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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

              Wednesday, June 7, 2006, Vol. 7, No. 112

                            Headlines


A U S T R I A

APZ: Claims Filing Deadline Slated for June 16
AUSTRIAN AIRLINES: Awaits Final Distribution & Closing Protocol
BAWAG PSK: Inks US$84-Mln Settlement with Thomas H. Lee Partners
HANSATICA: Claims Filing Deadline Slated for June 15


F R A N C E

ALSTOM SA: Completes Sale of Boiler Activities to A-Tec
CADENCE INNOVATION: Eyes French Market Exit in Strategic Options
EUROTUNNEL GROUP: S&P Keeps Debt Rating on Watch Negative


G E R M A N Y

BETONELEMENTE JUETERBOG: Claims Registration Ends June 22
COMPUTERCLASSIC GBR: Claims Filing Period Ends June 20
ENGAGIERTE-ZEITARBEIT: Claims Filing Period Ends June 13
FELIX JAKOB: Claims Registration Ends June 12
FERIENPARK PLOTZKY: Claims Registration Ends June 13

FUERSICHT MASCHINENBAU: Claims Filing Period Ends June 23
KAMPS AG: Posts EUR119 Million Net Loss in 2005


I R E L A N D

ELAN CORPORATION: FDA Okays TYSABRI for MS Treatment


K A Z A K H S T A N

AL-KOMMERS: Creditors Must File Claims by June 16
EKO SERVIS: Creditors Must File Claims by June 16
IZUMRUD: Creditors Must File Claims by June 16
KNK-PAVLODAR: Creditors Must File Claims June 16
KONTAKT-PV: Pavlodar Court Sets June 16 Claims Bar Date

MAYAK-PV: Creditors Must File Claims June 16
PRIJMA SERVIS: Proof of Claim Deadline Slated for June 16
PROMAVTOSERVIS: Creditors Must File Claims by June 16
RUSSKY LES-2005: Claims Registration Ends June 16
VIRS: Claims Registration Ends June 16


L U X E M B O U R G

RUSSIAN STANDARD: Moody's Rates US$1.5 Bln Notes Scheme at Ba2


N E T H E R L A N D S

ARRAN CORPORATE: Fitch Rates GBP80.15 Mln Class F Notes at B+
ARRAN CORPORATE: S&P Assigns Ratings to Secured Notes
FIXED-LINK FINANCE: Moody's Junks Three Subordinate Note Classes
FIXED-LINK FINANCE 2: Moody's Rates Long-Term Notes


R U S S I A

ASBESTOVSKIY REINFORCED-CONCRETE: N. Biryukova to Manage Assets
GYDANSKIY FISH: Bankruptcy Hearing Slated for June 21
KOSTROMSKOY FINANCIAL: Court Taps A. Nekhina as Liquidator
OAO SEVERSTAL: Averse Arcelor Investors Ask for Vote on Merger
PLASTICS: Court Appoints N. Dmitriev as Insolvency Manager

RUSSIAN STANDARD: Moody's Rates US$1.5 Bln Notes Scheme at Ba2
TRANS-VZRYV-PROM: Court Names A. Bersenev as Insolvency Manager
VOLGOGRAD-AGRO-TEKH-COMPLEX: Court Starts Bankruptcy Supervision
YANUSHEVSKOYE: Court Commences Bankruptcy Supervision
YUKOS OIL: Submits Debt Repayment Plan to Bankruptcy Receiver

ZAGORODNYJ DISTILLERY: N. Safronov to Act as Insolvency Manager


S W E D E N

SCANDINAVIAN CONSUMER: S&P Puts BB Rating on Class E Notes


U K R A I N E

ARTEMIDA-RIVNE: Pavlo Duplika to Liquidate Assets
AV-ELECTRONICS: Court Taps Marina Stoyan to Liquidate Assets
GULYAJPOLE SILMASH: Yurij Zinchenko to Liquidate Assets
LITVO: Zaporizhya Court Starts Bankruptcy Supervision
PEREMOGA: Sumi Court Begins Bankruptcy Supervision

SLAVIYA: Court Names Yaroslav Onushkanich as Liquidator
SPARTA: Court Names Dmitro Goncharov as Liquidator
VALTEX-QUADRA: Poltava Court Starts Bankruptcy Process
VITATRANSSVIT: Court Names T. Tarasenko as Insolvency Manager


U N I T E D   K I N G D O M

ALPHA GAMES: Creditors Pass Winding Up Resolution
APPLIED POLYMER: Financial Woes Prompt Liquidation
B.L.R.S. LIMITED: Winds Up Business & Appoints Liquidator
BLISSETT DIGITAL: Names Helen Timothe Phillips Liquidator
BRANDS HATCH: Taps Barry P. Knights to Liquidate Assets

BRITISH AIRWAYS: Reports Traffic & Capacity Results for May 2006
CAMERON CLARKE: Creditors Confirm Voluntary Liquidation
CARMOBILITY LIMITED: Creditors Resolve to Liquidation
COMMEDICA LIMITED: Brings In Joint Liquidators from KPMG LLP
CWMBACH ENGINEERING: Appoints M.S.E. Solomons as Liquidator

DPS COMPOSITES: Hires Joint Administrators from Mazars
EUROTUNNEL GROUP: S&P Keeps Debt Rating on Watch Negative
HI-TECH WELDING: Begins Liquidation Proceedings
MDM INTERNATIONAL: Fitch Assigns Long-Term B+ on Upcoming Issue
NEWGATE FUNDING: S&P Rates Class E Mortgage-Backed Notes at BB

POWER GEMS: Brings In Kroll to Administer Assets
RACECOUSE YACHT: Begbies Appointed as Administrative Receivers
RANK GROUP: Buys Back 523,000 Ordinary Shares for Cancellation
REFCO INC: Bawag Settles Score with Thomas H. Lee Partners
STAR PRINTING: Appoints Joint Administrators from Menzies

STORMGLAZE U.K.: David Spearman & Tony Sinclair Appoint Receiver
STRATAFORM LIMITED: Hires Joint Administrators from PKF
STREAM GWC: Taps Tenon Recovery to Administer Assets
SYMBIOSIS GROUP: Appoints Chantrey Vellacott as Administrators
WESTGATE LIMITED: Brings In Milner Boardman to Administer Assets

WOMENS WORKOUT: Names Andrew Clay as Administrator


                            *********

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A U S T R I A
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APZ: Claims Filing Deadline Slated for June 16
----------------------------------------------
Creditors owed money by LLC APZ (FN 248268a) have until June 16
to submit written proofs of claim to court-appointed property
manager Andreas Alzinger at:

         Andreas Alzinger
         Karntner Ring 12
         1010 Vienna
         Austria
         Tel: 515 50 333
         Fax: 512 46 55
         E-mail: a.alzinger@baierlambert.com

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on June 29 to consider the adoption of
the rule by revision and accountability.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 26 (Bankr. Case No. 2 S 68/06x).  Magda Svoboda-Mascher
represents Andreas Alzinger in the bankruptcy proceedings.


AUSTRIAN AIRLINES: Awaits Final Distribution & Closing Protocol
---------------------------------------------------------------
Creditors owed money by Trade LLC Austrian Airlines Airport
Retail Company (FN 179037s) will recover 30.25% on account of
their claim.

The court-appointed property manager, Stephan Riel, submitted a
draft on the property allocation to the Land Court of Korneuburg
on May 3.  

Headquartered in Vienna, Austria, Austrian Airlines Airport
Retail Company declared bankruptcy on Aug. 25, 2004 (Bankr. Case
No. 36 S 64/04k).  Alexander Schoeller represents Stephan Riel
in the bankruptcy proceedings.


BAWAG PSK: Inks US$84-Mln Settlement with Thomas H. Lee Partners
----------------------------------------------------------------
Thomas H. Lee Partners has entered into a settlement agreement
with the Austrian bank BAWAG P.S.K. under which the firm will
recover for its investors at least US$84 million, and as much as
US$100 million in certain circumstances, to reduce losses on
their investment in Refco.

Under the settlement, BAWAG guarantees that Thomas H. Lee
Partners will receive in the next two years at least US$84
million of the amount BAWAG pays to the United States Department
of Justice or from funds forfeited by third parties involved in
the Refco fraud.  

In addition, the firm will receive up to an additional US$16
million if BAWAG is sold for more than EUR1.8 billion.  
Approximately 90% of these amounts will be paid to Thomas H.  
Lee Equity Fund V, L.P., to reduce its US$245 million investment
loss.  The rest of these amounts will be paid to the fund's co-
investors.

The firm and its co-investors have released BAWAG from any
future claims, but the settlement has no effect on the lawsuit
the fund previously filed against former Refco executives
Phillip R. Bennett, Santo C.  Maggio, and Tone Grant.  It also
has no effect on potential claims against other parties.

Scott Schoen, Co-President of Thomas H.  Lee Partners, said, "We
are pleased that this agreement with BAWAG will enable us to
recover a portion of the losses that we and our limited partners
and co-investors suffered in the Refco fraud.  

"We have sued Bennett and Maggio as perpetrators of the
elaborate fraud that led to Refco's collapse, and against Grant
who profited from our investment in Refco and extended a
guarantee to us in connection with the transaction.  

"We will pursue these claims aggressively to protect our
investors and ourselves, and we expect to pursue additional
claims against other parties."

                  About Thomas H. Lee Partners

Thomas H. Lee Partners is one of the oldest and most successful
private equity investment firms in the United States.  The firm
identifies and acquires substantial ownership positions in
growth companies through leveraged acquisitions,
recapitalizations and direct investments.  Since its founding in
1974, it has invested over US$10 billion of equity in over 100
businesses, built companies of lasting value, and generated
superior returns for its investors and operating partners.

                           About Refco

Headquartered 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 US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

                           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


HANSATICA: Claims Filing Deadline Slated for June 15
----------------------------------------------------
Creditors owed money by Trade LLC Hansatica (FN 196996a) have
until June 15 to submit written proofs of claim to court-
appointed property manager Philipp Casper at:

         Philipp Casper
         Kalchberggasse 1
         8010 Graz
         Austria
         Tel: 0316/830550
         Fax: 0316/813717
         E-mail: philipp.casper@aaa-law.at

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on June 26 to consider the adoption of
the European code of rules on bankruptcy.

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on May 4 (Bankr. Case No. 26 S 39/06i).  


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


ALSTOM SA: Completes Sale of Boiler Activities to A-Tec
-------------------------------------------------------
Alstom S.A. has completed the sale of the German and Czech
Industrial Boiler businesses and has transferred business
activities to the A-Tec group (Austrian Energy/Von Roll).

With this last transaction, the disposal of the industrial
boilers business is now finalized, in line with the commitment
Alstom made to the European Commission.

                           About Alstom

Headquartered in Paris, France, Alstom S.A. --
http://www.alstom.com/-- is a leading maker of power-generation  
systems and constructs power plants, rail equipment, luxury
passenger ships, naval vessels, and natural gas tankers.  It
also produces electrical drives, motors, and generators.  The
group generates EUR13 billion in annual revenues and employs
more than 70,000 people worldwide.  The group posted EUR865
million in net loss and EUR1.4 billion in net debt for the
financial year 2004/2005.


CADENCE INNOVATION: Eyes French Market Exit in Strategic Options
----------------------------------------------------------------
Cadence Innovation LLC has been exploring strategic alternatives
with regard to its indirect French subsidiary, in order to focus
on its existing U.S. and Eastern European operations, as well as
other markets currently contemplated.

