---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, December 5, 2005, Vol. 6, No. 240

                            Headlines

B E L G I U M

TELENET COMMUNICATIONS: Moody's Upgrades Notes to Caa1


C Z E C H   R E P U B L I C

UNION BANKA: More Jobs to go Next Year


F R A N C E

FRANCE LIGNE: Sinks into Insolvency


G E R M A N Y

AERO FLIGHT: Court Appoints Interim Administrator
ALLGEMEINE HYPOTHEKENBANK: Receives EUR600 Mln Takeover Offer
AYK GROUP: Proofs of Claim Due Next Month
BB BAU: Celle Business Falls into Bankruptcy
BLECHTEC GMBH: Court Appoints Administrator from HWW

BRENNTAG LUXCO: Moody's Lowers Corporate Family Rating to B2
C. & C. HEINS: Creditors Meeting Set February
DELME SANITAR: Bremen Court to Verify Claims March
EMPORIUM PLACEMENT: Under Bankruptcy Administration
EURODEAL INTERNATIONAL: Duesseldorf Firm Goes Bust

GERMANICUM BETEILIGUNGSTREUHAND: Creditors' Claims Due January
GROHE HOLDING: Long-term Rating Cut to B on Poor Performance
HEIDELBERGCEMENT AG: Acquires Danish Cement Companies
M&W FOOD: Erfurt Court Names Administrator
VILLA WOHNUNGSBAUGESELLSCHAFT: Succumbs to Bankruptcy


H U N G A R Y

ZALAHUS RT: Liquidation Sale Attracts Little Interest


I R E L A N D

JSG HOLDINGS: Ratings Affirmed as Kappa Beheer Merger Closes
SMURFIT KAPPA: Discloses Financing Arrangements of Merged Group


I T A L Y

ALITALIA SPA: Outlines Debt Profile as of October 31
VIAGGI VENTAGLIO: Considers Selling Livingston Unit


K Y R G Y Z S T A N

BAKEN: Sets Proofs of Claim Deadline
BOLOT-M: Last Day for Filing Claims January 17
GREEN FLOWER: Gives Creditors Until January to File Claims
TOTEM: Creditors' Claims Due Next Year


N E T H E R L A N D S

HAGEMEYER N.V.: Waives Cash Option on Convertible Bonds
KAPPA BEHEER: Ratings Downgraded After JSG Merger
ROYAL SHELL: Cancels Further 1,970,000 'A' Shares
VERSATEL TELECOM: Small Investors Want Board Representation


N O R W A Y

PETROLEUM GEO-SERVICES: Default Provisions in 2010 Notes Waived


R U S S I A

APSALYAMOVSKIY COMBINE: Succumbs to Bankruptcy
BUGULMINSKIY: Under External Management Procedure
CANDY: Khabarovsk Court Brings in Insolvency Manager
DAL-STEEL-CONSTRUCTION: Claims Filing Period Ends Dec. 15
DAVLEKANOVSKIY COMBINE: Declared Insolvent

GINSENG: Filing of Claims Deadline Set Mid-December
MDM BANK: US$2 Bln LPN Program Gets Ba2/Not Prime Ratings
SERGIEVSK-AGRO-PROM-SERVICE: Under Bankruptcy Supervision
VASILIEV-MAYDAN: Bankruptcy Hearing Resumes December 6
VYAZMA-WOOD: Bankruptcy Supervision Procedure Begins
YUKOS OIL: Arbitration Court to Review Western Banks' Debt Claim
ZORINSKIY: Bankruptcy Hearing Set Next Year


S W E D E N

SKANDIA INSURANCE: Old Mutual Lowers Acceptance Threshold to 50%


T U R K E Y

FORTIS BANK: Fitch Gives D Individual Rating


U K R A I N E

BUDIVELNIK: Goes into Liquidation
GALITSIYA-TRANS: Under Bankruptcy Supervision
NADTOCHAYIVKA: Declared Insolvent
THE-IN-KAR: Court Appoints Insolvency Manager
ULYANIVKA: Creditors' Claims Due Next Week
UKRGERMET: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

ADM WORKFORCE: Files for Liquidation
ANCIENT STONE: EGM Passes Winding-up Resolution
ARROW MAILING: Hires Administrator from Andrew Michaels & Co.
BESPOKE SERVICES: Goes into Liquidation
BIRCHINLEY MANOR: Calls in Joint Liquidators

BOOTS GROUP: OFT to Review Alliance Merger in lieu of EC Probe
BOSANQUET IVES: Liquidator from Gilderthorps Moves in
BRITISH ENERGY: To Release Half-year Figures Next Week
CES RETAIL: Calls in Vantis Business Recovery Administrator
CHARACTER GROUP: AIM Admission Moved to Dec. 30

CHARMINSTER LIMITED: Administrators Take over Firm
COSELEY GALVANIZING: Calls in Administrator from Menzies
CREATIVE PARTNERSHIP: Appoints Joint Liquidators
CROSSCO 895: Creditors Meeting Set Friday
CROSS RECOVERY: Findlay James to Liquidate Business

CTM MANUFACTURING: Hires Liquidator from Sanderlings
DAMAR LEISURE: Liquidators from Begbies Traynor Move in
DESIGN (HUDDERSFIELD): Goes into Liquidation
D. N. M. DECORATORS: In Liquidation
DS & DJ DOYLE: Hires Joint Liquidators from Begbies Traynor

DUNN'S (SHILDON): Creditors Meeting Set Next Week
EASDON PROJECTS: Names Moore Stephens Liquidator
FEDERAL-MOGUL: U.S. Court Sanctions U.K. Global Settlement Pact
FKI PLC: Half-year Profit Grows to GBP36.2 Million
G.MAGNIN (WHOLESALE): Joint Liquidators Move in

IVYBUSH LIMITED: Administrators from Begbies Traynor Move in
MITON LIMITED: Owners Decide to Wind up Firm
NEWCO 53: Calls in Liquidator from KPMG
OKUB LIMITED: Creditors to Meet Friday
PITTARDS PLC: Expects Trading Loss to Increase in Second Half

PIZZA PIAZZA: Meeting of Creditors Set Wednesday
PREMIER HERBS: Appoints Administrator from RSM Robson Rhodes
REFCO INC.: Full Review of Controversial IPO Opens
STAND FITTING: Calls in Smith & Williamson Administrator
TREASURE TRADERS: DTI Files Winding-up Petition

TURNER & NEWALL: FM Allowed to Match Deutsche Bank's Debt Offer
TYNE AND WEAR: Creditors Meeting Set Friday
WIGSTON DIRECT: Sets Creditors Meeting Next Week


                            *********


=============
B E L G I U M
=============


TELENET COMMUNICATIONS: Moody's Upgrades Notes to Caa1
------------------------------------------------------
Moody's Investors Service upgraded the ratings of Telenet Group
Holding N.V. and Telenet Communications N.V.  This concludes a
review for upgrade initiated on September 27, 2005.  The outlook
on the ratings is stable.

The ratings are upgraded as:

Telenet Group Holding N.V.:

(a) Corporate family rating from B2 to B1

(b) Senior unsecured notes due 2014 from Caa2 to Caa1

Telenet Communications N.V.: Senior notes due 2013 from B3 to B2

The upgrade reflects Telenet's solid operational and financial
performance; the continued successful uptake of telephony and
Internet subscribers; de-leveraging based both upon organic
EBITDA growth and debt reduction with Total Debt to EBITDA
improving to 4.9x on a LQA basis from 5.8x as of 31 December
2004 before taking into account the impact of the initial public
offering; and total leverage improving further with the use of
the IPO proceeds (approx. EUR250 million in debt repayment in
total) to c.4.2x on a pro-forma expected 2005 Total Debt to
EBITDA basis.

At the same time, the B1 corporate family rating takes into
account the competitive nature of the Belgian market, whilst
recognizing Telenet's strong entrenched regional position in
Flanders; an anticipated increase in programming costs
associated with premium content, in particular sports rights;
continued high capital expenditures at the level of
approximately 25% of the company's revenue; and event risk
associated with the possibility that the Liberty Global
Consortium -- one of the main shareholders -- could
significantly increase its stake in the company thus creating
some uncertainties as regards Telenet's financial profile over
the medium term.

Liberty Global Consortium holds options on Telenet's shares,
which allow it to increase its ownership stake from the current
21.5% to 44.5%.  The options can be exercised at any time.  In
the event Liberty Global materially increases its ownership in
the company either through the exercise of the options or share
purchases on the open market at a price not exceeding a market
price at that time, it will not be obligated to make an offer to
the remaining shareholders due to the absence of the relevant
legislation specifying the threshold.  The legislation will be
introduced in Belgium in May 2006.

The company is strongly positioned in its rating category based
on its operational and financial performance and strong growth
momentum going forward.  However, event risk associated with a
potential change in ownership currently constrains the rating.
Moody's continues to monitor the company's improving trend and
the potential impact of a change in its shareholding structure
on its credit profile were that change to occur.

Headquartered in Belgium, Telenet is the largest provider of
broadband cable services in Belgium operating through its
network in Flanders.  For the nine months ending 30 September
2005, the company reported revenues and EBITDA of approximately
EUR544.2 million and EUR250.6 million respectively.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Jenya Brown, Analyst
          Corporate Finance Group
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          David G. Staples, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


===========================
C Z E C H   R E P U B L I C
===========================


UNION BANKA: More Jobs to go Next Year
--------------------------------------
Collapse financial group Union Banka (UB) will further cut its
workforce from 50 to 25 early next year, Czech News Agency says.

UB spokesman Oldrich Babicky said the workers will be made
redundant as more assets are sold.  Prior to its collapse in
February 2003, the bank had 1,100 employees.   The bank will
transfer to smaller offices in the middle of the month.

Union Banka's trouble started when it took over ailing financial
houses in the mid-1990s.  Forced to close branches in February
2003 due to a cash crunch, it declared bankruptcy shortly after.
It is part of the North Moravian financial group, Union Group,
and controlled by Italian financier Invesmart.  At the time of
its collapse, the bank had 130,000 clients and its liquidation
value was estimated at between CZK8 billion and CZK11 billion.

CONTACT:  UNION BANKA a.s.
          Ul. 30 Dubna c. 35
          70200 Ostrava
          Phone: 596108111
          Fax: 596120134
          E-mail: union@union.cz
          Web site: http://www.union.cz


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


FRANCE LIGNE: Sinks into Insolvency
-----------------------------------
Swimwear maker France Ligne has filed for insolvency at the
commercial court of Bordeaux, Les Echos says.

Ligne had tried to ease its financial woes by cutting its
workforce, but was blocked by regional labor representatives.
The group now plans to present and carry out a restructuring
plan under court supervision.

The Etrechy-based France Ligne operates 24 local outlets and
employs 165 people in France and another 150 in Slovakia.

CONTACT:  FRANCE LIGNE
          4 Rue des Chenes-rouges
          91580 Etrechy


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


AERO FLIGHT: Court Appoints Interim Administrator
-------------------------------------------------
Ottmar Hermann of Hermann Rechtsanwalte Wirtschaftspruefer
Steuerberater has been appointed temporary administrator of
insolvent Aero Flight, Suddeutsche Zeitung says.  The law firm
will review the holiday carrier's current financial condition
and look for potential investors.

The federal office of civil aeronautics, Luftfahrt-Bundesamt
(LBA), ordered the carrier last month to stop operating after
failing to fulfill the requirements to extend its license, which
expired on Oct. 31.  The district court in Bad Homburg commenced
insolvency proceedings shortly after.

Aero Flight tried to sell itself to Icelandic carrier Avion
Group, but the deal fizzled out because of various demands
raised by Aero shareholders.  Formed two years ago, Aero Flight
is the successor of insolvent Aero-Lloyd charter airline.  It
owns six Airbus planes and employs 300 people.

CONTACT:  AERO FLIGHT GmbH & CO LUFTVERKEHRS KG
          Lessingstr. 7-9
          D-61440 Oberursel
          Phone: +49 (0) 6171-899 200
          Fax: +49 (0) 6171-899 219
          Web site: http://www.flyaeroflight.de

          HERMANN RECHTSANWALTE WIRTSCHAFTSPRUEFER STEUERBERATER
          Bleichstrasse 2-4
          60313 Frankfurt am Main
          Phone: +49 (0) 69 91 30 92 - 0
          Fax:  +49 (0) 69 91 30 92 - 30
          E-mail: http://www.hbml.de


ALLGEMEINE HYPOTHEKENBANK: Receives EUR600 Mln Takeover Offer
-------------------------------------------------------------
U.S. equity fund Lone Star has offered to buy Allgemeine
Hypothekenbank Rheinboden (AHBR) for EUR600 million, Wirtschafts
Woche magazine reports.  Lone Star is the only party that has
offered a concrete bid for the bank.  Merrill Lynch is
conducting a due diligence on AHBR, but financial sources do not
believe it will submit a bid.  A consortium led by investors
Christopher Flower and George Soros has already dropped plans to
buy the bank.

AHBR incurred huge debt after suffering from the effects of poor
interest rate management four years ago.  Its potential collapse
threatens to break the record set by Herstatt Bank in 1974.

AHBR has assets of more than EUR80 billion.  It is owned
directly and indirectly -- through BHW -- by the trade union
private equity holding group BGAG.  BGAG has provided it EUR1.2
billion in financing, and guaranteed it on a EUR1.2 billion risk
protection scheme.

The bank's ratings are:

(a) Fitch

    -- subordinated obligations at 'BB-'; on Watch Negative,

    -- participation rights (Genussscheine) at 'B+'; on Rating
       Watch Negative,

    -- Long-term at 'BBB'; Rating Watch Evolving,

    -- Short-term at 'F3'; Rating Watch Evolving,

    -- Support at '2'; Rating Watch Evolving,

    -- Individual 'E';

(b) Moody's

    -- Financial strength at E,

    -- Unsecured long-term at Baa3; Outlook Negative,

    -- Short-term at P-3; Outlook Negative,

    -- Subordinated debt at 'Ba1'; under review for possible
       downgrade; and

(c) Standard & Poor's

    -- long-term at 'BB+'; on CreditWatch

    -- short-term counterparty credit at 'B'; on CreditWatch

    -- subordinated debt at 'B'; on CreditWatch.

CONTACT:  ALLGEMEINE HYPOTHEKENBANK RHEINBODEN AG
          Betreff
          Bockenheimer Landstrasse 25
          D-60325 Frankfurt/Main
          Phone: (0 69) 71 79-0
          Fax: (0 69) 71 79-100
          Web site: http://www.ahbr.de/de/html/Homepage.htm


AYK GROUP: Proofs of Claim Due Next Month
-----------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against AYK GROUP CROISSANTERIE GmbH on November 21.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 3, 2006
to register their claims with court-appointed provisional
administrator Friedrich Knoop.

Creditors and other interested parties are encouraged to attend
the meeting on January 24, 2006, 9:30 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  AYK GROUP CROISSANTERIE GmbH
          Friedrichstrasse 8, 40217 Duesseldorf
          Contact:
          Sefer Ozcan, Manager
          Bismarckstrasse 63, 40210 Duesseldorf

          Friedrich Knoop, Administrator
          Robertstrasse 3, 40229 Duessseldorf


BB BAU: Celle Business Falls into Bankruptcy
--------------------------------------------
The district court of Celle opened bankruptcy proceedings
against BB Bau Limited on November 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 30, 2005 to register
their claims with court-appointed provisional administrator
Nermin Sahin.

Creditors and other interested parties are encouraged to attend
the meeting on January 11, 2006, 11:00 a.m. at the district
court of Celle, Nebenstelle, Muehlenstrasse 4, 29221 Celle, at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  BB BAU LIMITED
          Bredenstr. 19, 29225 Celle
          Contact:
          Bisar Savgat, Manager

          Nermin Sahin, Administrator
          Theaterstr. 6, 30159 Hannover
          Phone: 0511/35771030
          Fax: 0511/35771059


BLECHTEC GMBH: Court Appoints Administrator from HWW
----------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Blechtec GmbH & Co.KG on November 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 20, 2005 to register
their claims with court-appointed provisional administrator
Henning Schorisch.

