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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, June 6, 2006, Vol. 7, No. 111

                            Headlines

A U S T R I A

BAWAG PSK: Agrees to Pay US$108 Million to Refco Investors


A L B A N I A

PROCREDIT BANK: Fitch Affirms Foreign Currency IDR at B+


B O S N I A   &   H E R Z E G O V I N A

PROCREDIT BANK: Fitch Affirms Individual Rating at D/E


F I N L A N D

BENEFON OYJ: Octagon & Benecap Decreased Equity Holding


F R A N C E

CF GOMMA: Silver Point & Pugliese Submit Rescue Offers
EUROTUNNEL GROUP: Clarifies Receipt of Alternative Plans
SITRONICS FINANCE: Fitch Rates US$200 Million Bond at B-/R4
TRAILOR SA: Court Rules on Supervised Six-Month Administration


G E R M A N Y

A.M. IMMOBILIEN: Claims Filing Period Ends June 16
AMS GMBH: Claims Registration Ends June 9
FISCHER ELEKTROMECHANIK: Meeting of Creditors Set for July 4
GWF GRUNDWERT: Claims Filing Period Ends June 12
FRESENIUS MEDICAL: Renal Care Subpoenaed on Stock Option Program

HANS SCHLUPF: Creditors' Meeting Slated for July 12
HERBERT & THOMAS: Claims Filing Period Ends June 12
HERMANN LANGBEIN: Claims Registration Ends June 12
PHONIX GMBH: Claims Filing Period Ends June 13
RONNENBERG MASCHINEN: Creditors' Meeting Slated for July 5

UNICTAINMENT GMBH: Claims Registration Ends June 12


H U N G A R Y

PANNONPLAST RT: Closes EUR6.7 Million Polifoam Equity Sale


I R E L A N D

MDM INTERNATIONAL: Moody's Rates New Notes at Ba3/NP


I T A L Y

FIAT SPA: Special Stockholders' Meeting Slated for June 22
PARMALAT SPA: Investors File Amended Complaint in New York Court


K A Z A K H S T A N

AGATT: Creditors Must File Claims by June 16
AITEKE BI: Creditors Must File Claims by June 16
ALBAKOM: Creditors Must File Claims by June 16
ANGEL-SITI: Creditors' Claims Due June 16
EMBAMUNAIJONDEU: Atyrau Court Sets June 16 Claims Bar Date

GAMILTON: Pavlodar Court Sets June 16 Claims Bar Date
GUTIERRA-PV: Proof of Claim Deadline Slated for June 16
KOMEK: Proof of Claim Deadline Slated for June 16
SHAHTONALADKA: Claims Registration Ends June 16
SPESSVYAZKOMPLEKT: Claims Registration Ends June 16

TURANALEM FINANCE: Fitch Rates US$250 Million Eurobond at BB+


L U X E M B O U R G

RUSSIAN STANDARD: Moody's Rates Loan Participation Notes at Ba2


N E T H E R L A N D S

ARRAN CORPORATE: Moody's Rates Two Note Classes at Low-B
E-MAC: Fitch Assigns BB Rating to EUR2.2 Million Class E Notes
ROMPETROL GROUP: Eyes US$30 Million International Investment


R U S S I A

ALNASHSKOYE REPAIR-TECHNICAL: S. Gorodilova to Manage Assets
BAZARNO-KARABULAK-AGRO-PROM-KHIMIYA: Court Hearing Set June 15
BUILDING ASSEMBLY 8: A. Borovitchenko Named to Manage Assets
KALININSK-AGRO-PROM-KHIMIYA: Court Starts Bankruptcy Supervision
KOROCHANSKAYA SEL-KHOZ-TEKHNIKA: V. Bushuev to Manage Assets

OLONGRINSKIY: Court Taps N. Postnikov to Manage Assets
PAVLOVO-POSADSKOYE: Bankruptcy Hearing Slated for June 21
PROCREDIT BANK: Fitch Maintains Foreign Currency IDR at BB-
SAFONOV-GRAIN-PRODUCT: Court Begins Bankruptcy Supervision
STROY-INDUSTRY: Court Names E. Ganchukov as Insolvency Manager

TRANSCREDIT BANK: S&P Revises Outlook to Positive


U K R A I N E

E.A. LOGISTIC: Court Names Pavlo Duplika Insolvency Manager
GALKOTLOSERVICE: Oleg Oprishko Named to Manage Insolvency Assets
KIYIVSKA: Court Names Dmitro Zadruzhnij as Liquidator
POPASNA BREAD: Vyacheslav Letskan to Liquidate Assets
TRADE CLUB: Rivne Court Taps Pavlo Duplika to Manage Assets

TRAK-MAGISTRAL: Kyiv Court Names S. Dyachenko as Liquidator
VENTA: Kyiv Court Names Mikola Korinko Insolvency Manager
VIKAVIT: Court Appoints Ilona Kuzyahmetova as Liquidator


U N I T E D   K I N G D O M

BLUES DIGITAL: Creditors' Meeting Slated for June 20
BUCKFASTLEIGH COMMERCIALS: Appoints Administrator from Marriotts
CABLE & WIRELESS: Employee Share Trustees Sell 41,867 Shares
CHILTERN HANDLING: Appoints Menzies as Administrators
CLARK & CO.: Creditors Confirm Voluntary Liquidation

CLAYTON PEARSON: Names David Kaye as Administrator
CRC COMMERCIAL: Taps PricewaterhouseCoopers to Administer Assets
COCO FINANCE: Moody's Rates EUR65.7-Mln Class E Notes at (P)Ba2
EMERALD AIRWAYS: Brings In KPMG to Administer Assets
EUROTUNNEL GROUP: Clarifies Receipt of Alternative Plans

GLOBAL INVOICE: Hires Vantis as Joint Liquidators
LIFE SCIENCES: March 31 Stockholders' Deficit Down to US$9.6-Mln
NEWGATE FUNDING: Moody's Assigns Provisional Ratings to RMBS
PHASE 2: Creditors Pass Winding Up Resolution
PREMIER RESIN: Taps G.W. Rhodes to Liquidate Assets

QUARTER JACKS: NatWest Taps Begbies Administrative Receivers
R.A.D. JIG: Financial Woes Prompt Liquidation
R.Y.B. MARINE: Begbies Traynor Named as Administrative Receivers
RAINFORD REAL: Hires Kroll as Joint Administrators
RANK GROUP: Repurchases 850,000 Ordinary Shares for Cancellation

REFCO INC: Investors Settle Claims v. BAWAG for US$108 Million
REFCO INC: Case Summary & 50 Largest Unsecured Creditors
ROADMENDER LIMITED: Names Joint Liquidators to Wind Up Business
SHIELD SPECIALIST: Brings In Liquidator from Begbies Traynor
SPECIALIST SERVICES: Winds Up Business & Names Liquidator

VEGA FREIGHT: Hires Liquidator from hjs Recovery
WAVENEY WORKFORCE: Begins Liquidation Procedure

* Large Companies with Insolvent Balance Sheets

                            *********

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A U S T R I A
=============  


BAWAG PSK: Agrees to Pay US$108 Million to Refco Investors
----------------------------------------------------------
Austrian bank BAWAG P.S.K. Group has agreed to settle with
institutional investors who are lead plaintiffs in an ongoing
securities fraud class action stemming from the bank's role in
the collapse of U.S. futures broker Refco Inc.

BAWAG's settlement comes as the bank agreed to a $675 million
global payment announced by the U.S. Attorney for the Southern
District of New York to resolve a federal investigation of BAWAG
for its part in the Refco scandal.

BAWAG has agreed to pay $108 million to Refco stock and bond
purchasers, with the possibility of an additional $32 million
depending on a possible future sale of the bank.  The payments
will settle investor claims arising from BAWAG's participation
in a scheme to conceal hundreds of millions of dollars in
related party receivables on Refco's balance sheet.  This scheme
enabled Refco to complete a $600 million bond offering in August
2004, and a $583 million IPO in August 2005, and caused
investors to pay excessive prices for Refco's securities in
subsequent open market transactions.

A week after reporting a previously undisclosed $430 million
debt by its former CEO Phillip Bennett, Refco filed for
bankruptcy last October 17 in the Southern District of New York.

Lead plaintiffs in the class action are:

   -- Pacific Investment Management Company LLC, a Refco bond
      purchaser, and

   -- RH Capital Associates LLC, an equity purchaser.

The investors are jointly represented by leading securities and
corporate governance law firms Grant & Eisenhofer, P.A. and
Bernstein Litowitz Berger & Grossmann LLP.

The plaintiffs have agreed that a portion of BAWAG's obligations
can be satisfied by payments received from a restitution fund
established by the U.S. Attorney for victims of the Refco fraud.
Under the agreement, BAWAG is obligated to pay the entire $108
million to the extent that payments from any restitution fund
fall short.  The settlement is subject to approval by Federal
Judge Gerard E. Lynch in New York, who is overseeing the Refco
securities litigation.

The settlement with BAWAG comes less than four months after lead
plaintiffs were appointed in February, a remarkably swift
resolution in a securities litigation.  In fact, defendants had
until July 10 to submit their motions to dismiss the case.

"We are very pleased with BAWAG's agreement to so quickly settle
claims arising from its part in the Refco debacle," said Grant &
Eisenhofer named partner Stuart M. Grant.  "This is a positive
first step in providing compensation to investors who were
scammed by Refco's management and directors, along with its
financial advisors, auditor and other professionals."

John P. Coffey of Bernstein Litowitz, added, "In addition to a
terrific monetary recovery, the settlement requires BAWAG to
cooperate fully with our ongoing prosecution against other
defendants.  This is already aiding our efforts in that regard."

Only months after Refco went public last fall, the company
collapsed when it was disclosed that Mr. Bennett had hidden a
$430 million loan from the company's books.  BAWAG's role in the
scandal became evident after reports that the bank gave Mr.
Bennett a $420 million loan just before the previously
unreported debts became public.  Mr. Bennett was indicted on
eight felony counts, including making false filings with the SEC
and conspiracy to commit securities fraud.

In addition to Mr. Bennett and Refco's former board of
directors, the remaining defendants in the securities class
action include:

   -- the company's former auditor Grant Thornton LLP;

   -- its majority owner private equity firm Thomas H. Lee
      Partners L.P.; and

   -- several investment banks that sold Refco securities to
      public investors, including Goldman Sachs, Credit Suisse
      and Bank of America.

In addition to Stuart Grant, co-lead counsel for plaintiffs
include James Sabella and Megan McIntyre of Grant & Eisenhofer,
and Max Berger and Sean Coffey of Bernstein Litowitz.

                     About Grant & Eisenhofer

Wilmington, DE and New York-based Grant & Eisenhofer --
http://www.gelaw.com/-- represents institutional investors and
shareholders nationally in securities class actions, corporate
governance actions and derivative litigation.  The firm has
recovered more than $2 billion for shareholders in the last five
years and was named one of the Top 5 firms for shareholder
recovery in 2005 by Institutional Shareholder Services.
Currently, Grant & Eisenhofer is lead counsel in shareholder
securities cases against Tyco, Global Crossing, Parmalat, Marsh
& McLennan and Refco.  In 2005, the firm published the
Shareholder Activism Handbook, a practical guide for
shareholders on corporate governance matters.  Grant &
Eisenhofer has also obtained major corporate governance
settlements in shareholder cases against News Corp., Health
South and Siebel Systems.

                     About Bernstein Litowitz

Bernstein Litowitz Berger & Grossmann LLP --
http://www.blbglaw.com/-- with offices in New York, California,
New Jersey and Louisiana, prosecutes class and private actions
nationwide on behalf of institutional investors.  Specializing
in securities fraud, corporate governance and shareholders'
rights litigation, the firm has obtained some of the largest
recoveries in history, including WorldCom, a case resolved for
$6.15 billion against WorldCom's former auditor, Arthur
Andersen.  Other major recoveries include Cendant and Nortel,
cases resolved for $3.2 billion and $1.3 billion, respectively.

                         About Refco Inc.

Based in New York, New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.  
Refco is one of the largest global clearing firms for
derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.

                           About BAWAG

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

                        *     *     *

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

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

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

These ratings were downgraded as part the rating action:

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

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

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

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

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

These ratings are under review for possible downgrade:

   -- BAWAG P.S.K.: bank financial strength rating of D-;
   -- BAWAG P.S.K.: long-term debt and deposit


==============  
A L B A N I A
==============  


PROCREDIT BANK: Fitch Affirms Foreign Currency IDR at B+
--------------------------------------------------------
Fitch Ratings affirmed Albania-based ProCredit Bank Sh.a.'s
foreign currency Issuer Default rating B+; Short-term foreign
currency B; local currency IDR BB-; Short-term local currency B;
Individual D/E; and Support 4.  The Outlook is Stable.

The IDR, Short-term and Support ratings of ProCredit bank is
based on Fitch's view of the potential support it is likely to
receive from its owners in case of need.  The ratings take into
account the centralized control and risk management by ProCredit
Holding and the bank's high degree of integration within the
ProCredit group.  

However, the potential support and hence the ratings are
constrained by the potential country risk of Albania.

ProCredit Holding is the largest shareholder in ProCredit
Albania with stake of some 33%. The ProCredit banks' other
shareholders consist of private and public investors.

