TCREUR_Public/060626.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, June 26, 2006, Vol. 7, No. 125

                            Headlines


A U S T R I A

ADOLF PILTZ: Vienna Court to Close Case After Final Allocation
BAWAG PSK: Serhiy Klyuyev Mulls Launching an Offer
HAFELLNER PERSONALSERVICE: Leoben Court Closes Bankruptcy Case
HD PERSONALLEASING: Court to Close Case After Final Allocation
HWS: Court Closes Bankruptcy Case After Claims Payment

JOYNTSHUTTLE: Insufficient Funds Prompt Court to Close Case
KUTAK: Vienna Court Dismisses Case Due to Insufficient Funds
MPB-BAUBETREUUNGS: Court Closes Case on Creditors' Agreement
SMAX: Vienna Court Closes Case on Administrative Insolvency


G E R M A N Y

ALLGEMEINE HYPOTHEKENBANK: Investors Balk on Sale, Recovery Plan
ANDREAS UND UWE: Creditors' Meeting Slated for July 12
GEBR. KREUTZFELDT: Claims Registration Ends July 12
GRUENHAINER WOHNUNGS: Claims Registration Ends July 14
HAMKA BAUGESELLSCHAFT: Creditors' Meeting Slated for July 12

PREFERENZA FASHION: Claims Registration Ends July 13
RESTAURANT KUHSIEL: Creditors' Meeting Slated for July 13
SCHORNSTEINTECHNIK WELLIGE: Claims Registration Ends July 13
STR SANIERUNGS: Creditors' Meeting Slated for July 12
WILHELM NOAH: Claims Registration Ends July 12

WOHNANLAGE COTTBUS: Claims Registration Ends July 12


G R E E C E

EMPORIKI BANK: Gets Bank of Cyprus's EUR3.8-Bln Cash & Stock Bid


H U N G A R Y

BORSODCHEM RT: Returned Stock Hikes Treasury Shares


I T A L Y

IMPREGILO SPA: Completes Costanera Norte Equity Sale


K A Z A K H S T A N

ATLANTIDA-AVB: Creditors Must File Claims by July 5
AZON: Creditors Must File Claims by July 4
ESIL: North Kazakhstan Court Opens Bankruptcy Proceedings
KOMPANIA SATURN: Almaty Court Sets July 5 Claims Bar Date
LITTLE CONTRU: Claims Registration Ends July 5

PROMREMONT: Claims Registration Ends July 5
SCAN-EAST: Proof of Claim Deadline Slated for July 5
UNION: Proof of Claim Deadline Slated for July 5
VITA-FARM: Creditors' Claims Due July 4


N E T H E R L A N D S

HALCYON ASSET: Moody's Rates EUR20-Mln Class E Notes at Ba2


N O R W A Y

AKER KVAERNER: Inks EUR80 Million Boiler Deal with Finland's UPM
PETROLEUM GEO: Begins Global Offering of Petrojarl Shares
PETROLEUM GEO: Inks Joint Venture Offshore Deal with Teekay


R U S S I A

BANK SOYUZ: S&P Lifts Junk Credit Ratings to B-
CEDAR: Bankruptcy Hearing Slated for Aug. 31
GRANITE: Bankruptcy Hearing Slated for Aug. 1
KURMANAEVKA-AGRO-PROM-KHIMIYA: Bankruptcy Hearing Set July 12
KUZNETSK-MILK: Court Names V. Batrakov as Insolvency Manager

OAO GAZPROM: Inks Gasification Deal for Stavropol Territory
OAO GAZPROM: Names Andrey Tatarinov as Unit's General Director
OBOYAN-BREAD: Kursk Court Commences Bankruptcy Supervision
PERVOMAYSKOYE: Court Appoints N. Stulkov as Insolvency Manager
SANNIKOVSKOYE: Bankruptcy Hearing Slated for Aug. 14

SEVERSTAL: Loses Arcelor Bid to Mittal; Reviews Options
SPIRIT DISTILLERY: Court Names B. Kantor as Insolvency Manager
USPENSKOYE SEL-KHOZ-ENERGO: Court Hearing Slated for Sept. 25
YOUTH: Court Appoints A. Boravchenko as Insolvency Manager
YUKOS OIL: Defendants Want U.S. Court to Drop Investors' Suit


U K R A I N E

AGRARIJ: Cherkassy Court Starts Bankruptcy Supervision
CONSULTING-COMPANY: Court Names Ruslan Alejnik as Liquidator
KIY PLUS: Court Names Igor Shevchenko to Liquidate Assets
KOSMETIK TRADE: Court Orders Debt Moratorium
LUGANSK' AUTO-TRANSPORT 10954: Court Opens Bankruptcy Process

MALAHIT: Court Names Mr. O. Sherban to Manage Assets
MIZHREGIONGAZ: Court Appoints Svitlana Klimenko as Liquidator
NIZHNYOVERBIZHSKIJ PRODUCTION: V. Ribachuk to Liquidate Assets
PRODSISTEMA-1: Court Names Svitlana Lunkova as Liquidator
SVITLAYF: Court Names O. Sherban as Insolvency Manager


U N I T E D   K I N G D O M

C.S.O. LIMITED: Names Neil Chesterton as Administrator
CAPEL FENCING: Appoints Joint Administrators from Berg Kaprow
CARR HILL: Taps BDO Stoy to Administer Assets
CHRISTOPHER MARTIN: Creditors' Meeting Slated for July 6
CLEMENT & FOSTER: Hires Joint Administrators from Leonard Curtis

D EVANS ELECTRICAL: Tenon Recovery Places Wire Business on Sale
DELAPENA HONING: Brings In Hazlewoods as Joint Administrators
EUROPEAN STEEL: Brings In Kroll as Joint Administrators
FEENIX LOGISTICS: Hires Joint Administrators from BWC
FINE COLOUR: Packaging Business Up for Sale

GRAPHITE MORTGAGES: S&P Rates EUR27.8-Mln Class E Notes at BB
HIGGINS CLOTHING: Euro Sales Taps Grant Thornton as Receiver
HIGHLANDER EURO: S&P Assigns BB- Rating to Class E Notes
HIGHLINE BUILDING: Financial Woes Trigger Liquidation
HOLIDAY TRAVEL: Taps Colin Ian Vickers to Liquidate Assets

INTERBUILD (MIDLANDS): Creditors Pass Winding Up Resolution
ISLINGTON JOINERY: Names Alan Simon Liquidator
JASLITE FASHION: Creditors Resolve to Liquidation
JUBILEE WINDOWS: Hires Joint Liquidators from Begbies Traynor
KEMTAK LTD: Financial Woes Trigger Liquidation

LAWSON GIBBS: Liquidates Assets & Appoints Liquidator
PRESTIGE FLOORING: Claims Registration Ends July 6
REDLINE MOTORSPORT: Claims Filing Period Ends July 4
VISION ON DESIGN: Creditors' Meeting Slated for June 29

                            *********


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


ADOLF PILTZ: Vienna Court to Close Case After Final Allocation
--------------------------------------------------------------
The Trade Court of Vienna will close the bankruptcy case of LLC
Adolf Piltz (FN 43488d) after the Debtor's final distribution to
creditors.

Creditors will receive a 2.28% recovery on account of their
claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 25, 2005 (Bankr. Case No. 6 S 18/05x).  Susi Rathauscher
served as the court-appointed property manager for the bankrupt
estate.  


BAWAG PSK: Serhiy Klyuyev Mulls Launching an Offer
--------------------------------------------------
Ukrainian tycoon Serhiy Klyuyev is considering a bid for
Austrian financial group BAWAG P.S.K, en.for-ua.com says.

"We will submit an application on acquisition along with
Austrian bank, American or Spanish partners," Mr. Klyuyev told
the news service.

According to the report, Citigroup and Banco Santander Central
Hispano have also expressed interest in acquiring the bank.

Bawag's parent company, Osterreichischer Gewerkschaftsbund
(OeGB), previously disclosed that it prefers to sell the bank as
a whole and not in pieces indicating that the purchaser can
break up the bank after the sale.  OeGB has placed Bawag on the
trading table following the bank's alleged role in the collapse
of Refco Inc.

As reported in TCR-Europe on June 16, J.C. Flowers & Co. LLC and
Cerberus Capital Management LP may be considering bids for
Bawag.  Commerzbank AG, Generali, Allianz and Volksbanken-
Investkredit are also interested in launching an offer for Bawag
aside from the two US turnaround firms.  Morgan Stanley has
begun inviting bids after Bawag inked a US$675 million
settlement deal with Refco investors.

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

                         About BAWAG

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

                        *     *     *

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

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

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

These ratings were downgraded as part the rating action:

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

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

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

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

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

These ratings are under review for possible downgrade:

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

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


HAFELLNER PERSONALSERVICE: Leoben Court Closes Bankruptcy Case
--------------------------------------------------------------
The Land Court of Leoben entered an order closing the bankruptcy
case of Trade LLC Hafellner Personalservice (FN 194361 a) on
May 12 after the Debtor's final distribution to creditors.

Creditors owed money by the Debtor recovered 2.8% on account of
their claim.

Headquartered in Leoben, Austria, the Debtor declared bankruptcy
on Aug. 7, 2003 (Bankr. Case No. 17 S 271/03a).  Bajc Erwin
served as the court-appointed property manager for the bankrupt
estate.


HD PERSONALLEASING: Court to Close Case After Final Allocation
--------------------------------------------------------------
The Land Court of Steyr will close the bankruptcy case of HD
Personalleasing Daurer KEG (FN 223309x) after the Debtor's final
distribution to creditors.

Creditors will receive a 12.89% recovery on account of their
claim.

Headquartered in Steyr, Austria, the Debtor declared bankruptcy
on Sept. 19, 2005 (Bankr. Case No. 14 S 33/05h).  Heinz
Kassmannhuber served as the court-appointed property manager for
the bankrupt estate.  


