TCREUR_Public/060621.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Wednesday, June 21, 2006, Vol. 7, No. 122

                            Headlines


A U S T R I A

AGG: Claims Registration Period Ends July 4
FEKETE TRADE: Creditors' Meeting Slated for June 22
GWIND: Claims Registration Period Ends June 28
ISOTEC: St. Polten Court Closes Bankruptcy Proceedings
PS GASTRONOMIE: Claims Registration Period Ends July 4

SPORTS CENTER: Claims Registration Period Ends July 12
VWS - LOGOPACK: Claims Registration Period Ends June 22


C Z E C H   R E P U B L I C

LG PHILIPS: Eyes Strategic Partnership & Debt Settlement


F R A N C E

DOMOFORM SAS: Undergoes Court-Supervised Administration


G E R M A N Y

ANG LOGISTIK: Creditors' Meeting Slated for July 5
BAUER AG: DBAG Eyes 41% Equity Sale in Upcoming IPO
BLUB BADEPARADIES: Creditors' Meeting Slated for July 4
GRIFF U. RAHMEN: Claims Registration Ends June 30
HOLZBEARBEITUNG HOMANN: Claims Registration Ends July 4

HOSSBACH GMBH: Claims Registration Ends July 5
K & K BAUUNTERNEHMUNG: Creditors' Meeting Slated for July 5
POBURSKI GESCHAFTSFUEHRUNGS: Claims Registration Ends June 23
ROXANA FASHION: Claims Registration Ends July 3
V & K MASSIVHAUS: Claims Registration Ends July 3

VC-TECHNOLOGY: Claims Registration Ends July 5


H U N G A R Y

BORSODCHEM RT: Firthlion Hikes Equity Stake to 25.412%


I T A L Y

PARMALAT SPA: In Talks to Sell Two Venezuelan Plants


K A Z A K H S T A N

DJEMENEI: Creditors Must File Claims by July 4
EURASIA INSURANCE: S&P Assigns B+ Long-Term Credit Rating
GIDROIZOL VEE: Creditors Must File Claims by July 4
IRTYSH-GMS: Creditors' Claims Due July 4
KASKOR-MASHZAVOD: Creditors' Claims Due July 4

LUBBOCK TRADING: Proof of Claim Deadline Slated for July 4
MEGA: Akmola Court Opens Bankruptcy Proceedings
PROMETEI: Proof of Claim Deadline Slated for July 4
RTS: East Kazakhstan Court Sets July 4 Claims Bar Date
SAREPTA: Claims Registration Ends July 4

UST-KAMENOGORSKOYE MOTOR: Claims Registration Ends July 4


K Y R G Y Z S T A N

ASISTA TREID: Creditors Must File Claims by July 30
RIA ERIDAN-SENTR: Proof of Claim Deadline Slated for July 30
SVANS COMPANY: Proof of Claim Deadline Slated for July 28


N E T H E R L A N D S

PYATEROCHKA HOLDING: Obtains US$800-Mln Loan to Support Merger


R U S S I A

ANNINSKIY ELEVATOR: Court Starts Bankruptcy Supervision
EVRAZ GROUP: Millhouse Group Acquires 41.3% Equity Stake
ISENBAEVSKIY BRICKWORKS: A. Kurochkin Named to Manage Assets
KAM-GES-AUTO-TRANS: Court Names L. Peshkov as External Manager
KUYBYSHEVSKOYE GRAIN: Court Appoints L. Safin to Manage Assets

MAMONSKIY BREAD: Court Appoints Y. Khludnev Insolvency Manager
MB CAPITAL: Moody's Rates Loan Participation Notes at B1
NAMSKIY LAPIDARY: Court Begins Bankruptcy Supervision
NOVOSHESHMINSKIY BRICKWORKS: M. Shamsiev to Manage Assets
OAO SEVERSTAL: Proposes Improved Merger Terms to Arcelor

OIL-RESOURCE: Court Opens Bankruptcy Proceedings
PYATEROCHKA HOLDING: Obtains US$800-Mln Loan to Support Merger
ROSBANK: Fitch Affirms IDR at B+ with Positive Outlook
ROSTELECOM: Russia Demands RUB3.47 Billion in Back Taxes
RUSSIAN CORN: Court Names K. Garkanov as Insolvency Manager

STERLITAMAKSKIY CONCRETE 1: D. Karavaev to Manage Assets
VERKHNE-MAMON-AGRO-TRANS: I. Ageev to Manage Insolvency Assets


T U R K E Y

FORD OTOSAN: Fitch Lowers Local Currency IDR to BB+


U K R A I N E

ARTEKA: Ludmila Zayikina to Liquidate Assets
BUDSNABRESURS-K: Court Names O. Sherban to Liquidate Assets
DEFO: Court Appoints Ludmila Zayikina as Liquidator
DEKRA: Court Names I. Fedorov as Insolvency Manager
FIESTA: Zaporizhya Court Starts Bankruptcy Supervision

GAL-HIMFARB: Andrij Kolisnik Liquidate Insolvency Assets
NOVOGRIGORIVSKE: Court Names V. Pejchev to Manage Assets
UKRAGROTEHSOUZ: Kyiv Court Begins Bankruptcy Supervision
UKRAINIAN INDUSTRIAL: Court Names I. Fedorov Insolvency Manager
ZVIT: Court Names S. Kitsul as Insolvency Manager


U N I T E D   K I N G D O M

A.C.I.I. LIMITED: Hires DTE Leonard as Joint Administrators
A.I. WORLDWIDE: Brings In Administrators from Smith & Williamson
ALBA 2006-1: Fitch Gives BB Rating to GBP9.2-Mln Class E Notes
BASELINE LTD: Creditors Pass Winding Up Resolution
BRISTOL TOOL: Financial Woes Prompt Liquidation

C4 CARRIERS: Creditors Resolve to Voluntary Liquidation
CENTRAL SERVICES: Taps N.A. Benett to Liquidate Assets
CIG MON: Taps Grant Thornton to Administer Assets
CORUS GROUP: S&P Lifts Long-Term Corporate Credit Rating to BB
CLAVIS SECURITIES: Fitch Rates GBP8.1-Mln Class B2 Notes at BB

DRESS TRIMMINGS: Claims Filing Period Ends July 4
ETHOS PRODUCTIONS: Names G.W. Rhodes Liquidator
GOLD SEAL: Appoints Liquidator to Wind Up Assets
HADLEIGH DEVELOPMENTS: Hires Begbies Traynor as Administrators
HOMECHOICE TRADING: Hires Liquidator from David Horner & Co

ID BUILDERS: Brings In Joint Liquidators from Lines Henry
INDI-BLUE LIMITED: Begins Liquidation Procedure
INMARSAT: Moody's Assigns Ba2 Corporate Family Rating
INN HOUSE: Appoints John Paul Bell as Administrator
JTD TIMBER: Names Joint Administrators from KPMG

KENSA LIMITED: Taps Begbies Traynor to Administer Assets
LUCITE INT'L: S&P Lowers Long-Term Corporate Rating to B+
NORTHERN ELECTRICAL: Appoints Joint Administrators from PwC
OLWEN DIRECT: Brings In Harris Lipman as Administrators
REAL INTERIORS: Hires Gerals Edelman as Joint Administrators

SEA CONTAINERS: Moody's Further Cuts Junk Sr. Unsecured Rating
ROYAL & SUNALLIANCE: Targets GBP130-Mln Cost Savings by 2008

                            *********

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


AGG: Claims Registration Period Ends July 4
-------------------------------------------
Creditors owed money by LLC AGG (FN 241595m) have until July 4
to submit written proofs of claim to court-appointed property
manager Susanne Fruhstorfer at:

         Dr. Susanne Fruhstorfer
         Seilerstrasse 228
         1010 Vienna
         Austria
         Tel: 512 57 76 13
         Fax: 512 57 76 50
         E-mail: office@fg-lawyers.at      

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

Headquartered in Vienna, Austria, the Debtor filed for
bankruptcy protection at the Trade Court of Vienna on May 11
(Bankr. Case No. 2 S 80/06m).  


FEKETE TRADE: Creditors' Meeting Slated for June 22
---------------------------------------------------
Creditors owed money by Fekete Trade Ltd (FN und Company No.
05017782) are encouraged to attend the creditors' meeting at
9:10 a.m., tomorrow, June 22, to consider the revision of the
rule by adoption and accountability.

The meeting will be held at:

         The Land Court of Feldkirch
         Conference Hall 45
         1st Floor
         Feldkirch
         Austria

Headquartered in Salford, Austria, the Debtor declared
bankruptcy on May 11 (Bankr. Case No. 14 S 23/06d).  Dr. Andreas
Fritsch serves as the court-appointed property manager of the
bankrupt estate.


GWIND: Claims Registration Period Ends June 28
----------------------------------------------
Creditors owed money by Trade LLC Gwind (FN 260045w) have until
June 28 to file written proofs of claims to court-appointed
property manager Sieglinde Schubert at:

         Dr. Sieglinde Schubert
         Lerchenfelderstrasse 39
         1070 Vienna
         Austria
         Tel: 3684950
         Fax: 368495050
         E-mail: sieglindeschubert@aon.at

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 12 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 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 11 (Bankr. Case No. 4 S 77/06k).  Herbert Sachffler
represents Dr. Schubert in the bankruptcy proceedings.


ISOTEC: St. Polten Court Closes Bankruptcy Proceedings
------------------------------------------------------
The Land Court of St. Polten entered an order closing the
bankruptcy proceedings of LLC On Automation And Technology
Isotec (FN 254499p) on May 11.

Under the confirmed compulsory compensation payment scheme,
creditors will recover 40% of their claims to be paid in three
installments:

  (a) 20% within 14 days after confirmation of the payment
      scheme, but not until the closing of the Debtor's
      bankruptcy case;

  (b) 10% within one year; and

  (c) 10% to be paid within two years.

Headquartered in Sitzenberg - Reidling, Austria, the Debtor
declared bankruptcy on Feb. 7 (Bankr. Case No. 14 Sa 1/06x).  
Dr. Friedrich Nusterer served as the court-appointed property
manager in the bankrupt estate.  