The Individual rating of the bank reflects difficult local
operating environments.  In addition, the bank face rising
credit and potentially operational risk.  The bank capital ratio
is also set to remain under pressure in the medium term, due to
planned balance sheet growth.  However, the Individual rating
also take into account its good asset quality and effective risk
management to date.

Fitch notes that upward movement in the bank's Individual rating
could result from an improvement in its operating environment,
as well as an increase in critical mass, which, in turn, should
boost internal capital generation.

A sharp deterioration in capitalization could result in a
downgrade of the bank's Individual rating.

ProCredit Holding was set up in 1998 by a Frankfurt-based
consulting firm to invest in a global network of ProCredit
banks.  Private and public investors to provide financing to
micro- and SME customers established these banks.  The ProCredit
network consists of 19 banks in Eastern Europe, Latin America
and Africa.  At end-March 2006, the group's total assets were
EUR2.4 billion.  

ProCredit Holding's responsibilities include all major group
functions, including strategic decisions, risk management
controls and group supervision.  ProCredit Holding is not
regulated as a banking group.  However, the ProCredit banks are
regulated in their respective countries.


=======================================
B O S N I A   &   H E R Z E G O V I N A
=======================================


PROCREDIT BANK: Fitch Affirms Individual Rating at D/E
------------------------------------------------------
Fitch Ratings affirmed Bosnia & Herzegovina-based ProCredit Bank
d.d.'s foreign currency IDR B; Short-term foreign currency B;
local currency IDR B+; Short-term local currency B; Individual
D/E; and Support 4.  The Outlook is Stable.

The IDR, Short-term and Support ratings of the bank are based on
Fitch's view of the potential support it is likely to receive
from its owners in case of need.  The ratings take into account
the centralized control and risk management by ProCredit Holding
and the bank's high degree of integration within the ProCredit
group.  

However, the potential support and hence the ratings are
constrained by the potential country risk of Bosnia &
Herzegovina.

ProCredit Holding is the largest shareholder in ProCredit Bosnia
& Herzegovina with stake of some 57%.  The ProCredit bank's
other shareholders consist of private and public investors.

The Individual rating of ProCredit BiH reflect its still small
size in absolute terms, large amount of shareholder funding, and
difficult local operating environments.  In addition, the bank
face rising credit and potentially operational risk.  The bank
capital ratio is also set to remain under pressure in the medium
term, due to planned balance sheet growth.

However, the Individual rating also takes into account the
bank's good asset quality and effective risk management to date.

Fitch notes the upward movement in the bank's Individual ratings
could result from an improvement in its operating environment,
as well as an increase in its critical mass, which, in turn,
should boost internal capital generation.

In the case of ProCredit BiH, further development of its funding
franchises would also be positive rating factor.  A sharp
deterioration in capitalization could result in a downgrade of
the bank's Individual rating.

ProCredit Holding was set up in 1998 by a Frankfurt-based
consulting firm to invest in a global network of ProCredit
banks.  Private and public investors to provide financing to
micro- and SME customers established these banks.  The ProCredit
network consists of 19 banks in Eastern Europe, Latin America
and Africa.  At end-March 2006, the group's total assets were
EUR2.4 billion.  

ProCredit Holding's responsibilities include all major group
functions, including strategic decisions, risk management
controls and group supervision.  ProCredit Holding is not
regulated as a banking group.  However, the ProCredit banks are
regulated in their respective countries.


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


BENEFON OYJ: Octagon & Benecap Decreased Equity Holding
-------------------------------------------------------
Octagon Solutions Limited decreased its holding of Benefon Oyj's
registered share capital and voting rights below one-fourth from
26.65% to 21.97%.

In addition, Benecap Limited withdrew its holding of the
company's registered share capital and voting rights below one
tenth (1/10) from 12.11% to zero.

Consequently, holding of Octagon Solutions Limited, Octagon
Capital Limited and Benecap Limited, that are under common
control, of registered share capital voting rights has dropped
below one third (1/3) from 39.84% to 21.97%.

The changes relate to earlier agreed share transfers within the
investor group led by Octagon Solutions Ltd. and transfer of
shares subscribed by Benecap Limited in the directed share issue
of Benefon on January 2006 to investors providing the
subscription funds to Benecap.

Also, Ashland Partners' holding of company's registered share
capital and voting rights has exceeded one twentieth and raised
to 5.72%.

Headquartered in Salo, Finland, Benefon Oyj --
http://www.benefon.com/-- provides mobile telematics solutions  
saving lives, securing assets and improving field management.  

At Dec. 31, 2005, Benefon Oyj's balance sheet showed EUR4.97 in
total assets and EUR7.30 million in total liabilities, resulting
in a EUR2.33 million stockholders' deficit.


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


CF GOMMA: Silver Point & Pugliese Submit Rescue Offers
------------------------------------------------------
U.S. hedge fund Silver Point and Italian company Pugliese have
expressed interests in taking over CF Gomma Barre Thomas S.A.'s
Rennes Site, Les Echos says.

Silver Point is offering to provide:

   -- an immediate EUR60 million investment into the site; and
   -- EUR10 million annual investment until 2009.

On the other hand, Pugliese, which specializes in automobile
electronics, is offering to:

   -- provide an immediate EUR10 million investment for CF
      Gomma;

   -- inject EUR9 million into CF Gomma's Polish unit;

   -- retain 1,400 of CF Gomma's 1,9000 employees; and

   -- repay CF Gomma's EUR70 million debt within 10 years.

According to Les Echos, employees are favoring Silver Point's
offer, mainly due to the U.S. group's history of turning around
troubled companies.  The daily added that talks are reportedly
underway to diversify CF Gomma's client base.

Pugliese's top honcho Massimo Pugliese had claimed that his
company already struck a deal with CF Gomma's shareholders.  He
added that he is currently awaiting a decision from the
Commercial Court of Nantes over the agreement.

The Commercial Court of Nantes placed rubber car component
supplier CF Gomma Barre Thomas S.A. under receivership in
December 2005.  The company booked EUR1.3 million in losses in
the first half of 2005.  The company has been seeking to reduce
fixed costs by cutting jobs while looking for a buyer.

Headquartered in Rennes, France, CF Gomma Barre Thomas S.A. --
http://www.cfgomma.com/-- supplies rubber automotive parts to  
former parent PSA Peugeot-Citroen, which accounts 95% of its
sales.  


EUROTUNNEL GROUP: Clarifies Receipt of Alternative Plans
--------------------------------------------------------
Eurotunnel Group confirmed that it did not officially contacted
nor received any alternative restructuring plan from any other
financial institution as of June 4, 2006.

The binding agreement Eurotunnel signed with the Ad Hoc
Committee on May 23 and financed by the consortium, Goldman
Sachs, Barclays and Macquarie, envisages a reduction of the
initial debt, reducing it from GBP6.2 billion to GBP2.9 billion.  
The group stressed that any alternative solution should, in
terms of debt write off, have at least the same ambition.

According to press reports, Citigroup Inc. proposed an
alternative restructuring plan for Eurotunnel Group rivaling
that of Goldman Sachs and Macquarie Bank.  The proposal valued
Eurotunnel at approximately GBP4.5 billion.

                     Rebel Bondholders

Disgruntled bondholders, holding Eurotunnel's GBP1.9 billion of
lowest-ranking debts and advised by Close Brothers, alleged that
company chairman Jacques Gounon is trying to do a back-door sale
of the tunnel operator to Goldman Sachs and Macquarie Bank
without proper competitive process, Alistair Osborne writes for
The Telegraph.

According to Ingrid Mansell of The Times, Eurotunnel challenged
the rebel bondholders on Sunday to come up with an alternative
financial restructuring plan that would write off at least 53%
of the company's GBP6.2 billion debt.

Shareholders will convene on July 12 to vote on Mr. Gounon's
restructuring plan.

                     Other Clarifications

The Company clarified that the members of the Ad Hoc committee
signed a confidentiality agreement in August 2004 prior to
entering negotiations with the company.

Goldman Sachs, Macquarie and Barclays signed similar
confidentiality agreements in the light of the discussions,
which have led to the recently announced agreements.

The company also disclosed that none of the bond holders signed
a confidentiality agreement as a bond holder, notably due to the
fact that would lead to a ban on trading in the markets, for
both debt and equity.  

However, Close Brothers, advisors to some bondholders, signed a
confidentiality agreement on June 23, 2005, resulted in them
having permanent access to the Group's financial and operational
information.

                        About the Company

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.

                        *     *     *

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faces
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.


SITRONICS FINANCE: Fitch Rates US$200 Million Bond at B-/R4
-----------------------------------------------------------
Fitch Ratings assigned Sitronics Finance S.A.'s US$200 million
7.875% notes due 2009 a R4 recovery rating and affirmed the bond
at senior unsecured B-.  Concern Sitronics JSC unconditionally
and irrevocably guaranteed the notes.

The R4 rating is based on the bespoke analysis of the company's
asset base available to meet the claims of bondholders.  The
rating reflects average recovery prospects in the event of
default.  Recovery ratings for Russian corporates are capped at
R4.

Sitronics is the largest technology company in Russia and CIS
and a niche player in the world market.  It has four major
divisions: infocommunications, specializing in telecom equipment
and software; microelectronic components; consumer electronics
and IT.


TRAILOR SA: Court Rules on Supervised Six-Month Administration
--------------------------------------------------------------
The Commercial Court of Nancy placed Trailor S.A. under court-
supervised administration for six months, Les Echos reports.

Trailor filed for insolvency on June 1 due to financial
difficulties.  The group sold its Luneville plant to Azimuth in
April 2004 and had recently resumed in-house operations of
several businesses that had been subcontracted, Les Echos said.  

According to the daily, Trailor boasts of an expanded product
range and a well-filled order book.

Headquartered in Luneville, France, Trailor S.A. manufactures
semi-trailer cars.


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


A.M. IMMOBILIEN: Claims Filing Period Ends June 16
--------------------------------------------------
Creditors of A. M. Immobilien GmbH have until June 16 to
register their claims with court-appointed provisional
administrator Dr. Jorg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on July 4, 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 Wuppertal
         Meeting Room A234
         2nd Floor
         Isle 2
         42103 Wuppertal, 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 Wuppertal opened bankruptcy proceedings
against A. M. Immobilien GmbH on May 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         A. M. Immobilien GmbH
         Attn: Axel Moller, Manager
         Bauermannskulle 51
         42657 Solingen, Germany

The administrator can be reached at:

         Dr. Jorg Bornheimer
         Tower Yard 15
         42103 Wuppertal, Germany


AMS GMBH: Claims Registration Ends June 9
-----------------------------------------
Creditors of AMS GmbH have until June 9 to register their claims
with court-appointed provisional administrator Axel Klages.

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

The meeting of creditors will be held at:

         The District Court of Osnabrueck
         N 301
         Kollegienwall 10
         49074 Osnabrueck, 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 Osnabrueck opened bankruptcy proceedings
against AMS GmbH on May 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         AMS GmbH
         Fuerstenauer Way 99
         49090 Osnabrueck, Germany

         Attn: Andreas Meyer, Manager
         Repkamp 1
         49593 Bersenbrueck, Germany

The administrator can be reached at:

         Axel Klages
         Schlossstrasse 26
         49074 Osnabrueck, Germany
         Tel: 0541/77063-0
         Fax: 0541/77063-33
         E-mail: info@kanzlei-tbk.de


FISCHER ELEKTROMECHANIK: Meeting of Creditors Set for July 4
------------------------------------------------------------
The court-appointed provisional administrator for Fischer
Elektromechanik GmbH, Franz-Joachim Sessig, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 7:45 a.m. on July 4.

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

         The District Court of Weilheim
         Meeting Room E 020
         Welheim, 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 June 14 to register their claims with the
court-appointed provisional administrator.

The District Court of Weilheim opened bankruptcy proceedings
against Fischer Elektromechanik GmbH on May 11.  Consequently,
all pending proceedings against the company have been
automatically stayed

The Debtor can be reached at:

         Fischer Elektromechanik GmbH
         Grubmuehlerfeldstr. 54
         82131 Gauting, Germany
                 
The administrator can be reached at:

         Franz-Joachim Sessig
         Brienner Road 46
         80333 Munich, Germany
         Tel: 089/5794910
         Fax: 089/57949129


GWF GRUNDWERT: Claims Filing Period Ends June 12
------------------------------------------------
Creditors of GWF Grundwert-Gesellschaft Werner-Alfred-Bad mbH &
Co.KG have until June 12 to register their claims with court-
appointed provisional administrator Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:35 p.m. on June 21, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Niebuell
         Hall 1
         Law Court Sylter Bogen 1 A
         25899 Niebuell, Germany

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

The District Court of Niebuell opened bankruptcy proceedings
against GWF Grundwert-Gesellschaft Werner-Alfred-Bad mbH & Co.KG
on May 15.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         GWF Grundwert-Gesellschaft Werner-Alfred-Bad
         mbH & Co.KG
         Attn: Wolfgang Jocks, Manager
         Mooringer Wai 2
         25920 Risum-Lindholm, Germany

The administrator can be reached at:

         Berthold Brinkmann
         Sechslingspforte 2
         22087 Hamburg, Germany


FRESENIUS MEDICAL: Renal Care Subpoenaed on Stock Option Program
----------------------------------------------------------------
Renal Care Group, Inc., a wholly owned subsidiary of Fresenius
Medical Care AG & Co. KgaA, has received a subpoena from the
United States Attorney's Office for the Southern District of New
York requesting documents relating to grants of stock options by
Renal Care Group during the period from when Renal Care Group
was formed in 1996 through the present.  