Cadence gained ownership of the French subsidiary in May 2005
when it acquired that subsidiary's parent corporation in the
Czech Republic.  The Company has been evaluating the French
operations -- which have been operating subject to a court
approved Plan of Continuation since a French bankruptcy filing
in 2003 -- for the past year.

"In order to compete effectively, the French subsidiary would
require an infusion of capital that, today, we are not
necessarily prepared to make," said Cadence Innovation President
and Chief Executive Officer Jerry L. Mosingo.

"We constantly assess all operations to ensure we have the
optimal mix of the best products, and best processes all in the
right places.  We are committed to being an effective,
efficient, and focused organization.  The Cadence value
proposition is resonating with key OEM customers.  We have been
awarded in excess of US$100 million in new business in the U.S.
and Czech Republic since the new company was formed last year,"
Mr. Mosingo said.

Cadence's French subsidiary is an independent business entity
and has limited relationships with the ultimate U.S. parent
other than the ownership interest.  The French manufacturing
operations include four plants located in Noeux-Les-Mines,
Pouance, Burnhaupt-Le-Haut, Vernon St. Marcel.

                     About Cadence Innovation

Headquartered in Troy, Michigan, Cadence Innovation --
http://www.cadenceinnovation.com/-- is a US$1 billion  
automotive supplier offering design, engineering, manufacturing,
and assembly/sequencing solutions for interior and exterior
components, systems and modules in four areas -- instrument
panels and cockpits, painted exteriors (including modules),
doors/door modules and cargo management systems.  The company
has over 6,000 employees in 24 facilities in the United States,
France and the Czech Republic and supplies its components and
modules to automotive manufacturers around the world.


EUROTUNNEL GROUP: S&P Keeps Debt Rating on Watch Negative
---------------------------------------------------------    
Standard & Poor's Ratings Services said that its 'BBB' long-term
debt rating on Anglo-French Channel Tunnel infrastructure
operator Eurotunnel S.A.'s senior secured bank loan remains on
CreditWatch with negative implications.

This follows the announcement on May 31 of a preliminary binding
agreement on the restructuring of Eurotunnel's global debt, with
the company's ad hoc committee of creditors, which represents
more than 50% of its total debt.  
     
These debt ratings on the non-guaranteed Class A, B, and C notes
issued by related special-purpose vehicle Fixed-Link Finance
B.V. (FLF1) also remain on CreditWatch with negative
implications:

   -- Class A senior secured debt,rated 'BB-';
   -- Class B subordinated debt, rated 'CCC+'; and
   -- Class C junior subordinated debt,rated 'CCC-'.

In addition, the 'B' long-term debt rating on Fixed-Link Finance
2 B.V.'s (FLF2) nonguaranteed senior secured notes remains on
CreditWatch with negative implications.
     
All of the above ratings were placed on CreditWatch on Feb. 9,
2004, following the announcement of unspecified debt
restructuring, and reflecting our concerns about intensifying
competition in the cross-Channel travel market.
     
The proposed restructuring is aimed at reducing Eurotunnel's
debt by 54%, to GBP2.9 billion from GBP6.2 billion. This is
slightly higher than the 50% factored into the current ratings.
     
"This would result in a debt amount that S&P regards as
sustainable for Eurotunnel under steady operations," said
Standard & Poor's credit analyst Alexandre de Lestrange.  "S&P
views the proposed new structure -- which remains subject to the
approval of shareholders and other creditors -- as offering a
solid base for future operations."
     
If successful, the proposals would likely prevent defaults on
Eurotunnel's 'BBB' rated senior secured debt and the FLF2
transaction. The most junior C tranche on the FLF1 transaction
could, however, still default, although the Class A, B, and G
notes appear to receive enough cash to allow for full repayment.

The proposed refinancing plan is structured around the
incorporation of a new French holding company, with a three-
tranche "corporate style" debt structure replacing Eurotunnel's
current "project finance style" debt structure, comprising:

   -- GBP1.81 billion of new senior debt;

   -- GBP740 million of Tier 1A debt (existing Tier1A debt that
      will not be refinanced); and

   -- GBP350 million of mezzanine debt.
    
Eurotunnel's current target is to present a restructuring plan
agreed by the majority of creditors at its annual general
meeting on July 12 although the company still needs to negotiate
the restructuring agreement with two key interest groups whose
consent is required to execute the restructuring.  As these
groups--representing the creditors not represented by the ad hoc
committee, and the shareholders -- would incur the greatest loss
under the restructuring proposal, achieving consent could prove
challenging.  Furthermore, significant concerns remain about
shareholder approval for the proposals, given the likely
considerable dilution of their stakes.
     
"Although we regard the proposals as positive overall, we could
lower our ratings if they are not approved by creditors--a
situation that could result in the substitution process taking
place, or ultimately, bankruptcy," Said Mr. de Lestrange.
In any case, a solution is required to avoid a default occurring
on relevant notes, as Eurotunnel will be unable to service all
its debt from January 2007 following the expiration of the
minimum usage charge from the rail operators in November 2006.
    
The ratings will likely remain on CreditWatch throughout the
process of gaining shareholder and other creditor approval.

"S&P expects to resolve the CreditWatch status if, and when,
final approval is received, and once S&P has reviewed
Eurotunnel's new finance structure and debt instruments in more
detail," added Mr. de Lestrange.  


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


BETONELEMENTE JUETERBOG: Claims Registration Ends June 22
---------------------------------------------------------
Creditors of Betonelemente Jueterbog GmbH have until June 22 to
register their claims with court-appointed provisional
administrator Bert Buske.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 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 Potsdam
         Hall 301
         Branch Lindenstrasse 6
         14467 Potsdam, 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 Potsdam opened bankruptcy proceedings
against Betonelemente Jueterbog GmbH on May 9.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Betonelemente Jueterbog GmbH
         Attn: Joachim Schmidt, Manager
         Luckenwalder-Road 45
         14913 Jueterbog, Germany

The administrator can be reached at:

         Bert Buske
         Nowawes 67
         14482 Potsdam, Germany


COMPUTERCLASSIC GBR: Claims Filing Period Ends June 20
------------------------------------------------------
Creditors of Computerclassic GbR have until June 20 to register
their claims with court-appointed provisional administrator Dirk
W. Svetlik.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on July 13, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wolfsburg
         Hall D
         Rothenfelder Road 43
         38440 Wolfsburg, 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 Wolfsburg opened bankruptcy proceedings
against Computerclassic GbR on April 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Computerclassic GbR
         Eichendorffstr. 18
         38440 Wolfsburg, Germany

         Attn: Frank Diettrich, Manager
         Schaperplatz 2
         38464 Gross Twuelpstedt, Germany

         Frank Sike, Manager
         Roseggerstr. 3
         38440 Wolfsburg, Germany

The administrator can be reached at:

         Dirk W. Svetlik
         Rechtsanwaltskanzlei Falkner & Svetlik
         Office Road 8
         38448 Wolfsburg, Germany
         Tel: 05363/7700
         Fax: 05363/71163
         E-mail: kanzleifalkner@freenet.de


ENGAGIERTE-ZEITARBEIT: Claims Filing Period Ends June 13
--------------------------------------------------------
Creditors of EnZA -- Engagierte-Zeitarbeit-GmbH i. L. have until
June 13 to register their claims with court-appointed
provisional administrator Ulrich Luppe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on July 11, 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 Dessau
         Hall 123
         Willy-Lohmann-Road 33
         Dessau, 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 Dessau opened bankruptcy proceedings
against EnZA -- Engagierte-Zeitarbeit-GmbH i. L. on May 11.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         EnZA -- Engagierte-Zeitarbeit-GmbH i. L.
         Gansewall 2
         06844 Dessau, Germany

The administrator can be reached at:

         Ulrich Luppe
         Hansering 9/10
         06108 Halle, Germany
         Tel: 0345/614070
         Fax: 0345/6140710
         E-mail: Kanzlei@luppe-rothe.de


FELIX JAKOB: Claims Registration Ends June 12
---------------------------------------------
Creditors of Felix Jakob Fordertechnik GmbH & Co.
Kommanditgesellschaft have until June 12 to register their
claims with court-appointed provisional administrator Michael
Bremen.

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 Duesseldorf
         Meeting Room A 388
         3rd Floor
         Muehlenstrasse 34
         40213 Duesseldorf, Germany

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

The District Court of Duesseldorf opened bankruptcy proceedings
against Felix Jakob Fordertechnik GmbH & Co.
Kommanditgesellschaft on May 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Felix Jakob Fordertechnik GmbH & Co.
         Kommanditgesellschaft         
         Attn: Wolfgang Jakob, Manager
         Kaiserswerther Str. 239
         40474 Duesseldorf, Germany

The administrator can be reached at:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf, Germany


FERIENPARK PLOTZKY: Claims Registration Ends June 13
----------------------------------------------------
Creditors of Ferienpark Plotzky Betriebs- und
Verwaltungsgesellschaft mbH have until June 13 to register their
claims with court-appointed provisional administrator Henning
Schorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on July 25, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Dresden opened bankruptcy proceedings
against Ferienpark Plotzky Betriebs- und Verwaltungsgesellschaft
mbH on May 3.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Ferienpark Plotzky Betriebs- und
         Verwaltungsgesellschaft mbH
         Attn: Bernhard Karl Schultz, Manager
         Koenigsbruecker Highway 75
         01109 Dresden, Germany

The administrator can be reached at:

         Henning Schorisch
         Wasastrasse 15
         01219 Dresden, Germany
         Web: http://www.hww-kanzlei.de/


FUERSICHT MASCHINENBAU: Claims Filing Period Ends June 23
---------------------------------------------------------
Creditors of Fuersicht Maschinenbau-GmbH have until June 23 to
register their claims with court-appointed provisional
administrator Rainer U. Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 8:35 a.m. on July 25, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Meeting Room 162/I. Stock
         Alten Einlass 1
         86150 Augsburg, 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 Augsburg opened bankruptcy proceedings
against Fuersicht Maschinenbau-GmbH on May 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Fuersicht Maschinenbau-GmbH
         Attn: Rita Fuersicht and Sabine Kramer, Managers
         Unterkreuthweg 8
         86444 Muehlhausen, Germany

The administrator can be reached at:

         Rainer U. Mueller
         Schiessstattenstr. 15
         86159 Augsburg, Germany


KAMPS AG: Posts EUR119 Million Net Loss in 2005
-----------------------------------------------
Kamps AG revealed its financial results for the year ended
Dec. 31, 2005.

Kamps posted EUR119 million in net losses on EUR1.21 billion in
total sales, compared with EUR75.5 million in net losses on
EUR1.4 billion in revenues in 2004.

In 2005, the bakery chain also saw its EBITDA plummet from
EUR101.6 million to EUR69.7 million.  The group's post-operating
results suffered EUR97.7 million in losses arising from the sale
of its Dutch operations to a sister company within the Barilla
group, Borzen Zeitung says.  Excluding the extraordinary loss,
Kamps would have posted EUR21.3 million in net losses.

Barilla, Kamps' majority owner, recently wrote down EUR639
million off the bakery chain's value, as it believed that there
had been a deterioration in Kamps' prospects, Die Welts reports.

