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        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, May 16, 2006, Vol. 7, No. 96

                            Headlines

A U S T R I A

ALLGEMEINE WOHN: Final Distribution Spurs Bankr. Case Closing
ANTIK-NEW'S: Final Distribution Prompts Bankruptcy Case Closing
BASIC COMPUTER: Final Distribution Spurs Bankruptcy Case Closing
BAWAG PSK: Confirms EUR1-Billion Losses in Past Caribbean Deals
BELOIT AUSTRIA: Final Distribution Spurs Bankruptcy Case Closing

DWS DACH- UND WANDSYSTEME: Court Sets June 20 Claims Bar Date


F R A N C E

EUROTUNNEL S.A.: French Regulator Suspends Stock Trading
FRANCE SOIR: New Owners Present Redundancy List


G E R M A N Y

ACHT & ARTFABRIK: Claims Filing Period Ends May 24
ALFRED ENGELMANN: Schefenacker Acquires Insolvent Businesses
BERGER MONTAGE: Claims Registration Ends May 24
BETANA HOLZHAUS: Claims Filing Period Ends May 24
DACHDECKER EICHLER: Claims Registration Ends May 24

DUERR AG: Posts EUR4.6 Million Net Loss in First Quarter 2006
ERNST WENTE'S: Creditors' Meeting Slated for June 28
FREIBERT PERSONALDIENSTLEISTUNG: Claims Registration Ends May 23
GEHESPITZ-BUEROHAUS: Meeting of Creditors Set on June 22
GERHARD GRONEWOLD: Meeting of Creditors Set on June 14

MIROW GMBH: Creditors' Meeting Slated for June 16
OTTO NICKEL: Creditors' Meeting Slated for June 15


I T A L Y

IMPREGILO SPA: Earns EUR34.4 Million in First Quarter 2006


K A Z A K H S T A N

AKSAIKOMPLEKTMONTAJ: Creditors' Claims Due May 20
BEINEU INJENERING: Mangistau Court Begins Bankruptcy Proceedings
DARY LESA: Creditors Must File Claims by May 27
DOS-KARTAL: Creditors Must File Claims by May 27
FERDINAND: Court Sets May 27 Claims Bar Date

KEN: Claims Registration Ends May 27
KYRKUIEK: Creditors' Claims Due May 27
RIM: Mangistau Court Opens Bankruptcy Proceedings
SAT-DAK: Proof of Claim Deadline Slated for June 27
VINS & K: Court Sets June 27 Claims Bar Date


K Y R G Y Z S T A N

A-N-Co: Creditors Must File Claims by June 27
AIREK: Insolvency Manager Sets May 18 for Asset Auction
BRATIA ALIMOVY: Public Auction Scheduled for May 30


L U X E M B O U R G

NORTEL NETWORKS: Completes Asset Transfer to Flextronics
NORTEL NETWORKS: Lenders Waive Filing Default Through June 15


N O R W A Y

FALCONBRIDGE LTD: Receives Inco's Increased Purchase Offer


P O R T U G A L

NOSTRUM CONSUMER: Fitch Rates EUR2.4 Million Class E Notes at BB


R U S S I A

ALEX: Court Names N. Adamov as Interim Insolvency Manager
AO SALAIRSKY: Court Extends Receivership Period Through October
IZHEVSKIY COMBINE: Bankruptcy Hearing Slated for June 26
EVRAZ GROUP: Major Subsidiaries Report First Quarter Results
KUKHTUYSKOYE FISH: Creditors Must Submit Claims by May 18

MIASS-AGRO-PROM-SNAB: Court Commences Bankruptcy Supervision
OAO LUKOIL: Sets Annual General Shareholders Meeting for June 28
PRITOBOLNYJ FEED: Court Begins Bankruptcy Supervision
SAFAKULEVSKIY MILL: Bankruptcy Hearing Slated for May 17
TANAS: Court Appoints A. Lebedev as Temporary Insolvency Manager

TAT-INVEST: Arbitration Court Begins Bankruptcy Supervision


S L O V E N I A

NOVA LJUBLJANSKA: Fitch Affirms Individual Rating at C


T U R K E Y

VESTEL ELECTRONICS: Moody's Corrects Currency Use Error


U K R A I N E

CHERNIGIVVOVNA: Chernigiv Court Starts Bankruptcy Supervision
DINAMO-PLUS: Zaporizhya Court Opens Bankruptcy Proceedings
GIPS: Chernivtsi Court Names Y. Penyak to Liquidate Assets
MERCURY TRADE: Court Names E. Dzhala Interim Insolvency Manager
NOVOIVANIVSKIJ SUGAR: Court Taps I. Sanzharevskij as Liquidator

PEREMOGA: AR Krym Court Orders Debt Moratorium
STEEL-SERVICE: Lugansk Court Commences Bankruptcy Proceedings


U N I T E D   K I N G D O M

AIRBASE SERVICES: Hires Joint Administrators from Haines Watts
ALCAST BUILDERS: Taps Tenon Recovery to Administer Assets
AVEXAR LIMITED: Names Joint Administrators from Wilson Pitts
BABS INTERNATIONAL: Meeting of Creditors Slated for May 18
CAPITOL WINDOW: Creditors' Meeting Slated for May 19

CLEAN GLO: Meeting of Creditors Set on May 22
EDEN CONCEPT: Creditors' Meeting Slated for May 19
EUROTUNNEL: French Regulator Suspends Stock Trading
EYESAGLOW LTD: Meeting of Creditors Set on May 19
HAFFENDEN MOULDING: Purico Ltd. Taps Begbies Traynor Receivers

HUSON LIMITED: Creditors Pass Winding Up Resolution
I.D. MAILING: Creditors Agree to Voluntary Liquidation
IFR 2004: Brings In Joint Liquidators from BDO Stoy
INCO LTD: Increases Offer for Falconbridge's Assets
J. RAY: Creditors' Meeting Slated for May 19

LANSBURY WEST: Financial Woes Prompt Liquidation
MSC COMMODITIES: Creditors Confirm Voluntary Liquidation
NRG VICTORY: Chapter 15 Petition Summary
RANK GROUP: Buys Back 450,000 Ordinary Shares for Cancellation

RANK GROUP: Executive Director David Boden Steps Down

* Large Companies with Insolvent Balance Sheets

                            *********

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


ALLGEMEINE WOHN: Final Distribution Spurs Bankr. Case Closing
-------------------------------------------------------------
The Court of Vienna closed the bankruptcy case of LLC Allgemeine
Wohn- und Geschaftsbau (FN 89500v) following the final
distribution of claims to the Debtor's creditors.

Headquartered in Vienna, Austria, LLC Allgemeine Wohn- und
Geschaftsbau was declared bankrupt on March 9, 2006 (Bankr. Case
No. 3 S 43/06b).


ANTIK-NEW'S: Final Distribution Prompts Bankruptcy Case Closing
---------------------------------------------------------------
The Land Court of Wels closed the bankruptcy case of LLC Antik-
New's Handelsgesellschaft (FN 151771v) on April 7 following the
Debtor's final distribution to creditors.  Creditors received a
1.2% recovery on account of their claim.

Headquartered in Wels, Austria, LLC Antik-New's
Handelsgesellschaft filed for bankruptcy on Sept. 13, 2005
(Bankr. CaseN No. 20 S 101/05m).  Dr. Dietmar Endmayr served as
the court-appointed property manager for the bankrupt estate.


BASIC COMPUTER: Final Distribution Spurs Bankruptcy Case Closing
----------------------------------------------------------------
The Court of Vienna closed the bankruptcy proceedings of JSC
Basic Computer Systems Vertriebs-, und Produktions following the
Debtor's final distribution to creditors.  Creditors received a
1.6% recovery on account of their claim.

Headquartered in Vienna, Austria, JSC Basic Computer Systems
Vertriebs-, und Produktions announced its bankruptcy on May 26,
1992 (Bankr. Case No. 6 S 79/95z).  Igali-Igalffy Viktor served
as the court-appointed property manager for the bankrupt estate.


BAWAG PSK: Confirms EUR1-Billion Losses in Past Caribbean Deals
---------------------------------------------------------------
BAWAG P.S.K. confirmed incurring around EUR1 billion in losses
from 1995 to 2000 due to high-risk financial deals in the
Caribbean, the Jamaica Observer says.

Local press had reported that BAWAG, under the helm of former
chief executive Helmut Elsner, lost EUR1 billion in five years
when it invested into high-risk businesses in Antigua.  The
bank, however, assured that it had absorbed the losses since
them, and any remaining deficit is "very small and could not
harm the bank," Der Standard relays.

According to the report, BAWAG chief executive Guenter Weninger
admitted knowing the losses, but said he was only informed in
late 2000.  He added the bank did not disclose the losses to
avoid insolvency and to keep clients, jobs and assets.  The
chief executive said he would not resign following the
confirmation, but would not renew his term.

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

                        *     *     *

As reported in TCR-Europe on May 11, Moody's downgraded BAWAG
PSK's's

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

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

These ratings were downgraded as part the rating action:

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

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

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

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

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

These ratings are under review for possible downgrade:

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

   -- BAWAG P.S.K.: long-term debt and deposit rating of A3;

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

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

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


BELOIT AUSTRIA: Final Distribution Spurs Bankruptcy Case Closing
----------------------------------------------------------------
The Land Court of Linz closed the bankruptcy case of LLC Beloit
Austria, Papier- und Zellstoffmaschinenbau (FN 123267a) on
April 10 following the Debtor's final distribution to creditors.  
Creditors received a 20.6% recovery on account of their claim.

Headquartered in Linz, Vienna, LLC Beloit Austria, Papier- und
Zellstoffmaschinenbau filed for bankruptcy on Nov. 26, 1999
(Bankr. Case No. 12 S 585/99p).  Hackl Dr. Erhard served as the
court-appointed property manager for the bankrupt estate with
Lindner Mag. Rene serving as deputy property manager.  On
Dec. 10, 1999, the Debtor closed its fields on development and
research, foreign services, Project OMEGA, Project Sappi
Lanaken, and Project Archangelsk.


DWS DACH- UND WANDSYSTEME: Court Sets June 20 Claims Bar Date
-------------------------------------------------------------
Creditors owed money by DWS Dach- und Wandsysteme (FN 124161s)
have until June 20 to submit their written proof of claims to
court-appointed property manager Dr. Wilhelm Hausler at:

         Neunkirchner Road 17
         2700 Wiener Neustadt
         Austria
         Tel: 02622 23221
         Fax: 02622 23221-22
         E-mail: wilhelm.haeusler@rechtsexperte.at

Headquartered in Wiener Neustadt, Austria, LLC DWS Dach- und
Wandsysteme filed for bankruptcy on April 7 in the Land Court of
Vienna (Bankr. Case No. 11 S 40/06b).  Dr.Martin Schober
represents the Debtor in its bankruptcy proceedings.


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


EUROTUNNEL S.A.: French Regulator Suspends Stock Trading
--------------------------------------------------------
The French regulatory authority, Autorite des Marches
Financiers, decided to suspend Eurotunnel shares from trading on
the Euronext exchange in Paris on May 15.