HWS: Court Closes Bankruptcy Case After Claims Payment
------------------------------------------------------
The Land Court of Klagenfurt entered an order closing the
bankruptcy case of Construction LLC HWS (FN 115723g) on May 12
after the Debtor's final distribution to creditors.

Creditors owed money by the Debtor recovered 0.9% on account of
their claim.

Headquartered in Villach, Austria, the Debtor declared
bankruptcy on June 17, 2005 (Bankr. Case No. 41 S 53/05z).  
Rudolf Pototschnig served as the court-appointed property
manager for the bankrupt estate.


JOYNTSHUTTLE: Insufficient Funds Prompt Court to Close Case
------------------------------------------------------------
The Land Court of Innsbruck dismissed the bankruptcy case of LLC
Joyntshuttle (FN 218870v) on May 12 due to the Debtor's
administrative insolvency.  This means that the Debtor does not
have enough cash to cover costs of the bankruptcy proceedings.

As a result, creditors will not receive any distribution.

Headquartered in Kappeln, Austria, the Debtor declared
bankruptcy on Dec. 2, 2004 (Bankr. Case No. 9 S 35/04b).  Walter
Waizer served as the court-appointed property manager for the
bankrupt estate.  


KUTAK: Vienna Court Dismisses Case Due to Insufficient Funds
------------------------------------------------------------
The Trade Court of Vienna dismissed the bankruptcy case of Trade
LLC Kutak (FN 262561w) on May 15 due to the Debtor's
administrative insolvency.  This means that the Debtor does not
have enough cash to cover costs of the bankruptcy proceedings.

As a result, creditors will not receive any distribution.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 10 (Bankr. Case No. 3 S 1/06a).  Eberhard Wallentin
served as the court-appointed property manager for the bankrupt
estate.  


MPB-BAUBETREUUNGS: Court Closes Case on Creditors' Agreement
------------------------------------------------------------
The Land Court of Linz entered an order closing the bankruptcy
case of LLC MPB-Baubetreuungs (FN 184186m) on May 15 after
involved creditors agreed on the court-appointed property
manager Kurt Heinrich Wolfmair final decision.

Headquartered in Engerwitzdorf, Austria, The Debtor declared
bankruptcy on June 18, 2004 (Bankr. Case No. 12 S 46/04h).  
Wilhelm Deutschmann represented Dr. Wolfmair in the bankruptcy
proceedings.


SMAX: Vienna Court Closes Case on Administrative Insolvency
-----------------------------------------------------------
The Trade Court of Vienna dismissed the bankruptcy case of LLC
SMAX (FN 214552v) on May 15 due to the Debtor's administrative
insolvency.  This means that the Debtor does not have enough
cash to cover costs of the bankruptcy proceedings.

As a result, creditors will not receive any distribution.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 27, 2005 (Bankr. Case No. 6 S 83/05f).  Alexander
Schoeller served as the court-appointed property manager for the
bankrupt estate.


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


ALLGEMEINE HYPOTHEKENBANK: Investors Balk on Sale, Recovery Plan
----------------------------------------------------------------
The restructuring of Allgemeine HypothekenBank Rheinboden is
facing more hurdles as investors began taking actions against
the mortgage bank, the Financial Times Deutschland says.

Holders of ABHR's participation certificates have commissioned
an expert report to shed the light on the conditions for damage
claims, the paper reports.  

The German mortgage bank's certificate holders, as well as some
silent shareholders, argue that the takeover money paid to Lone
Star should have been used to cover ABHR's multi-billion euro
losses, Rolf Benders and Rita Lansch writes for Handelsblatt.  
The holders also fear that they would go empty-handed while Lone
Star profited from the sale of ABHR's assets.

According to FT, one of the certificate holders, publishing
tycoon Heinz Bauer, has accused the federal financial market
regulator Bundesanstalt fuer Finanzdienstleistungsaufsicht of
abetting to camouflage AHBR's true financial situation.  Mr.
Bauer sent a letter to Finance Minister Peer Steinbruck
demanding an explanation why the Ministry accepted BaFin's
actions.

Meanwhile, cooperative bank DZ Bank, which had invested EUR140
million into AHBR -- enough to object to business changes -- has
filed for a temporary injunction at the Regional Court of
Frankfurt against the bank to prevent the sale of a EUR3.5-
billion real estate financing portfolio to Hypo Real Estate Bank
International AG, a subsidiary of Hypo Real Estate Holding AG,
Handelsblatt relates.  The Court will convene on June 26 to
consider DZ Bank's request.  Handelsblatt says AHBR, which can
proceed with the sale until the court issues a ruling, said
there was no basis for an injunction.

As reported in the TCR-Europe on Jan. 12, DZ Bank, along with
fellow shareholders DEVK and Volksfursorge, are challenging the
recovery plan of for AHBR as they are unwilling to bear the
restructuring costs.  DZ Bank is trying to prevent Lone Star
breakup of AHBR, sources privy with the silent investors told
Handelsblatt.

As reported in the TCR-Europe on Feb. 6, AHBR plans to pull out
of public sector lending and private real estate financing.  It
is also considering selling off its foreign real estate
financing portfolio.  Hudson Advisors Germany GmbH, part of the
Lone Star Group, is to take on the servicing of the non-
performing loan portfolio.  The restructuring will be
accompanied by changes to the Bank's organizational structure
and staffing.  The Bank anticipates that it will take a year to
implement the measures.

                      About the Company

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

                        *     *     *

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

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

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


ANDREAS UND UWE: Creditors' Meeting Slated for July 12
------------------------------------------------------
The court-appointed provisional administrator for Andreas und
Uwe Graf OHG, Dirk Wittkowski, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:25 a.m. on July 12.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:20 a.m. on Oct. 18 at the same
venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Andreas und Uwe Graf OHG on May 22.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Andreas und Uwe Graf OHG
         New Hochstr. 18/19
         13347 Berlin, Germany

The administrator can be reached at:

         Dr. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin, Germany


GEBR. KREUTZFELDT: Claims Registration Ends July 12
---------------------------------------------------
Creditors of Gebr. Kreutzfeldt GmbH have until July 12 to
register their claims with court-appointed provisional
administrator Beate Thompson.

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

The meeting of creditors will be held at:

         The District Court of Kiel
         Hall 17
         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
Gebr. Kreutzfeldt GmbH on May 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Gebr. Kreutzfeldt GmbH
         Schonberger Landstr. 3-13
         24232 Schonkirchen, Germany

The administrator can be contacted at:

         Beate Thompson
         Willestr. 3
         24103 Kiel, Germany


GRUENHAINER WOHNUNGS: Claims Registration Ends July 14
------------------------------------------------------
Creditors of Gruenhainer Wohnungs- und Siedlungsgesellschaft mbH
have until July 14 to register their claims with court-appointed
provisional administrator Dirk Herzig.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Aug. 10, 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 Chemnitz
         Hall 28
         Prince Road 21
         Chemnitz, 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 Chemnitz opened bankruptcy proceedings
against Gruenhainer Wohnungs- und Siedlungsgesellschaft mbH on
May 15.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Gruenhainer Wohnungs- und Siedlungsgesellschaft mbH
         Attn: Georg Grajewski, Manager       
         Schwarzenberger Road 10
         08344 Gruenhain Beierfeld, Germany

The administrator can be contacted at:

         Dr. Dirk Herzig
         Promenadenstr. 3
         09111 Chemnitz, Germany
         Web: http://www.schubra.de/


HAMKA BAUGESELLSCHAFT: Creditors' Meeting Slated for July 12
------------------------------------------------------------
The court-appointed provisional administrator for HAMKA
Baugesellschaft mbH, Sebastian Laboga, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:20 a.m. on July 12.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:15 a.m. on Oct. 18 at the same
venue.

Creditors have until Aug. 23 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against HAMKA Baugesellschaft mbH on May 18.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HAMKA Baugesellschaft mbH
         Mahlerstr. 8
         13088 Berlin, Germany

The administrator can be reached at:

         Sebastian Laboga
         Einemstr. 24
         10785 Berlin, Germany


PREFERENZA FASHION: Claims Registration Ends July 13
----------------------------------------------------
Creditors of preferenza fashion club GmbH have until July 13 to
register their claims with court-appointed provisional
administrator Michael Bremen.

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

The meeting of creditors will be held at:

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

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

The District Court of Duesseldorf opened bankruptcy proceedings
against preferenza fashion club GmbH on May 29.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         preferenza fashion club GmbH
         Angermunder Str. 126
         40489 Duesseldorf, Germany

         Attn: Ludwiga Spreyer, Manager       
         Ferdinandstr. 17
         41061 Monchengladbach, Germany

The administrator can be contacted at:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf, Germany


RESTAURANT KUHSIEL: Creditors' Meeting Slated for July 13
---------------------------------------------------------
The court-appointed provisional administrator for Restaurant
Kuhsiel GbR, Stefanie Luethje, will present her first report on
the Company's insolvency proceedings at a creditors' meeting at
11:00 a.m. on July 13.

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

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

The Court will also verify the claims set out in the
administrator's report at 11:00 a.m. on Aug. 31 at the same
venue.

Creditors have until Aug. 8 to register their claims with the
court-appointed provisional administrator.