At Dec. 31, 2004, Kamps AG had EUR954 million in total assets,
EUR954 in total liabilities and no shareholders' equity.  
Barilla Holding S.p.A. owns a 51% stake in the group while Banca
Popolare Italiana S.p.A. holds the remaining 49%.

                        About the Company

Headquartered in Duesseldorf, Germany, Kamps AG --
http://www.kamps.de/-- through its 11,400 employees in around  
1,000 bakeries, supplies more than 23,000 food retail outlets in
Germany with fresh bread and fresh bakery goods of the brands,
Golden Toast and Lieken Urkorn, as well as private labels and
bake-off products.


As reported in the TCR-Europe on Feb 14, Fitch Ratings
downgraded German bakery company Kamps AG's Issuer Default and
senior unsecured ratings to B- from BB- and removed them from
Rating Watch Negative.  A negative Outlook is assigned.  Fitch's
B-/RR4 senior unsecured and Recovery ratings apply to Kamps'
EUR325 million bond due 2009.

Fitch expects FY06 to be another year of negative cash flow.
Thanks to financing provided on a senior unsecured pari passu
basis by Barilla, the company should be able to avoid a
liquidity crisis.

However, the resources drained by the ongoing turnaround plan in
the midst of a difficult German market are far too much for
Kamps to be able, by FYE09 when its EUR325 million bond matures,
to generate enough cash flow to repay this debt obligation from
its own resources.


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


ELAN CORPORATION: FDA Okays TYSABRI for MS Treatment
----------------------------------------------------
Biogen Idec (NASDAQ: BIIB) and Elan Corporation, plc (NYSE: ELN)
revealed the approval of a supplemental Biologics License
Application (sBLA) by the U.S. Food and Drug Administration for
the reintroduction of TYSABRI(R) (natalizumab) as a monotherapy
treatment for relapsing forms of multiple sclerosis (MS) to slow
the progression of disability and reduce the frequency of
clinical relapses.  

TYSABRI will be available upon the completion of key activities
related to the risk management plan, including FDA review of
educational and training materials, internal validation of
systems based on final FDA requirements and training of internal
personnel.  As such, the companies anticipate TYSABRI will be
available in July.

The FDA granted approval for reintroduction based on:

   -- the review of TYSABRI clinical trial data;

   -- revised labeling with enhanced safety warnings; and

   -- a risk management plan (TOUCH Prescribing Program)
      designed to inform physicians and patients of the benefits
      and risks of TYSABRI treatment and minimize potential risk
      of progressive multifocal leukoencephalopathy (PML).

Because of the increased risk of PML, TYSABRI monotherapy is
generally recommended for patients who have had an inadequate
response to, or are unable to tolerate, alternate MS therapies.

"[June 5] represents a significant step forward for people with
relapsing MS.  The reintroduction of TYSABRI offers new hope as
an important therapeutic choice for patients living with this
disabling disease.  TYSABRI has demonstrated compelling efficacy
in MS, and we believe the TOUCH Prescribing Program, designed in
collaboration with the FDA, will help patients and physicians
assess the benefits and risks of TYSABRI and make informed
decisions about therapy," said James C. Mullen, Biogen Idec
Chief Executive.

"We are pleased with the FDA's decision to once again make
TYSABRI available to patients and their families suffering from
this chronic, debilitating disease, " said Kelly Martin, Chief
Elan Executive Officer.  "There continues to be a significant
unmet medical need where TYSABRI will be an important treatment
option. "

The action follows a March 8 unanimous recommendation by the
FDA's Peripheral and Central Nervous System Drugs Advisory
Committee to allow the reintroduction of TYSABRI.  Biogen Idec
and Elan voluntarily suspended TYSABRI from the U.S. market and
all ongoing clinical trials in February 2005 based on reports of
PML, an opportunistic viral infection of the brain that usually
leads to death or severe disability.

                    TOUCH Prescribing Program

TOUCH (TYSABRI Outreach: Unified Commitment to Health)
Prescribing Program was developed in conjunction with the FDA to
facilitate the appropriate use of TYSABRI and to assess, on an
ongoing basis, the incidence and risk factors for PML and other
serious opportunistic infections associated with TYSABRI
treatment. This program represents Biogen Idec and Elan's
commitment to making the unique benefits of TYSABRI available in
a responsible manner.

Elements of the TOUCH Prescribing Program:

   -- Revised labeling with a prominent boxed warning of the
      risk of PML; and warnings against concurrent use of
      TYSABRI with chronic immunosuppressant or immunomodulatory
      therapies, and patients who are immunocompromised due to
      HIV, hematological malignancies, organ transplants or
      immunosuppressive therapies;

   -- Mandatory enrollment for all prescribers, central
      pharmacies, infusion centers and patients who wish to
      prescribe, distribute, infuse, or receive, respectively,
      TYSABRI;

   -- Controlled, centralized distribution only to authorized
      infusion centers;

   -- Mandatory FDA-reviewed educational tools for patients and
      physicians, including a patient medication guide, TOUCH
      enrollment form and a monthly pre-infusion checklist;

   -- Ongoing assessment of PML risk and overall safety; and

   -- A 5,000-patient cohort observational study over five
      years, the TYSABRI Global Observation Program in Safety
      (TYGRIS)

                          About TYSABRI

Two-year data from the AFFIRM monotherapy trial showed that
treatment with TYSABRI reduced the risk of disability
progression by 42% (p is less than 0.001), the primary endpoint
of the study, and led to a 67% reduction (p is less than 0.001)
in the annualized relapse rate compared to placebo.

TYSABRI treatment also resulted in sustained and statistically
significant reductions in brain lesion activity as measured by
MRI.  The two-year data from the SENTINEL add-on trial also
demonstrated that treatment with TYSABRI in addition to
AVONEX(R) (Interferon beta-1a) had a significant effect on
disability progression, relapse rate and brain MRI disease
activity compared to AVONEX alone.

TYSABRI increases the risk of PML, an opportunistic viral
infection of the brain that usually leads to death or severe
disability. Three cases of PML occurred in clinical trial
patients who were concomitantly exposed to immunomodulators
(interferon beta in the patients with MS) or were
immunocompromised due to recent treatment with
immunosuppressants (e.g., azathioprine in the patient with
Crohn's disease).

Two of the cases were observed in 1,869 patients with MS treated
for a median of 120 weeks.  A third case of PML occurred among
1,043 patients with Crohn's disease after the patient received
eight doses.  The number of cases is too few and the number of
patients treated too small to reliably conclude that the risk of
PML is lower in patients treated with TYSABRI alone than in
patients who are receiving other drugs that decrease immune
function or who are otherwise immunocompromised.  Healthcare
professionals should monitor patients on TYSABRI for any new
signs or symptoms that may be suggestive of PML.  TYSABRI dosing
should be withheld immediately at the first sign or symptom
suggestive of PML.

TYSABRI is contraindicated in patients who have or have had PML
or with known hypersensitivity to TYSABRI or any of its
components. In Phase III placebo-controlled trials of TYSABRI in
MS, the overall incidence and rate of other infections were
balanced between TYSABRI-treated patients and controls. Herpes
infections were slightly more common in patients treated with
TYSABRI.  Commonly reported infections with TYSABRI included
urinary tract infections, lower respiratory tract infections,
gastroenteritis and vaginitis.  Serious opportunistic and other
atypical infections have been observed in TYSABRI-treated
patients, some of these patients were receiving concurrent
immunosuppressants.

The incidence and rate of other serious and common adverse
events in clinical trials were similarly balanced between
treatment groups. Serious events that occurred in TYSABRI-
treated patients included hypersensitivity reactions (e.g.,
anaphylaxis), depression and gallstones.  Appendicitis was more
common in patients receiving TYSABRI with AVONEX.  Common
adverse events reported in TYSABRI-treated patients include
infusion reactions, headache, fatigue, joint and limb pain,
abdominal discomfort, diarrhea and rash.

                      About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology  
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                        *     *     *

Moody's Investors Service rates Elan's long-term corporate
family rating at Ba3.  The company's long-term foreign issuer
credit rating and long-term local issuer credit rating carry
Standard & Poor's single-B rating.

As reported by TCR-Europe on May 2, 2005, the company's net loss
for the first quarter of 2005 amounted to US$115.6 million, an
increase of 86% over the US$62.2 million reported in the same
quarter of 2004.  Of the US$74.7 million net operating loss for
the first quarter of 2005, US$58.6 million related to
Tysabri(TM).  Total revenue decreased 31% to US$102.7 million in
the first quarter of 2005 from US$148.3 million in the first
quarter of 2004.


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


AL-KOMMERS: Creditors Must File Claims by June 16  
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Al-Kommers insolvent on March 30.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until June 16 to submit written proofs of claim
to:
   
         LLP Al-Kommers
         Valihanova Str. 46-38  
         Almaty, Kazakhstan
         Tel: 8 (3272) 73-45-80
              8 (3005) 16-69-72


EKO SERVIS: Creditors Must File Claims by June 16
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Eko Servis insolvent.

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


IZUMRUD: Creditors Must File Claims by June 16  
----------------------------------------------
LLP Scientific Production Enterprise Izumrud has declared
insolvency.  Creditors have until June 16 to submit written
proofs of claim to:

         LLP Scientific Production Enterprise Izumrud
         Kirova Str. 53
         Ust-Kamenogorsk, East Kazakhstan Region
         Kazakhstan


KNK-PAVLODAR: Creditors Must File Claims June 16
------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP KNK-Pavlodar 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


KONTAKT-PV: Pavlodar Court Sets June 16 Claims Bar Date
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Kontakt-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


MAYAK-PV: Creditors Must File Claims June 16
--------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared Mayak-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


PRIJMA SERVIS: Proof of Claim Deadline Slated for June 16
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared CJSC Prijma Servis insolvent on Dec. 23, 2005.  
A temporary insolvency manager has been appointed.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau Region
         Room 11
         Micro District 28  
         Aktau, Kazakhstan
         Tel: 8 (3292) 41-15-89


PROMAVTOSERVIS: Creditors Must File Claims by June 16
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Production Union Promavtoservis insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda Region
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


RUSSKY LES-2005: Claims Registration Ends June 16
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Russky Les-2005 insolvent on June 16.

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


VIRS: Claims Registration Ends June 16
--------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Virs insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda Region
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


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


RUSSIAN STANDARD: Moody's Rates US$1.5 Bln Notes Scheme at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Russian
Standard Bank's US$1.5 billion medium-term loan participation
notes Program.

The outlook for the rating is stable.

Russian Standard Finance S.A. issues the loan participation
notes with the sole purpose of funding unsecured and
unsubordinated loans 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 rating is placed at the level of RSB's current long-term
foreign currency deposit rating, and 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 Bank is headquartered in Moscow (Russia) and
reported total IFRS consolidated assets and net income of
US$4.06 billion and US$211 million, respectively, as of 31
December 2005.

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: Fitch Rates GBP80.15 Mln Class F Notes at B+
-------------------------------------------------------------
Fitch Ratings assigned expected ratings to Arran Corporate Loans
No. 1 B.V.'s GBP3.5 billion notes due 2012 expected ratings:

   -- GBP2.884 billion Class A notes: AAA;
   -- GBP206.5 million Class B notes: AA+;
   -- GBP52.5 million Class C notes: A+;
   -- GBP77 million Class D notes: BBB+;
   -- GBP80.85 million Class E notes: BB+; and
   -- GBP80.15 million Class F notes: B+.

