TCREUR_Public/051206.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, December 6, 2005, Vol. 6, No. 241

                            Headlines

B E L G I U M

AGFA-GEVAERT N.V.: Sells Image Development Unit to Photo-Me


C Y P R U S

CYPRUS AIRWAYS: Employees Oppose Restructuring Plan


F R A N C E

AIR HORIZONS: Attracts Star Alliance Founder


G E R M A N Y

HEIZ- UND KLIMATECHNIK: Hannover Court Appoints Administrator
HORST SCHUNKE: Proofs of Claim Due Later this Month
IBS BAU: Creditors Meeting Set January
INGENIEURBAU GRABE: Bielefeld Company Goes Bust
INSTRUCT GMBH: Creditors' Claims Due Next Month

KAWE WARMETECHNIK: Under Bankruptcy Administration
MORGENLAND DONER: Court to Verify Claims February
PAMUKKALE HANDELS: Hamburg Firm Succumbs to Bankruptcy
PFLEIDERER AG: Closes Acquisition of Kunz Engineered Wood Group
RUETLI - FUEHRUNGSKRAFTESEMINARE: Calls in Administrator
WOHNEN + IDEEN: Claims Filing Period Ends January 3


N E T H E R L A N D S

ROYAL NUMICO: Sees EAC Nutrition as Vehicle for Growth in Asia
ROYAL SHELL: Buys back 1,850,000 'A' Shares


N O R W A Y

FINANCE CREDIT: Appeal of Founder's Conviction Junked


R U S S I A

BANK URALSIB: Gets Ba3/Not-Prime/D- Ratings from Moody's
BELOZERSK-STROY: Declared Insolvent
CHAINSKAYA MOVABLE: Appoints Insolvency Manager
DAIRY BOROVINSKIY: Bankruptcy Supervision Procedure Begins
JSIB UKRSIBBANK: On Rating Watch Positive Pending Stake Sale

METALLIST: Kaluga Court Opens Bankruptcy Proceedings
NELIDOVSKIY BAKERY: Hires T. Shuraeva Insolvency Manager
NORD-OIL: Succumbs to Bankruptcy
OAO GAZPROM: Selling EUR1 Billion 7-year Bonds
OAO NIZHNEKAMSKNEFTEKHIM: Gets B Short-term Rating from Fitch

OAO SIBIRTELECOM: Fitch Affirms Low-B Ratings
OAO URALSVYAZINFORM: Senior Unsecured Rating Cut to B+
PIVO-VAR: Claims Filing Period Ends Next Week
SEV-RYB-PROM-RAZVEDKA: Insolvency Manager Takes over Firm
STROY-TRUST: Under Bankruptcy Supervision

TRANS-SERVICE: Tyumen Court Appoints Insolvency Manager
YUKOS OIL: Court Issues Arrest Warrant for Legal Department Head
YUKOS OIL: Shareholders to Vote on Charter Change Friday
YUKOS OIL: Selling Non-core Assets to pay down Debt


S P A I N

AVANZIT S.A.: Acciona Divests Shareholding


S W E D E N

SKANDIA INSURANCE: Regulator Okays Old Mutual's Takeover Bid


U K R A I N E

ABSOLUT: Creditors' Claims Due this Week
ALMAKS-MANUFAKTURA: Under Bankruptcy Supervision
NA-NIK+: Insolvency Manager Steps in
RODINA: Proofs of Claim Deadline December 11
TEHNOSILA: Liquidator Enters Firm


U N I T E D   K I N G D O M

ARC RISK: Hiscox Extends Subscription to red24alert Service
BLACKS EQUIPMENT: Names P&A Partnership Liquidator
BLADE ASSOCIATES: Hires Liquidators from O'Hara & Co.
BLUE STAR: Calls in Liquidators from Blades
CAMBERLEY GLASS: Tenon Recovery Takes over Firm

CAR DOCTOR: Hires Liquidator from Arrans
CC O'FIRENZE: Deloitte & Touche Liquidators Move in
EGG PLC: Prudential Offers GBP973 Mln for 21.7% Stake
ELMDON PROJECTS: Liquidator from Moore Stephens Moves in
EQUITABLE LIFE: Drops Claims Against Remaining Ex-directors

