporizhya Region
         Ukraine
         Tel: 8 (0612) 17-98-59

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 13.  The case is docketed
under Case No. 25/249.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Agrofirm Shevchenkivske
         Miru Str. 73
         Shevchenkivske
         Zaporizhya District
         70433 Zaporizhya Region
         Ukraine


TULCHIN-MLIN: Vinnitsya Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
supervision procedure on LLC Tulchin-Mlin (code EDRPOU
32074749).  The case is docketed under Case No. 5/53-06.

Ms. M. Timarska has been appointed temporary insolvency manager.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21100 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         LLC Tulchin-Mlin
         Mihajlivka
         Tulchin District
         23633 Vinnitsya Region
         Ukraine


UKRMETAL: Kyiv Court Starts Bankruptcy Supervision
--------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on Ukrainian State Enterprise Ukrmetal
(code EDRPOU 01886649) April 12.  The case is docketed under
Case No. 15/293-b.  

Mr. O. Zavora has been appointed temporary insolvency manager.  

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         Ukrainian State Enterprise Ukrmetal
         Garmatna Str. 4
         03067 Kyiv Region
         Ukraine


VERSTATOLIV: Court Appoints Denis Frolov as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Denis
Frolov as Liquidator/Insolvency Manager for LLC Verstatoliv
(code EDRPOU 30335237).  He can be reached at:

         Denis Frolov         
         Office 406
         Plehanov Str. 18
         49000 Dnipropetrovsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 13.  The case is docketed
under Case No. B 29/153/05.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Verstatoliv
         Krasnozavodska Str. 14
         49038 Dnipropetrovsk Region
         Ukraine


ZAKARPATNAFTA: Donetsk Court Freezes Debt Payment
-------------------------------------------------
The Economic Court of Donetsk Region ordered a moratorium on
satisfaction of creditors' claims after commencing bankruptcy
supervision procedure on LLC Zakarpatnafta (code EDRPOU
20466479) on April 18.  The case is docketed under Case No.
42/67 B.  

The temporary insolvency manager is:

         Oleksandr Polishuk
         Vorovskij Str. 5/1
         83045 Donetsk
         Ukraine

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Zakarpatnafta
         Zarichna Str. 63
         Artemivsk
         84500 Donetsk Region
         Ukraine


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


A & A DIGITAL: Claims Filing Period Ends Aug. 8
-----------------------------------------------
Creditors of A & A Digital Copiers Limited have until Aug. 8 to
send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) to appointed Liquidator, Michael Francis
McCarthy, of Walletts Insolvency Services.

The company can be reached at:

         A & A Digital Copiers Limited
         Unit 5
         Northside Business Park
         Hawkins Lane
         Burton-on-Trent
         Staffordshire DE141DB
         United Kingdom
         Tel: 01283 525 900


ACKERMANS CHOCOLATES: Appoints T. Papanicola as Administrator
-------------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed administrator
of Ackermans Chocolates Limited (Company Number 01371153) on
May 23.

The administrator can be contacted at:

         Bond Partners LLP
         The Grange
         100 High Street
         London N14 6TG
         United Kingdom
         Tel: 020 8444 2000
         Fax: 020 8444 3400

Headquartered in London, Ackermans Chocolates Limited
manufactures cocoa, chocolate and confectionery.


ADAL GROUP: Administrators Sell Assets as Going Concern
-------------------------------------------------------
The Joint Administrators, Philip Long, David Merrygold and
Philip Armstrong of PKF (U.K.) LLP offer for sale as a going
concern the businesses and assets of the ADAL Group.

Features:

   -- Several well-established manufacturing and engineering
      businesses providing aluminum extrusion and cladding
      services to U.K. and continental European customer;

   -- Holds five percent of the U.K. market;

   -- Freehold manufacturing factory and office premises based
      in Witham, Essex and St. Albans, Herts;

   -- Combined turnover for the 12 months ending Dec. 31, 2005
      amounted to GBP18 million; and

   -- Combined workforce of 223 employees

Inquiries can be addressed to:

         Sue-Anne Hine
         PKF (U.K.) LLP
         Farringdon Place
         20 Farringdon Road
         London EC1M 3AP
         United Kingdom
         Fax: 020 7065 0525
         E-mail: sue-anne.hine@uk.pkf.com

PKF (U.K.) LLP -- http://www.pkf.co.uk/-- is one of the UK's  
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.