PS GASTRONOMIE: Claims Registration Period Ends July 4
------------------------------------------------------
Creditors owed money by LLC PS Gastronomie (FN 245860i) have
until July 4 to file written proofs of claims to court-appointed
property manager Beate Sumper at:

         Beate Sumper
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on July 18 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 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 11 (Bankr. Case No. 6 S 48/06k).   Dr. Susi Rathauscher
represents Beate Sumper in the bankruptcy proceedings.


SPORTS CENTER: Claims Registration Period Ends July 12
------------------------------------------------------
Creditors owed money by Sports Center Of The Salzburg Workers
have until July 12 to submit written proofs of claim to court-
appointed property manager Michael Pallauf at:

         Dr. Michael Pallauf
         Petersbrunnstr. 13
         5020 Salzburg
         Austria
         Tel: 0662-841202
         Fax: 0662-84120250
         E-mail: officesalzburg@aaa-law.at       

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 24 to consider the revision of
the rule by adoption and accountability.

Headquartered in Salzburg, Austria, the Debtor, which operates a
sports center, filed for bankruptcy protection at the Land Court
of Salzburg on May 11 (Bankr. Case No. 23 S 34/06d).  Johann
Jakub represents the Debtor in the bankruptcy proceedings.


VWS - LOGOPACK: Claims Registration Period Ends June 22
-------------------------------------------------------
Creditors owed money by LLC VWS - Logopack (FN 55187h) have
until tomorrow, June 22, to file written proofs of claims to
court-appointed property manager Guenther Viehbock at:

         Dr. Guenther Viehbock
         Bahnhofsplatz 1a/1/5
         2340 Modling
         Austria
         Tel: 02236/22050
         Fax: 02236/49239
         E-mail: office@viehboeck.at

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 5 to consider the revision of
the rule by adoption and accountability.
The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt, Austria

Headquartered in Vosendorf, Austria, the Debtor declared
bankruptcy on May 11 (Bankr. Case No. 10 S 41/06t).  Maria-
Christina Nau represents Dr. Viehbock in the bankruptcy
proceedings.


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


LG PHILIPS: Eyes Strategic Partnership & Debt Settlement
--------------------------------------------------------
LG.Philips Displays Czech Republic is trying to settle 30% of
its EUR230 million debt within the next 18 months as it seeks
for a strategic partner in a stab to prolong its existence,
Jason Hovet writes for Czech Business Weekly.

LG.Philips, advised by PricewaterhouseCoopers, is currently
holding talks with 15 potential strategic partners, mostly
liquid crystal display makers and car manufacturers looking for
facilities in the region, the paper relates.  According to CBW,
LG.Philips expects to find a partner by late 2006 or early 2007.

The Company has also filed a EUR70-million settlement claim at
the Regional Court in Ostrava, North Moravia.  Philips, the
group's Dutch parent, as well as major creditors, has welcomed
the settlement claim, CBW says.  The Court might be forced to
declare LG.Philips bankrupt if the settlement fails to push
through.  

LG.Philips Display Holding, the group's local parent, succumbed
to bankruptcy in February, bringing the Company's future into
doubt.  LG.Philips plans to stop production of cathode ray tube
screens within three-to-four years following a significant
decline in the market for CRT, especially in Europe, and a
rising market preference to the more modern LCD televisions.  

For 2006, LG.Philips forecasts an operating profit from CZK5.5
billion in sales.  The site has produced 838,000 TV tubes
between January and mid-May.

LG.Philips Displays Czech Republic s.r.o. is the Czech unit of
LG.Philips Displays Holding B.V., the European holding company
for LG.Philips Displays.  

The holding group disclosed that it will not be able to provide
further financial support to certain loss-making subsidiaries
because it has been unable to obtain sustainable new or
additional funding.  The holding company filed for insolvency
protection on Jan. 27, along with its Dutch subsidiary,
LG.Philips Displays Netherlands B.V., and its German subsidiary
in Aachen.


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


DOMOFORM SAS: Undergoes Court-Supervised Administration
-------------------------------------------------------
The Commercial Court of Poitiers has placed Domoform S.A.S.
under court-supervised administration following the Company's
series of financial problems brought by a decline in business,
Les Echos says.

According to the report, Domoform, which will be under a six-
month observation period, may have incurred between EUR6 million
to EUR8 million in total debts.

Headquartered in Montmorillon, France, Domoform --
http://www.domoform.fr/-- manufactures small pieces of  
furniture and kitchen units, both assembled (average-low price
positioning) flat pack kitchen furniture.  The Company, which
employs 366 workers, is a unit of Italian group Snaidero.


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


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

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

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

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

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

The Debtor can be reached at:

         ANG Logistik GmbH
         Kinzigstr. 23
         10247 Berlin, Germany

The administrator can be reached at:

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

BAUER AG: DBAG Eyes 41% Equity Sale in Upcoming IPO
---------------------------------------------------
Deutsche Beteiligungs AG will sell its entire 41% stake in Bauer
AG, which represents 5.276 million shares, to the public in
Bauer's upcoming initial public offering slated for late June or
early July, according to published reports.

The Bauer family, on the other hand, will remain as the
Company's biggest shareholder after it will cut its 56% holdings
to 48.2%.

As previously reported, the Company will float around 8.9
million shares, representing 52% of its total stock, to fund
domestic and foreign expansions.  The subscription is expected
to run from June 26 to July 3 with the IPO date likely to be on
July 4, AFX News reveals.

According to AFX, the flotation will include a capital increase
of up to 2.35 million shares and a possible greenshoe option of
up to 808,160 shares by DBAG.  Two Bauer AG units will also sell
450,000 shares, AFX relates.

IPO facilitators include:

   -- Deutsche Bank AG as sole global coordinator and sole
      bookrunner;

   -- Dresdner Bank AG as co-lead manager;

   -- Sal Oppenheim KGaA and Bayerische Landesbank as co-
      managers.

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/-- 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.


BLUB BADEPARADIES: Creditors' Meeting Slated for July 4
-------------------------------------------------------
The court-appointed provisional administrator for BLUB
Badeparadies GmbH, Wolfgang Schroder, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:55 a.m. on July 4.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:40 a.m. on Oct. 24 at the same
venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against BLUB Badeparadies GmbH on May 29.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         BLUB Badeparadies GmbH
         Buschkrugallee 64
         12359 Berlin, Germany

The administrator can be reached at:

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


GRIFF U. RAHMEN: Claims Registration Ends June 30
-------------------------------------------------
Creditors of Griff u. Rahmen GmbH have until June 30 to register
their claims with court-appointed provisional administrator Ingo
Wiese.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 17, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kiel
         Hall 18
         Kiel, 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 Kiel opened bankruptcy proceedings against
Griff u. Rahmen GmbH on May 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Griff u. Rahmen GmbH
         Knooper Way 33
         24103 Kiel, Germany

The administrator can be contacted at:

         Ingo Wiese
         Oberbaumbruecke 1
         20457 Hamburg, Germany


HOLZBEARBEITUNG HOMANN: Claims Registration Ends July 4
-------------------------------------------------------
Creditors of Holzbearbeitung Homann GmbH have until July 4 to
register their claims with court-appointed provisional
administrator Dirk Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Aug. 2, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Principal Establishment
         Viktoriastrasse 14
         44787 Bochum, 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 Bochum opened bankruptcy proceedings
against Holzbearbeitung Homann GmbH on May 10.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Holzbearbeitung Homann GmbH
         Attn: Martin Homann, Manager         
         Karolinenstr. 90
         44793 Bochum, Germany

The administrator can be contacted at:

         Dr. Dirk Andres
         Viktoriastrasse 10
         44787 Bochum, Germany
         Tel: 4145023


HOSSBACH GMBH: Claims Registration Ends July 5
----------------------------------------------
Creditors of Hossbach GmbH have until July 5 to register their
claims with court-appointed provisional administrator Peter
Engelmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 18, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Nuernberg
         Meeting Room 152/I
         Flaschenhofstr. 35
         Nuernberg,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 Nuernberg opened bankruptcy proceedings
against Hossbach GmbH on May 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Hossbach GmbH
         Attn: Dieter Hossbach, Manager         
         Leipziger Road 11
         92318 Neumarkt, Germany

The administrator can be contacted at:

         Peter Engelmann
         Archivstr. 3
         90408 Nuernberg, Germany
         Tel: 0911/5978122
         Fax: 0911/5978144


K & K BAUUNTERNEHMUNG: Creditors' Meeting Slated for July 5
-----------------------------------------------------------
The court-appointed provisional administrator for K & K
Bauunternehmung & Geruestbau GmbH, Stephan Heinrichsmeyer, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 1:50 p.m. on July 5.

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

         The District Court of Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund, Germany

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Sept. 13 at the same
venue.

Creditors have until July 26 to register their claims with the
court-appointed provisional administrator.

The District Court of Dortmund opened bankruptcy proceedings
against K & K Bauunternehmung & Geruestbau GmbH on May 26.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         K & K Bauunternehmung & Geruestbau GmbH
         Attn: Tolga and Remzi Karakurt, Managers
         Alstedder Str. 21
         44534 Luenen, Germany

The administrator can be reached at:

         Stephan Heinrichsmeyer
         Spiekergasse 6-8
         33330 Guetersloh, Germany
         Tel: 05241/92 02-0
         Fax: 05241 92 02 22

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

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on July 20, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Hamburg opened bankruptcy proceedings
against Poburski Geschaftsfuehrungs GmbH Hamburg on May 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Poburski Geschaftsfuehrungs GmbH Hamburg
         Randersweide 69-73
         21035 Hamburg, Germany

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

The administrator can be contacted at:

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


ROXANA FASHION: Claims Registration Ends July 3
-----------------------------------------------
Creditors of Roxana Fashion GmbH have until July 3 to register
their claims with court-appointed provisional administrator
Christine Berg-Gruenenwald.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Aug. 3, 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 Munich
         Meeting Room 102
         Infanteriestr. 5
         Munich, 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 Munich opened bankruptcy proceedings
against Roxana Fashion GmbH on May 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Roxana Fashion GmbH
         Liebigstr. 5a
         85757 Karlsfeld, Germany

The administrator can be contacted at:

         Dr. Christine Berg-Gruenenwald
         Leopoldstr. 139
         80804 Munich, Germany
         Tel: 361930-0
         Fax: 361930-499


V & K MASSIVHAUS: Claims Registration Ends July 3
-------------------------------------------------
Creditors of V & K Massivhaus GmbH have until July 3 to register
their claims with court-appointed provisional administrator Hans
von Gleichenstein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Aug. 1, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         Munich, 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 Munich opened bankruptcy proceedings
against V & K Massivhaus GmbH on May 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         V & K Massivhaus GmbH
         Lindenstr. 4
         82216 Maisach, Germany

The administrator can be contacted at:

         Dr. Hans von Gleichenstein
         Rottmannstr. 11a
         80333 Munich, Germany
         Tel: 089/5427300
         Fax: 086/54273015


VC-TECHNOLOGY: Claims Registration Ends July 5
----------------------------------------------
Creditors of VC-Technology Beteiligungs AG have until July 5 to
register their claims with court-appointed provisional
administrator Jorg Zumbaum.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 14, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Room K 3
         3rd Floor
         Post Office Yard 1
         52062 Aachen, Germany

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

The District Court of Aachen opened bankruptcy proceedings
against VC-Technology Beteiligungs AG on May 11.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         VC-Technology Beteiligungs AG
         Delitzscher Chaussee 4
         06188 Landsberg, Germany

         Attn: Detlef Seiffert, Manager
         Richtericher Road 45
         52072 Aachen, Germany

The administrator can be contacted at:

         Jorg Zumbaum
         Zuelpicher Road 117
         52349 Dueren, Germany


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


BORSODCHEM RT: Firthlion Hikes Equity Stake to 25.412%
------------------------------------------------------
Firthlion Limited has acquired 2,183,169 ordinary shares in
BorsodChem Rt. at an average price of HUF2,270 on June 16.  