Fresenius Medical Care completed the acquisition of Renal Care
Group on March 31.

Based on Fresenius Medical Care's confidence in the management
of Renal Care Group, the Company believes that Renal Care
Group's option program was appropriately administered.  On
behalf of Renal Care Group, Fresenius Medical Care will
cooperate with the U.S. Attorney's office to resolve this matter
expeditiously.

Fresenius Medical Care AG -- http://www.fmc-ag.com/-- is the  
world's largest, integrated provider of products and services
for individuals undergoing dialysis because of chronic kidney
failure, a condition that affects more than 1,300,000
individuals worldwide.  Through its network of approximately
1,645 dialysis clinics in North America, Europe, Latin America,
Asia-Pacific and Africa, Fresenius Medical Care provides
dialysis treatment to approximately 128,200 patients around the
globe.  Fresenius Medical Care is also the world's leading
provider of dialysis products such as hemodialysis machines,
dialyzers and related disposable products.  Fresenius AG holds
approximately 37% of Fresenius Medical Care AG & Co. KgaA's
capital.

                        *     *     *

As reported in the TCR-Europe on April 5, Moody's Investors
Service affirmed all ratings of Fresenius AG and subsidiary
Fresenius Medical Care & Co KGaA.  Moody's also affirmed
Fresenius AG's:

   -- Corporate family rating of Ba2;
   -- EUR1 billion of senior notes rated Ba2; and
   -- EUR87.9 million of senior notes rated Ba2

Fresenius Medical Care & Co KgaA's:

   -- Corporate Family Rating of Ba2;
   -- Senior credit facility rated Ba2; and
   -- Trust Preferred securities rated B1.

As reported in the TCR-Europe on April 4, Standard & Poor's
Ratings Services assigned a BB' senior secured debt rating to
Fresenius Medical Care KGaA's US$4.6 billion facilities, which
were put in place to finance the acquisition of Renal Care Group
Inc. (RCG; BB-/Positive/--).

At the same time, Standard & Poor's lowered its long-term
corporate credit ratings on the Germany-based health-care
companies, FMC and its parent Fresenius AG to 'BB' from 'BB+',
following U.S. antitrust clearance for FMC's acquisition of
U.S.-based health-care company Renal Care.  The ratings were
removed from CreditWatch, where they were originally placed on
May 4, 2005.  S&P said the outlook is negative.


HANS SCHLUPF: Creditors' Meeting Slated for July 12
---------------------------------------------------
The court-appointed provisional administrator for Hans Schlupf
GmbH, Alexander Bergfeld, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:50 a.m. on July 12.

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

         The District Court of Nuernberg
         Meeting Room 152/I
         Flaschenhofstr. 35
         Nuernberg, Germany

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

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

The District Court of Nuernberg opened bankruptcy proceedings
against Hans Schlupf GmbH on May 11.  Consequently, all pending
proceedings against the company have been automatically stayed

The Debtor can be reached at:

         Hans Schlupf GmbH
         Attn: Hans Schlupf, Manager
         Neumarkter Road 23
         90602 Pyrbaum, Germany
       
The administrator can be reached at:

         Alexander Bergfeld
         Peuntgasse 3
         90402 Nuernberg, Germany
         Tel: 0911/27980-0
         Fax: 0911/27980-90


HERBERT & THOMAS: Claims Filing Period Ends June 12
---------------------------------------------------
Creditors of Herbert & Thomas Hensler Rohrleitungsbau GmbH & Co.
Betriebs KG have until June 12 to register their claims with
court-appointed provisional administrator Peter Jost.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 3, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Homburg
         Room E 36
         Steinkaut 10-12
         61352 Bad Homburg, 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 Bad Homburg opened bankruptcy proceedings
against Herbert & Thomas Hensler Rohrleitungsbau GmbH & Co.
Betriebs KG on May 5.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Herbert & Thomas Hensler Rohrleitungsbau
         GmbH & Co. Betriebs KG
         Attn: Herbert and Thomas Hensler, Managers
         Weisskreuzweg 6
         61350 Bad Homburg v.d. Hohe, Germany

The administrator can be reached at:

         Peter Jost
         Pfingstweidstr. 3
         60316 Frankfurt, Germany
         Tel: 069/2097390
         Fax: 069/20973929


HERMANN LANGBEIN: Claims Registration Ends June 12
--------------------------------------------------
Creditors of Hermann Langbein GmbH have until June 12 to
register their claims with court-appointed provisional
administrator Steffen Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 19, 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 Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Road 28         
         Ludwigsburg, 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 Ludwigsburg opened bankruptcy proceedings
against Hermann Langbein GmbH on May 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hermann Langbein GmbH
         Attn: Hermann Langbein, Manager
         Schillerstr. 34
         71522 Backnang, Germany

The administrator can be reached at:

         Steffen Beck
         Danneckerstr. 52
         70182 Stuttgart, Germany
         Tel: (0711) 238890


PHONIX GMBH: Claims Filing Period Ends June 13
----------------------------------------------
Creditors of Phonix GmbH & Co. KG have until June 13 to register
their claims with court-appointed provisional administrator
Heiko Rautmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on July 5, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall E
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg, 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 Magdeburg opened bankruptcy proceedings
against Phonix GmbH & Co. KG on May 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Phonix GmbH & Co. KG
         Attn: Patrick Kruschel, Manager
         Stadtfeld 1-2
         39240 Calbe, Germany

The administrator can be reached at:

         Heiko Rautmann
         Editharing 31
         39108 Magdeburg, Germany
         Tel: 0391/5066030
         Fax: 0391/5066033


RONNENBERG MASCHINEN: Creditors' Meeting Slated for July 5
----------------------------------------------------------
The court-appointed provisional administrator for Ronnenberg
Maschinen und Gerate GmbH, Andre Schirrmeister, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:20 a.m. on July 5.

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

         The District Court of Magdeburg
         Hall E
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg, 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 June 13 to register their claims with the
court-appointed provisional administrator.

The District Court of Magdeburg opened bankruptcy proceedings
against Ronnenberg Maschinen und Gerate GmbH on May 10.  
Consequently, all pending proceedings against the company have
been automatically stayed

The Debtor can be reached at:

         Ronnenberg Maschinen und Gerate GmbH
         Wolfsholz 2
         38855 Wernigerode, Germany

         Attn: Horst Ronnenberg, Manager
         Brabeck Str. 167
         30539 Hanover, Germany
        
The administrator can be reached at:

         Andre Schirrmeister
         Magdeburger Str. 23
         06112 Halle, Germany
         Tel: 0345/2308811
         Fax: 0345/2311199


UNICTAINMENT GMBH: Claims Registration Ends June 12
---------------------------------------------------
Creditors of Unictainment GmbH have until June 12 to register
their claims with court-appointed provisional administrator
Hans-Jorg Derra.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 21, 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 Neu-Ulm
         Meeting Room 211
         Heiner-Metzger-Place 1
         II Stock
         Neu-Ulm, 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 Neu-Ulm opened bankruptcy proceedings
against Unictainment GmbH on May 11.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Unictainment GmbH
         Lilienthalstr. 19a
         89231 Neu-Ulm, Germany

The administrator can be reached at:

         Hans-Jorg Derra
         Frauenstrasse 14
         89073 Ulm, Germany
         Tel: 0731/922880
         Fax: 0731/9228888


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


PANNONPLAST RT: Closes EUR6.7 Million Polifoam Equity Sale
----------------------------------------------------------
Pannonplast Group closes the disposal of its 51% stake in
plastic foam unit Polifoam to German foam maker Trocellen GmbH
following the payment of the EUR6.7 million purchase price.

The Furukawa Electric Co., Ltd. and Otsuka Chemical Co., Ltd.
own the purchaser, Trocellen GmbH.  

Deloitte acted as financial advisor to Pannonplast in the sale.

Early in 2005, Pannonplast also sold its 50% stake in Pannonpipe
Kft. to co-owner Pipelife International GmbH to focus on its
consumer packaging business and slash debt by HUF2.8 billion.

Headquartered in Budapest, Hungary, Pannonplast Muanyagipari Rt.
-- http://www.pannonplast.hu/-- manufactures a wide range of  
plastic-finished Products.  It trimmed its annual losses
drastically to HUF216 million in 2005 from HUF1.6 billion in
2004 despite booking a 17% decline in revenues.  CEO Balazs
Szabo, which took over in September 2004, has been cutting costs
and selling units to restore the company's profitability.


=============
I R E L A N D
=============


MDM INTERNATIONAL: Moody's Rates New Notes at Ba3/NP
----------------------------------------------------
Moody's Investors Service has assigned a Ba3 long-term foreign
currency rating to the Loan Participation Notes (Notes) to be
issued by, but with limited recourse to, MDM International
Funding Plc (Ireland).  The outlook for this rating is stable.

MDM Bank is headquartered in Moscow, Russian Federation, and
reported total assets of US$4.8 billion under IFRS as of
Dec. 31, 2005.  MDM International Funding Plc is MDM Bank's
special purpose vehicle domiciled in Ireland.


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


FIAT SPA: Special Stockholders' Meeting Slated for June 22
----------------------------------------------------------
Holders of Fiat S.p.A.'s savings shares will convene a Special
Stockholders' Meeting at:

         Fiat Historical Center
         Via Chiabrera 20
         10126 Turin, Italy

at 11:00 a.m. on:

         First Call       June 22, 2006
         Second Call      June 23, 2006
         Third Call       June 26, 2006

to resolve the appointment of the savings share holders' common
representative and determination of his/her compensation.

As provided under Article 8 of the company's Articles of
Association, holders of voting rights may attend or be
represented at meetings after obtaining from the authorized
intermediary documentary evidence testifying that the shares
were deposited at least two non-holidays before the date set for
the meeting and therefore that they are entitled to attend.

For easier assessment of their entitlement to vote, rights
holders who wish to attend the meeting must show a copy of the
communication that their respective intermediaries issued, and
are obliged to make available, to the Company.

The broad stockholder base of savings shares normally allows a
regular constitution of the Special Stockholders Meeting for
holders of savings shares exclusively on the third call and that
no postponement notice can be published in due time.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial  
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                        *     *     *

In August 2005, S&P revised its outlook on Fiat to stable from
negative.  At the same time, it affirmed its 'BB-' long-term and
'B' short-term corporate credit ratings on the group.

As reported in the TCR-Europe on Feb. 10, Fitch Ratings has
changed the Outlook on Fiat S.p.A.'s 'BB-' Senior Unsecured
rating to Stable from Negative.  The agency has at the same time
affirmed the Senior Unsecured and Short-term 'B' ratings.  EUR6
billion of debt is affected by this Rating action.  The Outlook
change is underpinned by early signs that the restructuring plan
is on track, the stabilization of Fiat Auto's market shares in
late 2005 and the successful resolution of a number of credit
issues.


PARMALAT SPA: Investors File Amended Complaint in New York Court
----------------------------------------------------------------
Lawyers leading a securities class action against Parmalat have
filed a fresh motion seeking permission to amend their complaint
to assert claims against Parmalat S.p.A., the entity that
recently emerged from Extraordinary Administration Proceedings,
akin to U.S. bankruptcy, in Italy.  

Until recently, the class plaintiffs were prevented from filing
claims against Parmalat Finanziaria and its subsidiaries and
affiliates, or Old Parmalat, due to a stay issued in the Italian
bankruptcy proceedings against all creditors, including class
plaintiffs, and also a preliminary injunction issued by the U.S.
bankruptcy court against all creditors and class plaintiffs.  
The newly filed complaint allows Parmalat investors who lost
billions of dollars in the dairy giant's fraud-soaked collapse
to seek claims against the company itself.

In October 2005, the court in Parma, Italy issued a decree
approving a "composition" or agreement with Old Parmalat's
creditors causing Parmalat S.p.A. to formally succeed Old
Parmalat and triggering the transfer of Old Parmalat's assets
and liabilities to New Parmalat.  Thus, unlike U.S. bankruptcy,
Parmalat S.p.A., or "New Parmalat" did not get a "fresh start"
with its pre-petition debts being discharged.  Rather, it
emerged with the assets and liabilities of its predecessor
companies that were not discharged in the Extraordinary
Administration.  

In its first official prospectus, New Parmalat recognized that
plaintiffs in the United States securities class action could
assert claims against it in the United States.  For these
reasons, lead plaintiffs moved for leave to assert federal
securities fraud claims against New Parmalat based on the
actions of Old Parmalat and its officers, directors, statutory
auditors and others prior to Extraordinary Administration.  

The amended complaint was filed in U.S. District Court for the
Southern District of New York.  Grant & Eisenhofer represents
Parmalat shareholders, including UK-based Hermes Focused Asset
Management Europe Ltd.  Law firm Cohen Milstein Hausfeld & Toll,
P.L.L.C. represents Parmalat's former bondholders.

"Our new filing is an important milestone in this case - for the
first time since the rapid implosion of Parmalat nearly three
years ago, investors have the opportunity and the right to seek
compensation from the company itself, an option that was not
available while Parmalat was in bankruptcy proceedings in
Italy," said Stuart Grant, name partner at Grant & Eisenhofer.