Creditors and other interested parties are encouraged to attend
the meeting on January 31, 2006, 9:00 a.m. at the district court
of Dresden, Saal D131, Olbrichtplatz 1, 01099 Dresden, at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  BLECHTEC GmbH & Co. KG
          Altweixdorf 19 in 01108 Dresden

          Henning Schorisch, Administrator
          HWW Wienberg Wilhelm
          Wasastrasse 15, 01219 Dresden
          Web site: http://www.hww-kanzlei.de


BRENNTAG LUXCO: Moody's Lowers Corporate Family Rating to B2
------------------------------------------------------------
Moody's Investors Service downgraded Brenntag Luxco SCA's
corporate family rating to B2 from B1.  At the same time Moody's
has also assigned a (P) B2 rating to the proposed new senior
secured facility and a (P) B3 rating to the proposed second lien
loan of Brenntag Holding GMBH & Co. KG.

Concurrently Moody's downgrades to B2 from B1 the rating on the
existing senior secured facility and to B3 from B2 the rating on
the existing second lien loan.  Upon repayment and cancellation
of the existing facilities, Moody's will withdraw the respective
ratings.  The ratings action was prompted by Brenntag's proposed
changes to its capital structure and the subsequent expected
increase in the level of total debt.  Outlook on all ratings is
stable.

Moody's expects Brenntag to use proceeds from the proposed new
facility to be used partially to refinance existing facilities
and partially to fund increased returns to shareholders.  In
Moody's opinion, Brenntag's proposed new funded capital
structure will sizably increase overall debt levels going
forward relative to the current position.  Moody's anticipates
total on balance sheet debt will rise to c. EUR1.6 billion from
EUR1.1 billion at Sept 5.  As a result, leverage, measured as
total adjusted debt over EBITDAR, would increase to 6.0x (or
5.75x debt/ EBITDA on an unadjusted basis) from 4.95x at
September 2005 on a LTM basis.

Notwithstanding the relatively stable operating performance and
margins, the increased leverage in the context of modest levels
of cash flow and operating margin (below 5% on a EBITA basis)
will result in limited FCF generation available for de-
leveraging.  Another factor is the overall shareholder strategy
and sizeable cash payouts by Brenntag over the recent period.

Overall Moody's B2 corporate family rating reflects:

(a) The group's high leverage and limited prospect for
    de-leveraging;

(b) Brenntag's thin operating margin that allows for moderate
    protection to absorb a temporary shock in the market;

(c) The moderate expected free cash flow generation over the
    intermediate term, although Moody's recognize Brenntag
    flexibility in reducing capital expenditure program;

(d) The likelihood of potential for further acquisitions, albeit
    limited by financial covenants, in what is a fragmented
    sector;

(e) The correlation of the group's businesses to economic cycles
    and exposure to chemical prices and the fact that a
    significant portion of Brenntag's sales are derived from the
    distribution of lower margin industrial chemicals; and

(f) Shareholders' attitude towards financial risk.

However, the ratings also positively consider:

(a) Brenntag's leading European market share in chemicals
    distribution and its #3 position in North America;

(b) The relative stability, particularly in comparison with the
    chemicals industry, of the group's cash flows and margins;

(c) the diversity of Brenntag's customers, suppliers, products
    and geographies;

(d) An anticipation of increased outsourcing of chemical
    distribution in Europe, where outsourcing levels currently
    lag those in North America;

(e) The group's know-how with regard to supply chain management
    and logistics processes; and

(f) An adequate liquidity profile supported by the EUR200
    million revolving facility, EUR80 million of available cash
    currently on balance sheet and strong management focus on
    working capital needs.

Moody's stable outlook reflects expectations of an improving
business environment for the group with leverage expected to
remain high given the significant cash capital requirements and
likelihood of bolt-on acquisitions.  Moody's notes that growing
and sustainable EBITDA generation and limited debt-financed
acquisitions driving leverage to about 5.0x on an adjusted (for
capitalized leases and pension liabilities) debt/ EBITDAR basis
and to an adjusted retained cash flow / net adjusted debt of
about 10% would likely lead to an upgrade of the ratings.

However, Moody's also notes that significant debt-financed
acquisitions, further debt incurrence or a decline in the
group's operating and financial performance that would likely
result in a deteriorating cash flow generation would put
downward pressure on the ratings.

Structural Considerations

The new EUR200 million revolving credit facility, the EUR100
million acquisition facility (undrawn at closing) and senior
term loan facilities A, B and C of the total Euro 1,269 million
bank debt facilities are all senior secured and rank pari-passu
with each other.  The new EUR280 million 2nd lien facility will
be contractually subordinated to the A, B and C term loan
facilities and the revolving and acquisition facilities through
an inter-creditor agreement whilst benefiting from the same
security package, albeit on a subordinated basis.  Moody's notes
that the 2nd lien facility will be contractually senior to a
EUR350 million mezzanine facility.  The senior secured
facilities all benefit from the same security package including:
first priority security over the issued share capital of each
obligor and guarantor and a pledge over all material assets
including land, machinery, stock, receivables and bank accounts.
In addition the group has also access to a EUR150 million
acquisition line (part of facility B above), which will be drawn
at closing but 100% cash collateralized until release for
permitted acquisition.

Summary of Moody's rating actions:

Brenntag Luxco SCA: Downgrade of corporate family rating to B2
    from B1

Brenntag Holding GmbH & Co KG:

(a) Assign a (P) B2 rating to the proposed EUR1,269 Million
    Senior Secured facility;

(b) Assign a (P) B3 rating to the proposed EUR280 million
    Senior Subordinated facility;

(c) Downgrade to B2 from B1 rating on the existing Senior
    Secured Facility; and

(d) Downgrade to B3 from B2 rating on the existing Senior
    Subordinated facility.

The provisional assigned ratings assume there will be no
material variations to the draft legal documentation reviewed by
Moody's and assume that these agreements are legally valid,
binding and enforceable.  Upon repayment and cancellation of the
existing facilities, Moody's will withdraw the respective
ratings on the legacy instruments.

Based in Muelheim, Germany, Brenntag is a leading distributor of
industrial and specialty chemicals, generating consolidated
sales of approximately EUR5.1 billion and EBITDA of EUR277
million for the last 12 months ended September 2005.

CONTACT:  MOODY'S INVESTORS SERVICE (MILAN)
          Paolo Leschiutta, Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          MOODY'S DEUTSCHLAND GmbH (FRANKFURT)
          Michael West, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


C. & C. HEINS: Creditors Meeting Set February
---------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against C. & C. Heins Export GmbH on November 10.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until January 11, 2006 to
register their claims with court-appointed provisional
administrator Christoph Hennigsmeier.

Creditors and other interested parties are encouraged to attend
the meeting on February 8, 2006, 9:50 a.m. at the district court
of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg,
4. Etage, Anbau, Saal B 405, at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  C. & C. HEINS EXPORT GmbH
          Groten Hoff 1, 22359 Hamburg
          Contact:
          Carola and Claus Th. Heins, Managers

          Christoph Hennigsmeier, Administrator
          Osdorfer Landstrasse 230, 22549 Hamburg
          Phone: 8078810


DELME SANITAR: Bremen Court to Verify Claims March
--------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Delme Sanitar & Heizungstechnik GmbH on November 14.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 7, 2006
to register their claims with court-appointed provisional
administrator Stefanie Luethje.

Creditors and other interested parties are encouraged to attend
the meeting on  December 19, 2005, 10:15 a.m. at the district
court of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr.
25-31, 28195 Bremen, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report on March 30, 2006, 11:00 a.m. at the same venue.

CONTACT:  DELME SANITAR & HEIZUNGSTECHNIK GmbH
          Osterfeuerbergstr. 2, 28217 Bremen
          Contact:
          Peter Mausolf, Manager
          Grenzstr. 9, 27239 Twistringen

          Stefanie Luethje, Administrator
          Ostertorsteinweg 74/75, 28203 Bremen
          Phone: 792570
          Fax: 7925757


EMPORIUM PLACEMENT: Under Bankruptcy Administration
---------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against EMPORIUM Placement GmbH on November 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until January 6, 2006 to
register their claims with court-appointed provisional
administrator Christian Schlesiger.

Creditors and other interested parties are encouraged to attend
the meeting on January 30, 2006, 9:40 a.m. at the district court
of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg,
4. Etage, Anbau, Saal B 405, at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  EMPORIUM PLACEMENT GmbH
          Schlehdornstrasse 3, 82031 Gruenwald
          Contact:
          Christian Schlesiger, Manager

          Dr. Sven-Holger Undritz, Administrator
          Jungfernstieg 51, 20354 Hamburg
          Phone: 808136-212
          Fax: 808136-119


EURODEAL INTERNATIONAL: Duesseldorf Firm Goes Bust
--------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against EURODEAL International Financial Engineering Services
GmbH on November 21.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until December 29, 2005 to register their claims with
court-appointed provisional administrator Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on January 19, 2006, 10:30 a.m. at the district
court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 3. OG Altbau, A 341, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  EURODEAL INTERNATIONAL FINANCIAL ENGINEERING
          SERVICES GmbH
          Dorfstr. 72, 40667 Meerbusch
          Contact:
          Wolfgang Hermann, Manager
          Grabenstr. 5 b, 40667 Meerbusch

          Dr. Winfrid Andres, Administrator
          Neuer Zollhof 3, 40221 Duesseldorf


GERMANICUM BETEILIGUNGSTREUHAND: Creditors' Claims Due January
--------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against GERMANICUM Beteiligungstreuhand GmbH on November 10.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 16,
2006 to register their claims with court-appointed provisional
administrator Jens-Soren Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on February 6, 2006, 11:00 a.m. at the district
court of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355
Hamburg, 1. Stock, Saal A231, at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report on March 13, 2006, 9:30 a.m. at the
district court of Hamburg, Insolvenzgericht, Sievekingplatz 1,
20355 Hamburg, 4. Etage, Anbau, Raum Saal B 405.

CONTACT:  GERMANICUM BETEILIGUNGSTREUHAND GmbH
          Abwickler gem. SS 37 KWG
          Contact:
          Georg Hennigsmeier

          Jens-Soren Schroder, Administrator
          Raboisen 38, 20095 Hamburg
          Phone: 334460
          Fax: 33446111


GROHE HOLDING: Long-term Rating Cut to B on Poor Performance
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Germany-based sanitary-products
manufacturer Grohe Holding GmbH to 'B' from 'B+', following weak
financial performance in the first nine months of 2005.  At the
same time, the ratings were removed from CreditWatch with
negative implications, where they had been placed on Aug. 31,
2005.  The outlook is stable.

In addition, Standard & Poor's lowered its senior secured debt
rating on Grohe's EUR900 million senior secured credit
facilities with final maturity in 2013 to 'B' from 'B+'.

Furthermore, Standard & Poor's lowered its senior secured debt
rating on the EUR335 million high-yield bond maturing in 2014 to
'CCC+' from 'B-'.  At the same time, the recovery rating of '3'
was affirmed.

"The rating actions reflect Grohe's weaker financial profile,
due to a decrease in operating efficiency and a further increase
in leverage in 2005, while Standard & Poor's had expected
further deleverage," said Standard & Poor's credit analyst Eve
Greb. As a result, total pension-adjusted debt to EBITDA
increased to 7.5x by the end of September 2005, from 6.6x pro
forma at the end of June 2004, which was already weak for the
previous rating category.

"We expect that Grohe will use cash flow to fund restructuring
costs and CAPEX in the short term," added Ms. Greb. We also
expect EBITDA cash-interest coverage to be about 2.5x, and total
pension-adjusted debt to EBITDA to improve to about 6.0x in 2006
through profitability improvements.  "If Grohe cannot achieve
these targets--if the group's liquidity does not remain
sufficient--or if it fails to comply with financial covenants,
then the outlook would be changed to negative, or the ratings
lowered," said Ms. Greb.

A positive outlook revision would require additional financial
improvements beyond the set target ratios.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com It can also be found at
http://www.standardandpoors.com Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com


HEIDELBERGCEMENT AG: Acquires Danish Cement Companies
-----------------------------------------------------
On November 30, 2005, HeidelbergCement signed an agreement for
the purchase of the two Danish operations Randers Cement and DK
Beton.

Randers Cement operates a terminal for the import of cement with
an annual sales volume of about 200,000 tons.  The cement is
distributed to customers in the western parts of Denmark.  With
24 plants spread all over the country and approximately 200
employees, DK Beton is one of the major players in the Danish
ready-mixed concrete market.

HeidelbergCement will integrate these acquisitions into its
Northern European network of operations to participate in the
expected positive growth of the Danish market over the coming
years.

CONTACT:  HEIDELBERGCEMENT AG
          Berliner Strasse 6
          69120 Heidelberg
          Phone: +49-6221-481-227
          Fax: +49-6221-481-217
          Web site: http://www.heidelbergcement.com


M&W FOOD: Erfurt Court Names Administrator
------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against M&W Food Factory GmbH on November 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 6, 2006 to register their
claims with court-appointed provisional administrator Dr. Romy
Metzger.

Creditors and other interested parties are encouraged to attend
the meeting on February 6, 2006, 8:30 a.m. at the district court
of Erfurt, Saal 12, Rudolfstr. 46, 99092 Erfurt, at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  M&W FOOD FACTORY GmbH
          Am Kiesberge 7, 99195 Noda
          Contact:
          Marco Hausdorfer, Manager
          Inh. des Restaurants "Kono-Pizza"
          Konigsplatz 61, 34117 Kassel

          Dr. Romy Metzger, Administrator
          Steigerstr. 30, 99096 Erfurt


VILLA WOHNUNGSBAUGESELLSCHAFT: Succumbs to Bankruptcy
-----------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Villa Wohnungsbaugesellschaft mbH on November 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 29,
2005 to register their claims with court-appointed provisional
administrator Uwe Hueggenberg.

Creditors and other interested parties are encouraged to attend
the meeting on February 9, 2006, 8:30 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  VILLA WOHNUNGSBAUGESELLSCHAFT mbH
          Bergmannstrasse 43, 44809 Bochum
          Contact:
          Milada Ramic-Gohr, Manager
          Ueckendorfer Strasse 98 b, 44866 Bochum
          Esmir Camovic, Manager
          Gerichtsstr. 5, 58097 Hagen

          Uwe Hueggenberg, Administrator
          Huestrasse 34, 44787 Bochum
          Phone: 964 91-0
          Fax: 964 91-33


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


ZALAHUS RT: Liquidation Sale Attracts Little Interest
-----------------------------------------------------
Vectigalis Rt., liquidator of debt-laden Zalahus Rt., is
struggling to sell assets, Budapest Business Journal says.

Recently, the liquidator was forced to slash the sale price of
Zalahus' Becsehely farm from HUF118 million to HUF65 million due
to lack of interest.  It also failed to sell Zalahus' car fleet
after the highest offer only reached HUF15 million or half of
the offer price.

In the next few days, the liquidator will sell Zalahus'
refrigerator house, meat processing plant, office building and
three stores in Lenti.  Vectigalis hopes to raise HUF2 billion
from asset disposals to repay HUF3.5 billion in debt, of which
HUF1.8 billion is a mortgage loan.

CONTACT:  ZALAHUS RT.
          8901 Zalaegerszeg,
          Balatoni ut 5-7. Pf.:27
          Phone: 92/506-700
          Fax: 92/506-799
          Web site: http://www.kszgysz.hu/zalahus.htm


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


JSG HOLDINGS: Ratings Affirmed as Kappa Beheer Merger Closes
------------------------------------------------------------
Moody's Investors Service has affirmed all the ratings of JSG
Holdings Plc following the completion of its merger with Kappa
Beheer B.V.

At the same time, Moody's has downgraded by one notch the
Corporate Family Rating of Kappa to B1 and the senior
subordinated notes ratings of Kappa to B3 and assigned a stable
outlook.  This concludes Moody's rating review of Kappa's
ratings initiated on Sept. 14, 2005.