FONE DOCTOR: Liquidators from Harrisons Enter Firm
GREATWAY MANAGEMENT: S. G. Banister & Co. Liquidator Moves in
INDUSTRIAL THERAPY: Appoints Baker Tilly Liquidator
INTERGOLD LTD.: Files for Liquidation
LAND & UNWIN: Calls in Liquidators from Begbies Traynor

LOOK CARS: Goes into Liquidation
MERLIN BIOSCIENCES: Internal Probe Backs Claim of Innocence
PRODUCT WAREHOUSE: Liquidators from Valentine & Co Move in
QMI LIMITED: Appoints Liquidator from KPMG
REFCO INC.: Former CEO Enjoined from Dissipating Assets

RKR 110: Owners Decide to Wind up Firm
SANDOWN SKI: Files for Liquidation
S & B ROAD: Liquidator from Elwell Watchorn Moves in
SECOND SIGHT: EGM Passes Winding-up Resolution
SILVERGLADE COATINGS: Names Begbies Traynor Liquidator

SOFA & CO.: Appoints Joint Liquidators
UNITED FOREST: Files for Liquidation
UP TO SCRATCH: Joint Liquidators Enter Firm
VEKTOR LTD.: Appoints Liquidators from Kroll
VERITAS CONSULTING: Hires Liquidators from Benedict Mackenzie
WEALTH MANAGEMENT: Liquidators from KPMG Enter Firm

* Large Companies with Insolvent Balance Sheets


                            *********


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


AGFA-GEVAERT N.V.: Sells Image Development Unit to Photo-Me
-----------------------------------------------------------
Britain's Photo-Me International plc has acquired the
photofinishing unit of film giant Agfa-Gevaert group, according
to Jiji Press.  Japan's Fuji Photo Film Co. was also interested
in the asset, but abandoned the talks on failure to agree with
Agfa on terms of the acquisition.

Photo-Me International operates automatic photobooths and makes
photographic development and printing equipment.  It previously
acquired assets of Agfahoto GmbH's Wholesale Lab Division, whose
principal business is the manufacture in Munich of high-volume
photo-finishing laboratories.

AgfaPhoto manufactures photographic film, papers, chemicals and
disposable cameras in Leverkusen, Germany.  It also offers online
print service, on-site processing, kiosk systems and wholesale
finishing.  Its colored photo processing business deteriorated in
recent years because of the popularity of digital cameras.

CONTACT:  AGFAPHOTO GERMANY GmbH
          Im Media park 5
          D-50670 Cologne
          Phone: +49 221 98544-3723
          Fax: +49 221 98544-3805
          Web site: http://www.agfaphoto.com


===========
C Y P R U S
===========


CYPRUS AIRWAYS: Employees Oppose Restructuring Plan
---------------------------------------------------
Cyprus Airways (CAIR) failed to get the nod of its workers on the
proposed restructuring plan, Reuters says.

Unions reiterated its opposition to the plan, which entails 383
forced redundancies; 8% pay-cut for pilots and managers, and 5%
for other employees; diminution of other benefits, including the
provident fund; and outsourcing of services.

Costas Demetriou, head of the Sinika union, said, "We are ready
to accept cutbacks and make sacrifices, but not to the extent
they (management) propose."

CAIR needs the unions' endorsement to convince the European
Commission to approve the plan, which would allow it to receive a
needed CYP58 million loan to repay CYP30 million in maturing
debt, cover CYP10 million in redundancy costs and finance the
restructuring.

Unions have been critical of the plan, saying it is unfavorable
to employees as 80% of the cost-saving measures focuses on job
reduction while only 20% concentrates on revenue generation.
CAIR said it is difficult to "tip the balance" since
revenue-boosting plans are dependent on cost reduction.

External consultants have warned CAIR has very low liquidity and
might run out of cash by year's end.  A source close to the
carrier said, "I think we are good until the Christmas bonuses,
after that I don't know."

Chairman Lazaros Savvides said, "We need to take decisions on
this yesterday, not tomorrow."

CONTACT:  CYPRUS AIRWAYS LIMITED
          21 Alkeou Str.
          2404 Engomi
          P.O. Box 21903
          1514 Nicosia, Nicosia
          Phone: 22663054
          Fax: 22663167
          E-mail: webcentre@cyprusair.com.cy
          Web site: http://www.cyprusairways.com


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


AIR HORIZONS: Attracts Star Alliance Founder
--------------------------------------------
Star Airlines founder Cedric Pastour will launch a takeover of
insolvent charter flight operator Air Horizons, Les Echos says.