Eurotunnel confirmed it is in advanced negotiations towards a
global financial restructuring for the group with the Ad Hoc
Committee of Creditors, and with the Goldman Sachs and Macquarie
groups.

Eurotunnel will keep the market informed of progress in these
discussions and, in the event, of the conclusion of an
agreement.

Eurotunnel obtained on April 26, a third extension of its credit
waiver through July 12.  The group disclosed that negotiations
continue with the creditors who voted for the extension.

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a  
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.  

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.


FRANCE SOIR: New Owners Present Redundancy List
-----------------------------------------------
Jean-Pierre Brunois and Olivier Rey, the new owners for French
daily France Soir, presented a redundancy list last week that
called for 51 out of the paper's 112 employees to keep their
jobs, Les Echos says.

According to the report, seven more workers might be retained
once an agreement has been reached between parties.  Works
council representative Christelle Bertrand stressed that a
reduced workforce would not be enough to keep the newspaper
running.  

As reported in TCR-Europe on May 5, the Commercial Court of
Lille selected Messrs. Ray and Brunois as buyers for the French
daily on April 12.  The works council and Presse Alliance filed
an appeal against the sale with the Appeals Court of Douai.

Ms. Bertrand warned that France Soir might cease to exist if the
Appeals Court will not reverse the Commercial Court's decision.

Headquartered in Aubervilliers, France, France Soir --
http://www.francesoir.fr/-- declared bankruptcy on Oct. 27,  
2005, after failing to pay a EUR6 million debt.  Prior to this,
it asked the court to freeze debt payments, citing insufficient
resources.  At the time, the company's assets had dwindled to
EUR350,000.  A few days later, the court placed France Soir in
compulsory administration and imposed a six-month observation
period.


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


ACHT & ARTFABRIK: Claims Filing Period Ends May 24
--------------------------------------------------
Creditors of Acht & ArtFabrik e.V. have until May 24 to register
their claims with court-appointed provisional administrator Olaf
Kupke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 6, 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
         Saal 28
         Fuerstenstrasse 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 Acht & ArtFabrik e.V. on April 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Acht & ArtFabrik e.V.
         Uhlestrasse 34
         09120 Chemnitz, Germany
         
The administrator can be contacted at:

         Olaf Kupke
         Leipziger Strasse 58
         09113 Chemnitz, Germany


ALFRED ENGELMANN: Schefenacker Acquires Insolvent Businesses
------------------------------------------------------------
Schefenacker-Erwerbergesellschaft will acquire The Alfred
Engelmann Group, which in the future will operate under the name
of Schefenacker-Engelmann Spiegel GmbH.

"In Schefenacker we found an investor whose plan will continue
uninterrupted production in Germany, Spain, and Mexico as well
as provide a long-term solution for the Engelmann Group,"
explained insolvency administrator Christopher Seagon.

"With the Engelmann acquisition we will strengthen our global
position in our core mirrors business," stated Hans-Joachim
Lange, Schefenacker CEO.  Through the acquisition Schefenacker
not only ensures the clients interest for uninterrupted
production, but will also increase its international
competitiveness.  Schefenacker disclosed that its global market
share for its mirrors business would increase by two percent.

                      Terms of the Offer

The asset deal agreement calls for the purchase of Engelmann
Automotive GmbH, which includes all production sites and the
assets required for business continuation.  This will include
shares in four subsidiaries:

   -- Alfred Engelmann S.A.U in Epila, Spain;

   -- Alfred Engelmann de Mexico S.A.U de C.V. in San Louis
      Potosi;

   -- EM Kunststofftechnik GmbH Neustadt/Orla; and

   -- ELEKTROSPOJ Kabelowa Konfekce S.R.O. in Czech Republic.

Completion of the agreement is conditional upon approval from
the respective authorities.

The two parties did not wish to comment on the purchase price.  
"We have reviewed all possible financial implications that may
occur from the acquisition of Engelmann.  In regard to
increasing plant capacity, efficiency, and global customer
relations, this move not only makes strategic sense, but also
business sense," stated Hans-Joachim Lange.  Schefenacker has
confirmed that the current fiscal year EBITDA expectations will
not be negatively effected by the acquisition.

                          Workforce

Engelmann has over 1,000 employees in the Group.  Majority of
jobs will be preserved following the acquisition.  As part of
the plan, Engelmann's domestic workforce of approximately 440
employees will become official employees of mypegasus GmbH, a
well-known "Besch"ftigungs- und Qualifizierungs-gesellschaft.  
As a next step Schefenacker-Engelmann Spiegel GmbH will offer
contracts for 300 employees, of which 150 employees will be
initially offered temporary contracts for nine months.  Those
employees with open-ended contracts cannot be terminated within
the following 12 months.

According to Mr. Seagon, "the personnel adjustments are
necessary because the restructuring efforts were not sufficient
in reducing the losses."  

There were discussions and negotiations with 15 different
investors who were interested in the possible acquisition.  Each
of the interested investors determined that there is a need to
make personnel adjustments.  The business was in very poor shape
when Mr. Seagon took over the company as an insolvency
administrator.  With the support of the clients, who wanted to
guarantee their product demands, as well as the dedication of
the Engelmann employees and workers' council, Mr. Seagon was
able to stabilize the operating business during his one year of
responsibility.  It was only possible through these improvements
to search for possible investors.

Manfred Heine, chairman of the workers council welcomed the
solution: "By being acquired by a competitor offers us the
opportunity to strengthen our own market and competitive
position.  On behalf of the workers' council, I would like to
thank all parties for the constructive cooperation during the
company's very difficult stage."

The federal state government supports the agreement.  Mr. Seagon
and Dr. Reiner Beutel, Schefenacker CFO, appreciated the very
constructive support from the Hanover government during the
negotiation process.  "Judicial restructuring only succeeds when
all parties involved work together," Mr. Seagon said.

The mutual agreement for the scheduled integration of
Engelmann will take a step-by-step approach into the respective
Schefenacker Group business units.  The synergies within the
existing Schefenacker sites will be used.  "Our most important
short-term goal is to continue stabilizing the quality and the
delivery reliability, as well as reducing losses through
optimising the utilisation of the sites and consolidating
purchasing strategies," stated Mr. Lange.

                     About Schefenacker

Schefenacker AG was founded in Esslingen in 1935.  The family-
owned business is a worldwide leader in the production of
vehicle rear vision systems and has a leading market position in
rear and interior lighting as well as sound systems.  In 2005
group revenues totaled EUR930 million.  Schefenacker AG employs
more than 7,000 workers in 23 production sites and six research
centers worldwide.

                About Alfred Engelmann Group

Headquartered in Hanover, Germany, The Alfred Engelmann Group,
is a long-standing system supplier for the automotive industry.  
The company's main products are exterior and interior mirrors
systems, fuel caps, exterior and interior door handle systems,
as well as difficult painted plastic parts.  Its clients include
Volkswagen and General Motors (Opel).  The company has
production sites in Wolfsburg and Wedemark near Hanover,
Germany, and branches and subsidiaries in Spain, Czech Republic
and Mexico.  In 2004 Engelmann Automotive GmbH took control of
the insolvent business and later filed for bankruptcy in mid
September 2005.  Production has since been managed by the
administrator, solicitor Christopher Seagon, partner at
Wellensiek Solicitors, in Hildesheim, Germany.


BERGER MONTAGE: Claims Registration Ends May 24
-----------------------------------------------
Creditors of Berger Montage GmbH have until May 24 to register
their claims with court-appointed provisional administrator
Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on June 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 Essen
         Saal 186, I. OG
         Zweigertstr. 52
         45130 Essen, 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 Essen opened bankruptcy proceedings
against Berger Montage GmbH on April 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Berger Montage GmbH
         Attn: Volkmar Berger, Manager
         Pleskengarten 51
         45307 Essen, Germany
         
The administrator can be contacted at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf, Germany
         Tel: 0211/492240
         Fax: +492114922487


BETANA HOLZHAUS: Claims Filing Period Ends May 24
-------------------------------------------------
Creditors of Betana Holzhaus GmbH have until May 24 to register
their claims with court-appointed provisional administrator
Ulrich Maschmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 14, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         E 36 a, 3. OG
         Gebaude E
         Moritzstrasse 5
         Hinterhaus
         65185 Wiesbaden, 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 Wiesbaden opened bankruptcy proceedings
against Betana Holzhaus GmbH on March 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Betana Holzhaus GmbH
         Gewerbepark Lochmuehle
         65527 Niedernhausen, Germany
         
The administrator can be contacted at:

         Ulrich Maschmann
         Martha-von-Opel-Weg 9
         65307 Bad Schwalbach, Germany
         Tel: 06124/70670
         Fax: 06124/2341
         E-mail: info@maschmann.com


DACHDECKER EICHLER: Claims Registration Ends May 24
---------------------------------------------------
Creditors of Dachdecker Eichler GmbH have until May 24 to
register their claims with court-appointed provisional
administrator Andreas Schenk.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 6, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Saal D131
         Olbrichtplatz 1
         01099 Dresden, Germany

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

The District Court of Dresden opened bankruptcy proceedings
against Dachdecker Eichler GmbH on April 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Dachdecker Eichler GmbH
         Neue Sorge 41
         02708 Lobau, Germany
         
The administrator can be contacted at:

         Andreas Schenk
         Waldschlosschen 4
         01099 Dresden, Germany


DUERR AG: Posts EUR4.6 Million Net Loss in First Quarter 2006
-------------------------------------------------------------
Duerr AG reports its financial results for the first quarter of
2006.

In the first three months of 2006, the Duerr Group booked
incoming orders worth EUR429.9 million, an increase of 33%
versus the first quarter of 2005.  This improvement was
attributable to growth in the Paint and Assembly Systems
division.  Particularly notable is the growth in Asian business,
which accounted for close to 40% of total incoming orders in the
first quarter of 2006.  In 2005, Asia contributed just 12.5% to
sales revenue.  By contrast, investment activity in the North
American automobile industry remained subdued, although Duerr
succeeded in winning a largish modernization order.  The
development of incoming orders in Application Technology's
robotics business was also positive.

Group sales revenue in the first three months of 2006 came to
EUR309.3 million, an increase of 5.5% year on year from EUR293.3
million for the same period in 2005.  Orders on hand as of
March 31, 2006, reached EUR840.2 million, compared to EUR918.9
million as of March 31, 2005.  

The gross margin improved by 0.4 percentage points to an average
of 16.6% for the year to date.  In the first quarter of fiscal
2006, there were costs according to plan associated with FOCUS
that were reflected above all in higher general administrative
expenses.  These costs more or less matched the savings and
productivity improvements achieved to date.  EBITDA reached
EUR3.4 million in the first three months of 2006, compared to
last year's EUR2.7 million, while a loss of EUR1.5 million was
posted at the EBIT level after a loss of EUR2.0 million a year
earlier.

The first quarter closed with a EUR4.6 million net loss,
compared to a EUR6.5 million net loss in the 2005 first quarter.   
Interest expense came to EUR6.4 million, a decrease of EUR2.4
million versus the first quarter of 2005.  At EUR120.0 million,
cash and cash equivalents were little changed versus year-end
2005.  Net financial debt as of March 31, 2006, came to EUR104.1
million, down from EUR358.0 million a year earlier.