As alleged in the original securities fraud complaint, during
the Class Period - January 5, 1999 through December 18, 2003
(and thus prior to the Extraordinary Administration) - those
individuals, along with Old Parmalat's banks and accounting
firms, structured and participated in a panoply of fraudulent
schemes designed to hide Old Parmalat's growing debts to third
parties and artificially inflate its assets, revenues and
ultimately, the market prices of its securities.   

The scheme culminated in Old Parmalat's financial collapse when
it was revealed that the company's total consolidated debt had
been understated by nearly US$10 billion and its total net
assets (or shareholder equity) had been overstated by US$16.4
billion.  Parmalat, an international food and dairy company,
filed for bankruptcy in Italy in December 2003.

The amended complaint also contains new allegations against
accounting Grant Thornton LLP (which had previously been
dismissed from the case) showing that it controlled its U.S.
affiliate, defendant Grant Thornton International, which had
participated in the fraud.  Plaintiffs also amended their claims
against Credit Suisse First Boston (now known as Credit Suisse)
and added new claims against related entities Credit Suisse
First Boston International (now known as Credit Suisse
International), Credit Suisse First Boston (Europe) Limited (now
known as Credit Suisse Securities (Europe) Limited), and Credit
Suisse Group, for their direct participation in, or control of
entities that participated in, the fraud.

A Copy of Parmalat's 412-Page Third Amended Consolidated Class
Action Complaint is available for free at
http://researcharchives.com/t/s?a8f

                      About Grant & Eisenhofer

Wilmington, Delaware and New York-based Grant & Eisenhofer --
http://www.gelaw.com/-- represents institutional investors and  
shareholders nationally in securities class actions, corporate
governance actions and derivative litigation.  The firm has
recovered more than US$2 billion for shareholders in the last
five years and was named one of the Top 5 firms for shareholder
recovery in 2005 by Institutional Shareholder Services.  
Currently, Grant & Eisenhofer is lead counsel in shareholder
cases against Tyco, Global Crossing, Parmalat, Marsh & McLennan
and Refco.

                          About Parmalat

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

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

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

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


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


AGATT: Creditors Must File Claims by June 16
--------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Agatt insolvent on March 21.

Creditors have until June 16 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai Region
         Tarana Str. 157
         Kostanai   
         Kostanai Region
         Kazakhstan


AITEKE BI: Creditors Must File Claims by June 16
------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Aiteke Bi insolvent.  

Creditors have until June 16 to submit written proofs of claim
to:

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


ALBAKOM: Creditors Must File Claims by June 16
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Albakom insolvent on March 28.

Creditors have until June 16 to submit written proofs of claim
to:

         LLP Albakom
         Micro District Musheltoi 12-59
         Taldykorgan  
         Almaty Region
         Kazakhstan
         Tel: 8 (3282) 30-00-22


ANGEL-SITI: Creditors' Claims Due June 16
-----------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Angel-Siti insolvent on March 29.

Creditors have until June 16 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar Region
         Dostoyevskogo Str. 72
         Pavlodar, Kazakhstan
         Tel: 8 (3182) 32-91-97


EMBAMUNAIJONDEU: Atyrau Court Sets June 16 Claims Bar Date
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Embamunaijondeu insolvent.  

Creditors have until June 16 to submit written proofs of claim
to:

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


GAMILTON: Pavlodar Court Sets June 16 Claims Bar Date
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Gamilton insolvent on March 29.  

Creditors have until June 16 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar Region
         Dostoyevskogo Str. 72
         Pavlodar, Kazakhstan
         Tel: 8 (3182) 32-91-97


GUTIERRA-PV: Proof of Claim Deadline Slated for June 16
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Gutierra-PV insolvent on March 29.  

Creditors have until June 16 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar Region
         Dostoyevskogo Str. 72
         Pavlodar, Kazakhstan
         Tel:  8 (3182) 32-91-97


KOMEK: Proof of Claim Deadline Slated for June 16
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Komek insolvent on March 28.

Creditors have until June 16 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai Region
         Tarana Str. 157  
         Kostanai
         Kostanai Region
         Kazakhstan


SHAHTONALADKA: Claims Registration Ends June 16
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Shahtonaladka insolvent on March 23.
Creditors have until June 16 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai Region
         Tarana Str. 157  
         Kostanai
         Kostanai Region
         Kazakhstan
  

SPESSVYAZKOMPLEKT: Claims Registration Ends June 16
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Spessvyazkomplekt insolvent on April 4.

Creditors have until June 16 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai Region
         Tarana Str. 157
         Kostanai
         Kostanai Region
         Kazakhstan
   

TURANALEM FINANCE: Fitch Rates US$250 Million Eurobond at BB+
-------------------------------------------------------------
Fitch Ratings placed TuranAlem Finance B.V.'s US$250 million
7.75% eurobond issue due April 2013 a final Long-term BB+
rating.  

The issue is guaranteed by Kazakhstan's Bank TuranAlem, rated
foreign currency Issuer Default BB+/Stable, local currency
Issuer Default BBB-/Stable, Short-term foreign currency B,
Short-term local currency F3, Individual C/D and Support 3.

The issue was made within the framework of BTA's and TAF's US$3
billion global medium-term note program, rated Long-term BB+ for
senior unsecured foreign currency notes with maturities in
excess of one year and Short-term B for senior unsecured foreign
currency notes with maturities of less than one year.  

BTA was the second largest commercial bank in Kazakhstan by IFRS
assets at end-2005, and has top three positions in all major
market segments.  The bank's common stock is owned primarily by
a number of Kazakh investors, but Raiffeisen Zentralbank, the
European Bank for Reconstruction and Development, the
International Finance Corporation and Nederlandse Financierings
- Maatschappij Voor Ontwikkelingslanden own convertible
preferred shares.


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


RUSSIAN STANDARD: Moody's Rates Loan Participation Notes at Ba2
----------------------------------------------------------------
Moody's has assigned a Ba2 rating to the USD350,000,000 8.625%
Loan Participation Notes due 2011 issued by Russian Standard
Finance S.A.

The Notes were issued by the SPV to fund a loan to the closed
joint stock company, Russian Standard Bank, a bank established
under the laws of the Russian Federation.  The SPV will account
to the Noteholders only for amounts equivalent to principal and
interest, if any, received from RSB under the Facility
Agreement.

The Ba2 rating of the Notes is based primarily on:

   -- the ability of RSB, the ultimate obligor in respect of
      payments under the Notes, to make timely payments of
      interest and ultimate payment of principal on the Loan;
      and

   -- the charge and assignment of rights and interests by the
      SPV to the Trustee for the benefit of Noteholders under
      English law.

According to Moody's, the Notes may become payable in the event
that RSB's rating is downgraded following a reorganization
event, such as a merger, accession, division, separation or
transformation.  As one of the financial covenants, RSB is
obliged to maintain -- unless such a requirement is waived -- a
ratio of capital to risk-weighted assets at a pre-specified
level inversely related to RSB's ratings.  

Moody's notes that, while the likelihood of any of the above
covenants being triggered is relatively low, any occurrence
could potentially have adverse liquidity implications for RSB
and might exert additional downward pressure on its ratings.

Russian Standard Finance S.A. is a special purpose company set
up in the Grand Duchy of Luxembourg for the purpose of issuing
loan participation notes.  


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


ARRAN CORPORATE: Moody's Rates Two Note Classes at Low-B
--------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
issued by Arran Corporate Loans No.1 B.V.:

   -- (P)Aaa to the GBP2,884,000,000 Class A Secured Floating
      Rate Notes due 2025;

   -- (P)Aa2 to the GBP206,500,000 Class B Secured Floating
      Rate Notes due 2025;

   -- (P)A2 to the GBP52,500,000 Class C Secured Floating Rate
      Notes due 2025;

   -- (P)Baa2 to the GBP77,000,000 Class D Secured Floating Rate
      Notes due 2025;

   -- (P)Ba2 to the GBP80,850,000 Class E Secured Floating Rate
      Notes due 2025; and

   -- (P)B2 to the GBP80,150,000 Class F Secured Floating Rate
      Notes due 2025.

Each class of notes may be issued in GBP, EUR and US$.  The
amounts mentioned above are the sterling equivalent of the
aggregate of each class of notes.  The final currency
composition will be decided upon closing.

The provisional ratings of the notes are based upon:

   -- An assessment of the credit quality of the underlying
      entities;

   -- The loss protection provided by the subordination of the
      more junior ranking classes of notes issued by Arran
      Corporate Loans No.1 B.V.;

   -- protection against losses furnished by the first loss
      (3.40 per cent), the excess spread (0.30 percent per
      annum) and the reserve account (up to GBP35,000,000); and

   -- The legal and structural integrity of the transaction.

Arran Corporate Loans No.1 B.V.  is a fully funded synthetic
transaction arranged by the Royal Bank of Scotland plc, in which
investors are exposed to the credit risk related to a portfolio
of loans extended by RBS to U.K. medium and large companies.  

The credit risk transferred by the Royal Bank of Scotland plc
through this transaction is related to a total portfolio of
GBP3.5 billion.  This reference pool is made up initially of 128
separate obligors.  Throughout the 12 month revolving period,
RBS can replenish the portfolio subject to satisfying certain
criteria.  


E-MAC: Fitch Assigns BB Rating to EUR2.2 Million Class E Notes
--------------------------------------------------------------
Fitch Ratings assigned final ratings to E-MAC NL 2006-II B.V.'s
EUR552.2 million floating-rate notes due 2039 as:

   -- EUR528 million Class A mortgage-backed notes: AAA;
   -- EUR8.8 million Class B mortgage-backed notes: AA-;
   -- EUR5.5 million Class C mortgage-backed notes: A-;
   -- EUR7.7 million Class D mortgage-backed notes: BBB-; and
   -- EUR2.2 million Class E: BB.

E-MAC NL 2006-II B.V. is a securitization of Dutch residential
mortgages originated by GMAC RFC Nederland, Atlas Funding B.V.
and Quion 20 B.V.  The servicers are Stater Nederland B.V. in
respect of the mortgage loans originated by GMAC and Atlas, and
Quion Hypotheekbemiddeling B.V. in respect of the ones
originated by Quion 20 B.V.; Stater and Quion are both well-
known third-party servicers in the Netherlands.  

The portfolio consists of first-ranking or first- and
sequentially lower-ranking fixed- and floating-rate mortgages
secured over residential properties located in the Netherlands.

The ratings are based on the quality of the collateral,
available credit enhancement and excess spread, a sound legal
structure, the underwriting and servicing of Stater and Quion,
the liquidity facility, the guaranteed investment contract in
place and the interest rate swap provided by ABN AMRO.

At closing, credit enhancement provided by subordination and the
reserve fund totals 4.4% for the Class A notes, 2.8% for the
Class B notes, 1.8% for the Class C notes and 0.4% for the Class
D notes.  At closing, the uncollateralized EUR2.2 million Class
E notes funds the balance of the reserve account equating to
0.4% of the balance of the A, B, C and D notes.  

The swap rates agreed under the reset swap agreements will be
such that, in respect of the loans the rate of which has been
reset, an excess margin of 35bps before the first put date and
20 bps thereafter will remain after payment of senior expenses
and interest due under the notes.


ROMPETROL GROUP: Eyes US$30 Million International Investment
------------------------------------------------------------
The Rompetrol Group intends to invest US$30 million in 2006 to
develop its international retail distribution network and the
wholesale depot infrastructure as part of its dynamic European
expansion.

"Starting from a Romanian brand well known for quality and
customer care, we've built a regional brand and we are now
concentrating on leveraging its value on a wider scale.  We are
the first multinational company of Romanian origin and our
playground has now expanded from the domestic market to the
entire Europe" TRG Chairman Dinu Patriciu said.

The ongoing integration of Dyneff Group in France and Spain
includes more than 200 company owned and franchised gas stations
and important storage capacities, with plans to build two new
locations in the Arzens area (Southern France).

Rompetrol Bulgaria will increase the number of gas stations by
10 units and will start construction of a 20,000 cm depot near
the capital city of Sofia.  Apart from developing this logistics
base for expansion operations in the region and to supply
products to other partners, the Company will develop its
distribution network by another 20 franchised gas stations.

An investment of about US$7 million is estimated for Albania to
build a Company owned product unloading facility in Porto
Romano, an important access point for the regional market, with
easy access to the Mediterranean Sea.  In addition to this
project the Company will acquire real estate for the
construction of a storage depot and plans to increase the total
number of Rompetrol stations to 20 in order to achieve national
coverage.

The Republic of Moldova distribution network will grow this year
by six units, while in Georgia, apart from the 15 gas stations
leased at the beginning of April (currently in the final re-
branding stage) another five stations will be opened in areas
where Rompetrol does not yet have a presence.

In the near future TRG intends to expand the Fill&Go service to
all international gas station locations, offering this
competitive car fleet management system to its global customers.

TRG's international distribution network development (retail and
wholesale) is also supported by investments of more than US$140
million that the Group planed for the next two years at
Rompetrol Rafinare (its main refining unit, Petromidia
refinery).  The focus will be on environment protection and
modernization projects aimed to increase processing capacity and
product quality, enabling Petromidia to consolidate its success
on the European market where the main competitors are major
international companies.