The District Court of Bremen opened bankruptcy proceedings
against Restaurant Kuhsiel GbR on May 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Restaurant Kuhsiel GbR
         Oberblockland 2
         28357 Bremen, Germany

The administrator can be reached at:

         Stefanie Luethje
         Ostertorsteinweg 74/75
         28203 Bremen, Germany
         Tel: 792570
         Fax: 7925757
         E-mail: Luethje@oelb.de
         Web: http://www.oelb.de/


SCHORNSTEINTECHNIK WELLIGE: Claims Registration Ends July 13
------------------------------------------------------------
Creditors of Schornsteintechnik Wellige Produktions- und
Vertriebsgesellschaft mbH have until July 13 to register their
claims with court-appointed provisional administrator Sebastian
Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 10, 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 Dortmund
         Hall 3.201
         2nd Floor
         Branch Court Place 1
         44135 Dortmund, 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 Dortmund opened bankruptcy proceedings
against Schornsteintechnik Wellige Produktions- und
Vertriebsgesellschaft mbH on May 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Schornsteintechnik Wellige Produktions- und
         Vertriebsgesellschaft mbH
         Hubert-Biernat-Str. 10
         59425 Unna, Germany
         
         Attn: Werner Wellige, Manager       
         Hammer Str. 37
         59425 Unna, Germany

The administrator can be contacted at:

         Dr. Sebastian Henneke
         Hansastrasse 61
         44137 Dortmund, Germany
         Tel: 0231-56559921
         Fax: 0231-56559922


STR SANIERUNGS: Creditors' Meeting Slated for July 12
-----------------------------------------------------
The court-appointed provisional administrator for STR Sanierungs
Team Ruhr Gesellschaft fuer Projektierung und Sanierung im
Ruhrgebiet mbH, Achim Thomas Thiele, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:00 a.m. on July 12.

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

         The District Court of Dortmund
         Hall 3.201
         2nd Floor
         Branch 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. 27 at the same
venue.

Creditors have until Aug. 23 to register their claims with the
court-appointed provisional administrator.

The District Court of Dortmund opened bankruptcy proceedings
against STR Sanierungs Team Ruhr Gesellschaft fuer Projektierung
und Sanierung im Ruhrgebiet mbH on May 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         STR Sanierungs Team Ruhr Gesellschaft fuer
         Projektierung und Sanierung im Ruhrgebiet mbH
         Langen Kamp 2
         59192 Bergkamen, Germany

         Attn: Stephan Haupenthal, Manager
         Gartenstr. 11 a
         45527 Hattingen, Germany

The administrator can be reached at:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund, Germany
         Tel: 54110
         Fax: 5411266


WILHELM NOAH: Claims Registration Ends July 12
----------------------------------------------
Creditors of Wilhelm Noah GmbH & Co. KG have until July 12 to
register their claims with court-appointed provisional
administrator Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Aug. 9, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Hanover opened bankruptcy proceedings
against Wilhelm Noah GmbH & Co. KG on May 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Wilhelm Noah GmbH & Co. KG
         Attn: Peter Schmitt, Manager       
         Helmkestr. 5B
         30165 Hanover, Germany

The administrator can be contacted at:

         Dr. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hanover, Germany
         Tel: 0511/626287-0
         Fax: 0511/626287-10


WOHNANLAGE COTTBUS: Claims Registration Ends July 12
----------------------------------------------------
Creditors of Wohnanlage Cottbus GWC Privatisierungs- und
Verwaltungsgesellschaft mbH & Co. KG have until July 12 to
register their claims with court-appointed provisional
administrator Alfred Ponzer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 13, 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 Wolfratshausen
         Meeting Room 3/I
         Station Route 18
         Wolfratshausen, 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 Wolfratshausen opened bankruptcy
proceedings against Wohnanlage Cottbus GWC Privatisierungs- und
Verwaltungsgesellschaft mbH & Co. KG on May 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Wohnanlage Cottbus GWC Privatisierungs- und
         Verwaltungsgesellschaft mbH & Co. KG
         Hochfeldstr. 35
         83684 Tegernsee, Germany

The administrator can be contacted at:

         Alfred Ponzer
         Market Place 18
         83607 Holzkirchen, Germany
         Tel: 08024/30580
         Fax: 08024/305820


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


EMPORIKI BANK: Gets Bank of Cyprus's EUR3.8-Bln Cash & Stock Bid
----------------------------------------------------------------
The Board of Directors of Emporiki Bank of Greece S.A. received
a EUR3.8 billion cash-and-stock offer from Bank of Cyprus for
100% of the bank's shares.  

Bank of Cyprus' offer came a few days after Credit Agricole
submitted a bid to purchase the 91.1% stake it doesn't own in
Emporiki for EUR2.8 billion in cash, Taska Manzaroli and Digby
Larner write for the Wall Street Journal.

The Greek government, which holds a 20% stake in Emporiki, said
it would consider better bids for the bank following Credit
Agricole's offer.

Bank of Cyprus's combined cash and stock offer may be "less
attractive" to the Greek government, Bloomberg News cited HSBC
Pantelakis SA as saying.

"The Greek state has repeatedly stated its preference for a cash
bid," HSBC said.

                     Bank of Cyprus Offer

Bank of Cyprus believes that its offer to be in the best
interests of Emporiki's shareholders, customers and employees.  
The offer consideration is EUR6,00 in cash and 3,25 Bank of
Cyprus shares for every Emporiki share.  The bank will fund the
cash portion through internal resources.

The Bank of Cyprus will hold an Extraordinary General Meeting in
July to approve the increase of the authorized share capital and
the waiver of pre-emption rights of existing shareholders.

Upon successful completion of the Offer:

   -- the enlarged group would be the second largest deposit
      taker in Greece with 12% of total deposits.  The enlarged
      group's market share in loans in Greece would be 15%; and

   -- the intention of the Bank of Cyprus is to integrate the
      operations of Emporiki with those of Bank of Cyprus in
      Greece.

The Bank of Cyprus' main objective in relation to the proposed
acquisition of Emporiki is to strengthen Emporiki's future
development and growth in Greece and the Balkans.

The Bank of Cyprus aims to achieve the strategic objectives of
the combined group by:

   -- the reorganization of the branch network to increase
      sales, improve customer service, and increase customer
      satisfaction and loyalty;

   -- restructuring and upgrading of IT systems;

   -- improvement of the Human Resource management function;

   -- upgrading of the risk management systems of the combined
      entity;

   -- effective management of operating expenses and cost to
      income ratio; and

   -- growth of operations through targeted increases in market
      shares in Greece and the Balkans.

The acceptance period for the Offer is expected to start in
early July 2006 and is expected to be completed within August
2006.  Full details will be confirmed after the approval by the
Hellenic Capital Markets Commission and the publication of the
Offer Document.

The Offer is subject to certain conditions:

   -- approval of the tender offer document by the Hellenic
      Capital Markets Commission;

   -- approval by the Shareholders' General Meeting of the
      increase of the authorized share capital and waiver of the
      pre-emption rights of existing shareholders; and

   -- 40% of Emporiki's shares are tendered in the Offer.

In addition the Offer is subject to customary regulatory
approvals.

"We believe this is an attractive offer for Emporiki
shareholders that provides the opportunity to invest in the
creation of a leading Hellenic banking group," Vassilis G.
Rologis, Chairman of the Bank of Cyprus Group, said.  "In
applying our proven management strategy to the combined group,
we believe there will be huge benefits for shareholders,
customers and employees."

"We believe that our track record of growth, combined with our
proven restructuring experience which was successfully applied
to our Cyprus operations, means this is a winning proposition
for existing and future shareholders," Andreas Eliades, Chief
Executive of Bank of Cyprus Group, said.

Emporiki is listed on the Athens Stock Exchange.

Credit Suisse Securities (Europe) Limited and Cypriot
Organization for Investments and Securities Limited are acting
as financial advisers to Bank of Cyrpus in connection with the
Offer.

Headquartered in Nicosia, Cyprus, Bank of Cyprus --
http://www.bankofcyprus.com/-- offers a wide range of financial  
products and services, which include banking services in Cyprus,
Greece, United Kingdom, Australia and Channel Islands, finance,
leasing, factoring, brokerage, fund management, general and life
insurance services in Cyprus and Greece, and investment banking
services in Cyprus.

Headquartered in Athens, Greece, Emporiki Bank of Greece S.A. --
http://www.emporiki.gr/-- offers banking services in Greece  
through a network of 374 branches, through the Emporiki Bank
branch operating in London as well as through the Group's
subsidiaries in Albania, Armenia, Bulgaria, Cyprus, Germany,
Georgia and Romania.  The extensive network of Emporiki Bank is
a major advantage for the Group in the distribution of the
products and services it offers.

                        *     *     *

As reported in TCR-Europe on June 19, Moody's Investors Service
has placed on review for possible upgrade the Baa1/Prime-2
deposit, Baa1 senior debt and Baa2 subordinated debt ratings of
Emporiki Bank of Greece SA.  

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

As reported in TCR-Europe on June 15, Fitch Ratings placed
Greece-based Emporiki Bank's Issuer Default Rating of BBB,
Short-term rating of F3 and Support rating of 2 on Rating Watch
Positive.  Emporiki's Individual rating of C/D is affirmed.

At the same time, the agency has affirmed France-based Credit
Agricole's as well as its central body at AA with Stable
Outlook, Short term F1+ and Support 1.  The Individual rating of
CA is affirmed at B.


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


BORSODCHEM RT: Returned Stock Hikes Treasury Shares
---------------------------------------------------
BorsodChem Rt. disclosed a change in the company's treasury
shares due to developments concerning its Registered Employee
Share Ownership Program.

Out of the 203,062 shares transferred to the employees'
securities accounts in HVB Bank Hungary Rt.'s custody on Nov. 9,
2005, the Company received back 147 pieces with a value date of
June 19 from employees terminating their employment relations.

Following the transaction the number of the Company's treasury
shares increased by 147 pieces to 1,192,492.

                       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
=========


IMPREGILO SPA: Completes Costanera Norte Equity Sale
----------------------------------------------------
Impregilo S.p.A. disclosed the sale closing of the investment
held by its wholly owned subsidiary, Impregilo International
Infrastructures N.V., in the Chilean motorway concession-holder
Costanera Norte following the fulfillment of all conditions
precedent.

The investment has been sold to Nueva Costanera Norte, a Chilean
company held indirectly 100% by ASA S.r.l., a company owned by
Autostrade, Sias and Mediobanca.

Completion of the sale was subject to the final approvals of the
competent Chilean authorities and the authorisation of the two
guarantors of the bond (Banco Interamericano di Sviluppo and
AMBAC Assurance Corporation) issued by the Costanera concession-
holder.