As a result, Firthlion currently holds a total of 20,668,733
shares representing 25.412% direct shareholding in the Company.  
Kafijat Kereskedelmi es Consulting Kft., which is a 99.999%
owner of Firthlion, indirectly holds the BorsodChem shares.  

The indicated shares also represent an indirect shareholding in
BorsodChem by Megdet Rahimkulov, a 71.44% owner of Kafijat Kft.,
as well as by Messrs. Timur Rahimkulov and Ruszlan Rahimkulov,
each possessing 14.28% in Kafijat Kft. and by Mr Megdet
Rahimkulov and their close relatives.

Parties that have sold their holdings in BorsodChem at an
average price of HUF2,270 include:

  (a) BorsodChem Board Member Timur Megdetovics Rahimkulov:
      126,295 ordinary shares;

  (b) Ruszlan Rahimkulov Megdetovics: 119,675 ordinary shares;
      and

  (c) Altalanos Ertekforgalmi Bank Rt.: 1,767,432 ordinary
      shares.

                       About BorsodChem

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

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

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

                        *     *     *

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


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


PARMALAT SPA: In Talks to Sell Two Venezuelan Plants
----------------------------------------------------
Parmalat S.p.A. subsidiary Parmalat de Venezuela C.A. is in
negotiations with the Venezuelan government regarding the sale
of two of the company's seven industrial plants.

According to Reuters, the Venezuelan government wants to use the
plants in Machiques, Zulia state, and in Barquisimeto, Lara
state, for state-supported cooperatives under a worker co-
management model promoted as part of Venezuelan President Hugo
Chavez's socialist revolution for the poor.

Parmalat, however, clarifies that contrary to reports in the
Venezuelan press, the government does not intend to acquire
Parmalat de Venezuela itself.

Parmalat says that Parmalat de Venezuela is its most important
business in the Latin America region, generating EUR152.8
million revenues in 2005 and EUR43.5 million in the first
quarter of 2006.

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

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

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

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


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


DJEMENEI: Creditors Must File Claims by July 4
----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Djemenei insolvent on April 11.

Creditors have until July 4 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Office 206
         Myzy Str. 2/1
         Ust-Kamenogorsk, East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-34-77
         Fax: 8 (3232) 24-92-10


EURASIA INSURANCE: S&P Assigns B+ Long-Term Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
counterparty credit and insurer financial strength ratings and
its 'kzBBB' Kazakhstan national scale rating to Kazakhstan-based
insurer Eurasia Insurance Co.  The outlook is stable.
    
Eurasia is the largest insurance company and the leading
commercial insurer in Kazakhstan, specializing in commercial and
reinsurance risks in the energy, aluminum, mining, and ore-
related industries, with gross premium income of KZT11.5 billion
(US$88.6 million) and equity of KZT10.7 billion at Dec. 31,
2005, and an approximate 18% share of the Kazakh insurance
market.
     
"The ratings on Eurasia reflect the high industry/country risk
inherent to Kazakhstan and Eurasia's limited financial
flexibility," said Standard & Poor's credit analyst Tatiana
Grineva.  "These negatives are mitigated, however, by the
company's potentially strong competitive position in the
commercial and reinsurance markets in the region and good
earnings."

The stable outlook reflects Standard & Poor's expectations that
Eurasia will maintain its leading position in Kazakhstan,
continue controlled growth of its portfolio with the current
capital base, and maintain its current level of capitalization.
Failure to meet these expectations may lead to a downgrade,
however.  Conversely, the ratings may be raised if Eurasia's
exposure to industry/country risk diminishes.


GIDROIZOL VEE: Creditors Must File Claims by July 4
---------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Gidroizol Vee insolvent on
April 10.

Creditors have until July 4 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
         G. Ilyaeva Str. 24
         Shymkent
         South Kazakhstan Region
         Kazakhstan


IRTYSH-GMS: Creditors' Claims Due July 4
----------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Irtysh-GMS insolvent on April 11.

Creditors have until July 4 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Office 206    
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-34-77
         Fax: 8 (3232) 24-92-10


KASKOR-MASHZAVOD: Creditors' Claims Due July 4
----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Kaskor-Mashzavod ARS insolvent on Jan. 5.

Creditors have until July 4 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Mangistau Region
         Micro District 28, 22-11
         Aktau
         Mangistau Region
         Kazakhstan
         Tel: 8 (3292) 40-38-41


LUBBOCK TRADING: Proof of Claim Deadline Slated for July 4
----------------------------------------------------------
LLP Lubbock Trading LLC-Klimat has declared insolvency.  
Creditors have until July 4 to submit written proofs of claim
to:

         LLP Lubbock Trading LLC-Klimat
         Raimbeka Ave. 193a
         Almaty, Kazakhstan
         Tel: 8 (3272) 77-65-96


MEGA: Akmola Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against CJSC Mega on April 26.


PROMETEI: Proof of Claim Deadline Slated for July 4
---------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Prometei insolvent on April 11.

Creditors have until July 4 to submit written proofs of claim
to:
         
         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Office 206
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-34-77
         Fax: 8 (3232) 24-92-10


RTS: East Kazakhstan Court Sets July 4 Claims Bar Date
------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP RTS insolvent on April 11.

Creditors have until July 4 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Office 206
         Myzy Str. 2/1  
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-34-77
         Fax: 8 (3232) 24-92-10


SAREPTA: Claims Registration Ends July 4
----------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Sarepta insolvent on April 17.  Bankruptcy
proceedings were introduced at the company.

Creditors have until July 4 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan Region
         Building of the Factory JSC Diana Plus
         Evrazia Ave. 59/1
         Uralsk
         West Kazakhstan Region
         Kazakhstan
         Tel: 8 (3112) 54-37-99
              8 (3005) 99-27-85


UST-KAMENOGORSKOYE MOTOR: Claims Registration Ends July 4
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared OJSC Ust-Kamenogorskoye Motor Transport
Enterprise 2 insolvent on April 11.

Creditors have until July 4 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Myzy Str. 2/1, Office 206  
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-34-77
         Fax: 8 (3232) 24-92-10


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


ASISTA TREID: Creditors Must File Claims by July 30
----------------------------------------------------
LLC Asista Treid has declared insolvency.  Creditors have until
July 30 to submit written proofs of claim.

The company can be contacted at (+996 312) 62-25-00.


RIA ERIDAN-SENTR: Proof of Claim Deadline Slated for July 30
------------------------------------------------------------
Joint Kyrgyz-Irish LLC Ria Eridan-Sentr has declared insolvency.  
Creditors have until July 30 to submit written proofs of claim
to:

         Joint Kyrgyz-Irish LLC Ria Eridan-Sentr
         Baitik Baatyra Str. 73-41
         Bishkek, Kyrgyzstan


SVANS COMPANY: Proof of Claim Deadline Slated for July 28
---------------------------------------------------------
LLC Svans Company has declared insolvency.  Creditors have until
July 28 to submit written proofs of claim to:

         LLC Svans Company
         Ahunbayeva Str. 102
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 21-96-34


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


PYATEROCHKA HOLDING: Obtains US$800-Mln Loan to Support Merger
--------------------------------------------------------------
Pyaterochka Holding N.V. obtained a US$800-million Syndicated
Term Loan Facility, organized by a selection of international
banks, which includes:

   -- ABN AMRO Bank N.V.,
   -- HSBC Bank plc,
   -- Raiffeisen Zentralbank Osterreich AG, and
   -- ZAO Raiffeisenbank Austria

Raiffeisen Zentralbank, the RZB Group and WestLB AG, London
Branch, serves as the Lead Arrangers and Bookrunners.  The loan
facility will be used to support Pyaterochka's merger with
Perekrestok Holdings Limited.

Commerzbank Aktiengesellschaft AG and ING Bank N.V. have each
pre-committed to the Facility and joined as Mandated Lead
Arrangers.

The Facility is fully underwritten by the Initial Mandated Lead
Arrangers and consists of:

   -- a US$300-million three-year Tranche for the acquisition;

   -- a US$150-million three-year Tranche to refinance existing
      debt both with amortizing repayments; and

   -- a US$350-million three-year Tranche with a bullet
      repayment to finance the future development of the
      combined group.

Headquartered in the Netherlands, Pyaterochka Holding N.V. --
http://www.e5.ru/english-- is a leading Russian food retailer  
operating a large store network largely covering the Moscow
region and St. Petersburg but also with a good presence in other
Russian regions through its franchise operations.  The company
has recently acquired two of its successful regional franchise
operations -- in Yekaterinburg and Chelyabinsk.  Pyaterochka's
2004 net revenues were US$1.1 billion.  The company had
unaudited net revenues of US$1.4 billion for 2005.

                        *     *     *

As reported in TCR-Europe on April 18, Moody's Investors Service
placed the Ba3 corporate family rating and the Aa3.ru national
scale rating of Pyaterochka Holding N.V. under review for
possible downgrade.  

