TCREUR_Public/060620.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

              Tuesday, June 20, 2006, Vol. 7, No. 121

                            Headlines


A U S T R I A

A. BAYER: Court to Close Bankruptcy Case After Claims Payment
BAUMEISTER ING: Creditors Must File Claims Until June 27
C.S.INTERNATIONAL: Court Will Close Case After Claims Payment
ECKL: Claims Filing Deadline Slated for June 27
ELEKTROTECHNIK-ALTERNATIVENERGIE: Court Closes Bankruptcy Case

DACH - PROFI: Claims Registration Deadline Slated for July 3
ING. ULRICH: Claims Filing Deadline Slated for June 22
NETDISK.CC: Meeting of Creditors Slated for June 29
OFFICEXXL: Land Court of Linz Closes Bankruptcy Proceedings
PERKAL & PARTNER: Claims Filing Deadline Slated for June 22

ROTATION: Claims Filing Deadline Slated for June 26
THALMO: Claims Filing Deadline Slated for June 26
WEHOFER: Claims Filing Deadline Slated for June 22


B E L G I U M

L.V.I. HOLDING: S&P Lifts Long-Term Corporate Rating to BB-


F I N L A N D

STROMSDAL OYJ: Raising Capital to Improve Cash Shortage


F R A N C E

ALSTOM SA: Inks EUR400-Million U.K Power Plant Deal
ALSTOM SA: Unveils New Pendolino Trains


G E R M A N Y

3D-LASERCUT: Claims Registration Ends July 5
ALLGEMEINE WOHNBAU: Claims Registration Ends July 3
BAUER AG: Selling 2.35 Million Shares in Upcoming IPO
BAYERISCHE LANDESBANK: Moody's Changes Outlook to Positive
BUSSE VERWALTUNGS: Claims Registration Ends July 4

ISSAM COMPUTER: Claims Registration Ends June 30
LIESEGANG OPTOELECTRONICS: Claims Registration Ends June 30
LOMKER GMBH: Creditors' Meeting Slated for July 6
NEUMANN GMBH: Claims Registration Ends July 5
SCHWAN KLIMATECHNIK: Claims Registration Ends June 30

THOMAS QUALITATSHAUS: Claims Registration Ends June 27
THOSPANN GMBH: Claims Registration Ends July 5


I T A L Y

ALITALIA SPA: Posts Improved May 2006 Traffic Results
ALITALIA SPA: Inks Sardinian Code-Sharing Deal with Meridiana
BANCA POPOLARE: Sopaf Buys Bipielle.Net & Area Life for EUR131MM
IMPREGILO SPA: Sells Contarina Stake to Priulia Consortium
INTER AUTO: Moody's Withdraws Ba3 Corporate Family Rating

MAGISTE SPA: Applies for Creditor Protection in Roman Court


K A Z A K H S T A N

AKTOBE-TREID-2004: Creditors Must File Claims by June 30
BAS U: Creditors Must File Claims by June 30
BOPLI & C: Creditors' Claims Due June 30
FARO LTD: Creditors' Claims Due June 30
MDC TRADE: Claims Registration Ends June 30

PO NERUD: Proof of Claim Deadline Slated for June 30
SRT-SERVIS: Proof of Claim Deadline Slated for June 30
TULPAR: East Kazakhstan Court Sets June 30 Claims Bar Date


K Y R G Y Z S T A N

CHUISKAYA PTISEFABRIKA: Public Auction Scheduled for July 3
FORAGAZ: Creditors Must File Claims by July 28
MBS: Creditors' Claims Due July 28
WOODWORKING ENTERPRISE: Public Auction Scheduled for June 29


N O R W A Y

AKER KVAERNER: Inks NOK700-Million Contract with Samsung
AKER KVAERNER: Wins NOK200-Million Tyrihans Sub-Sea Contract


R O M A N I A

* Moody's Places Ratings on Three Romanian Banks Under Review


R U S S I A

ALKEEVSKIY FEED: Tatarstan Court Starts Bankruptcy Supervision
ARAKCHINO: Court Appoints S. Myasniko as Insolvency Manager
KONSTANTINOSKIY CREAMERY: D. Kolyadinskiy to Manage Assets
NURLATSKAYA SEED-STATION: G. Nurie to Manage Insolvency Assets
OAO GAZPROM: Russia Mulls Taxing US$15-Billion Extra Revenues

OAO GAZPROM: Eyes US$11-Billion Investment to Double Reserves
PRIVOLZHSKOYE: Court Commences Bankruptcy Supervision
SHIP REPAIR: Sakhalin Court Begins Bankruptcy Supervision
TUYMAZINSKAYA TEXTILE: Court Taps M. Gilmutdino to Manage Assets
ZARECHYE-INEST: Court Names Pakhomo as Insolvency Manager


S P A I N

PAPERALIA SA: Declares Insolvency & Begins Liquidation Process


U K R A I N E

BORTNIKI: Vinnitsya Court Starts Bankruptcy Supervision
DONHIM: Court Taps Olga Dobrodub to Liquidate Assets
GAZ-OIL-KARPATI: Court Names O. Illyashenko as Liquidator
GOLDEN PHEASANT: Mikolaiv Court Starts Bankruptcy Supervision
KIVERTSIVSKE BREAD: Court Names A. Lipich Insolvency Manager

KOMTEHNOBUD: Court Appoints I. Fedorov as Insolvency Manager
MAGDALINIVSKIJ AGROTEHSERVICE: Court Starts Bankruptcy Process
MET-INVEST: Court Names Andrij Vershinin as Liquidator
NAFTOVIJ: Court Names I. Lavrenko Insolvency Manager


U N I T E D   K I N G D O M

BONDAPANEL LIMITED: Taps Andrew T. Clay to Administer Assets
BRITAX GROUP: S&P Withdraws B+ Corporate Credit Rating
BROADWAY WROUGHT: Brings In Liquidator from Begbies Traynor
COVERITE LIMITED: Sets Creditors' Meeting for July 3
CROSS CHANNEL: Names Duncan Roderick Morris as Administrator

DIGITAL TALK: Financial Woes Prompt Liquidation
EAGLE SERVICE: Creditors Resolve to Liquidation
EBOR SECURITY: Creditors Pass Winding Up Resolution
ENERGIE FITNESS: Brings In F.A. Simms to Administer Assets
EUROSEC LIMITED: Appoints Joint Administrators from S.F. Plant

FLOORING CONTRACTS: Begins Liquidation Procedure
JON LEWIS: Hires Liquidator from Poppleton & Appleby
LANDMARK MORTGAGE: Fitch Rates GBP6-Million Class D Notes at BB
NORTHFIELD NURSERIES: Meeting of Creditors Set for June 22
FLOORING CONTRACTS: Begins Liquidation Procedure

R.C. AUTO: Names Ian William Kings Liquidator
RESIDENTIAL MORTGAGE: Moody's Rates Class B2a Notes at (P)Ba3
RESIDENTIAL MORTGAGE: Fitch Rates GBP16-Mln Class B2 Notes at BB
SHELTONE DEVELOPMENTS: Hires PKF Joint Administrators
SHOW BUSINESS: Creditors Confirm Voluntary Liquidation

SOUL FOOD: Taps Clarke Bell as Administrator
SOUTH HERTS: Creditors' Meeting Set for June 27
STOKE CHINA: Taps Martin Williamson to Liquidate Assets
WINDERMERE VI: S&P Places Ratings on CreditWatch Positive
ZEUS GROUP: Appoints Ernst & Young as Joint Administrators

* Large Companies with Insolvent Balance Sheets

                            *********

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


A. BAYER: Court to Close Bankruptcy Case After Claims Payment
-------------------------------------------------------------
The Land Court of Wiener Neustadt will close the bankruptcy case
of LLC A. Bayer (FN 111493k) after the Debtor's final
distribution to creditors.

Creditors will receive a 1.3% recovery on account of their
claim.

Headquartered in Baden bei Wien, Austria, the Debtor declared
bankruptcy on April 20, 2004 (Bankr. Case No. 11 S 34/04t).  
Georg Rupprecht served as the court-appointed property manager
for the bankrupt estate.  


BAUMEISTER ING: Creditors Must File Claims Until June 27
--------------------------------------------------------
Creditors owed money by LLC Baumeister Ing. Reinhold Duhs (FN
197756v) have until June 27 to submit written proofs of claim to
court-appointed property manager Wolfgang Pitzal at:

         Dr. Wolfgang Pitzal
         Paulanergasse 9
         1040 Vienna
         Austria
         Tel:  587 31 11
         Fax: 587 87 50 50
         E-mail: office@heller-pitzal.at    

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 77/06w).  Hannelore Pitzal
represents Dr. Pitzal in the bankruptcy proceedings.


C.S.INTERNATIONAL: Court Will Close Case After Claims Payment
-------------------------------------------------------------
The Land Court of Salzburg will close the bankruptcy case of KEG
C.S.International Transporte Sungur (FN 232889i) after the
Debtor's final distribution to creditors.

Creditors will receive a 3.06% recovery on account of their
claim.

Headquartered in Hallein, Austria, the Debtor declared
bankruptcy on July 26, 2005 (Bankr. Case No. 44 S 44/05b).  Dr.
Thoams Stoiberer served as the court-appointed property manager
for the bankrupt estate.  


ECKL: Claims Filing Deadline Slated for June 27
-----------------------------------------------
Creditors owed money by Private Construction Enterprise Eckl (FN
250284s) have until June 27 to submit written proofs of claims
to court-appointed property manager Guenther Hodl at:

         Dr. Guenther Hodl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 16 55
         E-mail: Hoedl@anwaltsteam.at    

Creditors and other interested parties are encouraged to attend
the meeting at 12:00 noon 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 79/06i).  Dr. Andrea Simma
represents Dr. Hodl in the bankruptcy proceedings.


ELEKTROTECHNIK-ALTERNATIVENERGIE: Court Closes Bankruptcy Case
--------------------------------------------------------------
The Land Court of Leoben closed the bankruptcy case of KEG
Elektrotechnik-Alternativenergie, Richard Grube after the
Debtor's final distribution to its creditors on May 2.

Headquartered in Neuberg, Austria, the Debtor declared
bankruptcy on April 2, 1997 (Bankr. Case No. 17 S 195/97p).  
Michael Zsizsik served as the property manager for the bankrupt
estate.  


DACH - PROFI: Claims Registration Deadline Slated for July 3
------------------------------------------------------------
Creditors owed money by LLC Dach - Profi (FN 232693x) have until
July 3 to submit written proofs of claim to court-appointed
property manager Josef Hofinger at:

         Josef Hofinger
         Rossmarkt 20
         4710 Grieskirchen
         Austria
         Tel:  07248/66347,61990
         Fax: 07248/62013
         E-mail: anwaelte@hofinger-menschick.at     

Creditors and other interested parties are encouraged to attend
the first creditors' meeting at 1:00 p.m. on July 13 to consider
the revision of the rule by adoption and accountability.

The meeting will be held at:

         The Land Court of Wels
         Hall 101, 1st Floor
         Maria Theresia Str. 12
         Wels
         Austria

Headquartered in Eferding, Austria, the Debtor declared
bankruptcy on May 10 (Bankr. Case No. 20 S 57/06t).  