This transaction is a securitization of GBP-denominated bank
loans and undrawn facilities to large corporate entities
originated by The Royal Bank of Scotland Group PLC in the U.K.  
The final ratings are contingent on the receipt of final
documents conforming to information already received.

The expected ratings of the notes are based on the credit
quality of the reference pool, the cash deposit as collateral,
available credit enhancement, the origination and servicing
capabilities of RBS and the transaction's sound financial and
legal structure.

Each Class has three tranches denominated in GBP, EUR and USD
respectively.

Credit enhancement for the Class A notes totals 17.6%, provided
by the Class B (5.9%), Class C (1.5%), Class D (2.2%), Class E
(2.31%) Class F (2.29%) and the unrated Class G (3.4%) notes at
close.  In addition, credit enhancement will be available from
synthetic excess spread to cover losses via a PDL and a reserve
trapping mechanism

Arran Corporate Loans No. 1 B.V. is a special-purpose vehicle
("SPV") incorporated in the Netherlands with limited liability.
All the Classes of credit-linked notes will be backed by a
credit default swap between the issuer and RBS through which the
issuer receives a premium from the swap counterparty in exchange
for loss protection on a reference portfolio of bank loans and
undrawn facilities granted by RBS to large corporate entities in
the U.K.  As of the closing date, the reference portfolio will
consist of 128 borrowers with their primary incorporation in the
U.K.

The ratings for Class A and B address timely payment of interest
and ultimate payment of principal in accordance to the terms and
conditions of the notes.  The ratings for Class C, D, E and F
notes address ultimate payment of interest and ultimate payment
of principal in accordance to the terms and conditions of the
notes.


ARRAN CORPORATE: S&P Assigns Ratings to Secured Notes
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP3.38 billion (equivalent) secured
floating-rate notes to be issued by Arran Corporate Loans No. 1
B.V.

At the same time, Arran Corporate Loans No. 1 will issue a class
of unrated notes to the amount of GBP119 million.

The transaction is a fully funded synthetic balance sheet CLO,
referencing a GBP3.5 billion portfolio of British pound sterling
bank loans and undrawn facilities granted by the Royal Bank of
Scotland PLC (RBS) or National Westminster Bank PLC to U.K.
borrowers.
  
The transaction aims to provide regulatory and economic capital
relief to RBS.
  
"This is RBS's first CLO of loans and the corresponding Standard
& Poor's rating for each reference obligor has been derived by
mapping the internal credit ratings of RBS," said Standard &
Poor's credit analyst Emanuele Tamburrano.
  
"The mapping exercise involved a comparison of the RBS rating of
those borrower names in the Corporate Markets portfolio which
were rated by credit committee using the RBS Large Corporate
Grading model and which were either publicly or privately rated
by Standard & Poor's," Mr. Tamburrano continued.
  
The loans and undrawn facilities are held by the Corporate
Markets division of the RBS Group, in either the U.K. Corporate
Banking or Global Banking and Markets departments. The loans
have all been assigned an internal credit grading by RBS credit
committee using, inter alia, information derived from model
outputs from the RBS Large Corporate Grading Model. The internal
grading ranges from a credit grade of A1 (very good) to D3
(satisfactory) for performing loans, with grades for impaired
exposures starting at E1.
  
                          Ratings List
                Arran Corporate Loans No. 1 B.V.
    GBP3.5 Billion (Equivalent) Secured Floating-Rate Notes        
      
            Class          Prelim.            Prelim.
                           rating             amount
            -----          ------             ------  
            A              AAA                GBP2,884.00 Mln
            B              AA                      206.50 Mln
            C              A                        52.50 Mln
            D              BBB                      77.00 Mln
            E              BB                       80.85 Mln
            F              B                        80.15 Mln
            G              Not rated               119.00 Mln


FIXED-LINK FINANCE: Moody's Junks Three Subordinate Note Classes
----------------------------------------------------------------
Moody's Investors Service placed the un-guaranteed long-term
debt ratings of Fixed Link Finance 2 B.V. on review, direction
uncertain, and the ratings of the Class A1, Class A2, Class B1
and Class B2 Notes issued by Fixed-Link Finance B.V. on review,
direction uncertain.

The Aaa ratings of FLF's GBP232 million and EUR365 million of
Guaranteed Notes and FLF2's GBP620 million of Guaranteed Notes,
which are based upon the unconditional and irrevocable guarantee
of principal and interest by MBIA Assurance S.A. are not
affected by the rating review and remain unchanged.

These rating actions follow the announcement by Eurotunnel that
it had signed a binding preliminary restructuring agreement with
a committee of its creditors.

FLF2 is a special purpose company that has lent the proceeds of
the notes it has issued to the Eurotunnel PLC/S.A. group in the
form of Tier 1A Loans. The last rating action was on 11 February
2005 when Moody's downgraded the un-guaranteed long-term debt
ratings from Ba2 to B1 with a negative outlook.

FLF is a special purpose company that has used the proceeds of
its notes to acquire interests in Eurotunnel Tier 1 Loans, Tier
2 Loans and Tier 3 Loans.  The ratings on the notes are based on
the credit strength of Eurotunnel's Junior Debt as well as on
the structural features of the transaction.

With regard to FLF2, today's rating action factors the outline
terms of a capital restructuring announced recently by
Eurotunnel, which has the in-principle agreement of a number of
its key creditors, and the positive impact that it could have on
the credit profile of the FLF2 Un-guaranteed Debt.  Although
Moody's believes that it is more likely than not that the
Capital Restructuring or a variation thereon will be
implemented, the agency cautions that it is subject to material
execution risk. A failure to reach an agreed restructuring would
threaten the current FLF2 Un-guaranteed Debt ratings. As a
consequence a rating review with direction uncertain is
warranted.

With regard to the Class A1, Class A2, Class B1 and Class B2
Notes issued by FLF, the action factors the potential impact of
the Capital Restructuring on the Tier 1, Tier 2 and Tier 3 Loans
used as assets in the FLF transaction.

The Capital Restructuring envisages:

   -- the continuation of the FLF2 debt and the related Tier 1A
      Loans;

   -- the repayment of Eurotunnel's Tier 1 Loans and Tier 2
      Loans; and

   -- a partial repayment of Eurotunnel's Tier 3 Loans, together
      with an exchange of the un-redeemed Tier 3 Loans for an
      equity-like debt instrument.

However, Eurotunnel is yet to release critical details of the
Capital Restructuring, including confirmation as to where the
FLF2 Un-guaranteed Debt will sit within the capital structure,
the maturity and financial terms of each class of new Eurotunnel
debt that will be created as part of the Capital Restructuring,
and the inter-creditor arrangements that will need to be
implemented to regulate the rights of all debt holders versus
each other and Eurotunnel.

Moody's review of the FLF2 Un-guaranteed Debt and the FLF Un-
guaranteed Debt will focus predominantly on:

   -- a likely view of Eurotunnel's operating performance over
      the coming few years;

   -- the key terms of the Capital Restructuring which are as
      yet unknown, many of which will be significant from a
      rating perspective; and

   -- the impact of the previous two points on the various
      structural features of the FLF transaction.

Moody's will also keep under review the likelihood that the
Capital Restructuring or a variant of it will be completed, so
avoiding a possible insolvency of Eurotunnel and/or a
substitution of Eurotunnel by the creditors in accordance with
the existing terms of Eurotunnel's financial documentation.

The FLF2 Un-guaranteed Debt review process has an uncertain
direction.  A successful implementation of the Capital
Restructuring may result in an uplift in the FLF2 Un-guaranteed
Debt ratings, the extent of the uplift being dependent on the
final concluded financial profile of Eurotunnel and, the final
form of the new debt, and the FLF2 Un-guaranteed Debt's position
in the capital structure.  However, it is not certain that the
successful conclusion of the Capital Restructuring would result
in an upwards move in the rating of the FLF2 Un-guaranteed Debt.

The Capital Restructuring remains subject to agreement of the
required majority of Eurotunnel's creditors, including those
classes of debt ranked more junior to the Eurotunnel Tier 3
Loans which have had substantially less involvement in
negotiations so far, and the shareholders of Eurotunnel.

Although on the balance of probability Moody's believes that the
Capital Restructuring or a variation thereon will be implemented
within the next 12 months, there remains a material risk that it
will not be the case if Eurotunnel is unable to receive the
necessary approvals from its creditors and/or shareholders.  
Consequently, if evidence suggests that this may be the case
this would likely have a downward impact on the FLF2 Un-
guaranteed Debt ratings.

The FLF Un-guaranteed Debt review process has an uncertain
direction.  The basis for Moody's analysis of the FLF
transaction will be based on the quantification of the impact of
the estimated proceeds of the restructuring of Tier 1, Tier 2
and Tier 3 Loans on the various layers of credit enhancement,
mainly subordination and cash reserves.

Whereas high recoveries on Tier 1 and Tier 2 Loans would
positively impact the ratings of the Senior Notes, Class A1 and
A2, the absence of such restructuring could worsen the current
position of these ratings.  Similarly, low level of recoveries
on Tier 3 Loans, would negatively impact the current ratings of
the Senior Subordinated Notes, Class B1 and B2.

However, given the relatively low level of these ratings, any
improvement on expected recoveries of Tier 3 Loans would have
the opposite effect.

Ratings outstanding:

Fixed Link Finance 2 B.V.:

   -- GBP620 million 5.78% Guaranteed Notes due 2028: Aaa;

         * underlying Rating: B1, review direction uncertain

   -- GBP120 million 8.15% Class A Notes due 2026: B1, review
      direction uncertain;

Fixed-Link Finance B.V.:

   -- GBP232 million Guarantee Class G1 Notes due 2025: Aaa;

   -- EUR365 million Guaranteed Class G2 Notes due 2025: Aaa;

   -- GBP200 million Senior Class A1 Notes due 2025: Ba3, review
      direction uncertain;

   -- EUR103 million Senior Class A2 Notes due 2025: Ba3, review
      direction uncertain;

   -- GBP50,000 Senior Subordinated Class B1 Notes due 2025:
      Caa2, review direction uncertain;

   -- EUR135 million Senior Subordinated Class B2 Notes due
      2025: Caa2, review direction uncertain;

   -- EUR142 million Subordinated Class C2 Notes due 2025: C

Fixed Link Finance 2 B.V. is a special purpose company
incorporated in the Netherlands solely for the purpose of
issuing notes and lending the proceeds to members of the
Eurotunnel PLC and Eurotunnel S.A. group.

Fixed-Link Finance B.V. is a special purpose company
incorporated in the Netherlands solely for the purpose of
issuing seven classes of Notes and acquiring interests in the
Junior Debt of the Eurotunnel PLC and Eurotunnel S.A. group.

The Eurotunnel PLC and Eurotunnel S.A. group manages the
infrastructure of the Channel Tunnel and operates passenger
shuttle (car and coach) and truck shuttle services between
Folkestone in the U.K. and Coquelles in France.


FIXED-LINK FINANCE 2: Moody's Rates Long-Term Notes
---------------------------------------------------
Moody's Investors Service placed the un-guaranteed long-term
debt ratings of Fixed Link Finance 2 B.V. on review, direction
uncertain, and the ratings of the Class A1, Class A2, Class B1
and Class B2 Notes issued by Fixed-Link Finance B.V. on review,
direction uncertain.

