TCREUR_Public/060627.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Tuesday, June 27, 2006, Vol. 7, No. 126

                            Headlines


A U S T R I A

AFCO MUSHROOMS: Claims Registration Period Ends July 3
ALC: Creditors' Meeting Slated for June 29
EVENT-EVENT: Claims Registration Period Ends July 4
HASLINGER: Creditors' Meeting Slated for July 18
KARAER LEBENSMITTELHANDEL: Creditors' Meeting Set for July 3

NETPRINT: Creditors' Meeting Set for June 29
RHI AG: Records EUR60-Mln Profit From Heraklith Sale Proceeds


F R A N C E

MAXILIVRES: Files Insolvency Petition in Lyon Commercial Court
NEXANS S.A.: Weak Financials Prompt S&P to Cut Ratings to BB+/B


G E R M A N Y

BERLINER BUERGSCHAFTSBANK: Creditors' Meeting Slated for July 11
BYPACK JORDING: Claims Registration Ends July 3
CLUB 60: Creditors' Meeting Slated for July 13
ICARUS LOGISTIK: Claims Registration Ends July 11
KUECHENPARADIES SCHAFFLUND: Claims Registration Ends July 7

MALKOMES SONDERMASCHINEN: Claims Registration Ends July 10
MS WOHNBAU: Creditors' Meeting Slated for July 3
PRIMACOM AG: Closes Syndication of EUR300-Mln Loan Facilities
SCHARTE MAUERSBERGER: Claims Registration Ends July 12
SILGAN HOLDINGS: Buys White Cap Closures Biz for EUR186 Million

VEREIN ZUR BERUFLICHEN: Claims Registration Ends July 6
WENDSCHLAG & POHL: Creditors' Meeting Slated for July 13


I T A L Y

AVIO HOLDING: Posts EUR9.3 Million Net Loss in First Quarter
PARMALAT SPA: Citibank Can Pursue Suit Against Parmalat Paraguay
TISCALI SPA: Shareholders Okay EUR13.8 Million Capital Increase


K A Z A K H S T A N

DAMU: Creditors Must File Claims by July 5
GAZKURYLYSSERVIS: Creditors Must File Claims by July 5
JANAOZEN JYLU: Proof of Claim Deadline Slated for July 5
KASPIMONOLITSTROI: Proof of Claim Deadline Slated for July 10
KAZKOMMERSSTROI: Claims Registration Ends July 5

PAROM: Claims Registration Ends July 10
PLAN T: North Kazakhstan Court Opens Bankruptcy Proceedings
TAZA KALA: Creditors' Claims Due July 10


L I T H U A N I A

SIAULIU BANKAS: Moody's Assigns D- Financial Strength Rating


N E T H E R L A N D S

GETRONICS NV: Completes Sale of Italian Operations to Eutelia
ROMPETROL GROUP: Vega Refinery Enters Road Bitumen Market


R U S S I A

CONCERN SITRONICS: Acquires 51% Stake in Intracom for EUR12 Mln
DIARY SOROCHINSKIY: Court Taps T. Bolotina as Insolvency Manager
GAZPROM: Inks Gasification Deal in Stavropol Territory
GLAZOVSKAYA: Court Names A. Luchikhin as Insolvency Manager
INTERNATIONAL SUGAR: Court Names S. Fetisov to Manage Assets

PENZA-TOURIST: Court Appoints N. Orlushin as Insolvency Manager
SEL-KHOZ-TEKHNIKA: Court Names T. Bolotina as Insolvency Manager
SEVSK-SEL-KHOZ-KHIMIYA: V. Pochtovyj to Manage Insolvency Assets
SURAZH-SEL-KHOZ-KHIMIYA: Court Taps A. Razmanova Manage Assets
TYUMENSKAYA AGRO-CHEMICAL: V. Vinogradov to Manage Assets

URALSVYAZINFORM: Reports Audited 2005 Financial Statements
VIMPELCOM: Shareholders Elect New Board of Directors at AGM


U K R A I N E

AGROPROMEXPORT: Court Names Yurij Korchagin to Manage Assets
AMBASSADOR: Court Names Ludmila Zayikina to Manage Assets
CALYON BANK: Moody's Assigns B2 Foreign Currency Deposit Ratings
DNIPROSTAL: Court Names Oleksandr Osadchij to Liquidate Assets
JSC KREDOBANK: S&P Assigns B/C Counterparty Credit Ratings

MARKET-TRADE: Dnipropetrovsk Court Begins Bankruptcy Supervision
SLAVUTICH: Court Names Oleksandr Bilik as Liquidator
STRUM: Court Names Yurij Petrenko as Insolvency Manager
UKRAINIAN STOCK-BREEDING: Court Opens Bankruptcy Proceedings
VINADA-AVIA: Herson Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

ANTHONY KLIGER: Creditors Pass Winding Up Resolution
BRAVEBY LTD: Taps Richard Ian Williamson to Liquidate Assets
BROMLEY USER GROUP: Brings In Liquidators from Chantrey Firm
CABLE & WIRELESS: Employee Share Trustees Shed 105,773 Shares
COLT TELECOM: Prices Open Offer Shares at 177 Pence Each

CRMS GROUP: Appoints Joint Administrators from KPMG
EIRCOM GROUP: Sets Annual General Meeting for July 26
GARNER DIGITAL: Taps Smith & Williamson as Administrators
JRH ELECTRICAL: Appoints Jonathan Avery-Gee as Administrator
LANGBAR INTERNATIONAL: Investors Balk at Proposed Rescue Plan

MARKETPLACE APPOINTMENTS: Brings In Harrisons as Administrators
NASSERCHEM LIMITED: Names Administrators from Chantrey Vellacott
NORVEX LIMITED: Hires Administrators from Deloitte & Touche
PATTISON LANE: Appoints Hurst Morrison as Administrators
PTARMIGAN PRODUCTIONS: Taps Wilson Pitts to Administer Assets

RANK GROUP: Cancels 500,000 Shares in Buy Back Program
RESORT MANAGEMENT: Citibid Taps Maidment Judd as Administrator
ROBERTS CONSTRUCTION: Financial Woes Trigger Liquidation
ROSCO CLOTHING: Creditors Resolve to Liquidation
S.M. ENTERPRISES: Hires Liquidator from Langley & Partners

SANCTUARY GROUP: Expects EBITDA Losses Due to Weak Trading
SAPPHIRE RECRUITMENT: Creditors Confirm Liquidators' Appointment
SB KIK: Names Philip Michael Lyons Liquidator
TSP FOILING: Names Gordon Craig as Administrator
YELL GROUP: Cash Public Offer for Telefonica Formally Opens

* Large Companies with Insolvent Balance Sheets


                            *********

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


AFCO MUSHROOMS: Claims Registration Period Ends July 3
------------------------------------------------------
Creditors owed money by Trade LLC AFCO Mushrooms (FN 264978z)
have until July 3 to submit written proofs of claim to court-
appointed property manager Franz Hafner at:

         Dr. Franz Hafner
         Market Route 1
         4813 Altmuenster
         Austria
         Tel: 07612/88273
         Fax: 07612/88273-15
         E-mail: ra.haf-berg@aon.at

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 13 to consider the revision of
the rule by adoption and accountability.

The first meeting of creditors will be held at:

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

Headquartered in Altmuenster, Austria, the Debtor declared
bankruptcy on May 15 (Bankr. Case No. 20 S 59/06m).  


ALC: Creditors' Meeting Slated for June 29
------------------------------------------
Creditors owed money by LLC on Planning, Logistic and Consulting
ALC (FN 219261v) are encouraged to attend the creditors' meeting
at 10:20 a.m. on June 29 to consider the revision of the rule by
adoption and accountability.

The first creditors' meeting will be held at:

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

Headquartered in Feldkirch, Austria, the Debtor declared
bankruptcy on May 15 (Bankr. Case No. 13 S 24/06v).   Wolfgang
Blum serves as the court-appointed property manager for the
bankrupt estate.  Markus Hagen represents Dr. Blum in the
bankruptcy proceedings.


EVENT-EVENT: Claims Registration Period Ends July 4
---------------------------------------------------
Creditors owed money by LLC On Management And Consulting Event-
Event (FN 247965f) have until July 4 to submit written proofs of
claim to court-appointed property manager Georg Kahlig at:

         Dr. Georg Kahlig
         Siebensterngasse 42/3
         1070 Vienna
         Austria
         Tel: 523 47 91-0
         E-mail: kahlig.partner@aon.at

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on July 18 to consider the revision of
the rule by adoption and accountability.

The meeting of creditors will be held at:

         Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 15 (Bankr. Case No. 2 S 82/06f).  Gerhard Stauder
represents Dr. Kahlig in the bankruptcy proceedings.


HASLINGER: Creditors' Meeting Slated for July 18
------------------------------------------------
Creditors owed money by Transport LLC Haslinger (FN 103733z) are
encouraged to attend the creditors' meeting at 11:30 a.m. on
July 18 to consider the revision of the rule by adoption and
accountability.

The meeting of creditors will be held at:

         The Land Court of St. Polten
         Room 216
         2nd Floor
         Old Building
         St. Polten, Austria

Headquartered in Strengberg, Austria, the Debtor declared
bankruptcy on May 15 (Bankr. Case No. 14 S 82/06h).   Martin
Brandstetter serves as the court-appointed property manager for
the bankrupt estate.  


KARAER LEBENSMITTELHANDEL: Creditors' Meeting Set for July 3
------------------------------------------------------------
Creditors owed money by Karaer Lebensmittelhandel KEG (FN
253980a) are encouraged to attend the creditors' meeting at
10:30 a.m. on July 3 to consider the revision of the rule by
adoption and accountability.

The meeting of creditors will be held at:

         Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 15 (Bankr. Case No. 3 S 73/06i).   Kurt Freyler serves as
the court-appointed property manager for the bankrupt estate.  
Hans Rant represents Dr. Freyler in the bankruptcy proceedings.


NETPRINT: Creditors' Meeting Set for June 29
--------------------------------------------
Creditors owed money by LLC Netprint (FN 138579v) are encouraged
to attend the creditors' meeting at 9:50 a.m. on June 29 to
consider the revision of the rule by adoption and
accountability.

The meeting of creditors will be held at:

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

Headquartered in Dornbirn, Austria, the Debtor declared
bankruptcy on May 15 (Bankr. Case No. 13 S 22/06z).  Angelika
Lener serves as the court-appointed property manager for the
bankrupt estate.  