ING. ULRICH: Claims Filing Deadline Slated for June 22
------------------------------------------------------
Creditors owed money by LLC Ing. Ulrich (FN 256937z) have until
June 22 to submit written proofs of claim to court-appointed
property manager Stephan Riel at:

         Dr. Stephan Riel
         Reischachstrasse 3/12A
         1010 Vienna
         Austria
         Tel:  713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at      

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on July 6 to consider the revision of
the rule by adoption and accountability.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 10 (Bankr. Case No. 5 S 70/06p).  Johannes Jaksch
represents Dr. Riel in the bankruptcy proceedings.


NETDISK.CC: Meeting of Creditors Slated for June 29
---------------------------------------------------
Creditors owed money by LLC Netdisk.cc (FN 230549v) are
encouraged to attend the creditors' meeting at 9:40 a.m. on
June 29 to consider the revision of the rule by adoption and
accountability.

Headquartered in Vorarlberg, Austria, the Debtor filed for
bankruptcy protection at the Land Court of Feldkirch on May 10
(Bankr. Case No. 13 S 21/06b).  Richard Bickel served as the
court-appointed property manager with Michael Brandauer as his
representative.


OFFICEXXL: Land Court of Linz Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Land Court of Linz entered an order closing the bankruptcy
case of LLC OfficeXXL PBS Versand (FN 254969f) on May 9.  

Creditors will recover 50% on account of their claim to be paid
within four weeks after bankruptcy case closing.

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Sept. 21, 2005 (Bankr. Case No. 12 S 63/05k).  Aldo
Frischenschlager served as the court-appointed property manager
for the bankrupt estate.  


PERKAL & PARTNER: Claims Filing Deadline Slated for June 22
-----------------------------------------------------------
Creditors owed money by KEG Perkal & Partner (FN 222545y) have
until Thursday, June 22, to file written proofs of claims to
court-appointed property manager Walter Kainz at:

         Walter Kainz
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 6 to consider the adoption of
the compensation payment rule.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 10 (Bankr. Case No. 6 Sa 3/06t).   


ROTATION: Claims Filing Deadline Slated for June 26
---------------------------------------------------
Creditors owed money by Trade LLC Rotation (FN 98946i) have
until June 26 to submit written proofs of claims to court-
appointed property manager Susi Rathauscher at:

         Dr. Susi Rathauscher
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 33
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on July 10 to consider the revision of
the rule by adoption and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 10 (Bankr. Case No. 28 S 32/06v).  


THALMO: Claims Filing Deadline Slated for June 26
--------------------------------------------------
Creditors owed money by LLC Thalmo (FN 272825p) have until
June 26 to submit written proofs of claims to court-appointed
property manager Stephan Riel at:

         Dr. Stephan Riel
         Reischachstrasse 3/12A
         1010 Vienna
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 10 to consider the revision of
the rule by adoption and accountability.

The meeting of creditors will be held at:

         Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 10 (Bankr. Case No. 28 S 32/06v).  


WEHOFER: Claims Filing Deadline Slated for June 22
--------------------------------------------------
Creditors owed money by Construction LLC Wehofer (FN 185705x)
have until June 22 to submit written proofs of claims to court-
appointed property manager Raoul Gregor Wagner at:

         Dr. Raoul Gregor Wagner
         Rathausstrasse 15/4
         1010 Vienna
         Tel: 405 33 82
         Fax: 408 84 67
         E-Mail: wagner@hopmeier.at

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 6 to consider the revision of
the rule by adoption and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 10 (Bankr. Case No. 5 S 69/06s).  Paul Hopmeier
represents Dr. Wagner in the bankruptcy proceedings.


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


L.V.I. HOLDING: S&P Lifts Long-Term Corporate Rating to BB-
------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB-' from 'B+' its
long-term corporate rating on L.V.I. Holding N.V., the holding
company of the Carmeuse group, a Belgium-based lime producer.

The rating was removed from CreditWatch where it had been placed
with positive implications on May 3.  The outlook is positive.

At the same time, Standard & Poor's raised to 'BB-' from 'B+'
its rating on the EUR175 million senior secured notes issued by
Carmeuse Lime B.V. and guaranteed by L.V.I., and assigned its
recovery rating of '2' to the notes, indicating the expectation
of substantial 80%-100% recovery of principal in the event of a
payment default.

The upgrade reflects the Carmeuse group's:

   -- markedly improved cash flow ratios;
   -- enhanced financial flexibility;
   -- U.S. unit's substantially improved EBITDA margin;
   -- clearer, tighter financial policy; and
   -- increase in fully-owned entities.

The group had total debt outstanding of about EUR450 million at
end-March 2006.

"The positive outlook reflects the potential for a one-notch
upgrade if the group maintains its financial policy and
continues to post positive free operating cash flow," said
Standard & Poor's credit analyst Khaled Zitouni.  In particular,
this would require maintenance of an FFO-to-adjusted debt ratio
of about 25%-30%.


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


STROMSDAL OYJ: Raising Capital to Improve Cash Shortage
-------------------------------------------------------
Stromsdal Corp. will implement a directed share issue for its
shareholders and for Finnish and international investors in
order to improve its capital structure and cash situation.

Simultaneously, a Compensation Issue for consolidating the
shares series and a Conversion Issue for converting Juankosken
Kehitysmasuuni Oy's subordinated loan into shares will be
carried out.

The Offer Period will run from June 15 to June 27 at 4:00 p.m.,
Finnish time.

                      Tight Liquidity

In its prospectus related to the planned share issues, the
Company revealed tight liquidity since 2003 due to low
profitability of the Company's major investments made in 2003
and losses from the pulp hedging.  The pulp hedging was
discontinued in December 2005 and is no longed used by the
Company.  The Company has matured payables to providers of raw
materials and services representing, on the average, two to four
weeks of purchases.

"The liquidity of the Company is currently very tight.  It is
estimated the planned share issues shall result into a EUR7
million financing for the Company," the Company said.  "In
addition, the Company and its main financier have agreed on a
EUR2 million financing, which is conditional only to the
fulfillment of the share issues.  In addition, the Company and
its main financier are currently negotiating an optional EUR2
million financing, which would be available until the
liquidation situation of the Company has been stabilized."

                  Loan Repayment Postponed

In connection with the share issues and other planned
arrangements, the Company and its main financiers have also
agreed on postponing the repayment of loan capital until the end
of 2007.  Repayment schedule to the loan capital repayments will
be negotiated during the period.  The agreement also includes
commitment from one main financier to provide an additional EUR2
million working capital to the Company and the respective
parties will continue negotiations about additional financing.  
The agreement is conditional only to the decision by the
Extraordinary Shareholders Meeting on combining the share series
and Institution Issue and subscription of Institution Issue for
minimum amount.

The management of the Company estimates that the working capital
of the Company is not sufficient to fulfill the estimated needs
for the next 12 months.

The management of the Company however estimates that the working
capital of the Company is sufficient to fulfill the estimated
needs for the next 12 months, provided that the share issues are
successful at the minimum level and the agreement with the main
financiers is therefore effective.  The proceeds from the share
issues shall be used mainly to investments.

                   Weak Second Quarter Results

Stromsdal's sales volume has been clearly lower than the year
before, even though the average sales prices have been clearly
higher.  The company has used shutdowns in order to restrict
production as the order backlog has been low.  The company faced
a two-day paper worker's strike in May, which caused a three-day
loss in production.  Some raw material prices have gone up,
especially the price of purchased pulp.

The order backlog is expected to improve only from the beginning
of the second half-year.

"It is possible that the whole year result in 2006 will not be
better than in 2005, even though the second half of the year is
expected to be clearly stronger both in volume terms and in
result terms," Aarno Laukkanen, Stromsdal's managing director
disclosed.  "The ongoing Turn-Around program will be continued
and its effects are expected to show during the second half of
the year."

Stromsdal Board of Directors has summoned an extraordinary
shareholders' meeting in order to decide, among other things, on
actions how to raise funds for the Turn-Around investments.

Headquartered in Juankoski, Finland, Stromsdal Oyj --
http://www.stromsdal.fi/-- develops and manufactures graphical  
board to paper merchants, printers, publishers and producers of
cartons and packages.  Graphical board is used in greeting cards
and postcards, posters, folders, and in covers of books,
different publications and catalogues.  Stromsdal also produces
board for luxury packaging, which includes the consumer packages
of liquor, cosmetics, chocolate and pharmaceutical.  Its
subsidiaries include Juantehtaan Ymparisto Oy and Stromsdal UK
Ltd.  Juantehtaan Ymparisto owns and leases industrial real
estates and land areas.  Stromsdal UK Ltd. (registered in
Blackburn) is a sales company in charge of selling the parent
company`s products in the UK and Ireland.


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


ALSTOM SA: Inks EUR400-Million U.K Power Plant Deal
---------------------------------------------------
Alstom S.A. has won a contract worth more than EUR400 million to
build a turnkey 885MW GT26-based combined-cycle power plant with
Centrica Langage Ltd. at Langage, Devon in the South West of
England.

Alstom will design, supply, install and commission the entire
power plant, including the site preparation, civil works and the
testing of the plant.  The company will supply two GT26-gas
turbines, one heat recovery steam generator, a single steam
turbine and a large air-cooled condenser.

Alstom will also provide maintenance support to Langage for an
initial 12-year period under a long-term service agreement.

The power plant will meet stringent environmental criteria and
be considerably smaller in size, height and area than similar
plants.  Environmental requirements for the plant mean that it
will achieve a very low level of NOx and CO emissions and will
be designed to blend in with the surroundings.

The South West region of the U.K. has little existing generation
capacity and the new plant will reduce the need to import power
from the rest of the country and hence reduce transmission
costs.

The plant is scheduled to be in commercial operation during
winter 2008/2009.  It is the first large-scale project to be
built in the U.K. for five years.

Today, there are 79 GT24/GT26 units in commercial operation and
the fleet has accumulated more than 1,800,000 fired hours.

"Winning this new contract strengthens our position in the U.K.
market, confirms the leadership of our best-in-class GT26-
turbines and highlights our ability as a plant integrator to
deliver turnkey plants on a fast-track basis," Philippe Joubert,
President of ALSTOM's Power Turbo-Systems/Power Environment
Sector said.

Walter Graenicher, President ALSTOM's Power Service Sector said:
"We are proud that Centrica has again entrusted ALSTOM with the
long term operation support and maintenance responsibility for
this new plant.  This success is based on our extensive
experience servicing F-Class GT/CC power plants, which Centrica
perceives as bringing high value that significantly supports the
success of their business."

                           About Alstom

Headquartered in Paris, France, Alstom S.A. --
http://www.alstom.com/-- is a leading maker of power-generation  
systems and constructs power plants, rail equipment, luxury
passenger ships, naval vessels, and natural gas tankers.  It
also produces electrical drives, motors, and generators.  The
group generates EUR13 billion in annual revenues and employs
more than 70,000 people worldwide.  The group posted EUR865
million in net loss and EUR1.4 billion in net debt for the
financial year 2004/2005.