The Aaa ratings of FLF's GBP232 million and EUR365 million of
Guaranteed Notes and FLF2's GBP620 million of Guaranteed Notes,
which are based upon the unconditional and irrevocable guarantee
of principal and interest by MBIA Assurance S.A. are not
affected by the rating review and remain unchanged.

These rating actions follow the announcement by Eurotunnel that
it had signed a binding preliminary restructuring agreement with
a committee of its creditors.

FLF2 is a special purpose company that has lent the proceeds of
the notes it has issued to the Eurotunnel PLC/S.A. group in the
form of Tier 1A Loans. The last rating action was on 11 February
2005 when Moody's downgraded the un-guaranteed long-term debt
ratings from Ba2 to B1 with a negative outlook.

FLF is a special purpose company that has used the proceeds of
its notes to acquire interests in Eurotunnel Tier 1 Loans, Tier
2 Loans and Tier 3 Loans.  The ratings on the notes are based on
the credit strength of Eurotunnel's Junior Debt as well as on
the structural features of the transaction.

With regard to FLF2, today's rating action factors the outline
terms of a capital restructuring announced recently by
Eurotunnel, which has the in-principle agreement of a number of
its key creditors, and the positive impact that it could have on
the credit profile of the FLF2 Un-guaranteed Debt.  Although
Moody's believes that it is more likely than not that the
Capital Restructuring or a variation thereon will be
implemented, the agency cautions that it is subject to material
execution risk. A failure to reach an agreed restructuring would
threaten the current FLF2 Un-guaranteed Debt ratings. As a
consequence a rating review with direction uncertain is
warranted.

With regard to the Class A1, Class A2, Class B1 and Class B2
Notes issued by FLF, the action factors the potential impact of
the Capital Restructuring on the Tier 1, Tier 2 and Tier 3 Loans
used as assets in the FLF transaction.

The Capital Restructuring envisages:

   -- the continuation of the FLF2 debt and the related Tier 1A
      Loans;

   -- the repayment of Eurotunnel's Tier 1 Loans and Tier 2
      Loans; and

   -- a partial repayment of Eurotunnel's Tier 3 Loans, together
      with an exchange of the un-redeemed Tier 3 Loans for an
      equity-like debt instrument.

However, Eurotunnel is yet to release critical details of the
Capital Restructuring, including confirmation as to where the
FLF2 Un-guaranteed Debt will sit within the capital structure,
the maturity and financial terms of each class of new Eurotunnel
debt that will be created as part of the Capital Restructuring,
and the inter-creditor arrangements that will need to be
implemented to regulate the rights of all debt holders versus
each other and Eurotunnel.

Moody's review of the FLF2 Un-guaranteed Debt and the FLF Un-
guaranteed Debt will focus predominantly on:

   -- a likely view of Eurotunnel's operating performance over
      the coming few years;

   -- the key terms of the Capital Restructuring which are as
      yet unknown, many of which will be significant from a
      rating perspective; and

   -- the impact of the previous two points on the various
      structural features of the FLF transaction.

Moody's will also keep under review the likelihood that the
Capital Restructuring or a variant of it will be completed, so
avoiding a possible insolvency of Eurotunnel and/or a
substitution of Eurotunnel by the creditors in accordance with
the existing terms of Eurotunnel's financial documentation.

The FLF2 Un-guaranteed Debt review process has an uncertain
direction.  A successful implementation of the Capital
Restructuring may result in an uplift in the FLF2 Un-guaranteed
Debt ratings, the extent of the uplift being dependent on the
final concluded financial profile of Eurotunnel and, the final
form of the new debt, and the FLF2 Un-guaranteed Debt's position
in the capital structure.  However, it is not certain that the
successful conclusion of the Capital Restructuring would result
in an upwards move in the rating of the FLF2 Un-guaranteed Debt.

The Capital Restructuring remains subject to agreement of the
required majority of Eurotunnel's creditors, including those
classes of debt ranked more junior to the Eurotunnel Tier 3
Loans which have had substantially less involvement in
negotiations so far, and the shareholders of Eurotunnel.

Although on the balance of probability Moody's believes that the
Capital Restructuring or a variation thereon will be implemented
within the next 12 months, there remains a material risk that it
will not be the case if Eurotunnel is unable to receive the
necessary approvals from its creditors and/or shareholders.  
Consequently, if evidence suggests that this may be the case
this would likely have a downward impact on the FLF2 Un-
guaranteed Debt ratings.

The FLF Un-guaranteed Debt review process has an uncertain
direction.  The basis for Moody's analysis of the FLF
transaction will be based on the quantification of the impact of
the estimated proceeds of the restructuring of Tier 1, Tier 2
and Tier 3 Loans on the various layers of credit enhancement,
mainly subordination and cash reserves.

Whereas high recoveries on Tier 1 and Tier 2 Loans would
positively impact the ratings of the Senior Notes, Class A1 and
A2, the absence of such restructuring could worsen the current
position of these ratings.  Similarly, low level of recoveries
on Tier 3 Loans, would negatively impact the current ratings of
the Senior Subordinated Notes, Class B1 and B2.

However, given the relatively low level of these ratings, any
improvement on expected recoveries of Tier 3 Loans would have
the opposite effect.

Ratings outstanding:

Fixed Link Finance 2 B.V.:

   -- GBP620 million 5.78% Guaranteed Notes due 2028: Aaa;

         -- underlying Rating: B1, review direction uncertain

   -- GBP120 million 8.15% Class A Notes due 2026: B1, review
      direction uncertain;

Fixed-Link Finance B.V.:

   -- GBP232 million Guarantee Class G1 Notes due 2025: Aaa;

   -- EUR365 million Guaranteed Class G2 Notes due 2025: Aaa;

   -- GBP200 million Senior Class A1 Notes due 2025: Ba3, review
      direction uncertain;

   -- EUR103 million Senior Class A2 Notes due 2025: Ba3, review
      direction uncertain;

   -- GBP50,000 Senior Subordinated Class B1 Notes due 2025:
      Caa2, review direction uncertain;

   -- EUR135 million Senior Subordinated Class B2 Notes due
      2025: Caa2, review direction uncertain;

   -- EUR142 million Subordinated Class C2 Notes due 2025: C

Fixed Link Finance 2 B.V. is a special purpose company
incorporated in the Netherlands solely for the purpose of
issuing notes and lending the proceeds to members of the
Eurotunnel PLC and Eurotunnel S.A. group.

Fixed-Link Finance B.V. is a special purpose company
incorporated in the Netherlands solely for the purpose of
issuing seven classes of Notes and acquiring interests in the
Junior Debt of the Eurotunnel PLC and Eurotunnel S.A. group.

The Eurotunnel PLC and Eurotunnel S.A. group manages the
infrastructure of the Channel Tunnel and operates passenger
shuttle (car and coach) and truck shuttle services between
Folkestone in the U.K. and Coquelles in France.


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


ASBESTOVSKIY REINFORCED-CONCRETE: N. Biryukova to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Moscow appointed Ms. N. Biryukova as
insolvency manager for LLC Asbestovskiy Reinforced-Concrete
(Case No. A40-4164/06-95-7B).  He can be reached at:

         N. Biryukova
         Chulkovo
         Ramenskiy Region
         140152, Moscow Region, Russia

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

The Debtor can be reached at:

         LLC Asbestovskiy Reinforced-Concrete
         Building 2
         Zelenyj Pr. 3A/11
         Moscow Region, Russia


GYDANSKIY FISH: Bankruptcy Hearing Slated for June 21
-----------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy Autonomous Region will
convene on June 21 to hear the bankruptcy supervision procedure
on Unitary Municipal Enterprise of Tazovskiy Region Gydanskiy
Fish Processing Plant (Case No. A81-6838/2005).

The Temporary Insolvency Manager is:

         V. Bolgov
         Apartment 1
         Novogodnyaya Str. 9
         Nizhnyay Tavda
         Nizhnetavdinskiy Region
         626020, Tyumen Region, Russia

The Debtor can be reached at:

         Unitary Municipal Enterprise of Tazovskiy Region
         Gydanskiy Fish Processing Plant
         Gyda
         Tazovskiy Region
         Yamalo-Nenetskiy Autonomous Region, Russia


KOSTROMSKOY FINANCIAL: Court Taps A. Nekhina as Liquidator
----------------------------------------------------------
The Arbitration Court of Kostroma Region appointed Ms. A.
Nekhina as insolvency manager for CJSC Kostromskoy Financial-
Agro-Industrial Complex (Case No. A31-294/2006-12).  She can be
reached at:

         A. Nekhina
         Office 37
         Building 2
         Korovinskoye Shosse 10
         127486, Moscow Region, Russia
         Tel: (495) 906-0067

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

The Debtor can be reached at:

         CJSC Kostromskoy Financial-Agro-Industrial Complex
         Lenina Str. 10
         Kostroma, Russia


OAO SEVERSTAL: Averse Arcelor Investors Ask for Vote on Merger
--------------------------------------------------------------
Investors holding around 30% stake in Arcelor S.A. have called
for a vote on the proposed EUR7-bililon merger with Russian
rival OAO Severstal, Dominique Buffier of Le Monde reports.

The opposing shareholders wrote a letter to Arcelor Chairman
Joseph Kinsch, asking for a vote on June 28, when the French
group holds a special meeting, Bloomberg News reveals.  
Arcelor's board is currently reviewing the request, Chief
Executive Guy Dolle added.  

"The agenda of this meeting will be decided after a legal look
at this letter and the board will certainly meet during the next
week," Mr. Dolle said.

Opposing investors need to amass votes of more than 50% of the
total shares to overthrow a recently signed merger deal between
Arcelor and Severstal.  The merger is schemed to thwart a black
knight offer from Russian steelmaker Mittal Steel, which in
turn, Le Monde relates, is planning to meet with the opposing
shareholders.  Mittal's offer for Arcelor runs until July 5.

                         About Arcelor

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

                        About Severstal

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

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

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

                        *     *     *

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

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

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

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


PLASTICS: Court Appoints N. Dmitriev as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Tyumen Region appointed Mr. N. Dmitriev
as insolvency manager for LLC Plastics (Case No. A70-1883/3/3-
2005).  He can be reached at:

         N. Dmitriev
         Apartment 43
         Montazhnikov Str. 13
         625046, Tyumen Region, Russia

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

The Debtor can be reached at:

         LLC Plastics
         Kamchatskaya Str. 38
         625034, Tyumen Region, Russia


RUSSIAN STANDARD: Moody's Rates US$1.5 Bln Notes Scheme at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Russian
Standard Bank's US$1.5 billion medium-term loan participation
notes Program.

The outlook for the rating is stable.

Russian Standard Finance S.A. issues the loan participation
notes with the sole purpose of funding unsecured and
unsubordinated loans 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 rating is placed at the level of RSB's current long-term
foreign currency deposit rating, and 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 Bank is headquartered in Moscow (Russia) and
reported total IFRS consolidated assets and net income of
US$4.06 billion and US$211 million, respectively, as of 31
December 2005.

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.