The merger, which was completed Dec. 1, 2005 through the issue
of JSG shares and the payment of a cash consideration of
approximately EUR300 million and a EUR75 million subordinated
promissory note to Kappa's shareholders, has lead to the
creation of a new entity called 'Smurfit Kappa Group', which is
58.3% owned by JSG shareholders and 41.7% by Kappa shareholders.
The proposed financing structure of Smurfit Kappa will result in
the refinancing of all of Kappa's existing senior debt and bonds
of approximately EUR1,837 million and of JSG's senior credit
facilities of EUR694 million (as well as EUR125 million in
transaction costs) with new senior bank facilities of EUR3.8
billion.

In accordance with the new entity's organizational structure,
Moody's downgrade of Kappa's Corporate Family Rating -- which
the rating agency intends to withdraw upon confirmation that all
debt has been paid off -- is in line with the affirmed rating of
JSG of B1.  Whilst Moody's recognizes that the existing notes of

Kappa are within the Kappa restricted group, the ratings of the
notes have been downgraded to B3 in line with the profile of the
combined entity.  However, Moody's notes that Kappa has said it
intends to redeem all of its outstanding notes on January 1,
2006, at which point the ratings would be withdrawn.  JSG's
existing bonds are expected to remain in place.

While Moody's acknowledges that the acquisition will pose
significant challenges in terms of integration, the affirmation
of JSG's ratings reflects the rating agency's view that the new
entity will be well positioned as the market leader in the
corrugated and containerboard segments in Europe with an
estimated market share of 26% and 25%, respectively.  Moody's
further believes that this will not only improve Smurfit Kappa's
ability to withstand margin pressure resulting from the current
difficult market conditions, but will also enable it to achieve
substantial synergies.

Whilst Moody's deems Smurfit Kappa's leverage to be high, with
pro forma Adjusted Total Debt/Adjusted EBITDAR expected to be
over 6.5x (including the PIK notes at JSG Holdings Plc leverage
increases to 7x), liquidity is nevertheless viewed as adequate.
On a pro forma basis, Smurfit Kappa will have approximately EUR1
billion available via a combination of bank financing comprised
of EUR875 in undrawn committed bank facilities of which EUR600
million is available under the new revolver, as well as
internally generated cash flows.

The new bank facilities benefit from a MAC clause, provide
restrictions on additional debt via financial covenants (head
room of approximately 20%-25%) and incorporate an excess cash
flow sweep.

In Moody's view, the proposed merger positions Smurfit Kappa
well within the B1 rating category in light of its enlarged
size, stronger market position and potential for significant
cost reductions and synergies.

A change in outlook from stable to positive is likely if the
company is able to successfully execute the proposed synergies
and efficiencies in a timely basis resulting in a sustainable
improvement in EBITDA margins and credit metrics.  The ratings
would likely come under upward pressure should the combined
entity be able to effect an improvement in operating margins
with a resulting positive impact on cash flow and adjusted
leverage trending on a sustained basis below 6x.

However, Moody's believes that integration and execution risks
are substantial and the market remains challenging.  Moody's
cautions that ratings could come under downward pressure in the
event that market conditions deteriorate further and the
proposed synergies are not achieved, resulting in a negative
impact on operating performance and subsequently also on
leverage and sustainable cash flow.

Affected JSG ratings:

JSG Holdings Plc:

(a) Corporate Family rating affirmed at B1; and

(b) EUR325 million of senior PIK notes due 2015 affirmed at
    Caa2.

JSG Funding Plc:

(a) EUR350 million in 10.125% senior notes due 2012 affirmed at
    B3;

(b) US$545 million in 9.625% senior notes due 2012 affirmed at
    B3;

(c) US$205 million of 9.625% senior notes due 2012 affirmed at
    B3;

(d) EUR217.5 million in subordinated notes due 2015 affirmed at
    Caa1; and0

(e) US$200 million in subordinated notes due 2015 affirmed at
    Caa1.

JSG Acquisitions: EUR1.1 billion (previously EUR2,525 million)
    in senior secured credit facilities rating of B1 to be
    withdrawn pursuant to refinancing (new EUR3.8 billion Senior
    Secured Credit Facilities not rated).

Smurfit Capital Funding Plc: US$292 million in 7.50% guaranteed
    debt securities due 2025 affirmed at B1.

Affected Kappa ratings:

(a) Corporate Family Rating of Ba3 downgraded to B1;

(b) EUR145 million 12.5% guaranteed senior subordinated notes
    due 2009 rated B2 downgraded to B3;

(c) US$100 million 10.625% guaranteed senior subordinated notes
    due 2009 rated B2 downgraded to B3;

(d) EUR370 million 10.625% guaranteed senior subordinated notes
    due 2009 rated B2 downgraded to B3; and

(e) EUR95 million 10.625% guaranteed senior subordinated notes
    due 2009 rated B2 downgraded to B3.

Headquartered in Dublin, Ireland, JSG is a leading paper-based
packaging group with key operations in Europe and Latin America.
For the six months ending June 30, 2005, JSG generated total
sales of EUR2,148 million.

Based in Eindhoven, The Netherlands, Kappa Beheer B.V. is the
intermediate holding company for Kappa Packaging, an integrated
board and corrugated packaging company.  For the six months
ending June 30, 2005, Kappa Packaging generated sales of EUR1.4
billion.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          David G. Staples, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Sophia Dedemadis, Asst Vice President - Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


SMURFIT KAPPA: Discloses Financing Arrangements of Merged Group
---------------------------------------------------------------
Smurfit Kappa Group said that the merger between Jefferson
Smurfit Group (JSG) and Kappa Packaging (Kappa) has been
completed.

Capital Structure

The merger was completed through the issue of shares by JSG and
the payment of consideration comprising cash of approximately
EUR300 million and a EUR75 million subordinated promissory note
to Kappa's shareholders.  The final value of the cash
consideration and promissory note will not be known until
certain closing adjustments have been completed.  The ownership
structure is such that JSG's former shareholders own 58.3% of
the Smurfit Kappa Group while Kappa's former shareholders own
41.7%.

As part of the merger agreement, the 10.625% Senior Subordinated
Notes due 2009 and the 12.5% Senior Subordinated Discount Notes
due 2009 issued by Kappa Beheer B.V. will be redeemed and both
JSG's and Kappa's Senior Credit Facilities are being refinanced.
The 11.5% Senior Notes due 2015 issued by JSG Holdings plc, the
9.625% and 10.125% Senior Notes due 2012 and the 7.75% Senior
Subordinated Notes due 2015 issued by JSG Funding plc together
with the Guaranteed Debentures due 2025 issued by Smurfit
Capital Funding Ltd., the Receivables Securitization Floating
Rate Notes due 2011 issued by Smurfit Receivables plc and
certain local debt will remain in place.

Smurfit Kappa Group has financed the cash consideration and the
refinancing of the JSG and Kappa Senior Credit Facilities and
the redemption of the Kappa 10.625% Senior Subordinated Notes
due 2009 and the 12.5% Senior Subordinated Discount Notes due
2009, together with related costs and expenses, by way of a new
Senior Credit Facility.  The new Senior Credit Facility
comprises a drawn amount of approximately EUR2,930 million.
This facility is made up of a EUR500 million amortizing A
Tranche maturing 2012, a EUR1,215 million B Tranche maturing
2013 and a EUR1,215 million C Tranche maturing 2014.  In
addition, Smurfit Kappa Group has committed undrawn facilities
of EUR875 million, including a EUR600 million Revolving Credit
Facility.

About Smurfit Kappa Group

Smurfit Kappa Group combines the operations of Jefferson Smurfit
Group and Kappa Packaging.  The Group is a world leader in
corrugated, a European leader in containerboard and also has
market-leading positions, in both paper grades, in Latin
America.  The Group currently employs a workforce of
approximately 43,000 people.  In 2004, revenue generated from
the combined operations was EUR7.6 billion.

The Group's operations span 23 European and nine Latin American
countries, with capacity, which includes 6.1 million tons of
containerboard and 5.1 million tons of corrugated.  The Group's
operations now comprise Jefferson Smurfit Group's leading market
positions in Latin America, Western and Southern Europe and
Kappa Packaging's leading market positions in Northern and
Eastern Europe.

CONTACT:  JEFFERSON SMURFIT GROUP
          Gary McGann
          Phone: +353 1 202 7000
          or
          Tony Smurfit
          Phone: +353 1 202 7000
          or
          Ian Curley
          Phone: +353 1 202 7000

          K CAPITAL SOURCE
          Mark Kenny
          Phone: +353 1 631 5500

          WHPR (Media Consultant)
          Brian Bell
          Phone: +353 1 669 0030


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


ALITALIA SPA: Outlines Debt Profile as of October 31
----------------------------------------------------
The Group's net debt as of October 31, 2005, amounted to
EUR1,718 million, with a slight increase in net indebtedness of
EUR9 million compared to the situation on September 30, 2005,
announced on October 31, 2005.

The net debt of the parent company Alitalia on October 31, 2005,
amounted to EUR1,713 million (showing a reduction in net
indebtedness of EUR47 million compared to the situation on
September 30, 2005) including short-term net financial debts to
the subsidiaries (one of which is "Alitalia Servizi", split off
from the parent company and operational since May 1, 2005).

The following observations on the most important changes that
have taken place during the two periods in question refer to the
situation for the Group.  However, given the preponderance of
Alitalia within the whole Group, these observations are in fact
representative of the parent company's performance alone;
specific facts and figures referring only to Alitalia are
glossed by notes.

It should also be noted that the figures reflect the outcome of
management analysis and include several estimated items, which,
however, do not affect the overall significance of the
information.

Furthermore, it should be pointed out that on October 31, 2005,
there were several leasing contracts at the Group level
(referring almost entirely to fleet aircraft mostly held by the
parent company amounting to EUR241 million) whose capital share,
including lease closure value, amounted to EUR262 million (of
which EUR45 million represent the current capital share falling
due within twelve months of the reference date, with EUR42
million held by the parent company).  By comparison, the same
figure on September 30, 2005, amounted to EUR267 million (of
which EUR46 million falling due in the twelve months from the
reference date); the corresponding figures for the parent
company on September 30, 2005, amounted to EUR245 million and
EUR43 million respectively.

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal.  None of the
contracts refers to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

In addition, it should be pointed out (as mentioned in a
previous release on April 29, 2005) that the overall credit
facility of EUR400 million (bridging loan) has been completed,
through the Dresdner Kleinwort Wasserstein bank, backed by
guarantees from the Ministry of Economy and Finance.

Cash-flow improvement (management figures) during the period
January 1-October 31, 2005, amounted to around EUR288 million
compared to the same period in 2004.  During October 2005,
repayments were made of medium/long-term financing amounting to
about EUR1 million.

Regarding debt of a financial, fiscal and social welfare nature,
there were no outstanding sums or payment irregularities on
October 31, 2005, both for the parent company and for the other
companies in the Group.  As far as debt of a commercial nature
are concerned, there were no outstanding sums or payment
irregularities on October 31, 2005, both for the parent company
and for other Group companies, except for those relating to
disputed situations.  Regarding the latter, there were
outstanding sums due to some airport management companies for
disputed debt amounting to a total of EUR61 million on October
31, 2005.

In addition, decisions are still pending for the petitions filed
by Alitalia, or in the process of being filed, regarding these
injunction orders:

(a) Six injunctions issued by an airport management company for
    a total of about EUR13 million euros regarding Alitalia;

(b) Another supplier has issued two injunctions relating to
    claims for unfulfilled contractual obligations by Alitalia
    (about EUR470,000) and by Atitech (about US$242,000);

(c) A further injunction has been issued by an IT services
    supplier for about EUR811,000;

(d) Another injunction has been issued by a professional studio
    for EUR534,000; and

(e) Finally, there are injunctions issued by suppliers for
    smaller sums amounting to a total of around EUR46,000.  A
    further injunction issued by an airport management company
    for EUR3.1 million has become executive, pending the court's
    decision on the petition filed by Alitalia.

Except for the above, there are no other injunction orders or
executive actions undertaken by creditors notified as of October
31, 2005, nor are there any threats by suppliers to suspend
operations.

A copy of Alitalia's October results is available free of charge
at http://bankrupt.com/misc/alitalia_11m05.pdf

                        About the Company

Headquartered in Viale A. Marchetti 111, 00148 Rome, Italy,
Alitalia S.p.A. -- http://www.alitalia.it-- generates more than
EUR4 billion in annual revenue and employs more than 20,000
people.  As of December 2004, group net debt stood at EUR1.76
billion in 2004.  Alitalia flies to about 80 destinations in
more than 60 countries from its hubs in Rome and Milan and
operates a fleet of about 185 aircraft.  Despite a EUR1.4
billion state-backed restructuring in 1997 and a EUR1.4 billion
capital injection two years ago, the carrier remains in deep
financial crisis.  Alitalia has posted an annual profit only
four times in the past 16 years.

CONTACT:  ALITALIA S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax: +39 06 6562 4733
          Web site: http://www.alitalia.it


VIAGGI VENTAGLIO: Considers Selling Livingston Unit
---------------------------------------------------
Troubled tour operator I Viaggi del Ventaglio is reportedly
mulling to sell its Livingston charter airline unit, Il Sole 24
Ore says.

The group reportedly received an expression of interest from
Spanish carrier Air Europa, which is also eyeing troubled
charter flight operator Volare.  Livingston, formerly known as
Lauda Air, accounts for half of Ventaglio's turnover.

Ventaglio's 58% owner, the Colombos family, is reportedly
selling its stake in the tour operator.  Ventaglio posted
EUR46.6 million in pre-tax losses in the first nine months of
FY2005 ending July 31, up from last year's EUR43.5 million.  The
group ended 2004 with a net loss of EUR36.256 million on
revenues of EUR374.11 million.

CONTACT:  GRUPPO VENTAGLIO S.p.A.
          Via dei Gracchi,
          35 - 20146 Milano
          E-mail: ventaglio@ventaglio.com
          Web site: http://www.ventaglio.com


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


BAKEN: Sets Proofs of Claim Deadline
------------------------------------
LLC Baken, which recently became insolvent, will accept proofs
of claim at Osh, Lenin Str. 286 on or before January 17, 2006.
Call (0-32-22) 5-86-66 for more information.


BOLOT-M: Last Day for Filing Claims January 17
----------------------------------------------
Private Small Enterprise Bolot-M, which recently became
insolvent, will accept proofs of claim at Balykchi, Chernyshevsk
Str. 95 on or before January 17, 2006.

CONTACT:  BOLOT-M
          Balykchi,
          Chernyshevsk Str. 95


GREEN FLOWER: Gives Creditors Until January to File Claims
----------------------------------------------------------
LLC Green Flower, which recently became insolvent, will accept
proofs of claim at Bishkek, Molodaya Gvardia Ave. 75/7 on or
before January 17, 2006.  Call (0-502) 57-00-88 for more
information.


TOTEM: Creditors' Claims Due Next Year
--------------------------------------
LLC Totem, which recently became insolvent, will accept proofs
of claim at Bishkek, Manas Ave. 38/32 on or before January 17,
2006.  Call (0-312) 98-77-77 for more information.


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


HAGEMEYER N.V.: Waives Cash Option on Convertible Bonds
-------------------------------------------------------
As part of its current financing structure, Hagemeyer N.V. has
issued two subordinated convertible Bonds totaling EUR285
million in nominal value.  These Bonds were issued in 2004
(EUR150 million) and 2005 (EUR135 million) respectively.

For these Bonds a "Cash Alternative Election" right, as worded
in the appropriate Trust Deeds, has been applicable from the
issue date onwards.  This "Cash Alternative Election" right
implies that Hagemeyer, in case of conversion of the Bonds, has
the right to pay bondholders in cash, instead of issuing shares.