               Implementation of FOCUS on track

Duerr launched the FOCUS program in mid-August 2005 with the
goal of achieving sustainable improvements in the Group's
profitability and financial structure.  The company is
concentrating on its core business as a supplier of plant and
engineering equipment to the automobile industry, which will
contribute roughly 90% of Group sales revenue in 2006.  At the
same time, with FOCUS Duerr is optimizing its positioning in the
sales markets and tapping the growth potential that exists in
the global automobile markets.  The financial restructuring was
completed at the end of 2005.  

"As of March 31, 2006, eight of the 30 FOCUS projects have been
completed," Duerr AG's CEO Ralf Dieter says of the current
progress.  "All the other projects have been started.  We are
making good headway with process improvements.  For example, we
are working to cut project lead times and production throughput
times by as much as 30% in some areas.  Implementation will take
place in the coming quarters.  As of March 31, 2006, we have cut
another 219 jobs under the FOCUS program versus year-end 2005
after a reduction of 332 jobs already in 2005.  We are satisfied
on the whole with our progress".

                        Outlook

In light of the positive development of demand in the
modernization and services business and in new investment in
plant and equipment Duerr expects a higher volume of incoming
orders than last year.  Sales revenue in 2006 will be more or
less on a par with last year's level since some of the new
orders booked in the first quarter of 2006 will not be completed
until 2007.  The most important task in 2006 will be the
rigorous implementation of FOCUS.  First benefits of the program
will be felt already in 2006.  On this assumption Duerr expects
a strong increase in earnings at the operating level.  The
interest result will improve versus 2005.  Bottom line, the
company forecasts a small net profit after tax for 2006.  The
target in the medium term is a return of 4% at the pre-tax level
and 8% at the EBITDA level.

Headquartered in Stuttgart, Germany, Duerr AG --
http://www.durr.com/en/-- supplies products, systems, and  
services for automobile manufacturing.  Its range of products
and services covers important stages of vehicle production.  As
a systems supplier, Duerr plans and builds complete paint shops
and final assembly facilities.  It also delivers cleaning and
filtration systems for the manufacture of engine and
transmission components as well as balancing systems.

                        *     *     *

Duerr AG's 9-3/4% senior subordinated notes due 2011 carry
Moody's Investors Service's Caa1 rating and Standard & Poor's
CCC+ rating.


ERNST WENTE'S: Creditors' Meeting Slated for June 28
----------------------------------------------------
The court-appointed provisional administrator for Ernst Wente's
Nahrmittel GmbH, Olaf Handschuh, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 10:00 a.m., on June 28.

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

         The District Court of Bueckeburg
         Saal 504
         Schulstr. 2
         31675 Bueckeburg, Germany

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

Creditors have until May 24 to register their claims with the
court-appointed provisional administrator.

The District Court of Bueckeburg opened bankruptcy proceedings
against Ernst Wente's Nahrmittel GmbH on April 6.  Consequently,
all pending proceedings against the company have been
automatically stayed

The Debtor can be reached at:

         Ernst Wente's Nahrmittel GmbH
         Tiefes Feld 3
         31688 Nienstadt, Germany

         Attn: Berthold Cremer, Manager
         Wilhelm-von-Juelich-Str. 58
         41179 Monchengladbach, Germany
                  
The administrator can be reached at:

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


FREIBERT PERSONALDIENSTLEISTUNG: Claims Registration Ends May 23
----------------------------------------------------------------
Creditors of Freibert Personaldienstleistung GmbH i.L. have
until May 23 to register their claims with court-appointed
provisional administrator Kerstin Gruettner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on June 20, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Saal B 405
         4. Etage
         Sievekingplatz 1
         20355 Hamburg, Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against Freibert Personaldienstleistung GmbH i.L. on March 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Freibert Personaldienstleistung GmbH i.L.
         Schauenburgerstrasse 37
         20095 Hamburg, Germany
         
The administrator can be contacted at:

         Kerstin Gruettner
         Neuer Wall 86
         20354 Hamburg, Germany
         Tel: 040/361307-0
         Fax: 040/361307-300


GEHESPITZ-BUEROHAUS: Meeting of Creditors Set on June 22
--------------------------------------------------------
The court-appointed provisional administrator for Gehespitz-
Buerohaus Verwaltungs GmbH, Joachim Kuehne, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 8:30 a.m. on June 22.

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

         The District Court of Frankfurt am Main
         Saal 2
         Gebaude F
         Klingerstrasse 20
         60313 Frankfurt am Main, Germany

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

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

The District Court of Frankfurt am Main opened bankruptcy
proceedings against Gehespitz-Buerohaus Verwaltungs GmbH on
March 1.  Consequently, all pending proceedings against the
company have been automatically stayed

The Debtor can be reached at:

         Gehespitz-Buerohaus Verwaltungs GmbH
         Attn: Ulrich Mueller, Manager
         Hahnstrasse 49
         60528 Frankfurt am Main, Germany
                  
The administrator can be reached at:

         Joachim Kuehne
         Barckhausstrasse 12-16
         60325 Frankfurt am Main, Germany
         Tel: 069/71701-300
         Fax: 069/71701-40-410


GERHARD GRONEWOLD: Meeting of Creditors Set on June 14
------------------------------------------------------
The court-appointed provisional administrator for Gerhard
Gronewold GmbH, Joachim Klein II, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 10:50 a.m. on June 14.

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

         The District Court of Koln
         Saal 14
         Luxemburger Strasse 101
         50939 Koln, Germany

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

Creditors have until May 24 to register their claims with the
court-appointed provisional administrator.

The District Court of Koln opened bankruptcy proceedings against
Gerhard Gronewold GmbH on March 27.  Consequently, all pending
proceedings against the company have been automatically stayed

The Debtor can be reached at:

         Gerhard Gronewold GmbH
         Marktstr. 10
         50968 Koln, Germany
         Attn: Horst Geiler, Manager
         Schulberg 13
         50858 Koln, Germany
                  
The administrator can be reached at:

         Joachim Klein II
         Hansaring 79 - 81
         50670 Koln, Germany
         Tel: 91267777
         Fax: +4922191267799


MIROW GMBH: Creditors' Meeting Slated for June 16
-------------------------------------------------
The court-appointed provisional administrator for Mirow GmbH,
Ralf Mueller, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:00 a.m., on
June 16.

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

         The District Court of Lueneburg
         Saal 302
         Ochsenmarkt 3
         21335 Lueneburg, Germany

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

Creditors have until May 24 to register their claims with the
court-appointed provisional administrator.

The District Court of Lueneburg opened bankruptcy proceedings
against Mirow GmbH on April 7.  Consequently, all pending
proceedings against the company have been automatically stayed

The Debtor can be reached at:

         Mirow GmbH
         Marienauer Weg 7-9
         21368 Dahlenburg, Germany
         Attn: Claudia Mirow, Manager
         Finkenstrasse 7
         21368 Dahlem, Germany
                  
The administrator can be reached at:

         Ralf Mueller
         c/o Wasner & Mueller
         Veersser Str. 41
         29525 Uelzen, Germany
         Tel: 0581/16006
         Fax: 0581/17159


OTTO NICKEL: Creditors' Meeting Slated for June 15
--------------------------------------------------
The court-appointed provisional administrator for Otto Nickel
Bauunternehmen GmbH & Co. KG, Helge Wachsmuth, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:00 a.m. on June 15.

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

         The District Court of Hameln
         Saal 106
         Zehnthof 1
         31785 Hameln, Germany

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

Creditors have until May 24 to register their claims with the
court-appointed provisional administrator.

The District Court of Hameln opened bankruptcy proceedings
against Otto Nickel Bauunternehmen GmbH & Co. KG on April 11.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         Otto Nickel Bauunternehmen GmbH & Co. KG
         Attn: Reinhardt Rokahr, Manager
         Hansastrasse 52
         30952 Ronnenberg
                           
The administrator can be reached at:

         Helge Wachsmuth
         Gerichtsfach 348
         Alexanderstrasse 2
         30159 Hannover, Germany
         Tel: 0511/325095
         Fax: 0511/329934


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


IMPREGILO SPA: Earns EUR34.4 Million in First Quarter 2006
----------------------------------------------------------
Construction group Impregilo S.p.A. released its financial
results for the first quarter of 2006.

Impregilo's first-quarter net sales amounted to EUR624.7
million, compared to EUR572.7 million in 2005.  Operating profit
operations also increased to EUR44.9 million in 2006 from
EUR25.5 million in 2005.

The group's net profit for the first quarter of 2006 stood at
EUR35 million.  The company's civil engineering group also
posted EUR4.3 million in net profit for the first three months
of 2005, but booked EUR358 million in full-year losses.

As of March 31, 2006, Impregilo had net debt of EUR715.17
million, including financial positions of units currently up for
sale.  Net debt excluding discontinued operations stood at
EUR477.1 million.  At March 31, 2006, the company's
shareholders' equity stood at EUR552.2 million.

A copy of Impregilo's first-quarter results for 2006 is
available at http://researcharchives.com/t/s?926

Headquartered in Milan, Italy Impregilo S.p.A. --
http://www.impregilo.it/-- is involved in the construction of  
dams and hydroelectric schemes since 1906.  The major
shareholders in Impregilo are Igli S.p.A (18.037%), Gemina
S.p.A. (11.829%), HBK Investments Limited Partnership (2.286%),
and Assicurazioni Generali S.p.A. (2.136%).  The remaining
65.712% of Impregilo's shares is floating capital controlled
by minority shareholders.

In 2005, Impregilo posted consolidated net sales of EUR2.4
billion, compared to EUR2.9 billion in 2004.  It attributed the
decrease to a general downturn in sales volumes, the de-
consolidation of some operations and the absence of
extraordinary items recognized in 2004.  The Group posted a
consolidated operating loss of EUR254.4 million.  A significant
factor in the result was the aggregate operating loss (EUR260
million) of the non-core businesses (Building & Services,
Campania MSW Project, Imprepar in liquidation), which are being
sold/retired or are in liquidation.

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


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


AKSAIKOMPLEKTMONTAJ: Creditors' Claims Due May 20
-------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Aksaikomplektmontaj insolvent on Feb. 21.  
Bankruptcy proceedings were introduced at the company.

Creditors have until May 20 to submit written proofs of claim
to:

         Gvardeiskaya Str. 9-18
         Uralsk, Kazakhstan
         Tel: 8 (311(222) 51-77-10


BEINEU INJENERING: Mangistau Court Begins Bankruptcy Proceedings
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region commenced bankruptcy proceedings against LLP Beineu
Injenering Kurylys on March 16.  Bankruptcy proceedings were
introduced at the company.

The Specialized Inter-Regional Economic Court of Mangistau
Region can be reached at:

         Micro District 27
         Aktau, Kazakhstan
         Tel: 8 (3292) 41-22-37


DARY LESA: Creditors Must File Claims by May 27
-----------------------------------------------
LLP Dary Lesa has declared insolvency.  Creditors have until
May 27 to submit written proofs of claim to:

         Kuibyshevskoye Forestry, 16-2
         Petropavlovsk
         North Kazakhstan Region, Kazakhstan
         Tel: 8 (3152) 36-24-07


DOS-KARTAL: Creditors Must File Claims by May 27
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Dos-Kartal insolvent on March 1.  