RHI AG: Records EUR60-Mln Profit From Heraklith Sale Proceeds
-------------------------------------------------------------
RHI AG closed the sale of the Heraklith Group on June 13 for a
purchase price of EUR230 million on a debt-free basis to Knauf
Group.  The deal was signed on Jan. 13.  Upon receipt of the
purchase price, RHI has transferred all shares held in Heraklith
AG to the purchaser.

The sale results in a book profit of more than EUR60 million for
RHI and a corresponding improvement in equity.  Net liabilities
to banks in the RHI Group are reduced to some EUR450 million
following the closing, including RHI's EUR400 million
liabilities to banks, subordinated and interest free until end
of 2006.  At the beginning of RHI's restructuring in early 2002,
net liabilities to banks exceeded EUR1 billion.

With the sale of the Heraklith Group, RHI has successfully
completed the realignment of the group portfolio started in 2002
and will in the future concentrate exclusively on expanding its
position as world market leader in its core refractories
business under the RHI Refractories brand.

RHI will use the newly gained financial scope for the consistent
expansion of the refractories business.  The Company aims to
increase revenue from currently EUR1.2 billion to EUR2 billion
in the next five years based on organic growth and acquisitions.

Headquartered in Vienna, Austria, RHI AG --
http://www.rhi-ag.com/-- manufactures heat-resistant refractory   
products such as steel making, copper and aluminum smelting, and
glass production, and in the construction of industrial kilns.

At Dec. 31, 2005, RHI's balance sheet showed EUR181.1 million in
stockholders' deficit, compared to a EUR310.5 million deficit at
Dec. 31, 2004.


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


MAXILIVRES: Files Insolvency Petition in Lyon Commercial Court
--------------------------------------------------------------
Maxilivres, the French discount bookseller, has filed for
insolvency at the Commercial Court of Lyon on June 22 after its
leading shareholder decided to pull out support for the company
at the end of the month, La Tribune says.

According to the report, Maxilivres has suspended its payments
and ahs asked the Court to place the company under court-
supervised administration.  

Omnium de Participations, which holds a substantial stake in
Maxilivres, failed to sell the Company a few months ago.  Marie-
Annick Depagneux of Les Echos reports that trade union
Confederation Generale du Travail criticized Omnium for pulling
from the company.  Ms. Depagneux cited a lawyer saying that
Omnium would only injure its other companies within the group if
it continues to support the risky unit.

The 550-employee company is currently looking for a buyer to
stay afloat, or else undergo voluntary liquidation, Les Echos
relates.  

For the past four years, Maxilivres had EUR50.84 million in
accumulated losses and EUR17.13 million in operating deficit.  
In 2005, Maxilivres had EUR38.52 million in sales, lower than
EUR45.5 million in 2003, when the company last released its
results, Les Echos says.

Headquartered in Lyons, France, Maxilivres --
http://www.maxilivres.com/-- sells used books at discount  
prices.  Maxilivres has 143 sale points in France and Belgium.


NEXANS S.A.: Weak Financials Prompt S&P to Cut Ratings to BB+/B
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long- and short-
term corporate credit ratings on French cable manufacturer
Nexans S.A. to 'BB+/B' from 'BBB-/A-3'.  The outlook is stable.

The downgrade reflects the deterioration in the company's credit
ratios, owing to the recent sharp rise in copper prices, and
weaker financials.

"We expect the price volatility to persist in the second half of
the year, increasing the risk that Nexans will not meet its
target financial ratios for 2006," said Standard & Poor's credit
analyst Barbara Castellano.

"The deterioration in the financial profile no longer supports
an investment-grade rating."  

Nexans forecasts about EUR540 million in financial debt at end-
June 2006.
    
Standard & Poor's expects Nexans to be able to reach its stated
20%-25% target for FFO to adjusted debt for 2006 and return to
positive free cash flow generation in the medium term.
Furthermore, profitability should continue to improve.
     
"We also believe that liquidity will remain sufficient, and that
the company will extend the average maturity of its financial
debt," said Ms. Castellano.


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


BERLINER BUERGSCHAFTSBANK: Creditors' Meeting Slated for July 11
----------------------------------------------------------------
The court-appointed provisional administrator for Berliner
Buergschaftsbank Aktiengesellschaft, Udo Feser, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:40 a.m., on July 11.

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 9:45 a.m., on Oct. 24 at the same
venue.

Creditors have until Sept. 1 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Berliner Buergschaftsbank Aktiengesellschaft
on June 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Berliner Buergschaftsbank Aktiengesellschaft
         Stromstrasse 47
         10551 Berlin, Germany

The administrator can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin, Germany


BYPACK JORDING: Claims Registration Ends July 3
-----------------------------------------------
Creditors of byPACK Jording GmbH & Co. KG have until July 3 to
register their claims with court-appointed provisional
administrator Hartmut Stange.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 24, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Bielefeld opened bankruptcy proceedings
against byPACK Jording GmbH & Co. KG on June 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         byPACK Jording GmbH & Co. KG
         Attn: Heinz Jording, Manager       
         Meller Str. 84
         32130 Enger, Germany

The administrator can be contacted at:

         Dr. Hartmut Stange
         Adenauer Place 4
         33602 Bielefeld, Germany


CLUB 60: Creditors' Meeting Slated for July 13
----------------------------------------------
The court-appointed provisional administrator for CLUB 60
Fahrservice GmbH, Knut Rebholz, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:15 a.m. on July 13.

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 9:30 a.m., on Sept. 21 at the same
venue.

Creditors have until Aug. 15 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against CLUB 60 Fahrservice GmbH on June 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CLUB 60 Fahrservice GmbH
         Heilbronner Str. 10
         10711 Berlin, Germany

The administrator can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin, Germany


ICARUS LOGISTIK: Claims Registration Ends July 11
-------------------------------------------------
Creditors of Icarus Logistik GmbH have until July 11 to register
their claims with court-appointed provisional administrator
Stephan Heinrichsmeyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 8, 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
         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 Icarus Logistik GmbH on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Icarus Logistik GmbH
         Rudolf-Diesel-Road 12
         59199 Bonen, Germany

         Attn: Sascha Wienhusen, Manager
         Lerchenweg 7
         59199 Bonen

The administrator can be contacted at:

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


KUECHENPARADIES SCHAFFLUND: Claims Registration Ends July 7
-----------------------------------------------------------
Creditors of Kuechenparadies Schafflund Czychon & Lieder GmbH
have until July 7 to register their claims with court-appointed
provisional administrator Christian Jensen.

Creditors and other interested parties are encouraged to attend
the meeting at 11:25 a.m. on July 26, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Flensburg, 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 Flensburg opened bankruptcy proceedings
against Kuechenparadies Schafflund Czychon & Lieder GmbH on
June 6.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Kuechenparadies Schafflund Czychon & Lieder GmbH
         Attn: Manfred Czychon and Guenter Lieder, Managers       
         Nylannweg 1
         24980 Schafflund, Germany

The administrator can be contacted at:

         Christian Jensen
         Flensburger Road 5 - 7
         25917 Leck, Germany


MALKOMES SONDERMASCHINEN: Claims Registration Ends July 10
----------------------------------------------------------
Creditors of Malkomes Sondermaschinen und
Antriebstechnikvertriebs GmbH have until July 10 to register
their claims with court-appointed provisional administrator Dirk
Ritzenhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on July 25, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Hersfeld
         Hall 8
         Duden Route 10
         36251 Bad Hersfeld, Germany

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on Aug. 22 at the same
venue.

The District Court of Bad Hersfeld opened bankruptcy proceedings
against Malkomes Sondermaschinen und Antriebstechnikvertriebs
GmbH on June 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         Malkomes Sondermaschinen und
         Antriebstechnikvertriebs GmbH
         Attn: Helmut Malkomes, Manager       
         Hahlganser Road 45
         36286 Neuenstein, Germany

The administrator can be contacted at:

         Dirk Ritzenhoff
         Lindenstrasse 28
         36037 Fulda, Germany
         Tel: 0661/8304-193
         Fax: 0661/8304-234


MS WOHNBAU: Creditors' Meeting Slated for July 3
------------------------------------------------
The court-appointed provisional administrator for MS Wohnbau
GmbH & Co. KG, Hans Raab, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 1:00
p.m. on July 3.

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

         The District Court of Fuerth
         Room 216/II
         Baumenstrasse 28
         Fuerth, Germany

The Court will also verify the claims set out in the
administrator's report at 3:00 p.m., on Oct. 18 at the same
venue.

Creditors have until July 14 to register their claims with the
court-appointed provisional administrator.

The District Court of Fuerth opened bankruptcy proceedings
against MS Wohnbau GmbH & Co. KG on Sept. 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MS Wohnbau GmbH & Co. KG
         Rosenweg 4
         91334 Hemhofen, Germany

The administrator can be reached at:

         Hans Raab
         Marktstr. 1
         91448 Emskirchen, Germany
         Tel: 09104/829418
         Fax: 09104/892441


PRIMACOM AG: Closes Syndication of EUR300-Mln Loan Facilities
-------------------------------------------------------------
PrimaCom AG disclosed that the syndication of the EUR300 million
senior loan facilities closed heavily oversubscribed raising
more than 60% in oversubscription.

ING Bank N.V. acted as sole underwriter and sole bookrunner for
the facilities and four international banks and 16 financial
institutions joined the transaction during the syndication
process.  With this, the international financial markets once
again confirm the successful reorganization and the financial
good standing of the company.

Headquartered in Mainz, Germany PrimaCom AG --
http://www.primacom.de/-- is a major private cable network  
operator.  The Company offers a wide palette of analogous,
digital and interactive cable services.  PrimaCom supplies about
one million customers in Germany and 300,000 in the Netherlands.

                        *     *     *

PrimaCom AG carries Moody's B2 senior unsecured debt rating
since 1999.


SCHARTE MAUERSBERGER: Claims Registration Ends July 12
------------------------------------------------------
Creditors of scharte Mauersberger & Teubner GbR have until
July 12 to register their claims with court-appointed
provisional administrator Klaus Siemon.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 23, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         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 scharte Mauersberger & Teubner GbR on May 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         scharte Mauersberger & Teubner GbR
         Attn: Rolf Mauersberger and Peter Teubner, Managers      
         Katharinenstrasse 22
         09496 Marienberg, Germany

The administrator can be contacted at:

         Klaus Siemon
         Strasse der Nationen 51
         09111 Chemnitz, Germany
         Web: http://www.kanzlei-siemon.de/


SILGAN HOLDINGS: Buys White Cap Closures Biz for EUR186 Million
---------------------------------------------------------------
Silgan Holdings Inc. (Nasdaq:SLGN) completed the acquisition of
the Amcor White Cap closures business in Europe.  The purchase
price for the European business was EUR185.8 million (or US$238
million), which includes assumed indebtedness of EUR11.8 million
(or US$15.1 million).