ALSTOM SA: Unveils New Pendolino Trains
---------------------------------------
Alstom S.A. disclosed that the first of Transport's New
Pendolino high-speed tilting trains has left the Savigliano,
Italy workshop to begin testing on an international circuit in
the Czech Republic.

Before leaving, the train was officially presented to
authorities and media in Savigliano.  The New Pendolino,
designed by Giugiaro, was entirely manufactured in Transport's
Savigliano and Sesto sites.  

This is the first of 26 trains ordered by Trenitalia and
Cisalpino in 2004, and which will be running by the end of 2006
in Italy and the beginning of 2007 in Switzerland.

To date, over 400 Pendolino trains are in circulation around the
world, covering more than 200 million kilometers in China, Czech
Republic, Finland, Germany, Italy, Portugal, Slovenia, Spain,
Switzerland, and the U.K.

The New Pendolino is the fourth generation of tilting technology
"made in Italy" since its development in the 1970s.

Alstom's unique technology, which is particularly suited for
windy tracks, enables high-speed trains to run on existing
railway lines, reducing journey time by 15% to 30%.

                           About Alstom

Headquartered in Paris, France, Alstom S.A. --
http://www.alstom.com/-- is a leading maker of power-generation  
systems and constructs power plants, rail equipment, luxury
passenger ships, naval vessels, and natural gas tankers.  It
also produces electrical drives, motors, and generators.  The
group generates EUR13 billion in annual revenues and employs
more than 70,000 people worldwide.  The group posted EUR865
million in net loss and EUR1.4 billion in net debt for the
financial year 2004/2005.


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


3D-LASERCUT: Claims Registration Ends July 5
--------------------------------------------
Creditors of 3D-LaserCUT Braunschweig GmbH have until July 5 to
register their claims with court-appointed provisional
administrator Manfred Siebke.

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

The meeting of creditors will be held at:

         The District Court of Braunschweig
         E 01
         Martinikirche 8
         38100 Braunschweig
         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 Braunschweig opened bankruptcy proceedings
against 3D-LaserCUT Braunschweig GmbH on May 17.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         3D-LaserCUT Braunschweig GmbH
         Marienberger Road 1
         38122 Braunschweig
         Germany

         Attn: Peter Hanschmann, Manager
         Suhkamp 50
         38179 Schwuelper, Germany

The administrator can be contacted at:

         Manfred Siebke
         Dam 34
         D-38100 Braunschweig
         Germany
         Tel: (0531) 18088
         Fax: (0531) 13532


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

Creditors and other interested parties are encouraged to attend
the meeting at 1:45 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 Haus Grund Wohnen Consult GmbH on
May 22.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Allgemeine Wohnbau Haus Grund Wohnen Consult GmbH
         Attn: Wolfgang Jocks, Manager         
         Mooringer Wai 2
         25920 Risum-Lindholm
         Germany

The administrator can be contacted at:

         Berthold Brinkmann
         Sechslingspforte 2
         22087 Hamburg
         Germany


BAUER AG: Selling 2.35 Million Shares in Upcoming IPO
-----------------------------------------------------
Bauer AG plans to sell 8.8 million shares in an initial public
offering to fund domestic and foreign expansions, Bloomberg News
reports.

The subscription, which will run from June 26 to July 24, will
include:

  (a) 2.35 million new shares by Bauer AG; and

  (b) 6.08 million shares by Deutsche Beteiligungs AG, which
      holds a 41% equity stake in Bauer.

The Company posted a EUR300,000 net loss before minorities in
the first quarter 2006, compared to a EUR4.6 million loss for
the same period in 2005.

Headquartered in Schrobenhausen, Germany, Bauer AG --
http://www.bauer.de/en-- is the holding company for Bauer Group  
and its affiliates.  Bauer is engaged in the execution of
construction contracts and the sale of construction equipment.  
Associated activities carried out by the operating companies
include environmental technology, structural repair and
restoration of buildings, bridge construction and project
management.  Bauer AG, managed by a Management Board comprising
four members and is chaired by Professor Dipl.-Kfm. Thomas
Bauer, is responsible for all personnel matters.

                        *     *     *

As reported in TCR-Europe on May 17, Standard & Poor's Ratings
Services placed its 'BB-' long-term corporate credit rating on
Germany-based engineering company Bauer AG on CreditWatch with
positive implications, based on an anticipated improvement of
capital structure following the company's announcement of its
planned IPO, coupled with improved business performance in 2005.


BAYERISCHE LANDESBANK: Moody's Changes Outlook to Positive
----------------------------------------------------------
Moody's Investors Service changed the outlook to positive from
stable on the D+ Financial Strength Rating of Bayerische
Landesbank.  

In line with Moody's current rating methodology for the
Landesbanken's unguaranteed liabilities, the outlook was also
changed to positive from stable on the Aa2 long-term debt
rating.  The Prime-1 short-term rating remains unaffected.

Bayerische Landesbank's backed obligations, which qualify for
the grandfathering of the former explicit statutory guarantees
are not affected and retain their Aaa long-term ratings and
stable outlook.

Moody's said that the rating action was prompted by the ongoing
improvements in asset quality and risk management at Bayerische
Landesbank, reflected in its reduced portfolio concentrations
and a lower cost of risk.  Jointly, these factors and the
improving profitability levels exert upward pressure on the
bank's FSR.  Moody's noted that the overall improvement in
portfolio credit quality should enable the bank to better
sustain the lower level of gross new provisioning reached in
recent periods.  According to the rating agency, the positive
outlook takes account of the progress achieved at the bank, but
also recognizes the challenges Bayerische Landesbank still
faces, including the need to further improve risk-weighted
profitability markedly while also strengthening further the
improved risk culture and management at the bank.

The outlook on the long-term debt rating was changed to positive
to reflect the upward pressure on the debt rating that would
result from an improved FSR under Moody's current rating
methodology.

Rating outlooks changed:

   -- D+ Financial Strength Rating outlook changed to positive
   -- Aa2 long-term debt rating outlook changed to positive

Ratings were affirmed:

   -- P-1 short-term rating
   -- Aaa backed long-term debt rating with its stable outlook

Headquartered in Munich, Germany, Bayerische Landesbank reported
EUR340 billion of total assets as of year-end 2005.  Total
profits for the year were EUR613 million.


BUSSE VERWALTUNGS: Claims Registration Ends July 4
--------------------------------------------------
Creditors of Busse Verwaltungs GmbH have until July 4 to
register their claims with court-appointed provisional
administrator Hans-Achim Ernst.

Creditors and other interested parties are encouraged to attend
the meeting at 12:00 noon on July 25, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         4 Ebene
         Court Route 6
         33602 Bielefeld
         Germany

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

The District Court of Bielefeld opened bankruptcy proceedings
against Busse Verwaltungs GmbH on May 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Busse Verwaltungs GmbH
         Attn: Friedrich Busse, Manager         
         Bergkirchener Str. 309
         32429 Minden
         Germany

The administrator can be contacted at:

         Hans-Achim Ernst
         Bunsenstr. 3
         32052 Herford
         Germany


ISSAM COMPUTER: Claims Registration Ends June 30
------------------------------------------------
Creditors of Issam Computer-Vertriebs GmbH have until June 30 to
register their claims with court-appointed provisional
administrator Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 7, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Duesseldorf
         Area A 409
         4th Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

The Court will also verify the claims set out in the
administrator's report at 8:00 a.m. on July 28, at the same
venue.

The District Court of Duesseldorf opened bankruptcy proceedings
against Issam Computer-Vertriebs GmbH on May 31.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Issam Computer-Vertriebs GmbH
         Mill Brook Way 16-18
         40724 Hilden
         Germany

         Attn: Issam Omairat, Manager         
         Schildsheider Road 139
         40699 Erkrath
         Germany

The administrator can be contacted at:

         Dr. Winfrid Andres
         New Customs Office 3
         40221 Duesseldorf
         Germany


LIESEGANG OPTOELECTRONICS: Claims Registration Ends June 30
-----------------------------------------------------------
Creditors of Liesegang Optoelectronics GmbH have until June 30
to register their claims with court-appointed provisional
administrator Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on July 5, 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 Liesegang Optoelectronics GmbH on May 31.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Liesegang Optoelectronics GmbH
         Attn: Gerd Mangels and Michael Stepien, Managers         
         Vogelsanger Way 91
         40470 Duesseldorf
         Germany

The administrator can be contacted at:

         Dr. Biner Bahr
         Jagerhofstrasse 21-22
         40479 Duesseldorf
         Germany


LOMKER GMBH: Creditors' Meeting Slated for July 6
-------------------------------------------------
The court-appointed provisional administrator for Lomker GmbH,
Jochen Orgelmann, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:40 a.m. on
July 6.

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 9:00 a.m. on Oct. 5 at the same venue.

Creditors have until Aug. 22 to register their claims with the
court-appointed provisional administrator.

The District Court of Bremen opened bankruptcy proceedings
against Lomker GmbH on May 17.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Lomker GmbH
         Attn: Stefan Lomker, Manager
         Rueten 180
         28357 Bremen
         Germany

The administrator can be reached at:

         Dr. Jochen Orgelmann
         Schillerstr. 10
         28195 Bremen, Germany
         Tel: 0421/337790
         Fax: 0421/3377933
         Web: http://www.dr-stankewitz.de/
         E-mail: insolvenz@dr-stankewitz.de


NEUMANN GMBH: Claims Registration Ends July 5
---------------------------------------------
Creditors of Neumann GmbH have until July 5 to register their
claims with court-appointed provisional administrator Christoph
Junker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 16, 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The District Court of Dresden opened bankruptcy proceedings
against Neumann GmbH on May 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Neumann GmbH
         Niederkainaer Road 14
         02625 Bautzen
         Germany

The administrator can be contacted at:

         Dr. Christoph Junker
         Karcherallee 25 a
         01277 Dresden
         Germany
         Web: http://www.junker-kollegen.de/


SCHWAN KLIMATECHNIK: Claims Registration Ends June 30
-----------------------------------------------------
Creditors of Schwan Klimatechnik GmbH have until June 30 to
register their claims with court-appointed provisional
administrator Wolfgang Hauser.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 23, 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 Aalen
         Hall 0.11
         Ground Floor
         Stuttgarter Strasse 7
         73430 Aalen
         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 Aalen opened bankruptcy proceedings
against Schwan Klimatechnik GmbH on May 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Schwan Klimatechnik GmbH
         Ziegelwaldstr. 1
         73547 Lorch
         Germany

         Juergen Kusserow, Manager
         Weberstr. 4
         73240 Wendlingen
         Germany

         Volker Oschkinat, Manager
         Bismarckstr. 5
         48565 Steinfurt
         Germany

The administrator can be contacted at:

         Wolfgang Hauser
         Mohringer Landstr. 5
         70563 Stuttgart
         Germany
         Tel: 0711/90134-20
         Fax: 0711/90134-199
         E-mail: stuttgart@hauser-hawelka.de


THOMAS QUALITATSHAUS: Claims Registration Ends June 27
------------------------------------------------------
Creditors of Thomas Qualitatshaus GmbH have until June 27 to
register their claims with court-appointed provisional
administrator Olaf Seidel.