Under current IFRS accounting such a "Cash Alternative Election"
right resulted in the option elements of the Bonds being
classified as liabilities.  As a consequence, fair value
adjustments in the option elements of the Bonds were recorded as
net financial income/ (expenses) in the Consolidated Profit and
Loss account.

Hagemeyer has decided to waive its rights under this "Cash
Alternative Election" right for both Bonds with immediate
effect.  The IFRS accounting implications of these waivers have
been summarized in the Annex to this press release.

Hagemeyer had net revenues of EUR4.1 billion in the first nine
months of 2005 (full year 2004: EUR5.4 billion) and employs
approximately 17,200 employees.  More than 90% of Hagemeyer's
total revenue is generated by its core Professional Products and
Services (PPS) business.  PPS focuses on the value-added
business-to-business distribution of electrical parts and
supplies, safety and other Maintenance, Repair and Operations
(MRO) products in more than 25 countries across Europe, North
America and Asia-Pacific.  The remaining part of Hagemeyer's
revenues is realized by its Agencies/Consumer Electronics (ACE)
business, which distributes consumer electronics and branded
products in the Netherlands and Australia and luxury goods in a
number of smaller countries in Asia.  The Hagemeyer Group has
its head office in Naarden, the Netherlands.

- - - - - - - - - -
Annex: IFRS accounting implications of this announcement:

The IFRS accounting implications of these waivers can be
summarized as:

-- The option elements of the convertible bonds will be
   classified as a liability and revalued to fair value until
   the date of this announcement, with the 2005 year to date
   cumulative profit and loss impact of EUR20.3 million reported
   as financial expenses in the Profit and Loss account;

-- No further revaluation of the option components of the Bonds
   will be charged to or released in the Profit and Loss account
   in the remainder of 2005 or in future years;

-- Per 30 November 2005, the revalued option elements of EUR90.2
   million will be reclassified from liabilities to
   shareholders' equity.  As a component of shareholders'
   equity, the option elements of the Bonds will no longer be
   revalued to fair value and there will no longer be
   an impact on the Profit and Loss account;

-- The reclassified EUR90.2 million option elements consist of
   the cumulative profit and loss impacts of earlier
   revaluations of EUR28.4 million (EUR8.1 million in 2004 and
   EUR20.3 million in 2005) and the initial value of EUR61.8
   million, allocated to the option elements at the dates of
   issuance.

                      Summary of the Bonds

                          Amount: EUR150 million (nominal value)
                 Prospectus date: 16 January 2004
                   Maturity date: 5 February 2009
                          Coupon: 5.75%
                Conversion price: EUR2.04

                          Amount: EUR135 million (nominal value)
                 Prospectus date: 23 March 2005
                   Maturity date: 30 March 2012
                          Coupon: 3.5%
                Conversion price: EUR2.83

CONTACT:  HAGEMEYER N.V.
          Rijksweg 69, P.O. Box 5111, 1410 AC
          Naarden, The Netherlands
          Phone: + 31 (0)35 6957676
          Fax: + 31 (0)35 6944396
          Contact:
          Emilie de Wolf,
          Investor Relations & Group Communications
          Web site: http://www.hagemeyer.com


KAPPA BEHEER: Ratings Downgraded After JSG Merger
-------------------------------------------------
Moody's Investors Service has affirmed all the ratings of JSG
Holdings Plc following the completion of its merger with Kappa
Beheer B.V (Kappa).

At the same time, Moody's has downgraded by one notch the
Corporate Family Rating of Kappa to B1 and the senior
subordinated notes ratings of Kappa to B3 and assigned a stable
outlook.  This concludes Moody's rating review of Kappa's
ratings initiated on September 14, 2005.

The merger, which was completed December 1, 2005 through the
issue of JSG shares and the payment of a cash consideration of
approximately EUR300 million and a EUR75 million subordinated
promissory note to Kappa's shareholders, has lead to the
creation of a new entity called 'Smurfit Kappa Group', which is
58.3% owned by JSG shareholders and 41.7% by Kappa shareholders.
The proposed financing structure of Smurfit Kappa will result in
the refinancing of all of Kappa's existing senior debt and bonds
of approximately EUR1,837 million and of JSG's senior credit
facilities of EUR694 million (as well as EUR125 million in
transaction costs) with new senior bank facilities of EUR3.8
billion.

In accordance with the new entity's organizational structure,
Moody's downgrade of Kappa's Corporate Family Rating -- which
the rating agency intends to withdraw upon confirmation that all
debt has been paid off -- is in line with the affirmed rating of
JSG of B1.  Whilst Moody's recognizes that the existing notes of
Kappa are within the Kappa restricted group, the ratings of the
notes have been downgraded to B3 in line with the profile of the
combined entity.  However, Moody's notes that Kappa has said it
intends to redeem all of its outstanding notes on January 1,
2006, at which point the ratings would be withdrawn.  JSG's
existing bonds are expected to remain in place.

While Moody's acknowledges that the acquisition will pose
significant challenges in terms of integration, the affirmation
of JSG's ratings reflects the rating agency's view that the new
entity will be well positioned as the market leader in the
corrugated and containerboard segments in Europe with an
estimated market share of 26% and 25%, respectively.  Moody's
further believes that this will not only improve Smurfit Kappa's
ability to withstand margin pressure resulting from the current
difficult market conditions, but will also enable it to achieve
substantial synergies.

Whilst Moody's deems Smurfit Kappa's leverage to be high, with
pro forma Adjusted Total Debt/Adjusted EBITDAR expected to be
over 6.5x (including the PIK notes at JSG Holdings Plc leverage
increases to 7x), liquidity is nevertheless viewed as adequate.
On a pro forma basis, Smurfit Kappa will have approximately EUR1
billion available via a combination of bank financing comprised
of EUR875 in undrawn committed bank facilities of which EUR600
million is available under the new revolver, as well as
internally generated cash flows.

The new bank facilities benefit from a MAC clause, provide
restrictions on additional debt via financial covenants (head
room of approximately 20%-25%) and incorporate an excess cash
flow sweep.

In Moody's view, the proposed merger positions Smurfit Kappa
well within the B1 rating category in light of its enlarged
size, stronger market position and potential for significant
cost reductions and synergies.

A change in outlook from stable to positive is likely if the
company is able to successfully execute the proposed synergies
and efficiencies in a timely basis resulting in a sustainable
improvement in EBITDA margins and credit metrics.  The ratings
would likely come under upward pressure should the combined
entity be able to effect an improvement in operating margins
with a resulting positive impact on cash flow and adjusted
leverage trending on a sustained basis below 6x.

However, Moody's believes that integration and execution risks
are substantial and the market remains challenging.  Moody's
cautions that ratings could come under downward pressure in the
event that market conditions deteriorate further and the
proposed synergies are not achieved, resulting in a negative
impact on operating performance and subsequently also on
leverage and sustainable cash flow.

Affected JSG ratings:

JSG Holdings Plc:

(a) Corporate Family rating affirmed at B1; and

(b) EUR325 million of senior PIK notes due 2015 affirmed at
    Caa2.

JSG Funding Plc:

(a) EUR350 million in 10.125% senior notes due 2012 affirmed at
    B3;

(b) US$545 million in 9.625% senior notes due 2012 affirmed at
    B3;

(c) US$205 million of 9.625% senior notes due 2012 affirmed at
    B3;

(d) EUR217.5 million in subordinated notes due 2015 affirmed at
    Caa1; and0

(e) US$200 million in subordinated notes due 2015 affirmed at
    Caa1.

JSG Acquisitions: EUR1.1 billion (previously EUR2,525 million)
    in senior secured credit facilities rating of B1 to be
    withdrawn pursuant to refinancing (new EUR3.8 billion Senior
    Secured Credit Facilities not rated).

Smurfit Capital Funding Plc: US$292 million in 7.50% guaranteed
    debt securities due 2025 affirmed at B1.

Affected Kappa ratings:

(a) Corporate Family Rating of Ba3 downgraded to B1;

(b) EUR145 million 12.5% guaranteed senior subordinated notes
    due 2009 rated B2 downgraded to B3;

(c) US$100 million 10.625% guaranteed senior subordinated notes
    due 2009 rated B2 downgraded to B3;

(d) EUR370 million 10.625% guaranteed senior subordinated notes
    due 2009 rated B2 downgraded to B3; and

(e) EUR95 million 10.625% guaranteed senior subordinated notes
    due 2009 rated B2 downgraded to B3.

Headquartered in Dublin, Ireland, JSG is a leading paper-based
packaging group with key operations in Europe and Latin America.
For the six months ending June 30, 2005, JSG generated total
sales of EUR2,148 million.

Based in Eindhoven, The Netherlands, Kappa Beheer B.V. is the
intermediate holding company for Kappa Packaging, an integrated
board and corrugated packaging company.  For the six months
ending June 30, 2005, Kappa Packaging generated sales of EUR1.4
billion.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          David G. Staples, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Sophia Dedemadis, Asst Vice President - Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


ROYAL SHELL: Cancels Further 1,970,000 'A' Shares
-------------------------------------------------
On 1 December 2005, Royal Dutch Shell plc purchased for
cancellation 1,170,000 'A' Shares at a price of EUR26.36 per
share.  It further purchased for cancellation 800,000 'A' Shares
at a price of 1,795.25 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,953,130,000.

As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell
plc were in issue.

                            *   *   *

Shell's buyback scheme is aimed at reviving shareholders' and
investors' confidence.  The buyback program follows a damaging
reserves overestimation scandal last year.

                        About the Company

Royal Dutch Shell plc, incorporated in England and Wales, has
its headquarters in The Hague and is listed on the London,
Amsterdam, and New York stock exchanges.  Shell companies have
operations in more than 145 countries with businesses including
oil and gas exploration and production; production and marketing
of Liquefied Natural Gas and Gas to Liquids; manufacturing,
marketing and shipping of oil products and chemicals and
renewable energy projects including wind and solar power.

                           The Trouble

Shell admitted overstating proved reserves by almost 6 billion
barrels between January 2004 and February this year.  This led
to the ouster of three top executives, including former Chairman
Philip Watts.  The company was fined EUR150 million in total
after investigations launched by U.S. and British regulators.
Shell has since revised the method by which it calculates
reserves to comply with U.S. regulations.  Shell's proved
reserves stood at 10.2 billion barrels at the end of
2004.

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague
          The Netherlands
          Phone: +31 70 377 9111
          Fax: +31 70 377 3115
          Web site: http://www.shell.com


VERSATEL TELECOM: Small Investors Want Board Representation
-----------------------------------------------------------
Versatel N.V. minority shareholders, who are dissatisfied with
the company's board structure following its takeover by Tele2,
are considering suing the company, according to TeleGeography.

The group, which includes investors such as Amber Capital
Management, Centaurus Capital and Mellon Alternative Strategies,
wants to have at least two of their representatives on the
board.

Swedish Tele2 completed in October its acquisition of Versatel.
The transaction called for the resignation of Mr. L.W.A.M. van
Doorne, Mr. J. Huber, Mr. L.M.L.H.A. Hermans, Mr. B.L.J.M.
Beerkens and Mr. J.G. Drechsel as member of the Supervisory
Board; and the appointment of Mr. J.I. Svedberg, Mr. B.L-J.
Jarnheimer, Mr. S.H. Zadler and Mr. M.F. Berglund as member of
the Supervisory Board.

CONTACT:  VERSATEL TELECOM INTERNATIONAL N.V.
          Investor Relations Department
          Hullenbergweg 101
          1101 CL Amsterdam
          The Netherlands
          Phone: +31 20 750 2362
          Fax: +31 20 750 1019
          E-mail: investor.relations@versatel.com


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


PETROLEUM GEO-SERVICES: Default Provisions in 2010 Notes Waived
---------------------------------------------------------------
Petroleum Geo Services A.S.A. said on Thursday that, as of 5:00
p.m., New York City time, on Wednesday, Nov. 30, 2005, tenders
and consents representing approximately 99% of the US$745.9
million aggregate principal amount of its outstanding 10% Senior
Notes due 2010 had been received.

Consequently, PGS has received the requisite consents from
holders of the Notes to amend the indenture governing such
Notes, which amendment will eliminate substantially all of the
restrictive covenants and certain events of default relating to
the Notes.  The Company, the guarantors of the Notes and the
trustee under the indenture governing the Notes have executed
and delivered a supplemental indenture containing the proposed
amendments described in the Tender Offer and Consent
Solicitation Statement dated November 15, 2005.

The amendments implemented by the supplemental indenture will
not become operative until PGS accepts validly tendered Notes
for payment in accordance with the terms, and subject to the
conditions, described in the Offer to Purchase.  If the
amendments become operative, holders of all untendered Notes
will be bound thereby.

The Company will pay a total consideration of $1,136.40 for each
$1,000.00 principal amount of Notes purchased pursuant to the
tender offer, plus accrued and unpaid interest up to, but not
including, the date of payment for the Notes.

The purchase price includes a consent payment of $20.00 per
$1,000.00 principal amount of Notes.  Only holders of the Notes
who validly tendered and did not withdraw their Notes pursuant
to the tender offer at or prior to 5:00 p.m. New York City time
on November 30, 2005 (the "Consent Payment Deadline") will
receive the consent payment.  Holders who tender their Notes
after the Consent Payment Deadline, but on or prior to the
expiration of the tender offer, will receive tender offer
consideration of $1,116.40 for each $1,000.00 principal amount
of Notes purchased pursuant to the tender offer, plus accrued
and unpaid interest up to, but not including, the date of
payment for the Notes.

The purchase price for each $1,000.00 principal amount of Notes
validly tendered and accepted for purchase was determined by
reference to a fixed spread of 50 basis points over the yield
(as reported by Bloomberg Government Pricing Monitor on "Page
PX4" at 2:00 p.m. New York City Time on November 30, 2005) of
the 3.00% U.S. Treasury Note due November 15, 2007.

The tender offer is scheduled to expire at 8:00 a.m. New York
City time on December 14, 2005, unless extended or earlier
terminated. The tender offer is contingent upon, among other
things, PGS successfully entering into a new credit facility as
previously announced by the Company in a press release dated
November 15, 2005.

PGS has engaged UBS Securities LLC as dealer manager for the
tender offer and solicitation agents for the consent
solicitation. Questions regarding the tender offer and consent
solicitation may be directed to UBS at (888) 722-9555 x 4210 or
(203) 719-4210.  Requests for documentation should be directed
to Global Bondholder Services Corp. at (866) 592-2200 or (212)
430-3774, the information agent for the tender offer and consent
solicitation.

The tender offer and consent solicitation are made solely on the
terms and conditions set forth in the Offer to Purchase.  Under
no circumstances shall this press release constitute an offer to
buy or the solicitation of an offer to sell the Notes or any
other securities of the Company.  It also is not a solicitation
of consents to the proposed amendments to the indenture
governing the Notes.  No recommendation is made as to whether
holders of the Notes should tender their Notes or give their
consent.

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

CONTACT:  PETROLEUM GEO-SERVICES ASA
          Ola Bosterud
          Phone: +47 67 52 64 00
          Mobile:  +47 90 95 47 43

          Christopher Mollerlokken
          Phone: +47 67 52 64 00
          Mobile: +47 90 27 63 55

          U.S. Investor Services
          Renee Sixkiller
          Phone: +1 281 509 8548


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


APSALYAMOVSKIY COMBINE: Succumbs to Bankruptcy
----------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Apsalyamovskiy Combine (TIN 1642000020)
after finding the construction company insolvent.  The case is
docketed as A65-5679/2005-SG4-16.  Mr. A. Minachev has been
appointed insolvency manager.  Creditors have until December 15,
2005 to submit their proofs of claim to 420126, Russia,
Tatarstan republic, Kazan, Post User Box 188.