TRANS-VZRYV-PROM: Court Names A. Bersenev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. A. Bersenev
as insolvency manager for OJSC Trans-Vzryv-Prom (Case No. A40-
42620/05-101-91B).  He can be reached at:

         A. Bersenev
         Post User Box 89
         Usievicha Str. 24/2
         125315, Moscow Region, Russia

The Debtor can be reached at:

         OJSC Trans-Vzryv-Prom
         Novoryazanskaya Str. 16
         107078, Moscow Region, Russia


VOLGOGRAD-AGRO-TEKH-COMPLEX: Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Arbitration Court of Volgograd Region has commenced
bankruptcy supervision procedure on LLC Volgograd-Agro-Tekh-
Complex (TIN 3443049890).  The case is Case No. A12-3199/06-s64

The Temporary Insolvency Manager is:

         P. Zhdankov
         Klinskaya Str. 38-2
         400001 Volgograd Region, Russia
         Tel: 8 (8442) 94-25-78

The Debtor can be reached at:

         LLC Volgograd-Agro-Tekh-Complex
         Zhukova Pr. 5
         Dymchenko Str. 6A
         Volgograd Region, Russia


YANUSHEVSKOYE: Court Commences Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Stavropol Region commenced bankruptcy
supervision procedure on OJSC Yanushevskoye (TIN 2608010180).  
The case is docketed is under Case No. A63-945/05-S5.  

The Temporary Insolvency Manager is:

         A. Martirosyan
         Sholokhova Pr. 8A
         344019, Rost-na-Donu Region, Russia

The Debtor can be reached at:

         OJSC Yanushevskoye
         Mira Str. 18
         Pervomayskoye
         356613, Stavropol Region, Russia


YUKOS OIL: Submits Debt Repayment Plan to Bankruptcy Receiver
-------------------------------------------------------------
Yukos Oil Company has proposed a Financial and Rehabilitation
Plan and Debt Repayment Schedule to court-appointed bankruptcy
receiver Eduard Rebgun following an order by the Hon. Robert D.
Drain of the U.S. Bankruptcy Court for the Southern District of
New York.

Judge Drain has ordered Mr. Rebgun to present the proposed
recovery plan at a creditors' meeting on June 16 and to submit a
status report to the Manhattan Court by July 31.

                     Summary of the Plan

The plan, filed with the Manhattan Court, provides for:

  (a) the preservation and continuation of Yukos' operations as
      a major oil and gas exploration, production, refining and
      marketing company in Russia;

  (b) the payment in full of all allowed creditors claims; and

  (c) the preservation of equity available for the company's
      stockholders.

Mr. Rebgun has stated that he will encourage creditors to give
full consideration to the Plan.  He also told Bloomberg News
that he is not obliged to include the proposals in his
presentations to creditors unless the plan has been approved by
shareholders.

Claims against Yukos has totaled approximately US$29.5 billion,
which comprised of:

  (a) US$11.5 billion in Russian tax claims;

  (b) approximately US14 billion in intercompany claims;

  (c) approximately US$700 million Moravel claim;

  (d) an approximately US$500 million Bank Group claim now owned
      by Rosneft;

  (e) approximately US$2.4 billion of claims by its former core
      production unit, Yuganskneftegaz (now owned by Rosneft);
      and

  (f) approximately US$900 million in ordinary trade claims
      against Yukos.

The Plan values Yukos' core assets at approximately US$20.6
billion.  It proposes to create a cash pool separate from the
company to pay off creditors and tax claims.  The cash pool will
be funded from the sale of its non-core assets including:

  (a) US$4.2 billion in Sibneft stock;

  (b) US$3.6 billion in Yugansk preferred stock;

  (c) US$1.1 billion in Arctic Gas assets; and

  (d) other assets Yukos might receive, not related to its core
      operation, which it can readily dispose of in a public
      market to obtain cash proceeds.

The cash pool will be supplemented by any Litigation Awards that
Yukos might obtain in pending international arbitrations and
litigation in Russian Courts.

Any of the core Russian claims that are not paid out of the cash
pool by March 15, 2008, will be paid out via the cash flow
generating capacity of the remaining Yukos core assets.  

In addition, Yugansk will also be given the option to take its
claim in the form of approximately 12.5% of the common stock of
Yukos.

Yukos will also order all of its subsidiaries not to pursue any
intercompany claims against the Company.  This will remove
approximately US$14 billion of intercompany claims that have
been filed.  It will leave Yukos, even after paying all the tax
claims that Yukos has contested, as a still viable going
concern, with remaining asset values of more than US$15 billion.

"If this plan is consummated, it will pay all valid claims and
preserve an enterprise value that will make the Yukos common
stock worth over US$15 billion, assuming it is permitted to
trade openly in the market," Mr. Theede disclosed in the plan
outline.

A full-text copy of the Proposed Rehabilitation Plan is
available at no charge at http://ResearchArchives.com/t/s?adb

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

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

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

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

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


ZAGORODNYJ DISTILLERY: N. Safronov to Act as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Ryazan Region appointed Mr. N. Safronov
as insolvency manager for OJSC Zagorodnyj Distillery (TIN
6231011995).  He can be reached at:

         N. Safronov
         Novaya Sre. 102
         390025, Ryazan Region, Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent (Case No. A54-8295/2005-s1)

The Debtor can be reached at:

         OJSC Zagorodnyj Distillery
         Nizhne-Trubezhnaya 3
         390000, Ryazan Region, Russia


===========
S W E D E N
===========


SCANDINAVIAN CONSUMER: S&P Puts BB Rating on Class E Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR177.65 million asset-backed floating-
rate notes to be issued by Scandinavian Consumer Loans Ltd.
  
The collateral comprises a portfolio of unsecured personal
consumer loans (promissory notes) to Swedish residents. The
purpose of the transaction is to refinance a portfolio of
Swedish unsecured personal loans and to maintain off-balance
sheet treatment for the originator, Nordax Finans AB (publ).
  
"This is Nordax's first public securitization. SCL will be able
to acquire loans either directly from the originator's balance
sheet, or off-balance sheet from the warehouse facility
vehicle," said Benjamin Benbouzid, a credit analyst in the
Structured Finance group.
  
He added: "There are target repayment amounts for the
amortization of the notes, so that certain notes do not amortize
too quickly. During the revolving period amounts can be used
either to purchase new loans subject to the early amortization
triggers being met, or to amortize the notes following an
amortization schedule."
  
                          Ratings List
                 Scandinavian Consumer Loans Ltd.
        EUR177.65 Million Asset-Backed Floating-Rate Notes
  
          Class           Prelim.        Prelim.
                          rating         amount (Mil. EUR)
          -----           ------         ------
          A               AAA            119.00
          B               AA              13.60
          C               A                5.95
          D               BBB             31.45
          E               BB               7.65
  

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


ARTEMIDA-RIVNE: Pavlo Duplika to Liquidate Assets
-------------------------------------------------
The Economic Court of Rivne Region appointed Pavlo Duplika as
Liquidator/Insolvency Manager for LLC Artemida-Rivne (code
EDRPOU 25316951).  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 6.  The case is docketed
under Case No. 4/2.

The Economic Court of Rivne Region is located at:

         Yavornitski Str. 59
         33001 Rivne Region, Ukraine

The Debtor can be reached at:

         LLC Artemida-Rivne
         Staritskij Str. 32
         Rivne Region, Ukraine


AV-ELECTRONICS: Court Taps Marina Stoyan to Liquidate Assets
------------------------------------------------------------
The Economic Court of Kyiv Region appointed Marina Stoyan as
Liquidator/Insolvency Manager for LLC AV-Electronics (code
EDRPOU 31238551).  She can be reached at:

         Marina Stoyan
         a/b 34
         01107 Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on April 17.  The case is docketed under
Case No. 24/117-b.

The Economic Court of Kyiv Region is located at:

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

The Debtor can be reached at:

         LLC AV-Electronics
         Mishin Str. 3
         Kyiv Region, Ukraine


GULYAJPOLE SILMASH: Yurij Zinchenko to Liquidate Assets
-------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Yurij
Zinchenko as Liquidator/Insolvency Manager for OJSC Gulyajpole
Plant Silmash (code EDRPOU 00235803).  He can be reached at:

         Yurij Zinchenko
         Spartakivska Str. 8
         Gulyajpole
         70200 Zaporizhya Region, Ukraine

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on March 30.  The case is docketed under
Case No. 19/222 (04).

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region, Ukraine

The Debtor can be reached at:

         OJSC Gulyajpole Plant Silmash
         Shevchenko Str. 18
         Gulyajpole
         70200 Zaporizhya Region, Ukraine


LITVO: Zaporizhya Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
supervision procedure on LLC LITVO (code EDRPOU 25482075).  The
case is docketed under Case No. 25/81/06.

The court-appointed sanction manager and temporary insolvency
manager is:

         Oleksandr Sherbina
         Kahovske Shose 27
         Melitopol
         72311 Zaporizhya Region, Ukraine

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region, Ukraine

The Debtor can be reached at:

         LLC Litvo
         Kahovske Shose 27
         Melitopol
         72311 Zaporizhya Region, Ukraine


PEREMOGA: Sumi Court Begins Bankruptcy Supervision
--------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on LLC PEREMOGA (code EDRPOU 30062202) on
Feb. 7.  The case is docketed under Case No. 6/12-06.

The Temporary Insolvency Manager is:

         Yevgenij Kornilov
         Office 408
         Nezalezhnosti Square 1
         40030 Sumi Region, Ukraine
         Tel: 8 (0542) 21-98-37

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region, Ukraine

The Debtor can be reached at:

         LLC Peremoga:
         Sulske
         Bilopillya District
         41872 Sumi Region, Ukraine


SLAVIYA: Court Names Yaroslav Onushkanich as Liquidator
-------------------------------------------------------
The Economic Court of Lviv Region appointed Yaroslav Onushkanich
as Liquidator/Insolvency Manager for LLC Production Firm Slaviya
(code EDRPOU 32117640).  He can be reached at:

         Yaroslav Onushkanich
         Strijska Str. 71-b/3
         79031 Lviv Region, Ukraine

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on April 4.  The case is docketed under
Case No. 6/290-8/264.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region, Ukraine

The Debtor can be reached at:

         LLC Production Firm Slaviya
         I. Mazepa Str. 2-A
         Truskavets
         Lviv Region, Ukraine


SPARTA: Court Names Dmitro Goncharov as Liquidator
--------------------------------------------------
The Economic Court of Donetsk Region appointed Dmitro Goncharov
as Liquidator/Insolvency Manager for LLC Sparta (code EDRPOU
30813228).  He can be reached at:

         Dmitro Goncharov
         Teatralnij Avenue 21/404
         83055 Donetsk Region, Ukraine

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on March 28.  The case is docketed under
Case No. 27/60 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region, Ukraine

The Debtor can be reached at:

         LLC Sparta
         87221 Donetsk Region
         Starobeshevskij District Stila


VALTEX-QUADRA: Poltava Court Starts Bankruptcy Process
------------------------------------------------------
The Economic Court of Poltava Region commenced bankruptcy
supervision procedure on Valtex-Quadra on March 28.  The case is
docketed under Case No. 9/14.

Mr. F. Lazarev has been appointed temporary insolvency manager.  

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000, Poltava Region, Ukraine

The Debtor can be reached at:

         Valtex-Quadra
         Radyanska Str. 98
         Lubni
         37500, Poltava Region, Ukraine


VITATRANSSVIT: Court Names T. Tarasenko as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. T. Tarasenko as
Liquidator/Insolvency Manager for LLC Vitatranssvit (code EDRPOU
31564283).  He can be reached at:

         T. Tarasenko
         Dobrohotova Str. 17/49
         Kyiv Region, Ukraine

The Court commenced bankruptcy proceedings at the company after
finding it insolvent on March 16.  The case is docketed under
Case No. 43/797.