ALLENS LIMITED: Taps Joint Administrators from Menzies
------------------------------------------------------
Paul John Clark and Jason James Godefroy of Menzies Corporate
Restructuring were appointed joint administrators of Allens
Limited (Company Number 04196618) 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.

Allens Limited wholesales meat and meat products.


AQUILA PLC: Fitch Affirms GBP3.35-Mln Class E Securities at BB
--------------------------------------------------------------
Fitch Ratings affirmed all tranches of three Eclipse
transactions.

Aquila (Eclipse 2005-1) PLC:

   -- GBP366.97 million Class A due Oct 2016 at AAA;
   -- GBP20 million Class B due Oct 2016 at AA+;
   -- GBP20.5 million Class C due Oct 2016 at A+;
   -- GBP19.8 million Class D due Oct 2016 at BBB; and
   -- GBP3.35 million Class E due Oct 2016 at BB.

Bellatrix (Eclipse 2005-2) Plc:

   -- GBP271.24 million Class A due Jan 2017 at AAA;
   -- GBP33.11 million Class B due Jan 2017 at AAA;
   -- GBP34.57 million Class C due Jan 2017 at AA; and
   -- GBP25.81 million Class D due Jan 2017 at A.

Draco (Eclipse 2005-4) Plc:

   -- GBP209.68 million Class A due 2017 at AAA;
   -- GBP17.1 million Class B due 2017 at AAA;
   -- GBP15.7 million Class C due 2017 at AA;
   -- GBP22.8 million Class D due 2017 at A; and
   -- GBP12.1 million Class E due 2017 at BBB.

The rating action follows Fitch's review of the latest investor
reports issued recently by the servicer for all three
transactions.

Out of the three transactions, Aquila (Eclipse 2005-1) Plc is
the only securitization that raises concerns.  One of the 10
loans in the portfolio has been placed on a watch list by the
servicer.  The One Leicester Square loan is secured against a
single property, which is predominantly let for leisure but has
also some retail units on a ground floor.  There has been a
recent history of tenant default in relation to floors 3, 4 and
5, resulting in forfeiture action approved by the borrower
servicer's.  The vacant space is currently under negotiation
subject to late licensing approvals being granted.

It is expected that rent from a prospective tenant will be lower
than that for the lease forfeit and, therefore, the servicer
intends to seek agreement with the borrower to provide
appropriate level of escrow to cover any shortages.  In
addition, another tenant occupying the corner retail unit and
the broadcasting accommodation on floors 1 and 2 has also
vacated.  However, as the break option can be only exercised in
June 2010 upon 12 months notice, the tenant is liable to pay the
rent until then.

The vacancy rate now stands at 3.94% of the estimated rental
value, up from 0.91% at closing in March 2005.  The weighted
average interest coverage ratio of this deal has decreased to
1.63x in April 2006 from 1.78x at closing.  Its weighted average
debt service coverage ratio has also worsened to 1.52x from
1.69x at issuance, while the weighted average loan-to-value
ratio has improved only slightly to 60.07% from 61.53%.

There has been some small reduction of the outstanding
collateral balance, following two substitutions and a prepayment
of one property within the Great Victoria loan in Q405.  As a
result of the changes in the portfolio, the value of the
mortgaged properties has decreased to GBP720.18 million in April
2006 from GBP732.06 million.

Despite the negative trends, Fitch considers that the strength
of the collateral backing Aquila's transaction is strong enough
to warrant the affirmation of all the note tranches of this
deal.

Bellatrix (Eclipse 2005-2) Plc and Draco (Eclipse 2005-4) Plc
are performing in line with Fitch's expectations.  Only
approximately 2% of the outstanding notes balances have been
paid off in both cases.