The transaction has raised a net capital gain estimated at
approximately EUR105 million for the Impregilo Group, with net
proceeds of approximately EUR165 million.  The funds will be
used to reduce Group debt.

The sale transaction concerned the entire share capital of
Costanera Norte, of which 80% was held by Impregilo
International Infrastructures N.V., including the 2.1% interest
of Simest S.p.A. acquired prior to closing under the terms of
previous agreements, and 10% each by Empresa Constructora Tecsa
S.A. and Empresa Constructora Fe Grande S.A.

The sale also grants the Impregilo Group an option to buy back
up to 10% of the share capital of the Chilean concession-holder.

"This transaction does not signify a withdrawal by Impregilo
from Chile," said Impregilo Chief Executive Officer Alberto
Lina.  "With rapid infrastructure growth expected in the
country, we have a co-operation agreement with the purchasers
for joint development of new motorway projects in Chile on which
we shall be acting as general contractor."

                         About Impregilo

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

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

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


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


ATLANTIDA-AVB: Creditors Must File Claims by July 5
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Atlantida-Avb insolvent on April 18.

Creditors have until July 5 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai Region
         Room 321
         Baitursynova Str. 95
         Kostanai
         Kostanai Region
         Kazakhstan  


AZON: Creditors Must File Claims by July 4
------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Azon insolvent on April 12.

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


ESIL: North Kazakhstan Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has commenced bankruptcy proceedings against
CJSC Municipal Market Esil on April 24.


KOMPANIA SATURN: Almaty Court Sets July 5 Claims Bar Date
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Kompania Saturn Ltd. insolvent on April 17.

Creditors have until July 5 to submit written proofs of claim
to:

         LLP Kompania Saturn Ltd
         Makatayeva Str. 117  
         Almaty, Kazakhstan
         Tel: 8 (3272) 34-39-74
              8 (3001) 11-77-02


LITTLE CONTRU: Claims Registration Ends July 5
----------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Little Contru insolvent.

Creditors have until July 5 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Atyrau Region
         3rd Floor
         Abai Str. 10
         Atyrau
         Atyrau Region
         Kazakhstan


PROMREMONT: Claims Registration Ends July 5
-------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Promremont insolvent on March 15.

Creditors have until July 5 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai Region
         Room 321
         Baitursynova Str. 95
         Kostanai
         Kostanai Region
         Kazakhstan


SCAN-EAST: Proof of Claim Deadline Slated for July 5
----------------------------------------------------
LLP Joint Kazakh-Russian Enterprise Scan-East has declared
insolvency.  

Creditors have until July 5 to submit written proofs of claim
to:

         LLP Joint Kazakh-Russian Enterprise Scan-East
         Karasai batyr Str. 82
         Almaty, Kazakhstan
         Tel: 8 (3272) 58-20-20


UNION: Proof of Claim Deadline Slated for July 5
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Union insolvent on April 19.

Creditors have until July 5 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai Region
         Room 321
         Baitursynova Str. 95
         Kostanai
         Kostanai Region
         Kazakhstan


VITA-FARM: Creditors' Claims Due July 4
---------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Kompania Vita-Farm 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


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


HALCYON ASSET: Moody's Rates EUR20-Mln Class E Notes at Ba2
-----------------------------------------------------------
Moody's assigned these final ratings to six classes of notes
issued by Halcyon Structured Asset Management European CLO
2006-I B.V., a bankruptcy remote SPV incorporated in the
Netherlands:

   -- EUR207,000,000 Class A-1 Senior Secured Floating Rate        
Notes: Aaa;

   -- EUR40,000,000 Class A-1R Senior Secured Revolving Floating
Rate Notes: Aaa;

   -- EUR40,000,000 Class B Senior Secured Floating Rate Notes:
Aa2;

   -- EUR30,000,000 Class C Senior Secured Deferrable Floating
Rate Notes: A2;

   -- EUR15,000,000 Class D Senior Secured Deferrable Floating
Rate Notes: Baa2; and

   -- EUR20,000,000 Class E Senior Secured Deferrable Floating
Rate Notes: Ba2.

These ratings are based upon:

   -- an assessment of the credit quality and of the
diversification of the assets in the initial portfolio;

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

   -- the over-collateralization of the notes;

   -- the protection against losses through the subordination of
the Class B, C, D, E notes, the Euro 48,000,000
subordinated notes and the excess spread available in the
transaction;

   -- the analysis of the foreign currency risk involved in the
transaction; and

   -- the legal and structural integrity of the issue.

The ratings of the notes address the expected loss posed to
investors by the legal maturity of each class in 2021.

This transaction is a high yield collateralized loan obligation
related to a portfolio of senior and mezzanine loans.  Halcyon
Structured Asset Management L.P dynamically manages this
portfolio.  This is the first European arbitrage CLO transaction
managed Halcyon L.P.

This portfolio will be partially acquired at closing date and
partially during the nine-month ramp-up period at the end of
which the portfolio shall comply with the following tests:

   -- a diversity score greater than 35;
   -- a weighted average rating factor lower than 2,600;
   -- a weighted average spread greater than 2.70%; and
   -- a weighted average recovery rate greater than 55%.

Thereafter, the portfolio of loans will be actively managed and
the portfolio manager will have the option to direct the issuer
to buy or sell loans.  Any addition or removal of loans will be
subject to a number of portfolio criteria.

This transaction features a multi-currency revolving class of
notes that can be drawn either in Euros or in Sterlings.  
Sterling advances will be used to purchase loans denominated in
Sterling.  Should such Sterling assets default, Sterling
advances would not be fully collateralized by Sterling assets
and therefore Euro proceeds may need to be converted into
Sterling in order to redeem Sterling advances, thus creating a
foreign exchange risk exposure.  This currency risk has been
considered in Moody's analysis.


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


AKER KVAERNER: Inks EUR80 Million Boiler Deal with Finland's UPM
----------------------------------------------------------------
Aker Kvaerner won a bid to supply a recovery boiler to modernize
the chemical recovery plant at UPM's Kymi pulp mill in
Kuusankoski, southeastern Finland.  

The contract value to Aker Kvaerner is approximately EUR80
million.  UPM is one of the world's leading producers of
printing papers and the clear market leader in magazine papers.

The recovery boiler will be part of the mill's new recovery
line, which will replace two existing lines that date back to
the 1960's and 1970's.  The new recovery plant will improve the
pulp mill's energy efficiency and decrease fossil carbon-dioxide
emissions.  The new generation recovery boiler will be designed
for maximum power generation and it will increase the
electricity production produced from biofuels.

Kvaerner Power, part of the Aker Kvaerner group, will supply the
recovery boiler rated at 3,600 tons of dry solids per day and
steam parameters of 505 degree Celsius and 103 bar.  The
delivery also consists of an odorous gas treatment system, a
flue gas scrubber for effective heat recovery, and an ash
leaching system for chloride and potassium reduction.  The new
recovery boiler will be ready for operation in the summer of
2008.

                        About the Company

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

                        *     *     *

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

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

The outlook on all ratings is stable.


PETROLEUM GEO: Begins Global Offering of Petrojarl Shares
---------------------------------------------------------
Petroleum Geo-Services ASA disclosed the global offering of up
to 14,999,990 ordinary shares of Petrojarl ASA.  The indicative
offer price range is set from NOK37 to NOK47 per share.  

The demerger of the PGS Production business to a new company,
Petrojarl, is expected to take place by June 29.  Petrojarl will
be listed on the Oslo Stock Exchange on or about June 30.  PGS'
shareholders at the time of the demerger will receive one
ordinary share in Petrojarl for each ordinary share they hold in
PGS.  The shares distributed to PGS' shareholders will amount to
80.01% of the total share capital in Petrojarl.  The remaining
19.99%, held by PGS, will be offered for sale in the Global
Offering as previously announced.

The Global Offering will consist of 7,499,995 shares of
Petrojarl to be offered for sale by PGS, representing 10% of
Petrojarl's outstanding shares.  The managers of the Global
Offering have been granted an over-allotment option to purchase
up to an additional 7,499,995 shares from PGS.  If the over-
allotment option is exercised in full, PGS will sell its entire
shareholding of 14,999,990 shares in Petrojarl, representing
19.99% of Petrojarl's outstanding share capital.

Petrojarl is one of the largest operators of floating production
storage and offloading vessels in the North Sea, measured by
production capacity and number of vessels.   Petrojarl owns and
operates four FPSOs (the Ramform Banff, Petrojarl I, Petrojarl
Foinaven and Petrojarl Varg), operates two shuttle tankers and
charters one storage tanker on a time charter basis.  

                 About Petroleum Geo-Services

Headquartered in Lysaker, Norway, Petroleum Geo-Services --
http://www.pgs.com/-- is a technologically focused oilfield  
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates
four floating production, storage and offloading units.    

                        *     *     *

As reported on April 3, Standard & Poor's Ratings Services
placed the 'B+' ratings on Oslo, Norway-based Petroleum Geo-
Services ASA on CreditWatch with developing implications.  The
rating action follows the company's announcement of its de-
merger plan.


PETROLEUM GEO: Inks Joint Venture Offshore Deal with Teekay
-----------------------------------------------------------
Petrojarl (PGS Production), a wholly owned subsidiary of
Petroleum Geo-Services ASA, has finalized and signed the
agreement with Teekay Shipping Corporation governing the joint
venture company called Teekay Petrojarl Offshore.

The joint venture will focus on pursuing opportunities in the
rapidly growing global market for Mobile Production Solutions
with emphasis on developing solutions through Floating
Production Storage and Offloading units.  The joint venture will
only encompass new projects.  Existing assets of both companies
are excluded from the joint venture, amongst them all PGS'
current FPSO and redeployment of those assets.