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 Vitatranssvit
         Sluzhbova Str. 5
         Kyiv Region, Ukraine


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


ALPHA GAMES: Creditors Pass Winding Up Resolution
-------------------------------------------------
Creditors of Alpha Games Limited passed a resolution to wind up
the company's operations during an extraordinary general meeting
on March 28.

Richard William James Long of Richard Long & Co. was appointed
Liquidator.

The company can be reached at:

         Alpha Games Limited
         Unit B1
         The Seedbed Centre
         Harlow
         Essex CM19 5AF
         United Kingdom
         Tel: 01279 426 051
         Fax: 01279 415 120


APPLIED POLYMER: Financial Woes Prompt Liquidation
--------------------------------------------------
Applied Polymer Solutions Limited is winding up its operations
after creditors established the company could no longer continue
its business due to mounting debts.

Solomon Cohen, of Pitman Cohen, was appointed Liquidator.

The company can be reached at:

         Applied Polymer Solutions Limited
         46A Sea King Road
         Lynx Trading Estate
         Yeovil
         Somerset BA20 2NZ
         United Kingdom
         Tel: 01935 410 710
         Fax: 01935 410 888
         

B.L.R.S. LIMITED: Winds Up Business & Appoints Liquidator
---------------------------------------------------------
B.L.R.S. Limited agreed to wind up the company's operations
during an extraordinary general meeting on March 27.

Eileen T.F. Sale of Sale Smith & Co. Limited was appointed
Liquidator.

B.L.R.S. Limited specializes in the provision of seat covers,
exhausts, high lift jacks and general spares for Land Rovers and
other 4x4 vehicles.

The company can be reached at:

         B.L.R.S. Limited
         Stuart Ho
         97 Station Road
         Erdington
         Birmingham B23 6UG
         United Kingdom
         Tel: 0121 373 7425
         Fax: 0121 384 7412
         Web: http://wwww.landrover-spares.me.uk/


BLISSETT DIGITAL: Names Helen Timothe Phillips Liquidator
---------------------------------------------------------
Blissett Digital and Design Limited is liquidating its assets
after creditors decided to wind up the company during an
extraordinary general meeting on March 28.

Subsequently, Helen Timothe Phillips was named Liquidator.

The company can be reached at:

         Blissett Digital and Design Limited
         Palmerston Works
         Roslin Road
         London W3 8DH
         United Kingdom
         Tel: 020 8992 6124


BRANDS HATCH: Taps Barry P. Knights to Liquidate Assets
-------------------------------------------------------
Barry P. Knights, of Knights & Company, was appointed Liquidator
of Brands Hatch Performance Training Limited after creditors
passed a resolution to wind up the company on March 29.

The company can be reached at:

         Brands Hatch Performance Training Limited
         9 High Bank
         Rochester Kent ME1 2XJ
         United Kingdom
         Tel: 01634 360 444


BRITISH AIRWAYS: Reports Traffic & Capacity Results for May 2006
----------------------------------------------------------------
British Airways PLC reported its traffic and capacity statistics
results for May 2006.

In May 2006, passenger capacity, measured in Available Seat
Kilometers, was 5.1% above May 2005.  Traffic, measured in
Revenue Passenger Kilometers was higher by 6.9%.  

This resulted in a passenger load factor up 1.3 points versus
last year, to 74.5%.  The increase in traffic comprised a 13.9%
increase in premium traffic and 5.7% increase in non-premium
traffic.  Cargo, measured in Cargo Tonne Kilometers, increased
by 2.3%.  Overall factor increased by 0.7 points by 68.4%.

Market conditions remain broadly unchanged, as significant
promotional activity is required to maintain seat factors.

British Airways announced a pre-tax profit of GBP620 million for
the year to March 31, 2006 compared with GBP513 million pre-tax
profit for the same period in 2005.  

The pre-tax profit for the fourth quarter was GBP91 million
compared with GBP6 million loss for the same period in 2005.

Operating profit for the year was GBP705 million and GBP93
million for the quarter.

The company's accounting valuation of its main pension scheme,
the New Airways Pension Scheme, showed a deficit of GBP2.07
billion at March 31, 2006, up GBP101 million on the previous
year.  The accounting deficit reflects low long-term interest
rates and has gone up despite the company's increased
contributions and strong equity markets.

British Airways welcomed the statement from the Civil Aviation
Authority that it will protect customers at BAA airports from
being overcharged to fund payments to the airport operator's
shareholders during its current bid battle.  The CAA is
currently consulting on the level of user charges at Heathrow,
Gatwick and Stansted airports for a five-year period from
April 2008 in its role as economic regulator.

The airline launched a promotion offering savings of up to
GBP1,250 on Club World return fares to 58 long haul destinations
this summer including New York, Singapore and all Caribbean
destinations.

                        About the Company

Headquartered in West Drayton, England, British Airways Plc --
http://www.ba.com/-- is the UK's largest international  
scheduled airline, flying to over 550 destinations.  The British
Airways group consists of British Airways Plc and a number of
subsidiary companies including in particular British Airways
Holidays Limited and British Airways Travel Shops Limited.

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


CAMERON CLARKE: Creditors Confirm Voluntary Liquidation
-------------------------------------------------------
Creditors of Cameron Clarke & Jolly Limited confirmed the
company's voluntary liquidation during an extraordinary general
meeting on March 30.

Creditors also ratified the appointment of Neil Francis Hickling
of Smith & Williamson Limited as Liquidator.

The company can be reached at:

         Cameron Clarke & Jolly Limited
         6 Foregate Street
         Worcester WR1 1DB
         United Kingdom
         Tel: 01905 527 826
         Fax: 01905 249 35
         Web: http://wwww.cc-j.co.uk/


CARMOBILITY LIMITED: Creditors Resolve to Liquidation
-----------------------------------------------------
Creditors of Carmobility Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
March 22.

Colin Andrew Prescott of Moore Stephens LLP was appointed
Liquidator.

Carmobility Limited specializes in a range of mobility products
helping the elderly and less able to become more independent.

The company can be reached at:

         Carmobility Limited
         Unit 1-2
         Durham Way
         Heathpark Industrial Estate
         Honiton Devon EX141SQ
         United Kingdom
         Tel: 01404 44470
         Fax: 01404 4333
         Web: http://wwww.carmobility.co.uk/


COMMEDICA LIMITED: Brings In Joint Liquidators from KPMG LLP
------------------------------------------------------------
Finbarr Thomas O'Connell and David John Crawshaw, of KPMG LLP,
were appointed Joint Liquidators of Commedica Limited after
creditors agreed to liquidate the company's assets during an
extraordinary general meeting on March 23.

The company can be reached at:

         Commedica Limited
         Salisbury Square House
         8 Salisbury Square
         London EC4Y8BB
         Tel: 020 7960 6049
         Fax: 0870 240 3308


CWMBACH ENGINEERING: Appoints M.S.E. Solomons as Liquidator
-----------------------------------------------------------
M.S.E. Solomons, of SPW Poppleton & Appleby, was appointed
Liquidator of Cwmbach Engineering Company Limited after
creditors moved to wind up the company on March 28.

The company can be reached at:

         Cwmbach Engineering Company Limited
         Cwmbach Industrial Estate
         New Road Cwmbach
         Aberdare Mid Glamorgan CF440AG
         United Kingdom
         Tel: 01685 884 488


DPS COMPOSITES: Hires Joint Administrators from Mazars
------------------------------------------------------
T.C.H. Ball and R.J. Weston of Mazars LLP were appointed joint
administrators of DPS Composites Limited (Company Number
02029010) on May 12.

The administrators can be reached at:

         Mazars LLP
         Clifton Down House
         Beaufort Buildings
         Clifton Down
         Clifton
         Bristol
         Avon BS8 4AN
         United Kingdom
         Tel: 0117 973 4481
         Fax: 0117 974 5203

Headquartered in Bookham, United Kingdom, DPS Composites Limited
-- http://www.dpscomposites.com/-- is a manufacturer for the  
motor and aerospace industry.


EUROTUNNEL GROUP: S&P Keeps Debt Rating on Watch Negative
---------------------------------------------------------    
Standard & Poor's Ratings Services said that its 'BBB' long-term
debt rating on Anglo-French Channel Tunnel infrastructure
operator Eurotunnel S.A.'s senior secured bank loan remains on
CreditWatch with negative implications. This follows the
announcement on May 31 of a preliminary binding agreement on the
restructuring of Eurotunnel's global debt, with the company's ad
hoc committee of creditors, which represents more than 50% of
its total debt.  
     
These debt ratings on the non-guaranteed Class A, B, and C notes
issued by related special-purpose vehicle Fixed-Link Finance
B.V. (FLF1) also remain on CreditWatch with negative
implications:

   -- Class A senior secured debt,rated 'BB-';
   -- Class B subordinated debt, rated 'CCC+'; and
   -- Class C junior subordinated debt,rated 'CCC-'.

In addition, the 'B' long-term debt rating on Fixed-Link Finance
2 B.V.'s (FLF2) nonguaranteed senior secured notes remains on
CreditWatch with negative implications.
     
All of the above ratings were placed on CreditWatch on Feb. 9,
2004, following the announcement of unspecified debt
restructuring, and reflecting our concerns about intensifying
competition in the cross-Channel travel market.
     
The proposed restructuring is aimed at reducing Eurotunnel's
debt by 54%, to GBP2.9 billion from GBP6.2 billion. This is
slightly higher than the 50% factored into the current ratings.
     
"This would result in a debt amount that we regard as
sustainable for Eurotunnel under steady operations," said
Standard & Poor's credit analyst Alexandre de Lestrange. "We
view the proposed new structure--which remains subject to the
approval of shareholders and other creditors--as offering a
solid base for future operations."
     
If successful, the proposals would likely prevent defaults on
Eurotunnel's 'BBB' rated senior secured debt and the FLF2
transaction. The most junior C tranche on the FLF1 transaction
could, however, still default, although the Class A, B, and G
notes appear to receive enough cash to allow for full repayment.
The proposed refinancing plan is structured around the
incorporation of a new French holding company, with a three
tranche "corporate style" debt structure replacing Eurotunnel's
current "project finance style" debt structure, comprising:

   -- GBP1.81 billion of new senior debt;

   -- GBP740 million of Tier 1A debt (existing Tier1A debt that
      will not be refinanced); and

   -- GBP350 million of mezzanine debt.
    
Eurotunnel's current target is to present a restructuring plan
agreed by the majority of creditors at its annual general
meeting on July 12 although the company still needs to negotiate
the restructuring agreement with two key interest groups whose
consent is required to execute the restructuring. As these
groups--representing the creditors not represented by the ad hoc
committee, and the shareholders--would incur the greatest loss
under the restructuring proposal, achieving consent could prove
challenging.  Furthermore, significant concerns remain about
shareholder approval for the proposals, given the likely
considerable dilution of their stakes.
     
"Although we regard the proposals as positive overall, we could
lower our ratings if they are not approved by creditors--a
situation that could result in the substitution process taking
place, or ultimately, bankruptcy," Said Mr. de Lestrange.
In any case, a solution is required to avoid a default occurring
on relevant notes, as Eurotunnel will be unable to service all
its debt from January 2007 following the expiration of the
minimum usage charge from the rail operators in November 2006.
    