Mr. Pastour is ready to cough up EUR2 million to acquire Air
Horizons' long haul operations, according to the paper.  He will
submit his bid on Dec. 7, after which the commercial court of
Bobigny will rule on Air Horizons' future.

Air Horizons avoided compulsory liquidation after chairman
Raymond Lakah secured EUR400,000 to pay salaries for the second
half of November.  Mr. Lakah added he will submit a continuation
plan, which entails a EUR5 million cash injection and 132
redundancies.

He forecasts EUR145 million in turnover and EUR18 million in
losses this year due to rising oil prices and delays in the
delivery of three leased planes.  The airline posted over EUR100
million losses last year on turnover of EUR100 million.  It owns
five Boeing 737 planes.

Air Horizons filed for insolvency at the commercial court in
Bobigny on Nov. 14.  The court in Bobigny also appointed a
trustee to help the company renegotiate its debt.  The company
rose from the ashes of Euralair in 2004 after a last-minute
takeover by U.K.-based Angel Gate Aviation, which saved the firm
from liquidation.

CONTACT:  AIR HORIZONS S.A.
          1 Place de Londres
          93290 Tremblay En France


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


HEIZ- UND KLIMATECHNIK: Hannover Court Appoints Administrator
-------------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Heiz- und Klimatechnik GmbH on November 11.
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 Nermin Sahin.

Creditors and other interested parties are encouraged to attend
the meeting on February 8, 2006, 11:20 a.m. at the district court
of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger
Allee 26, 30161 Hannover, 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:  HEIZ- UND KLIMATECHNIK GmbH
          Ehlvershof 1, 30419 Hannover
          Contact:
          Elsbeth Gabel, Manager

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


HORST SCHUNKE: Proofs of Claim Due Later this Month
---------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Horst Schunke Heizungs-, Gas- und
Sanitarinstallations GmbH on November 1.  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 Ruediger
Weiss.

Creditors and other interested parties are encouraged to attend
the meeting on January 17, 2006, 11:30 a.m. at the district court
of Halle-Saalkreis, Saal 1.044, Justizzentrum, Thueringer Str.
16, 06112 Halle, 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:  HORST SCHUNKE HEIZUNGS-, GAS-
          UND SANITARINSTALLATIONS GmbH
          Auenweg 1a, 06667 Markwerben
          Contact:
          Horst Schunke, Manager

          Ruediger Weiss, Administrator
          Delitzscher Str. 70, 06112 Halle
          Phone: 0345/614080
          Fax: 0345/6140810


IBS BAU: Creditors Meeting Set January
--------------------------------------
The district court of Hannover opened bankruptcy proceedings
against IBS Bau und Projektbetreuungsgesellschaft mbH on November
14.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until December
28, 2005 to register their claims with court-appointed
provisional administrator Manuel Sack.

Creditors and other interested parties are encouraged to attend
the meeting on January 25, 2006, 10:40 a.m. at the district court
of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger
Allee 26, 30161 Hannover, 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:  IBS BAU UND PROJEKTBETREUUNGSGESELLSCHAFT mbH
          Im Klampfeld 28, 30966 Hemmingen
          Contact:
          Wolfgang Remmert, Manager
          Alte Landwehr 4, 38114 Braunschweig

          Manuel Sack, Administrator
          Theaterstr. 3, 30159 Hannover
          Phone: 0511/36602-0
          Fax: 0511/36602-55


INGENIEURBAU GRABE: Bielefeld Company Goes Bust
-----------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Ingenieurbau Grabe GmbH & Co. KG on November 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 28,
2005 to register their claims with court-appointed provisional
administrator Joachim Walterscheid.