Creditors have until May 27 to submit written proofs of claim
to:

         Uriskogo Str. 121
         Ust-Kamenogorsk
         East Kazakhstan Region, Kazakhstan
         Tel: 8 (3232) 25-57-62


FERDINAND: Court Sets May 27 Claims Bar Date
--------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Ferdinand insolvent.

Creditors have until May 27 to submit written proofs of claim
to:

         G. Ilyaeva Str. 24
         Shymkent, Kazakhstan
  

KEN: Claims Registration Ends May 27
------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Ken insolvent.

Creditors have until May 27 to submit written proofs of claim
to:

         G. Ilyaeva Str. 24  
         Shymkent, Kazakhstan


KYRKUIEK: Creditors' Claims Due May 27
--------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Kyrkuiek insolvent on March 6.

Creditors have until May 27 to submit written proofs of claim
to:

         Myzy Str. 2-1
         Ust-Kamenogorsk
         East Kazakhstan Region, Kazakhstan
         Tel: 8 (3232) 24-06-50


RIM: Mangistau Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region commenced bankruptcy proceedings against LLP Rim on
March 17.  Bankruptcy proceedings were introduced at the
company.

The Specialized Inter-Regional Economic Court of Mangistau
Region can be reached at:

         Micro District 27
         Aktau, Kazakhstan
         Tel: 8 (3292) 41-22-37


SAT-DAK: Proof of Claim Deadline Slated for June 27
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Sat-Dak insolvent.  Bankruptcy proceedings were
introduced at the company.

Creditors have until June 27 to submit written proofs of claim.

The Specialized Inter-Regional Economic Court of Kostanai Region
can be reached at 8 (3142) 54-73-30.


VINS & K: Court Sets June 27 Claims Bar Date  
--------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Vins & K insolvent.  Bankruptcy proceedings were
introduced at the company.

Creditors have until June 27 to submit written proofs of claim.  

The Specialized Inter-Regional Economic Court of Kostanai Region
can be reached at 8 (3142) 54-73-30.


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


A-N-Co: Creditors Must File Claims by June 27
---------------------------------------------
Joint Venture A-N-Co has declared insolvency.  Creditors have
until June 27 to submit written proofs of claim to:

         Ahunbayeva Str. 173
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 54-57-70


AIREK: Insolvency Manager Sets May 18 for Asset Auction
-------------------------------------------------------
The bidding organizer and insolvency manager of LLC Airek will
auction the company's properties on May 18 at:

         Erkindik Ave. 39a
         Bishkek, Kyrgyzstan

For sale are:

   -- Lot 1: Yacht Bavaria.  Starting price is KGS7,770,063.60
      (inclusive of VAT);

   -- Lot 2: Sports equipment. Starting price is KGS278,483.40       
      (inclusive of VAT); and

   -- 37 lots of cars, office equipment and domestic appliances.

Potential buyers have until today, May 16, to submit their bids
and deposit an amount equivalent to 20% of the starting price to
the cashier of the LLC Airek.

The company can be contacted at: (+996 312) 66-13-23, 66-76-75
or (0-502) 73-29-43.


BRATIA ALIMOVY: Public Auction Scheduled for May 30
---------------------------------------------------
The Subdivision Service of the Court Officers of Karasuu
District, Osh Region set for public auction the pledging
property LLC Bratia Alimovy at 1:00 p.m. on May 30 at:

        The Court of Karasuu District, Room 16
        Kyrgyzstan

with a KGS4,105,630 starting price.

Participants have until May 29 to deposit an amount equivalent
to 5% of the starting price to settlement account
845417208010100, personal account 704805557, special account of
the Treasure Department of Karasuu District, at Settlement and
Saving Company in Karasuu District.

Interest bidders may submit their bids and necessary documents
to:

         Mr. M. Uraimov
         Bidding Organizer, Court Officer
         Tel: (+996 3232) 2-15-34, 2-19-09


===================
L U X E M B O U R G
===================


NORTEL NETWORKS: Completes Asset Transfer to Flextronics
--------------------------------------------------------
Flextronics International Ltd. (NASDAQ:FLEX) and Nortel Networks
(NYSE/TSX: NT) completed the transfer of the manufacturing
operations and related assets including product integration,
testing, repair and logistics operations of Nortel's Systems
House in Calgary to Flextronics.  Approximately 650 employees in
Calgary will transfer to Flextronics as part of the final phase
of the previously announced agreement.

"[This] marks a significant event in our business relationship
with Nortel, as we have now completed the transfer of Nortel's
remaining major optical, wireless and enterprise manufacturing
operations and related supply chain activities, which should
generate in excess of US$2 billion of revenue annually for
Flextronics.  This deal brings long-term strategic value for
Flextronics and creates the broadest capability of any EMS
company in the telecom market," said Mike McNamara, Flextronics'
chief executive officer.

"The significant increase of complex, multi-technology network
solutions including carrier-grade products that we will provide
to Nortel solidifies Flextronics as the leader in the
infrastructure market and significantly enhances our competitive
advantage for large-scale, low-cost manufacturing of very
complex products," said Michael Clarke, president of
Flextronics' Infrastructure segment.

"Our goal from the beginning was to create an industry-leading
supply chain," said Joel Hackney, senior vice president, Global
Operations and Quality, Nortel.  "Working with Flextronics, our
customers can expect superior value through delivery agility,
global reach, cost competitiveness, excellent quality, and
skilled people."

"This initiative was unprecedented in our industry in terms of
size and scope," Mr. Hackney said. "We have transferred
essentially all of our remaining major manufacturing activities
to a world-class electronics manufacturing services provider,
leaving Nortel to focus on making business simple for its
customers through development and integration of world-class
communications and networking solutions."

Headquartered in Ontario, Canada, Nortel Networks Corporation --
http://www.nortel.com/-- is a recognized leader in delivering    
communications capabilities that enhance the human experience,
ignite and power global commerce, and secure and protect the
world's most critical information.  Serving both service
provider and enterprise customers, Nortel delivers innovative
technology solutions encompassing end-to-end broadband, Voice
over IP, multimedia services and applications, and wireless
broadband designed to help people solve the world's greatest
challenges.  Nortel does business in more than 150 countries.


NORTEL NETWORKS: Lenders Waive Filing Default Through June 15
-------------------------------------------------------------
Nortel Networks Corporation and its principal operating
subsidiary, Nortel Networks Limited, and NNL's subsidiary,
Nortel Networks Inc., entered into an amendment and waiver with
the lenders under Nortel's US$1.3 billion one-year credit
facility.  

NNL has also entered into an amendment and waiver with Export
Development Canada under NNL's US$750 million support facility.

The amendment and waiver agreements, among other things, waive
the events of default that had occurred or would occur under the
Facilities in connection with the Company's and NNL's previously
announced need to restate and make adjustments to their
financial results for prior periods, which restatements and
adjustments were included in the Company's and NNL's recently
filed annual reports on Form 10-K for the year ended Dec. 31,
2005, as well as the delay that occurred in filing their 2005
Form 10-Ks and the anticipated delay in filing their quarterly
reports on Form 10-Q for the quarter ended March 31, 2006.

These amendment and waiver agreements extend the date otherwise
applicable under the Facilities by which the Company and NNL are
required to file the 2006 First Quarter 10-Qs to June 15.  While
the Company and NNL expect, as previously announced, to file
their 2006 First Quarter 10-Qs no later than the week of June 5
so there can be no assurance that the Company and NNL would
receive any further waivers by the lenders under the 2006 Credit
Facility or by EDC under the EDC Support Facility if they failed
to file the 2006 First Quarter 10-Qs by June 15. These amendment
and waiver agreements do not relate to or waive the requirements
under Nortel's public debt indentures to deliver the 2006 First
Quarter 10-Qs to the trustees under such indentures.

In addition, the amendment and waiver under the 2006 Credit
Facility removed the minimum Adjusted EBITDA covenant and
revised the minimum cash covenant to require that unrestricted
cash and cash equivalents of the Company on a consolidated basis
exceed US$1.25 billion at all times and US$1.5 billion on the
last day of each fiscal quarter (increased from US$1 billion at
all times as previously required). The amendment and waiver
under the 2006 Credit Facility also made certain adjustments to
the restrictions on the incurrence of liens and the provisions
determining the percentage of lenders required to amend or waive
the terms of the 2006 Credit Facility.

Headquartered in Ontario, Canada, Nortel Networks Corporation --
http://www.nortel.com/-- is a recognized leader in delivering    
communications capabilities that enhance the human experience,
ignite and power global commerce, and secure and protect the
world's most critical information.  Serving both service
provider and enterprise customers, Nortel delivers innovative
technology solutions encompassing end-to-end broadband, Voice
over IP, multimedia services and applications, and wireless
broadband designed to help people solve the world's greatest
challenges.  Nortel does business in more than 150 countries.


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


FALCONBRIDGE LTD: Receives Inco's Increased Purchase Offer
----------------------------------------------------------
Falconbridge Limited amended the terms of its Support Agreement
with Inco Limited whereby it has agreed to recommend an
increased offer from Inco to acquire all outstanding common
shares of Falconbridge.

Rachelle Younglai at Reuters reports, Inco increased the cash
component of its original CDN$12 billion offer for Falconbridge,
boosting the total value of the deal to CDN$19 billion.

Under the revised terms, Inco's take-over offer will be amended
to increase the amount of cash to be received by Falconbridge
shareholders by CDN$5 per share, assuming full pro-ration.

"We continue to believe in the compelling strategic and economic
rationale of combining Falconbridge with Inco and the revised
offer terms reflect Falconbridge's excellent financial results
and tremendous prospects given the increases in metal prices and
very strong market fundamentals," Derek Pannell, Chief Executive
Officer of Falconbridge, said.

"The added cash will provide our shareholders with about CDN$1.9
billion more in value compared with the original deal negotiated
with Inco," Mr. Pannell added.  "In addition, the tangible
synergies available to the combined company are much greater
under current metals prices than previously estimated and are
focused directly on enhancing our operating platform, rather
than simply eliminating corporate overlap and jobs.  Assuming
completion of this deal, Falconbridge shareholders will own
approximately 47% of the combined company and will continue to
benefit from increased earnings due both to higher metals prices
and to the very significant operating synergies that will result
from combining our two great companies."

Inco and Falconbridge have amended the Support Agreement to
revise the terms of Inco's offer such that each Falconbridge
common shareholder may elect to receive either 0.6927 Inco
common shares plus CDN$0.05 or CDN$51.17 per share, subject to a
maximum number of shares and cash, and subject to pro-ration.  
The maximum amount of cash available is CDN$4.8 billion and the
maximum amount of Inco common shares available is unchanged at
201 million.  

Assuming all shareholders tender for the cash option or all
shareholders tender for the share option, each shareholder would
be entitled to receive 0.524 Inco shares plus CDN$12.50.  Among
other amendments to the Support Agreement, Falconbridge has
agreed to a "break fee" in the amount of US$450 million, payable
to Inco if a competing offer is recommended by Falconbridge and
in certain other events.