As anticipated, the closings for the Amcor White Cap closures
businesses in Turkey, China, Brazil, Venezuela and a portion of
the Philippines are expected to close upon satisfactory
completion of specific closing conditions pursuant to the
purchase agreement.  As a result of certain closing conditions
not being met, the remaining portion of the Amcor White Cap
business in the Philippines has not closed and may not close.

This combined business, which will operate under the name Silgan
White Cap, is a leading supplier of an extensive range of metal
closures to consumer goods packaging companies in the food and
beverage industries in Europe, Asia and South America.  The
European business, which had sales of EUR195.6 million (or
US$250.6 million at current exchange rates) for its fiscal year
ended June 30, 2005, is headquartered in Hanover, Germany and
operates manufacturing facilities in Germany, Poland and Italy.

Pursuant to the terms of the purchase agreement, the Company
also funded an incremental EUR11.2 million (or US$14.4 million)
for higher working capital primarily for seasonal purposes.  The
Company expects the transaction to be neutral to earnings in
2006 and potentially negative to earnings in the second quarter
of 2006 principally due to the initial write-up of inventory
required for accounting purposes.  However, the transaction is
expected to be accretive to 2007 earnings with additional
opportunity as certain synergies and cost savings initiatives
are realized.  The Company's current earnings estimates exclude
the impact of this acquired business.

                         Credit Facility

The Company also closed on EUR200 million (or US$256.2 million)
of incremental term loan borrowings under its existing senior
secured credit facility.  The proceeds from this borrowing were
used to finance this transaction and the anticipated purchase
price for the non-European transactions.  The terms for the
incremental term loans are the same as those under the Company's
existing senior secured credit facility.  An affiliate of
Deutsche Bank AG was the sole arranger of the transaction.

Headquartered in Stamford, Connecticut, Silgan Holdings is a
leading North American manufacturer of consumer goods packaging
products with annual net sales of $2.5 billion in 2005.  Silgan
operates 64 manufacturing facilities in the U.S., Canada and
Europe.  In North America, Silgan is the largest supplier of
metal containers for food products and a leading supplier of
plastic containers for personal care products.  In addition,
Silgan is a leading supplier of metal, composite and plastic
vacuum closures for food and beverage products in North America
and Europe.

                          *     *     *

As reported in the Troubled Company Reporter on May 24, 2006,
Moody's Investors Service raised the Corporate Family Rating for
Silgan Holdings Inc. and ratings on Silgan's senior secured
first lien credit facilities from Ba3 to Ba2 and changed the
outlook from positive to stable.


VEREIN ZUR BERUFLICHEN: Claims Registration Ends July 6
-------------------------------------------------------
Creditors of Verein zur beruflichen Forderung von Frauen in NRW
e.V. have until July 6 to register their claims with court-
appointed provisional administrator Moritz Hansberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 17, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Principal Establishment
         Viktoriastrasse 14
         44787 Bochum, Germany

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

The District Court of Bochum opened bankruptcy proceedings
against Verein zur beruflichen Forderung von Frauen in NRW e.V.
on June 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Verein zur beruflichen F"rderung von Frauen
         in NRW e.V.
         Alte Hattinger Str. 19
         44789 Bochum, Germany

         Attn: Angelika Liess, Manager
         Dordelstr. 44
         44892 Bochum, Germany

The administrator can be contacted at:

         Moritz Hansberg
         Huestrasse 34
         44787 Bochum, Germany
         Tel: 0234-964-91-0
         Fax: 0234-964-91-33


WENDSCHLAG & POHL: Creditors' Meeting Slated for July 13
--------------------------------------------------------
The court-appointed provisional administrator for Wendschlag &
Pohl Spediteure GmbH, Christoph Schulte-Kaubruegger, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:10 a.m., on July 13.

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 9:25 a.m., on Sept. 21 at the same
venue.

Creditors have until Aug. 15 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Wendschlag & Pohl Spediteure GmbH on June 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Wendschlag & Pohl Spediteure GmbH
         Nennhauser Damm 158
         13591 Berlin, Germany

The administrator can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin, Germany


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


AVIO HOLDING: Posts EUR9.3 Million Net Loss in First Quarter
------------------------------------------------------------
Avio Holding S.p.A. closed the first quarter of 2006 with
EUR318.4 million in revenues, a 13.5% increase as compared to
the first quarter of 2005 when it reported revenues of EUR280.6
million.

This increase was primarily due to a significant increase in
Civil business line revenues (+53%), which contributed
approximately 60% of Aeroengine unit revenues and completely
offset a slight decrease in Military business line revenues
(-4.3%).

EBITDA was EUR40.9 million, an increase of 18.5% as compared to
the EUR34.5 million reported for the first quarter of 2005.
Operating income also increased to a gain of EUR3.4 million as
compared to a loss of EUR6.8 million reported for the same
period in 2005.

The company reported a EUR9.3 million net loss in first quarter
2006, compared to a EUR37.9 million net loss for the same period
in 2005.

Cash flow significantly improved from negative EUR23.7 million
during the first quarter of 2005 to positive EUR45.3 million
during the same period this year.  Total backlog at March 31,
2006, was approximately EUR4.3 billion, a 20% growth versus
backlog at year-end 2005.

                      About the Company

Headquartered in Rivalta di Torino, Italy, Avio --
http://www.aviogroup.com/-- works in four sectors of  
activities: modules and components for aircraft engines, civil
and military engine overhauling services, space and aero-engine
derivative turbines for marine propulsion.  It is a world leader
in mechanical transmissions and turbines, and Europe's leading
operator for solid-propellant space propulsion with 16 locations
and 4,800 employees.  

                        *     *     *

As reported in TCR-Europe on Jan. 12, Fitch Ratings has affirmed
Italy-based Avio S.p.A.'s ratings at Senior Unsecured 'B+' with
Stable Outlook and Short term 'B'.  Its senior secured debt is
affirmed at 'BB'.

The agency has also affirmed ASPropulsion Capital B.V.'s EUR200
million 9.625% senior notes due 2013 at 'B', and Aero Invest 1
S.A.'s EUR375 million floating-rate senior payment-in-kind (PIK)
notes due 2015 at 'B-'.  The rating action follows Avio's
announcement to refinance its EUR445 million senior secured bank
facilities.


PARMALAT SPA: Citibank Can Pursue Suit Against Parmalat Paraguay
----------------------------------------------------------------
Citibank, N.A., and Citibank, N.A. International Banking
Facility, on one hand, and Dr. Enrico Bondi, extraordinary
administrator of Parmalat Finanziaria S.p.A. and certain of its
affiliates and CEO of Reorganized Parmalat, on the other hand,
entered into an agreement relating to a preliminary injunction
order issued by the U.S. Bankruptcy Court for the Southern
District of New York.

Accordingly, the Parties agree in a Court-approved stipulation
that:

   a. at 5:00 p.m. New York time on July 31, 2006, the
      Preliminary Injunction Order will be automatically be
      deemed modified to permit Citibank to take any action to
      enforce its rights against Parmalat Paraguay or otherwise
      with respect to the obligations of Parmalat Paraguay to
      Citibank in Paraguay;

   b. during the Standstill Period, Reorganized Parmalat will
      provide Citibank, concerning Parmalat Paraguay and its
      subsidiaries, with:

         -- access to company management;

         -- access to their Paraguayan advisers;

         -- access to their books and records;

         -- copies of and access to forecasts, budgets,
            restructuring plans, term sheets relating to a sale
            or other disposition of the assets, purchase and
            sale agreements, and correspondence relating to a
            sale or other disposition of assets or the
            restructuring of indebtedness; and

   c. during the Standstill Period, Reorganized Parmalat will
      not sell, transfer, encumber or incur new debt on any of
      the assets or shares of any of the Parmalat Paraguay
      Entities without Citibank's prior written consent.

The Standstill Period may be further extended upon the parties'
written agreement.

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

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

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

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


TISCALI SPA: Shareholders Okay EUR13.8 Million Capital Increase
---------------------------------------------------------------
Shareholders of Tiscali S.p.A. approved Thursday the proposed
capital increase with waiver of pre-emption rights for a maximum
nominal value of EUR13,837,517 through the issuance of a maximum
27,675,034 new ordinary shares at EUR0.50 nominal value each.

The capital increase, corresponding to 6.98% of the existing
share capital, is exclusively dedicated to the reimbursement of
the EUR209,500,000 4.25% Guaranteed Equity Linked Bonds due
2006, issued by Tiscali S.p.A's subsidiary Tiscali Finance SA on
Sept. 26, 2003, and expiring on Sept. 26, 2006.

Pursuant to the soft mandatory clause provided for the Bonds,
the execution of the capital increase will allow Tiscali Group
to reimburse the Bonds, based on the current stock price,
partially through new shares.  This will allow the conversion of
part of Tiscali's debt in equity capital while limiting the cash
out for the reimbursement and increasing the free float with
institutional shareholders.

At June 22's share price, the portion of the Bonds to be repaid
in shares would amount to approximately EUR65 million, whereas
the cash top up would be at about EUR145 million.

Headquartered in Cagliari, Italy, Tiscali S.p.A. has more than
seven million subscribers, of which over 1.5 million are
broadband users.  It has sold non-core assets to raise money to
cover a EUR250 million bond that matured in July.

                        *     *     *

As reported in the TCR-Europe on March 8, Fitch Ratings
sustained Italy-based Tiscali S.p.A.'s Long-term Issuer Default
Rating at CCC with Stable Outlook.  Tiscali's Short-term rating
is downgraded to C from B to be in line with the CCC IDR.  At
the same time, the agency affirmed Tiscali Finance SA's EUR209
million guaranteed notes at B-/RR2.


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


DAMU: Creditors Must File Claims by July 5
------------------------------------------
The Specialized Inter-Regional Economic Court declared LLP Damu
(Case No. 2-60-06) insolvent on Jan. 24.  Subsequently,
bankruptcy proceedings were introduced at the company.

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

         LLP Damu
         Tashkentskaya Str. 140
         Taraz
         Jambyl Region
         Kazakhstan
         Tel: 8 (3262) 43-17-91
              8 (3007) 13-70-31


GAZKURYLYSSERVIS: Creditors Must File Claims by July 5
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared OJSC Gazkurylysservis insolvent on April 11.  
Subsequently, bankruptcy proceedings were introduced at the
company.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau Region
         12-71-52
         Aktau
         Mangistau Region
         Kazakhstan
         Tel: 8 (3292) 43-70-36


JANAOZEN JYLU: Proof of Claim Deadline Slated for July 5
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Janaozen Jylu Juieleri insolvent on
April 12.  Bankruptcy proceedings were introduced at the
company.