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

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The District Court of Dresden opened bankruptcy proceedings
against Thomas Qualitatshaus GmbH on May 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Thomas Qualitatshaus GmbH
         Karcherallee 25 0
         1277 Dresden
         Germany

The administrator can be contacted at:

         Olaf Seidel
         Weisseritzstrasse 3
         01067 Dresden
         Germany
         Web: http://www.worako.de/


THOSPANN GMBH: Claims Registration Ends July 5
----------------------------------------------
Creditors of Thospann GmbH have until July 5 to register their
claims with court-appointed provisional administrator Olaf
Handschuh.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 9, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bueckeburg
         Hall 504
         Schulstr. 2
         31675 Bueckeburg
         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 Bueckeburg opened bankruptcy proceedings
against Thospann GmbH on May 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Thospann GmbH
         Tiefes Feld 3
         31688 Nienstadt
         Germany

         Attn: Wolfgang Feidner, Manager
         South Road 28
         47877 Willich
         Germany

The administrator can be contacted at:

         Olaf Handschuh
         Mindener Str. 6
         31675 Bueckeburg
         Germany
         Tel: 05722/1016
         Fax: 05722/1018


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


ALITALIA SPA: Posts Improved May 2006 Traffic Results
-----------------------------------------------------
In May 2006, Alitalia S.p.A. posted a strong performance
confirming the positive trend already shown in April traffic
results.

Alitalia carried 2.21 million passengers, up 5.2% compared to
the previous year.

Traffic, measured in Revenue Passenger Kilometers, increased
2.3% despite the fact that the capacity, measured in Available
Seat Kilometers, decreased by 1.9%.  The load factor grew 3.0
percentage points reaching 73.6%.

May 2006 traffic levels showed a solid improvement over 2005
confirming that the higher volumes seen in April were not only
driven by the late Easter holidays.

Detailed comparisons with May 2005:

   -- Domestic Passenger Network: traffic was up 1.2% compared
      to 2005 while load factor slightly decreased by 0.7
      percentage points to 65.2%;

   -- International Passenger Network: traffic was up 10.8% on a
      capacity increase of 6.7%, improving load factor by 2.6
      percentage points to 69.4%.  This reflected the success of
      Alitalia's Eastern Europe growth strategy (capacity to
      this market grew by 44.3% with an impressive increase in
      traffic of 45.6%);

   -- Intercontinental Passenger Network: long haul load factor
      was up to 80.5% (with a significant increase of 5.6 points
      against last year).  The increase in traffic to South
      America and the Far East partially balanced the drop in
      traffic to North America.  This was driven by the
      reduction of seasonal services from Rome to Boston and
      Toronto, that this year will start from July rather than
      April in order to serve only the peak months of the summer
      season.

Cargo Operations

In May, Cargo, measured in Revenue Ton Kilometers, increased by
4.4%.  Overall load factor increased by 1.9 percentage points up
to 62.5%.

                       About Alitalia

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

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


ALITALIA SPA: Inks Sardinian Code-Sharing Deal with Meridiana
-------------------------------------------------------------
Alitalia S.p.A. will resume flights to Sardinia after striking a
code-sharing deal with Meridiana, The Associated Press says.

The code-sharing agreement allows Alitalia to operate on the
Rome-Cagliari route for three years, in time for the vacation
season at the Mediterranean tourist spot.

As reported in TCR-Europe on May 26, the State Council, Italy's
highest appellate court for administrative affairs, has barred
Alitalia from operating flights to Sardinia.

The Regional Administrative Court in Lazio had lifted the ban on
the flights imposed by civilian aviation authority Ente
Nazionale per l'Aviazione Civile.  ENAC had barred Alitalia from
using the Rome-to-Cagliari and Milan-to-Cagliari routes after
the carrier failed to beat the deadline for renewal application.  
Alitalia filed for renewal on April 27, three days after the
April 24 deadline has passed.  ENAC then awarded the Cagliari
routes to carriers Air One and Meridiana.

                         About Alitalia

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

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


BANCA POPOLARE: Sopaf Buys Bipielle.Net & Area Life for EUR131MM
----------------------------------------------------------------
Sopaf, Aviva Plc's Italian unit, and De Agostini S.p.A. signed a
EUR107 million deal to purchase an 80% stake in Bipielle.Net
from Banca Popolare Italiana Scrl, Bloomberg News reports.  In
addition, the group also agreed to purchase all of Area Life for
EUR23.5 million.

According to Bloomberg, Banca Popolare is aiming to raise
capital following a EUR743.9 million loss in 2005 through a
EUR719 million equity sale slated for June and a EUR1.5 billion
asset sale.

Bipielle Investimenti S.p.A., the bank's 86 percent-owned
subsidiary, will have the option to sell its 20 percent stake in
Bipielle.Net to the group for EUR30 million in four years,
Bloomberg relates.

Headquartered in Lodi, Italy, Banca Popolare Italiana --
http://www.bancapopolareitaliana.it/-- attracts deposits and  
offers commercial banking services.  The Bank offers securities
brokerage, asset management, mortgage loans, insurance, lease
financing and treasury services and manages mutual funds.  
Through a subsidiary, Banca Popolare Italiana offers merchant
banking services and medium- and long-term lending.

                        *     *     *

As reported in the TCR-Europe on April 3, Fitch Ratings
downgraded Banca Popolare Italiana's Issuer Default and Short-
term ratings to BBB from BBB+ and F3 from F2 respectively.  Its
Individual and Support rating are affirmed at C and 3
respectively.  Its senior debt and trust preferred stock are
also downgraded to BBB and BB+ respectively from BBB+ and BBB-.  
The Issuer Default, Short-term and Individual ratings are
removed from Rating Watch Negative.  A Stable Outlook is
assigned for the Issuer Default rating.


IMPREGILO SPA: Sells Contarina Stake to Priulia Consortium
----------------------------------------------------------
Impregilo International Infrastrucures N.V., a subsidiary of
Impregilo S.p.A., sold the 49% equity investment in Contarina
S.p.A., a company in the Italian province of Treviso active in
municipal solid waste collection and disposal through composting
and waste-to-energy conversion.

The stake in Contarina S.p.A. has been sold to the Priulia
inter-municipal consortium, which already owns the other 51% of
the company.  The sale raised proceeds totaling EUR2.6 million
for the Impregilo Group, against a carrying value of
approximately EUR2.2 million.

The disposal is part of the program for the gradual re-
organization of the Group's equity investment portfolio.

With a view to maintaining the constructive ties of co-operation
in the area that have been built up over the years with the
consortium, the sale agreement provides for the Impregilo Group,
compatibly with current legislation, to join Priulia and
Contarina as a partner in presenting bids in response to
requests for tenders for the construction of new waste-to-energy
plants that may be put out in the area.

Headquartered in Milan, Italy Impregilo S.p.A. --
http://www.impregilo.it/-- is involved in the construction of  
dams and hydroelectric schemes since 1906.  In 2005, Impregilo
posted consolidated net sales of EUR2.4 billion, compared to
EUR2.9 billion in 2004.  It attributed the decrease to a general
downturn in sales volumes, the de-consolidation of some
operations and the absence of extraordinary items recognized in
2004.  

In 2005, the Group posted a consolidated operating loss of
EUR254.4 million.  A significant factor in the result was the
aggregate operating loss (EUR260 million) of the non-core
businesses (Building & Services, Campania MSW Project, Imprepar
in liquidation), which are being sold/retired or are in
liquidation.

Net debt at Dec. 31, 2005, was EUR739.18 million, including
discontinued operations.  Shareholders' equity at Dec. 31, 2005,
amounted to EUR516.7 million, an increase of EUR305 million from
Dec. 31, 2004.  Impregilo is optimistic it could achieve its
profit forecast and debt-to-equity ratio of 0.5 in 2007.  Lazard
Freres & Co. LLC is advising Impregilo.


INTER AUTO: Moody's Withdraws Ba3 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service withdrew the Ba3 Corporate Family
Rating assigned to Inter Auto Parts Italia S.p.A. following the
redemption of the 2007 bonds issued by Rhiag S.A., which was
completed on June 8.


MAGISTE SPA: Applies for Creditor Protection in Roman Court
-----------------------------------------------------------
Magiste S.p.A. has filed for protection from its creditors at
the Bankruptcy Court of Rome on June 15, La Stampa reports.

The Prosecutor's Office in Rome had threatened to launch
insolvency proceedings against the real property developer if
Magiste failed to apply for an arrangement with its creditors,
Il Sole 24 Ore relates.  

As reported in TCR-Europe on May 25, the prosecutors are
pursuing over EUR95 million in unpaid taxes from Magiste.  The
magistrates are eyeing to begin bankruptcy proceedings against
the Company believing that the company has around EUR200 million
in financial deficit.  The prosecutors are also eyeing to indict
Magiste owner Stefano Ricucci on fraudulent bankruptcy charges.

Meanwhile, La Stampa reports that local authorities had found
pertinent documents that would hasten the probe into Magiste's
role in the fraudulent takeover bid for RCS MediaGroup S.p.A.  
The documents have been missing, threatening to delay the
investigation.

However, it remains unclear whether the documents are among
those that have been seized and examined or whether the papers
could comprise new evidence, La Stampa relates.

Headquartered in Rome, Italy, Magiste S.p.A. --
http://www.magiste.re.it/-- is real estate group owning 15%  
stake in RCS MediaGroup S.p.A.  The group pledged the stake as
collateral for a EUR700 million loan from Banca Popolare
Italiana S.p.A.  Magiste's inability to repay the loan forced it
to present a debt arrangement proposal to Popolare Italiana.  
Published reports said that if Popolare Italiana's rejects the
proposal, Magiste might succumb to bankruptcy.  BPI had decided
to enforce the pledges through the sale of the RCS shares.

Prosecutors in Rome are also chasing Magiste over EUR95 million
in unpaid taxes.  The magistrates are eyeing to begin bankruptcy
proceedings against the Company as they believe Magiste has
around EUR200 million in financial deficit, Il Sole reports.  


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


AKTOBE-TREID-2004: Creditors Must File Claims by June 30
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
declared LLP Aktobe-Treid-2004 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube Region
         Altynsarina Str. 31
         Aktobe
         Kazakhstan
         Tel: 8 (3132) 21-30-32


BAS U: Creditors Must File Claims by June 30
--------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Bas U insolvent.  