"We have always believed that combining Falconbridge with Inco
makes the best strategic and economic sense for Falconbridge and
its shareholders.  The pro forma balance sheet of the combined
company will not be stressed by the increased cash payment to
our shareholders given the continued improvements in metal
prices.  We remain confident that regulatory approval will be
received soon and look forward completing this outstanding
transaction," Mr. Pannell said.  "The Falconbridge management
team is committed to this deal and to ensuring that the
synergies identified can be delivered by the new Inco."

Inco and Falconbridge continue to work with the U.S. Department
of Justice and the European Commission in connection with
reviews of pending transaction.

                           About Inco

Inco Limited -- http://www.inco.com/-- is the world's no. 2  
roducer of nickel, which is used primarily for manufacturing
stainless steel and batteries.  Inco also mines and processes
copper, gold, cobalt, and platinum group metals.  It makes
nickel battery materials and nickel foams, flakes, and powders
for use in catalysts, electronics, and paints.  Sulphuric acid
and liquid sulphur dioxide are produced as byproducts.  The
company's primary mining and processing operations are in
Canada, Indonesia, and the U.K.

                       About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited
(TSX:FAL.LV)(NYSE: FAL) -- http://www.falconbridge.com/-- is a  
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
orebodies.  It employs 14,500 people at its operations and
offices in 18 countries.  The Company owns nickel mines in
Canada and the Dominican Republic and operates a refinery and
sulfuric acid plant in Norway.  It is also a major producer of
copper (38% of sales) through its Kidd mine in Canada and its
stake in Chile's Collahuasi mine and Lomas Bayas mine.  Its
other products include cobalt, platinum group metals, and zinc.

                         *     *     *

Falconbridge's CDN$150 million 5% convertible and callable bonds
due April 30, 2007 carries Standard & Poor's BB+ rating.


===============
P O R T U G A L
===============


NOSTRUM CONSUMER: Fitch Rates EUR2.4 Million Class E Notes at BB
----------------------------------------------------------------
Fitch Ratings affirmed Nostrum Consumer Finance plc floating-
rate notes secured by consumer loan receivables at:

   -- EUR359.6 million Class A notes at AAA;
   -- EUR15.6 million Class B notes at AA;
   -- EUR12.4 million Class C notes at A;
   -- EUR10 million Class D notes at BBB; and
   -- EUR2.4 million Class E notes at BB.

The rating action follows a satisfactory review of the deal's
performance.  The overall performance of the transaction to date
has been positive with Fitch's Default and Loss Ratio well under
the agency's base case and sufficient excess spread to cover
losses.  No triggers have been breached since closing and Fitch
expects the stable trend in performance to continue.

Nostrum is a EUR400 million asset-backed floating rate notes
securitization of consumer loan receivables originated in
Portugal by Caixa Geral de Depositos S.A.


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


ALEX: Court Names N. Adamov as Interim Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. N.  Adamov
as temporary insolvency manager for OJSC Musinskoye (Case No.
A40-85192/05-95-288 B).  He can be reached at:

         Building 1  
         Molodogvardeyskaya Str. 9
         Post User Box 11
         121467, Moscow, Russia

The company has commenced bankruptcy supervision procedure on
the company.

The Debtor can be reached at:

         Administrative Room 3
         Serafimovicha Str. 2
         Moscow, Russia


AO SALAIRSKY: Court Extends Receivership Period Through October
---------------------------------------------------------------
The Arbitration Court of Kemerovo Region extended the
receivership period of mining firm AO Salairsky GOK until
October, Interfax News Agency says.

The Court granted the extension upon the request of creditors
and receiver Sergei Antsiferov.

According to Mr. Antsiferov, the extension would give him more
time to sell Salairsky's assets.  Mr. Antsiferov plans to sell
the group's material resources and gold and silver concentrate,
worth EUR66 million, as well as its stake in OOO Salairsky GOK.

The Court declared Salairsky bankrupt in March 2003 and placed
the group under a one-year receivership.  Salairsky has a
RUB227.6 Million net debt, mostly owed to the government and
Vimstok, a company linked to the group's former owners.


IZHEVSKIY COMBINE: Bankruptcy Hearing Slated for June 26
--------------------------------------------------------
The Arbitration Court of Udmurtiya Republic will convene on
June 26, at 09.00 a.m., to hear the bankruptcy supervision
procedure of OJSC Izhevskiy Combine of Grain Products.  The case
is docketed under Case No. A71-000858/2006-G26.

Mr. G. Ustinov has been appointed temporary insolvency manager
and can be reached at:

         Post User Box 2417
         Izhevsk
         426067, Udmurtiya Republic, Russia

The Debtor can be reached at:

         Poyma Str. 17
         Izhevsk
         426028, Udmurtiya Republic, Russia


EVRAZ GROUP: Major Subsidiaries Report First Quarter Results
------------------------------------------------------------
The Evraz Group S.A. (LSE: EVR) reports that its major Russian
operating subsidiaries have issued latest financial results.  

The figures, for the three months ended March 31 and prepared in
accordance with Russian accounting standards, were filed with
the Federal Financial Markets Service of the Russian Federation.

The major subsidiary companies include:

   -- OAO Nizhny Tagil Iron and Steel Plant (NTMK);
   -- OAO West Siberian Iron and Steel Plant (Zapsib); and
   -- OAO Kachkanarsky Mining and Processing Integrated Works
      (KGOK).

Highlights:

   -- NTMK profit lower due to significant drop in export prices
      vs. first quarter of 2005; Zapsib performance improved due    
      to better cost management and increased volumes

      Prices for exported semis in the first quarter of 2006
      were lower in comparison with peaking prices of the same
      period in 2005; however recovering prices are the main
      factor for a better performance in first quarter 2006
      versus fourth quarter 2005.

      Higher net profit at NTMK and Zapsib in the fourth quarter
      2005 as compared to the first quarter of 2006 is partially
      attributable to dividends payments made by KGOK to these
      two mills.  Excluding the amounts paid as dividends by
      Kachkanarsky Mining to NTMK (RUR2.36 billion) and Zapsib
      (RUR1.79 billion), the net profit in first quarter 2006 at
      these two steel mills would have been -26% and +8% against
      the fourth quarter of 2005.

   -- KGOK decreased profit year-on-year due to lower domestic
      prices and de-stocking  

      The profit year-on-year was impacted by lower domestic
      iron ore prices starting from mid-2005.  Iron ore volumes          
      decreased in the first quarter 2006 vs. fourth quarter
      2005 due to optimization of inventory levels and bad
      weather conditions.

   -- Improved profitability at KGOK due to restructuring and
      effective cost management

      The restructuring program at KGOK is yielding results:
      strict cost management and efficiency gains in the first
      quarter 2006 contributed to better performance versus the
      fourth quarter of 2005.  Revenue grew by 5% and net profit
      was up 53% as compared to the fourth quarter 2005.

               Q1 2006 RAS Financial Results
                    (in millions of RUB)

OAO Nizhny Tagil Iron and Steel Plant (NTMK)

                                                        Q1 2006/
                                                        Q4 2005
                Q1 2006    Q1 2005  % Change  Q4 2005  % Change
                -------    -------  --------  -------  --------
Revenue          14,821     19,452     (24%)   15,811     (6%)
Gross profit      4,636      6,263     (26%)    4,962     (7%)
Operating profit  3,920      5,527     (29%)    4,231     (7%)
Net profit        2,733      4,212     (35%)    6,071    (55%)

OAO West Siberian Iron and Steel Plant (Zapsib)

                                                        Q1 2006/
                                                        Q4 2005
                Q1 2006    Q1 2005  % Change  Q4 2005  % Change
                -------    -------  --------  -------  --------
Revenue          14,085     15,207     (7%)    13,811     2%
Gross profit      2,703      2,970     (9%)     2,976    (9%)
Operating profit  1,941      2,176    (11%)     2,185   (11%)
Net profit        1,371      1,525    (10%)     3,067   (55%)

OAO Kachkanarsky Mining and Processing Integrated Works (KGOK)

                                                        Q1 2006/
                                                        Q4 2005
                Q1 2006    Q1 2005  % Change  Q4 2005  % Change
                -------    -------  --------  -------  --------
Revenue           2,908      4,264    (32%)     2,759      5%
Gross profit      1,409      2,784    (49%)     1,154     22%
Operating profit  1,257      2,661    (53%)       967     30%
Net profit        1,051      2,118    (50%)       689     53%

Evraz Group S.A. publishes consolidated financial statements
prepared in accordance with IFRS for the six months ended
June 30 and for the year ended Dec. 31 in each year.

                     About the Company

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

                        *     *     *

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


KUKHTUYSKOYE FISH: Creditors Must Submit Claims by May 18
---------------------------------------------------------
Creditors of OJSC Kukhtuyskoye Fish Processing Enterprise (Case
No. A73-2549/2004-37/38) have until May 18 to submit written
proofs of claim to court-appointed insolvency manager Mr. K.
Nikiforov at:

         Apartment 2
         Lenina Str. 62
         80030, Khabarovsk Region, Russia

The Arbitration Court of Khabarovsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.

The Debtor can be reached at:

         Zavodskaya Str. 1
         Okhotsk
         Khabarovsk Region, Russia


MIASS-AGRO-PROM-SNAB: Court Commences Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Chelyabinsk Region has commenced
bankruptcy supervision procedure on OJSC MIASS-AGRO-PROM-SNAB.
The case is docketed under Case No. A76-37284/05-52-271.

Mr. S. Sergeev has been appointed temporary insolvency manager
and can be reached at:

         Gagarina Str. 10
         454010, Chelyabinsk, Russia

The Debtor can be reached at:

         Podgornaya Str. 27
         Miass
         456303, Chelyabinsk Region, Russia


OAO LUKOIL: Sets Annual General Shareholders Meeting for June 28
----------------------------------------------------------------
The Board of Directors for OAO Lukoil will hold the company's
Annual General Shareholders Meeting at 11:00 a.m. on June 28 at:

            OAO Lukoil
            Sretensky Bulvar 11
            Moscow, Russia

The record date for the list of the shareholders entitled to
participate in the General Shareholders Meeting will be May 11.

Shareholders have until June 25 to submit their completed voting
ballots to:

         OAO NIKoil Registrar
         3-aya Ulitsa Yamskogo Polya 28
         125124 Moscow, Russia

Agenda:

  (1) approval of 2005 OAO Lukoil Annual Report and annual
      financial statements, including income statements (profit
      and loss accounts) of the Company, as well as distribution
      of profits (including through the payment (declaration) of
      dividends) and losses of the Company on the basis of
      annual results.  Determination of the amount, date, form
      and procedure of dividend payout.

  (2) election of members of the Board of Directors.

  (3) appointment of the Company's President.

  (4) election of the Audit Commission members.

  (5) remuneration and reimbursement of expenses to members
      of OAO LUKOIL Board of Directors and Audit Commission.

  (6) approval of the external auditor of the Company.

  (7) approval of amendments and addenda to the Charter of the
      Open Joint Stock Company Oil Company LUKOIL.

  (8) approval of an Addendum to the Regulations on the Board of
      Directors of OAO LUKOIL.

  (9) approval of amendments and addenda to the Regulations of
      the Audit Commission of OAO LUKOIL.

(10) approval of interested party transactions.

The Board of Directors has approved the list of materials to be
provided to shareholders while preparing for the General
Shareholders Meeting.