Creditors and other interested parties are encouraged to attend
the meeting on January 18, 2006, 11:00 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, 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:  INGENIEURBAU GRABE GmbH & Co. KG
          Bielefelder Str. 20, 32139 Spenge
          Contact:
          Dipl. Ing. Ulrich Grabe, Manager

          Joachim Walterscheid, Administrator
          Am Kurpark 2, 32545 Bad Oeynhausen


INSTRUCT GMBH: Creditors' Claims Due Next Month
-----------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against INSTRUCT GmbH Management Training Unternehmens Beratung
on November 15.  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 Dr. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting on January 31, 2006, 2:00 p.m. at the district court
of Leipzig, Saal 145, 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:  INSTRUCT GmbH MANAGEMENT TRAINING
          UNTERNEHMENS BERATUNG
          Gewerbering 25, 01809 Dohna
          Contact:
          Stefan Weber, Manager

          Dr. Rainer Eckert, Administrator
          Kathe-Kollwitz-Strasse 9, 04109 Leipzig


KAWE WARMETECHNIK: Under Bankruptcy Administration
--------------------------------------------------
The district court of Kassel opened bankruptcy proceedings
against KAWE Warmetechnik GmbH on November 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 15, 2006 to register their
claims with court-appointed provisional administrator Olaf
Borner.

Creditors and other interested parties are encouraged to attend
the meeting on January 30, 2006, 9:15 a.m. at the district court
of Kassel, Saal 234, Friedrichsstrasse 32-34, 34117 Kassel, 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 February 20, 2006, 9:00
a.m. at the same venue.

CONTACT:  KAWE WARMETECHNIK GmbH
          Mergellstrasse 11, 34130 Kassel
          Contact:
          Barbara Neuhauer-Kraft, Manager
          Guenter Kraft, Manager

          Olaf Borner, Administrator
          Brueder-Grimm-Platz 4, D-34117 Kassel
          Phone: 0561/71200-25
          Fax: 0561/71200-69


MORGENLAND DONER: Court to Verify Claims February
-------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Morgenland Doner Factory GmbH on November 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 12, 2006
to register their claims with court-appointed provisional
administrator Dr. Gideon Bohm.

Creditors and other interested parties are encouraged to attend
the meeting on February 9, 2006, 9:00 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:  MORGENLAND DONER FACTORY GmbH
          Karolinenstrasse 33, 20357 Hamburg
          Contact:
          Irfan Yalcin, Manager

          Dr. Gideon Bohm, Administrator
          Bachstrasse 85a, 22083 Hamburg
          Phone: 040/3208360
          Fax: 040/32083636


PAMUKKALE HANDELS: Hamburg Firm Succumbs to Bankruptcy
------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Pamukkale Handels- und Beteiligungsgesellschaft mbH on
November 15.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
January 12, 2006 to register their claims with court-appointed
provisional administrator Dr. Gideon Bohm.

Creditors and other interested parties are encouraged to attend
the meeting on February 9, 2006, 9:15 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:  PAMUKKALE HANDELS- UND BETEILIGUNGSGESELLSCHAFT mbH
          Karolinenstrasse 33, 20357 Hamburg
          Contact:
          Irfan Yalcin, Manager

          Dr. Gideon Bohm, Administrator
          Bachstrasse 85a, 22083 Hamburg
          Phone: 040/3208360
          Fax: 040/32083636


PFLEIDERER AG: Closes Acquisition of Kunz Engineered Wood Group
---------------------------------------------------------------
On Nov. 30, 2005, M-Dax listed Pfleiderer AG, Neumarkt (ISIN
DE0006764749) formally completed the contract for the acquisition
of the engineered wood activities of the Kunz Group in Germany
and North America.

                            *   *   *

As reported by TCR-Europe in July, Fitch Ratings affirmed
Germany-based Pfleiderer AG's (ISIN DE0006764749) Senior
Unsecured 'BB' rating and removed it from Rating Watch Negative
(RWN).  A Stable Outlook has been assigned.  The Short-term 'B'
rating is also affirmed.

The rating action follows Pfleiderer's announcement to acquire
Kunz Group's engineered wood activities in Canada, the United
States and Germany.  In FY04, the acquired activities had total
sales of EUR556 million and EBITDA of EUR85 million.  The
transaction is expected to close in August/September and subject
to regulatory approval.

CONTACT:  PFLEIDERER AG
          Ingolstadter Strasse 51
          93218 Neumarkt
          Deutschland

          Corporate Communication
          Richard Berg
          Phone: + 49 (0) 91 81 / 28 - 80 44
          Fax: + 49 (0) 91 81 / 28 - 606
          E-mail: richard.berg@pfleiderer.com


RUETLI - FUEHRUNGSKRAFTESEMINARE: Calls in Administrator
--------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against RUETLI - Fuehrungskrafteseminare GmbH & Co.
Besitzgesellschaft KG on November 17.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until January 5, 2006 to register their claims
with court-appointed provisional administrator Dr. Norbert
Westhoff.