                      About the Company

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

                        *     *     *

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


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


ALNASHSKOYE REPAIR-TECHNICAL: S. Gorodilova to Manage Assets
------------------------------------------------------------
The Arbitration Court of Udmurtiya Republic appointed Ms. S.
Gorodilova as insolvency manager for OJSC Alnashskoye Repair-
Technical Enterprise (Case No. A71-28/2005-G21).  She can be
reached at:

         S. Gorodilova
         Pushkina Str. 99/19
         Mozhga
         427792, Udmurtiya Republic, Russia

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

The Debtor can be reached at:

         OJSC Alnashskoye Repair-Technical Enterprise
         Mezhevaya Str. 2B
         Alnashi
         427880, Udmurtiya Republic, Russia


BAZARNO-KARABULAK-AGRO-PROM-KHIMIYA: Court Hearing Set June 15
--------------------------------------------------------------
The Arbitration Court of Saratov Region will convene on June 15
at 2:50 p.m. to hear the bankruptcy supervision procedure on
OJSC Bazarno-Karabulak-Agro-Prom-Khimiya (Case No. A57-512B/
05-31).

The Temporary Insolvency Manager is:

         A. Volkov
         Office 504
         Sovetskaya Str. 61
         410056, Saratov Region, Russia

The Debtor can be reached at:

         OJSC Bazarno-Karabulak-Agro-Prom-Khimiya
         Ippodromnaya Str. 6
         Bazarnyj Karabulak
         412600, Saratov Region, Russia


BUILDING ASSEMBLY 8: A. Borovitchenko Named to Manage Assets
------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. A.
Borovitchenko as insolvency manager for CJSC Building Assembly
Enterprise 8 (TIN 6660902615).  He can be reached at:

         A. Borovitchenko
         Post User Box 222
         620141, Ekaterinburg Region, Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-13481/2005-S11.

The Debtor can be reached at:

         CJSC Building Assembly Enterprise 8
         Zarechnyj
         624151, Sverdlovsk Region, Russia


KALININSK-AGRO-PROM-KHIMIYA: Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Arbitration Court of Saratov Region has commenced bankruptcy
supervision procedure on OJSC Kalininsk-Agro-Prom-Khimiya.  The
case is docketed under Case No. A57-599B/05-31.

The Temporary Insolvency Manager is:

         M. Budnyatskiy
         Room 105
         Michurina Str. 98/102
         410028, Saratov Region, Russia

The Arbitration Court of Saratov Region is located at:

         Vvoz Str. 1
         Babushkin
         Saratov Region, Russia

The Debtor can be reached at:

         OJSC Kalininsk-Agro-Prom-Khimiya
         Kalininsk
         Saratov Region, Russia


KOROCHANSKAYA SEL-KHOZ-TEKHNIKA: V. Bushuev to Manage Assets
------------------------------------------------------------
The Arbitration Court of Belgorod Region appointed Mr. V.
Bushuev as insolvency manager for OJSC Korochanskaya Sel-Khoz-
Tekhnika (Case No. A08-6215/05-24B).  He can be reached at:

         V. Bushuev
         Apartment 14
         Yunost 3
         Stary Oskol
         Starooskolskiy Region
         309504 Belgorod Region, Russia

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

The Debtor can be reached at:

         OJSC Korochanskaya Sel-Khoz-Tekhnika
         Miroshnikova Str.
         Alekseevka
         Belgorod Region, Russia


OLONGRINSKIY: Court Taps N. Postnikov to Manage Assets
------------------------------------------------------
The Arbitration Court of Sakha Republic Yakutiya appointed Mr.
N. Postnikov as insolvency manager for CJSC Open-Cast
Olongrinskiy (Case No. A58-2291/05).  He can be reached at:

         N. Postnikov
         ABK 8
         Office 318
         Leningradskaya Str. 28
         620013, Khabarovsk Region, Russia

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

The Debtor can be reached at:

         CJSC Open-Cast Olongrinskiy
         Yuzhno-Yakutskaya Str. 30
         Neryungri
         Sakha Republic Yakutiya, Russia


PAVLOVO-POSADSKOYE: Bankruptcy Hearing Slated for June 21
---------------------------------------------------------
The Arbitration Court of Moscow Region will convene on June 21
at 2:45 p.m. to hear the bankruptcy supervision procedure on
CJSC Pavlovo-Posadskoye (TIN 5035001082).  The case is docketed
under Case No. A41-K2-2280/06.

The Temporary Insolvency Manager is:

         A. Sergovskiy
         Building 1
         Lubyanskiy Pr. 5
         101000, Moscow Region, Russia

The Debtor can be reached at:

         CJSC Pavlovo-Posadskoye
         Alferovo 64B
         Pavlovo-Posadskiy Region
         142516, Moscow Region, Russia


PROCREDIT BANK: Fitch Maintains Foreign Currency IDR at BB-
-----------------------------------------------------------
Fitch Ratings affirmed Serbia-based ProCredit Bank A.D.'s
foreign currency IDR BB-; Short-term foreign currency B; local
currency IDR BB; Short-term local currency B; Individual D/E;
and Support 3.  The Outlook is Stable.

The IDR, Short-term and Support ratings of the bank are based on
Fitch's view of the potential support it is likely to receive
from its owners in case of need.  The ratings take into account
the centralized control and risk management by ProCredit Holding
and the bank's high degree integration within the ProCredit
group.  

However, the potential support and hence the ratings are
constrained by the BB- Country Ceiling of Serbia.

ProCredit Holding is the largest shareholder in ProCredit Serbia
with stake of 53%.  The ProCredit bank's other shareholders
consist of private and public investors.

The Individual ratings of ProCredit Bank A.D. reflects its still
small size in absolute terms, large amount of shareholder
funding, and difficult local operating environment.  In
addition, the bank's capital ratio is also set to remain under
pressure in the medium term, due to planned balance sheet
growth.  However the Individual rating also take into account
the bank's good asset quality and effective risk management to
date.

Fitch notes that upward movement in the bank's Individual rating
could result from an improvement in its operating environment,
as well as an increase in its critical mass, which, in turn,
should boost internal capital generation.

In the case of ProCredit Serbia, further development of its
funding franchises would also be a positive rating factor.  A
sharp deterioration in capitalization could result in a
downgrade of the bank's Individual rating.

ProCredit Holding was set up in 1998 by a Frankfurt-based
consulting firm to invest in a global network of ProCredit
banks.  Private and public investors to provide financing to
micro- and SME customers established these banks.  The ProCredit
network consists of 19 banks in Eastern Europe, Latin America
and Africa.  At end-March 2006, the group's total assets were
EUR2.4 billion.  

ProCredit Holding's responsibilities include all major group
functions, including strategic decisions, risk management
controls and group supervision.  ProCredit Holding is not
regulated as a banking group.  However, the ProCredit banks are
regulated in their respective countries.


SAFONOV-GRAIN-PRODUCT: Court Begins Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Smolensk Region has commenced
bankruptcy supervision procedure on OJSC Safonov-Grain-Product
(TIN 6726000227/672601001).  The case is docketed under Case No.
A62-2165/2005 (653-N/05).

The Temporary Insolvency Manager is:

         P. Domnin
         Apartment 58
         Room 1
         Slavyanskiy Avenue 11
         121352 Moscow Region, Russia

The Debtor can be reached at:

         OJSC Safonov-Grain-Product
         Sennoy Pr. 3
         Safonovo
         Smolensk Region, Russia


STROY-INDUSTRY: Court Names E. Ganchukov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. E.
Ganchukov as insolvency manager for OJSC Stroy-Industry (Case
No. A33-16484/03-s4).  He can be reached at:

         E. Ganchukov
         Post User Box 26420
         660043, Krasnoyarsk Region, Russia

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

The Debtor can be reached at:

         OJSC Stroy-Industry
         Achinsk, Prom.base
         662153, Krasnoyarsk Region, Russia


TRANSCREDIT BANK: S&P Revises Outlook to Positive
-------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Russia-based TransCreditBank (TCB) to positive from stable. At
the same time, the 'B-/C' counterparty credit ratings were
affirmed.
     
"The outlook revision reflects the bank's strengthening
commercial and financial performance, as well as a likely change
in its ownership, which improve the potential for a future
upgrade," said Standard & Poor's credit analyst Ekaterina
Trofimova.
     
The ratings on TCB reflect its weak capitalization; substantial
risk concentrations, in particular in the railway sector; and
the continued high operating and credit risks inherent in the
domestic banking environment. These negative factors are
partially offset by the bank's continued strong strategic and
operational links with Russian Railways (JSC) (RZD; BBB-
/Stable/--), which is the 100% state-owned operator of Russian
railroad infrastructure and the dominant freight and passenger
rail carrier. TCB is the main settlement bank for RZD and its
related companies, which represent 30% of the bank's loans and
liabilities.

Russia's Federal Agency for Management of the Federal Property
took majority control of TCB in February 2003. Currently,
however, the government is considering contributing 75% of the
bank's shares to the equity of RZD. The outcome and timing of
this transfer are uncertain, though, as final approvals by the
government and the president of the Russian Federation are still
pending.
     
"If RZD takes a majority ownership in TCB, the ratings on the
bank will be revised upwards," said Ms. Trofimova.  "The extent
of the resulting rating increase will depend on our assessment
of RZD's support, strategic involvement, and commitment to the
bank."
     
Importantly, the ownership change would remove legal constraints
on the bank's capitalization, as equity injections are not
possible now and would be possible after the change.
     
If the currently discussed share transfer is cancelled or faces
substantial delays, room for an upgrade still remains, depending
on the bank's ability to show sustainable progress in its
financial and commercial performance. A failure to achieve this
progress, higher risk concentrations, or a tighter capital
position could cause the outlook to revert to stable.


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


E.A. LOGISTIC: Court Names Pavlo Duplika Insolvency Manager
-----------------------------------------------------------
The Economic Court of Rivne Region appointed Pavlo Duplika as
Liquidator/Insolvency Manager for LLC E.A. Logistic (code EDRPOU
25317896).  He can be reached at:

         Pavlo Duplika
         Kotlyarevskij Str. 55        
         Drogobich
         82100 Lviv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 13.  The case is docketed
under Case No. 4/5.

The Economic Court of Rivne Region is located at:

         Yavornitski Str. 59
         33001 Rivne Region, Ukraine

The Debtor can be reached at:

         LLC E.A. Logistic
         Dubenska Str. 37
         Rivne Region, Ukraine


GALKOTLOSERVICE: Oleg Oprishko Named to Manage Insolvency Assets
----------------------------------------------------------------
The Economic Court of Lviv Region appointed Oleg Oprishko as
Liquidator/Insolvency Manager for Galkotloservice (code EDRPOU
31074879).  He can be reached at:

         Chinu Str. 7/2 a
         Listopadovogo
         79000 Lviv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
6/30-4/8.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region, Ukraine

The Debtor can be reached at:

         Galkotloservice
         Lublinska Str. 168 a
         Lviv Region, Ukraine


KIYIVSKA: Court Names Dmitro Zadruzhnij as Liquidator
-----------------------------------------------------
The Economic Court of Harkiv Region appointed Dmitro Zadruzhnij
as Liquidator/Insolvency Manager for Agrofirm Kiyivska (code
EDRPOU 30755355).  He can be reached at:

         Dmitro Zadruzhnij
         Room 408
         Pushkinska Str. 5
         61057 Harkiv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 30.  The case is docketed
under Case No. B-19/112-05.

The Economic Court of Harkiv Region is located at:

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

The Debtor can be reached at:

         Agrofirm Kiyivska
         Borivske
         Shevchenkivskij District
         63661 Harkiv Region, Ukraine


POPASNA BREAD: Vyacheslav Letskan to Liquidate Assets
-----------------------------------------------------
The Economic Court of Lugansk Region appointed Vyacheslav
Letskan as Liquidator/Insolvency Manager for LLC Popasna' Bread
Receiving Enterprise (code EDRPOU 00957318).  He can be reached
at:

         Vyacheslav Letskan
         Office 6
         Striletska Str. 4
         01025 Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 16.  The case is docketed
under Case No. 22/7 b.

The Economic Court of Lugansk Region is located at:

         Geroiv VVV Square 3a
         91000 Lugansk Region, Ukraine

The Debtor can be reached at:

         LLC Popasna' Bread Receiving Enterprise
         Chehov Str. 11
         Popasna Str.
         Lugansk Region, Ukraine


TRADE CLUB: Rivne Court Taps Pavlo Duplika to Manage Assets
-----------------------------------------------------------
The Economic Court of Rivne Region appointed Pavlo Duplika as
Liquidator/Insolvency Manager for LLC Trade Club.  He can be
reached at:

         Pavlo Duplika
         Kotlyarevskij Str. 55        
         Drogobich
         82100 Lviv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 2.  The case is docketed
under Case No. 9/19.