The review has been prompted by the company's announcement that
it has agreed to merge with Perekriostok Holdings Limited,
Russia's leading supermarket chain.  


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


ANNINSKIY ELEVATOR: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Voronezh Region has commenced
bankruptcy supervision procedure on OJSC Anninskiy Elevator (TIN
3601008786).  The case is docketed under Case No.
A14-5096/2005 56/16b.

The temporary insolvency manager is:

         V. Bryakin
         Post User Box 147
         394000 Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Anninskiy Elevator
         Anna
         396250 Voronezh Region
         Russia


EVRAZ GROUP: Millhouse Group Acquires 41.3% Equity Stake
--------------------------------------------------------
The Millhouse group has agreed to acquire approximately 41%
stake in the Evraz Group S.A., a holding company comprising
several metallurgical and mining businesses in Russia and
abroad.  

The value of the acquisition is not disclosed but reported to be
in line with current market conditions.  Completion of the
transaction is subject to regulatory approvals.

Millhouse chairman Eugene Shvidler said that the company has a
positive view of prospects for the metallurgical industry and
expects substantial growth in shareholder value for the acquired
asset.  He added that the Millhouse group decided on this
investment due, in part, to the highly professional management
team at Evraz.

"The management structure and personnel have a proven track
record of efficiency," Mr. Shvidler said.  "We are counting on
continued success from the team currently in place."

                     About the Company

Evraz Group is one of the largest vertically integrated steel
and mining businesses with operations mainly in Russia.  In
2004, Evraz produced 13.7 million tons of crude steel.  Evraz's
principal assets include three of the leading steel plants in
Russia: Nizhny Tagil in the Urals region, and West Siberian and
ovokuznetsk (in Siberia).

                        *     *     *

Evraz Group's 8-1/4% notes due November 2015 carry Moody's
Investors Service's (P)B2 rating, Standard & Poor's B+ rating
and Fitch's BB- rating.


ISENBAEVSKIY BRICKWORKS: A. Kurochkin Named to Manage Assets
------------------------------------------------------------
The Arbitration Court of Tatarstan Republic named Mr. A.
Kurochkin as insolvency manager for CJSC Isenbaevskiy Brickworks
(Case No. A65-9177/2005-SG4-16).  He can be reached at:

         A. Kurochkin
         Post User Box 7
         Naberezhnye Chelny
         423815 Tatarstan Republic
         Russia

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

The Debtor can be reached at:

         CJSC Isenbaevskiy Brickworks
         Usenbaevo
         Agryzskiy Region
         422222 Tatarstan Republic
         Russia


KAM-GES-AUTO-TRANS: Court Names L. Peshkov as External Manager
--------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. L.
Peshkov as external insolvency manager for LLC Kam-Ges-Auto-
Trans (Case No. A65-16807/2005-SG4-16).  He can be reached at:

         L. Peshkov
         Post Use Box 131
         Gidrostroiteley Str. 17
         Naberezhnye Chelny
         423807 Tatarstan Republic
         Russia

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

The Debtor can be reached at:

         LLC Kam-Ges-Auto-Trans
         Post Use Box 131
         Gidrostroiteley Str. 17
         Naberezhnye Chelny
         423807 Tatarstan Republic
         Russia


KUYBYSHEVSKOYE GRAIN: Court Appoints L. Safin to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. L.
Safin as insolvency manager for OJSC Kuybyshevskoye Grain
Receiving Enterprise (TIN 1637002135).  He can be reached:

         L. Safin
         Post User Box 143
         Kazan
         420039 Tatarstan Republic

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-33390/2005-SG4-27.

The Debtor can be reached at:

         OJSC Kuybyshevskoye Grain Receiving Enterprise
         Gordeeva Str. 1
         Bolgar
         Spasskiy Region
         422840 Tatarstan Republic
         Russia


MAMONSKIY BREAD: Court Appoints Y. Khludnev Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. Y.
Khludnev as insolvency manager for LLC Mamonskiy Bread (TIN
3606003478).  He can be reached at:

         Y. Khludnev
         Sadovyj Per. 6
         Verkhniy Mamon
         396460 Voronezh Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-8385-2004/57/7b.

The Debtor can be reached at:

         LLC Mamonskiy Bread
         Lenina Square 1
         Verkhniy Mamon
         6460 Voronezh Region
         Russia


MB CAPITAL: Moody's Rates Loan Participation Notes at B1
--------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to Loan
Participation Notes to be issued on a limited recourse basis by
MB Capital S.A., a Luxembourg-based special-purpose vehicle, for
the sole purpose of funding a loan to Moscow Bank for
Reconstruction and Development.  

The volume and the tenor of the issue are yet to be determined,
depending on market conditions.  The outlook for the rating is
stable.

Moody's B1 rating is based on MBRD's fundamental credit quality,
which factors in only a limited degree of support from the
bank's majority owner, Joint Stock Financial Corporation
Sistema, a large Moscow-based holding company with main assets
in the telecommunications and insurance sectors.  The loan to
the bank, the cash flows from which will be used to repay the
notes, will rank at least pari passu with the claims of all of
MBRD's other unsecured creditors save those whose claims are
preferred by any bankruptcy, insolvency, liquidation or similar
laws of general application.

Moody's notes that the noteholders may choose to exercise a put
option in the event that Sistema relinquishes its direct or
indirect control of the bank.  In addition, the notes may become
payable in the event that the bank's long-term rating is
downgraded following a reorganization such as a merger,
accession, division or transformation.

As one of the financial covenants, the bank is obliged to
maintain -- unless such a requirement is waived -- a ratio of
capital to risk-weighted assets at a pre-specified level
inversely related to the bank's ratings.  The rating agency
notes that, while the likelihood of any of the above covenants
being triggered is relatively low, if such were to occur, it
could potentially have adverse liquidity implications for the
bank and might exert additional downward pressure on its
ratings.

MBRD is headquartered in Moscow, the Russian Federation, and
reported total consolidated assets of RUB32 billion (US$1.1
billion) and total equity of RUB3.8 billion (US$134 million) in
accordance with IFRS as at Dec. 31, 2005.  At end-March 2006 the
bank ranked 30th in Russia in terms of total assets.


NAMSKIY LAPIDARY: Court Begins Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Sakha Republic - Yakutiya has commenced
bankruptcy supervision procedure on LLC Namskiy Lapidary Factory
(TIN 1417000012).  The case is docketed under Case No. A58-
8565/05.

The temporary insolvency manager is:

         V. Popov
         Room 25
         Kurashova Str. 28/1
         Yakutsk
         677000 Sakha Republic - Yakutiya
         Russia

The Debtor can be reached at:

         LLC Namskiy Lapidary Factory
         Chernyshevskogo Str. 14
         Namtsy
         Namskiy ulus
         678040 Sakha Republic - Yakutiya
         Russia


NOVOSHESHMINSKIY BRICKWORKS: M. Shamsiev to Manage Assets
---------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. M.
Shamsiev as insolvency manager for State Unitary Enterprise
Novosheshminskiy Brickworks (Case No. A65-8458/2002-SA2-21).  

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

The Debtor can be reached at:

         State Unitary Enterprise Novosheshminskiy Brickworks
         Novosheshminskiy Region
         Tatarstan Republic
         Russia


OAO SEVERSTAL: Proposes Improved Merger Terms to Arcelor
--------------------------------------------------------
OAO SeverStal has proposed to substantially improve the terms of
its merger agreement with Arcelor S.A. announced on May 26.  The
proposal is in response to investor feedback provided by
Arcelor's shareholders over the course of the last several
weeks.

SeverStal proposes several changes to the merger agreement:

   -- Alexey A. Mordashov, SeverStal's Chairman and controlling
      shareholder, will now receive 210 million new Arcelor
      shares instead of 295 million shares, representing
      approximately 25% of the enlarged company (previously
      32%).

   -- The Strategic Committee will be eliminated.  In return,
      Mr. Mordashov will be free to vote his shares in line with
      normal shareholder practice and the standstill and lockup
      provisions will be eliminated.

   -- The cash contribution from Mr. Mordashov of EUR1.25
      billion will no longer be included.

   -- In all other respects, the merger agreement will remain       
      unchanged.

According to SeverStal, the revised terms are significantly more
attractive for Arcelor shareholders and reflect a valuation of
the assets to be contributed by Mr. Mordashov that is extremely
compelling.  Based on Monday's closing price for Arcelor shares
of EUR34.70, the revised terms represent an acquisition multiple
of 3.6x 2005 EBITDA for the contributed businesses, and a value
enhancement of EUR2 billion for Arcelor shareholders.

In addition, Mr. Mordashov confirms his intention not to
increase, either actively or passively, his shareholding in
Arcelor above 33.3% without making a mandatory tender offer to
all shareholders in accordance with Luxembourg law.

"We have met with a large number of Arcelor shareholders over
the past three weeks and discussed the transaction at great
length with them," Mr. Mordashov said.  "These shareholders have
generally been very supportive of our value proposition and
proposed merger.  I have taken careful note of all the investor
feedback and believe that this enhanced proposal meets their
requirements.  The improved terms create outstanding value to
shareholders and reflect my continuing belief in the industrial
logic of combining these two superb companies into the global
steel champion."

A full-text copy of an information memorandum describing in
detail all of the contributed businesses in the merger
transaction is available at SeverStal's Web site at
http://www.severstal.com/

                        About Arcelor

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

                        About Severstal

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

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

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

                        *     *     *

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

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

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

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


OIL-RESOURCE: Court Opens Bankruptcy Proceedings
------------------------------------------------
The Arbitration Court of Voronezh Region commenced bankruptcy
proceedings against CJSC Oil-Resource after finding it
insolvent.  

The case is docketed under Case No. A14-21290-2005-159/20b.  

The Insolvency Manager is:

         A. Alekseev
         Post User Box 606
         394036 Voronezh
         Russia

The Debtor can be reached at:

         CJSC Oil-Resource
         Leningradskaya Str. 2
         394007 Voronezh
         Russia


PYATEROCHKA HOLDING: Obtains US$800-Mln Loan to Support Merger
--------------------------------------------------------------
Pyaterochka Holding N.V. obtained a US$800-million Syndicated
Term Loan Facility, organized by a selection of international
banks, which includes:

   -- ABN AMRO Bank N.V.,
   -- HSBC Bank plc,
   -- Raiffeisen Zentralbank Osterreich AG, and
   -- ZAO Raiffeisenbank Austria

Raiffeisen Zentralbank, the RZB Group and WestLB AG, London
Branch, serves as the Lead Arrangers and Bookrunners.  The loan
facility will be used to support Pyaterochka's merger with
Perekrestok Holdings Limited.