The ratings will likely remain on CreditWatch throughout the
process of gaining shareholder and other creditor approval.

"S&P expects to resolve the CreditWatch status if, and when,
final approval is received, and once S&P has reviewed
Eurotunnel's new finance structure and debt instruments in more
detail," added Mr. de Lestrange.  


HI-TECH WELDING: Begins Liquidation Proceedings
-----------------------------------------------
Hi-Tech Welding (Southern) Limited is liquidating its assets
after creditors passed a resolution to wind up the company's
operations on March 28.

Lisa Hogg of Wilson Field was appointed Liquidator.

The company can be reached at:

         Hi-Tech Welding (Southern) Limited
         The Common
         Sissinghurst Cranbrook
         Kent TN172AF
         United Kingdom
         Tel: 01580 714 444
         Fax: 01580 714 443
         Web: http://wwww.hitech-welding.co.uk/


MDM INTERNATIONAL: Fitch Assigns Long-Term B+ on Upcoming Issue
---------------------------------------------------------------
Fitch Ratings assigned MDM International Funding PLC's upcoming
issue of limited recourse loan participation notes an expected
Long-term rating of B+.  The notes are to be used solely for
financing a subordinated loan to Russia's MDM Bank under a
subordinated loan agreement.  

The issuer will only pay noteholders amounts, if any, received
from MDM under the subordinated loan agreement.  The final
rating is contingent on receipt of final documents conforming
materially to information already received.

MDM has an Issuer Default rating of BB- with a Stable Outlook,
and the expected B+ rating of the subordinated notes is in line
with Fitch's standard notching practice for subordinated
instruments of issuers with IDRs of BB- or higher.  Where an
issuer's IDR is lower than BB-, notching for subordinated issues
may widen, depending on Fitch's assessment of expected
recoveries.

The issuer's claims in relation to the repayment of the
subordinated loan will be junior to those of all senior claims
and will rank at least pari passu with the claims of other
subordinated creditors of MDM.

MDM is the largest subsidiary of MDM Holding GmbH.  The ultimate
shareholders of the group are Andrey Melnichenko and Sergey
Popov, his partner in other industrial assets.  MDM's strategy
is to grow in defined areas of commercial, retail and investment
banking.


NEWGATE FUNDING: S&P Rates Class E Mortgage-Backed Notes at BB
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP500 million (equivalent) class A1, A2,
A3, M, B, C, D, and E mortgage-backed floating-rate notes, and
the class T and Q notes forming the series 2006-2 to be issued
by Newgate Funding PLC, an SPE.
  
At closing, and in accordance with the terms of the mortgage
sale agreement, the issuer will acquire the beneficial interest
in the pool of mortgages from the seller, Merrill Lynch
International Bank Ltd. It will fund this purchase through the
issuance of the class A1, A2, A3, M, B, C, D, and E notes.
  
The proceeds of the class T and Q notes, the DACs, residuals,
and MERCs, will be used to fund the initial cash reserve and the
discount reserve fund, and to meet the issuer's costs and
expenses in relation to the notes.
  
This is Mortgages PLC's second securitization of a portfolio of
mortgages using the Newgate Funding mortgage asset-backed MTN
program.
  
Standard & Poor's expects to rate the notes on a segregated
basis, i.e., the rating on each series will be independent from
the rating on each previous and subsequent series. This is the
second series to be issued.
  
The ratings reflect the sound payment structure and cash flow
mechanics of the transaction, and a cash flow analysis to verify
that the notes will be repaid under stress test scenarios.
  
                          Ratings List
                      Newgate Funding PLC
         GBP500 Million (Equivalent) Mortgage-Backed
               Floating-Rate Notes Series 2006-2
  
              Class         Prelim.        Prelim.
                            rating         amount (GBP)
              -----         ------         ------             
              A1(1)          AAA           160.00
              A2(1)          AAA            47.55
              A3(1)          AAA           214.00
              M              AAA            12.55
              B              AA             30.35
              C              A              19.00
              D              BBB            14.25
              E              BB              2.30
              T(2)           BBB             4.75
              Q(2)           BB              5.00
              DACs(1)        AAA              N/A
              MERCs          AAA              N/A
  
(1) DACs apply for the class A1, A2, and A3 notes.
(2) The reserve fund and discount reserve fund will be funded at
closing by using part of the issuance proceeds from the class T
and Q notes, DACs, residuals, and MERCs. The class T and Q notes
will be repaid through excess spread.  
N/A-Not applicable.


POWER GEMS: Brings In Kroll to Administer Assets
------------------------------------------------
S. Wilson and D. J. Whitehouse of Kroll Limited were appointed
joint administrators of Power Gems Limited (Company Number
03603675) on May 17.

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

Power Gems Limited -- http://www.powergems.net/-- is the  
world's leading designer and manufacturer of electronic ballasts
for the Motion Picture & TV Lighting Industry, with an expanding
range of electronic power supplies to drive most types of
discharge lamps and globes for many applications.


RACECOUSE YACHT: Begbies Appointed 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 Racecouse
Yact Basin (Windsor) Limited (Company Number 01038934) 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.  

Racecourse Yacht Basin (Windsor) Limited can be reached at:

         Maidenhead Road
         Windsor
         Berkshire SL4 5HT
         United Kingdom
         Tel: 01753 851501  


RANK GROUP: Buys Back 523,000 Ordinary Shares for Cancellation
--------------------------------------------------------------
The Rank Group Plc bought back 523,000 ordinary shares of 10
pence in the Company on June 5 for cancellation at an average
price of 205.82457 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: Bawag Settles Score with Thomas H. Lee Partners
----------------------------------------------------------
Thomas H. Lee Partners, a leading private equity firm, has
entered into a settlement agreement with the Austrian bank BAWAG
P.S.K. under which the firm will recover for its investors at
least US$84 million, and as much as US$100 million in certain
circumstances, to reduce losses on their investment in Refco.

Under the settlement, BAWAG guarantees that Thomas H.  Lee
Partners will receive in the next two years at least US$84
million of the amount BAWAG pays to the United States Department
of Justice or from funds forfeited by third parties involved in
the Refco fraud.  

In addition, the firm will receive up to an additional US$16
million if BAWAG is sold for more than EUR1.8 billion.  
Approximately 90% of these amounts will be paid to Thomas H.  
Lee Equity Fund V, L.P. to reduce its US$245 million investment
loss.  The rest of these amounts will be paid to the fund's co-
investors.

The firm and its co-investors have released BAWAG from any
future claims, but the settlement has no effect on the lawsuit
the fund previously filed against former Refco executives
Phillip R. Bennett, Santo C.  Maggio, and Tone Grant.  It also
has no effect on potential claims against other parties.

Scott Schoen, Co-President of Thomas H.  Lee Partners, said, "We
are pleased that this agreement with BAWAG will enable us to
recover a portion of the losses that we and our limited partners
and co-investors suffered in the Refco fraud.  

"We have sued Bennett and Maggio as perpetrators of the
elaborate fraud that led to Refco's collapse, and against Grant
who profited from our investment in Refco and extended a
guarantee to us in connection with the transaction.  

"We will pursue these claims aggressively to protect our
investors and ourselves, and we expect to pursue additional
claims against other parties."

                  About Thomas H. Lee Partners

Thomas H. Lee Partners is one of the oldest and most successful
private equity investment firms in the United States.  The firm
identifies and acquires substantial ownership positions in
growth companies through leveraged acquisitions,
recapitalizations and direct investments.  Since its founding in
1974, it has invested over US$10 billion of equity in over 100
businesses, built companies of lasting value, and generated
superior returns for its investors and operating partners.

                           About Refco

Headquartered 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 US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

                           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


STAR PRINTING: Appoints Joint Administrators from Menzies
---------------------------------------------------------
Andrew John Duncan and Paul John Clark of Menzies Corporate
Restructuring were appointed joint administrators of Star
Printing Solutions Limited (Company Number 03964618) 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. MRI, which is ranked
8th amongst the leading international accounting associations,
achieved global revenues of US$1,800 million in 2003.

Star Printing Solutions Limited can be reached at:

         Millstream Court
         Golds Nurseries Business Park
         Jenkins Drive
         Elsenham Bishop's Stortford
         Hertfordshire CM22 6JX


STORMGLAZE U.K.: David Spearman & Tony Sinclair Appoint Receiver
----------------------------------------------------------------
David Spearman and Tony Sinclair Morris appointed C.M. Iacovides
of Jeffreys Henry Jacobs administrative receiver of Stormglaze
U.K. Limited (Company Number 03399719) on Dec. 19.

The administrative receiver can be reached at:

         Jeffreys Henry Jacobs
         1 Kings Avenue
         Winchmore Hill
         London EC1V 2NJ
         United Kingdom
         Tel: 0845 260 0590   

Stormglaze U.K. Limited can be reached at:

         78 Wollaston Way
         Burnt Mills Industrial Estate
         Basildon
         Essex SS13 1DJ
         United Kingdom
         Tel: 01268 591 911
         Fax: 01268 722 292


STRATAFORM LIMITED: Hires Joint Administrators from PKF
-------------------------------------------------------
Ian James Gould and Edward Terence Kerr of PKF (U.K.) LLP were
appointed joint administrators of Strataform Limited (Company
Number 01121335) on May 11.

PKF (UK) LLP -- http://www.pkf.co.uk-- is one of the UK's  
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.

Headquartered in Kidderminster, United Kingdom, Strataform
Limited fabricates sheet metal.


STREAM GWC: Taps Tenon Recovery to Administer Assets
----------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of Stream GWC Group Limited
(Company Number 05021057) on May 12.

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

Stream GWC Group Limited can be reached at:

         Phoenix House
         Phoenix Way
         Cirencester
         Gloucestershire GL7 1QG
         United Kingdom
         Fax: 01285 645 822


SYMBIOSIS GROUP: Appoints Chantrey Vellacott as Administrators
--------------------------------------------------------------
Richard Howard Toone and Kevin Anthony Murphy of Chantrey
Vellacott DFK LLP were appointed joint administrators of The
Symbiosis Group Limited (Company Number 01236369) on May 18.

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

Headquartered in London, The Symbiosis Group Limited is engaged
in motor maintenance and repair.


WESTGATE LIMITED: Brings In Milner Boardman to Administer Assets
----------------------------------------------------------------
Colin Burke and Gary J Corbett of Milner Boardman & Partners
were appointed joint administrators of Westgate Limited (Company
Number 03559635) on May 19.

Headquartered on Hale, Altrincham, South Manchester, Milner
Boardman -- http://www.milnerboardman.co.uk/-- is an  
independent firm of chartered accountants and business advisers.  


WOMENS WORKOUT: Names Andrew Clay as Administrator
--------------------------------------------------
Andrew T. Clay of Andrew Michaels & Co Ltd was appointed
administrator of Womens Workout World Limited (Company Number
05489561) and Womens Workout World 2 Limited (Company Number
05489606) on May 10.

The administrator can be contacted at:

         Andrew Michaels And Co Limited
         Concept House
         Brooke Street
         Cleckheaton BD19 3RY
         United Kingdom
         Tel: 01274 855530
         Fax: 01274 855540

Womens Workout World Limited and Womens Workout World 2 Limited
can be contacted at:

         1 Horsefair
         Pontefract
         West Yorkshire WF8 1PE
         United Kingdom
         Tel: 01977 709191  

                           *********


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
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Information contained herein is obtained from sources believed
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