CONTACT:  APSALYAMOVSKIY COMBINE
          Russia, Tatarstan republic,
          Yutazinskiy region, Apsalyamovo

          A. MINACHEV
          Insolvency Manager
          420126, Russia, Tatarstan republic,
          Kazan, Post User Box 188

          ARBITRATION COURT OF TATARSTAN REPUBLIC
          420014, Russia, Tatarstan republic,
          Kazan, Kremlin


BUGULMINSKIY: Under External Management Procedure
-------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy external management procedure on machine repair
company Bugulminskiy.  The case is docketed as A65-345/2005-SG4-
27.  Mr. S. Lgach has been appointed external insolvency
manager.  Creditors have until December 15, 2005 to submit their
proofs of claim to 423831, Russia, Tatarstan republic,
Naberezhnye Chelny, Post User Box 144.

CONTACT:  BUGULMINSKIY
          423235, Russia, Tatarstan republic,
          Bugulma, Lenina Str. 145

          S. LGACH
          External Insolvency Manager
          423831, Russia, Tatarstan republic,
          Naberezhnye Chelny, Post User Box 144


CANDY: Khabarovsk Court Brings in Insolvency Manager
----------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on limited liability company
Candy (TIN 2721102161, KPP 272101001).  The case is docketed as
A73-8054/2005-36.  Ms. E. Zheleznyak has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 690002, Russia, Vladivostok, Post User Box 2-345.

CONTACT:  CANDY
          680000, Russia, Khabarovsk region,
          Turgeneva Str. 38

          E. ZHELEZNYAK
          Temporary Insolvency Manager
          690002, Russia, Vladivostok,
          Post User Box 2-345


DAL-STEEL-CONSTRUCTION: Claims Filing Period Ends Dec. 15
---------------------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Dal-Steel-Construction (TIN 2510001862)
after finding the construction company insolvent.  The case is
docketed as A-51-3859/2005 15-72B.  Mr. G. Grachev has been
appointed insolvency manager.  Creditors have until December 15,
2005 to submit their proofs of claim to 690024, Russia, Primorye
region, Vladivostok, Makovskogo Str. 179, Apartment 31.

CONTACT:  DAL-STEEL-CONSTRUCTION
          Russia, Primorskiy region,
          Spassk-Dalniy, Kommunarov Str. 3a

          G. GRACHEV
          Insolvency Manager
          690024, Russia, Primorye region, Vladivostok,
          Makovskogo Str. 179, Apartment 31


DAVLEKANOVSKIY COMBINE: Declared Insolvent
------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Davlekanovskiy Combine of Grain
Products #2 (TIN 0259005528) after finding the company
insolvent.  The case is docketed as A07-21363/02-A-MOG.  Mr. A.
Lobanov has been appointed insolvency manager.  Creditors may
submit their proofs of claim to Russia, Bashkortostan republic,
Davlekanovskiy region, Davlekanovo, Voroshilova Str. 2.

CONTACT:  DAVLEKANOVSKIY COMBINE OF GRAIN PRODUCTS #2
          Russia, Bashkortostan republic, Davlekanovskiy region,
          Davlekanovo, Voroshilova Str. 2

          A. LOBANOV
          Insolvency Manager
          Russia, Bashkortostan republic, Davlekanovskiy region,
          Davlekanovo, Voroshilova Str. 2


GINSENG: Filing of Claims Deadline Set Mid-December
---------------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Ginseng after finding the close joint stock
company insolvent.  The case is docketed as A04-3421/05-17/122
B.  Mr. M. Praskov has been appointed insolvency manager.
Creditors have until December 15, 2005 to submit their proofs of
claim to Russia, Amur region, Blagoveshensk, 50 Let Oktyabrya
Str. 42/2, Room 2.

CONTACT:  GINSENG
          Russia, Amur region, Blagoveshensk

          M. PRASKOV
          Insolvency Manager
          Russia, Amur region, Blagoveshensk,
          50 Let Oktyabrya Str. 42/2, Room 2


MDM BANK: US$2 Bln LPN Program Gets Ba2/Not Prime Ratings
---------------------------------------------------------
Moody's Investors Service has assigned long- and short-term
foreign currency ratings of Ba2/Not Prime to MDM's US$2 billion
Programme for the Issuance of Loan Participation Notes.

The Notes will be issued by, but with limited recourse to, MDM
International Funding Plc (Ireland) for the sole purpose of
financing advances to Joint-Stock Commercial Bank "Moscow
Business World" (MDM Bank) -- the largest entity in MDM
Financial Group, comprising 95% and 98%, respectively, of the
group's total IFRS-consolidated assets and shareholders' equity.
The Notes will represent an unsubordinated and unsecured claim
on MDM Bank.  The tenor, which may vary from seven days to 30
years, and the price of the notes will be defined individually
for each tranche.  The outlook for the ratings is stable.

According to Moody's, the Ba2/Not Prime ratings are based on the
fundamental credit strength of MDM Bank, which does not
incorporate any potential support from the authorities in case
of need.

Moody's also notes that, according to the terms of the program,
MDM Bank will have to comply with a number of covenants such as
a negative pledge, and a limitation on mergers, disposals and
transactions with related parties.

MDM Bank is headquartered in Moscow, Russian Federation, and
reported total assets of US$4.23 billion under IFRS as of 30
June 2005.  It ranked ninth-largest Russian bank in terms of
total assets as at the end of the first half of 2005, according
to Interfax.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.  (LONDON)
          Adel Satel, Managing Director
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL)
          Joel Bismuth, Vice President - Senior Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


SERGIEVSK-AGRO-PROM-SERVICE: Under Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
supervision procedure on CJSC SERGIEVSK-AGRO-PROM-SERVICE.
The case was docketed as A55-13928/2005.  Mr. A. Miller has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 423461, Russia, Tatarstan republic,
Almetyevsk, GOS-11, Post User Box 188.

CONTACT:  SERGIEVSK-AGRO-PROM-SERVICE
          Russia, Samara region,
          Sergievskiy region, Surgut

          A. MILLER
          Temporary Insolvency Manager
          423461, Russia, Tatarstan republic,
          Almetyevsk, GOS-11, Post User Box 188


VASILIEV-MAYDAN: Bankruptcy Hearing Resumes December 6
------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Vasiliev-Maydan.  The case is docketed as A43-11024/2005, 33-
237.  Mr. V. Vilkov has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 603001, Russia,
Nizhniy Novgorod, Torgovaya Str. 14.  A hearing will take place
on December 6, 2005 at the Arbitration Court of Nizhniy Novgorod
region.

CONTACT:  V. VILKOV
          Insolvency Manager
          603001, Russia, Nizhniy Novgorod region,
          Torgovaya Str. 14


VYAZMA-WOOD: Bankruptcy Supervision Procedure Begins
----------------------------------------------------
The Arbitration Court of Smolensk region has commenced
bankruptcy supervision procedure on close joint stock company
Vyazma-Wood (TIN 6722014469, KPP 672201001).  The case is
docketed as A62-2231/2005 (658-N/05).  Ms. L. Filippova has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 215100, Russia, Smolensk region,
Vyazma, Main Post Office, Post User Box 16.

CONTACT:  VYAZMA-WOOD
          215113, Russia, Smolensk region,
          Vyazma, Novaya Boznya-3

          L. FILIPPOVA
          Temporary Insolvency Manager
          215100, Russia, Smolensk region, Vyazma,
          Main Post Office, Post User Box 16


YUKOS OIL: Arbitration Court to Review Western Banks' Debt Claim
----------------------------------------------------------------
Moscow's Federal Court of Arbitration has returned for
reconsideration the claim of 14 foreign creditors seeking
collection of US$475.28 million debt from Yukos Oil.

On Sept. 28, Moscow's arbitration court upheld the decision of
the High Court in London that required Yukos to repay the
outstanding loan.  Yukos appealed to the arbitration court on
Oct. 11 as bailiffs began to execute the ruling.

The US$475.28 million is what remains of the US$1 billion loan
granted in 2003 by a pool of 14 banks led by France's
Societe Generale, Citigroup Inc., Deutsche Bank AG, Commerzbank
AG, BNP Paribas S.A., ING Bank N.V., Credit Lyonnais, and HSBC.

Yukos availed of the loan to pre-finance sale of oil and for
general corporate purposes.  It includes a three-year US$500
million loan facility and a five-year US$500 million loan
facility.  The lenders claim Yukos missed interest payments due
in March and April 2005.  In July, Yukos admitted receiving a
notification of default.  The loan was secured against Yukos'
production subsidiaries, including Yugansk, which is now owned
by state-owned company Rosneft.

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It filed for chapter 11 protection in December 2004 (Bankr. S.D.
Tex. Case No. 04-47742).  A few days after, its main production
unit Yugansk was sold by the government to a little-known firm
OOO Baikalfinansgroup for US$9.35 billion.  The sale was aimed
at paying for a US$27.5 billion tax bill for 2000-2003.  Its
bankruptcy case was dismissed in February.

Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery,
Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R.
Andrew Black, Esq., Fulbright & Jaworski, LLP, represent the
Debtor in its restructuring efforts.  When the Debtor filed for
protection from its creditors, it listed $12,276,000,000 in
total assets and $30,790,000,000 in total debt.

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


ZORINSKIY: Bankruptcy Hearing Set Next Year
-------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision procedure on asphalt factory Zorinskiy.  The case is
docketed as A57-44B/05-31.  Ms. E. Paksyuta has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 410017, Russia,
Saratov, Ilyinskaya Square, 5.  A hearing will take place on
February 16, 2006, 2:35 p.m. at Russia, Saratov region,
Babushkin Vvoz Str. 1.

CONTACT:  ZORINSKIY
          413036, Russia, Saratov region,
          Promuzel Zorinskiy

          E. PAKSYUTA
          Temporary Insolvency Manager
          410017, Russia, Saratov region,
          Ilyinskaya Square, 5


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


SKANDIA INSURANCE: Old Mutual Lowers Acceptance Threshold to 50%
----------------------------------------------------------------
Skandia Insurance Co. Ltd. has noted the announcement by Old
Mutual in relation to their Offer for the company.

"This move clearly demonstrates a lack of confidence by Old
Mutual in the level of support for their Offer.  50% or 90%,
this Offer is still inadequate and we believe Old Mutual will
not achieve over 50% on 16 December 2005," Lennart Jeansson,
chairman of Skandia, said.

"We appreciate Old Mutual's decision to walk away at 16 December
2005 when they do not get sufficient Skandia shareholder
support.  This will allow us to get on with business and deliver
on our plans for Skandia's shareholders.

"The Offer is fundamentally unchanged.  There is no reason for
any shareholder to change their decision on the Offer.  Under
Swedish laws Old Mutual does not have the ability to coerce
Skandia shareholders.  We still recommend shareholders not to
tender their shares to Old Mutual."

In a separate statement, Old Mutual plc disclosed that it has
partially waived the condition relating to the level of
acceptances required under its offer for Skandia from 90% to
more than 50% of the total number of shares and votes in Skandia
(on a fully diluted basis).  All other outstanding terms and
conditions of the Offer remain unchanged and as previously
announced, the Offer remains open for acceptance until 16
December 2005.

Old Mutual would not extend the Offer beyond 16 December 2005
unless valid acceptances had been received in respect of more
than 50% of the total number of shares and votes in Skandia (on
a fully diluted basis) by that date.  In any event, the mix and
match facility (including the cash guarantee for shareholders
with not more than 1,000 Skandia shares) will not be extended
beyond that date.  If Old Mutual receives valid acceptances in
respect of more than 50% of the total number of shares and votes
in Skandia (on a fully diluted basis) by that date, Old Mutual
reserves the right to extend the acceptance period and to defer
the date for settlement of the Offer.

Jim Sutcliffe, chief executive, said: "Our own shareholders have
demonstrated their overwhelming support for this transaction.  A
significant number of Skandia's shareholders remain equally
supportive.  Therefore we are accelerating the Offer process by
clarifying the acceptance level we require by 16 December.
Regulatory applications are progressing well and we remain
utterly committed to bringing this transaction to a close as
soon as possible."

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080
          Web site: http://www.skandia.com

          Bjorn Bjornsson
          Vice Chairman
          Phone: +46-8-788 25 00

          Jan-Mikael Bexhed
          General Counsel
          Phone: +46-8-788 25 00

          OLD MUTUAL PLC
          Investor Relations
          Andrew Parkins
          Phone: +44 (0) 20 7002 7264
          Media Relations
          Miranda Bellord
          Phone: +44 (0) 20 7002 7133
          Web site: http://www.oldmutual.com


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


FORTIS BANK: Fitch Gives D Individual Rating
--------------------------------------------
Fitch Ratings has affirmed Fortis Bank A.S.'s (formerly Disbank)
ratings at Long-term foreign currency 'BB-', Long-term local
currency 'BB+', Short-term foreign and local currency 'B',
Individual 'D', Support '3' and National Long-term 'AA-'.  The
Outlook on all Long-term ratings is Stable.

The Long-term, Short-term and Support ratings reflect Fortis
Bank A.S.'s majority ownership by Belgium-based Fortis Bank
SA/NV (FB, rated 'AA-'/'F1+').  In Fitch's opinion, FB has a
very high propensity to support Fortis Bank A.S., although its
ability to do so might in certain circumstances be constrained
by the transfer risk associated with Turkey.  Fortis Bank A.S.'s
Support rating is thus constrained at '3'.  The Individual
rating reflects its low profitability, weak efficiency and risks
that might arise from a rapidly growing retail loan portfolio.
These are balanced by its sound capitalization and comfortable
liquidity.

Fortis Bank A.S.'s return on assets declined significantly in
2004.  This was a result of increased operating expenses related
to the expansion of the branch network, high loan loss
provisions mainly from more conservative treatment of past-due
credit card receivables and a sharp reduction in the
contribution of government securities revenue.  Profitability
improved in Q305 due to higher net interest income and stronger
net fees and commissions.  Efficiency remained weak due to
continued expansion of the network and is expected to remain so
until the new branches become profitable.  Although liquidity
has gradually declined during 2005, it remains comfortable.
Fortis Bank A.S.'s regulatory consolidated capital adequacy
ratio was 17.97% at end-Q305.  The bank's free capital, although
reduced, was sound at 8% and remained the highest among the
privately owned commercial banks in Turkey.

Fortis Bank A.S. is the eighth largest privately owned and the
largest foreign-owned commercial bank in Turkey by total assets.
It is focusing on increasing its retail and SME banking
businesses and also provides merchant and commercial banking
services.  Fortis Bank A.S. was majority owned by the Dogan
Group between 1994 and July 2005.  In July 2005, FB acquired a
majority shareholding, raising its ownership to 93.3% in October
2005 and leading to a name change in November 2005 to Fortis
Bank A.S. from Disbank.  FB is the largest bank in Belgium and
has sizable market shares in the Netherlands and in Luxembourg.

CONTACT:  FORTIS BANK A.S. (formerly DISBANK A.S.)
          Yildiz Posta Caddesi
          54 Gayrettepe 34353 Istanbul
          Phone: (0212) 274 42 80
          Fax: (0212) 272 52 78
          E-mail: investor@fortis.com.tr

          FITCH RATINGS
          Gulcin Orgun, Istanbul
          Phone: +90 212 279 1065
          Ed Thompson, New York
          Phone: +1 212 908 0364
          Banu Cartmell, London
          Phone: +44 207 417 4373
          Alain Branchey, Paris
          Phone: +33 1 44 29 91 41

          Media Relations
          Jon Laycock, London
          Phone: +44 20 7417 4327
          Web site: http://www.fitchratings.com


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


BUDIVELNIK: Goes into Liquidation
---------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Budivelnik (code EDRPOU 23129038) on
September 15, 2005 after finding the limited liability company
insolvent.  Mr. Oleksij Chernyayev (License Number AA 116044)
has been appointed liquidator/insolvency manager.