Among other things, the Board of Directors recommended that the
General Shareholders Meeting adopt eight resolutions to:

   -- approve the annual financial statements, including
      income statements (profit and loss accounts) of the
      Company, and also the distribution of profits:

      * Net profit of OAO Lukoil for distribution in 2005
        amounted to RUB66,326,909.  This reflects unconsolidated
        profits of OAO LUKOIL in accordance with the Russian
        accounting standards.

   -- distribute profit for 2005 dividend payout in the amount
      of RUB28,068,587;

   -- leave the remainder of the profit undistributed.

   -- pay dividends for 2005 financial year in the amount of
      RUB33 per ordinary share, with the term of payment of
      dividends set for July to December 2006.  Payment of
      dividends will be settled in cash from OAO LUKOIL account.

      The list of parties entitled to receive dividends will be
      compiled by the same date the list of parties entitled to
      participate in the Annual General Shareholders Meeting of
      OAO LUKOIL is drawn up, i.e. May 11.

   -- elect OAO LUKOIL Board of Directors, consisting of 11
      members, from the list of candidates approved by the
      company's Board of Directors on Feb. 4;

   -- appoint the Company's President, Vagit Y. Alekperov,
      from the list of candidates approved by the Board;

   -- elect the Audit Commission from the approved list of
      candidates; and

   -- approve the Closed Joint-Stock Company KPMG as the
      Company's external auditor.

The full text of recommendations of the Board of Directors on
the Annual General Shareholders Meeting agenda will be included
in the set of documents dispatched to the shareholders during
preparations for the Annual General Shareholders Meeting.

                     Equity Purchase

The Board of Directors also resolved to purchase OAO LUKOIL
shares through one or several organizations of the LUKOIL Group
(including the open market) during 2006-2008 not exceeding US3
billion using means gained from the difference between the
actual oil/petroleum product distribution price and the approved
budget/ investment program indicator, provided that the oil
price is US$46 per barrel.

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

                        *     *     *

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

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


PRITOBOLNYJ FEED: Court Begins Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Kurgan Region has commenced bankruptcy
supervision procedure on LLC Pritobolnyj Feed Mill (Case No.
A34-5362/05).

Mr. V. Chernovalov has been appointed temporary insolvency
manager and can be reached at:

         K. Myagotina Str. 56a, Office 604
         Kurgan Region, Russia

The Debtor can be reached at:

         Arsenovka
         Pritobolnyj Region
         Kurgan Region, Russia


SAFAKULEVSKIY MILL: Bankruptcy Hearing Slated for May 17
--------------------------------------------------------
The Arbitration Court of Kurgan Region will convene on May 17 at
1:30 p.m. to hear the bankruptcy supervision procedure on LLC
Safakulevskiy Mill Combine (TIN 4519004195).  The case is
docketed under Case No. A34-9038/05.

Mr. L. Smirnov has been appointed temporary insolvency manager
and can be reached at:

         Apartment 80
         Sverdlova Str. 88
         Shadrinsk
         641884, Kurgan Region, Russia

The Debtor can be reached at:

         Mira Str. 1a
         Safakulevo
         Kurgan Region, Russia


TANAS: Court Appoints A. Lebedev as Temporary Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Sakha Republic-Yakutiya appointed Mr.
A. Lebedev as temporary insolvency manager for OJSC Garment
Factory Tanas (Case No. A58-6826/05).  He can be reached at:

         8th Marta Str. 65
         Yakutsk
         677015, Sakha Republic-Yakutiya, Russia
         
The Court has commenced bankruptcy supervision procedure on the
company.


TAT-INVEST: Arbitration Court Begins Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on CJSC Holding Company Tat-Invest.  The case is
docketed under Case No. A40-957/06-73-2 B.

Mr. N.  Adamov has been appointed temporary insolvency manager
and can be reached at:

         Building 1  
         Molodogvardeyskaya Str. 9
         Post User Box 11
         121467, Moscow, Russia

The Debtor can be reached at:

         Building 1
         Nikitskiy Per. 4
         125009, Moscow, Russia


===============
S L O V E N I A
===============


NOVA LJUBLJANSKA: Fitch Affirms Individual Rating at C
------------------------------------------------------
Fitch Ratings affirmed Nova Ljubljanska Banka's ratings at
Issuer Default A-, Short-term F2, Support 1 and Individual C.  
The Outlook is Stable.

This affirmation follows the statement issued by the Belgian KBC
Bank, a shareholder in NLB, that its responsibility in NLB will
be limited to that of a pure financial investor until further
notice.  This statement follows KBC's failure to obtain an
agreement for it to gain a majority stake in NLB.

Director in Fitch's Financial Institutions group Tim Beck
disclosed, "NLB's IDR is based on Fitch's view on the extremely
high potential support that would be provided to the bank from
the Slovenian State should it be required."

"This reflects both the partial state ownership of NLB and NLB's
dominant position in the market.  KBC's statement in no way
reduces this support.  Potential support from KBC was not the
basis of NLB's ratings," he added.

NLB is the largest Slovenian bank by total assets, with a
dominant market share of around 40% in Slovenia.  It offers a
full range of banking services including corporate, retail and
investment banking.  The bank is 35%-owned by the Slovenian
State, 34% by KBC.  The remainder is split between other
investors, including EBRD.


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


VESTEL ELECTRONICS: Moody's Corrects Currency Use Error
-------------------------------------------------------
Moody's rectified its May 11 rating release on Vestel Elektronik
Sanayi Ve Ticaret A.S.  The rating agency changed the currency
used for the guaranteed notes from EUR to US$.

This corrects the ratings released by Moody's on May 11 and
published in the TCR-Europe on May 15.

The corrected release reads:

Moody's changed the outlook on the Ba3 rating of the US$225
million Guaranteed Notes of Vestel Electronics Finance Ltd. due
2012 to negative from stable.

Moody's concurrently assigned a Ba3 Corporate Family Rating to
Vestel Elektronik Sanayi Ve Ticaret A.S. with a negative
outlook.

Rating affected:

   -- The Ba3 rating on the US$225.0 million 8.75% Guaranteed
      Notes due 2012

The change in outlook reflects the combined impact of a
combination of factors currently affecting the company's credit
metrics.  These include:

   -- the continued weakening in operating margins, which have
      shown a sustained decline in recent years and is the
      primary driver behind rating action, in addition to;

   -- the increased capital spending in the past two years,
      aimed mainly at increasing production capacities in
      Russia, where long-term returns on the investment remain
      uncertain; and

   -- the recently increased stake in Vestel White Goods, an
      entity that has been consolidated since 2003, which the
      company estimates will lead to a net cash outflow of US$71
      million.

Moody's recognizes that some of the decline in margins in 2005
was attributable to the relative strength of the Turkish Lira
versus the Euro, but believes that the decline also reflects
continued downward price pressure within Vestel's main markets,
and increased commoditization of its products.  This combined
with increased investments caused free cash flows to turn
negative in 2005, although the company expects capex to decline
this year.

The company's Adj. Total Debt/EBITDA increased to 2.52x in 2005
from 1.75x in 2004, which can in part be attributed to the
appreciation of the Turkish Lira.  The impact on cash flow
metrics was mitigated by a decline in financial charges,
although Adj.  Retained Cash Flow/Total Debt was nevertheless
26.3% versus 38.8% in 2004.

The senior guaranteed notes due 2012 are rated at the same level
as the corporate family rating, as Moody's expects that going
forward only a limited portion of total debt will be outside the
guarantor group, notably at Vestel White Goods, and therefore
structurally senior to the bonds.

Vestel's liquidity remains strong, with YTL 581 million in cash
and equivalents at year-end, which remains in excess of short-
term borrowings and annual financial charges.  The company
further benefits from extensive credit lines from domestic and
international banks.

The ratings could be lowered if the company's operating
environment continues to negatively impact on margins, and if
free cash flows remain negative leading to a weakening in credit
metrics.  The outlook could be stabilized if the company manages
to maintain or improve on current margins and generate free cash
flow, thereby preventing further weakening in its credit
metrics.

Headquartered in Istanbul, Turkey, Vestel is a leading
manufacturer of consumer electronic products, including
televisions, digital products and white goods.  The company is
one of the largest original equipment manufacturers (OEMs) in
the world.  In fiscal year 2005 the company generated YTL 4.46
billion (US$3.3 billion) and YTL 284 million (US$210 million) in
revenues and EBITDA, respectively.


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


CHERNIGIVVOVNA: Chernigiv Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Economic Court of Chernigiv Region commenced bankruptcy
supervision procedure on OJSC Chernigivvovna (code EDRPOU
00307135) Feb. 14.  The case is docketed under Case No. 9/111 b.  

T. Tanska has been appointed temporary insolvency manager and
can be reached at:  

         Rokosovskij Str. 16/122
         14000 Chernigiv Region, Ukraine

The Economic Court of Chernigiv Region is located in:    

         Miru Avenue 20
         14000 Cherngiv Region, Ukraine

The Debtor can be reached at:

         Tekstilnikiv Str. 1
         14000 Chernigiv Region, Ukraine


DINAMO-PLUS: Zaporizhya Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
proceedings against LLC Dinamo-Plus (code EDRPOU 30293716) on
Feb. 20 after finding it insolvent.  The case is docketed under
Case No. 25/26/06.

Mr. M. Vereshak has been appointed Liquidator/Insolvency Manager
and can be reached at:

         Kostyantin Velikij Str. 16/16
         69002 Zaporizhya Region, Ukraine

The Economic Court of Zaporizhya Region is located in:    

         Shaumyana Str. 4
         69001 Zaporizhya Region, Ukraine

The Debtor can be reached at:

         Pravdi Str. 50
         69098 Zaporizhya Region, Ukraine


GIPS: Chernivtsi Court Names Y. Penyak to Liquidate Assets
----------------------------------------------------------
The Economic Court of Chernivtsi Region appointed Mr. Y. Penyak
as Liquidator/Insolvency Manager for LLC Gips (code EDRPOU
31620871).  He be reached at:

         Mikolayivska Str. 36-B
         58000 Chernivtsi Region, Ukraine

The Court commenced bankruptcy proceedings against the company
on March 1 after finding it insolvent.  The case is docketed
under Case No. 8/17/b.

The Economic Court of Chernivtsi Region is located in:    

         O. Kobilyanska Str. 14
         58000 Chernivtsi Region, Ukraine

The Debtor can be reached at:

         Mikolayivska Str. 36-B
         58000 Chernivtsi Region, Ukraine


MERCURY TRADE: Court Names E. Dzhala Interim Insolvency Manager
---------------------------------------------------------------
The Economic Court of Lviv Region E. Dzhala has been appointed
as temporary insolvency manager for LLC Firm Mercury Trade (code
EDRPOU 33394630).  He can be reached at:

         Nizhinska Str. 16/41
         79010 Lviv Region, Ukraine

The Court commenced bankruptcy supervision procedure on.  The
case is docketed under Case No. 6/23-8/39.  