The Economic Court of Rivne Region is located at:

         Yavornitski Str. 59
         33001 Rivne Region, Ukraine

The Debtor can be reached at:

         LLC Trade Club
         Pavluchenko Str. 33
         Rivne Region, Ukraine


TRAK-MAGISTRAL: Kyiv Court Names S. Dyachenko as Liquidator
-----------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. S. Dyachenko as
Liquidator/Insolvency Manager for LLC Trak-Magistral (code
EDRPOU 31451115).  He can be reached at:

         S. Dyachenko
         a/b 149
         03055 Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 22.  The case is docketed
under Case No. 43/582.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region, Ukraine

The Debtor can be reached at:

         LLC Trak-Magistral
         Volinska Str. 66-A
         Kyiv Region, Ukraine


VENTA: Kyiv Court Names Mikola Korinko Insolvency Manager
---------------------------------------------------------
The Economic Court of Kyiv Region appointed Mikola Korinko as
Liquidator/Insolvency Manager for LLC VENTA (code EDRPOU
13670564).  He can be reached at:

         Mikola Korinko
         Office 103
         Patris Lumumba Str. 4/6
         01042 Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 31.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region, Ukraine

The Debtor can be reached at:

         LLC Venta
         Naberezhno-Hreshatitska Str. 10-A
         04070 Kyiv Region, Ukraine


VIKAVIT: Court Appoints Ilona Kuzyahmetova as Liquidator
--------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Ilona
Kuzyahmetova as Liquidator/Insolvency Manager for LLC Vikavit
(code EDRPOU 32650488).  She can be reached at:

         Gagarin Avenue 32
         Dnipropetrovsk Region, Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 4.  The case is docketed
under Case No. B 24/39/06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region, Ukraine

The Debtor can be reached at:

         LLC Vikavit
         Kosiora Str. 41/5
         Dnipropetrovsk Region, Ukraine


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


BLUES DIGITAL: Creditors' Meeting Slated for June 20
----------------------------------------------------
Creditors of Blues Digital Visual Limited (Company Number
04911498) will meet at 10:30 a.m. on June 20 at:

         Irwin & Company
         Station House
         Midland Drive
         Sutton Coldfield
         West Midlands B72 1TU
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on June 19 at:

         G. Irwin
         Administrator
         Irwin & Company
         Station House
         Midland Drive
         Sutton Coldfield
         Birmingham
         West Midlands B72 1TU
         United Kingdom
         Tel: 08700 111812
         Fax: 08700 111813
         E-mail: mail@irwinuk.net


BUCKFASTLEIGH COMMERCIALS: Appoints Administrator from Marriotts
----------------------------------------------------------------
Anthony Harry Hyams of Marriotts LLP was appointed administrator
of Buckfastleigh Commercials Limited (Company Number 02880798)
on April 5.

The administrator can be contacted at:

         Marriotts LLP
         Allan House
         10 John Princes St
         London W1G 0AH
         United Kingdom
         Tel: 020 7495 2348  

Headquartered in Torquay, United Kingdom, Buckfastleigh
Commercials Limited offers motor maintenance and repairs.


CABLE & WIRELESS: Employee Share Trustees Sell 41,867 Shares
------------------------------------------------------------
The Trustees of Cable and Wireless PLC Employee Share Ownership
Trust disposed of 41,867 Ordinary Shares at a price of GPB0.9725
per share on May 26.

Following the disposal, 50,766,217 Ordinary Shares are held
under the Trust.  

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

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

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

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

                        *     *     *

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

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


CHILTERN HANDLING: Appoints Menzies as Administrators
-----------------------------------------------------
Jason James Godefroy and Andrew Gordon Stoneman of Menzies
Corporate Restructuring were appointed joint administrators of
Chiltern Handling & Distribution Limited (Company Number
02285388) on May 16.

Headquartered in London, Menzies Corporate Restructuring --
http://www.menzies.co.uk/-- is a member of Moores Rowland  
International, an association of independent accounting firms
throughout the world with some 20,800 partners and staff,
operating from 628 offices in 92 countries.

Headquartered in Aldbury Tring, United Kingdom, Chiltern
Handling & Distribution Limited -- http://www.chad.uk.net/-- is  
engaged in storage and packaging.


CLARK & CO.: Creditors Confirm Voluntary Liquidation
----------------------------------------------------
Creditors of Clark & Co. (Engineers) Grimsby Ltd. confirmed the
company's voluntary liquidation during an extraordinary general
meeting on March 17.

Creditors also ratified the appointment of Allan Cooper and John
Russell, of The P&A Partnership, as Joint Liquidators.

The company can be reached at:

         Clark & Co. (Engineers) Grimsby Ltd.
         Womersley Road
         Grimsby South Humberside DN31 3SJ
         United Kingdom
         Tel: 01472 341355


CLAYTON PEARSON: Names David Kaye as Administrator
--------------------------------------------------
David N. Kaye of Crawfords was appointed administrator of
Clayton Pearson Engineering (Blackpool) Limited (Company Number
02816351) on May 12.

The administrator can be contacted at:

         Crawfords
         Stanton House
         41 Blackfriars Road
         Salford
         Manchester
         Greater Manchester M3 7DB
         United Kingdom
         Tel: 0161 828 1000
         Fax: 0161 832 1829

Clayton Pearson Engineering (Blackpool) Limited can be reached
at:

         3 Back St. Heliers Road
         Blackpool FY1 6JG
         United Kingdom
         Tel: 01253 404 780
         Fax: 01253 347 114


CRC COMMERCIAL: Taps PricewaterhouseCoopers to Administer Assets
----------------------------------------------------------------
Robert Jonathan Hunt and David Matthew Hammond of
PricewaterhouseCoopers LLP were appointed joint administrators
of CRC Commercial & Industrial Recruitment Limited (Company
Number 04519860) on May 10.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides, among others, auditing services, accounting advice,
tax compliance and consulting, financial consulting and advisory
services to clients in a variety of industries.  

CRC Commercial & Industrial Recruitment Limited --
http://www.crconline.co.uk/-- offers local employment for all  
types of job vacancies, telesales work, sales jobs and all legal
secretarial jobs in and around Northampton, Daventry and Rugby,
UK. CRC provide the best jobs for office, temporary and
permanent staffing solutions that meet your requirements better
and faster.


COCO FINANCE: Moody's Rates EUR65.7-Mln Class E Notes at (P)Ba2
---------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
related to CoCo Finance 2006-1 PLC transaction:

   -- (P)Aaa to the EUR500,000 Class A+ Secured Floating Rate
      Notes due October 2016;

   -- (P)Aaa to the EUR58.5 million Class A Secured Floating
      Rate Notes due October 2016;

   -- (P)Aa2 to the EUR72 million Class B Secured Floating Rate
      Notes due October 2016;

   -- (P)A2 to the EUR45 million Class C Secured Floating Rate
      Notes due October 2016;

   -- (P)Baa2 to the EUR40.5 million Class D Secured Floating
      Rate Notes due October 2016;

   -- (P)Ba2 to the EUR65.7 million Class E Secured Floating
      Rate Notes due October 2016.

Also rated is the EUR4.126 billion Senior Counterparty
Guarantee, which is pari-passu with the Class A+.

The provisional ratings of the notes are based upon:

   -- An assessment of the credit quality of the underlying
      entities;

   -- The loss protection provided by the subordination, if any,
      of the more junior ranking classes of notes issued by CoCo
      Finance 2006-1 PLC;

   -- The protection against losses furnished by the threshold
      amount (2.04 percent); and

   -- The legal and structural integrity of the transaction.

CoCo Finance 2006-1 PLC is a partially funded synthetic
transaction, arranged by Commerzbank AG London, in which
investors are exposed to the credit risk related to a portfolio
of reference claims granted to corporate entities, including
financial institutions.  

The credit risk transferred by Commerzbank AG through this
transaction is related to a total portfolio of EUR4.5 billion.  
Throughout the replenishment period of five years, Commerzbank
will be bound by certain concentration limits with regards to
the portfolio.  


EMERALD AIRWAYS: Brings In KPMG to Administer Assets
----------------------------------------------------
Brian Green and Richard Dixon Fleming of KPMG LLP were appointed
joint administrators of Emerald Airways Limited (Company Number
2723459) and Emerald Airways Engineering Ltd. (Company Number
2406284) on May 11.

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

Emerald Airways Limited and Emerald Airways Engineering Ltd. can
be reached at:

         Hangar 2
         Blackpool Airport
         Blackpool
         Lancashire FY4 2QS
         United Kingdom
         Tel: 01253 404 615
         Fax: 01253 349 049


EUROTUNNEL GROUP: Clarifies Receipt of Alternative Plans
--------------------------------------------------------
Eurotunnel Group confirmed that it did not officially contacted
nor received any alternative restructuring plan from any other
financial institution as of June 4, 2006.

The binding agreement Eurotunnel signed with the Ad Hoc
Committee on May 23 and financed by the consortium, Goldman
Sachs, Barclays and Macquarie, envisages a reduction of the
initial debt, reducing it from GBP6.2 billion to GBP2.9 billion.  
The group stressed that any alternative solution should, in
terms of debt write off, have at least the same ambition.

According to press reports, Citigroup Inc. proposed an
alternative restructuring plan for Eurotunnel Group rivaling
that of Goldman Sachs and Macquarie Bank.  The proposal valued
Eurotunnel at approximately GBP4.5 billion.

                     Rebel Bondholders

Disgruntled bondholders, holding Eurotunnel's GBP1.9 billion of
lowest-ranking debts and advised by Close Brothers, alleged that
company chairman Jacques Gounon is trying to do a back-door sale
of the tunnel operator to Goldman Sachs and Macquarie Bank
without proper competitive process, Alistair Osborne writes for
The Telegraph.

According to Ingrid Mansell of The Times, Eurotunnel challenged
the rebel bondholders on Sunday to come up with an alternative
financial restructuring plan that would write off at least 53%
of the company's GBP6.2 billion debt.

Shareholders will convene on July 12 to vote on Mr. Gounon's
restructuring plan.

                     Other Clarifications

The Company clarified that the members of the Ad Hoc committee
signed a confidentiality agreement in August 2004 prior to
entering negotiations with the company.

Goldman Sachs, Macquarie and Barclays signed similar
confidentiality agreements in the light of the discussions,
which have led to the recently announced agreements.

The company also disclosed that none of the bond holders signed
a confidentiality agreement as a bond holder, notably due to the
fact that would lead to a ban on trading in the markets, for
both debt and equity.  

However, Close Brothers, advisors to some bondholders, signed a
confidentiality agreement on June 23, 2005, resulted in them
having permanent access to the Group's financial and operational
information.

                        About the Company

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.

                        *     *     *

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faces
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.


GLOBAL INVOICE: Hires Vantis as Joint Liquidators
-------------------------------------------------
Nicholas Hugh O'Reilly and Geoffrey Paul Rowley of Vantis
Numerica were appointed joint administrators of Global Invoice
Finance Limited (Company Number 4906324) on May 15.

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

Headquartered in Northwood, United Kingdom, Global Invoice
Finance Limited is engaged in trade finance and credit
providers.


LIFE SCIENCES: March 31 Stockholders' Deficit Down to US$9.6-Mln
----------------------------------------------------------------
Life Sciences Research, Inc., filed its first quarter financial
statements for the three months ended March 31, 2006, with the
U.S. Securities and Exchange Commission on May 9.

The Company earned US$470,000 of net income on US$42,455,000 of
revenues for the three months ended March 31, 2006.

At March 31, 2006, the Company's balance sheet showed
US$258,449,000 in total assets and US$268,073,000 in total
liabilities, resulting in US$9,624,000 stockholders' deficit.

Full-text copies of the Company's financial statements for the
three months ended March 31, 2006, are available for free at
http://ResearchArchives.com/t/s?aa1   

Life Sciences Research, Inc. -- http://www.lsrinc.net/-- is a  
global contract research organization providing product
development services to the pharmaceutical, agrochemical and
biotechnology industries.  LSR identifies risks to humans,
animals or the environment resulting from the use or manufacture
of a wide range of chemicals that are essential components of
LSR's clients' products.  The Company's services are designed to
meet the regulatory requirements of governments around the
world.  LSR operates research facilities in the United States
(the Princeton Research Center, New Jersey) and the United
Kingdom (Huntingdon and Eye, England).


NEWGATE FUNDING: Moody's Assigns Provisional Ratings to RMBS
------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to eight classes of residential mortgage backed notes issued by
Newgate Funding PLC:

   -- (P)Aaa to the Class A1 Mortgage Backed Floating Rate Notes
      (with Detachable Coupons) due December 2050;

   -- (P)Aaa to the Class A2 Mortgage Backed Floating Rate Notes
      (with Detachable Coupons) due December 2050;

   -- (P)Aaa to the Class A3 Mortgage Backed Floating Rate Notes
      (with Detachable Coupons) due December 2050;

   -- (P)Aa1 to the Class M Mortgage Backed Floating Rate Notes
      due December 2050;

   -- (P)Aa3 to the Class B Mortgage Backed Floating Rate Notes
      due December 2050;

   -- (P)A3 to the Class C Mortgage Backed Floating Rate Notes
      due December 2050;

   -- P)Baa3 to the Class D Mortgage Backed Floating Rate Notes
      due December 2050; and

   -- (P)Ba2 to the Class E Mortgage Backed Floating Rate Notes
      due December 2050.

The Class T and Class Q Notes are not rated by Moody's.  All
Classes of Notes -- except for Class E, T and Q which will be
issued in British Pound Sterling only -- may be issued in
British Pound Sterling and Euros.

Investors in the Class A Detachable Coupons do not receive any
payments of principal, and will be paid interest at a rate of
[0.75]% per annum.  For quarters one to four, increased to
[1.00]% per annum.  In quarters five to eight and further
increased to [1.25]% per annum.  In quarters nine to 12,
calculated on the sterling equivalent of the outstanding balance
of the Class A1, A2 and A3 Notes.