                          About Teekay

Teekay Shipping Corporation transports more than 10 percent of
the world's seaborne oil and has recently expanded into the
liquefied natural gas shipping sector through its publicly
listed subsidiary, Teekay LNG Partners L.P. (NYSE: TGP).  With a
fleet of more than 140 tankers, offices in 15 countries and
5,100 seagoing and shore-based employees, Teekay provides a
comprehensive set of marine services to the world's leading oil
and gas companies, helping them seamlessly link their upstream
energy production to their downstream processing operations.
Teekay's reputation for safety, quality and innovation has
earned it a position with its customers as The Marine Midstream
Company.

Teekay's common stock is listed on the New York Stock Exchange
where it trades under the symbol "TK".

                      About PGS Production

PGS Production, a wholly owned subsidiary of Petroleum Geo-
Services, owns and operates the largest and most advanced fleet
of Floating Production Storage and Offloading vessels in the
North Sea.  These vessels produce oil and gas for oil companies.

In U.K. waters, Petrojarl Foinaven is producing the Foinaven
field for BP and CNR employs the Ramform Banff on the Banff
field.  On the Norwegian shelf, Petrojarl Varg is in production
for Talisman on the Varg field, while Petrojarl I is on her 10th
successive contract, for Statoil on the Glitne field.

PGS Production has its head office in Trondheim, from where most
of its operations are managed.  It also has an operations office
in Aberdeen.

                 About Petroleum Geo-Services

Headquartered in Lysaker, Norway, Petroleum Geo-Services --
http://www.pgs.com/-- is a technologically focused oilfield  
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates
four floating production, storage and offloading units.    

                        *     *     *

As reported on April 3, Standard & Poor's Ratings Services
placed the 'B+' ratings on Oslo, Norway-based Petroleum Geo-
Services ASA on CreditWatch with developing implications.  The
rating action follows the company's announcement of its de-
merger plan.


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


BANK SOYUZ: S&P Lifts Junk Credit Ratings to B-
-----------------------------------------------
Standard & Poor's Ratings Services it raised its long-term
counterparty credit and Russia national scale ratings on Russia-
based Bank Soyuz (Soyuz) to 'B-' from 'CCC+' and to 'ruBBB' from
'ruBB+', respectively.  

At the same time, Standard & Poor's affirmed its 'C' short-term
counterparty credit rating.  The outlook is stable.
     
The rating upgrade reflects Soyuz's progress in strengthening
its independent franchise outside of the related Basic Element
group, and in improving its credit profile through a more
diversified funding base and loan portfolio.
     
"The ratings remain supported by Soyuz's strong business ties to
the group, which provide funding and capital support," said
Standard & Poor's credit analyst Eugene Tarzimanov.
     
The ratings are constrained by the bank's still-high, although
improving, single-party concentrations on both sides of the
balance sheet, its weak recurrent profitability, and its high
exposure to the volatile Russian securities market.

The outlook is stable.  Standard & Poor's expects Soyuz to grow
organically in line with its strategic objectives, while
continuing to lend to, and take deposits from, the Basic Element
group companies in the medium term.  The ratings on Soyuz could
be raised if the bank improves its recurrent profitability, and
further diversifies its funding and lending.

"A material capital increase would also be a positive rating
factor.  The ratings could be revised downward, however, if the
bank's capitalization were to come under severe pressure or its
ties to Basic Element were to weaken," added Mr. Tarzimanov.


CEDAR: Bankruptcy Hearing Slated for Aug. 31
--------------------------------------------
The Arbitration Court of Irkutsk Region will convene on Aug. 31
to hear the bankruptcy supervision procedure on OJSC Cedar.  The
case is docketed under Case no. A19-8833/06-29.

The Temporary Insolvency Manager is:

         V. Popov
         Rabochego Shtaba Str. 27
         664001 Irkutsk
         Russia

The Debtor can be reached at:

         OJSC Cedar
         Rabochego Shtaba Str. 27
         664001 Irkutsk
         Russia


GRANITE: Bankruptcy Hearing Slated for Aug. 1
---------------------------------------------
The Arbitration Court of Moscow will convene on Aug. 1, 10:30
a.m. to hear the bankruptcy supervision procedure on LLC Company
Granite (Case no. A40-8261/06-74-13B).

The Temporary Insolvency Manager is:

         V. Goncharov
         125009 Moscow
         Russia

The Debtor can be reached at:

         LLC Company Granite
         Dovatora Str. 9.
         119048 Moscow
         Russia


KURMANAEVKA-AGRO-PROM-KHIMIYA: Bankruptcy Hearing Set July 12
-------------------------------------------------------------
The Arbitration Court of Orenburg Region will convene on July
12, 11:00 a.m. to hear the bankruptcy supervision procedure on
OJSC Kurmanaevka-Agro-Prom-Khimiya.  The case is docketed under
Case no. A47-15797/2005-14 GK.

The Temporary Insolvency Manager is:

         D. Taushev
         Gaya Str. 23A
         460000 Orenburg
         Russia

The Debtor can be reached at:

         OJSC Kurmanaevka-Agro-Prom-Khimiya
         Odesskaya Str. 1
         Kurmanaevka
         Orenburg Region
         Russia


KUZNETSK-MILK: Court Names V. Batrakov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Penza Region appointed Mr. V. Batrakov
as insolvency manager for OJSC Kuznetsk-Milk (TIN 5819000387).  
He can be reached at:

         V. Batrakov
         Office 002
         Pushkina Str. 2
         Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-8702/2005-147B/20.

The Debtor can be reached at:

         OJSC Kuznetsk-Milk
         Penzenskay Str. 50
         Kuznetsk
         Penza Region
         Russia


OAO GAZPROM: Inks Gasification Deal for Stavropol Territory
-----------------------------------------------------------
Alexey Miller, Chairman of Gazprom's Management Committee and
Alexander Chernogorov, Governor of the Stavropol Territory have
signed an Agreement on Cooperation and a synchronized
construction schedule for gasification facilities in the
Stavropol Territory.

The schedule identifies a set of activities to be stepped up in
the Stavropol Territory with view of preparing consumers for gas
supply by Gazprom pipelines currently under large-scale
construction as stipulated by the Gasification Program for RF
Regions over 2005 to 2007.

"The gasification rate of the Stavropol Territory is high, in
rural area inclusive.  I am positive nevertheless that the
regional authorities should continue paying maximum attention to
gasification issues.  This year Gazprom is resolute to build in
the Territory five local gas pipelines.  It is indispensable
that industrial and household consumers receive gas immediately
after Gazprom completes its part of the work," emphasized Alexey
Miller.

On his part, Alexander Chernogorov noted that under the schedule
inked the Government of the Stavropol Territory was committed to
constructing between 2006 and 2007 more than 46 km of local gas
pipelines, converting to gas 33 boiler plants and gasify 1,120
households, with over RUR140 million to be spent for these
purposes.

The Agreement on Cooperation between Gazprom and the Government
of the Stavropol Territory was signed due to the expiry of the
previous Agreement sealed in January 2001.  

The newly signed Agreement stipulates promoting these major
joint businesses:

   -- Gasification of the Stavropol Territory;

   -- Creating a comprehensive automated system for natural gas
      consumption and quality measurement;

   -- Developing and introducing gas saving technologies;

   -- Conducting geological exploration, organizing gas and
      other hydrocarbon production;

   -- Ensuring environmental safety & security and rational
      nature management.

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

These schedules are part of Gazprom's Gasification Program for
RF Regions over 2005 to 2007, which is funded with RUR35
billion. Of this amount, RUR5.2 billion was already committed in
2005 and not less than RUR17.6 billion and RUR12.2 billion is
slated for 2006 and 2007, respectively.  Extra RUR1.1 billion
will be allocated for the reconstruction and modernization of
existing gas distribution pipelines.

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

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

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

The Program will enable Gazprom to convert to natural gas about
20,000 new residential facilities (hospitals, kindergartens,
schools, etc.), over 5,000 boiler plants in villages &
settlements and more than 500 agricultural companies, with more
than 12 thousand km of pipelines to be laid and some 11 million
citizens of 53 Russian regions to be serviced.

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

   -- full payments for gas deliveries;

   -- repayment of gas debts;

   -- economic viability of projected gas infrastructure;

   -- customers' readiness to receive gas;

   -- actual loading of gas laterals and distribution stations;

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

Natural gas penetration in the Stavropol Territory is currently
at 89 percent including 91 percent in cities, towns & population
centers and 87 percent in rural area.

Over 2005 Gazprom provided the Territory with over 10 bcm of gas
and roughly the same amount is scheduled for this year.

                          About Gazprom

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

                         *     *     *

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

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

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


OAO GAZPROM: Names Andrey Tatarinov as Unit's General Director
--------------------------------------------------------------
Alexey Miller, Chairman of Gazprom's Management Committee has
appointed Andrey Tatarinov as General Director of
Irkutskgazprom.

Mr. Tatarinov graduated in 1987 from the Irkutsk Polytechnic
Institute.  

In 1998, Mr. Tatarinov obtained his second higher education
diploma in the Irkutsk State University, getting specialty in
Management.

Qualifications:

   -- National Economy Academy under the RF Government,
   -- University of Maryland University College,
   -- Baikal Business and International Management Institute
      with the Irkutsk State University.

He is also a participant of the Presidential Program on Training
Managers and Executives for Enterprises of the RF National
Economy.

Mr. Tatarinov had been an adviser to the Deputy Chairman of
Gazprom's Management Committee.

Anatoly Golovin, previously General Director of Irkutskgazprom,
has been named as Adviser to the General Director.

Irkutskgazprom is a wholly owned subsidiary of Gazprom.  The
Company operates geological exploration ongoing at the Eastern
and Western plays of the South Kovykta area.

                          About Gazprom

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

                         *     *     *

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

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

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


OBOYAN-BREAD: Kursk Court Commences Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Kursk Region has commenced bankruptcy
supervision procedure on OJSC Oboyan-Bread.  The case is
docketed under Case No. A35-14421/05 g.  