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

         LLP Janaozen Jylu Juieleri
         Office OBK
         Industry Base
         Janaozen
         Mangistau Region
         Kazakhstan
         Tel: 8 (32934) 3-04-97


KASPIMONOLITSTROI: Proof of Claim Deadline Slated for July 10  
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Kaspimonolitstroi insolvent.

Creditors have until July 10 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


KAZKOMMERSSTROI: Claims Registration Ends July 5
------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Kazkommersstroi 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


PAROM: Claims Registration Ends July 10
---------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Parom insolvent on April 20 without
introduction of the bankruptcy proceedings.

Creditors have until July 10 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Myzy Str. 2/1
         Ust-Kamenogorsk, East Kazakhstan Region
         Tel: 8 (3232) 24-06-50


PLAN T: North Kazakhstan Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region commenced bankruptcy proceedings against LLP
Plan T of the Technological Equipment on April 26.


TAZA KALA: Creditors' Claims Due July 10
----------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Taza insolvent on April 11.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until July 10 to submit written proofs of claim
to:

         LLP Taza
         Suleimanova Str. 17 (11)
         Taraz
         Jambyl Region
         Tel: 8 (3262) 43-25-52


=================
L I T H U A N I A
=================


SIAULIU BANKAS: Moody's Assigns D- Financial Strength Rating
------------------------------------------------------------
Moody's assigned deposit ratings of Ba3/NP and a financial
strength rating of D- to Siauliu Bankas AB.  The ratings carry a
stable outlook.  

Siauliu Bankas is primarily focused on the provision of banking
services to domestic small and medium sized businesses, private
individuals and regional municipalities.  The bank is also
involved in consumer lending and leasing business as well as
real estate management activities.

According to Moody's, the ratings take into consideration the
bank's fairly stable market share, close knowledge of the
Lithuanian SME market and nationwide presence.  Support from the
European Bank for Reconstruction and Development has also
enabled Siauliu Bankas to develop and provide a more
sophisticated product offering to its SME and private client
base.  Nevertheless, the institution also faces considerable
competitive challenges, owing to the presence of larger foreign-
owned players in Lithuania, which are in a position to benefit
from the commercial scale and expertise of their respective
backers.  Improvements in cost efficiency and the maintenance of
credit quality will be instrumental in enhancing the
institution's financial flexibility going forward.

Siauliu Bankas loan portfolio is primarily domestically oriented
and has evidenced improvements in its credit quality indicators
in recent years.  Moreover, the absolute level of write-offs is
negligible.  The loan book is diversified yet evidences pockets
of concentration risk.  Moody's also notes some individual
proprietary real estate investment positions of the bank.
Additionally, rapid growth in the bank's loan portfolio has led
to a less seasoned book.  Similar to other banks operating in
the Baltic region, the credit standing of Siauliu Bankas remains
constrained by the less mature operating environment in which it
operates.  Concerns are mitigated to a degree by the fact that
the loans are secured by collateral as well as the fact that
loan growth has occurred from a relatively low base.  In Moody's
view, capitalization levels are relatively modest owing to the
aforementioned portfolio concentration risks.

The bank benefits from a stable deposit base, which accounted
for approximately 83% of funding requirements in 2005.  Deposits
are primarily resident by origin; retail deposits somewhat
outweighing corporate deposits.  Siauliu Bankas faces the
challenge of growing its retail deposit base yet should be in a
position to take advantage of developments within the Lithuanian
economy as well as the growing confidence in the Lithuanian
banking system, particularly in light of EU accession.  Moody's
also notes the fact that ongoing strong loan growth will place
added pressure on the bank to develop alternative funding
sources.

Market risk is low, aided by the minimal degree of ALM currency
incongruence.  Siauliu Bankas also maintains good liquidity
levels, which in turn mitigate the risks associated with the
growing maturity mismatch between assets and liabilities.  The
bank recorded a liquidity ratio of 38.5% as at year-end 2005.

Headquartered in Siauliai, Lithuania, Siauliu Bankas, AB had
total assets in the amount of LTL1.066 billion (EUR309 million)
as at Dec. 31, 2005.


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


GETRONICS NV: Completes Sale of Italian Operations to Eutelia
-------------------------------------------------------------
Getronics N.V. completed the sale of its Italian business
operations to Eutelia S.p.A. and confirmed that it is no longer
in breach of its banking covenants on June 22.  

The deal closed after having satisfied the relevant Italian
regulatory procedures.  Upon closing, Getronics will record a
one-off loss from discontinued Italian operations of
approximately EUR 50 million for 2006.

This deal enables Getronics to focus on strengthening and
expanding its core Workspace ICT Services business worldwide
while continuing to provide the same high levels of service to
its international clients in the Italian market through its
Certified Service Partners.

Getronics also confirmed today that following the completion of
the sale of its Italian business activities, it is no longer in
breach of its amended banking covenants.

The specific financial details of the sale will be covered in
depth in the Getronics half-yearly figures to be released on
Aug. 2.

                        About Eutelia   

Eutelia is a top-five Italian telecommunications provider listed
on the Milan Stock Exchange since January 2005.  Eutelia
provides voice, data and internet services to business and
residential customers and also to other TLC providers.  The
company's turnover in 2005 was EUR480 million.  With more than
10,000 km of proprietary IP backbone, Eutelia possesses one of
the most complete and highest performance fibre optics network
in Italy.  Thanks to its extensive coverage, Eutelia is able to
directly link its customers in the principal 30 Italian cities,
giving it a potential market of 3.7 million end-users.  
  
                       About Getronics   

Headquartered in Amsterdam, Netherlands, Getronics N.V. --
http://www.getronics.com/-- designs, integrates and manages ICT  
infrastructures and business solutions for many of the world's
largest global and local companies and organizations, helping   
them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.     
Its shares are traded on Euronext Amsterdam.     

                        *     *     *

As reported in the TCR-Europe on March 9, Standard & Poor's
Ratings Services lowered its long-term corporate credit rating
on Dutch IT services group Getronics N.V. to 'B' from 'B+'.   

At the same time, Standard & Poor's lowered its ratings on
Getronics' senior unsecured notes to 'CCC+' from 'B-', still two
notches below the corporate credit rating.  Standard & Poor's
also lowered its ratings on Getronics' EUR300 million senior
secured bank loan to 'B' from 'B+', the same as the corporate
credit rating.  The loan has a '3' recovery rating, indicating
expectation of meaningful (50%-80%) recovery of principal in the
event of a payment default.

All ratings remain on CreditWatch with negative implications
where they were placed on Jan. 19, following a profit warning.

On Sept. 30, 2005, Getronics had gross debt of EUR518 million,
including EUR135 million in cumulative preference shares.


ROMPETROL GROUP: Vega Refinery Enters Road Bitumen Market
---------------------------------------------------------
Vega Refinery Ploiesti invests about US$7 million in the
construction of the first road polymerized bitumen installation
in Romania, a product more resistant and feasible compared to
the current solutions used for the asphalt production.

Built to a 30 percent degree, the project is based on German
road bitumen polymer modified technology and is to become
operational in 2007.

By this process, the road bitumen's resistance to temperature
changes is very high.  At the same time, the asphalt produced
has a longer running life, is more resistant to deterioration
and reduces the traffic noise.

"The road modified bitumen production is for the domestic
market. Taking into consideration the highway construction and
infrastructure rehabilitation programs, the demand for such high
quality materials shall be very high within the next 15-20
years.  The installation's capacity will allow us to cover 50
percent from the current national consumption registered for
this type of bitumen, which is at the moment covered only by
imports," declared Marcel Pavel, Vega Refinery's director
general.

The investment will be finalized by own funds, and the equipment
needed for the completion of the installation are supplied by
companies such as IKA Germany, Emerson Process Management USA,
Heatech USA, Verder Germany, Chemet Wood Germany and Ferroli
Italy.

Vega Refinery is specialized on special products, such as
solvents and ecological heating fuels.  Member of the Rompetrol
Group, the refinery in Ploiesti is the only n-Hexane producer in
Eastern Europe, used in the production of polypropylene and the
extraction of vegetal oils in the food industry.  The refinery
reported gross revenues of US$100.4 million in 2005.

                      About the Company

Headquartered in The Netherlands, The Rompetrol Group NV --
http://www.rompetrol.com/-- is an oil company with the majority   
of its assets and operations in France, Romania, Spain and
South-Eastern Europe.  The group is active primarily in refining
and downstream marketing, with additional operations in
exploration and production, and other oil industry services such
as drilling, EPCM, transportation, etc.  With a staff of 8,000
employees, TRG reported gross revenues of US$2.34 billion in
2005.

                        *     *     *

On March 13, Fitch Ratings changed the Outlook of Netherlands-
based The Rompetrol Group N.V.'s Issuer Default Rating of B- to
Negative from Stable.


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


CONCERN SITRONICS: Acquires 51% Stake in Intracom for EUR12 Mln
---------------------------------------------------------------
Concern Sitronics, the technology arm of Sistema and Intracom
Holdings, have reached a final agreement with Intracom Telecom
in acquiring a 51% stake in Intracom Telecom for EUR120 million.  
The stocks transfer is expected to take place on June 30, 2006.

Intracom Telecom is a fully owned subsidiary of Intracom
Holdings providing complete telecommunications solutions and
services in the EEMEA region.  Intracom Telecom, through its R&D
activity, developed and manufactured a full portfolio of
advanced technological products in the areas of broadband fixed
and wireless access and transmission systems, as well as content
delivery systems.

Concern Sitronics will integrate the company into its Telecom
Solutions Division, whose primary focus is currently on
switching equipment, billing systems and NGN, aiming to achieve
full scale synergies from Intracom Telecom's complementary
product lines, system integration capabilities and customer
base.

                        About Intracom SA

Intracom SA was founded in 1977, has been listed on the Athens
Stock Exchange since 1990, and is included in the FTSE/ASE-20
LargeCap index.  On December 2005, the Group reorganized,
creating Intracom Holdings, one of the largest Greek
multinational holding Groups, active in telecommunications, e-
government, banking and enterprise, defense electronic systems,
and construction.  The Group's major subsidiaries are: Intracom
Telecom, Intracom Defense Electronics, Intracom It Services,
Intrakat and H.O.L. Intracom Holdings Group has 5,700 employees,
exports to 60 countries, and operates subsidiaries in 19
countries.