In the Bellatrix portfolio, the Princess Street and Maddox
Street loan has prepaid, leaving 12 outstanding commercial
mortgages.  The WA ICR ratio has increased slightly to 1.49x in
April 2006 from 1.45x at issuance in August 2005, while the DSCR
and LTV ratios have remained almost the same.  The current value
of the portfolio accounts for GBP513.24 million, compared with
GBP526.39 million at issuance.  The vacancy rate has decreased
to 1.5% from 2.55%.

Little change has been seen in the performance of the Draco
transaction.  During the lifetime of the deal, the WA ICR ratio
of the portfolio has remained stable at 1.5x.  The WA DSCR ratio
has hardly moved.  The WA LTV ratio has improved only slightly
to 66.83% from 67.12%.  The vacancy rate stands currently at
2.67% in comparison with 2.49% at closing.  The current value of
the portfolio is GBP427.62 million, the same as at issuance in
August 2005.

All Eclipse transactions are securitizations of U.K. commercial
mortgage loans originated by Barclays Bank PLC.  The loans are
backed by properties spread across the U.K.


BRITISH AIRWAYS: Trustee Sells 44,921 Units in Share Scheme
-----------------------------------------------------------
Computershare Trustee Limited, the trustee of the British
Airways Employee Benefits Trustees (Jersey) Limited notified
British Airways PLC that the Trust sold on June 15, 44,921
ordinary shares of 25 pence each at a price of 358.25 pence per
share.

The executive directors of the Company, as well as other
employees of the Company, are potential beneficiaries of the
Trust.  As such, they are deemed to be interested in the shares
held by the Trust.  Accordingly, the number of shares in which
the directors are interested decreased by 44,921 on the date of
sale.

The relevant executive directors are Willie Walsh, Martin George
and Keith Williams.

                      About the Company

Headquartered in West Drayton, England, British Airways Plc --
http://www.ba.com/-- is the UK's largest international  
scheduled airline, flying to over 550 destinations.  The British
Airways group consists of British Airways Plc and a number of
subsidiary companies including in particular British Airways
Holidays Limited and British Airways Travel Shops Limited.

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


CHEMIX PLC: Administrators Sell Business as Going Concern
---------------------------------------------------------
D. J. Whitehouse and S. Wilson, in their capacity as joint
administrators for Chemix plc, are selling the Company's
business and assets as a going concern to both the UPVC window
and cellular foam markets.

The company, established for more than 25 years, reports a GBP40
million historic turnover annually.  It holds significant stock
and finished goods from its leased premises in Stockport, and
Greater Manchester.

Inquiries can be addressed to:

         Kroll Limited
         The Observatory
         Chapel Walks
         Manchester M2 1HL
         United Kingdom
         Tel: 0161 838 4500
         Fax: 0161 838 4501

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Headquartered in Stockport, England, Chemix plc --
http://www.chemix.com/-- supplies compound to both the UPVC  
window and cellular profile markets.


GVG DISTRIBUTION: Taps Baker Tilly to Liquidate Assets
------------------------------------------------------
GVG Distribution Limited is liquidating its assets after
creditors found out the company could no longer continue its
operations due to liabilities.

Andrew White and Susan Agnes Maund, of Baker Tilly, were
appointed Joint Liquidators.

The company can be reached at:

         GVG Distribution Limited
         Pattenden Lane
         Marden Tonbridge
         Kent TN129QJ
         United Kingdom
         Tel: 01622 833 308
         Fax: 01622 832 341


H.C. HILL: Creditors' Meeting Slated for June 20
------------------------------------------------
Creditors of H.C. Hill Limited (Company Number 1863546) will
meet at 2:00 p.m., on June 20 at:

         1 Kings Avenue
         Winchmore Hill
         London N21 3NA
         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:

         C. M. Iacovides
         Administrator
         Jeffreys Henry Jacobs
         1 Kings Avenue
         Winchmore Hill
         London EC1V 2NJ
         United Kingdom
         Tel: 0845 260 0590


INTRIGUE DESIGNS: Creditors Confirm Voluntary Liquidation
---------------------------------------------------------
Creditors of Intrigue Designs Limited confirmed the company's
voluntary liquidation during an extraordinary general meeting on
March 30.