The Temporary Insolvency Manager is:

         N. Krasilnikov
         Post User Box 129
         305000 Kursk
         Russia

The Debtor can be reached at:

         OJSC Oboyan-Bread
         Kurskaya Str. 138.
         Oboyan
         Kursk Region
         Russia


PERVOMAYSKOYE: Court Appoints N. Stulkov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Mr. N.
Stulkov as insolvency manager for CJSC Pervomayskoye.  He can be
reached at:

         N. Stulkov
         Poymennaya Str. 20
         Solnechnyj
         460051 Orenburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-12212/05-14gk.

The Debtor can be reached at:

         CJSC Pervomayskoye
         Repino
         Gayskiy Region
         Orenburg Region
         Russia


SANNIKOVSKOYE: Bankruptcy Hearing Slated for Aug. 14
----------------------------------------------------
The Arbitration Court of Altay Region will convene at 2:00 p.m.
on Aug. 14 to hear the bankruptcy supervision procedure on CJSC
Sannikovskoye (Case no. AO3-1546/06-B).

The Temporary Insolvency Manager is:

         S. Kononenko
         Apartment 2
         Kirova Str. 62
         Pervomayskiy Region
         Pervomayskiy Region
         658044 Altay Region
         Russia

The Debtor can be reached at:

         CJSC Sannikovskoye
         Efremovo Str. 8
         Sannikovo
         Pervomayskiy Region
         658046 Altay Region
         Russia


SEVERSTAL: Loses Arcelor Bid to Mittal; Reviews Options
-------------------------------------------------------
Arcelor S.A.'s Board of Directors consented to an improved offer
by Indian steelmaker Mittal Steel, ditching a pre-signed merger
agreement with Russian group OAO Severstal.

Arcelor had been resisting Mittal's EUR23-billion offer since
January, saying the Indian company undervalued its assets.  
However, Mittal recently submitted an improved offer of EUR40.40
per share, a source privy to the matter told Reuters, valuing
Arcelor at EUR25.8 billion.  Mittal will pay 69% percent of the
amount in its own shares and 31% in cash, AFP adds.

AFP reports that including a parallel offer for convertible
bonds, Mittal puts Arcelor's value at around EUR27.4 billion.  
Once merged, Arcelor shareholders will hold 50.5% of the new
company's equity and four management board seats, including the
chief executive officer.  Arcelor, meanwhile, will hold three
seats.  Mittal founder Lakshmi Mittal will sit as non-executive
president while Arcelor Chairman Joseph Kinsch will remain
chairman, AFP adds.  The Mittal family will control 43.4% the
new company.  

"It is a fair offer," Robbert Van Batenburg, head of global
research at Louis Capital Markets, was quoted by AFP as saying.  
"Mittal had originally sought to capitalize on the undervalued
status of Arcelor, which has always traded at a discount to the
sector relative to its operating performance because of factors
like government interference."

The new company, to be named Arcelor-Mittal, would create an
empire controlling 10% of the global steel market, producing 116
million tons of crude steel and employing more than 320,000
personnel.

The board's recommendation is expected to play a vital role in
influencing Arcelor's shareholders, who will convene on June 30
to vote on the deal.

                           Failed Deal

Until the deal, Arcelor had recommended a EUR13 billion merger
with Severstal, saying that an Arcelor-Severtal fusion would be
more efficient and productive than an Arcelor-Mittal union.  

The planned merger, however, received stiff opposition from some
Arcelor shareholders, who had expressed concerns that Alexei
Mordashov, Severstal's majority owner, would end up controlling
the merged company.  Severstal had improved the terms of
proposed merger, opting to own 25% of the new company rather
than 32% as previously agreed.

In a statement, Severstal said it was surprised by Arcelor's
decision.  

"We have a legal, binding merger agreement that the board of
Arcelor entered into," Severstal said.  "It has unanimously
supported it to date, consistently affirming the industrial
logic, the better business sense and the higher value creation
behind our agreement on several occasions.  In light of this we
are very surprised that the board did not invite us to discuss
our revised proposal nor offer us an opportunity to respond as
we had requested."

Severstal said it is "now reviewing all of [its] options," which
could include a legal action for breach of contract.

                        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.


SPIRIT DISTILLERY: Court Names B. Kantor as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kabardino Balkariya Republic appointed
Mr. B. Kantor as insolvency manager for LLC Spirit Distillery
Extra.  He can be reached at:

         Lermontova Str. 54/203
         Republic Nalchik
         360000 Kabardino Balkariya
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A20-5614/03.

The Debtor can be reached at:

         LLC Spirit Distillery Extra
         Naberezhnaya 1
         Republic Chegem
         Kabardino Balkariya
         Russia


USPENSKOYE SEL-KHOZ-ENERGO: Court Hearing Slated for Sept. 25
-------------------------------------------------------------
The Arbitration Court of Krasnodar Region will convene on
Sept. 25 to hear the bankruptcy supervision procedure on CJSC
Uspenskoye Sel-Khoz-Energo (Case No. A-32-6469/06-38/126-B).

The Temporary Insolvency Manager is:

         I. Poplavtsov
         Kirova Str. 2
         Armavir
         352900 Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Uspenskoye Sel-Khoz-Energo
         Uspenskoye
         Uspenskiy Region
         Krasnodar Region
         Russia


YOUTH: Court Appoints A. Boravchenko as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of St. Petersburg and the Leningrad Region
appointed Mr. A. Boravchenko as insolvency manager for LLC
Garment Factory Youth.  He can be reached at:

         A. Boravchenko
         Post User Box 131
         191119 St. Petersburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-16833/2005.

The Debtor can be reached at:

         LLC Garment Factory Youth
         Baranova Str. 20
         Slantsy
         188560 Leningrad Region
         Russia


YUKOS OIL: Defendants Want U.S. Court to Drop Investors' Suit
-------------------------------------------------------------
OAO Gazprom CEO Alexei Miller, Rosneft Vice President Nikolai
Borisenko and other Russian officials filed an appeal with the
U.S. District Court of Columbia requesting that the suit brought
by Yukos Oil Co.'s minority shareholders against them be
dropped, Interfax reports.

The officials insist that the trial be terminated quickly since
they were immune under the U.S. Foreign Sovereign Immunities Act
and the court's jurisdiction does not apply to them, Interfax
relates.

The defendants named in the lawsuit include:

   -- Industry and Energy Minister Viktor Khristenko
   -- Finance Minister Alexei Kudrin
   -- Alexei Miller
   -- Farit Gazizzulin
   -- Igor Yusufov
   -- Sergei Bogdanchikov
   -- Nikolai Borisenko
   -- Baikalfinansgroup
   -- the Russian Ministry of Justice
   -- the consulting department of the Russian government in    
      Washington

As reported in TCR-Europe on Oct. 27, Thomas Johnson, Jr., a
partner with Covington and Burling, which represents the
investors, said the defendants conspired to renationalize Yukos
and falsely assured the public it does not intend to do so.  
They claim to have lost US$6 billion as a result of the "de
facto renationalization."

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

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

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

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

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


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


AGRARIJ: Cherkassy Court Starts Bankruptcy Supervision
--------------------------------------------
The Economic Court of Cherkassy Region commenced bankruptcy
supervision procedure on LLC Scientific-Production Center
Agrarij (code EDRPOU 30272282) on March 25.  The case is
docketed under Case No. 01/1693.

The Temporary Insolvency Manager is:

         Oleksandr Holostij
         Vernigora Str. 29/8
         Cherkassy Region
         Ukraine

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         LLC Scientific-Production Center Agrarij
         Mikolayivska Str. 17
         Zolotonosha
         19700 Cherkassy Region
         Ukraine


CONSULTING-COMPANY: Court Names Ruslan Alejnik as Liquidator
------------------------------------------------------------
The Economic Court of Kyiv Region appointed Ruslan Alejnik as
Liquidator/Insolvency Manager for LLC Consulting-Company (code
EDRPOU 30221348).  He can be reached at:

         Ruslan Alejnik
         a/b 95
         02094 Kyiv Region
         Tel: (044) 466-32-86

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 27.  The case is docketed
under Case No. 46/252-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 Consulting-Company
         Zahidnij Lane 3
         Solomyanskij District
         Kyiv Region
         Ukraine


KIY PLUS: Court Names Igor Shevchenko to Liquidate Assets
---------------------------------------------------------
The Economic Court of Kyiv Region appointed Igor Shevchenko as
Liquidator/Insolvency Manager for LLC Kiy Plus (code EDRPOU
24575952).  He can be reached at:

         Igor Shevchenko
         Harkivska Str. 4/172
         40024 Sumi Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 11.  The case is docketed
under Case No. 14/272/05.

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 Kiy Plus
         Siretska Str. 9
         04073 Kyiv Region
         Ukraine


KOSMETIK TRADE: Court Orders Debt Moratorium
--------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on LLC Kosmetik Trade (code EDRPOU
30189933) on April 10 and ordered a moratorium on satisfaction
of creditors' claims.

The Temporary Insolvency Manager is:

         Igor Farberov
         Artema Str. 90/15
         83050 Donetsk Region
         Tel: 8 (050) 523-97-70

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Kosmetik Trade
         Eryomenko Str. 24/1-a
         83007 Donetsk Region
         Ukraine


LUGANSK' AUTO-TRANSPORT 10954: Court Opens Bankruptcy Process
-------------------------------------------------------------
The Economic Court of Herson Region commenced bankruptcy
supervision procedure on OJSC Lugansk' Auto-Transport Enterprise
10954 (code EDRPOU 05465896) on March 13.  The case is docketed
under Case No. 20/18 B.

The Temporary Insolvency Manager is:

         Oleksandr Mamrukov
         Cheluskinrsiv Str. 143a/76
         Lugansk
         Ukraine

The Economic Court of Herson Region is located at:

         Gorkij Str. 18
         73000 Herson Region
         Ukraine

The Debtor can be reached at:

         OJSC Lugansk' Auto-Transport Enterprise 10954
         Oboronna Str. 20
         91000 Lugansk Region
         Ukraine


MALAHIT: Court Names Mr. O. Sherban to Manage Assets
----------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. O. Sherban as
Liquidator/Insolvency Manager for LLC Industrial Enterprise
Malahit (code EDRPOU 32957667).  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. 43/924.