                     About Intracom Telecom

Intracom Telecom is a subsidiary of Intracom Holdings. The
company is a leading telecommunications equipment vendor and
solutions provider for fixed and mobile operators.  The company
delivers end-to-end future proof solutions, implements large-
scale turn-key projects and provides a wide range of
professional and outsourcing services to telecommunications
operators.  Intracom Telecom operates subsidiaries in 12
countries and, together with them, is active in more than 50
countries, strategically aiming to the area of South Eastern   
Europe, Middle East and North Africa.

                          About Sistema

Sistema is the largest private sector consumer services company
in Russia and the CIS, with over 50 million customers.  Sistema
develops and manages market-leading businesses in selected
service-based industries, including telecommunications,
technology, insurance, banking, real estate, retail and media.  
Founded in 1993, the company reported revenues of US$5.4 billion
for the first nine months of 2005, and total assets of US$12.1
billion as of Sept. 30, 2005.  Sistema's shares are listed under
the symbol 'SSA' on the London Stock Exchange, under the symbol
'AFKS' on the Russian Trading System (RTS), and under the symbol
'SIST' on the Moscow Stock Exchange.

                     About Concern Sitronics

Headquartered in Moscow, Russia, Concern Sitronics is the
technology arm of Sistema active in four core segments: Telecom
equipment manufacturing & software development
(Infocommunication Technologies), Information Technologies,
Microelectronic Components and Consumer Electronics.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 20,
Moody's Investors Service assigned a provisional (P)B3 corporate
family rating to the Joint Stock Company Concern Sitronics.

Concurrently, Moody's assigned a provisional (P)B3 rating to the
proposed notes of up to US$200 million to be issued by Sitronics
Finance S.A.  Moody's said the outlook on the ratings is stable.

On Feb. 16, TCR-Europe reported that Fitch Ratings gave Concern
Sitronics JSC a Long-term IDR rating of B- with a Stable Outlook
and an expected rating of B- to Sitronics' guaranteed up to
US$200 million bond with a maturity of three years.  The
assignment of the final bond rating is contingent on receipt of
final documents conforming to information already received.

The ratings take into account that Sitronics is Russia and the
CIS region's largest technology group, and its small scale on a
global perspective.  Sitronics benefits from support of Sistema
Joint Stock Financial Corp, its dominant shareholder.  Although
it does not guarantee Sitronics' obligations, Sitronics is its
second largest subsidiary and its default would trigger a cross-
default of Sistema's bonds.

The Stable Outlook reflects an expectation that although
Sitronics' businesses will continue to grow at strong rates, the
company is likely to remain a niche player and will not be able
to materially improve its competitive position vis-a-vis its
larger rivals.


DIARY SOROCHINSKIY: Court Taps T. Bolotina as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Ms. T.
Bolotina as insolvency manager for LLC Diary Sorochinskiy.  He
can be reached at:

         T. Bolotina
         Matrosskiy Per.
         5460000 Orenburg
         Russia
         Tel: 79-00-34

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case no.
A47-12513/05-14GK.

The Debtor can be reached at:

         LLC Diary Sorochinskiy
         Chapaeva Str. 236.
         Sorochinsk
         Orenburg Region
         Russia


GAZPROM: Inks Gasification Deal in 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.


GLAZOVSKAYA: Court Names A. Luchikhin as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Udmurtiya Republic appointed Mr. A.
Luchikhin as insolvency manager for OJSC Poultry Farm
Glazovskaya.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A71-100/2005-G2.

The Debtor can be reached at:

         OJSC Poultry Farm Glazovskaya
         Tessinskiy Per. 3A
         109028 Moscow
         Russia


INTERNATIONAL SUGAR: Court Names S. Fetisov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Kalmykiya Republic appointed Mr. S.
Fetisov as insolvency manager for CJSC International Sugar
Company.  He can be reached at:

         S. Fetisov
         Office 400
         400005 Volgograd
         7th Gvardeyskaya Str. 2A
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A22/1915-05/5-223.

The Debtor can be reached at:

         CJSC International Sugar Company
         Room 505.
         Lenina Str. 249
         Elista
         Kalmykiya Republic
         Russia


PENZA-TOURIST: Court Appoints N. Orlushin as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Penza Region appointed Mr. N. Orlushin
as insolvency manager for CJSC Penza-Tourist.  He can be reached
at:

         N. Orlushin
         Marshala Krylova Str. 3
         440026 Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-704/206-32B/10.  

The Debtor can be reached at:

         CJSC Penza-Tourist
         Lermontova Str. 34A
         440035 Penza Region
         Russia


SEL-KHOZ-TEKHNIKA: Court Names T. Bolotina as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Ms. T.
Bolotina as insolvency manager for OJSC Sel-Khoz-Tekhnika

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-17609/05-14GK.

The Debtor can be reached at:

         OJSC Sel-Khoz-Tekhnika
         Proletarskaya Str. 3.
         Sorochinsk
         Orenburg Region
         Russia


SEVSK-SEL-KHOZ-KHIMIYA: V. Pochtovyj to Manage Insolvency Assets
----------------------------------------------------------------
The Arbitration Court of Bryansk Region appointed Mr. V.
Pochtovyj as insolvency manager for Agricultural Chemical
Company OJSC Sevsk-Sel-Khoz-Khimiya.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A09-9461/05-27.

The Debtor can be reached at:

         OJSC Sevsk-Sel-KhozKhimiya
         Fokina Str. 66
         Sevsk
         242440 Bryansk Region
         Russia


SURAZH-SEL-KHOZ-KHIMIYA: Court Taps A. Razmanova Manage Assets
--------------------------------------------------------------
The Arbitration Court of Bryansk Region appointed Ms. A.
Razmanova as insolvency manager for OJSC Surazh-Sel-Khoz-
Khimiya.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.  
A09-9239/05-27.

The Debtor can be reached at:

         OJSC Surazh-Sel-Khoz-Khimiya
         Plekhanova Str. 25
         Surazh
         243500 Bryansk Region
         Russia


TYUMENSKAYA AGRO-CHEMICAL: V. Vinogradov to Manage Assets
---------------------------------------------------------
The Arbitration Court of Tyumen Region appointed Mr. V.
Vinogradov as insolvency manager for OJSC Tyumenskaya Agro-
Chemical Company.  He can be reached at:

         V. Vinogradov
         50 Let Profsoyuzov Str. 61
         644065 Omsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A70-12074/3-05.

The Debtor can be reached at:

         OJSC Tyumenskaya Agro-Chemical Company
         Avtoremontnaya Str. 47.
         625017 Tyumen
         Russia


URALSVYAZINFORM: Reports Audited 2005 Financial Statements
----------------------------------------------------------
Uralsvyazinform (RTS: URSI/URSIP) releases its audited
consolidated financial statements for the year ended Dec. 31,
2005, prepared under International Financial Reporting
Standards.  

The financial statements comprise of assets and liabilities and
financial results of OJSC Uralsvyazinform and its 15
subsidiaries.

Highlights:

   -- Revenue increased by 20.0% as compared to 2004, mainly due
      to revenue gains in:

       * Local services, up 27.5%. In 2005, the company added
         209.1 thousand fixed-line subscribers.

       * Mobile services, up 33.1%. For the full year, we added
         1.6 million GSM subscribers.  As of January 1, 2006 the
         mobile subscriber base reached 3.7 million (3.9 million
         as of June 1, 2006).

       * New services (Internet, including broadband connections
         and ISDN, intelligent networks and others), up 78%.

   -- OIBDA was up 19.2% on 2004, OIBDA margin remained level
      with 2004 at 26.6%.

   -- Mobile segment contributed 28.6% in revenue mix, compared
      to 25.8% in 2004.

   -- Unregulated services delivered 34.2% of overall revenues.

   -- Net cash flows from operating activities increased by
      42.4%.  Earnings per share were up 5.4% at US$0.002.

Anatoly Ufimkin, CEO: "In 2005, Uralsvyazinform's revenue
totaled US$1.12 billion, a 20% increase on 2004.  The increase
was backed up by organic growth in the key business segments --
local services, mobile services, data transmission and other new
services.  The year of 2005 brought about the fundamental change
to the telecom market.  The principal growth drivers proved even
more important, including mobile services, data transmission and
Internet, and various new services (ISDN, VoIP, intelligent
networks, call processing centers, cable TV and others).  These
segments showed strong performance with growth numbers of 75%.

"We estimate our market share for the full year at 62% in the
Urals region.

"In 2005, we completed a major subsidiary consolidation plan, as
a result three mobile operators (ZAO Ermak RMS, OOO UST, OOO
Tyumenruscom) and two Internet providers (OOO Uralcom, ZAO
VSNET) merged into the parent Uralsvyazinform.  Today, we are
truly a single company that combines versatile telecom
businesses - fixed-line, mobile, data transmission and new
services.  One of the logical outcomes of the consolidation was
the launch of Utel, a single trademark for mobile and new
services."

Over 2005, the management's efforts were focused on the economic
efficiencies.  Because the company has completed the main
investment into network development, the annual capital
expenditure will further go down to US$210 million in the next
years.  By way of example, Uralsvyazinform has commissioned the
main part of its backbone network, with over 16,000 km of
digital lines being put into operation.  The digital streams
have thus reached the majority of cities in the Urals region.

"Our next task is to reduce the personnel numbers by as much as
10% as a result of network upgrades, and increased usage of
outsourced sales and customer service," Mr. Ufimkin continues.  
"Customer service is another development area for us, as we are
seeking to improve customer perceptions of Uralsvyazinform as a
customer-friendly, easy-to-use company, not just a high-tech
provider.  In our view, this is the way our policy in customer
loyalty and retention should develop."

Headquartered in Perm, Uralsvyazinform --
http://www.uralsviazinform.com/-- offers data communications,  
radio and TV-program broadcasting as well as wireless and paging
communications.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 6, 2005,
Fitch Ratings has downgraded OAO Uralsvyazinform's ratings to
Senior Unsecured 'B+' from 'BB-' and National Senior Unsecured
'A-(rus)' from 'A+(rus)'.  Following the downgrade, the Outlook
is now Negative, the company's two domestic bonds of RUB2
billion and RUB3 billion are also downgraded to 'A-(rus)'
from 'A+(rus)'.  The Short-term rating is affirmed at 'B'.


VIMPELCOM: Shareholders Elect New Board of Directors at AGM
-----------------------------------------------------------
Shareholders of OJSC Vimpel-Communications approved all items on
its Annual General Meeting of Shareholders and elected a new
Board of Directors.  Holders of approximately 71% of our shares
were represented at the AGM.