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

         The Specialized Inter-Regional
         Economic Court of Kostanai Region
         Gogol Str. 177a
         Kostanai
         Kostanai Region
         Kazakhstan  
    

BOPLI & C: Creditors' Claims Due June 30
----------------------------------------
LLP Bopli & C (RNN 600300524041) has declared insolvency.  
Creditors have until June 30 to submit written proofs of claim
to:

         LLP Bopli & C
         Office 409
         House 4a
         Micro District 8
         Almaty
         Kazakhstan


FARO LTD: Creditors' Claims Due June 30
---------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Faro Ltd. insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai Region
         Gogol Str. 177a  
         Kostanai
         Kostanai Region
         Kazakhstan  


MDC TRADE: Claims Registration Ends June 30
-------------------------------------------
LLP MDC Trade has declared insolvency.  Creditors have until
June 30 to submit written proofs of claim to:
         
         LLP MDC Trade
         Dzerjinskogo Str. 2
         Talgar
         Talgarsky District
         Almaty Region
         Kazakhstan


PO NERUD: Proof of Claim Deadline Slated for June 30
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
declared LLP Po Nerud insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube Region
         Altynsarina Str. 31
         Aktobe
         Kazakhstan
         Tel: 8 (3132) 21-30-32


SRT-SERVIS: Proof of Claim Deadline Slated for June 30
------------------------------------------------------
LLP SRT-Servis has declared insolvency.  Creditors have until
June 30 to submit written proofs of claim to:

         LLP SRT-Servis
         Suinbaya Str. 671-26
         Almaty
         Kazakhstan
         Tel: 8 (3332) 17-74-62


TULPAR: East Kazakhstan Court Sets June 30 Claims Bar Date
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Tulpar insolvent.  Creditors have until
June 30 to submit written proofs of claim.

The Specialized Inter-Regional Economic Court of East Kazakhstan
Region can be reached at 8 (3232) 55-02-78.


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


CHUISKAYA PTISEFABRIKA: Public Auction Scheduled for July 3
-----------------------------------------------------------
The Manager of OJSC Chuiskaya Poultry Factory Chuiskaya
Ptisefabrika will auction the Company's properties at 10:00
a.m., on July 3, at:

         OJSC Chuiskaya Poultry Factory Chuiskaya Ptisefabrika
         Iskra
         Chui Region
         Kyrgyzstan

The starting price is set at US$3.4 million.

Participants have until 4:00 p.m., on June 30 to deposit an
amount equivalent to 5% of the starting price to:

         Settlement Account No. 7484172000310897
         BIK 119001

The company can be contacted at (+996 3138) 5-71-60 or (0-502)
12-36-59.


FORAGAZ: Creditors Must File Claims by July 28
----------------------------------------------
JSC Foragaz has declared insolvency.  Creditors have until
July 28 to submit written proofs of claim.

The company can be contacted at (+996 312) 42-63-89.


MBS: Creditors' Claims Due July 28
----------------------------------
LLC MBS has declared insolvency.  Creditors have until July 28
to submit written proofs of claim to:

         LLC MBS
         L. Tolstogo Str. 31a
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 65-24-46


WOODWORKING ENTERPRISE: Public Auction Scheduled for June 29
------------------------------------------------------------
The Issyk-Kul Naryn Territorial Department of the State Property
Committee set for public auction the properties of Karakol
Woodworking Enterprise at 10:00 a.m., on June 29 at:

         The Issyk-Kul Naryn Territorial Department of the
         State Property Committee
         Bayetova Str. 66.
         Cholpon-Ata
         Kyrgyzstan

The starting price is set at KGS301,250.

Participants have until 4:00 p.m., on June 28 to deposit an
amount equivalent to 10% of the starting price to:

         Settlement Account No. 8164172080101001/403104103
         Settlement Saving Company in Cholpon-Ata
         MFO 129019
  
and submit their bids and necessary documents to:

         The Issyk-Kul Naryn Territorial Department of the
         State Property Committee
         Bayetova Str. 66
         Chopon-Ata
         Kyrgyzstan
         Tel: (+996 3943) 4-29-21


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


AKER KVAERNER: Inks NOK700-Million Contract with Samsung
--------------------------------------------------------
Samsung Heavy Industries Co. Ltd. in Korea has awarded Aker
Kvaerner a contract for delivery of a new drilling rig equipment
package to Eastern Drilling's West E-Drill project.

The contract value is approximately NOK700 million.  The project
will start immediately at Aker Kvaerner's subsidiary Aker
Kvaerner MH, with delivery of the drilling equipment package in
the second half of 2007.

"We are pleased that Samsung Heavy Industries has awarded us
this contract, which confirms our leading market position in the
deep water segment.  Furthermore, we continue the growth in the
drilling equipment segment, and it supports our unique RamRig
technology," says Roald Amundsen, President of Aker Kvaerner
MH."

The new contract was an option in a contract Aker Kvaerner MH
signed with Samsung in June 2005, and the scope is similar for
both contracts.  The drilling system will be a highly efficient
system designed for parallel operations and operation at remote
locations.

                          About Samsung

Headquarterd in Seoul, South Korea, Samsung Heavy Industries
(SHI) -- http://www.shi.samsung.co.kr/eng/-- is a core  
affiliate of Korea's largest group company Samsung.  The Company
designs and constructs high value-added vessels such as LNG
carriers and large passenger ships, as well as drill ships and
shuttle tankers in which it has retained its No. 1 position.  It
has recently also emerged as a competitive construction company
ranking 12th in the domestic market with the future aim of
creating high-tech business models by combining its expertise
and digital technology in the shipbuilding and construction
areas.

                       About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner Oil & Gas --
http://www.akerkvaerner.com/-- provides products and services  
for the offshore upstream oil and gas industry.  The group has
operations in Norway, the U.K. and the U.S.  In 2005, the group
booked revenues and EBITDA of NOK28.2 billion and NOK1.7 billion
respectively.

                        *     *     *

As reported in TCR-Europe on April 26, Moody's Investors Service
upgraded the ratings of Aker Kvaerner Oil & Gas Group and its
subsidiary Aker Kvaerner AS, primarily to reflect the
sustainable strong recovery in profitability and cash flow
generation of the ring-fenced oil and gas group over the past
two years, coupled with the clear reduction in senior debt,
repaid from internally generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.

In addition, Fitch Ratings upgraded Norway-based Aker Kvaerner
Oil & Gas Group AS's Issuer Default Rating to BB+ from BB.  
Fitch said the Outlook remains Positive.  The rating of the
EUR260 million second-lien bond issue guaranteed by AK O&G is
also upgraded to BB+ from BB.


AKER KVAERNER: Wins NOK200-Million Tyrihans Sub-Sea Contract
------------------------------------------------------------
Statoil ASA has signed a letter of intent with Aker Kvaerner to
deliver a sub-sea seawater injection system for the Tyrihans
project in the Norwegian Sea.

The new generation pumps are expected to increase oil production
from the Tyrihans field by 10%.  The sub-sea pumps will be the
world's largest and installed at longest step-out.  Aker
Kvaerner's contract value will be approximately NOK200 million.   

Aker Kvaerner Sub-sea will supply two sub-sea injection pumps to
be installed more than 40 kilometers from the Kristin platform
where the oil and gas will be processed. The pumps will feature
Aker Kvaerner's own LiquidBooster technology and will inject raw
seawater for pressure support and stabilization of the oil zone.

"Aker Kvaerner has developed a robust technology for the sub-sea
raw seawater injection pump system for Tyrihans.  The high
capacity of Aker Kvaerner's boosting system combined with its
robustness and simplicity in design has been a decisive factor
for Statoil in this contract award," says Tyrihans technical
responsible for pump system Torstein Austvik.

Aker Kvaerner will manufacture the pump system at its facility
in Tranby in Norway for delivery in the third quarter of 2008.
Production on Tyrihans, one of the largest planned projects on
the Norwegian continental shelf, is due to begin mid-2009.

"This is a breakthrough for another of our boosting technologies
already well proven onshore.  It is the latest in a string of
recent projects that will benefit from this technology," says
Raymond Carlsen, executive vice president Aker Kvaerner Sub-sea.

Statoil has a 46.8 percent interest in the Tyrihans field, while
its partners are Total with 26.51 percent, Hydro with 12
percent, Eni with 7.9 per cent and ExxonMobil with 6.75 per
cent.

                          Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner Oil & Gas --
http://www.akerkvaerner.com/-- provides products and services  
for the offshore upstream oil and gas industry.  The group has
operations in Norway, the U.K. and the U.S.  In 2005, the group
booked revenues and EBITDA of NOK28.2 billion and NOK1.7 billion
respectively.

                        *     *     *

As reported in TCR-Europe on April 26, Moody's Investors Service
upgraded the ratings of Aker Kvaerner Oil & Gas Group and its
subsidiary Aker Kvaerner AS, primarily to reflect the
sustainable strong recovery in profitability and cash flow
generation of the ring-fenced oil and gas group over the past
two years, coupled with the clear reduction in senior debt,
repaid from internally generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.

In addition, Fitch Ratings upgraded Norway-based Aker Kvaerner
Oil & Gas Group AS's Issuer Default Rating to BB+ from BB.  
Fitch said the Outlook remains Positive.  The rating of the
EUR260 million second-lien bond issue guaranteed by AK O&G is
also upgraded to BB+ from BB.


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


* Moody's Places Ratings on Three Romanian Banks Under Review
------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2/Not-Prime foreign currency deposit ratings for three
Romanian banks.  

The affected banks are Banca Comerciala Romana S.A., BRD -
Groupe Societe Generale S.A. and Raiffeisen Bank S.A.  This
rating action follows Moody's recent announcement, placing
Romania's foreign currency bank deposit ceilings of Ba2/Not-
Prime on review for possible upgrade.  The banks' existing
ratings for financial strength remain unaffected by this action.

The foreign currency deposit ratings of the above mentioned
three Romanian banks benefit from strong systemic and parent
support, which we believe are committed investors in Romania and
would support their subsidiaries in case of need. The foreign
currency deposit ratings of the three banks are currently
constrained by the country ceiling, so if the country ceilings
for Romania were to rise, we would expect their deposit ratings
to rise with them.

All three banks are headquartered in Bucharest and reported end-
2005 total assets as follows: Banca Comerciala Romana S.A.
RON34.2 billion (EUR9.3 billion), BRD -- Groupe Societe Generale
S.A. RON19.6 billion (EUR5.3 billion), and Raiffeisen Bank S.A.
RON11.1 billion (EUR3.0 billion).


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


ALKEEVSKIY FEED: Tatarstan Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Tatarstan Republic has commenced
bankruptcy supervision procedure on OJSC Alkeevskiy Feed Mill.  
The case is docketed under Case No. A65-41466/2005-SG4-26.

The Temporary Insolvency Manager is:

         S. Lashkin
         Post User Box 117
         Kazan-29
         Tatarstan Republic
         Russia

The Debtor can be reached at:

         OJSC Alkeevskiy Feed Mill
         Rabochaya Str. 1
         Bazarnye Mataki
         Tatarstan Republic
         Russia


ARAKCHINO: Court Appoints S. Myasniko as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed S.
Myasniko as insolvency manager for CJSC Factory of Reinforced-
Concrete Products Arakchino (Case No. A65-19683/2005-SG4-16).  
He can be reached at:

         S. Myasniko
         Post User Box 146
         Kazan
         420073 Tatarstan Republic
         Russia

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

The Debtor can be reached at:

         CJSC Factory of Reinforced-Concrete Products Arakchino
         Poselkoyj Per. 31
         Kazan
         420079 Tatarstan Republic
         Russia


KONSTANTINOSKIY CREAMERY: D. Kolyadinskiy to Manage Assets
----------------------------------------------------------
The Arbitration Court of Amur Region appointed Mr. D.
Kolyadinskiy as insolvency manager for OJSC Konstantinoskiy
Creamery (Case No. A04-294/06-10/9 B).  He can be reached at:

         D. Kolyadinskiy
         Room 206
         Peromayskaya Str. 1
         675002 Blagoeshensk
         Russia

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

The Debtor can be reached at:

         OJSC Konstantinoskiy Creamery
         Lenina 103/A
         Konstantinoka
         Amur Region
         Russia


NURLATSKAYA SEED-STATION: G. Nurie to Manage Insolvency Assets
--------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. G.
Nurie as insolvency manager for OJSC Nurlatskaya Seed-Station
(TIN 1632007468).  He can be reached at:

         G. Nurie
         Post User Box 249
         Kazan
         420073 Tatarstan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-9903/2005-SG4-16.