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 Industrial Enterprise Malahit
         Kustanajska Str. 14-b/10
         03118 Kyiv Region
         Ukraine


MIZHREGIONGAZ: Court Appoints Svitlana Klimenko as Liquidator
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed Svitlana Klimenko
Liquidator/Insolvency Manager for LLC Mizhregiongaz (code EDRPOU
32048341).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 13.  The case is docketed
under Case No. 43/632.

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 Mizhregiongaz
         Volinska Str. 60
         01151 Kyiv Region
         Ukraine


NIZHNYOVERBIZHSKIJ PRODUCTION: V. Ribachuk to Liquidate Assets
--------------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region appointed Mr. V.
Ribachuk as Liquidator/Insolvency Manager for Joint Enterprise
Nizhnyoverbizhskij Production Combine (code EDRPOU 045594930).  
He can be reached at:

         V. Ribachuk
         Mariya Pidgiryanka Str. 28/1
         78000 Ivano-Frankivsk Region
         Ukraine
         Tel: 8 (03422) 2-43-42

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 28.  The case is docketed
under Case No. B-7/105.

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

         Shevchenko Str. 16a
         78000 Ivano-Frankivsk Region
         Ukraine

The Debtor can be reached at:

         Joint Enterprise Nizhnyoverbizhskij Production Combine
         Druzhbi Str. 14
         Nizhnij Verbizh
         Kolomiya District
         78200 Ivano-Frankivsk Region
         Ukraine


PRODSISTEMA-1: Court Names Svitlana Lunkova as Liquidator
---------------------------------------------------------
The Economic Court of Kyiv Region appointed Svitlana Lunkova as
Liquidator/Insolvency Manager for LLC Prodsistema-1 (code EDRPOU
30154020).  She can be reached at:

         Svitlana Lunkova
         Politbijtsiv Str. 5/47
         83054 Donetsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 14.  The case is docketed
under Case No. 43/238.

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 Prodsistema-1
         Svyatoshinska Str. 30-A/7
         03115 Kyiv Region


SVITLAYF: Court Names O. Sherban as Insolvency Manager
------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. O. Sherban as
Liquidator/Insolvency Manager for LLC Svitlayf (code EDRPOU
32856771).  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. 43/925.

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 Svitlayf
         Vorovskij Str. 33
         01054 Kyiv Region
         Ukraine


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


C.S.O. LIMITED: Names Neil Chesterton as Administrator
------------------------------------------------------
Neil Chesterton of The MacDonald Partnership was appointed
administrator of C.S.O. Limited (Company Number 5216552) on
May 31.

The administrator can be reached at:

         The Macdonald Partnership
         Tower 42 International Financial Centre
         25 Old Broad Street
         London EC2N 1HQ
         United Kingdom
         Tel: 020 7496 1010
         Fax: 020 7374 8341

C.S.O. Limited can be reached at:

         1 Emperor Way
         Exeter Business Park
         Exeter EX1 3QS
         Tel: 01392 314 034


CAPEL FENCING: Appoints Joint Administrators from Berg Kaprow
-------------------------------------------------------------
Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow
Lewis LLP were appointed joint administrators of Capel Fencing
Limited (Company Number 4829002), Capel Fencing Holdings Limited
(Company Number 2053078) and Capel Rail Limited (Company Number
4982428) on May 26.

The administrators can be reached at:

         Berg Kaprow Lewis LLP
         35 Ballards Lane
         London N3 1XW
         United Kingdom
         Tel: 020 8922 9222
         Fax: 020 8922 9223
         Enquiry Line: 020 8922 9121


Headquartered in Tonbridge, United Kingdom, Capel Fencing --
http://www.capelfencing.co.uk/-- supplies all types of fencing  
used by Britain's leading companies and Government bodies.


CARR HILL: Taps BDO Stoy to Administer Assets
---------------------------------------------
Dermot Justin Power and Toby Underwood of BDO Stoy Hayward LLP
were appointed joint administrators of Carr Hill Distribution
Limited (Company Number 3674373) on May 26.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the U.K. member  
firm of BDO International, the world's fifth largest accountancy
network with more than 600 offices in 100 countries.  Its
services include: audit and assurance, business restructuring,
corporate finance, disputes and investigations, investment
management, risk assurance services, tax services, and
valuations.

Headquartered in Doncaster, United Kingdom, Carr Hill
Distribution Limited are electrical retailers.


CHRISTOPHER MARTIN: Creditors' Meeting Slated for July 6
--------------------------------------------------------
Creditors of Christopher Martin Associates Limited (Company
Number 04024614) will meet at 2:00 p.m. on July 6 at:

         Grant Thornton House
         Melton Street
         London NW1 2EP
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on July 5 at:

         A. Flynn
         Joint Administrator
         Grant Thornton U.K. LLP
         Grant Thornton House
         Melton Street
         Euston Square
         London NW1 2EP
         United Kingdom
         Tel: 020 7383 5100
         Fax: 020 7383 4715
         
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.


CLEMENT & FOSTER: Hires Joint Administrators from Leonard Curtis
----------------------------------------------------------------
N.A. Bennett and K.D. Goodman of Leonard Curtis were appointed
joint administrators of Clement & Foster Limited (Company Number
555814) on May 30.

The administrators can be contacted at:

         Leonard Curtis & Co
         One Great Cumberland Place
         Marble Arch
         London W1H 7LW
         United Kingdom
         Tel: 020 7535 7000
         Fax: 020 7723 6059
         Web: http://www.leonardcurtis.co.uk
         E-mail: solutions@leonardcurtis.co.uk
         
Headquartered in London, Clement & Foster Limited is engaged in
paper printing and publishing.


D EVANS ELECTRICAL: Tenon Recovery Places Wire Business on Sale
---------------------------------------------------------------
Joint Administrators Chris Ratten and Simon Thomas of Tenon
Recovery are offering to sell the business and assets of D Evans
Electrical Ltd.

The Company manufactures wire harnesses and specialist
mechanical and electric decelerometers.

Features:

   -- annual turnover of GBP2.6 million;
   -- leasehold premises;
   -- skilled workforce;
   -- blue chip customer base; and
   -- manufactures "Tapley" meter.

Inquiries can be addressed to:

         David Shaw
         Tenon Recovery
         Arkwright House
         Parsonage Gardens
         Manchester M3 2LF
         Tel: 0161 834 3313
         Fax: 0161 827 8402
         E-mail: david.shaw@tenongroup.com

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


DELAPENA HONING: Brings In Hazlewoods as Joint Administrators
-------------------------------------------------------------
Philip John Gorman and Peter Richard James Frost of Hazlewoods
LLP were appointed joint administrators of Delapena Honing
Equipment Limited (Company Number 01879464) on May 31.

Hazlewoods -- http://www.hazlewoods.co.uk/-- offers accounting  
services.  The firm employs 150 staff.

Headquartered in Cheltenham, United Kingdom, Delapena Honing
Equipment Limited manufactures honing equipment.


EUROPEAN STEEL: Brings In Kroll as Joint Administrators
-------------------------------------------------------
J. M. Wright and A. J. Wolstenholme of Kroll Limited were
appointed joint administrators of European Steel Sales Limited
(Company Number 02445286) on May 31.

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

Headquartered in Kidderminster, United Kingdom, European Steel
Sales Limited wholesales and fabricates steel.


FEENIX LOGISTICS: Hires Joint Administrators from BWC
-----------------------------------------------------
Paul Andrew Whitwam and David Leighton Cockshott of BWC Business
Solutions were appointed joint administrators of Feenix
Logistics Limited (Company Number 05000165) on June 2.

The administrator can be reached at:

         BWC Business Solutions
         8 Park Place
         Leeds
         West Yorkshire LS1 2RU
         United Kingdom
         Tel: 0113 243 3434
         Fax: 0113 243 5049
         E-mail: bwc@bwc-solutions.com

Feenix Logistics Limited can be reached at:

         1 Parkview Court
         St. Pauls Road
         Shipley
         West Yorkshire BD18 3DZ
         United Kingdom


FINE COLOUR: Packaging Business Up for Sale
-------------------------------------------
Ian Brown, Dominic Wong and Christopher Farrington, is offering
the business and assets of Fine Colour Packaging Limited, F C
Primepac Limited, and Tecnolabel for sale.

Fine Colour Packaging Limited:

   -- manufacture printed folded cartons and display
      packaging;

   -- leasehold premises in Nottingham (40,000 sq ft);

   -- annual turnover of GBP13 million;

   -- experienced work force of 94;

   -- modern production facility; and

   -- blue chip customer base.

F C Primepac Limited:

   -- manufactures cardboard tubs and containers;
   -- annual turnover of GBP2 million;
   -- highly skilled employees;
   -- innovative design process; and
   -- blue chip customers.

Tecnolabel:

   -- label manufacturer to the food and beverage industries;
   -- leasehold premises in Leicester; and
   -- annual turnover of GBP3 million;

Inquiries can be addressed to:

         Ben Swarbrick
         Perry Road
         Nottingham NG5 1GQ
         United Kingdom
         Tel: 0115 942 2112
         Fax: 0115 942 2102
         E-mail: bswarbrick@deloitte.co.uk

Deloitte & Touche LLP -- http://www.deloitte.com/-- is the  
United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss
Verein whose member firms are separate and independent legal
entities.  It provides audit, tax, consulting and corporate
finance services through more than 9,000 people in 21 locations.  


GRAPHITE MORTGAGES: S&P Rates EUR27.8-Mln Class E Notes at BB
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR523 million floating-rate credit-linked
notes Provide Graphite series 2006-1 to be issued by Graphite
Mortgages PLC, hereafter called the Provide Graphite 2006-1
transaction.
  