The new Board of Directors of VimpelCom consists of:

   -- David J. Haines (Chairman of the Board of Directors of
      VimpelCom since July 2005, CEO of GROHE Water Technology)

   -- Mikhail M. Fridman (Chairman of the Supervisory Board of
      the Consortium Alfa Group, a director of VimpelCom since
      July 2001)

   -- Arve Johansen (Senior Executive Vice President of Telenor,
      a director of VimpelCom since June 2003)

   -- Jo Lunder (Chief Executive Officer of Ementor ASA, a
      director of VimpelCom since May 2002 and formerly served
      as the CEO of VimpelCom and Chairman of the Board of
      Directors)

   -- Oleg A. Malis (Vice President of Altimo, a new director of
      VimpelCom)

   -- Leonid R. Novoselsky (General Director of OOO GK Gradient,
      a new director of VimpelCom)

   -- Alexey M. Reznikovich (CEO of Altimo, a director of
      VimpelCom since May 2002)

   -- Fridtjof Rusten (Senior Vice President of Telenor, a
      director of VimpelCom since June 2005)

   -- Henrik Torgersen (Executive Vice-President of Telenor, a
      director of VimpelCom since January 1999)

                      About VimpelCom

Headquartered in Moscow, Russia, VimpelCom --
http://www.vimpelcom.com/-- provides mobile telecommunications   
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.

                        *     *     *

As reported in TCR-Europe on Feb. 16, Standard & Poor's Ratings
Services said that its ratings and outlook on Russian mobile
telecommunications operator Vimpel-Communications (VimpelCom;
BB/Positive/--) are unaffected by the company's announcement
that it has launched a bid for Ukraine-based mobile
telecommunications operator CJSC Kyivstar GSM (BB-/Watch
Positive/--) for a consideration of US$5 billion in VimpelCom
common registered shares plus assumed debt.


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


AGROPROMEXPORT: Court Names Yurij Korchagin to Manage Assets
------------------------------------------------------------
The Economic Court of Donetsk Region appointed Yurij Korchagin
appointed as Liquidator/Insolvency Manager for LLC
Agropromexport (code EDRPOU 13513149).  He can be reached at:

         Yurij Korchagin
         a/b 157
         60 rokiv SRSR Str. 4/36
         Mariupol
         87512 Donetsk Region
         Tel: (0629) 41-31-25
                     53-66-87

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 17.  The case is docketed
under Case No. 15/44 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region

The Debtor can be reached at:

         LLC Agropromexport
         Lenin Str. 3a
         Priazovske
         Pershotravnevij District
         87431 Donetsk Region


AMBASSADOR: Court Names Ludmila Zayikina to Manage Assets
---------------------------------------------------------
The Economic Court of Kyiv Region appointed Ludmila Zayikina as
Liquidator/Insolvency Manager for LLC Ambassador (code EDRPOU
25266874).  She can be reached at:

         Melnikov Str. 2/10
         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. 43/243.

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 Ambassador
         Vidradnij Avenue 103
         03126 Kyiv Region
         Ukraine


CALYON BANK: Moody's Assigns B2 Foreign Currency Deposit Ratings
----------------------------------------------------------------
Moody's Investors Service assigned Baa1 long-term and Prime-2
short-term local currency deposit ratings, B2 long-term and Not
Prime short-term foreign currency deposit ratings and a D-
financial strength rating to Calyon Bank Ukraine. The outlooks
on all ratings are stable.

According to Moody's, the bank's B2/Not Prime foreign currency
deposit ratings are constrained by the country ceiling for such
deposits and primarily reflect the weak macroeconomic operating
environment and political volatility in Ukraine that result in a
high level of foreign currency transfer risk.  

The bank's Baa1/Prime-2 local currency deposit ratings are
primarily driven by the expected support from CBU's controlling
shareholder, Calyon.  The Local Currency Deposit ratings are
constrained by Ukraine's country ceiling for such deposits and
are likely to follow any future changes in the latter given the
impact of the implied support.

According to Moody's, the bank's D- FSR reflects its well-
established niche franchise as a foreign bank of reference, with
a very selective customer approach targeted at providing
services to multinationals operating in Ukraine and top-notch
local corporates.  

The bank's FSR is also supported by:

   -- its very low risk appetite with the bulk of its lending
business being fully secured by investment-grade
collateral;

   -- adequate capitalization;

   -- strong risk management; and

   -- tight regulation from the parent.

The key factor constraining CBU's FSR is the challenge to retain
its best customers going forward, as competition from its main
foreign-owned rivals has intensified significantly and this
trend is likely to continue.  Moody's also notes that high
single-name concentrations prevailing on both sides of CBU's
balance sheet make the bank's financial performance potentially
volatile and weigh on the D- FSR.

Moody's has also assigned Baa1 long-term senior unsecured debt
ratings to the local currency denominated bonds to be issued by
CBU, which will represent a senior unsecured claim on the bank.  
The planned issue size is UAH50 million (approx. US$10 million)
with a final maturity of five years.

Moody's said that the Baa1 rating for the bonds is based on
CBU's fundamental credit quality and respectively factor its
ability to fulfill its long-term and short-term obligations.
The latter obligations include those associated with the put
option that the bondholders will, according to the terms of the
issue, be able to exercise in order to sell the bonds back to
the bank on the first, second, third and the fourth
anniversaries of the issue.  Moody's notes that, if the bank's
credit quality were to deteriorate at these times, exercise of
the put options might exert additional pressure on the bank's
financial condition and thus the D- FSR.

CBU is headquartered in Kiev, Ukraine and as of Dec. 31, 2005
reported total IFRS assets of US$189 million and net IFRS income
of US$7.2 million.


DNIPROSTAL: Court Names Oleksandr Osadchij to Liquidate Assets
--------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Oleksandr
Osadchij as Liquidator/Insolvency Manager for LLC Trade House
Dniprostal (code EDRPOU 33248080).  He can be reached at:

         Oleksandr Osadchij
         Chernishevskij Str. 15
         49005 Dnipropetrovsk
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 31.  The case is docketed
under Case No. B 40/43/06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Trade House Dniprostal
         Kirov Avenue 115-a
         49061 Dnipropetrovsk
         Ukraine


JSC KREDOBANK: S&P Assigns B/C Counterparty Credit Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B/C'
counterparty credit ratings to Ukraine-based JSC Kredobank.
At the same time, it assigned its 'uaBBB' Ukraine national scale
rating to the bank. The outlook is stable.

"The ratings on Kredobank reflect its low capitalization and
profitability, modest domestic market position, and above-
average credit risk," said Standard & Poor's credit analyst
Annette Ess.

In addition, the bank operates in the unstable political and
macroeconomic environment in Ukraine.  

Supporting rating factors are:

   -- its good franchise in Western Ukraine;

   -- focused organic domestic retail growth strategy, which is
being implemented by an experienced management team;

   -- support from its strategic shareholder Powszechna Kasa
Oszczednosci Bank Polski (S.A.) (PKO); and

   -- good corporate governance.

Standard & Poor's expects that the bank will be able to
successfully implement its domestic retail growth strategy
supported by its shareholders' experience and capital
contributions, and maintain control over credit and market
risks, as reflected by the stable outlook.  

Higher creditworthiness will depend on:

   -- a longer track record of support and increased integration
with PKO;

   -- marked improvements in capitalization and profitability;
and

   -- a decrease in lending concentrations as a percentage of
capital.

"Conversely, worsening asset-quality indicators, capitalization
ratios, profitability and/or liquidity, reduced shareholder
support, and an inability to control risks in KREDOBANK'S
rapidly expanding banking franchise will be viewed negatively,"
added Ms. Ess.  


MARKET-TRADE: Dnipropetrovsk Court Begins Bankruptcy Supervision
----------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on LLC Market-Trade (code EDRPOU
32633106).  The case is docketed under Case No. B 24/80/06.

The Temporary Insolvency Manager is:

         Andrij Kulakov
         Kirov Avenue 143-a
         49055 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Market-Trade
         Televizijna Str. 5
         Krivij Rig
         50086 Dnipropetrovsk Region
         Ukraine


SLAVUTICH: Court Names Oleksandr Bilik as Liquidator
----------------------------------------------------
The Economic Court of Cherkassy Region appointed Oleksandr Bilik
as Liquidator/Insolvency Manager for Agricultural LLC Slavutich
(code EDRPOU 04934662).  He can be reached at:

         Oleksandr Bilik
         Konev Str. 13/87
         Cherkassy Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 13.  The case is docketed
under Case No. 14/5068.

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Slavutich:
         Popivka
         Kanivskij District
         19050 Cherkassy Region


STRUM: Court Names Yurij Petrenko as Insolvency Manager
-------------------------------------------------------
The Economic Court of Kyiv Region appointed Yurij Petrenko as
Liquidator/Insolvency Manager for LLC STRUM (code EDRPOU
31759222).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
15/521-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 Strum
         Gnat Yura Str. 9/414
         Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region


UKRAINIAN STOCK-BREEDING: Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
proceedings against LLC Ukrainian Stock-Breeding Company (code
EDRPOU 31777249) after finding it insolvent on April 7.  

The case is docketed under Case No. 43/660.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Ukrainian Stock-Breeding Company
         Vishnya Str. 7
         Ostap
         01103 Kyiv Region


VINADA-AVIA: Herson Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Herson Region commenced bankruptcy
supervision procedure on LLC Machine-Tractor Station Vinada-Avia
(code EDRPOU 30329369) on April 3.  The case is docketed under
Case No. 5/67-B-06.  

The Temporary Insolvency Manager is:

         Olena Tsirkunova
         9 Sichnya Str. 8
         73000 Herson Region
         Ukraine

The Economic Court of Herson Region is located at:

         Gorkij Str. 18
         73000 Herson Region
         Ukraine

The Debtor can be reached at:

         LLC Machine-Tractor Station Vinada-Avia
         Vrozhajna Str. 71
         Hrestivka
         Chaplin District
         75200 Herson Region
         Ukraine


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


ANTHONY KLIGER: Creditors Pass Winding Up Resolution
----------------------------------------------------
Creditors of Anthony Kliger Limited passed a resolution to wind
up the company's operations during an extraordinary general
meeting on April 4.

Martin Henry Linton, of Leigh & Co, was appointed Liquidator.

The company can be reached at:

         Anthony Kliger Limited
         100 Hatton Garden
         London EC1N8NX
         United Kingdom
         Fax: 020 7831 3860


BRAVEBY LTD: Taps Richard Ian Williamson to Liquidate Assets
------------------------------------------------------------
Richard Ian Williamson, of Campbell Crossley and Davis, was
appointed Liquidator of Braveby Limited after creditors decided
to wind up the company on April 6.