Creditors have until December 10, 2005 to submit their proofs of
claim to:

(a) BUDIVELNIK
    84629, Ukraine, Donetsk region,
    Gorlivka, Kazartsev Str. 8

(b) OLEKSIJ CHERNYAYEV
    Liquidator/Insolvency Manager
    84626, Ukraine, Donetsk region,
    Gorlivka, Peremogi Avenue 38
    Phone: 8 (06242) 5-32-19

(c) ECONOMIC COURT OF DONETSK REGION
    83048, Ukraine, Donetsk region,
    Artema Str. 157


GALITSIYA-TRANS: Under Bankruptcy Supervision
---------------------------------------------
The Economic Court of Ternopil region has commenced bankruptcy
supervision procedure on Galitsiya-Trans (code EDRPOU 32481973).
The case is docketed as 11/b-638.  Mr. Igor Shkromida (License
Number AA 779184) has been appointed temporary insolvency
manager.  The company holds account number 26001301000017 at
JSCB Mriya, Ternopil regional branch, MFO 338813.

Creditors have until December 10, 2005 to submit their proofs of
claim to:

(a) GALITSIYA-TRANS
    46000, Ukraine, Ternopil region,
    B. Hmelnitskij Str. 21-a/10-a

(b) IGOR SHKROMIDA
    Temporary Insolvency Manager
    Ukraine, Ternopil region,
    Zelena Str. 26

(c) ECONOMIC COURT OF TERNOPIL REGION
    46000, Ukraine, Ternopil region,
    Ostrozski Str. 14a


NADTOCHAYIVKA: Declared Insolvent
---------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Nadtochayivka (code EDRPOU 05479852) on
October 25, 2005 after finding the limited liability company
insolvent.  The case is docketed as 14/4554.  Mr. Oleksandr
Yuditskij (License Number AA 176122) has been appointed
liquidator/insolvency manager.

Creditors have until December 10, 2005 to submit their proofs of
claim to:

(a) NADTOCHAYIVKA
    20612, Ukraine, Cherkassy region,
    Shpolyanskij district, Nadtochayivka

(b) OLEKSANDR YUDITSKIJ
    Liquidator/Insolvency Manager
    18018, Ukraine, Cherkassy region,
    Himikiv Avenue 60/9
    Phone/Fax: 8 (047) 264-51-54

(c) ECONOMIC COURT OF CHERKASSY REGION
    18005, Ukraine, Cherkassy region,
    Shevchenko Avenue 307


THE-IN-KAR: Court Appoints Insolvency Manager
---------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against The-In-Kar (code EDRPOU 30236951) on
November 1, 2005 after finding the close joint stock company
insolvent.  The case is docketed as B-19/89-05.  Mr. Panasuk
Ivan (License Number AA 779162) has been appointed
liquidator/insolvency manager.

Creditors have until December 10, 2005 to submit their proofs of
claim to:

(a) THE-IN-KAR
    Ukraine, Harkiv region,
    Lui Paster Str. 179-A

(b) PANASUK IVAN
    Liquidator/Insolvency Manager
    61098, Ukraine, Harkiv region,
    Poltavskij shlyah Str. 154/84
    Phone: (057) 757-59-72

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi Square 5, Derzhprom 8th Entrance


ULYANIVKA: Creditors' Claims Due Next Week
------------------------------------------
The Economic Court of Sumi region has commenced bankruptcy
supervision procedure on Ulyanivka (code EDRPOU 30748882).  The
case is docketed as 7/91-05.  Mr. Mikola Malyar (License Number
AB 116052) has been appointed temporary insolvency manager.

Creditors have until December 10, 2005 to submit their proofs of
claim to:

(a) ULYANIVKA
    41800, Ukraine, Sumi region,
    Bilopillya district, Ulyanivka,
    Lenin Str. 5

(b) MIKOLA MALYAR
    Temporary Insolvency Manager
    42000, Ukraine, Sumi region,
    Romni, Karl Marks Str. 77/19

(c) ECONOMIC COURT OF SUMI REGION
    40030, Ukraine, Sumi region,
    Shevchenko Avenue 18/1


UKRGERMET: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Ukrgermet (code EDRPOU 14280486)
on October 19, 2005.  The case is docketed as B-39/112-05.  Mr.
Ivan Radik (License Number AB 176041) has been appointed
temporary insolvency manager.  The company holds account number
26003301730704 at Prominvestbank, Harkiv branch, MFO 351362.

Creditors have until December 10, 2005 to submit their proofs of
claim to:

(a) UKRGERMET
    61035, Ukraine, Harkiv region,
    Kashtanova Str. 29

(b) IVAN RADIK
    Temporary Insolvency Manager
    Ukraine, Harkiv region,
    Gvardijtsiv Shiropintsiv Str. 43-A, Room 157

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi Square 5,
    Derzhprom 8th Entrance


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


ADM WORKFORCE: Files for Liquidation
------------------------------------
ADM Workforce (NW) Limited informs that a resolution to wind up
the company was passed at an EGM held on Nov. 4 at Ideal
Corporate Solutions Limited, 10 Eagley House, Deakins Business
Park, Bolton BL7 9RP.

Andrew David Rosler of Ideal Corporate Solutions Limited, 10
Eagley House, Deakins Business Park, Bolton BL7 9RP was
appointed liquidator.

CONTACT:  ADM WORKFORCE (NW) LIMITED
          217 Bolton Road, Salford
          Lancashire M6 7HP
          Phone: 01617433101


ANCIENT STONE: EGM Passes Winding-up Resolution
-----------------------------------------------
N. A. Parkinson, director of Ancient Stone Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 2 at Corus Hotel Bristol, Beggar Bush Lane, Failand,
Bristol, Avon BS8 3TG.

Peter Anthony Jackson was appointed liquidator.

Ancient Stone specializes in the installation of driveways,
patios and walling, along with all sizes and styles of building
projects from full house refurbishments to home extensions
covering Bristol and all surrounding areas.  It is accredited by
Marshalls Register as one of their approved driveway and patio
installers, and a member of the Federation of Master Builders.

CONTACT:  ANCIENT STONE LIMITED
          Phone: 01454 419 438
          E-mail: sales@ancient-stone.co.uk



ARROW MAILING: Hires Administrator from Andrew Michaels & Co.
-------------------------------------------------------------
Andrew T. Clay (IP No 009164) of Andrew Michaels & Co. Ltd. was
appointed administrator of Arrow Mailing Group Limited (Company
No 04544425) on Nov. 15.  Its registered office is at Unit A,
Preston Street, West Gorton, Manchester M18 8DB.

CONTACT:  ANDREW MICHAELS & CO. LTD.
          Concept House
          Brooke Street
          Cleckheaton
          Bradford BD19 3RY
          West Yorkshire
          Phone: 0870 750 5411
          Fax: 0870 750 5412
          E-mail: info@andrew-michaels.com


BESPOKE SERVICES: Goes into Liquidation
---------------------------------------
W. Goulding, chairman of Bespoke Services (Manchester) Limited,
informs that a resolution to wind up the company was passed at
an EGM held at Ideal Corporate Solutions Limited, 10 Eagley
House, Deakins Business Park, Bolton BL7 9RP.

Andrew David Rosler of Ideal Corporate Solutions Limited, 10
Eagley House, Deakins Business Park, Bolton BL7 9RP was
appointed liquidator.

CONTACT:  BESPOKE SERVICES (MANCHESTER) LIMITED
          Whitehill Industrial Estate
          Whitehill Street
          Reddish
          Stockport
          Cheshire
          SK5 7LW
          United Kingdom
          Phone: 0161-476 3522
          Fax: 0161-476 0522
          Web site: http://www.bespoke-services.co.uk


BIRCHINLEY MANOR: Calls in Joint Liquidators
--------------------------------------------
D. Dickens, director of Birchinley Manor Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 10 at 298 St Mary's Road, Garston, Liverpool L19 0NQ.

John C. Sallabank and Paul R. Boyle of Harrisons, 35 Waters Edge
Business Park, Modwen Road, Manchester M5 3EZ were appointed
Joint Liquidators.

CONTACT:  BIRCHINLEY MANOR LIMITED
          Wildhouse Lane
          Milnrow
          Rochdale
          Lancashire
          OL16 3TW
          Phone: 01706 44484

          HARRISONS
          35 Water Edge Business Park,
          Modwen Road, Manchester M5 3EZ
          Phone: 0161 876 4567
          Fax:   0161 876 4554
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


BOOTS GROUP: OFT to Review Alliance Merger in lieu of EC Probe
--------------------------------------------------------------
Boots Group plc noted Friday that the European Commission has
agreed to the request to have its proposed merger with Alliance
Unichem plc considered by the U.K. authorities.  The parties
will now work closely with the Office of Fair Trading.

                        About the Company

Boots is a health and beauty company with operations in retail,
manufacturing and distribution.  Boots sells its products in 130
countries and, excluding Boots Healthcare International, employs
approximately 65,000 people globally.  Boots operates over 1,400
health and beauty stores in the U.K. with an aggregate selling
area in excess of 647,000 square meters.  The group sells a wide
range of products under the Boots brand and also owns a number
of internationally recognized brands such as No 7, Soltan and
Botanics.  Boots' international division, BRI, operates more
than 400 implants in nine countries as well as over 80 owned
stores in Asia.

It has agreed on a merger with Alliance Unichem plc to create
Alliance Boots, an international pharmacy-led healthcare group
with combined sales of over GBP13 billion.  It has also entered
into an agreement to sell BHI to Reckitt Benckiser plc, for an
aggregate consideration on a debt and cash free basis of
GBP1.926 billion in cash, subject to a completion working
capital adjustment.

For the financial year ended 31 March 2005, Boots reported
turnover of GBP5,469.1 million and generated group operating
profit before exceptional items of GBP501.7 million, and profit
before taxation of GBP427.6 million.  Boots' net assets stood at
GBP1,610.5 million as of 31 March 2005.

In September, Boots admitted that trading conditions have been
difficult throughout the first half with consumer spending
softening further over the last quarter.  It plans to focus on
its trading margin, costs and working capital in the second
half.

The difficult market conditions have led to like-for-like sales
below the rate planned for the full year.  Reduced consumer
spending on replacement eyewear and price deflation following
the deregulation of contact lens sales, coupled with the
disruption to the Boots Opticians business from the integration
into Boots The Chemist adversely impacted the results, and these
trends are expected to continue.

Personnel changes in store are expected to complete in the next
quarter and a robust plan is in place to drive sales with a new
and up weighted advertising campaign and the introduction of new
designer ranges.

CONTACT:  BOOTS GROUP PLC
          1 Thane Road
          Nottingham NG2 3AA
          Phone: 0115 950 6111
          Customer Service: 0845 070 80 90
          Web site: http://www.boots-plc.com

          ALLIANCE UNICHEM PLC
          2 The Heights, Brooklands
          Weybridge
          Surrey KT13 0NY
          Phone: +44-1932-870-550
          Fax: +44-1932-870-555
          Web site: http://www.alliance-unichem.com


BOSANQUET IVES: Liquidator from Gilderthorps Moves in
-----------------------------------------------------
D. Rapley, chairman of Bosanquet Ives Carpets Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 8 at Gilderthorps, 22 Paul Street, Shepton Mallet, Somerset
BA4 5LA.

Robert Stanley Gilderthorp of Gilderthorps, 22 Paul Street,
Shepton Mallet, Somerset BA4 5LA was appointed liquidator.

CONTACT:  BOSANQUET IVES CARPETS LTD.
          Worlds End Studios 132-134 Lots Rd
          Kensington
          London
          Phone: 020 73497042

          GILDERTHORPS
          22 Paul Street, Shepton Mallet,
          Somerset BA4 5LA
          Web site: http://www.gilderthorps.co.uk


BRITISH ENERGY: To Release Half-year Figures Next Week
------------------------------------------------------
British Energy Group plc intends to announce its results for the
half-year ended 2 October 2005 on Tuesday 13 December 2005.

                        About the Company

Headquartered in South Lanarkshire, British Energy is U.K.'s
largest power generator, producing 20% of the country's power
through eight nuclear facilities in Scotland and England (total
capacity is 9,600 MW).  British Energy also owns the 2,000-MW
coal-fired plant (Eggborough) in England.

The company emerged as British Energy Limited with a new holding
company, British Energy group plc, after the court approved its
scheme of arrangement in January.  Under the program, existing
creditors received 97.5% of equity in the new group.

CONTACT:  BRITISH ENERGY GROUP PLC
          Systems House
          Alba Campus
          Livingston
          EH54 7EG
          Phone: +44 (0) 1506 408700
          Fax: +44 (0) 1506 408888
          Web site: http://www.british-energy.com
          Contact:
          John Searles, Investor Relations
          Phone: 01506 408 715


CES RETAIL: Calls in Vantis Business Recovery Administrator
-----------------------------------------------------------
Michael Young and Peter Wastell (IP Nos 8077, 9119) of Vantis
Business Recovery were appointed administrators of Ces Retail
Support Limited (Company No 04625379) on Nov. 18.  Its
registered office is at 4 Rivers House, Fentiman Walk, Hertford,
Hertfordshire SG14 1DB.

CONTACT:  VANTIS BUSINESS RECOVERY
          Torrington House,
          47 Holywell Hill, St Albans,
          Hertfordshire AL1 1HD
          Phone: 01727 811111
          Fax: 01727 810057
          E-mail: nhamiltons@aol.com
          Web site: http://www.vantismt.com


CHARACTER GROUP: AIM Admission Moved to Dec. 30
-----------------------------------------------
Further to the announcement dated 29 November 2005, Character
Group plc said Friday that it expects Admission of the Company's
ordinary shares to trading on AIM to take place on 30 December
2005 rather than 2 December 2005 as previously stated.
Cancellation of the listing of the Company's shares on the
Official List is expected to take place on the same day.

                            *   *   *

In April, the company behind last Christmas' best-selling toy
Robosapien incurred a loss of GBP1.93 million in the first half.
Executive chairman Richard King said: "Business just dropped off
a precipice in January.  It just turned into a disaster area."

Mr. King attributed the figure to tough market conditions and
price cuts from rival high street retailers like Argos, which
have prevented the group from carrying out any price increases.
The fall of The Gadget Shop, which distributes the robots and
the company's wide range of talking key rings, didn't help
either.

CONTACT:  CHARACTER GROUP PLC
          2nd Floor
          86-88 Coombe Road
          New Malden
          Surrey, KT3 4QS
          Registered No: 3033333
          Phone: 44 (0) 20 8949 5898
          Fax: 44 (0) 20 8336 2585
          Web site: http://www.charactergroup.plc.uk


CHARMINSTER LIMITED: Administrators Take over Firm
--------------------------------------------------
P. R. Boyle and J. C. Sallabank (IP Nos 008897, 008099) of
Harrisons were appointed administrators of subcontractor agency
Charminster Limited (Company No 04709766) on Nov. 21.  Its
registered office is at The Maltings, Eldridge Pope Brewery,
Weymouth Avenue, Dorchester, Dorset DT1 1QT.

CONTACT:  HARRISONS
          4 St Giles Court, Southampton Street,
          Reading RG1 2QL
          Phone: 0118 951 0798
          Fax:   0118 939 4409
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


COSELEY GALVANIZING: Calls in Administrator from Menzies
--------------------------------------------------------
Andrew Gordon Stoneman and Paul John Clark (IP Nos 8728, 8570)
of Menzies Corporate Restructuring were appointed administrators
of Coseley Galvanizing Limited (Company No 05125663) on Nov. 17.
Its registered office is at Cannon Business Park, Darkhouse
Lane, Bilston, West Midlands, WV1 8XQ.

CONTACT:  COSELEY GALVANIZING
          Unit 20, Darkhouse Lane,
          Bilston, West Midlands WV14 8XQ
          Phone: 01902403644

          MENZIES CORPORATE RESTRUCTURING
          43/45 Portman Square
          London W1H 6LY
          Phone: 020 7487 7240


CREATIVE PARTNERSHIP: Appoints Joint Liquidators
------------------------------------------------
E. Ellerton, director of Creative Partnership Marketing Ltd.,
informs that a resolution to wind up the company was passed at
an EGM held on Oct. 31.

Brian Johnson and Stephen M. Katz of Acre House, 11-15 William
Road, London NW1 3ER were appointed Joint Liquidators.