Provide Graphite 2006-1 is structured as a synthetic, partially
funded RMBS transaction.  Its purpose is to transfer the credit
risk associated with a pool of residential mortgage loans on the
balance sheet of Northern Rock PLC.
  
The collateral backing the notes are certificates of
indebtedness issued by KfW.  The ratings on the notes are
dependent on the credit quality of KfW. Potential changes to the
rating on KfW during the life of this transaction could
therefore, have a direct effect on the ratings on the notes.
  
The ratings reflect:

   -- the level of credit support for the classes of credit-
linked notes provided by subordination and the first-loss
protection, the latter provided by the threshold amount;
and

   -- the credit quality of the Schuldscheine issued by KfW.
  
This transaction is the third from the Graphite program,
established to transfer credit risk on reference loans
originated by Northern Rock and which are assigned to Northern
Rock Covered Bond LLP under its covered bond program.
  
This type of synthetic RMBS transaction has already become the
standard for RMBS programs in Germany.  KfW set up the PROVIDE
program to create a standardized platform for German mortgage
lenders, facilitating the efficient transfer of credit-risk
exposure on residential mortgage loans to the capital markets.
A key feature of the PROVIDE program is that KfW is providing
the collateral on the notes.
  
The transaction is the fourth use of the PROVIDE program in the
U.K. RMBS market following Provide Release 2003-1 PLC, which
closed in August 2003, and Provide Graphite 2005-1 and 2005-2,
which closed in February 2005 and December 2005, respectively.
    
                        Ratings List
                   Graphite Mortgages PLC
    EUR523 Million Floating-Rate Credit-Linked Notes Provide   
    Graphite Series 2006-1
  
          Class          Prelim.         Prelim.
                         rating          amount (Mil. EUR)
          -----          ------          ------
           A+             AAA              0.75
           A              AAA            156.60
           B              AA-            194.50
           C1             A               53.50
           C2             A-              26.85
           D1             BBB             45.10
           D2             BBB-            17.85
           E              BB              27.85


HIGGINS CLOTHING: Euro Sales Taps Grant Thornton as Receiver
------------------------------------------------------------
Euro Sales Finance PLC appointed Kevin Roy Mawer of Grant
Thornton U.K. LLP administrative receiver of Higgins Clothing
Company Limited (Company Number 02047461) on June 9.

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.  

Higgin's Clothing Company Ltd can be reached at:

         The Weaving Shed
         183 Bradford Road
         Cleckheaton
         West Yorkshire BD19 3TT
         United Kingdom
         Tel: 01274 851 828
         Fax: 01274 852 452


HIGHLANDER EURO: S&P Assigns BB- Rating to Class E Notes
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR500 million secured floating-rate and
subordinated notes to be issued by Highlander Euro CDO B.V., and
Highlander Euro CDO (Cayman) Ltd., both SPEs.
  
The collateral comprises primarily senior secured leveraged
loans and mezzanine loans.  The collateral pool is expected to
be over 80% ramped up at closing.  The servicer of the
transaction is Highland Capital Management Europe
Ltd.
  
At closing, Highlander will issue floating-rate notes, the
proceeds of which, after paying transaction fees and expenses,
will be invested in a collateral pool of predominantly senior
secured leveraged loans.  At the same time the class E primary
notes and the class F-1 primary subordinated notes will be
acquired by Highlander Cayman, which will in turn issue class E
secondary notes and class F secondary preference securities.
  
Replacement guidelines will limit a reduction in the par value
of the collateral pool.  The quality of the collateral pool will
be closely monitored throughout the replacement period through
the coverage tests.
  
  
                       Ratings List
  Highlander Euro CDO B.V. and Highlander Euro CDO (Cayman) Ltd.
   EUR500 Million Secured Floating-Rate And Subordinated Notes
  
      Class and           Prelim            Prelim.           
      issuer              rating            amount   (Mil. EUR)
      ------              ------            ------                
      Highlander Euro
      CDO B.V.
  
      A (primary)         AAA              325.00
      B (primary)         AA                45.00
      C (primary)         A-                41.25
      D (primary)         BBB-              25.00
      E (primary)         BB-               13.75
      F-1 (primary)       NR                24.50
      F-2 (primary)       NR                25.50
  
      Highlander Euro
      CDO (Cayman) Ltd.
  
      E (secondary)       BB-               13.75
      F (secondary
      preferred
      securities)         NR                24.50
  
  

HIGHLINE BUILDING: Financial Woes Trigger Liquidation
-----------------------------------------------------
Highline Building Plastics (Southern) Limited is winding up its
operations after creditors established the company could no
longer continue its business due to mounting debts.

Andrew Hartley Wilkinson of Wilkinson & Co. was appointed
Liquidator.

The company can be reached at:

         Highline Building Plastics (Southern) Limited
         Unit 2
         Aldham Industrial Estate
         Mitchell Road
         Wombwell Barnsley
         South Yorkshire S73 8HA
         United Kingdom
         Tel: 01226 341 313
         Fax: 01226 344 840


HOLIDAY TRAVEL: Taps Colin Ian Vickers to Liquidate Assets
----------------------------------------------------------
Colin Ian Vickers, of Vantis plc, was appointed Liquidator of
Holiday Travel Essentials Limited after creditors decided to
wind up the company on March 30.

The company can be reached at

         Holiday Travel Essentials Limited
         291A London Road
         Burgess Hill
         West Sussex RH159QJ
         United Kingdom
         Tel: 01444 230 018


INTERBUILD (MIDLANDS): Creditors Pass Winding Up Resolution
-----------------------------------------------------------
Creditors of Interbuild (Midlands) Limited passed a resolution
to wind up the company's operations during an extraordinary
general meeting on April 6.

Andrew Fender of Sanderlings LLP was appointed Liquidator.

The company can be reached at:

         Interbuild (Midlands) Limited
         Park Lane
         Handsworth
         Birmingham B21 8LE
         United Kingdom
         Tel: 0121 525 7444


ISLINGTON JOINERY: Names Alan Simon Liquidator
----------------------------------------------
Coinbeach Limited is liquidating its assets after creditors
agreed to wind up the company on March 31.

Subsequently, Alan Simon was appointed Liquidator.

The company can be reached at:

         Islington Joinery & Construction Limited
         46 Hanmer Walk
         London N7 7RE
         United Kingdom
         Tel: 020 7272 0087


JASLITE FASHION: Creditors Resolve to Liquidation
-------------------------------------------------
Creditors of Jaslite Fashion Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
April 5.

Anthony Harry Hyams of Marriotts LLP was appointed Liquidator.

The company can be reached at:

         Jaslite Fashion Limited
         114A High Street
         Epping
         Essex CM164AF
         United Kingdom
         Tel: 01992 571 281
         Fax: 01992 571 281


JUBILEE WINDOWS: Hires Joint Liquidators from Begbies Traynor
-------------------------------------------------------------
Mark Robert Fry and Louise Donna Baxter, of Begbies Traynor,
were appointed Joint Liquidators of Jubilee Windows Limited
after creditors passed a resolution to wind up the company on
April 6.

The company can be reached at:

         Jubilee Windows Limited
         Hovefields Avenue
         Basildon Essex SS131EB
         United Kingdom
         Tel: 01268 729 144
         Fax: 01268 724 972
         Web: http://jubileewindows.co.uk/


KEMTAK LTD: Financial Woes Trigger Liquidation
----------------------------------------------
Kemtak Limited is liquidating its assets after creditors found
out the company could no longer continue its operations due to
financial liabilities.

T. Dolder and P.M. Davis, of Begbies Traynor were appointed
Joint Liquidators.

The company can be reached at:

         Kemtak Limited
         Dunedin House
         Columbia Drive
         Thornaby
         Stockton-on-tees
         Cleveland TS176BJ
         United Kingdom
         Tel: 01642 626 310
         Fax: 0870 432 0266


LAWSON GIBBS: Liquidates Assets & Appoints Liquidator
-----------------------------------------------------
Creditors of Lawson Gibbs & Company Limited moved to liquidate
the company's assets during an extraordinary general meeting on
April 5.

Jonathan Sinclair of Sinclair Harris was appointed Liquidator.

The company can be reached at:

         Lawson Gibbs & Company Limited
         47 Dorset Street
         London W1U 7ND
         United Kingdom
         Tel: 020 7580 9000
         Fax: 020 7935 5166 fax


PRESTIGE FLOORING: Claims Registration Ends July 6
--------------------------------------------------
Creditors of Prestige Flooring Services Limited have until
July 6 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 Anthony Harry
Hyams, of Marriotts LLP.

The company can be reached at:

         Prestige Flooring Services Limited
         Systems House
         Eastbourne Road
         Blindley Heath
         Lingfield
         Surrey RH7 6JP
         United Kingdom
         Tel: 01342 832 560


REDLINE MOTORSPORT: Claims Filing Period Ends July 4
----------------------------------------------------
Appointed Joint Liquidators, D.F. Wilson and J.N.R. Pitts, of
Wilson Pitts, require creditors of Redline Motorsport Limited to
send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors, if any, on or before July 4.

The company can be reached at:

         Redline Motorsport Limited
         Wheelock Street
         Middlewich Cheshire CW109AG
         United Kingdom
         Tel: 01606 737 500
         Fax: 01606 737 683
         Web: http://motor-sports.near2.me.uk/


VISION ON DESIGN: Creditors' Meeting Slated for June 29
-------------------------------------------------------
Creditors of Vision On Design.Display Limited (Company Number
04756618) will meet at 10:00 a.m. on June 29 at:

         The Chasley Hotel
         Queen Street
         Wakefield WF1 1JU
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on June 28 at:

         M.C. Bowker
         Joint Administrator
         Jackson Jolliffe Cork
         33 George Street
         Wakefield WF1 1LX
         United Kingdom
         Tel: 01904 652100
         Fax: 01904 635349
         
Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- was  
established in 1998.  It has offices in Doncaster, Harrogate,
Hull, Middlesbrough, Wakefield and York.  The firm is engaged
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.

                           *********

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 * * *