Creditors also ratified the appointment of Timothy Simon
Cockcroft, of Timothy S Cockcroft, as Liquidator.

The company can be reached at:

         Intrigue Designs Limited
         Hobsons International House
         Brunel Drive
         Newark Nottinghamshire NG242EG
         United Kingdom
         Tel: 0115 943 6789


K & S COMMUNICATION: Creditors Pass Winding Up Resolution
---------------------------------------------------------
Creditors of K & S Communication Limited passed a resolution to
wind up the company's operations during an extraordinary general
meeting on March 29.

Subsequently, Kirankumar Mistry was appointed Liquidator.

The company can be reached at:

         K & S Communication Limited
         13 Southgate Parade
         Crawley
         West Sussex RH106ER
         United Kingdom
         Tel: 01293 611 555


LAS REALISATIONS: Creditors Resolve to Liquidation
--------------------------------------------------
Creditors of Las Realisations Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
March 28.

Simon Peter Bower, RSM Robson Rhodes LLP, was appointed
Liquidator.

The company can be reached at:
         
         Las Realisations Limited
         Saxon House
         Downside
         Sunbury-on-Thames
         Middlesex TW166RT
         United Kingdom
         Tel: 01932 765 844


LEWIS & WAYNE: Names Piper Thompson as Administrator
----------------------------------------------------
Tony James Thompson of Piper Thompson was appointed
administrator of Lewis & Wayne Limited (Company Number 516457)
on May 23.

The administrator can be contacted at:

         Piper Thompson
         Mulberry House
         53 Church Street
         Weybridge
         Surrey KT13 8DJ
         United Kingdom
         Tel: 01932855515

Headquartered in Bromley, United Kingdom, Lewis & Wayne Limited
is engaged in dry cleaning and laundry services.


LMC STREATHAM: Creditors' Meeting Slated for June 20
----------------------------------------------------
Creditors of LMC Streatham Limited (Company Number 01373600)
will meet at 10:00 a.m., on June 20 at:

         BDO Stoy Hayward LLP
         8 Baker Street
         London W1U 3LL
         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:

         Antony David Nygate and Shay Bannon
         Joint Administrative Receivers
         Bdo Stoy Hayward LLP
         8 Baker Street
         London W1U 3LL
         United Kingdom
         Tel: 020 7486 5888
         Fax: 020 7487 3686
         
BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the U.K. member  
firm of BDO International, the world's fifth largest accountancy
network with more than 600 offices in 100 countries.  Its
services include: audit and assurance, business restructuring,
corporate finance, disputes and investigations, investment
management, risk assurance services, tax services, and
valuations.


MOLLOY EUROPEAN: Appoints Administrators from Smith & Williamson
----------------------------------------------------------------
Anthony Murphy, Roger Tulloch and Robert Horton of Smith &
Williamson Limited were appointed joint administrators of Molloy
European Transport Services Limited (Company Number 03378317) on
May 24.

Smith & Williamson -- http://www.smith.williamson.co.uk/-- is  
an independent professional and financial services group
employing over 1,200 people.  It is the leading provider of
investment management, financial advisory and accountancy
services to private clients, professional practices, mid to
large corporates and non-profit organizations.

Molloy European Transport Services Limited can be reached at:

         West Bank Terminal
         Wherstead Road
         Ipswich IP2 8LY
         Tel: 01473 603 038


MISYS PLC: Morgan Stanley Steps Down as Corporate Broker
--------------------------------------------------------
Misys PLC confirmed that Morgan Stanley resigned as Misys'
corporate broker effective immediately.

The Company retains JPMorgan Cazenove as sole corporate broker.

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.


ORANGE GROVE: Financial Woes Prompt Liquidation
-----------------------------------------------
Orange Grove Estates Limited is winding up its operations after
creditors established the company could no longer continue its
business due to mounting debts.

Carl Jackson and Nigel Fox, Licensed Insolvency Practitioners,
of Tenon Recovery, were appointed Joint Liquidators.