The company can be reached at

         Braveby Limited
         The Old Laundry
         Greaves Hall Hospital
         Southport Merseyside PR9 8BJ
         United Kingdom
         Tel: 01704 233 311
         Fax: 01704 233 311


BROMLEY USER GROUP: Brings In Liquidators from Chantrey Firm
------------------------------------------------------------
Richard Howard Toone and Kenneth William Touhey, of Chantrey
Vellacott DFK LLP of The Bromley User Group after creditors
opted to wind up the company during an extraordinary general
meeting on March 30.

The company can be reached at:

         The Bromley User Group
         Yeoman House
         57-63 Croydon Road
         London SE207TS
         United Kingdom
         Tel: 020 8402 8579
         Fax: 020 8289 5629


CABLE & WIRELESS: Employee Share Trustees Shed 105,773 Shares
-------------------------------------------------------------
The Trustees of Cable and Wireless plc Employee Share Ownership
Trust disposed on June 19 and 21:

  -- 24,481 Ordinary Shares at a price of GBP1.09 per share; and
  -- 81,292 Ordinary Shares at a price of GBP1.0825 per share.

Following these disposals, 50,363,024 Ordinary Shares are
currently held under the Trust.  

Rob Rowley, George Battersby, Tony Rice, John Pluthero, and
Harris Jones (all being directors of Cable and Wireless plc) in
their capacity as members of the class of beneficiaries under
the Trust and Towers Perrin Share Plan Services (GSY) Limited in
their capacity as Trustees of the Trust are deemed to have a
non-beneficial interest in these Ordinary Shares.

No Directors are disposing of any beneficial interests in the
Company.

Headquartered in London, Cable & Wireless PLC --
http://www.cw.com/new/-- provides voice, data and IP (Internet  
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
Its principal operations are in the United Kingdom, continental
Europe, Asia, the Caribbean, Panama and the Middle East.

Fitch Ratings has affirmed Cable & Wireless' ratings at Long-
term 'BB+' with Stable Outlook and Short-term 'B'.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 3,
Standard & Poor's Ratings Services said that the ratings and
outlook on U.K.-based telecommunications operator Cable &
Wireless PLC (C&W; BB-/Negative/B) were unchanged following the
group's presentation of plans for further restructuring and
refocusing of its U.K. business.

C&W is replicating the broadly successful business model of
Energis, the U.K. telecoms services company that it acquired in
November 2005.  It has announced a withdrawal from the low-
margin U.K. small-to-midsized business market and a focus on
large U.K. corporate customers.  Given this streamlining of the
customer and product base, employee numbers could reduce by up
to 3,000, resulting in additional headcount reduction and lease
exit costs.  The group is to continue investing in Bulldog, its
early stage, and largely residential, local-loop-access
operation.


COLT TELECOM: Prices Open Offer Shares at 177 Pence Each
--------------------------------------------------------
COLT S.A. disclosed the pricing of the Open Offer Shares to be
under the Open Offer.

The Offer Price was determined to be 177 pence per Open Offer
Share.  The number of Offer Shares is 171,993,027.

The Offer Price reflects the one-for-three basis on which COLT
S.A. Scheme Shares will be issued to COLT Shareholders in
exchange for COLT Shares under the Scheme.  Last day for
dealings in COLT Shares is on June 29, 2006.

The time and date for receipt of acceptances in respect of the
Open Offer is at 11:00 a.m. on June 30.  

The Admission of the Open Offer Shares is expected to become
effective ant that dealings in the London Stock Exchange will
commence at 8:00 a.m. on July 3.

Deutsche Bank AG and Morgan Stanley & Co. International Limited
are acting as joint sponsors.

As reported by TCR-Europe on May 18, Moody's Investors Service
placed the ratings of COLT Telecom Group plc on review for
possible upgrade following the launch by the company of a scheme
of arrangement under which the shares in COLT Telecom Group plc
will be de-listed and swapped (on a three for one basis) with
London listed shares in COLT Telecom Group S.A., a new parent
company located in Luxembourg, and approximately GBP300 million
of new equity funding will be raised by COLT S.A., which will be
used to retire the company's  outstanding convertible debt and
subsequently prepay part of the company's outstanding senior
notes.

Ratings on review:

   -- B3 corporate family rating; and
   -- B3 rating of the senior unsecured and convertible notes.

Headquartered in London, England, Colt Telecom --
http://www.colt.net/-- offers business communication services  
across Europe.  Through its fiber optic network, the Company
offers voice, bandwidth, e-business and managed network services
to finance, industry and service sector customers and
governments.

                        *     *     *

On March 1, Standard & Poor's Ratings Services placed its 'B-'
long-term corporate credit rating on European business
telecommunications provider COLT Telecom Group PLC on
CreditWatch with positive implications.  This follows the
group's announcement that it is to create a new European holding
company, raise GBP300 million in equity, and undergo debt
reduction.


CRMS GROUP: Appoints Joint Administrators from KPMG
---------------------------------------------------
Richard John Hill and Jonathan Scott Pope of KPMG LLP were
appointed joint administrators of CRMS Group Holdings Limited
(Company Number 04537475), CRMS (Contracts) Limited (Company
Number 02686043), C.R.M.S Limited (Company Number 01435142) and
CRMS (S.E.) Limited (Company Number 04446274) on May 30.

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

Headquartered in Newton Abbot, United Kingdom, CRMS Group
Holdings Limited, CRMS (Contracts) Limited, C.R.M.S Limited and
CRMS (S.E.) Limited are companies engaged in sales and services
of construction and industrial plant and equipments.


EIRCOM GROUP: Sets Annual General Meeting for July 26
-----------------------------------------------------
Eircom Group PLC will have its Annual General meeting at 11:30
a.m. on July 26 to be held at:

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

Headquartered in Dublin, Ireland, eircom Group plc --
http://eircom.net/-- is the principal provider of fixed-line  
telecommunications services in Ireland, as well as the leading
Internet service provider and, following its acquisition of
Meteor, the third largest mobile operator in Ireland.

                           *    *    *

As reported in the Troubled Company Reporter on March 3, Moody's
Investors Service assigned a Ba2 corporate family rating to
eircom Group plc.  Concurrently Moody's changed the rating
outlook to negative from stable.


GARNER DIGITAL: Taps Smith & Williamson as Administrators
---------------------------------------------------------
Christopher Stevens and Stephen Tancock of Smith & Williamson
Limited were appointed joint administrators of Garner Digital
Media Limited (Company Number 4646284) on June 2.

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

Garner Digital Media Limited can be reached at:

         Ashdown Hurrey & Co
         20 Havelock Road
         Hastings
         East Sussex TN34 1BP
         United Kingdom


JRH ELECTRICAL: Appoints Jonathan Avery-Gee as Administrator
------------------------------------------------------------
Jonathan Elman Avery-Gee of Kay Johnson Gee was appointed
administrator of JRH Electrical Services Limited (Company Number
05084453) on June 5.

         Kay Johnson Gee
         Griffin Court
         201 Chapel Street
         Salford, Manchester
         Greater Manchester M3 5EQ
         United Kingdom
         Tel: 0161 832 6221
         Fax: 0161 834 8479  

Headquartered in Blackpool, United Kingdom, JRH Electrical
Services Limited -- http://www.jrhelectricalservices.co.uk/--  
are electrical contractors.


LANGBAR INTERNATIONAL: Investors Balk at Proposed Rescue Plan
-------------------------------------------------------------
Investors of Langbar International refused to support a rescue
and compensation plan proposed by the Company on June 19, The
Daily Telegraph reports.

The Hon. Justice Lindsay of the High Court of England and Wales
ordered the company to return to the court with a special scheme
of arrangement backed by a majority of shareholders, the paper
states.

The company is currently under investigation by the Serious
Fraud Office in relation to the disappearance of the firm's
GBP365 million cash deposits in Banco do Brazil in Sao Paulo.

Under the deal, shareholders will receive 25 percent of any
assets recovered but only after GBP10 million has been secured,
The Telegraph relates.

According to the report, the new Langbar directors, led by new
chairman David Buchler, has proposed the company's relisting on
the London-AIM stock exchange.  Mr. Buchler's proposed
shareholder agreement also allows for a GBP600,000 compensation
payment if his contract is terminated in the first year, and
will be reduced to GBP300,000 after three years, the paper
relates.

On June 14, the High Court found Langbar's former CFO Jean
Pierre Regli guilty of contempt after failing to comply with his
obligations under a Freezing Order dated Feb. 24, 2006.  Mr.
Regli was committed in absentia to six months in prison and is
believed to be in Switzerland.

On Feb. 10, Geoffrey Stuart Pearson resigned as the Board's
executive director in relation to the investigation.

A full-text copy of Langbar's Draft Scheme of Arrangement is
available at no charge at http://ResearchArchives.com/t/s?c27

                        About the Company

Headquartered in Bermuda, Langbar International Limited --
http://www.langbar.com/-- is an independent management and  
investment firm.  Formerly Crown Corporation, it was renamed
Langbar after Stuart Pearson became chief executive in June.
Langbar International operates internationally, and is listed in
London on the Alternative Investment Market of the London Stock
Exchange.  It has investments in Argentina, Canada, Russia,
Eastern Europe, Spain and Portugal.


MARKETPLACE APPOINTMENTS: Brings In Harrisons as Administrators
---------------------------------------------------------------
P.B. Boyle and J.C. Sallabank of Harrisons were appointed joint
administrators of Marketplace Appointments Limited (Company
Number 02773741) on May 31.

Harrisons -- http://www.harrisons.uk.com/-- provide advice and  
solutions to professional advisors who found their clients
experiencing financial difficulties.

Headquartered in Watford, Marketplace Appointments Limited is a
recruitment consultant.


NASSERCHEM LIMITED: Names Administrators from Chantrey Vellacott
----------------------------------------------------------------
Kenneth W. Touhey and David J. Oprey of Chantrey Vellacott were
appointed joint administrators of Nasserchem Limited (Company
Number 05289580) on May 4.

Headquartered in Hove, East Sussex, Chantrey Vellacott DFK --
http://www.cvdfk.com/-- is one of the oldest firms of chartered  
accountants in the United Kingdom.  It provides accounting,
taxation and related advisory services.  

Nasserchem Limited is a retail pharmacy.


NORVEX LIMITED: Hires Administrators from Deloitte & Touche
-----------------------------------------------------------
Debbie Marie Young and William Kenneth Dawson of Deloitte &
Touche LLP were appointed joint administrators of Norvex Limited
(Company Number 02886365) on June 2.