Commerzbank Aktiengesellschaft AG and ING Bank N.V. have each
pre-committed to the Facility and joined as Mandated Lead
Arrangers.

The Facility is fully underwritten by the Initial Mandated Lead
Arrangers and consists of:

   -- a US$300-million three-year Tranche for the acquisition;

   -- a US$150-million three-year Tranche to refinance existing
      debt both with amortizing repayments; and

   -- a US$350-million three-year Tranche with a bullet
      repayment to finance the future development of the
      combined group.

Headquartered in the Netherlands, Pyaterochka Holding N.V. --
http://www.e5.ru/english-- is a leading Russian food retailer  
operating a large store network largely covering the Moscow
region and St. Petersburg but also with a good presence in other
Russian regions through its franchise operations.  The company
has recently acquired two of its successful regional franchise
operations -- in Yekaterinburg and Chelyabinsk.  Pyaterochka's
2004 net revenues were US$1.1 billion.  The company had
unaudited net revenues of US$1.4 billion for 2005.

                        *     *     *

As reported in TCR-Europe on April 18, Moody's Investors Service
placed the Ba3 corporate family rating and the Aa3.ru national
scale rating of Pyaterochka Holding N.V. under review for
possible downgrade.  

The review has been prompted by the company's announcement that
it has agreed to merge with Perekriostok Holdings Limited,
Russia's leading supermarket chain.  


ROSBANK: Fitch Affirms IDR at B+ with Positive Outlook
------------------------------------------------------
Fitch Ratings changed the Outlooks on Russia-based Rosbank's
Issuer Default rating and National Long-term rating to Positive
from Stable.  

The IDR of B+ and National Long-term rating of A- are affirmed.  
At the same time, the bank's other ratings are also affirmed at
Short-term B, Individual D and Support 4.

The change in the Outlooks follows the recent announcement that
Societe Generale acquired a 10% stake in Rosbank.  It also
entered into exclusive negotiations to implement a cooperation
agreement to support Rosbank's future development and increase
Societe Generale's stake to 20% from 10%.  In Fitch's view, even
as a minority shareholder Societe Generale is likely to have a
material positive impact on certain aspects of Rosbank's risk
management and business development.

Rosbank's IDR, National Long-term, Short-term and Individual
ratings reflect the growth and diversification of its business
following the integration with OVK banks, acquired by Interros
in 2003.  They also consider the resulting diversification in
the loan book and gradual improvements in the operating
environment.

However, the ratings also reflect Fitch's concerns over the
historically weak core profitability, Rosbank's continued
reliance on related-party funding and growing credit risk in its
retail portfolio.  Rosbank's IDR was upgraded to B+ from B on
May 29.

Rosbank was founded in 1992 and ranks among the top 10 banks in
Russia by total assets.  About 87% of its shares are ultimately
controlled by Interros, one of Russia's largest financial
industrial groups, with interests in the metals, power-machine
building, agricultural and insurance sectors.


ROSTELECOM: Russia Demands RUB3.47 Billion in Back Taxes
--------------------------------------------------------
Rostelecom has received a RUB3.47 billion tax claim from
Russia's Federal Tax Service.  The total amount represents
RUB2.18 billion in additional taxes owed by the Company in 2003
plus RUB1.29 billion in fines and penalties.

The decision came following an inspection carried out by the
Federal Tax Service of Russia's No. 7 Interregional Inspectorate
for the largest taxpayers.  The inspection took place from
Oct. 3, 2005, to April 27, 2006.

Rostelecom insists that it will contest the conclusions and
claims of the tax authorities and will defend its position in
the courts in accordance with current Russian tax legislation.

"The Company is a lawful taxpayer and believes it will be able
to demonstrate that the claims presented by the tax authorities
are without merit," Rostelecom said in a statement.

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

                        *     *     *

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


RUSSIAN CORN: Court Names K. Garkanov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Saratov Region appointed Mr. K.
Garkanov as insolvency manager for LLC Russian Corn.  He can be
reached at:

         K. Garkanov
         Post User Box 4166
         443110 Samara
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A57-495b/05-12.

The Debtor can be reached at:

         LLC Russian Corn
         Entuziastov Str. 43
         Saratov
         Russia


STERLITAMAKSKIY CONCRETE 1: D. Karavaev to Manage Assets
--------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. D.
Karavaev as insolvency manager for OJSC Sterlitamakskiy
Reinforced Concrete Factory 1 (TIN 0268014399).  He can be
reached at:

         D. Karavaev
         Ufimskiy Trakt 4
         Sterlitamak
         453102 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-14036/03-G-PAV.

The Debtor can be reached at:

         OJSC Sterlitamakskiy Reinforced Concrete Factory 1
         Ufimskiy Trakt 4
         Sterlitamak
         Bashkortostan Republic
         Russia


VERKHNE-MAMON-AGRO-TRANS: I. Ageev to Manage Insolvency Assets
--------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. I. Ageev
as insolvency manager for OJSC Verkhne-Mamon-Agro-Trans (Case
No. A14-21195-2005-164/20b).  He can be reached at:

         I. Ageev
         Post User Box 42
         Main Post Office
         394000 Voronezh Region
         Russia

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

The Debtor can be reached at:

         OJSC Verkhne-Mamon-Agro-Trans
         Stroitelnaya Str. 11
         Verkhniy Mamon
         Voronezh Region
         Russia


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


FORD OTOSAN: Fitch Lowers Local Currency IDR to BB+
---------------------------------------------------
Fitch Ratings downgraded Turkey-based Ford Otosan's Local
Currency Issuer Default Rating to BB+ from BBB-.  The rating
Outlook is Negative.

The rating action follows the downgrade of Ford Motor Company's
Issuer Default Rating to B+ from BB on June 8, based on
increasing concerns over the unfavorable trend of revenues and
key cost factors in the USA, expected to result in negative cash
flows for FMC.  

The downgrade of FMC does not have any direct and immediate
impact on FO's financial profile or its ability to continue its
production and delivery operations in Turkey.  However, FO's
export sales, representing 47% of 2005 revenues, remain
dependent on FMC's international distribution network in Europe.

Over FY05, Ford Otosan gained further market share and
maintained its leadership in the domestic market, which grew by
5%.  As of end Q106, Ford Otosan remained the overall automotive
market leader with an 18% share in Turkey, and continued to
service a stable overall market for light commercial vehicles in
Europe.  

The current capacity expansion at FO's plant to 280,000 units
from 240,000 units was financed entirely by the company's own
cash flows, supporting Fitch's assessment of FO's good sales
growth prospects, cash generation ability and financial
independence from FMC.

The Negative Outlook reflects the brand ownership, shareholder
relationship as well as the export sales network dependence
between FO and FMC, indicating that further deterioration of
FMC's rating could negatively impact FO's rating.  uch effect
will be assessed on a case by case basis, with any future rating
or outlook change in FMC causing Fitch to review FO's rating.

Ford Motor Company of USA and Koc Group of Turkey exercise joint
control in FO with a 41% stake each, with 18% of FO publicly
quoted on Istanbul Stock Exchange.


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


ARTEKA: Ludmila Zayikina to Liquidate Assets
--------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Ludmila
Zayikina as Liquidator/Insolvency Manager for LLC Arteka (code
EDRPOU 30688295).  She can be reached at:

         Ludmila Zayikina
         Melnikov Str. 2/10
         Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 14.  The case is docketed
under Case No. B 26/33/06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Arteka
         Kujbishev Str. 1-a
         49600 Dnipropetrovsk Region
         Ukraine


BUDSNABRESURS-K: Court Names O. Sherban to Liquidate Assets
-----------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. O. Sherban as
Liquidator/Insolvency Manager for LLC Budsnabresurs-K (code
EDRPOU 33052808).  He can be reached at:

         O. Sherban
         a/b 157
         01030 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 20.  The case is docketed
under Case No. 43/926.

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 Budsnabresurs-K
         Lisogirska Str. 8
         03028 Kyiv Region
         Ukraine


DEFO: Court Appoints Ludmila Zayikina as Liquidator
---------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Ludmila
Zayikina as Liquidator/Insolvency Manager for LLC Defo (code
EDRPOU 32388040).  She can be reached at:

         Ludmila Zayikina
         Melnikov Str. 2/10
         Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 14.  The case is docketed
under Case No. B 26/30/06.  

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Defo
         Zaporizke Shose Str. 68/119
         49000 Dnipropetrovsk Region
         Ukraine


DEKRA: Court Names I. Fedorov as Insolvency Manager
----------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. I. Fedorov as
Liquidator/Insolvency Manager for LLC Dekra (code EDRPOU
33742946).  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 19.  The case is docketed
under Case No. 24/226-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 Dekra
         Lihachov Str. 9
         Kyiv Region
         Ukraine


FIESTA: Zaporizhya Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
supervision procedure on LLC Fiesta (code EDRPOU 23880676).  The
case is docketed under Case No. 21/83/06.

The Temporary Insolvency Manager is:

         V. Rabushko
         Fuchik Str. 14
         Melitopol
         72315 Zaporizhya Region
         Ukraine

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya
         Ukraine

The Debtor can be reached at:

         LLC Fiesta
         Peremogi Str. 21
         50-Richya
         Melitopol
         72312 Zaporizhya Region
         Ukraine


GAL-HIMFARB: Andrij Kolisnik Liquidate Insolvency Assets
--------------------------------------------------------
The Economic Court of Lviv Region appointed Andrij Kolisnik as
Liquidator/Insolvency Manager for Joint Ukrainian-Polish LLC
Gal-Himfarb (code EDRPOU 23883700).  He can be reached at:

         Andrij Kolisnik
         Tarnavskij Str. 104 b/54
         79017 Lviv
         Tel: 8 (067) 353-25-09

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 19.  The case is docketed
under Case No. 6/58-29/58.