The Issuer, Newgate Funding plc, is a special purpose vehicle
incorporated in England and Wales, which is ultimately owned by
a charitable trust.  The Issuer is a multi-issuance vehicle and
this transaction represents the second series to be issued under
its MTN style Programme.  The Issuer will fund the purchase
price of the series mortgage portfolio using the proceeds of the
Notes.  A portion of the proceeds of the DACs, MERCs, Series
Residuals and Class T and Q Notes will be used to fund the
balance of the reserve fund, the discount reserve fund, costs
and the expenses associated with issuing the Notes.

This transaction is the ninth securitization of non-conforming
and impaired credit mortgage loans originated by entities
belonging to the Mortgages Group trading under the name of
"Mortgages PLC".  

As in the prior Mortgages plc securization, the assets
supporting the Notes are sub-prime and non-conforming first
residential mortgage loans originated by entities trading under
the name of Mortgages PLC and secured on residential properties
in England, Wales, Northern Ireland and Scotland.  A part of
underlying loan portfolio (approximately 53%) consists of loans
to borrowers classified by the originator as "near prime" or
"near prime plus", with stricter criteria for adverse credit
compared to non-conforming mortgage loans.  Mortgages PLC will
be responsible for the day-to-day servicing of the loans,
handling arrears cases and approving further advances and
product conversions.

The ratings of the Notes are based upon an analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, and the legal and
structural integrity of the issue.  

The credit enhancement available in the deal is provided in the
form of excess spread, reserve fund fully funded at:

   -- [1.3]% of the original note,
   -- subordination of the Class M [2.51]%,
   -- Class B [6.07%],
   -- Class C [3.80%],
   -- Class D [2.85%], and
   -- Class E [0.46%] Notes.  

The Class A1 Notes represent [32.00%], the Class A2 Notes
represent [9.51%] and the Class A3 Notes represent [42.80%]).  
Subject to certain conditions being met, the reserve fund may
amortize up to a floor of [0.50%] of the original note balance.  

The notes will be issued for the sole purpose of funding a
subordinated loan to joint-stock commercial bank "Moscow
Business World" (known as MDM Bank), rated at Ba2/NP (stable
outlook) for long- and short-term foreign currency bank
deposits, with a D Financial Strength Rating (FSR).  MDM
International Funding Plc's claim on the bank under the
subordinated loan agreement will rank behind that of the senior
creditors but at least pari passu with claims of other
subordinated creditors of the bank and senior to the claims of
the bank's junior creditors and shareholders.  The legal
maturity of the notes will be five years, while the exact amount
is not yet known.

According to Moody's, the Ba3 rating (stable outlook) is based
on the fundamental credit quality of the underlying obligor (MDM
Bank).  It does not incorporate any potential support from the
authorities in case of need, and reflects higher expected loss
in the event of default stemming from the subordinated nature of
the underlying loan.
Moody's also notes that, according to the terms of the
subordinated loan agreement, MDM Bank will have to comply with a
number of covenants such as a negative pledge, and a limitation
on mergers, disposals and transactions with affiliates.


PHASE 2: Creditors Pass Winding Up Resolution
---------------------------------------------
Creditors of Phase 2 Packaging Limited passed a resolution to
wind up the company's operations during an extraordinary general
meeting on March 28.

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

The company can be reached at:

         Phase 2 Packaging Limited
         Marconi Courtyard
         Brunel Road
         Earlstrees Industrial Estate
         Corby Northamptonshire NN174LT
         United Kingdom
         Tel: 01536 402 538
         Fax: 01536 401 707


PREMIER RESIN: Taps G.W. Rhodes to Liquidate Assets
---------------------------------------------------
Premier Resin Systems Limited is liquidating its assets after
creditors passed a resolution to wind up the company on
March 28.

G.W. Rhodes, of Begbies Traynor, was appointed Liquidator.

The company can be reached at:

         Premier Resin Systems Limited
         23 Manor End
         Uckfield East Sussex TN221DN
         United Kingdom
         Tel: 01825 768 220


QUARTER JACKS: NatWest Taps Begbies Administrative Receivers
------------------------------------------------------------
National Westminster Bank PLC appointed Paul Stanley and Gary
Lee of Begbies Traynor joint administrative receivers of Quarter
Jacks Limited (Company Number 02517505) on May 18.

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.  

Quarter Jacks Limited can be reached at:

         Unit 7
         Hanley Business Park
         Cooper Street
         Stoke-On-Trent ST1 4DW
         United Kingdom
         Fax: 01782 221 400


R.A.D. JIG: Financial Woes Prompt Liquidation
---------------------------------------------
R.A.D. Jig & Tool Limited is winding up its operations after
creditors established the company could no longer continue its
business due to mounting debts.

James P.N. Martin and W. John Kelly, of Begbies Traynor, were
appointed Joint Liquidators.

The company can be reached at:

         R.A.D. Jig & Tool Limited
         Unit 11
         Chancel Industrial Estate
         Newhall Street
         Willenhall West Midlands WV131NX
         United Kingdom
         Tel: 01902 602 394
         Fax: 01902 366 398


R.Y.B. MARINE: Begbies Traynor Named as Administrative Receivers
----------------------------------------------------------------
The Governor and Company of the Bank of Scotland appointed
Timothy John Edward Dolder and Paul Michael Davis of Begbies
Traynor (South) LLP joint administrative receivers of R.Y.B.
Marine Sales Limited (Company Number 01206279) and R.Y.B.
(Sports Boats) Limited (Company Number 03965780) on May 12.

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

Headquartered in Windsor, United Kingdom, R.Y.B. Marine Sales
Limited R.Y.B. (Sports Boats) Limited -- http://www.ryb.co.uk/
-- sells boats.


RAINFORD REAL: Hires Kroll as Joint Administrators
--------------------------------------------------
David John Whitehouse and Philip Francis Duffy of Kroll were
appointed joint administrators of Rainford Real Estates Limited
(Company Number 04946003) on May 17.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  

Rainford Real Estate Limited can be reached at:

         Lakeside Buildings
         Alexandra Park
         Presoct Rd St. Helens
         Merseyside WA10 3TP
         United Kingdom
         Tel: 01744 739 703


RANK GROUP: Repurchases 850,000 Ordinary Shares for Cancellation
----------------------------------------------------------------
The Rank Group Plc purchased back 850,000 ordinary shares of 10
pence in the Company on June 2 for cancellation at an average
price of 206.8971 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.


REFCO INC: Investors Settle Claims v. BAWAG for US$108 Million
--------------------------------------------------------------
Austrian bank BAWAG P.S.K. Group has agreed to settle with
institutional investors who are lead plaintiffs in an ongoing
securities fraud class action stemming from the bank's role in
the collapse of U.S. futures broker Refco Inc.

BAWAG's settlement comes as the bank agreed to a $675 million
global payment announced by the U.S. Attorney for the Southern
District of New York to resolve a federal investigation of BAWAG
for its part in the Refco scandal.

BAWAG has agreed to pay $108 million to Refco stock and bond
purchasers, with the possibility of an additional $32 million
depending on a possible future sale of the bank.  The payments
will settle investor claims arising from BAWAG's participation
in a scheme to conceal hundreds of millions of dollars in
related party receivables on Refco's balance sheet.  This scheme
enabled Refco to complete a $600 million bond offering in August
2004, and a $583 million IPO in August 2005, and caused
investors to pay excessive prices for Refco's securities in
subsequent open market transactions.

A week after reporting a previously undisclosed $430 million
debt by its former CEO Phillip Bennett, Refco filed for
bankruptcy last October 17 in the Southern District of New York.

Lead plaintiffs in the class action are:

   -- Pacific Investment Management Company LLC, a Refco bond
      purchaser, and

   -- RH Capital Associates LLC, an equity purchaser.

The investors are jointly represented by leading securities and
corporate governance law firms Grant & Eisenhofer, P.A. and
Bernstein Litowitz Berger & Grossmann LLP.

The plaintiffs have agreed that a portion of BAWAG's obligations
can be satisfied by payments received from a restitution fund
established by the U.S. Attorney for victims of the Refco fraud.
Under the agreement, BAWAG is obligated to pay the entire $108
million to the extent that payments from any restitution fund
fall short.  The settlement is subject to approval by Federal
Judge Gerard E. Lynch in New York, who is overseeing the Refco
securities litigation.

The settlement with BAWAG comes less than four months after lead
plaintiffs were appointed in February, a remarkably swift
resolution in a securities litigation.  In fact, defendants had
until July 10 to submit their motions to dismiss the case.

"We are very pleased with BAWAG's agreement to so quickly settle
claims arising from its part in the Refco debacle," said Grant &
Eisenhofer named partner Stuart M. Grant.  "This is a positive
first step in providing compensation to investors who were
scammed by Refco's management and directors, along with its
financial advisors, auditor and other professionals."

John P. Coffey of Bernstein Litowitz, added, "In addition to a
terrific monetary recovery, the settlement requires BAWAG to
cooperate fully with our ongoing prosecution against other
defendants.  This is already aiding our efforts in that regard."

Only months after Refco went public last fall, the company
collapsed when it was disclosed that Mr. Bennett had hidden a
$430 million loan from the company's books.  BAWAG's role in the
scandal became evident after reports that the bank gave Mr.
Bennett a $420 million loan just before the previously
unreported debts became public.  Mr. Bennett was indicted on
eight felony counts, including making false filings with the SEC
and conspiracy to commit securities fraud.

In addition to Mr. Bennett and Refco's former board of
directors, the remaining defendants in the securities class
action include:

   -- the company's former auditor Grant Thornton LLP;

   -- its majority owner private equity firm Thomas H. Lee
      Partners L.P.; and

   -- several investment banks that sold Refco securities to
      public investors, including Goldman Sachs, Credit Suisse
      and Bank of America.

In addition to Stuart Grant, co-lead counsel for plaintiffs
include James Sabella and Megan McIntyre of Grant & Eisenhofer,
and Max Berger and Sean Coffey of Bernstein Litowitz.

                     About Grant & Eisenhofer

Wilmington, DE and New York-based Grant & Eisenhofer --
http://www.gelaw.com/-- represents institutional investors and
shareholders nationally in securities class actions, corporate
governance actions and derivative litigation.  The firm has
recovered more than $2 billion for shareholders in the last five
years and was named one of the Top 5 firms for shareholder
recovery in 2005 by Institutional Shareholder Services.
Currently, Grant & Eisenhofer is lead counsel in shareholder
securities cases against Tyco, Global Crossing, Parmalat, Marsh
& McLennan and Refco.  In 2005, the firm published the
Shareholder Activism Handbook, a practical guide for
shareholders on corporate governance matters.  Grant &
Eisenhofer has also obtained major corporate governance
settlements in shareholder cases against News Corp., Health
South and Siebel Systems.

                     About Bernstein Litowitz

Bernstein Litowitz Berger & Grossmann LLP --
http://www.blbglaw.com/-- with offices in New York, California,
New Jersey and Louisiana, prosecutes class and private actions
nationwide on behalf of institutional investors.  Specializing
in securities fraud, corporate governance and shareholders'
rights litigation, the firm has obtained some of the largest
recoveries in history, including WorldCom, a case resolved for
$6.15 billion against WorldCom's former auditor, Arthur
Andersen.  Other major recoveries include Cendant and Nortel,
cases resolved for $3.2 billion and $1.3 billion, respectively.

                           About BAWAG

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

                         About Refco Inc.

Based in New York, New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.  
Refco is one of the largest global clearing firms for
derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.


REFCO INC: Case Summary & 50 Largest Unsecured Creditors
--------------------------------------------------------
Lead Debtor: Refco Inc.
             One World Financial Center
             200 Liberty Street, Tower A
             New York, New York 10281

Bankruptcy Case No.: 05-60006

Debtor-affiliates filing separate chapter 11 petitions on
June 6, 2006:

      Entity                                     Case No.
      ------                                     --------
      Westminster-Refco Management LLC           06-11260
      Refco Managed Futures LLC                  06-11261
      Lind-Waldock Securities LLC                06-11262

Debtor-affiliates that filed separate chapter 11 petitions on
Oct. 17, 2005:

      Entity                                     Case No.
      ------                                     --------
      Refco Global Finance Ltd.                  05-60007
      Refco Information Services LLC             05-60008
      Bersec International LLC                   05-60009
      Refco Capital Management LLC               05-60010
      Refco Global Capital Management LLC        05-60011
      Marshall Metals LLC                        05-60012
      Refco Financial LLC                        05-60013
      New Refco Group Ltd., LLC                  05-60014
      Refco Regulated Companies LLC              05-60015
      Refco Finance Inc.                         05-60016
      Refco Capital Holdings LLC                 05-60017
      Refco Capital Markets, Ltd.                05-60018
      Kroeck & Associates, LLC                   05-60019
      Refco Administration, LLC                  05-60020
      Refco Mortgage Securities, LLC             05-60021
      Refco Capital LLC                          05-60022
      Refco F/X Associates LLC                   05-60023
      Refco Global Futures LLC                   05-60024
      Summit Management LLC                      05-60025
      Refco Capital Trading LLC                  05-60026
      Refco Group Ltd., LLC                      05-60027
      Refco Global Holdings LLC                  05-60028
      Refco Fixed Assets Management LLC          05-60029

Type of Business: The Debtors constitute a diversified financial
                  services organization with operations in 14
                  countries and a global institutional and
retail
                  client base.  Refco Inc.'s worldwide
                  subsidiaries are members of principal U.S. and
                  international exchanges, and are among the
most
                  active members of futures exchanges in
Chicago,
                  New York, London, Paris and Singapore.  In
                  addition to its futures brokerage activities,
                  Refco Inc. and its affiliates are major
brokers
                  of cash market products, including foreign
                  exchange, foreign exchange options, government
                  securities, domestic and international
equities,
                  emerging market debt, and OTC financial and
                  commodity products..