The Debtor can be reached at:

         OJSC Nurlatskaya Seed-Station
         Nurlatskiy Region
         Tatarstan Republic
         Russia


OAO GAZPROM: Russia Mulls Taxing US$15-Billion Extra Revenues
-------------------------------------------------------------
The Russian government is considering to exact taxes on OAO
Gazprom's US$15 billion extra revenues on exported natural gas,
Bloomberg News reports.

Finance Minister Alexei Kudrin said the government might impose
additional tax on "such unplanned revenue," Bloomberg News
relates.

"An excess profit tax on Gazprom is long overdue, because it
would put the company on a level playing field with oil
producers," Steven Dashevsky, head of research at Aton
Brokerage, was quoted by Bloomberg as saying.

                       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.


OAO GAZPROM: Eyes US$11-Billion Investment to Double Reserves
-------------------------------------------------------------
OAO Gazprom will spend US$11 billion annually to double its
reserves in the next 25 years, Bloomberg News says.

Gazprom Chief Executive Alexei Miller revealed that the group is
investing into future outputs and aims to match the gas demand
of European and Asian consumers.

"We work according to the market and produce as much gas as it
demands," Mr. Miller told Bloomberg.  "The volume of output is
restricted more by the market's size and by demand from clients
able to pay than our ability to produce."

                       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.


PRIVOLZHSKOYE: Court Commences Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Mariy El Republic has commenced
bankruptcy supervision procedure on OJSC Privolzhskoye.  The
case is docketed under Case No. A-38-11/9-06.

The Temporary Insolvency Manager is:

         I. Platitsyn
         Zavodskaya Str. 1
         Privolzhskiy
         Volzhskiy Region
         425030 Mariy El Republic
         Russia

The Debtor can be reached at:

         OJSC Privolzhskoye
         Volzhskiy Region
         Zavodskaya Str. 1
         Privolzhskiy
         425030 Mariy El Republic
         Russia


SHIP REPAIR: Sakhalin Court Begins Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Sakhalin Region has commenced
bankruptcy supervision procedure on OJSC Ship Repair (TIN
6505007721).  The case is docketed under Case No. A59-631/06-S4.

The Temporary Insolvency Manager is:

         V. Denisov
         Khabarovskaya Str. 47-15
         693000 Yuzhno-Sakhalinsk
         Russia

The Debtor can be reached at:

         OJSC Ship Repair
         Sovetskaya Str. 28
         Nevelsk
         694740 Sakhalin Region
         Russia


TUYMAZINSKAYA TEXTILE: Court Taps M. Gilmutdino to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed M.
Gilmutdino as insolvency manager for LLC Tuymazinskaya Textile
Factory (Case No. A07/14239/05-G-MOG).  He can be reached at:

         M. Gilmutdino
         Gorkogo Str. 43
         Tuymazy
         452750 Bashkortostan Republic
         Russia

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

The Debtor can be reached at:

         LLC Tuymazinskaya Textile Factory
         Gorkogo Str. 43
         Tuymazy
         452750 Bashkortostan Republic
         Russia


ZARECHYE-INEST: Court Names Pakhomo as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Sakha Republic-Yakutiya appointed
Pakhomo as insolvency manager for OJSC Company Zarechye-Inest
(Case No. A58-7378/05).  He can be reached at:

         Pakhomo
         Post User Box 435
         Main Post Office
         Yakutsk
         677000 Sakha Republic-Yakutiya
         Russia

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

The Debtor can be reached at:

         OJSC Company Zarechye-Inest
         Post User Box 435
         Main Post Office
         Yakutsk
         677000 Sakha Republic-Yakutiya
         Russia


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


PAPERALIA SA: Declares Insolvency & Begins Liquidation Process
--------------------------------------------------------------
Paperalia S.A. is liquidating its assets after declaring itself
insolvent on June 13, the Expansion discloses.

According to the report, the paper manufacturer failed to stunt
its debt level forcing it to miss repayment schedules.  Unnamed
sources told Expansion that Paperalia was able to strike a deal
to restructure its liabilities, which included:

   * a 40% debt write-off; or
   * a 30% capital injection plus a 20% debt write off.  

In 2005, Paperalia owed EUR37.5 million to creditors, EUR10
million of which are owed to:

   -- the Spanish treasury;
   -- the Department of Social Security; and
   -- financial institutions with mortgage guarantees.

Headquarted in Guipuzcoa, Spain, Paperalia S.A. --
http://www.paperalia.com/-- is a white and recycled paper  
manufacturer for offset printing and writing.   Paperalia was
formed out of the merger of Guipuzcoa-based paper manufacturers
La Salvadora and Echezarreta.  Employing 132 people, the group
produces around 100,000 metric tons of paper and generates EUR35
million in revenues annually.


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


BORTNIKI: Vinnitsya Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
supervision procedureon LLC Bortniki (code EDRPOU 32509691).  
The case is docketed under Case No. 5/54-06.  

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 Bortniki
         Bortniki
         Tulchin District
         23612 Vinnitsya Region
         Ukraine


DONHIM: Court Taps Olga Dobrodub to Liquidate Assets
----------------------------------------------------
The Economic Court of Kyiv Region appointed Olga Dobrodub as
Liquidator/Insolvency Manager for LLC Donhim (code EDRPOU
32684056).  He can be reached at:


         Olga Dobrodub
         Office 18
         Bogomolets Str. 4
         01601, Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 13.  The case is docketed
under Case No. 109/14 b-06.

The Economic Court of Kyiv Region is located at:  

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Donhim
         Zhovtneva Str. 24-A/20
         Vishneve
         Kiyevo-Svyatoshinskij District
         08150 Kyiv Region
         Ukraine


GAZ-OIL-KARPATI: Court Names O. Illyashenko as Liquidator
---------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region appointed Mr. O.
Illyashenko as Liquidator/Insolvency Manager for CJSC Gaz-Oil-
Karpati (code EDRPOU 25072880).  He can be reached at:

         O. Illyashenko
         a/b 67
         76015 Ivano-Frankivsk
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 12.  

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

         Shevchenko Str. 16a
         76000 Ivano-Frankivsk

The Debtor can be reached at:

         CJSC Gaz-Oil-Karpati
         Borislavska Str. 29
         Ivano-Frankivsk
         Ukraine


GOLDEN PHEASANT: Mikolaiv Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Economic Court of Mikolaiv Region commenced bankruptcy
supervision procedureon LLC Golden Pheasant (code EDRPOU
20883929) on April 11.  The case is docketed under Case No.
10/190/06.

The Temporary Insolvency Manager is:

         Semenova Lubov
         a/b 315
         54034 Mikolaiv Region
         Ukraine

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         LLC Golden Pheasant
         Shamborskij Str. 5
         Ochakiv
         57500 Mikolaiv Region
         Ukraine


KIVERTSIVSKE BREAD: Court Names A. Lipich Insolvency Manager
------------------------------------------------------------
The Economic Court of Volinska Region appointed Anatolij Lipich
as Liquidator/Insolvency Manager for Kivertsivske Bread
Receiving Enterprise (code EDRPOU 00953510).  He can be reached
at:

         Anatolij Lipich
         a/b 7
         43018 Lutsk
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 12.  The case is docketed
under Case No. 7/122-B.

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         43010 Lutsk
         Ukraine

The Debtor can be reached at:

         Kivertsivske Bread Receiving Enterprise
         Derno
         Kivertsivskij District
         45260 Volinska Region
         Ukraine


KOMTEHNOBUD: Court Appoints I. Fedorov as Insolvency Manager
------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. I. Fedorov as
Liquidator/Insolvency Manager for LLC Komtehnobud (code EDRPOU
31859183).  He can be reached at:

         I. Fedorov
         Amosov Str. 4/85
         03141 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 27.  The case is docketed
under Case No. 127/26-2006.

The Economic Court of Kyiv Region is located at:  

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Komtehnobud
         1 Travnya Str.
         Borispil
         08300 Kyiv Region
         Ukraine


MAGDALINIVSKIJ AGROTEHSERVICE: Court Starts Bankruptcy Process
--------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on OJSC Magdalinivskij Agrotehservice
(code EDRPOU 00903067).  The case is docketed under Case No.
B 24/283/05.  

The Temporary Insolvency Manager is:

         Olena Prihozhaya
         Vakulenchuk Str. 5-A/1
         49061 Dnipropetrovsk Region
         Ukraine
         Tel: (0562) 93-89-70

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Magdalinivskij Agrotehservice
         Sovetska Str. 18
         Magdalinivka
         Dnipropetrovsk Region
         Ukraine


MET-INVEST: Court Names Andrij Vershinin as Liquidator
------------------------------------------------------
The Economic Court of Kyiv Region appointed Andrij Vershinin as
Liquidator/Insolvency Manager for LLC Met-Invest (code EDRPOU
32485700).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 17.  The case is docketed
under Case No. 23/126 b.  

The Economic Court of Kyiv Region is located at:  

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Met-Invest
         Office 912
         M. Krivonos Str. 2a
         03037 Kyiv Region


NAFTOVIJ: Court Names I. Lavrenko Insolvency Manager
----------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. I. Lavrenko as
Liquidator/Insolvency Manager for LLC Trade House Naftovij (code
EDRPOU 31723015).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 17.  The case is docketed
under Case No. 23/138-b.

The Economic Court of Kyiv Region is located at:  

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Trade House Naftovij
         Revutskij Str. 11-g
         02091 Kyiv Region
         Ukraine


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


BONDAPANEL LIMITED: Taps Andrew T. Clay to Administer Assets
------------------------------------------------------------
Andrew T. Clay of Andrew Michaels & Co. Ltd. was appointed
administrator of Bondapanel Limited (Company Number 00765742) on
May 19.

The administrator can be contacted at:

         Andrew Michaels and Co. Limited
         Concept House
         Brooke Street
         Cleckheaton BD19 3RY
         United Kingdom
         Tel: 01274 855530
         Fax: 01274 855540

Headquartered in Benfleet, United Kingdom, Bondapanel Limited
manufactures wood panels.


BRITAX GROUP: S&P Withdraws B+ Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B+' long-term
corporate credit rating on U.K.-based engineering group Britax
Group PLC at management's request.
     