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

Norvex -- http://www.norvex.co.uk/-- specializes in the supply,  
hire and maintenance of Industrial Cleaning Equipment throughout
the North West, Wales the Midlands and Scotland.


PATTISON LANE: Appoints Hurst Morrison as Administrators
--------------------------------------------------------
Robert C. Keyes and Gareth W. Roberts of Hurst Morrison Thomson
CR LLP were appointed joint administrators of Pattison Lane
Estate Agents Limited (Company Number 05388729) on May 26.

The administrators can be contacted at:

         Hurst Morrison Thomson Corporate Recovery LLP
         5 Fairmile
         Henley on Thames
         Oxfordshire RG9 2JR
         United Kingdom
         Tel: +44 (0) 1491 579866
         Fax: +44 (0) 1491 573397
         E-mail: hmt@hmtgroup.co.uk

Pattison Lane Estate Agents Limited can be reached at:

         66 High Street
         Rushden
         Northamptonshire NN10 0PJ
         United Kingdom


PTARMIGAN PRODUCTIONS: Taps Wilson Pitts to Administer Assets
-------------------------------------------------------------
D.F. Wilson and J.N.R. Pitts of Wilson Pitts were appointed
joint administrators of Ptarmigan Productions Ltd (Company
Number 4487139) on May 23.

The administrators can be contacted at:

         Wilson Pitts
         Glendevon House
         Hawthorn Park
         Coal Road
         Leeds
         West Yorkshire LS14 1PQ
         United Kingdom
         Tel: 0113 237 5560
         Fax: 0113 237 5561

Ptarmigan Productions Ltd can be reached at:

         Sanderson House
         22 Station Road
         Horsforth
         Leeds LS18 5NT
         United Kingdom


RANK GROUP: Cancels 500,000 Shares in Buy Back Program
------------------------------------------------------
The Rank Group Plc purchased 500,000 Ordinary shares of 10 pence
each in the Company on June 23 for cancellation at an average
price of 207.075 pence per share.

Headquartered in London, Rank Group PLC -- http://www.rank.com/
-- is an international leisure and entertainment company.  The
Group provides services to the film industry, including film
processing, video duplication and cinema exhibition.  The
Group's leisure and entertainment activities entail gambling
services, encompassing Mecca Bingo Clubs and Grosvenor Casinos,
and owned and franchises Hard Rock cafes.

                        *     *     *

As reported in the TCR-Europe on March 8 Moody's Investors
Service assigned a Ba2 corporate family rating to The Rank Group
Plc and concurrently downgraded the senior unsecured long-term
debt ratings of Rank Group Finance Plc (guaranteed by The Rank
Group Plc) to Ba2 (from Baa3).

At the same time, Fitch Ratings downgraded The Rank Group PLC's
Long-term Issuer Default rating and Senior Unsecured ratings to
BB- from BB+ and removed them from Rating Watch Negative.  A
Negative Outlook is assigned.  The Short-term rating is affirmed
at B.  The downgrade follows the disposal of its film processing
business, Deluxe Film, and confirmation of a return of capital
to shareholders announced in conjunction with its 2005
preliminary results.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.  S&P said the outlook is stable.


RESORT MANAGEMENT: Citibid Taps Maidment Judd as Administrator
--------------------------------------------------------------
Citibid Securities Limited appointed Anthony David Kent of
Maidment Judd administrator of Resort Management Services
Limited (Company Number 03382425) on June 2.

The administrator can be contacted at:

         Maidment Judd
         60/62 High Street
         Harpenden
         Hertfordshire AL5 2SP
         United Kingdom
         Tel: 01582 469700
         Fax: 01582 460674
         E-mail: akent@maidmentjudd.co.uk


ROBERTS CONSTRUCTION: Financial Woes Trigger Liquidation
--------------------------------------------------------
Roberts Construction (Leeds) Limited is winding up its
operations after creditors established the company could no
longer continue its business due to mounting debts.

D.F. Wilson and J.N.R. Pitts, of Wilson Pitts, were appointed
Joint Liquidators.

The company can be reached at:

         Roberts Construction (Leeds) Limited
         15-19 Cowper Road
         Leeds LS9 7AP
         United Kingdom
         Tel: 0113 217 9000
         Fax: 0113 294 4448


ROSCO CLOTHING: Creditors Resolve to Liquidation
------------------------------------------------
Creditors of Rosco Clothing Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
April 6.

J.M. Titley, of DTE Leonard Curtis, was appointed Liquidator.

The company can be reached at:

         Rosco Clothing Limited
         Cornwall Street
         Parr Industrial Estate
         Merseyside WA9 1PW
         United Kingdom
         Tel: 01744 250 11
         Fax: 01744 451 593


S.M. ENTERPRISES: Hires Liquidator from Langley & Partners
----------------------------------------------------------
Alan S. Bradstock, of Langley & Partners, was appointed
Liquidator of S.M. Enterprises (Textiles) Limited after
creditors passed a resolution to wind up the company on
March 31.

The company can be reached at:

         S.M. Enterprises (Textiles) Limited
         2-8 Anton Street
         London E8 2AD
         United Kingdom
         Tel: 020 7249 9125
         Fax: 020 7254 2379


SANCTUARY GROUP: Expects EBITDA Losses Due to Weak Trading
----------------------------------------------------------
The Sanctuary Group PLC reviewed the current trading and future
prospects under new management.  The company's key findings are:

   -- trading in the Recorded Product division in the current
      fiscal year to Sept. 30 will be below previous
      expectations;

   -- the disposal of various non-core assets will likely take
      longer to complete than previously expected; and

   -- further restructuring will be required.

As a result, the Board concluded that the Group is likely to
deliver a full year EBITDA loss in the region of GBP17 million
to GBP22 million.  The majority of this loss will be made up of
one-off exceptional items.

The performance of the Merchandising and Live Agency division
remained within the Board's expectations for the year.  As
previously stated, the Artist Management division will be
affected by artist activity being delayed until the second half
of the current fiscal year or the first half of fiscal 2007.

The Group's balance sheet remains strong following the
refinancing.  The Board continues to review the cost base of the
business to ensure that it is brought into line with the
revenues being generated.

"It is disappointing to have to bring this news to the market.  
But, what I've seen having been Chief Executive for just under a
month, is a business that can prosper if it faces up to the new
realities.  Management is currently in the process of agreeing
budgets for fiscal 2007 and the outcome will be communicated to
market when this exercise has been completed.  I am committed to
focusing on driving the business forward to deliver appropriate
levels of performance," Frank Presland, Sanctuary Group's Chief
Executive disclosed.

Sanctuary will be announcing its interim results for six months
to March 31, 2006, in late July.

                        About the Company

Based in London, The Sanctuary Group PLC --
http://www.sanctuarygroup.com/-- is one of the world's leading  
developers of music intellectual property rights, with offices
in New York, Berlin, Houston and Los Angeles.  In 2004,
Sanctuary recorded a turnover of GBP221 million and a group
profit of GBP16.1 million.

                        *     *     *

On Sept. 21, 2005, due to a number of operational and trading
problems, the company said it is likely to generate a loss at
EBITDA level before exceptional items such as restructuring
costs and provisions.  The Group has also suffered from recent
negative commentary as a result of poor trading in 2005 and this
has had an adverse impact in particular in the Records division.
It would be looking at disposals of a number of non-core
businesses, following the completion of the sale of its Book
Publishing division to Music Sales.


SAPPHIRE RECRUITMENT: Creditors Confirm Liquidators' Appointment
----------------------------------------------------------------
Creditors of Sapphire Recruitment Solutions Limited confirmed
the appointment of Neil Francis as Liquidator during an
extraordinary general meeting on April 3.

Chairman C. Pearce revealed the company could no longer continue
its operations due to liabilities.

The company can be reached at:

         Sapphire Recruitment Solutions Limited
         4A Angel Hill
         Tiverton
         Devon EX166PE
         United Kingdom
         Tel: 01884 255 664
         Fax: 01884 255 564 fax


SB KIK: Names Philip Michael Lyons Liquidator
---------------------------------------------
SB KIK Limited is liquidating its assets after creditors agreed
to wind up the company on April 5.

Philip Michael Lyon, of Mazars LLP, was appointed Liquidator.

The company can be reached at:

         SB KIK Limited
         Stoney Street
         Nottingham NG1 1LL
         United Kingdom
         Tel: 0115 924 2681


TSP FOILING: Names Gordon Craig as Administrator
------------------------------------------------
Gordon Craig of Cresswall Associates Limited was appointed
administrator of TSP Foiling Limited (Company Number 04991434)
on May 17.

The administrator can be contacted at:

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

Headquartered in Liverpool, TSP Foiling Limited manufactures
plastic plates, sheets and tubes.


YELL GROUP: Cash Public Offer for Telefonica Formally Opens
-----------------------------------------------------------
Yell Group plc has commenced a formal offer for Telefonica
Publicidad e Informacion, S.A.

As reported in TCR-Europe on May 2, Yell entered into an
agreement with Telefonica S.A. to acquire its 59.905% stake in
Telefonica by way of an all cash public tender offer for
the entire issued share capital of TPI.  The acquisition values
the equity of TPI at EUR3.07 billion (GBP2.12 billion).  Yell
will also assume or refinance TPI's estimated net debt of EUR220
million (GBP152 million) as at March 31.

The all cash public offer will run from June 23 through July 24
following the approval from:

   -- the company's shareholders;

   -- the Spanish competition authority (the Servicio de la
      Defensa de la Competencia); and

   -- the Spanish securities regulator (the Comision Nacional
      del Mercado de Valores).

The transaction will be funded, following a full refinancing of
Yell's existing borrowings, by a combination of new senior
secured credit facilities and the net proceeds of a proposed
equity placing of approximately GBP350 million.

Headquartered in Reading, UK, Yell Group plc --
http://www.yellgroup.com/-- is an international directories   
business operating in the classified advertising market through
printed, online and phone media in the UK and the US.

                        *     *     *

As reported in TCR-Europe on June 5, 2006, Moody's Investors
Service assigned a Ba3 corporate family rating to Yell Group plc
and withdrew the Ba2 corporate family rating at Yell Finance
B.V.

Concurrently, Moody's downgraded Yell's senior secured bank
credit facility rating to Ba3 from Ba2 and the ratings of the
senior unsecured and subordinated debt instruments to B2 from
B1.  Moody's intends to withdraw the debt ratings of Yell
Finance B.V. as the bonds get repaid due to early redemption on
June 2.  The rating outlook is stable.


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

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

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


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


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


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


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


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


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


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

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


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


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


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


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


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


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


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


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


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

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

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


                           *********


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

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

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

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

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

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


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