The Economic Court of Lviv Region is located in:

         Lichakivska Str. 81
         79010 Lviv Region, Ukraine

The Debtor can be reached at:

         Pidstavska Str. 1
         Zavodske
         Lviv Region, Ukraine


NOVOIVANIVSKIJ SUGAR: Court Taps I. Sanzharevskij as Liquidator
---------------------------------------------------------------
The Economic Court of Harkiv Region appointed I. Sanzharevskij
as Liquidator/Insolvency Manager for LLC Novoivanivskij SUGAR
(code EDRPOU 31798892).  He can be reached at:

         Bluher Str. 25-A/64
         Ukraine, Harkiv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
on Feb. 22 after finding it insolvent.   The case is docketed
under Case No. B-24/18-05.

The Economic Court of Harkiv Region is located in:

         Svobodi Square 5, Derzhprom 8th Entrance
         61022 Harkiv Region, Ukraine

The Debtor can be reached at:

         Kolomak, Peremogi Str. 123
         63109 Harkiv Region, Ukraine


PEREMOGA: AR Krym Court Orders Debt Moratorium
----------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy
supervision procedure on LLC Agrofirm Peremoga (code EDRPOU
31945624) and ordered a moratorium on satisfaction of creditors'
claims.  The case is docketed under Case No. 2-6/6178-2006.

Birukov Mikola has been appointed temporary insolvency manager
and can be reached at:

         B. Hmelnitskij Str. 11/19
         Simferopol
         95000 AR Krym Region, Ukraine

The Economic Court of AR Krym Region is located in:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region, Ukraine

The Debtor can be reached at:

         Lenin Str. 32
         Bahchisaraj District, Dolinne
         98450 AR Krym Region, Ukraine


STEEL-SERVICE: Lugansk Court Commences Bankruptcy Proceedings
-------------------------------------------------------------
The Economic Court of Lugansk Region commenced bankruptcy
proceedings against LLC Steel-Service (code EDRPOU 30009348) on
March 16 after finding it insolvent.  The case is docketed under
Case No. 20/180 b.

Andrij Kolezhuk has been appointed Liquidator/Insolvency Manager
and can be reached at:

         Gayovij Str. 1/6
         91021 Lugansk Region, Ukraine

The Economic Court of Lugansk Region is located in:    

         Geroiv VVV Square 3a
         91000 Lugansk Region, Ukraine

The Debtor can be reached at:

         Sosura Str. 137
         91000 Lugansk Region, Ukraine


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


AIRBASE SERVICES: Hires Joint Administrators from Haines Watts
--------------------------------------------------------------
David Richard Thorniley and Peter John Forsey of Haines Watts
were appointed joint administrators of Airbase Services (U.K.)
Limited (Company Number 02692943) on April 28.

Haines Watts -- http://www.hwca.com/-- is a national U.K.  
business advisory and accountancy firm with a network of
practices strategically placed throughout England, Wales and
Scotland, offering tax and general business advice.

Located in Bedfont Road, Feltham Middlesex, Airbase Services
Limited's nature of business is airline support.


ALCAST BUILDERS: Taps Tenon Recovery to Administer Assets
---------------------------------------------------------
S.R. Thomas and S.J. Parker of Tenon Recovery were appointed
joint administrators of Alcast Builders Limited (Company Number
4493309) on May 2.

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

Alcast Builders Limited -- http://www.alcast.co.uk/-- is  
engaged in construction.


AVEXAR LIMITED: Names Joint Administrators from Wilson Pitts
------------------------------------------------------------
D.F. Wilson and J.N.R. Pitts of Wilson Pitts were appointed
joint administrators of Avexar Limited (Company Number 05177787)
on April 28.

The administrators can be reached at:

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

Avexar Limited can be reached at:

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


BABS INTERNATIONAL: Meeting of Creditors Slated for May 18
----------------------------------------------------------
Creditors of BABS International Limited (Company Number
04067239) will meet at 11:00 a.m. on May 18 at:

         Devonshire House
         60 Goswell Road
         London EC1M 7AD
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims before noon of May 17 at:

         N.J. Miller
         Joint Administrative Receiver
         Devonshire House
         60 Goswell Road
         London EC1M 7AD
         United Kingdom

Kingston Smith -- http://www.kingstonsmith.co.uk/-- specializes  
in advising owner-managed businesses adn the people behind them.
The top 20 UK firm has over 400 people, including 45 partners,
based in six offices in London and the South East, and was
founding member of KS International, a network of over 100
offices in 49 countries around the world.  It was originally
formed in 1923.


CAPITOL WINDOW: Creditors' Meeting Slated for May 19
----------------------------------------------------
Creditors of Capitol Window Systems Limited (Company Number
02256188) will meet at 11:00 a.m. on May 19 at:

         Unity Business Services LLP
         Unity House
         Clive Street
         Bolton BL1 1ET
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims before noon of May 18 at:

         M.C. Bowker and S. Payne
         Joint Administrators
         Unity Business Services LLP
         Unity House
         Clive Street
         Bolton BL1 1ET
         United Kingdom
         Tel: 01204 395000
         Fax: 01204 383999
         E-mail: matthewbowker@ubsg.co.uk


CLEAN GLO: Meeting of Creditors Set on May 22
---------------------------------------------
Creditors of Clean Glo Limited (Company Number 03030620) will
meet at 10:00 a.m. on May 22 at:

         Vantis plc
         4th Floor
         Southfield House
         11 Liverpool Gardens
         Worthing BN11 1RY
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submit their proofs of claim to:

        Colin Ian Vickers and Nicholas Hugh O'Reilly
        Joint Administrators
        Vantis plc
        4th Floor
        Southfield House
        11 Liverpool Gardens
        Worthing BN11 1RY
        United Kingdom

Headquartered in West Sussex, Vantis Numerica (nka Vantis plc) -
- http://www.vantisplc.com/-- provides accounting, business and  
tax advisory services in the United Kingdom.


EDEN CONCEPT: Creditors' Meeting Slated for May 19
--------------------------------------------------
Creditors of Eden Concept Limited (Company Number 04687984) will
meet at 11:00 a.m. on May 19 at:

         Tenon Recovery
         Ferryboat Lane
         Sunderland SR5 3JN
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims before noon of May 18 at:

         Ian William Kings
         Administrator
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland SR5 3JN
         United Kingdom

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


EUROTUNNEL: French Regulator Suspends Stock Trading
---------------------------------------------------
The French regulatory authority, Autorite des Marches
Financiers, decided to suspend Eurotunnel shares from trading on
the Euronext exchange in Paris on May 15.

Eurotunnel confirmed it is in advanced negotiations towards a
global financial restructuring for the group with the Ad Hoc
Committee of Creditors, and with the Goldman Sachs and Macquarie
groups.

Eurotunnel will keep the market informed of progress in these
discussions and, in the event, of the conclusion of an
agreement.

Eurotunnel obtained on April 26, a third extension of its credit
waiver through July 12.  The group disclosed that negotiations
continue with the creditors who voted for the extension.

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a  
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.  

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.


EYESAGLOW LTD: Meeting of Creditors Set on May 19
-------------------------------------------------
Creditors of Eyesaglow Ltd. (Company Number 02743122) will meet
at 11:30 a.m. on May 19 at:

         Tenon Recovery
         3rd Floor
         Lyndean House
         43-48 Queens Road
         Brighton BN1 3XB
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims before noon of May 18 at:

         A.J. Pear
         Joint Administrator
         Tenon Recovery
         3rd Floor
         Lyndean House
         43-46 Queens Road
         Brighton BN1 3XB
         United Kingdom
         Tel: 01273 725566
         Fax: 01273 724502

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


HAFFENDEN MOULDING: Purico Ltd. Taps Begbies Traynor Receivers
--------------------------------------------------------------
Purico Limited appointed Paul Finnity and Richard A.B. Saville
of Begbies Traynor joint administrative receivers of The
Haffenden Moulding Company (Company Number 2079451) on May 2.

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

The Haffenden Moulding Company Limited --
http://www.haffenden.com/-- offers expertise in the production  
of high quality moldings in both rubber and engineering
thermoplastics.


HUSON LIMITED: Creditors Pass Winding Up Resolution
---------------------------------------------------
Creditors of Huson Limited passed a resolution to wind up the
company's operations during members' extraordinary general
meeting on March 17.

Subsequently, Robert Derek Smailes and Stephen Blandford Ryman,
of Rothman Pantall & Co., were appointed Joint Liquidators.

Rothman Pantall & Co. -- http://www.rothman-pantall.co.uk/--  
was established in 1955 as a general accountancy practice, and
has grown to its present 18 offices across the South of England.

The company can be reached at:

         Huson Limited
         Guildhall Market
         Bath BA2 4AW
         United Kingdom
         Tel: 01225 425 640


I.D. MAILING: Creditors Agree to Voluntary Liquidation
------------------------------------------------------
I.D. Mailing Limited is liquidating its assets after creditors
decided to wind up the company's operations on March 13.

Gary Steven Pettit and Peter John Windatt, of BRI Business
Recovery and Isovency, were appointed Joint Liquidators.

Located in Northamptonshire, id Mailing Limited --
http://www.id-mailing.co.uk/-- provides high-volume direct-mail  
fulfillment services for major retail and trade clients across
the U.K.


IFR 2004: Brings In Joint Liquidators from BDO Stoy
---------------------------------------------------
Geoffrey Stuart Kinlan and Anthony David Nygate, of BDO Stoy
Hayward LLP, were named Joint Liquidators of IFR 2004 Limited on
Feb. 23.

Chairman N. Dunlop disclosed that the company could no longer
continue its operations due to financial liabilities.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the U.K. member  
firm of BDO International, the world's fifth largest accountancy
network with more than 600 offices in 100 countries.

The company can be reached at:

         IFR 2004 Limited
         Unit A The Anderson Centre
         Spitfire Close
         Ermine Business Park Huntingdon
         Cambridgeshire PE29 6XY
         United Kingdom
         Tel: 01480 411 022
         Fax: 01480 411 082


INCO LTD: Increases Offer for Falconbridge's Assets
---------------------------------------------------
The respective Boards of Directors of Inco Limited and
Falconbridge Limited have unanimously agreed to an increase in
the value of Inco's friendly offer to acquire all of the
outstanding common shares of Falconbridge by CDN$5 to CDN$51.17
share.  The share component of the consideration remains
unchanged.

Rachelle Younglai at Reuters reports, Inco increased the cash  
component of its original CDN$12 billion offer for Falconbridge,  
boosting the total value of the deal to CDN$19 billion.

"The enhanced terms reflect the change in metal market dynamics  
and the additional value created in Falconbridge because of
higher metal prices," said Scott Hand, Chairman and Chief
Executive Officer of Inco Limited.  "They also demonstrate our
continuing conviction that combining Inco and Falconbridge to
create the great company that the new Inco will be is in the
best interests of shareholders of both companies over the long
term."

"This is the right deal with the right company," said Derek  
Pannell, Chief Executive Officer of Falconbridge Limited.  "The  
mining world has long understood that Inco and Falconbridge are  
logical partners and this has only been underscored by the  
improved metals market environment.  Falconbridge has been  
actively creating value for its shareholders and that value is  
reflected in this enhanced offer."