CONTACT:  CREATIVE PARTNERSHIP MARKETING LTD.
          Phone: 0207 2291002


CROSSCO 895: Creditors Meeting Set Friday
-----------------------------------------
Creditors of Crossco 895 Limited (Company No 2614041) will meet
on December 9, 2005, 11 a.m. at Tenon Recovery, Tenon House,
Ferryboat Lane, Sunderland SR5 3JN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to I. W. Kings, administrator of Tenon Recovery,
Tenon House, Ferryboat Lane, Sunderland SR5 3JN not later than
12:00 noon, December 8, 2005.

CONTACT:  TENON RECOVERY
          Tenon House, Ferryboat Lane,
          Sunderland SR5 3JN
          Phone: 0191 511 5000
          Fax:   0191 511 5001
          Web site: http://www.tenongroup.com


CROSS RECOVERY: Findlay James to Liquidate Business
---------------------------------------------------
T. P. Lynch, chairman of Cross Recovery Services Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Nov. 4 at Express by Holiday Inn, Lostock Lane,
Bamber Bridge, Preston PR5 6BZ.

Alisdair J. Findlay of Findlay James, Saxon House, Saxon Way,
Cheltenham GL52 6QX was appointed liquidator.

CONTACT:  CROSS RECOVERY SERVICES (BLACKBURN) LTD.
          Greenbank Rd
          Blackburn BB1 3EA
          Phone: 01254 665407
          Fax: 01254 682447

          FINDLAY JAMES
          Saxon House
          Saxon Way
          Cheltenham
          Gloucestershire GL52 6QX
          Phone: 01242 576555
          Fax: 01242 576999
          E-mail: ajf@finjam.com


CTM MANUFACTURING: Hires Liquidator from Sanderlings
----------------------------------------------------
Christopher Midson, chairman of CTM Manufacturing Services
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Nov. 9 at Sanderling House, 1071
Warwick Road, Acocks Green, Birmingham B27 6QT.

Andrew Fender of Sanderlings LLP, Sanderling House, 1071 Warwick
Road, Acocks Green, Birmingham B27 6QT was appointed liquidator.

CONTACT:  CTM MANUFACTURING SERVICES LTD.
          6 Bramley Close
          Swadlincote
          DE12 6DX
          Derbyshire
          Phone: 01283 229642
          Fax: 01283 219035
          Web site: http://www.ctmmanufacturingservicesltd.co.uk


DAMAR LEISURE: Liquidators from Begbies Traynor Move in
-------------------------------------------------------
Damar Leisure Ltd. informs that a resolution to wind up the
company was passed at an EGM held on Nov. 7 at The Old Exchange,
234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG.

Louise Donna Baxter and Lloyd Biscoe of Begbies Traynor, The Old
Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG.

CONTACT:  DAMAR LEISURE LTD.
          Web site: http://www.damar.co.uk/

          BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


DESIGN (HUDDERSFIELD): Goes into Liquidation
--------------------------------------------
Design (Huddersfield) Ltd. informs that a resolution to wind up
the company was passed at an EGM held on Nov. 8 at Central
House, 47 St Paul's Street, Leeds LS1 2TE.

Michael C. Kienlen of Armstrong Watson, Central House, 47 St
Paul's Street, Leeds LS1 2TE was appointed liquidator.

CONTACT:  ARMSTRONG WATSON
          Central House
          47 St Paul's Street
          Leeds LS1 2TE
          West Yorkshire
          Phone: 0113 384 3840
          Fax: 0113 384 3841
          E-mail: mike.lienlen@armstrongwatson.co.uk


D. N. M. DECORATORS: In Liquidation
-----------------------------------
D. P. Haggan, director of D. N. M. Decorators Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Nov. 10 at Simmonds & Company, Crown House, 217 Higher
Hillgate, Stockport, Cheshire SK1 3RB.

Gordon Allan Mart Simmonds of Simmonds & Company, Crown House,
217 Higher Hillgate, Stockport, Cheshire SK1 3RB was appointed
liquidator.

CONTACT:  D. N. M. DECORATORS LIMITED
          21, Marsland Rd., Sale, Cheshire, M33 3HP
          Phone: 0161 962 0855


DS & DJ DOYLE: Hires Joint Liquidators from Begbies Traynor
-----------------------------------------------------------
DS & DJ Doyle Ltd. informs that a resolution to wind up the
company was passed at an EGM held on Nov. 8 Begbies Traynor, The
Old Barn, Caverswall Park, Caverswall Lane, Stoke-on-Trent ST3
6HP.

Ian Michael Rose and Robert Michael Young of Begbies Traynor,
The Old Barn, Caverswall Park, Caverswall Lane, Stoke-on-Trent
ST3 6HP were appointed Joint Liquidators.

CONTACT:  DS & DJ DOYLE LTD.
          65 Micawber Road, Poynton
          Stockport, Cheshire SK12 1UP
          Phone: 01625850230


DUNN'S (SHILDON): Creditors Meeting Set Next Week
-------------------------------------------------
Creditors of Dunn's (Shildon) Limited (Company No 00847955) will
meet on December 12, 2005, 2:30 p.m. at Newcastle Marriott
Gosforth Park Hotel, Gosforth Park, High Gosforth, Newcastle
upon Tyne NE3 5HN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to G. S. Goldie and A. D. Kelly, joint
administrators Tait Walker, Bulman House, Regent Centre,
Gosforth, Newcastle upon Tyne NE3 3LS not later than 12:00 noon,
December 9, 2005.

CONTACT:  TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Phone: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk


EASDON PROJECTS: Names Moore Stephens Liquidator
------------------------------------------------
P. Kelly, chairman of Easdon Projects Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 9 at 6 Ridge House, Ridgehouse Drive, Festival Park, Stoke-
on-Trent ST1 5TL.

M. H. Abdulali of Moore Stephens, 6 Ridge House, Ridgehouse
Drive, Festival Park, Stoke-on-Trent ST1 5TL was appointed
liquidator.

CONTACT:  EASDON PROJECTS LTD.
          1614 Coventry Road, Birmingham, B26 1 AL
          Phone: 0121 706 2188
          Fax: 0121 706 2588
          Web site: http://www.easdonprojects.com/

          MOORE STEPHENS
          6 Ridge House
          Ridge House Drive
          Festival Park
          Stoke on Trent
          Staffordshire
          ST1 5TL
          E-mail: mustafa.abdulali@uk.pkf.com
          Phone: 01782 201120
          Fax: 01782 201599


FEDERAL-MOGUL: U.S. Court Sanctions U.K. Global Settlement Pact
---------------------------------------------------------------
The Honorable Robert Lyons of the U.S. Bankruptcy Court for the
District of Delaware authorizes:

   (a) Federal-Mogul Corporation and its U.S.-based
       debtor-affiliates to enter into the U.K. Global
       Settlement Agreement as a transaction outside the
       ordinary course of business; and

   (b) Federal-Mogul's U.K.-based debtor-affiliates to yield
       their position that the Administrators require the
       Bankruptcy Court's approval to pursue schemes of
       arrangement or CVAs as provided in the U.K. Global
       Settlement Agreement or to fulfill other obligations
       under the Settlement Agreement, including the payment of
       the Break Fee to Deutsche Bank AG, London.

The Court authorizes Federal-Mogul to:

   -- grant the indemnities specified in the Settlement
      Agreement and make any payment stipulated by the U.K.
      Settlement Agreement to rank as an administrative expense
      in Federal-Mogul's Chapter 1l case; and

   -- grant indemnities to the Plan Proponents and High River
      Limited Partnership for any claims that may be asserted
      against them by Deutsche Bank relating to the Settlement
      Agreement or the Top Up Offer.

Judge Lyons denies the parties' request that the Bankruptcy
Court defer to the U.K. process as a matter of comity or abstain
from adjudicating Asbestos PD claims.

A full-text copy of the U.K. Global Settlement is available at
no cost at http://bankrupt.com/misc/UKGlobalSettlement.pdf

As reported in the Troubled Company Reporter on Oct. 26, 2005,
the Debtors and their U.K.-based debtor-affiliates asked
Judge Lyons to authorize, but not require, the Debtors to enter
into and perform their obligations under the U.K. Global
Settlement Agreement.

On Sept. 26, 2005, the Debtors reached an agreement with the
administrators of the U.K. Debtors, which would allow Federal-
Mogul to retain the businesses and other assets of its U.K.
affiliates in exchange for certain monetary amounts and
reserves.

                The U.K. Global Settlement Agreement

The U.K. Global Settlement Agreement, according to James E.
O'Neill, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, in Wilmington, Delaware, is a comprehensive
resolution of disputes between the Plan Proponents and the
Administrators as to the reorganization of the U.K. Debtors.
Those disputes, which have centered on the valuation of and the
law applicable to asbestos personal injury claims and pensions-
related claims against the U.K. Debtors, have been a primary
obstacle to confirmation of the Plan and the successful
conclusion of cross-border plenary insolvency proceedings.

As a result of those disputes, the Administrators have for some
time been engaged in efforts to market and sell the assets and
businesses of the U.K. Debtors pursuant to U.K. insolvency laws.
In the view of all parties, the non-consensual liquidation of
the U.K. Debtors was less desirable than a coordinated and
consensual reorganization of the U.K. Debtors pursuant to the
U.S. and U.K. insolvency laws.

The U.K. Global Settlement Agreement resolves the parties'
disputes and thereby avoids the liquidation of the U.K. Debtors
and a clash of U.S. and U.K. jurisdictions, Mr. O'Neill says.
The U.K. Global Settlement Agreement thus removes a principal
obstacle to confirmation of the Plan and opens the path towards
the successful conclusion of the cross-border insolvency
proceedings.

The U.K. Global Settlement Agreement, in sum, provides for the
prompt and coordinated resolution of the U.K. administration
proceedings.  Specifically, the Administrators have agreed to
propose and recommend schemes of arrangement or company
voluntary arrangements for the U.K. Debtors in accordance with
the terms of the U.K. Global Settlement Agreement.

The CVAs or Schemes, if approved by the requisite vote of
creditors in accordance with U.K. insolvency laws, will provide
for the resolution and treatment of most claims against the U.K.
Debtors with the notable exception of U.S., Canadian and certain
other "rest of world" current and future asbestos personal
injury claims against the U.K. Debtors and Intercompany Claims.

The resolution and treatment of the U.S. APICs will instead be
dealt with pursuant to the Plan and, specifically, the Section
524(g) asbestos trust to be created pursuant to the Plan, Mr.
O'Neill explains.  For all other claimants against the U.K.
Debtors, the U.K. Global Settlement Agreement provides that they
will be entitled to the distributions they are to receive
pursuant to the CVAs or Schemes.

The U.K. Global Settlement Agreement provides for certain
reserves and payments to be established and made pursuant to the
CVAs or Schemes.  These reserves and payments will be funded by:

    (a) the substantial cash owned by the U.K. Debtors and
        controlled, under the laws of the United Kingdom, by the
        Administrators; and

    (b) the proceeds of certain intercompany loan notes held by
        T&N Limited.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The Company filed for chapter 11 protection
on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and US$8.86 billion in liabilities.
At Dec. 31, 2004, Federal-Mogul's balance sheet showed a
US$1.925 billion stockholders' deficit.  At Mar. 31, 2005,
Federal-Mogul's balance sheet showed a US$2.048 billion
stockholders' deficit, compared to a US$1.926 billion deficit at
Dec. 31, 2004.  Federal-Mogul Corp.'s U.K. affiliate, Turner &
Newall, is based at Dudley Hill, Bradford.  (Federal-Mogul
Bankruptcy News, Issue No. 98; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


FKI PLC: Half-year Profit Grows to GBP36.2 Million
--------------------------------------------------
FKI plc has reported results for the half-year ended 30
September 2005.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                       Half year ended Half year ended
                          30 September    30 September
                                 2005             2004
                           GBPmillion   as restated(1)
                                            GBPmillion


Operating Results
  Underlying operating profit *   50.3            44.9    +12.0%
  Adjusted earnings per share **   4.6p            4.2p   + 9.5%
  Adjusted net debt +            368.8           377.1

Statutory Results
  Turnover                       632.4           577.5    + 9.5%
  Profit from continuing
  operations ***                  50.4            44.3    +13.8%
  Profit before tax               36.2            32.1    +12.7%
  Basic earnings per share         4.5p           (6.4)p
  Net cash flow from operating
  activities                     (10.6)          (17.9)
  Reported net debt               412.0           377.1
  Proposed dividend per share       1.5p            1.5p

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(*) underlying operating profit is calculated by the addition of
operating profit on continuing activities before special items
to the operating profit of discontinued operations for the
period until disposal.

(**) adjusted earnings per share is calculated by dividing the
operating profit/(loss) for the period, before special items,
profit/loss on disposal of discontinued operations, fair value
gains/losses on financial instruments and exchange gains/losses
included within net finance costs and taxation related to those
items by the weighted average number of shares in issue during
the period.  A full reconciliation between the profit and loss
used in the calculation of basic earnings per share and adjusted
earnings per share is included in note 3 to the Interim
Financial Statements.

(+) net Debt prior to adoption of IAS32 and IAS39 in 2005
figures.

(***) before tax and finance costs.

(1) Restated for the adoption of International Financial
Reporting Standards (IFRS).

Highlights

(a) underlying operating profit improvement of 12.0%;

(b) adjusted earnings per share up 9.5%;

(c) end October order book at GBP556 million, up 13% on year-
    end;

(d) improved market conditions with strong order intake;

(e) raw material and energy costs restraining margin
    improvements;

(f) progress in reshaping the business - four non-core disposals
    and two strategic acquisitions during period; and

(g) on track to meet full year expectations.

Statement of Chief Executive Paul Heiden

Trading in the first half was in line with our expectations with
underlying profits up 12.0% on the same period last year.

The FKI Logistex, Lifting Products and Services and Energy
Technology groups saw good order and turnover growth in
improving markets.  Margins were affected, however, by the
inability fully to pass on increases in input prices - in
particular copper, steel and energy costs.

In the Hardware group customer demand remained stable but
results reflected the predicted impact of the move to an
outsourcing business model in decorative hardware and castors, a
transition, which was completed last year.

The Group's strong order intake during the period is very
encouraging and by the end of October the order book was 13%
above the year-end figure.  Adjusted net debt at GBP368.8
million is in line with 31 March 2005 after adjusting for
currency translation.

The Group continued its strategic realignment with 4 disposals
and 2 acquisitions completed in the period, with further
activity expected during the second half.  Internally the move
to offshore sourcing for a number of companies in the Hardware
group has presented an opportunity to capitalize on their new
core competencies of design, sourcing and distribution by
consolidating their activities into one operation.  This will
significantly improve business efficiency and provide good
opportunities for growth.

The second half should see continued strong performance on the
back of buoyant demand in extractive industries and good order
books in FKI Logistex and Energy Technology.  Hardware
performance is expected to reflect stable demand and produce a
flat year-on-year performance. Overall the Group is well
positioned to meet full year trading expectations.

A copy of the financial results is available free of charge at
http://bankrupt.com/misc/FKIplc(H12005).pdf

CONTACT:  FKI PLC
          Falcon Works
          P.O. Box 7713
          Meadow Lane
          Loughborough
          Leicestershire LE11 1ZF
          Phone: +44 (0) 20 7832 0000
          Fax: +44 (0) 20 7832 0001
          Web site: http://www.fki.co.uk


G.MAGNIN (WHOLESALE): Joint Liquidators Move in
-----------------------------------------------
P. Wise, chairman of G. Magnin (Wholesale) Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 4 at 4 Shakespeare Road, London N3 1XE.

Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow
Lewis LLP, 35 Ballards Lane, London N3 1XW.