Following the completion of the redemption the group's EUR145
million notes in November 2005, Britax has no outstanding rated
debt.


BROADWAY WROUGHT: Brings In Liquidator from Begbies Traynor
-----------------------------------------------------------
Stephen L. Conn of Begbies Traynor was appointed Liquidator of
Broadway Wrought Iron Work Limited after creditors decided to
wind up the company during an extraordinary general meeting on
March 31.

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

The company can be reached at:

         Broadway Wrought Iron Work Limited
         Unit 2
         Bradshaw Works
         Printers Lane
         Bolton BL2 3DW
         United Kingdom
         Tel: 01204 595 969
         Fax: 01204 794 889


COVERITE LIMITED: Sets Creditors' Meeting for July 3
----------------------------------------------------
Creditors of Coverite Limited (Company Number 00454440) will
meet at 10:00 a.m. on July 3 at:

         The New Connaught Rooms
         61-65 Great Queen Street
         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 30 at:

         Lee Antony Manning and Nicholas Guy Edwards
         Joint Administrators
         Deloitte & Touche LLP
         PO Box 810
         66 Shoe Lane
         London EC4A 3WA
         United Kingdom
         Tel: 00 44 (0) 207 936 3000
         Fax: 00 44 (0) 207 779 4001
         
Headquartered in London, Deloitte & Touche LLP --
http://www.deloitte.com/-- is the United Kingdom member firm of  
Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are
separate and independent legal entities.  It provides audit,
tax, consulting and corporate finance services through more than
9,000 people in 21 locations.  


CROSS CHANNEL: Names Duncan Roderick Morris as Administrator
------------------------------------------------------------
Duncan Roderick Morris of The Till Morris Partnership was
appointed administrator of Cross Channel Time Critical Ltd.
(Company Number 05139042) on May 22.

The administrator can be contacted at:

         The Till Morris Partnership
         2 Church St.
         Warwick
         Warwickshire CV34 4AB
         United Kingdom
         Tel: 01926 497722  

Cross Channel Time Critical Ltd. can be reached at:

         4 Granby Avenue
         Birmingham
         West Midlands B33 0SJ
         United Kingdom
         Tel: 0121 683 1100
         Fax: 0121 785 0939


DIGITAL TALK: Financial Woes Prompt Liquidation
-----------------------------------------------
Digital Talk Limited is winding up its operations after
creditors established the company could no longer continue its
business due to mounting debts.

Solomon Cohen of Pitman Cohen has been appointed Liquidator.

The company can be reached at:

         Digital Talk Limited
         127 Notting Hill Gate
         London W11 3LB
         United Kingdom
         Tel: 020 7229 1222
         Fax: 020 7229 8988
         Web: http://wwww.digitaltalk.co.uk/


EAGLE SERVICE: Creditors Resolve to Liquidation
-----------------------------------------------
Creditors of Eagle Service Engineers (East) Limited resolved to
liquidate the company's assets during an extraordinary general
meeting on April 5.

George Michael of Aschcrofts was appointed Liquidator.

Ashcrofts -- http://www.ashcrofts.net/-- offer hands-on  
expertise specializing in Business Recovery and Insolvency
providing positive solutions for negative situations.

The company can be reached at

         Eagle Service Engineers (East) Limited
         5 Fifth Avenue
         Bluebridge Industrial Estate
         Halstead
         Essex CO9 2SZ
         United Kingdom
         Tel: 01787 479 292
         Fax: 01787 479 293


EBOR SECURITY: Creditors Pass Winding Up Resolution
---------------------------------------------------
Creditors of Ebor Security Limited passed a resolution to wind
up the company's operations on March 29.

David Anthony Horner of David Horner & Co. was appointed
Liquidator.

The company can be reached at:

         Ebor Security Limited
         Moor Farm Buildings
         Moor Lane
         Murton York YO195XD
         United Kingdom
         Tel: 01904 481 844
         Fax: 01904 481 845


ENERGIE FITNESS: Brings In F.A. Simms to Administer Assets
----------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of F A Simms &
Partners PLC were appointed joint administrators of Energie
Fitness Limited (Company Number 4600685) on May 19.

The administrators can be contacted at:

         F A Simms & Partners Plc
         Insol House
         39 Station Road
         Lutterworth
         Leicestershire LE17 4AP
         United Kingdom
         Tel: 01455 557111
         Fax: 01455 552572
         E-mail: rsimms@fasimms.com

Energie Fitness Limited can be reached at:

         Energie House
         Tongwell Street
         Fox Milne
         Milton Keynes MK15 0YA
         United Kingdom


EUROSEC LIMITED: Appoints Joint Administrators from S.F. Plant
--------------------------------------------------------------
Simon Franklin Plant and Daniel Plant of S. F. Plant + Co were
appointed joint administrator of Eurosec (Southern) Limited
(Company Number 04547256) on May 23.

The administrator can be reached at:

         S F Plant + Co
         9 Ensign House
         Admirals Way
         Marsh Wall
         London E14 9XQ
         United Kingdom

Headquartered in Aldershot, United Kingdom, Eurosec (Southern)
Limited offers security services.


FLOORING CONTRACTS: Begins Liquidation Procedure
------------------------------------------------
Flooring Contracts (U.K.) Limited is liquidating its assets
after creditors found out the company could no longer continue
its operations due to liabilities.

David Wald, of D. Wald & Co, was appointed Liquidator.

The company can be reached at:

         Flooring Contracts (U.K.) Limited
         6 Hasedines Road
         Hemel Hempstead
         Hertfordshire HP1 3RA
         United Kingdom
         Tel: 01442 240500


JON LEWIS: Hires Liquidator from Poppleton & Appleby
----------------------------------------------------
A. Turpin, of Poppleton & Appleby, was appointed Liquidator of
Jon Lewis Transport Limited after creditors moved to liquidate
the company's assets on March 31.

The company can be reached at:

         Jon Lewis Transport Limited
         Unit 20
         Arden Business Centre
         Arden Road
         Alcester
         Warwickshire B49 6HW
         United Kingdom
         Tel: 01789 400 133
         Fax: 01789 400 892


LANDMARK MORTGAGE: Fitch Rates GBP6-Million Class D Notes at BB
---------------------------------------------------------------
Fitch Ratings assigned expected ratings to Landmark Mortgage
Securities No. 1 PLC's GBP200 million mortgage-backed floating-
rate notes.

   -- GBP-equivalent 168.6 million Class A notes due 2038: AAA;

   -- Class A detachable coupons due 2011: AAA;

   -- GBP-equivalent 17.80 million Class B notes due 2038: A;

   -- GBP-equivalent 7.6 million Class C notes due 2038: BBB;
      and

   -- GBP-equivalent 6 million Class D notes due 2038: BB.

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

The collateral underlying the notes in this transaction consists
solely of originations from Amber Home Loans, Unity Mortgages
and Infinity Home Loans.

The expected ratings are based on the quality of the collateral,
available credit enhancement, the underwriting criteria of
Amber, Unity and Infinity, the primary servicing capabilities of
Homeloan Management Limited and the special servicing
capabilities of Investec and the sound legal structure of the
transaction.

Credit enhancement for the Class A notes totals 16.90% and will
be provided by the subordination of the Class B, Class C, Class
D and an initial reserve fund of 1.20% of the initial issue
size.  The reserve fund is expected to increase to a target
amount of 1.40%

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its UK Residential Mortgage
Default Model III.  The agency also modeled cash flows using the
results of the default model with structural stresses including
various prepayment and interest rate scenarios.

The cash flow tests showed that each Class of notes could
withstand loan losses at a level corresponding to the related
stress scenario without incurring any principal loss or interest
shortfall and can retire principal by legal final maturity.


NORTHFIELD NURSERIES: Meeting of Creditors Set for June 22
----------------------------------------------------------
Creditors of Northfield Nurseries Limited (Company Number
00791529) will meet at 10:30 a.m. on Thursday, June 22, at:

         One Great Cumberland Place
         Marble Arch
         London W1H 7LW
         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, tomorrow at:

         N.A. Bennett and K.D. Goodman
         Joint Administrators
         Leonard Curtis & Co
         One Great Cumberland Place
         Marble Arch
         London W1H 7LW
         United Kingdom
         Tel: 020 7535 7000
         Fax: 020 7723 6059
         Web: http://www.leonardcurtis.co.uk
         E-mail: solutions@leonardcurtis.co.uk


FLOORING CONTRACTS: Begins Liquidation Procedure
------------------------------------------------
Flooring Contracts (U.K.) Limited is liquidating its assets
after creditors found out the company could no longer continue
its operations due to liabilities.

David Wald of D. Wald & Co. was appointed Liquidator.

The company can be reached at:

         Flooring Contracts (U.K.) Limited
         6 Hasedines Road
         Hemel Hempstead
         Hertfordshire HP1 3RA
         United Kingdom
         Tel: 01442 240500


R.C. AUTO: Names Ian William Kings Liquidator
---------------------------------------------
R.C. Auto Services Limited is liquidating its assets after
creditors passed a resolution to wind up the company on
March 28.

Ian William Kings of Tenon Recovery was appointed Liquidator.

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

The company can be reached at:

         R.C. Auto Services Limited
         Abbotsford Road
         Gateshead
         Tyne and Wear NE100EX
         United Kingdom
         Tel: 0191 469 4065


RESIDENTIAL MORTGAGE: Moody's Rates Class B2a Notes at (P)Ba3
-------------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
the following classes of Notes issued by Residential Mortgage
Securities 22 PLC:

   -- Class A1 Notes with Class A Ordinary Coupons due 2031:
      (P)Aaa;

   -- Class A1 Detachable Coupons due 2009: (P)Aaa;

   -- Class A1 Detachable Coupons due 2011: (P)Aaa;

   -- Class A2 Notes with Class A Ordinary Coupons due 2039:
      (P)Aaa;

   -- Class A2 Detachable Coupons due 2009: (P)Aaa;

   -- Class A2 Detachable Coupons due 2011: (P)Aaa;

   -- Class A3 Notes with Class A Ordinary Coupons due 2039:
      (P)Aaa;

   -- Class A3 Detachable Coupons due 2009: (P)Aaa;

   -- Class A3 Detachable Coupons due 2011: (P)Aaa;

   -- Class M1a Notes with Class A Ordinary Coupons due 2039:
      (P)Aa3;

   -- Class M1c Notes with Class A Ordinary Coupons due 2039:
      (P)Aa3;

   -- Class M2a Notes with Class A Ordinary Coupons due 2039:
      (P)A3;

   -- Class M2c Notes with Class A Ordinary Coupons due 2039:
      (P)A3;

   -- Class B1a Notes with Class A Ordinary Coupons due 2039:
      (P)Baa3;

   -- Class B1c Notes with Class A Ordinary Coupons due 2039:
      (P)Baa3;

   -- Class B2a Notes with Class A Ordinary Coupons due 2039:
      (P)Ba3; and

   -- Mortgage Early Redemption Certificates, due 2039: (P)Aaa.

The Class A1 and Class A3 Notes will be issued in British Pound
Sterling, U.S. Dollars and Euros.  The Class A2 Notes will be
issued in Euros.  The Class M1, M2 and B1 Notes will be issued
in British Pound Sterling and Euros.  The Class B2a will be
issued in British Pound Sterling.