"The added cash will provide our shareholders with about  
CDN$1.9 billion more in value compared with the original deal  
negotiated with Inco," Mr. Pannell added.  "In addition, the  
tangible synergies available to the combined company are much  
greater under current metals prices than previously estimated
and are focused directly on enhancing our operating platform,
rather than simply eliminating corporate overlap and jobs.  
Assuming completion of this deal, Falconbridge shareholders will
own approximately 47% of the combined company and will continue
to benefit from increased earnings due both to higher metals
prices and to the very significant operating synergies that will
result from combining our two great companies."

"Our new offer demonstrates our commitment to realize the  
outstanding value that only the combination of these two
companies can offer," Mr. Hand continued.  "At the same time, as
we work aggressively to complete the Falconbridge transaction,
Inco will continue to evaluate appropriate strategic
alternatives that would serve the best interests of our
shareholders."

                 Terms of the Support Agreement

Under the terms of the revised support agreement, Inco will
offer CDN$51.17 in cash or 0.6927 of an Inco Common Share plus
CDN$0.05 in cash for each Falconbridge common share.  
Falconbridge's common shareholders will have the right to elect
to receive all cash or all Inco Common Shares -- plus CDN$0.05
per Falconbridge Common Share -- subject to pro ration based
upon the maximum amount of cash and Inco Common Shares offered.  

Under the terms of this offer, the maximum amount of cash to be
paid by Inco will be approximately CDN$4.8 billion, and the
maximum number of Inco Common Shares to be issued will be
approximately 201 million, taking into account the conversion of
Falconbridge's outstanding convertible debt securities and
outstanding share options.  Assuming full pro ration of these
maximum amounts, this would mean CDN$12.50 in cash and 0.524 of
an Inco Common Share for each Falconbridge Common Share subject
to the offer.

The revised support agreement also provides for the payment of a  
fee of up to US$450 million to Inco by Falconbridge in the event  
that the acquisition is not completed for the reasons set forth
in the original agreement.

At the time the acquisition was announced on Oct. 11, 2005, the  
two companies estimated that synergies and cost savings
resulting from their combination would total US$350 million per
year as a result of improved efficiencies and better use of
resources, primarily in the Sudbury basin.  Because the improved
efficiencies will result in higher throughput, the total value
of the synergies increases with higher metals prices.  Using
current analyst consensus prices, the annual synergies increase
to US$375 million and the total net present value of the
synergies increases to US$2.8 billion, and would be even higher
using today's commodity prices.

"The recent gains in copper and nickel markets and their  
outstanding prospects going forward make our transaction look
even better today than when it was first announced," said Mr.
Hand.

The Inco-Falconbridge combination will create a mining and
metals powerhouse, with outstanding growth prospects and a truly
unique opportunity to create significant value for shareholders
going forward.  "As we have said, the combined company will have
some of the best mines and project pipelines in nickel and
copper, two metals we believe have the best economic
fundamentals over the next few years," said Mr. Hand.

The new Inco will create:

   * the world's largest nickel producer, with pro forma
     combined estimated 2006 nickel output of 815 million
     lbs, forecast to climb to approximately one billion lbs
     in 2009;

   * a leading copper producer, with pro forma combined
     estimated 2006 production of 1.4 billion lbs, and the
     potential to almost double production by 2011;

   * a diversified base metals company, with excellent positions  
     in cobalt, zinc, platinum-group metals and aluminum;

   * a leading position in combined estimated proven and
     probable nickel mineral reserves from both sulphide and
     nickel laterite deposits and a leading portfolio of
     existing and greenfield nickel properties;

   * a globally diverse company with extensive operations in
     North and South America, Asia, the South Pacific and
     Europe;

   * a financially robust company with pro forma combined
     revenues of approximately US$4 billion for the three months
     ended March 31, 2006 and pro forma combined cash flow from  
     operations before changes in working capital of US$971
     million for the same period;

   * a "best-in-class" management team and global workforce.

"This transaction will benefit not just the shareholders of both  
companies but other stakeholders as well, including our
employees and the communities where we operate," says Mr. Hand.  
"We've been extremely gratified by the broad-based stakeholder
support that we have received since we announced this
acquisition."

Inco and Falconbridge continue to work with the U.S. Department
of Justice and the European Commission in connection with their  
respective reviews of our pending transaction.

Based on current First Call consensus mean estimates, this  
transaction would be significantly accretive to Inco in the
first full year after the acquisition from a cash flow
perspective, and accretive from an earnings perspective.  It
will allow Inco to retain its investment grade credit rating.

Assuming all Falconbridge common shares are tendered, on  
completion of the transaction current Inco shareholders would
hold approximately 53% and former Falconbridge shareholders
would hold approximately 47% of the fully diluted Inco common
shares, in addition to the CDN$4.8 billion aggregate cash
consideration to be received by Falconbridge shareholders.

The Board of Directors of Falconbridge has unanimously
determined that the offer is fair from a financial point of view
and will recommend that its shareholders accept the offer from
Inco.  CIBC World Markets, Falconbridge's financial advisor, has
provided an opinion to the Falconbridge Board of Directors that
the offer is fair from a financial point of view. Morgan
Stanley, RBC Capital Markets, and Goldman Sachs & Co., Inco's
financial advisors, have each provided an opinion to the Inco
Board of Directors that the offer is fair from a financial point
of view.

Inco has received sufficient commitments from the Morgan
Stanley, Goldman, Sachs & Co., Royal Bank of Canada and Bank of
Nova Scotia organizations to finance the cash portion of the
offer.

Mailing to Falconbridge shareholders of the terms of the revised  
Offer and the recommendation of the Falconbridge Board of  
Directors' Circular in support of the revised Offer is expected
to occur in the next two weeks.  The Offer is subject to certain  
conditions of completion, including receipt of all necessary  
regulatory clearances and acceptance of the Offer by
Falconbridge shareholders owning not less than 66-2/3% of the
Falconbridge common shares on a fully diluted basis.  Once the
66-2/3% acceptance level is met, Inco intends, but is not
required, to take steps to acquire all outstanding Falconbridge
common shares.

Morgan Stanley, RBC Capital Markets and Goldman, Sachs & Co. are  
acting as financial advisors to Inco and CIBC World Markets is  
acting as financial advisor to Falconbridge.  Osler, Hoskin, &  
Harcourt and Sullivan & Cromwell LLP are acting as legal
advisors to Inco and McCarthy Tetrault are acting as legal
advisors to Falconbridge.

                       About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited   
(TSX:FAL.LV; NYSE:FAL) -- http://www.falconbridge.com/-- is a   
leading copper and nickel company with investments in fully  
integrated zinc and aluminum assets.  Its primary focus is the  
identification and development of world-class copper and nickel  
orebodies.  It employs 14,500 people at its operations and
offices in 18 countries.  The Company owns nickel mines in
Canada and the Dominican Republic and operates a refinery and
sulfuric acid plant in Norway.  It is also a major producer of
copper (38% of sales) through its Kidd mine in Canada and its
stake in Chile's Collahuasi mine and Lomas Bayas mine.  Its
other products include cobalt, platinum group metals, and zinc.
  
                           About Inco

Inco Limited (TSX, NYSE:N - News News) -- http://www.inco.com/-
- is the world's no. 2 producer of nickel, which is used
primarily for manufacturing stainless steel and batteries.  Inco
also mines and processes copper, gold, cobalt, and platinum
group metals.  It makes nickel battery materials and nickel
foams, flakes, and powders for use in catalysts, electronics,
and paints.  Sulphuric acid and liquid sulphur dioxide are
produced as byproducts.  The company's primary mining and
processing operations are in Canada, Indonesia, and the UK.

                          *     *     *

Standard & Poor's Ratings Services placed its 'BB+' rating on
Inco's US$250 million subordinated convertible debentures in
March 2003.


J. RAY: Creditors' Meeting Slated for May 19
--------------------------------------------
Creditors of J. Ray (Wholesale) Limited (Company Number 2528063)
will meet at 11:00 a.m. on May 19 at:

         68 Ship Street
         Brighton BN1 1AE
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims before noon of May 18 at:

         William Jeremy and Jonathan Knight
         Administrators
         Jeremy Knight & Co
         68 Ship Street
         Brighton BN1 1AE
         United Kingdom
         Tel: 01273 203654
         Fax: 01273 206056
         E-mail: jknight@mistral.co.uk


LANSBURY WEST: Financial Woes Prompt Liquidation
------------------------------------------------
Creditors of Lansbury West Properties Limited resolved to
liquidate the company's assets after proving that the company
could no longer continue its operations due to mounting debts.

They authorized Peter Gotham, of Begbies Traynor, to liquidate
the company's assets.

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

The company can be reached at:

         Lansbury West Properties Limited
         33 East India Dock Road
         London E14 6HX
         United Kingdom
         Tel: 020 7987 0139
         Fax: 020 7536 7564


MSC COMMODITIES: Creditors Confirm Voluntary Liquidation
--------------------------------------------------------
Creditors of MSC Commodities Limited confirmed the company's
voluntary liquidation after a winding up resolution was passed
during members' extraordinary general meeting on March 7.

Creditors also ratified the appointment of Nedim Ailyan as
Liquidator.

The company can be contacted at:

         MSC Commodities Limited
         Hillbroad Farm
         Braxted Road
         Great Braxted Witham
         Essex CM8 3EW
         United Kingdom
         Tel: 01621 890 300
         Fax: 01621 894 152


NRG VICTORY: Chapter 15 Petition Summary
----------------------------------------
Petitioner: Alan Boyce
            Chief Executive Officer
            NRG Victory Reinsurance Ltd.
            Charter House, Park Street
            Ashford, Kent TN24 8EQ
            United Kingdom

Debtor: NRG Victory Reinsurance Ltd.
        Charter House, Park Street
        Ashford, Kent TN24 8EQ
        United Kingdom

Case No.: 06-11052

Type of Business: The Debtor is a reinsurance company in the
                  United Kingdom.  It ceased its underwriting
                  operations in 1993.

Chapter 15 Petition Date: May 12, 2006

Court: Southern District of New York (Manhattan)

Judge: James M. Peck

Petitioner's Counsel: Sara M. Tapinekis, Esq.
                      Andrew P. Brozman, Esq.
                      David A. Sullivan, Esq.
                      Clifford Chance US LLP
                      31 West 52nd Street
                      New York, New York 10019
                      Tel: (212) 878-8569
                      Fax: (212) 878-8375

Estimated Assets: More than US$100 Million

Estimated Debts:  More than US$100 Million


RANK GROUP: Buys Back 450,000 Ordinary Shares for Cancellation
--------------------------------------------------------------
The Rank Group Plc bought back 450,000 ordinary shares of 10
pence in the Company on May 11 for cancellation at an average
price of 223.375 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.


RANK GROUP: Executive Director David Boden Steps Down
-----------------------------------------------------
The Rank Group Plc disclosed that David Boden, an executive
director and managing director of the company's gaming division,
will step down from the board with immediate effect and will
leave the Group at the end of May 2006.  

Ian Burke, chief executive of Rank, will assume direct
responsibility for the management of the Group's gaming
division.

Rank Chairman Alun Cathcart expressed, "On behalf of the Board I
would like to thank David for the contribution he has made to
Rank over the years in helping to build its strong positions in
the U.K. bingo and casino markets.  We wish him every success in
the future."                              

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.


* 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, Liv Arcipe, 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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