The Economic Court of Lviv Region is located at:  

         Lichakivska Str. 81
         79010 Lviv
         Ukraine

The Debtor can be reached at:

         Joint Ukrainian-Polish LLC Gal-Himfarb
         Pulyuj Str. 1/95
         Lviv Region
         Ukraine


NOVOGRIGORIVSKE: Court Names V. Pejchev to Manage Assets
--------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Mr. V. Pejchev
as Liquidator/Insolvency Manager for Agricultural
CJSC Novogrigorivske (code EDRPOU 04541247).  He can be reached
at:

         V. Pejchev
         Starov Str. 6/55
         Mikolaiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 11.  The case is docketed
under Case No. 5/119/06.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         Agricultural CJSC Novogrigorivske
         Novogrigorivka
         Arbuzinskij District
         Mikolaiv Region
         Ukraine


UKRAGROTEHSOUZ: Kyiv Court Begins Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Ukragrotehsouz (code EDRPOU
32104343) on March 7.  The case is docketed under Case No.
15/195-b.

The Temporary Insolvency Manager is:

         Ivan Gusar
         a/b 29
         01030 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:  

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Ukragrotehsouz
         Solomyanska Square 2
         03035 Kyiv Region
         Ukraine


UKRAINIAN INDUSTRIAL: Court Names I. Fedorov Insolvency Manager
---------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. I. Fedorov as
Liquidator/Insolvency Manager for LLC Ukrainian Industrial
Company (code EDRPOU 31838615).  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 19.  The case is docketed
under Case No. 24/227-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 Ukrainian Industrial Company
         Lihachov Str. 9
         Kyiv Region
         Ukraine


ZVIT: Court Names S. Kitsul as Insolvency Manager
-------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. S. Kitsul as
Liquidator/Insolvency Manager for LLC Zvit (code EDRPOU
32423335).  He can be reached at:

         S. Kitsul         
         Liskivska Str. 29/15
         02097 Kyiv Region
         Tel: 8 (067) 295-08-03

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 5.  The case is docketed
under Case No. 43/229.

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 Zvit
         Pravdi Str. 12-V/9
         04108 Kyiv Region


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


A.C.I.I. LIMITED: Hires DTE Leonard as Joint Administrators
-----------------------------------------------------------
J.M. Titley and A. Poxon of DTE Leonard Curtis were appointed
joint administrators of A.C.I.I. Limited (Company Number
03961036) on May 26.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax  
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

Headquartered in Shrewsbury, United Kingdom, A.C.I.I. Limited is
engaged in architectural and technical consultancy.


A.I. WORLDWIDE: Brings In Administrators from Smith & Williamson
----------------------------------------------------------------
Christopher Stevens and Stephen Tancock of Smith & Williamson
Limited were appointed joint administrators of A.I. Worldwide
Movers Limited (Company Number 04504664) on May 26.

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

A.I. Worldwide Movers Limited is a removal and storage company.


ALBA 2006-1: Fitch Gives BB Rating to GBP9.2-Mln Class E Notes
--------------------------------------------------------------
Fitch Ratings assigned final ratings to ALBA 2006-1's
GBP556 million mortgage-backed floating-rate notes due in 2037.

   -- GBP166.90 million Class A1 notes: AAA;
   -- GBP93.50 million Class A2 notes: AAA;
   -- GBP119.10 million Class A3a notes: AAA;
   -- GBP80 million Class A3b notes: AAA;
   -- GBP54.75 million Class B notes: AA;
   -- GBP19.20 million Class C notes: A;
   -- GBP13.60 million Class D notes: BBB; and
   -- GBP9.20 million Class E notes: BB.

All the notes have a final legal maturity of 2037.

This transaction is a securitization of non-conforming
residential mortgages originated and located in the U.K.  The
ratings are based on the quality of the collateral, available
credit enhancement, the underwriting criteria of GMAC-RFC and
Kensington and the sound legal structure of the transaction.

Credit enhancement for the Class A notes is initially 18%
provided by the subordination of the Class B, Class C, Class D
and Class E notes and an initial target reserve fund with a
balance of 0.6% of the total aggregate note balances for the A1,
A2, A3a, A3b, B, C, D and E notes as of closing.  

There is also a liquidity facility available to meet income
deficiencies, including interest shortfalls on the Class A
notes.  However, it will not be available to fund any periodic
principal deficiencies.

Fitch's rating of the Mortgage Early Redemption Certificates
addresses the likelihood of receipt of MERC payments assuming
that payment of the mortgage early repayment charges is legally
valid, binding and enforceable against the borrowers and such
mortgage early repayment charges are actually collected from
borrowers, and not waived by the seller.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its U.K. 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.


BASELINE LTD: Creditors Pass Winding Up Resolution
--------------------------------------------------
Creditors of Baseline Limited passed a resolution to wind up the
company's operations during an extraordinary general meeting on
April 5.

Subsequently, Peter John Bridger was appointed Liquidator.

The company can be reached at:

         Baseline Limited
         37 Rothes Road
         Dorking
         Surrey RH4 1LG
         United Kingdom
         Tel: 01306 889 911


BRISTOL TOOL: Financial Woes Prompt Liquidation
-----------------------------------------------
Bristol Tool & Gauge Engineering Limited is winding up its
operations after creditors established the company could no
longer continue its business due to mounting debts.

Nigel Morrison of Grant Thornton U.K. LLP, was appointed
Liquidator.

The company can be reached at:

         Bristol Tool & Gauge Engineering Limited
         Unit E
         Siston Centre
         Station Road
         Kingswood
         Bristol BS154GQ
         United Kingdom
         Tel: 0117 967 4881
         Fax: 0117 960 3800


C4 CARRIERS: Creditors Resolve to Voluntary Liquidation
-------------------------------------------------------
Creditors of Brooks Lane Limited resolved to voluntarily
liquidate the company's assets during an extraordinary general
meeting on March 27.

Peter Rees of Beachcroft Wansboroughs was appointed Liquidator.

The company can be reached at:

         C4 Carriers Limited
         1 Oak Road
         Exeter EX4 1QB
         United Kingdom
         Tel: 01392 270 733


CENTRAL SERVICES: Taps N.A. Benett to Liquidate Assets
------------------------------------------------------
N. A. Bennett of Leonard Curtis was appointed Liquidator of
Central Services & Distribution Limited after creditors agreed
to wind up the company on April 5.

The company can be reached at:

         Central Services & Distribution Limited
         40 Brownfields
         Welwyn Garden City
         Hertfordshire AL7 1AX
         United Kingdom
         Tel: 0870 7606266


CIG MON: Taps Grant Thornton to Administer Assets
-------------------------------------------------
Leslie Ross and Keith Hinds of Grant Thornton U.K. LLP were
appointed joint administrators of Cig Mon Cymru Limited (Company
Number 3579278) on May 24.

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. member of Grant  
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  These firms provide a comprehensive range of
business advisory services from around 540 offices in over 110
countries worldwide.  

Headquartered in Llangefni, United Kingdom, Cig Mon Cymru
Limited is engaged in meat precessing.


CORUS GROUP: S&P Lifts Long-Term Corporate Credit Rating to BB
--------------------------------------------------------------    
Standard & Poor's Ratings Services removed from CreditWatch and
raised its long-term corporate credit rating on U.K.-based steel
consortium Corus Group PLC to 'BB' from 'BB-', reflecting the
group's improved financial risk profile.  The outlook is stable.
    
The 'B' short-term corporate credit rating was also removed from
CreditWatch and was affirmed.  At the same time, Standard &
Poor's removed from CreditWatch and raised its senior secured
bank loan ratings on Corus to 'BB+' from 'BB', and its senior
unsecured debt ratings on Corus and Corus Finance PLC to 'BB-'
from 'B+'.  The ratings were originally placed on CreditWatch on
March 16, following the group's announcement that it was to
dispose of its aluminum division.

"The upgrade reflects the considerable improvements in Corus'
financial risk profile as a result of generally positive market
conditions over the past 18 months and a prudent financial
policy," said Standard & Poor's credit analyst Tatiana
Kordyukova.  

"At the same time, Corus' business risk profile has not changed
materially and will continue to constitute a relative weakness
of the group's overall credit quality."

Corus generated positive cash flows of GBP275 million in 2005,
and used this cash to repay some of its existing debt.  
Moreover, we expect the proceeds of GBP502 million from the
disposal of the group's aluminum business will be used to
strengthen Corus' balance sheet further.  On a pro forma basis,
the group's debt, netted against surplus cash, will decline to
about GBP1.2 billion from GBP1.8 billion at Jan. 1.  

This will help to mitigate deteriorations in the group's credit
metrics following a reduction in cash flows as a result of cost
pressures, working capital fluctuations, and increased capital
expenditure.  Corus' financial profile, therefore, will be
sustainable with a 'BB' long-term corporate credit rating even
if the steel market enters into a downturn in the future.
     
"Corus' weak business risk profile limits upside potential for
the ratings," added Ms. Kordyukova.  "Despite ongoing management
initiatives, the group's business risk profile is unlikely to
sustain higher ratings in the short-to-medium term."
     
At the same time, Standard & Poor's will continue to monitor the
group's ability to resist expected costs inflation, as well as
the group's cash flow levels, policies toward capital
expenditure, cash distributions, and ambitions regarding M&A
activity in the consolidating global steel industry.
Lower-than-expected financial performance as a result of
aggressive financial policies might put pressure on the ratings.


CLAVIS SECURITIES: Fitch Rates GBP8.1-Mln Class B2 Notes at BB
--------------------------------------------------------------
Fitch Ratings assigned final ratings to Clavis Securities Series
PLC's 2006-1 Series GBP600.3 million-equivalent mortgage-backed
floating-rate notes.

   -- GBP-equivalent 161.5 million Class A1 notes due 2031: AAA;
   -- GBP-equivalent 100 million Class A2 notes due 2031: AAA;
   -- GBP-equivalent 250 million Class A3 notes due 2031: AAA;
   -- GBP-equivalent 43.2 million Class M1 notes due 2039: AA;
   -- GBP-equivalent 24 million Class M2 notes due 2039: A;
   -- GBP-equivalent 13.6 Mln Class B1 notes due 2039: BBB; and
   -- GBP-equivalent 8.1 million Class B2 notes due 2039: BB.

The collateral underlying the notes in this transaction consists
solely of GMAC-RFC originations.