CONTACT:  G. MAGNIN (WHOLESALE) LTD.
          D65-66 Fruit & Vegetable Marke
          New Covent Garden, London SW8 5HL
          Phone: 020-7720-8222

          BERG KAPROW LEWIS LLP
          35 Ballards Lane,
          London N3 1XW
          Phone: 020 8922 9222
          Fax:   020 8922 9223
          Enquiry Line: 020 8922 9121
          Web site: http://www.bergkaprowlewis.co.uk


IVYBUSH LIMITED: Administrators from Begbies Traynor Move in
------------------------------------------------------------
G. N. Lee and D. Bailey (IP Nos 009204, 006739) of Begbies
Traynor were appointed administrators of Ivybush Limited
(Company No 03574466) on Nov. 14.  The company was formerly
named Quest Field Marketing Services Limited.

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


MITON LIMITED: Owners Decide to Wind up Firm
--------------------------------------------
Members of Miton Limited inform that the resolution to wind up
the company was passed at a meeting held on Nov. 18.  David
Stephen Ellis of Higgs & Sons, 134 High Street, Brierley Hill,
West Midlands DY5 3BG was appointed liquidator.

CONTACT:  HIGGS & SONS
          PO Box 15
          Blythe House
          134 High Street
          Brierley Hill
          West Midlands DY5 3BG
          Phone: 01384 342100
          Fax: 01384 342001


NEWCO 53: Calls in Liquidator from KPMG
---------------------------------------
K. Peermohamed, chairman of Newco 53 Limited (formerly Estateman
Limited), informs that the special and ordinary resolutions to
wind up the company were passed at an EGM held on Nov. 17 at 45
Monmouth Street, London WC2H 9DG.  Mark Jeremy Orton and Allan
Watson Graham of KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL
were appointed joint liquidators.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham
          West Midlands B3 2DL
          Phone: 0121 232 3000
          Fax: 0121 232 3500


OKUB LIMITED: Creditors to Meet Friday
--------------------------------------
Creditors of Okub Limited (Company No 04284821) will meet on
December 9, 2005, 11:30 a.m. at Balgeddie House Hotel, Balgeddie
Way, Glenrothes, Fife KY6 3ET.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to C. J. Farrington and J. C. Reid, joint
administrative receivers of Deloitte & Touche, Lomond House, 9
George Square, Glasgow G2 1QQ not later than 12:00 noon,
December 8, 2005.

CONTACT:  DELOITTE & TOUCHE LLP
          Lomond House
          9 George Square
          Glasgow G2 1QQ
          Phone: +44 (0) 141 204 2800
          Fax: +44 (0) 141 314 5893
          Web site: http://www.deloitte.com


PITTARDS PLC: Expects Trading Loss to Increase in Second Half
-------------------------------------------------------------
                  Statement of Chairman SD Boyd

In my interim statement of 31 August 2005 I reported that the
strategy change for the Company, which started towards the end
of 2004, was progressing well.  The contract we were awarded in
August to manage Ethiopia's largest tannery provides us with
opportunities across our range of glove, shoe and luxury goods
leathers.

We reported a pre-tax loss of GBP1.5 million for the six months
ended 30 June 2005, and I commented that the higher chemical,
fuel, power and waste treatment costs we were experiencing made
it unlikely that we would show much improvement in the second
half on our performance in the first six months.

Our Leeds operation, which was loss-making in 2004 and in the
first half of this year, has had a particularly difficult third
quarter largely as a result of disappointing sales and
continuing problems with raw material sourcing.  This has been
compounded by the substantial increases in energy and waste
treatment costs, which have overwhelmed the savings made in
other overheads.  As a consequence, the Group's trading loss in
the second half is likely to be substantially greater than the
loss in the first six months.  This has caused us to accelerate
the planned review of our manufacturing resources.
Consultations have begun which may ultimately lead to the
consolidation of production at our Yeovil and Ethiopian sites,
and the cessation of production in Leeds.

By consolidating production in two facilities rather than three,
we would improve our international competitiveness not least
through the elimination of the fixed costs associated with the
Leeds operation.  The costs of closure would be substantial but
would be expected to be more than covered by the proceeds of
sale of the valuable freehold factory premises.

We continue to make progress in reducing debt.  Total borrowings
were GBP9.2 million at 31 October compared with GBP11.1 million
at 30 June 2005, and GBP11.7 million at the end of 2004.  Net
assets at 31 October, before taking account of the deficit on
the pension scheme, were approximately GBP17.4 million.

The deficit on the pension scheme, calculated in accordance with
FRS17 was GBP34.4 million as at 30 June 2005.  As discussed with
shareholders at the EGM on 22 September 2005, and in
consultation with relevant stakeholders, we are working with our
advisers to find a resolution to the pensions issue.

CONTACT:  PITTARDS PLC
          Sherborne Road
          Yeovil
          Somerset
          BA21 5BA
          United Kingdom
          Phone: +44 1935 474321
          Fax: +44 1935 427145
          E-mail: pittardsenquire@pittards.com
          Web site: http://www.pittardsleather.com


PIZZA PIAZZA: Meeting of Creditors Set Wednesday
------------------------------------------------
Creditors of Pizza Piazza Limited will meet on December 7, 2005,
11 p.m. at Regus Building, 68 Lombard Street, London EC3V 9LJ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to J. P. N. Martin, joint administrative receiver of
Begbies Traynor, Newater House, 11 Newhall Street, Birmingham B3
3NY not later than 12:00 noon, December 6, 2005

CONTACT:  BEGBIES TRAYNOR
          Newater House
          11 Newhall Street
          Birmingham B3 3NY
          E-mail: birmingham@begbies-traynor.com
          Web site: http://www.begbies.com


PREMIER HERBS: Appoints Administrator from RSM Robson Rhodes
------------------------------------------------------------
Simon Peter Bower and Michael John Hore (IP Nos 8338, 1630) of
RSM Robson Rhodes LLP were appointed administrators of Premier
Herbs Limited (Company No 04453374) on Nov. 18.  Its registered
office is at Vicarage Lane West, North Weald, Epping, Essex CM16
6AL.  Premier Herbs Ltd. -- http://www.premierherbs.co.uk-- has
been producing ready-to-eat potted herbs since 1995.

CONTACT:  PREMIER HERBS LTD.
          1 Church Lane, North Weald
          Epping, Essex CM16 6HX
          Phone: 01992 523 809
          Fax: 01992 523 809
          E-mail: info@premierherbs.co.uk

          RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


REFCO INC.: Full Review of Controversial IPO Opens
--------------------------------------------------
French businessman Gerard Sillam, who has filed a case against
Refco Inc. affiliates and Thomas H. Lee Partners in the U.S.,
posted a bond on Nov. 24, triggering a full-scale investigation
into the circumstance surrounding its IPO this year, Dow Jones
reports.

As reported by TCR-Europe in November, Mr. Sillam filed a US$1.4
billion lawsuit against 39 defendants in the New York Supreme
Court early in November.

The defendants are:

  -- Refco LLC
  -- Refco Overseas Ltd.
  -- Phillip Bennett
  -- Refco Group Holdings Inc.
  -- Liberty Corner Capital
  -- New York Stock Exchange Inc.
  -- Grant Thornton LLP
  -- Grant Thornton UK LLP
  -- Thomas H. Lee Partners LP
  -- Thomas H. Lee Partners Fund V
  -- Thomas H. Lee
  -- Scott A. Schoen
  -- David V. Harkins
  -- Gerald M. Sherer
  -- Leo R. Breitman
  -- Scott Jaeckel
  -- Nathan Gantcher
  -- Ronald O. Kelley
  -- Halim Saad
  -- Dennis A. Klejna
  -- Mark Slade
  -- Julian Courtney
  -- Richard Reinert
  -- David Campbell
  -- Credit Suisse First Boston LLC
  -- Goldman Sachs & Co.
  -- Bank Of America Securities LLC
  -- Merrill Lynch Pierce Fenner & Smith Inc.
  -- Deutsche Bank Securities Inc.
  -- JP Morgan Securities Inc.
  -- Sandler O Neil & Partners LP
  -- HSBC Securities USA Inc.
  -- William Blair & Company LLC
  -- Harris Nesbitt Corp.
  -- CMG Institutional Trading LLC
  -- Samuel A Ramirez & Company Inc
  -- Muriel Siebert & Co Inc.
  -- The William Capital G LP
  -- Utendahl Capital Partners

Mr. Sillam is claiming US$800 million in unpaid fees for its
business association with Refco Group when the latter set up and
developed new securities business in Europe in 1999; and US$600
million in compensatory and exemplary punitive damages.  Mr.
Sillam has also started criminal and commercial proceedings in
France.  A Paris senior investigating judge on Oct. 18 allowed
the criminal complaint to proceed.

In disclosures filed with French and U.S. authorities, Mr.
Sillam claimed fraud and financial misrepresentation against the
defendants involved in Refco Inc.'s IPO in August.  He said
deficiencies in Refco's internal financial controls prior to the
IPO were not discovered due to a lack of due diligence.

Refco's underwriting banks, such as Goldman Sachs Group Inc. and
Credit Suisse First Boston, also could be charged by the
investigating judge if any evidence of wrongdoing is found, Dow
Jones said.

CONTACT:  Maitre Frederik-Karel Canoy
          Attorney at Law
          Press
          Phone: +33 (0) 6 13 80 22 21
                 +33 (0) 1 43 98 96 36
          Fax: +33(0) 1 43 98 23 18

          CONTACT:  REFCO INC.
          One World Financial Center
          200 Liberty Street, Tower A
          New York, New York 10281


STAND FITTING: Calls in Smith & Williamson Administrator
--------------------------------------------------------
Stephen Robert Cork, (IP No 8627) of Smith & Williamson were
appointed administrator of The Stand Fitting Company Limited
(Company No 04113420) on Nov. 7.

TSC -- http://www.xlnet.co.uk/tsc/-- was formed in 1999.  The
company supplies all modular and traditional shell schemes,
bespoke design and build stands.

CONTACT:  THE STANDFITTING COMPANY LTD.
          236 Nestles Avenue,
          Hayes, Middlesex UB3 4RY
          Phone: 0208 569 1078
          Fax:  0208 569 1035
          E-mail: sales@tsceurope.co.uk

          SMITH & WILLIAMSON
          25 Moorgate
          London EC2R 6AY
          Inner London
          Phone: 020 7637 5377
          Fax: 020 7631 0741
          E-mail: henry.shinners@smith.williamson.co.uk


TREASURE TRADERS: DTI Files Winding-up Petition
-----------------------------------------------
The Department of Trade and Industry has filed a petition to
wind up Treasure Traders Corporation Ltd., said Creditman.

The firm, through its "Pirate Ship" themed pyramid selling
scheme, pulled investors into signing up with a GBP1,200 fee,
and recruiting more members to form a ship "crew."  Once the
"crew" is complete, members were told to "sail the high seas
searching for gold" by taking a profit share of additional
investments.  However, several members did not receive any
return on their investment.

The petition, which is scheduled for hearing on December 14,
2005, followed an investigation by the Department's Companies
Investigation Branch (CIB) under section 447 of the Companies
Act 1985.

The Official Receiver has been appointed as provisional
liquidator of the company.  Its role is to protect and preserve
Treasure Traders' assets and financial records.

CONTACT:  TREASURE TRADERS CORPORATION LTD.
          1 Broadway, Hammersmith
          London W6 9DL

          THE OFFICIAL RECEIVER
          The Insolvency Service
          Public Interest Unit
          21 Bloomsbury Street
          London WC1B 3SS
          Phone: 0207 637 1110

          COMPANIES INVESTIGATION BRANCH
          Web site: http://www.dti.gov.uk/cld/comp_inv.htm


TURNER & NEWALL: FM Allowed to Match Deutsche Bank's Debt Offer
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware
authorizes Federal-Mogul Corporation and its debtor-affiliates
to top Deutsche Bank AG London offer to purchase the
intercompany loan notes owed to T&N Limited by these three non-
Debtor subsidiaries:

    (1) Federal Mogul S.A., a French entity;

    (2) Federal Mogul Holding Deutschland GmbH, a German entity;
        and

    (3) Federal Mogul SPA, an Italian entity.

The Loan Notes aggregate $898,000,000.  Specifically, the Loan
Notes consist of:

    (a) three separate notes of F-M France, two of which were
        made on Aug. 31, 1998, and the third of which was made
        on June 11, 1999, in the original aggregate amount of
        1,540,000,000 French francs;

    (b) two separate notes of F-M Germany, both of which were
        made on July 7, 1998, in the original aggregate amount
        of 738,000,000 Deutschemarks; and

    (c) one note of F-M Italy in the amount of EUR111,600,000,
        which was made on May 22, 2001.

Deutsche Bank offered to buy the Loan Notes for a base purchase
price of $421,000,000, minus $65,000,000 on account of the
interest payment due to be made on those notes on Dec. 31, 2005,
for a net purchase price of $356,000,000.

The Top Up Offer equals the difference between:

    (a) the aggregate amount necessary to fund the payments and
        reserves specified in a global settlement agreement
        between the Plan Proponents and the Administrators as to
        the reorganization of the U.K. Debtors; and

    (b) the cash held by the U.K. Debtors, less GBP20,000,000
        reserved for the U.K. Debtors' working capital needs.

In connection with the making of the Top Up Offer, the Court
authorizes the Debtors to:

   -- either enter into and implement ancillary transactions or
      arrangements as may be necessary or desirable to structure
      and implement the Top Up Offer and retention of the Loan
      Notes by the Federal-Mogul group of companies pursuant to
      the Top Up Offer; or

   -- in the case of the U.K. Debtors, yield to the
      Administrators' exercise of their powers under U.K. laws
      in respect of all those actions to be taken by the
      Administrators under and pursuant to the terms of the
      Settlement Agreement to structure and implement the Top Up
      Offer and retention of the Loan Notes by the Federal-Mogul
      group of companies pursuant to the Top Up Offer.

In the event Federal-Mogul elects not to make the Top Up Offer,
the Court approves the sale of the Loan Notes by T&N, acting
through the Administrators, to Deutsche Bank or other entity
that may submit a more advantageous bid to T&N on the terms set
forth in the Sale Agreement.

In the event Federal-Mogul do not make the Top Up Offer, the
Court authorizes it to release its charge over the Loan Notes in
exchange for the $9,100,000 payment provided in the Settlement
Agreement.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The Company filed for chapter 11 protection
on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and US$8.86 billion in liabilities.
At Dec. 31, 2004, Federal-Mogul's balance sheet showed a
US$1.925 billion stockholders' deficit.  At Mar. 31, 2005,
Federal-Mogul's balance sheet showed a US$2.048 billion
stockholders' deficit, compared to a US$1.926 billion deficit at
Dec. 31, 2004.  Federal-Mogul Corp.'s U.K. affiliate, Turner &
Newall, is based at Dudley Hill, Bradford.  (Federal-Mogul
Bankruptcy News, Issue No. 98; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


TYNE AND WEAR: Creditors Meeting Set Friday
-------------------------------------------
Creditors of Tyne And Wear Engineering Co. Limited (Company No
01401905) will meet on December 9, 2005, 3 p.m. at Tenon
Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Ian William Kings, administrator of Tenon
Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN not
later than 12:00 noon, December 8, 2005.

CONTACT:  TENON RECOVERY
          Tenon House, Ferryboat Lane,
          Sunderland SR5 3JN
          Phone: 0191 511 5000
          Fax:   0191 511 5001
          Web site: http://www.tenongroup.com


WIGSTON DIRECT: Sets Creditors Meeting Next Week
------------------------------------------------
Creditors of Wigston Direct Marketing Services (Leicester)
Limited (Company No 02721767) will meet on December 12, 2005, 2
p.m. at Derby Suite at the Holiday Inn Leicester City, 129 St
Nicholas Circle, Leicester LE1 5LX.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A. Andronikou, joint administrator of UHY Hacker
Young, St Alphage House, 2 Fore Street, London EC2Y 5DH not
later than 12:00 noon, December 9, 2005.

CONTACT:  UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street, London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159


                            *********


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.  Larri-Nil Veloso, Ma. Cristina Canson, Liv
Arcipe, Julybien Atadero and Jay Malaga, Editors.

Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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

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

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


                 * * * End of Transmission * * *