The company can be reached at:

         Orange Grove Estates Limited
         Flat 1
         29-39 London Road
         Twickenham TW1 3SZ
         United Kingdom
         Tel: 01722 327 629


SCORPION LIFTING: Names Andrew James Nichols to Liquidate Assets
----------------------------------------------------------------
Andrew James Nichols, of Redman Nichols, was appointed
Liquidator of Scorpion Lifting Systems Limited after creditors
decided to wind up the company during an extraordinary general
meeting on March 31.

The company can be reached at:

         Scorpion Lifting Systems Limited
         Unit 1
         Tupton Way
         Holmewood Industrial Park
         Holmewood Chesterfield
         Derbyshire S42 5BX
         United Kingdom
         Tel: 01246 855 220
         Fax: 01246 201 865


SIXTEN LEISURE: Taps P&A Partnership to Administer Assets
---------------------------------------------------------
Allan Cooper and Christopher Michael White of The P&A
Partnership were appointed joint administrators of Sixteen
Leisure Limited (Company Number 04945052) on May 18.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- is a member firm of the  
Insolvency Practitioners Association and the Association of
Business Recovery Professionals (R3) and act for all clearing
banks and a growing number of factors and asset lenders.

Headquartered in Barnsley, United Kingdom, Sixteen Leisure
Limited is a public house.


STILLFRAME LIMITED: Brings In Recovery HJS as Administrator
-----------------------------------------------------------
Gordon John Johnston and Shane Biddlecombe of Recovery HJS were
appointed joint administrators of Stillframe Limited (Company
Number 03877018) on May 23.

The administrators can be contacted at:

         Recovery HJS
         12-14 Carlton Place
         Southampton
         Hampshire SO15 2EA
         United Kingdom
         Tel: 023 8023 4222
         Fax: 023 8023 4888
         E-mail: gordon.johnston@hjsaccountants.co.uk

Headquartered in Horsham, United Kingdom, Stillframe Limited
installs and supplies CCTV and Audio Visual.


TARONBOND LIMITED: Appoints Joint Administrators from Menzies
-------------------------------------------------------------
Paul John Clark and Jason James Godefroy of Menzies Corporate
Restructuring were appointed joint administrator of Taronbond
Limited (Company Number 04363297) on May 25.

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.

Taronbond Limited can be reached at:

         180 Wardour Street
         London W1F 8FY
         United Kingdom
         Tel: 020 7518 3166


TAMBAR PRODUCTIONS: Brings In Liquidators from Acre House
---------------------------------------------------------
Stephen Katz and David Birne, of Acre House, were appointed
Joint Liquidators of Tambar Productions Limited after creditors
moved to liquidate the company's assets on April 4.

The company can be reached at:

         Tambar Productions Limited
         23 Crown Gardens
         Brighton BN1 3LD
         United Kingdom
         Tel: 01273 207 005


WHY CREATE: Taps J.N. Bleazard to Liquidate Assets
--------------------------------------------------
J.N. Bleazard, of XL Business Solutions Limited, was appointed
Liquidator of Why Create Media Limited after creditors agreed to
wind up the company on April 4.

The company can be reached at:

         Why Create Media Limited
         2 Margate
         Woodlesford
         Leeds LS268PB
         United Kingdom
         Tel: 0113 234 5556


WORLDWIDE TRANSPORT: Hires Liquidator from PB Recovery Limited
--------------------------------------------------------------
Worldwide Transport Services Limited is liquidating its assets
after creditors passed a resolution to wind up the company on
March 31.

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

The company can be reached at:

         Worldwide Transport Services Limited
         Unit D
         Northumberland Close
         Stanwell Staines
         Middlesex TW197LN
         United Kingdom
         Tel: 01784 427 090
         Fax: 01784 420 544


WWF WHOLESALE: Hires Joint Administrators from PKF
--------------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (U.K.) LLP were appointed
joint administrators of WWF Wholesale Wooden Floors Limited
(Company Number 04128846) on May 23.

PKF (U.K.) LLP -- http://www.pkf.co.uk/-- is one of the UK's  
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

WWF Wholesale Wooden Floors Limited can be reached at:

         Unit 1 Burton Court
         Burton Street
         Sheffield S6 2HH
         United Kingdom
         Tel: 0114 234 9558


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

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

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

This material is copyrighted and any commercial use, resale or
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