The final ratings are based on the quality of the collateral,
available credit enhancement, the underwriting criteria of GMAC,
the primary servicing capabilities of Specialist Mortgage
Services Limited and the special servicing capabilities of
Basinghall Limited Ltd and the sound legal structure of the
transaction.

Credit enhancement for the Class A1, A2 and A3 notes totals
15.45% and will be provided by the subordination of the Class
M1, Class M2, Class B1, Class B2 and an initial reserve fund of
0.65% of the initial issue size.  The reserve fund is expected
to increase to a target amount of 0.85%

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its U.K. 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.


DRESS TRIMMINGS: Claims Filing Period Ends July 4
-------------------------------------------------
Creditors of Dress Trimmings (U.K.) Limited have until July 4 to
send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors, if any, to appointed Liquidator, Stephen Robert
Cork, of Smith & Williamson.

The company can be reached at:

         Dress Trimmings (U.K.) Limited
         15-17 Garman Road
         London N17 0UR
         United Kingdom
         Tel: 020 8801 9166
         Fax: 020 8801 9188


ETHOS PRODUCTIONS: Names G.W. Rhodes Liquidator
-----------------------------------------------
G.W. Rhodes, of Begbies Traynor, was appointed Liquidator of
Ethos Productions Limited after creditors decided to wind up the
company during an extraordinary general meeting on April 5.

The company can be reached at:

         Ethos Productions Limited
         83 Hailsham Road
         Polegate
         East Sussex BN266NT
         United Kingdom
         Tel: 01323 486 074
         Fax: 01323 482 155
         Web: http://wwww.ethosproductions.co.uk/


GOLD SEAL: Appoints Liquidator to Wind Up Assets
------------------------------------------------
Gold Seal Electronics Limited is liquidating its assets after
creditors found out the company could no longer continue its
operations due to financial liabilities.

John Alfred George Alexander and Patricia Kay Hartley-Mills, of
Carter Becker Winter, were appointed Joint Liquidators.

The company can be reached at:

         Gold Seal Electronics Limited
         15 Oglander Road
         London SE154EQ
         Tel: 020 7635 5719
         Fax: 020 7635 7811


HADLEIGH DEVELOPMENTS: Hires Begbies Traynor as Administrators
--------------------------------------------------------------
Ian Michael Rose and Robert Michael Young of Begbies Traynor
were appointed joint administrators of Hadleigh Developments
Limited (Company Number 04312993) on Nov. 18, 2005.

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

Headquartered in Coventry, United Kingdom, Hadleigh Developments
Limited sells and develops real estate.


HOMECHOICE TRADING: Hires Liquidator from David Horner & Co
-----------------------------------------------------------
David Anthony Horner of David Horner & Co, was appointed
Liquidator of Homechoice Trading (2002) Limited after creditors
resolved to liquidate the company's assets during an
extraordinary general meeting on April 4.

The company can be reached at:

         Homechoice Trading (2002) Limited
         19B Bridgegate
         Howden
         Goole
         North Humberside DN147AE
         United Kingdom
         Tel: 01924 787 575


ID BUILDERS: Brings In Joint Liquidators from Lines Henry
---------------------------------------------------------
ID Builders Limited is liquidating its assets after creditors
passed a resolution to wind up the company on April 5.

Neil Henry and Michael Simister of Lines Henry were appointed
Joint Liquidators.

The company can be reached at:

         ID Builders Limited
         Heapy Street
         Macclesfield
         Cheshire SK117JB
         United Kingdom
         Tel: 01625 439 175
         Fax: 01625 613 361


INDI-BLUE LIMITED: Begins Liquidation Procedure
-----------------------------------------------
Indi-Blue Limited is liquidating its assets after creditors
moved to wind up the company during an extraordinary general
meeting on April 5.

G. Mummery and P. Atkinson of Vantis Redhead French Limited were
appointed Joint Liquidators.

The company can be reached at:

         Indi-Blue Ltd
         213 High Street
         Canvey Island
         Essex SS8 7RN
         United Kingdom
         Tel: 01268 682400  


INMARSAT: Moody's Assigns Ba2 Corporate Family Rating
-----------------------------------------------------  
Moody's Investors Service assigned a Ba2 corporate family rating
to Inmarsat plc, the group's ultimate holding company created to
effect Imarsat's IPO and withdrew the previous Ba3 corporate
family rating at Inmarsat Holdings Limited.  

At the same time the rating agency upgraded to Ba3 from B1 the
rating of the senior notes at Inmarsat Finance plc and to B1
from B2 the rating on the senior discount notes at Inmarsat
Finance II plc, two financing vehicles set up in the context of
Inmarsat's LBO in 2003.  

Inmarsat Holdings Limited and Inmarsat Group Limited,
intermediate holding companies also set up in the context of the
LBO, are guaranteeing the respective obligations of Inmarsat
Finance II and Inmarsat Finance Plc.

Ratings affected:

   -- Inmarsat plc: Corporate family rating, assigned at Ba2;

   -- Inmarsat Holdings Limited: Ba3 Corporate family rating,
      withdrawn;

   -- Inmarsat Finance plc: 7.625% senior notes due 2012,
      upgraded to Ba3 from B1; and

   -- Inmarsat Finance II plc: 10.375% senior discount notes due
      2012, upgraded to B1 from B2.

The outlook for all ratings is stable.

The upgrade of the company's ratings reflects the reduction of
Inmarsat's operating risk following the deployment of its second
Inmarsat-4 satellite and acknowledges that the rollout of the
company's broadband global area network appears to be on track.
At the same time leverage has been maintained at the reduced
levels achieved with the company's mid-2005 IPO.  Debt/EBITDA as
calculated by Moody's was 3.2x at the 2005 year-end.  

The new Ba2 CFR also factors in management's commitment not to
return to pre-IPO debt levels.  The ratings continue to
incorporate Inmarsat's overall leading position in the mobile
satellite services industry with particular strength in the
maritime and data sectors of the market, the company's stable
historic financial performance and strong operational track
record as well as Inmarsat's large installed customer base and
high overall barriers to entry.

However, Inmarsat's ratings also reflect risks from Inmarsat's
dependence on third-party distributors for the sale of end-
services and a substantial and increasing revenue concentration
with respect to the company's distributors.  In addition, the
company faces business risks resulting from the still limited
visibility regarding the pricing and demand for its next
generation of services, including the entry into the market for
handheld satellite service announced earlier this year as well
as overall uncertainties with respect to longer-term competitive
and regulatory developments within the MSS market.  Finally the
rating is constrained by the lack of free cash flow generation
in the near-term.

The stable ratings outlook reflects Moody's expectation that
Inmarsat can continue to deliver a satisfactory operating
performance from its current base business, exploiting the
growth momentum in its existing data business although
stabilizing voice revenues will remain a challenge.  

Inmarsat also remains well positioned to benefit from expanding
opportunities in the MSS market based on its established
satellite fleet and solid distribution network.  However,
Moody's note that the current ratings and outlook do not factor
in any major financial investments in currently less well
defined business opportunities such as the exploitation of the
terrestrial component of its satellite network.

Moodys' believes that it is likely that Inmarsat will launch the
third satellite in its I4 series, which currently functions as a
ground spare.  This, together with a commitment to pay
significant cash dividends is likley to constrain Inmarsat's
free cash flow generation and with that the ability to reduce
debt in absolute terms into 2007.  In the following years the
conclusion of the current capex cycle should provide Inmarsat
with meaningful discretionary cash flows.

Moody's also notes that in August 2005, Stratos Global,
Inmarsat's largest distributor acquired Xantic, the fourth
largest.  The new entity enjoys improved volume discounts and
with that the combination exerts some pressure on margins.  On a
pro-forma 2005 basis the four largest distributors now represent
89.5% of Inmarsat's revenues.

Although it is Moody's understanding that the company current
dividend policy will be maintained, any greater than anticipated
shareholder rewards, major difficulties in rolling out next
generations products or large debt-funded acquisitions that push
leverage towards 4x could all result in downward pressure on the
rating.  While a near-term upgrade appears unlikely, sustained
operating stability including conclusive evidence on the roll-
out of next generation products and leverage maintained visibly
below the 3x level could result in upward ratings pressure over
time.

Headquartered in London, England, Inmarsat plc provides global
mobile satellite communication services.  For the twelve months
ending Dec. 31, 2005, the company reported revenues of
approximately US$491.1 million and EBITDA of US$317.7 million.


INN HOUSE: Appoints John Paul Bell as Administrator
---------------------------------------------------
John Paul Bell of Clarke Bell was appointed administrator of Inn
House Pubs Limited (Company Number 04654995) on Feb. 23.

The administrator can be reached 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

Inn House Pubs Limited is a public house.


JTD TIMBER: Names Joint Administrators from KPMG
------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of JTD Timber Frame Limited
(Company Number 04910918) on May 24.

KPMG -- http://www.kpmg.co.uk/-- in the U.K. is part of a  
strong global network of member firms with 9,500 partners and
staff working in 22 offices across the U.K. providing audit, tax
and advisory services.

JTD Timber Frame Limited can be reached at:

         Windsor House
         Cornwall Road
         Harrogate
         North Yorkshire HG1 2PW
         United Kingdom
         Tel: 01423 813 010


KENSA LIMITED: Taps Begbies Traynor to Administer Assets
--------------------------------------------------------
Ian Edward Walker and Kenneth Stephen Chalk of Begbies Traynor
were appointed joint administrator of Kensa Limited (Company
Number 04219134)

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

Headquartered in Saltash, United Kingdom, Kensa Limited is
engaged in graphic and web designing.


LUCITE INT'L: S&P Lowers Long-Term Corporate Rating to B+
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate rating on U.K.-based acrylics producer Lucite
International Group Holdings Ltd. to 'B+' from 'BB' and removed
the rating from CreditWatch with negative implications, where it
was placed on June 7.  The outlook is stable.
     
At the same time, the 'B+' ratings on Lucite's 10.25% 2010 bonds
were affirmed.
     
"The downgrade reflects the weakening of Lucite's key credit
ratios after a private equity-led recapitalization and including
material debt-funded returns to shareholders," said Standard &
Poor's credit analyst Khaled Zitouni.  

"The affirmation of the bond rating reflects our expectation
that they will be fully refinanced by the recapitalization."