This transaction represents the 22nd securitization of non-
conforming and impaired credit loans originated by entities that
trade under the name of Kensington Mortgage Company.  

The ratings of the Notes are based upon:

   -- an analysis of the characteristics of the mortgage pool
      backing the Notes;

   -- the protection the Notes receive from credit enhancement
      against defaults and arrears in the mortgage pool; and

   -- the legal and structural integrity of the issue.

The credit enhancement available in the deal is provided in the
form of excess spread, reserve fund of original note balance,
subordination of the Class M1, M2, B1 and B2 Notes. Subject to
certain conditions being met, the reserve fund may amortize to a
floor of 0.68% of the original note balance.

The ratings address the expected loss posed to investors by the
legal final maturity.  Moody's believes the structure allows for
timely payment of interest and ultimate payment of principal at
par on or before the rated 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.

The Class A Detachable Coupons (I/O) do not receive any payments
of principal, and earn interest at a rate of 1.35% per annum
calculated on the outstanding balance of the Class A Notes.

The Class A1 I/O 2009, Class A2 I/O 2009, and Class A3 I/O 2009
earn interest from the first interest payment date until the
interest payment date on Nov. 2009.  The Class A1 I/O 2011,
Class A2 I/O 2011 and Class A3 I/O 2011 earn interest from the
interest payment date on Nov. 2009 to the interest payment date
falling on Nov. 2011.  The rating of the I/O addresses the
Issuer's ability to make the promised payment of interest.  
However, it does not address the size of balance used to
calculate the amount due.

The Mortgage Early Redemption Certificates (MERC) are backed
solely by mortgage early redemption charges that may become
payable by borrowers in the pool on early redemption of their
loans within a certain period.  The Aaa rating on the MERC's
addresses the likelihood of receipt by MERC holders of such
amounts if the Issuer receives them.  It assumes, without any
independent investigation that payment of the mortgage early
redemption charges under the mortgage loans is legally valid,
binding and enforceable, and that such amounts are actually
collected from borrowers and received by the Issuer.  The amount
receivable by MERC holders also depends on prepayment rates
within the pool.  The rating does not address such prepayment
rates.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinions regarding the transaction only. Upon a
conclusive review of the final version of all the documents and
legal opinions, Moody's will endeavor to assign a definitive
rating to the Notes.  A definitive rating may differ from a
provisional rating.


RESIDENTIAL MORTGAGE: Fitch Rates GBP16-Mln Class B2 Notes at BB
----------------------------------------------------------------
Fitch Ratings assigned expected ratings to Residential Mortgage
Securities 22 PLC's GBP800 million multi-currency mortgage-
backed floating-rate notes.

   -- GBP-equivalent 320 million Class A1 notes due 2031: AAA;

   -- A1 detachable coupons due 2009 and 2011: AAA;

   -- GBP-equivalent 80 million Class A2 notes due 2039: AAA;

   -- A2 detachable coupons due 2009 and 2011: AAA;

   -- GBP-equivalent 280 million Class A3 notes due 2039: AAA;

   -- A3 detachable coupons due 2009 and 2011: AAA;

   -- GBP-equivalent 53.6 million Class M1 notes due 2039: AA;

   -- GBP-equivalent 26.4 million Class M2 notes due 2039: A;

   -- GBP-equivalent 24 million Class B1 notes due 2039: BBB;
      and

   -- GBP-equivalent 16 million Class B2 notes due 2039: BB.

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

This transaction is a securitization of non-conforming
residential mortgages originated and located in the U.K. and is
the 22nd in the series.  Structurally, this is the third
transaction to trap excess cap cash flows within the deal for
use in future periods.

The expected ratings are based on the quality of the collateral,
available credit enhancement, the underwriting criteria of
Kensington Group PLC and its subsidiaries, the primary servicing
capabilities of Homeloan Management Ltd. and the special
servicing capabilities Kensington Mortgages Ltd, and the sound
legal structure of the transaction.

Credit enhancement for the Class A1, A2 and A3 notes totals
15.9% and will be provided by the subordination of the Class M1,
Class M2 Class B1, Class B2 and an initial reserve fund
representing 0.9% of the initial issue size.  The reserve fund
is expected to increase to a target amount equating to 1.35% of
the initial issue size, funded from available excess spread.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its default model, details of
which can be found in the report "UK Residential Default Model
III" dated July 26, 2005, available at
http://www.fitchratings.com/ The agency modeled the transaction  
cash flows using default and loss severity assumptions indicated
by the default model under various recession timings, prepayment
speeds, interest rates, and originator default/downgrade
scenarios.  

The cash flow tests showed that each Class of notes could
withstand loan losses at a level corresponding to the related
stress scenario without incurring any principal loss or interest
shortfall and can retire principal by legal final maturity.


SHELTONE DEVELOPMENTS: Hires PKF Joint Administrators
-----------------------------------------------------
Kerry Bailey and Jonathan D Newell of PKF (U.K.) LLP were
appointed joint administrators of Sheltone Developments Limited
(Company Number 04849469) on May 4.

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.

Sheltone Developments Limited develops and sells properties.


SHOW BUSINESS: Creditors Confirm Voluntary Liquidation
------------------------------------------------------
Creditors of Show Business Software Limited confirmed the
company's voluntary liquidation during an extraordinary general
meeting on April 4.

Creditors also ratified the appointment of Barry David Lewis of
Harris Lipman LLP as Liquidator.

The company can be reached at:

         Show Business Software Limited
         137 Euston Road
         London NW1 2AA
         United Kingdom
         Tel: 020 7387 3888
         Fax: 020 7387 3883


SOUL FOOD: Taps Clarke Bell as Administrator
--------------------------------------------
John Paul Bell of Clarke Bell was appointed administrator of
Soul Food Leisure Limited (Company Number 05269596) on Jan. 18.

The administrator can be contacted at:

         Clarke Bell
         Parsonage Chambers
         3 The Parsonage
         Manchester
         Greater Manchester M3 2HW
         United Kingdom
         Tel: 0161 907 4044
         Fax: 0161 907 4086
         E-mail: clarkebell@mac56.com

Soul Food Leisure Limited can be reached at:

         1 The Woodlands
         Prestwich
         Manchester M25 9XN
         United Kingdom


SOUTH HERTS: Creditors' Meeting Set for June 27
-----------------------------------------------
Creditors of South Herts Waste Management Limited (Company
Number 02688528) will meet at 11:00 a.m. on June 27 at:

         The New Connaught Rooms
         61-65 Great Queen Street
         Covent Garden
         London WC2B 5DA
         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 26 at:

         S.M. Oldfield and M.J.A. Jervis
         Joint Administrators
         Pricewaterhousecoopers LLP
         Abacus House
         Castle Park
         Cambridge CB3 0AN
         United Kingdom
         Tel: [44] (1223) 460055
         Fax: [44] (1223) 552336, 552300
         
PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides, among others, auditing services, accounting advice,
tax compliance and consulting, financial consulting and advisory
services to clients in a variety of industries.  


STOKE CHINA: Taps Martin Williamson to Liquidate Assets
------------------------------------------------------
Martin Williamson, of DS Insolvency Services Limited, was
appointed Liquidator of Stoke China & Glass Limited after
creditors agreed to wind up the company on March 24.

The company can be reached at:

         Stoke China & Glass Limited
         Unit 11
         Hyde Park Trading Estate
         City road
         Stoke-on-Trent ST4 1DR
         United Kingdom
         Tel: 01782 744 369
         Fax: 01782 744 369


WINDERMERE VI: S&P Places Ratings on CreditWatch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its credit ratings on the class B, C, D,
and E notes issued by Windermere VI CMBS PLC.  The class A notes
remain unaffected by the CreditWatch placements.

The CreditWatch placements follow an initial review of the most
recent transaction information received by Standard & Poor's.
This analysis showed that the likelihood of a positive rating
action has increased as the three largest loans, comprising 61%
of the pool, prepaid by the April interest payment date.  The
Mid City Place loan, the Canary Wharf loan, and the 15 West
Ferry Circus loan all prepaid.
   
The prepayments have improved the levels of credit enhancement
available to the class B, C, and D notes and the LTV ratios for
all classes.
  
Standard & Poor's will now conduct a more detailed analysis to
investigate whether any or all of these notes can attain a
higher rating.  The results of this review and any rating
changes are expected within a month of this media release.
  
The transaction, which closed on Oct. 25, 2005, was backed
originally by 10 loans secured on 28 commercial properties in
the U.K.  The U.K. branch of Lehman Brothers Commercial Paper
Inc., and the London branch of Lehman Brothers Bankhaus AG
originated it.
  
                          Ratings List
                     Windermere VI CMBS PLC
GBP704.3 Million Commercial Mortgage-Backed Floating-Rate Notes
  
               Class                  Rating
                            To                     From
                            --                     ----
      Ratings Placed On CreditWatch With Positive Implications
  
                B           AA/Watch Pos           AA
                C           A/Watch Pos            A
                D           BBB/Watch Pos          BBB
                E           BB/Watch Pos           BB


ZEUS GROUP: Appoints Ernst & Young as Joint Administrators
----------------------------------------------------------
Ian Best and Chris Marsden of Ernst & Young LLP were appointed
joint administrator of Zeus Holdings Limited (Company Number
03966388), Zeus Group Limited (Company Number 02988766), Zeus
Aluminium Products Limited (Company Number 01282425), and Zeus
Pattern & Tooling Co Limited (Company Number 01218603) on
May 25.

Ernst & Young -- http://www.ey.com/-- is global organization  
help companies in businesses across all industries-from emerging
growth companies to global powerhouses-deal with a broad range
of business issues.  It has 107,000 people in 140 countries
around the globe pursue the highest levels of integrity, quality
and professionalism to provide clients with a broad array of
services relating to audit and risk-related services, tax, and
transactions.

Headquartered in Stourbridge, United Kingdom, Zeus Group Limited
does metal casting procedures for the automotive industry.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      183


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR    (49)         142      (34)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE    
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Dollfus Mieg & Cie S.A.   DS         (11)         165      (29)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (15)         136        3
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Metaleurop S.A.           PA.PA      (24)         181      (30)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (102)       3,409     (503)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (23)         144       (7)
Senator Entertainment    
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


HUNGARY
-------
NABI Rt.                  NABHY       (2)         229   (8,950)


ICELAND
-------
Decode Genetics Inc.      DCGN        (9)         229      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (58)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)


ROMANIA
-------
Oltchim RM Valce          OLT        (45)          232     321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (168)         409  (10,680)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (16)         136      (34)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
British Sky Broadcasting
   Group Plc              BSY        (61)       4,157      139
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         567       (5)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music              
   Industries Group       EMI     (1,411)       3,235     (331)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (9)         875     (190)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (835)       8,881      (49)
Invensys PLC                        (963)       4,861      913
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (460)         906       60
Mytravel Group            MT.L      (283)       1,159     (410)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,134)       2,678      (45)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.  
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                           *********


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

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

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

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

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

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


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