Chapter 11 Petition Date: October 17, 2005

Court: Southern District of New York (Manhattan)

Judge: Robert D. Drain

Debtors' Counsel: J. Gregory Milmoe, Esq.
                  Sally M. Henry, Esq.
                  Skadden, Arps, Slate, Meagher & Flom LLP
                  Four Times Square
                  New York, New York 10036
                  Tel: (212) 735-3770
                  Fax: (917) 777-3770

Lead Debtor's Financial Condition as of August 31, 2005:

      Total Assets: $16,500,000,000

      Total Debts:  $16,800,000,000

Financial condition of debtor-affiliates that filed on
June 6, 2006:

   Entity                          Total Assets    Total Debts
   ------                          ------------   --------------
Westminster-Refco Management LLC     $1,918,030   $1,032,386,039

Refco Managed Futures LLC                    $0   $1,035,345,960

Lind-Waldock Securities LLC                  $0   $1,032,000,000

Debtors' Consolidated List of 50 Largest Unsecured Creditors:

   Entity                                           Claim Amount
   ------                                           ------------
Bawag International Finance                         $451,158,506
BAWAG P.S.K.
Bank fur Arbeit und Wirtschaft und
Osterreichische Postsparkasse
Aktiengesellschaft Sietzergasse 2-4 A-1010
Vienna, Austria
P: +43/1/534 53/3 12 10
F: +43/1/534 53/ 2284

Wells Fargo                                         $390,000,000
Corporate Trust Services
Mac N9303-120
Sixth & Marquette
Minneapolis, MN 55497
P: 612-3 16-47727
Attn: Julie J. Becker

VR Global Partners, LP                              $380,149,056
Avora Business Park
77 Sadovnicheskaya NAB. Building 1
Moscow, Russia 115035

Rogers Raw Materials Fund                           $287,436,182
c/o Beeland Management
141 West Jackson Boulevard, Suite 1340
Chicago, IL 60604
P: (312) 264-4375

Bancafe International Bank Ltd.                     $176,006,738
Carrera 11 82-76
Segundo 2
Bogota, Colombia
P: 636-4349

     - and -

Bancafe International Bank Ltd.
801 Brickell Avenue Ph1
Miami, FL 33131
P: 305-372-9909
F: 305-372-1797

Markwood Investments                                $110,056,725
Via Lovanio
#19 00198
Rome, Italy

Capital Management Select Fund                      $109,009,282
Lynford Manor, Lynford Cay
Nassau, Bahamas

Leuthold Funds Inc                                  $107,264,868
Leuthold Industrial Metals, LP
100 North 6th Street Suite 412A
Minneapolis, MN 55403
P: 612-332-9141
F: 612-332-0797
Attn: David Cragg

Rietumu Banka                                       $100,860,048
JSC Rietumu Banka
Reg. No. 40003074497
VAT No. LV40003074497
54 Brivibas str
Riga, LV-1011 LATVIA
P: +371-7025555
F: +371-7025588

Cosmorex Ltd.                                        $91,393,820
CP 8057 28080
Madrid, Spain
P: +34-607-745-555
F: +34-667-706-622

BCO Hipotecario Inv. Turistic                        $85,807,030
(Fidelicomiso Federal Forex Invest)
Av Venezuela
Torre Cremerca, Piso 2
Ofici B2 El Rosal
Caracas, VENEZUELA

VR Argentina Recovery Fund                           $77,710,311
Avrora Business Park
77 Sadovnicheskayanab BLDG 1
Moscow, 115035 Russia

Rogers International Raw Materials                   $75,213,814
c/o Beeland Management
141 West Jackson Boulevard, Suite 1340
Chicago IL 60604
P: (312) 264-4375

Creative Finance Limited                             $65,111,071
Marcy Building, Purcell Estate
P.O. Box 2416
Road Town, British Virgin Islands

Cargill                                              $67,000,000
PO Box 9300
Minneapolis, MN 55440-9300
P: (952) 742-7575
F: (952) 742-7393

JWH Global Trust                                     $50,576,912
c/o Refco Commodity Management Inc.
One World Financial Center
200 West Liberty St., 22nd Floor
New York, NY 10281

RB Securities Limited                                $50,661,064
54 Brivibas Street
LV-1011 Riga, Lativa
P: + 371 702-52-84
F: + 371 702-52-26

Premier Trust Custody                                $49,365,415
Abraham De Veerstraat 7-A
Curacao, Netherlands Antilles

London & Amsterdam Trust Company                     $47,560,980
P.O. Box 10459 APO
3rd Floor
Century Yard
Cricket Square, Elgin Ave.
Grand Cayman, Cayman Island

Stilton International Holdings
Trident Chambers, Wickhams Cay
P.O. Box 146
Road Town, British Virgin Islands                    $46,820,415

Refco Advantage Multi-Manager Fund Futures Series    $41,713,723
c/o Refco Alternative Investments Group
One World Financial Center
200 West Liberty St., 22nd Floor
New York, NY 10281

Banesco NY Banesco Banco Universal C.A.              $39,596,609
Av Urdaneta, Esquina El Chorre, Torre Untbanca
Caracas Venezuela

Josefina Franco Sillier                              $32,862,419
Carretera Mexico-Toluca No. 4000
Col. Cuajimalpa D.R. 0500 Mexico

Rovida                                               $32,831,461
London & Amsterdam Trust Company
P.O. Box 10459 APO
3rd Floor
Century Yard, Cricket Sq.

Caja S.A.                                            $30,950,115
Sarmiento 299 1 Subsuelo (1353)
Buenos Aires, Argentina
P: (54 11) 4317-8900
F: (54 11) 4317-8909

Global Management Worldwide                          $28,976,612
Trident Corp.
Service Floor 1
Kings Court Bay St.
PO Box 3944
Nassau, Bahamas

Abadi & Co. Securities                               $28,046,904
375 Park Avenue, Suite 3301
New York, NY 10152
P: (212) 319 -4135

Refco Winton Diversified Futures Fund                $27,226,697
c/o Refco Global Finance
One World Financial Center
200 West Liberty Street, 22nd Floor
New York, NY 10281

Pioneer Futures, Inc.                                $25,932,000
One North End Ave., Suite 1251
New York, NY 10282

Daichi Commodities Co., Ltd.                         $24,894,833
10-10 Shinsen Cho, Shibuya-Ku
Tokyo, I5O-0045 JAPAN

GS Jenkins Portfolio LLC.                            $24,631,959
c/o Refco Capital Markets
One World Financial Center
200 West Liberty Street, 22nd Floor
New York, NY 10281

Winchester Preservation                              $23,349,765
c/o Joseph D, Freney
Christiana Bank & Trust Co.
3801 Kennett Pike, Suite 200
Greenville, DE 19807

Banco Agri Banco Agricola (PANAMA) S.A.              $22,314,386
Edificio Global Bank
#17, Local F, Calle 50 PANAMA, PA

     - and -

Banco Agricola, S.A.
1RA. Cakke Pte. Y 67 AV. Norte
Final Blvd Constitucion #100
San Salvador, ES

Peak Partners Offshore Master Fund Limited           $22,205,344
P.O. Box 2199
GT Grand Pavilion Commercial Center
802 West Bay Road
Grand Cayman, Cayman Islands

Arbat Equity Arbitrage Fund                          $19,106,989
Trident Corporate Services
1st Floor Kings Court
Bay Street
P.O. Box N3944
Nassau, Bahamas

Renaissance Securities (Cyprus) Ltd.                 $17,820,709
2-4 Arch Makarios
111 Avenue Capital Center, 9th Floor
1505 Nicosia Cyprus

AQR Absolute Return                                  $17,482,100
c/o Caledonian Bank & Trust Ltd.
P.O. Box 1043
GT Caledonian House
Grand Cayman, Cayman Islands

Geshoa Fund                                          $17,319,494
Corporate Center
West Bay Road
Po Box 31106 Smb
GRAND CAYMAN

RK Consulting                                        $14,074,345
7, Kountouriotou Street
14563 Kifissia
Greece

VR Capital Group Ltd.                                $13,690,549
Avrora Business Park
Calendonian House Mary Street
NAB 77 Building 1
MOSCOW, RUSSIA 115035
P: +358 600 41 902

GTC Bank, INC.                                       $12,971,439
Calle 55 Este
Torre World Trade Center
Piso 7
PANAMA GUATEMALA
P: (507) 265-7371
F: (507) 265-7396

Inversiones Concambi                                 $12,799,137
c/o AEROCAV 1029
P.O. BOX 02-5304
MIAMI, PL 33102

Miura Financial Services                             $12,150,213
AV. Francisco De Miranda
TORRE LA
PRIMERA PISO 3
CARACAS VENEZUELA

NKB Investments Ltd.                                 $11,699,430
199 Arch Makarios Ave
196 Makarios III Avenue
Ariel Corner 3rd Floor
Office 301 3030
Limassol CYPRUS

Tokyo Forex Financial Inc                            $11,689,354
Shinjyuku Oak Tower, 35th Floor
6-8-1 Nishishinjyuku
Shinjyuku-Ku, Tokyo JAPAN

Birmingham Merchant S.A.                             $11,215,413
AV. ARGENTINA 4793
PISO 3
CALLAO PERU

BAC International                                    $10,906,506
Calle 43 Qnquillo De Laguar
PANAMA
P: (507) 265-8289
F: 507-205-4031

Total Bank                                           $10,657,732
Calle Guaicaipuro Entre
Av.Principalde
Ias Mercedes
Torre Alianza Piso 9
EL ROSAL, CAACAS, VENEZUELA
P: (0212) 264.72.54/49.42
F: (0212) 266.58.12

Reserve Invest (Cypress) Limited                     $10,499,733
Maximos Plaza
3301 Block 3
3035 LIMASSOL
CYPRUS

Refco Commodity Futures Fund                         $10,166,045
c/o Refco Alternative Investments Group
One World Financial Center
200 Liberty Street, 22nd Floor
New York, New York 10281
P: 877 538 8820
F: 877 229 0005


ROADMENDER LIMITED: Names Joint Liquidators to Wind Up Business
---------------------------------------------------------------
Gary Steven Pettit and Peter John Windatt, of BRI Business
Recovery and Insolvency, were appointed Joint Liquidators of
Roadmender Limited after creditors resolved to liquidate the
company's assets during an extraordinary general meeting on
March 23.

The company can be reached at:

         Roadmender Limited
         Ladys Lane
         Northampton NN1 3AH
         United Kingdom
         Tel: 01604 604 603
         Fax: 01604 603 166


SHIELD SPECIALIST: Brings In Liquidator from Begbies Traynor
------------------------------------------------------------
Shield Specialist Limited is liquidating its assets after
creditors decided to wind up the company during an extraordinary
general meeting on March 28.

Louise Donna Baxter, of Begbies Traynor was appointed
Liquidator.

The company can be reached at:

         Shield Specialist Limited
         Unit 8
         Lawson road
         Millside Industrial Estate
         Dartford Kent DA1 5BW
         United Kingdom
         Tel: 01322 289 300
         Fax: 01322 289 777
         Web: http://wwww.shieldspecialistltd.co.uk/


SPECIALIST SERVICES: Winds Up Business & Names Liquidator
---------------------------------------------------------
Creditors of Specialist Services (Electrical) Limited agreed to
wind up the company's operations during an extraordinary general
meeting on March 22.

Richard Rones, of ThorntonRones, was appointed Liquidator.

The company can be reached at:

         Specialist Services (Electrical) Limited
         Pledgdon Hall
         Henham Bishop's Stortford
         Hertfordshire 0CM226BJ
         United Kingdom
         Tel: 01279 851 999


VEGA FREIGHT: Hires Liquidator from hjs Recovery
------------------------------------------------
Gordon Johnston, of hjs Recovery, was appointed Liquidator of
Vega Freight Limited after creditors passed a resolution to wind
up the company on March 22.

Chairman L. Fearne revealed the company could no longer continue
its operations due to mounting debts

The company can be reached at:

         Vega Freight Limited
         Talygarn House
         Talygarn Pontyclun
         Mid Glamorgan CF729JT
         United Kingdom
         Tel: 01443 672 200


WAVENEY WORKFORCE: Begins Liquidation Procedure
-----------------------------------------------
Waveney Workforce Limited is liquidating its assets after
creditors agreed to wind up the company during an extraordinary
general meeting on March 24.

Subsequently, K.B. Stout was appointed Liquidator.

Established in 1996, Waveney Workforce Limited is an independent
agency specializing in industrial recruitment.

The company can be reached at:

         Waveney Workforce Limited
         5 Regent Road
         Lowestoft Suffolk NR321PA
         United Kingdom
         Tel: 01502 588 272
         Web: http://wwww.waveneyworkforce.co.uk/


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

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

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


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


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


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


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


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


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


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

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


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


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


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


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


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


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


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


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


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

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

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


                           *********


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

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

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

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

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

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


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