As a result of the recapitalization, we expect the ratio of
funds from operations to net adjusted debt including the pay-in-
kind loans to weaken substantially, from about 22% in 2005, to
10% in 2006.  What is more, total debt is likely to increase
materially, from GBP335 million as of March 2006, to GBP570
million after the recap, of which 75%, or GBP180 million, is to
be returned to shareholders.  In addition to shareholder-
oriented measures, leverage will be affected by planned
substantial capital expenditure increases in 2006 and 2007
related to several growth projects, chiefly to do with the
company's new alpha production process and plant.


NORTHERN ELECTRICAL: Appoints Joint Administrators from PwC
-----------------------------------------------------------
Russell Cash and Michael Horrocks of PricewaterhouseCoopers LLP
were appointed joint administrators of Northern Electrical
Connectors Limited (Company Number 02008319) on May 23.

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.  

Headquartered in Mossley, United Kingdom, Northern Electrical
Connectors Limited manufactures electrical connectors for use in
transport and electricity distribution industry.


OLWEN DIRECT: Brings In Harris Lipman as Administrators
-------------------------------------------------------
Barry David Lewis and Freddy Khalastchi of Harris Lipman LLP
were appointed joint administrator of Olwen Direct Marketing
Services (Croydon) Limited (Company Number 2545971) on May 26.

The administrators can be contacted at:

         Harris Lipman LLP
         2 Mountview Court
         310 Friern Barnet Lane
         Whetstone
         London N20 0YZ
         United Kingdom
         Tel: (020) 8446 9000
         Fax: (020) 8446 9537
         Web site: http://www.harris-lipman.co.uk

Olwen Direct Marketing Services (Croydon) Limited can be reached
at:

         1-2 Stafford Cross
         Croydon CR0 4FQ
         United Kingdom
         Tel: 020 8253 7000
         Fax: 020 8688 1211


REAL INTERIORS: Hires Gerals Edelman as Joint Administrators
------------------------------------------------------------
Ian Douglas Yerrill and Bernard Hoffman of Gerald Edelman
Business Recovery were appointed joint administrators of Real
Interiors Limited (Company Number 04658703) on May 26.

The administrators can be contacted at:

         Gerald Edelman Business Recovery
         25 Harley Street
         London W1N 2BR
         United Kingdom
         Tel: 020 7299 1400
         Fax: 020 7637 1440
         E-mails: bhoffman@GeraldEdelman.com
                  insolvency@edelman.co.uk

Headquartered in Sittingbourne, United Kingdom, Real Interiors
Limited is engaged in interior design.


SEA CONTAINERS: Moody's Further Cuts Junk Sr. Unsecured Rating
--------------------------------------------------------------
Moody's Investors Service downgraded the senior unsecured
ratings and confirmed the senior secured rating of Sea
Containers Ltd. -- Senior Unsecured to Caa3, Senior Secured of
B3.  

These actions complete the review for downgrade initiated on
May 2.  The outlook is negative.

The downgrades are due to the increased probability of a payment
default following Sea Containers' recent disclosure that it is
unable to confirm whether it will pay the US$115 million
principal amount of 10-3/4% senior unsecured notes due October
2006.

Sea Containers also announced the sale of Silja Oy Ab.
Consequently, the amount of a key component of Sea Containers'
short-term liquidity could be resolved, if the transaction
closes by the required completion date of July 28 and with no
adjustments to the disclosed sale price.  However, the company's
estimate of excess proceeds (US$60 million) after retirement of
approximately US$510 million of debt secured by the Silja Lines
fleet would be insufficient for Sea Containers to fund expected
operating losses and to retire the 10-3/4% Notes at maturity.

Sea Containers disclosed that it held cash of US$183 million at
May 31; however, only approximately US$52 million was not
restricted by obligations to third parties or did not belong to
subsidiaries that were restricted from remitting certain cash
balances to Sea Containers.  As well, provisions of an existing
indenture require a portion of the proceeds from the sale of the
shares of Orient Express Hotels to be returned to public note
holders, in an amount, which could be in excess of the reported
unrestricted cash.  Sea Containers attributed approximately
US$100 million of its cash balance at May 31 to the sale of the
shares of OEH.  

The ability of Sea Containers to meet its payment obligations
depends on a number of factors:

   -- the outcome of ongoing discussions with the public note
      holders, particularly with regards to the application of
      the remaining excess proceeds from the sales of the shares
      of OEH;

   -- the amount by which the realized sales price for Silja
      Lines exceeds the related secured debt;

   -- the speed with which the management team resolves the
      operational challenges affecting the rail and container
      businesses; and

   -- the values that could be realized from monetization of
      other assets such as the legacy container assets or the
      investment in GE SeaCo.

The Caa3 senior unsecured rating reflects Moody's opinion that
holders of the notes could receive less than a full recovery.
The B3 rating on the US$85 million senior secured credit
facility is notched up from the Corporate Family Rating because
the facility is secured by a portion of Sea Containers' legacy
container fleet, and advances are made under a borrowing base
suggesting a reasonable collateral cushion.  The company is not
in compliance with certain financial covenants of the agreement
although, according to the company, the lenders have entered
into forbearance agreements that are scheduled to expire at the
end of June 2006.  The negative outlook reflects the heightened
prospects of a default given the company's cash position and the
ongoing discussions with public note holders.

Ratings affected:

Sea Containers Ltd.:

   -- Caa1 Corporate Family Rating lowered to Caa2;
   -- Caa2 Senior Unsecured Rating lowered to Caa3;
   -- Caa2 Issuer Rating lowered to Caa3; and
   -- Senior Secured Rating confirmed at B3.

Sea Containers Ltd. headquartered in Hamilton Bermuda, is a
provider of ferry services, primarily in the Baltic Sea, the
franchisee-operator of the Great Northern Railroad in the U.K.,
and a lessor of cargo containers to the shipping industry.


ROYAL & SUNALLIANCE: Targets GBP130-Mln Cost Savings by 2008
------------------------------------------------------------
Royal & Sun Alliance Insurance Group PLC presented to investors
and analysts on how the Core Group will drive profitable
performance and included a number of new targets including:

   -- Growth initiatives in each of its core regions; and

   -- Further annualized expense savings of GBP130 million by   
      mid 2008.

In 2003, R&SA set out plans to restructure the Group.  The Group
target of achieving GBP270 million of annualized expense savings
by the end of 2006 was delivered ahead of schedule.

Driven by these actions to restructure the Group and drive
operational excellence, R&SA has delivered nine successive
quarters of sub 100 combined operating ratios.  It remains
committed to its objective of delivering sustainable profitable
performance.

R&SA disclosed a range of growth initiatives in each of its
three regions - U.K., International and Scandinavia.  These
included annual double-digit growth in International, doubling
premiums in the Baltics and growing its U.K. affinity business
by more than 50%.

R&SA targets a further GBP130 million of annualized expense
savings, which represents approximately 9% of the 2005 cost
base, to be delivered by mid 2008.  These savings will be driven
in part by a reduction in headcount of 1,550, including 1,000 in
the U.K.

The Group consulted and will continue to work closely with its
union partners in the U.K. and Scandinavia over the next two
years to minimize the number of compulsory redundancies.

The costs of realizing the expense savings of around GBP100
million will be funded by the expected savings over the next two
years and will not adversely impact profitability.

The new expense savings targets are a key part of the Group's
aim to reduce its expense ratios in the U.K. and Scandinavia to
under 15% and its operating expense ratio for its intermediated
business in Canada to single digits.

"We have a clear strategy of running general insurance
businesses with strong market positions to deliver sustainable
profitable performance.  The decision to reduce headcount is
always a difficult one but necessary to ensure we remain as
competitive as possible and to continue to deliver on our
objective of sustainable profitable performance," Andy Haste,
Group CEO of Royal & SunAlliance, commented.

"Over the last three years we have built an excellent platform
for growth with exciting opportunities.  We have developed a
strong track record of delivery and we will be pursuing these
new opportunities with the same drive, energy and ambition as we
have applied to the restructuring of the business.  We are
confident that we will deliver on our plans and that we will
strengthen our position as one of the best general insurers,"
Mr. Haste concluded.

Across the portfolio, the Core Group will also continue to look
for bolt on acquisitions to drive profitable growth in its key
markets and segments.

In the UK, premiums at the end of the first quarter 2006 were 7%
down on prior year reflecting the Group's commitment to
maintaining technical price.  During the first five months of
the year, R&SA entered a number of significant new partnerships,
which when fully on stream will bring annualized premium of
GBP200 million.

The Group's objective is to double its premiums in Latin America
by 2010 and to continue to drive strong double digit growth from
Johnson, its direct operation in Canada.  As part of these
plans, the Group signed a purchase agreement to acquire the
personal lines business of Shillington Insurance Brokers and its
subsidiary, which will add approximately GBP20 million of
premium to the Johnson business.

In the first quarter of 2006, the Group's Scandinavian
operations delivered underlying premium growth of 4%.  The
Group's expectation is that it will continue to deliver low
single digit underlying premium growth for the remainder of
2006.

R&SA's longer-term objectives in the region are to strengthen
its number three market positions in Denmark and Sweden and
double premiums in the Baltics by 2010.

The Baltics are attractive emerging markets where the Group
already has number one positions and delivered premium growth of
44% in the first quarter of 2006.  As part of its Baltic
expansion plan, R&SA's Scandinavian subsidiary, Codan bought out
of the minority interests in its Latvian and Lithuanian
businesses for GBP53 million as well as its intention to enter
the Estonian market in early 2007.

In addition, Codan will be undertaking a buy back of shares in
the market through a continuous buy back process of up to a
maximum of GBP100 million.  R&SA does not intend to participate
in this buy back.

Headquartered in London, Royal & SunAlliance Insurance Group PLC
-- http://www.royalsunalliance.com/-- is a FTSE 100 company,  
listed on the London Stock Exchange and in New York.  The group
consists of three regions -- U.K., Scandinavia and International
-- with operations in 30 countries, providing general insurance
products to over 20 million customers worldwide.

                           *    *    *

As reported in the TCR-Europe on March 27, Standard & Poor's
Ratings Services lowered its counterparty credit and insurer
financial strength ratings on Royal & Sun Alliance Insurance
Group PLC's U.S. insurance operations (RSA USA) to 'BB' from
'BB+'.  S&P said the outlook remains negative.  At the same
time, the ratings were withdrawn at the request of the
companies' management.

                           *********

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.


                 * * * End of Transmission * * *