Creditors and other interested parties are encouraged to attend
the meeting on January 26, 2006, 9:00 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, 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:  RUETLI - FUEHRUNGSKRAFTESEMINARE GmbH & Co.
          BESITZGESELLSCHAFT KG
          Osningstr. 245, 33605 Bielefeld
          Contact:
          Gabriela Smith, Manager

          Dr. Norbert Westhoff, Administrator
          Adenauerplatz 4, 33602 Bielefeld


WOHNEN + IDEEN: Claims Filing Period Ends January 3
---------------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against Wohnen + Ideen, Einrichtung, Licht, Accessoires Handels
GmbH on November 11.  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 Roland Reichert.

Creditors and other interested parties are encouraged to attend
the meeting on January 24, 2006, 9:00 a.m. at the district court
of Heilbronn, Erdgeschoss, Saal 4, Insolvenzgericht, Rollwagstr.
10a, 74072 Heilbronn, 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:  WOHNEN + IDEEN, EINRICHTUNG, LICHT, ACCESSOIRES
          HANDELS GmbH
          Blumenstrasse 8, 71735 Eberdingen
          Contact:
          Ulrich Strobel, Manager

          Roland Reichert, Administrator
          Talstrasse 108, 70188 Stuttgart
          Phone: 0711/16867-0
          Fax: 0711/461038


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


ROYAL NUMICO: Sees EAC Nutrition as Vehicle for Growth in Asia
--------------------------------------------------------------
The acquisition of EAC Nutrition is an important step for Numico
to become market leader in Asia.  The Asian Infant Nutrition
market forms a significant and sustainable growth opportunity
characterized by a very low per capita consumption, a high number
of births and increasing GDP per capita, offering ample growth
opportunities.

Numico's leading position in Indonesia combined with EAC's strong
positions in China, Thailand and Malaysia provides Numico with a
unique and strong platform to benefit from the long-term growth
potential of the Asia Pacific market.  EAC Nutrition is an
excellent strategic and geographical fit with Numico's existing
business in Indonesia, Australia and New Zealand.

EAC Nutrition is a leading baby food company primarily focused on
the development, manufacturing and marketing of infant nutrition
products under the Dumex family of brands, which include Mamex,
Mamil, Dupro and Dugro in Asia.  Next to its leading market
positions in China, Thailand and Malaysia, EAC Nutrition has
additional presence in the Philippines and India, as well as a
growing export business to other markets in Asia and -- to a
lesser extent -- the Middle East.  EAC Nutrition currently
employs approx. 2,250 people including more than 475 Nutrition
Advisors working with local Health Care Professionals to provide
education and information on Baby Nutrition.

Royal Numico is a high-growth, high-margin, specialist baby food
and clinical nutrition company.  Acknowledged as the European
market leader in infant nutrition and medical nutrition, its
products range from infant milk formula to specialized nutrition
for babies with specific needs and for breastfeeding mothers.
For people with specific nutritional requirements, Numico offers
a complete range of enteral clinical nutrition, diet products and
disease-specific nutrition.

CONTACT:  ROYAL NUMICO N.V.
          Web site: http://www.numico.com
          Corporate Communications
          Phone: +31 20 456 9077

          Investor Relations
          Phone: +31 20 456 9003


ROYAL SHELL: Buys back 1,850,000 'A' Shares
-------------------------------------------
On 2 December 2005, Royal Dutch Shell plc purchased for
cancellation 1,250,000 'A' Shares at a price of EUR26.76 per
share.  It further purchased for cancellation 600,000 'A' Shares
at a price of 1,811.00 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,951,280,000.

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


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


FINANCE CREDIT: Appeal of Founder's Conviction Junked
-----------------------------------------------------
Norway's highest court has refused to hear in full the appeal by
Trond Kristoffersen, co-founder of Finance Credit Norge A.S.A.,
of his conviction for massive fraud, Aftenposten reports.

Mr. Kristoffersen has been sentenced to nine years in prison for
fraudulent transactions involving NOK1.5 billion and ordered him
to repay NOK1.2 billion in illegally acquired bank debt.  His
partner, Torgeir Stensrud, got seven years for the same charges.

Earlier, Finance Credit's auditor, KPMG, was ordered to pay
NOK347.3 million as settlement.  The money will be used to defray
part of the NOK1.3 billion the company owed to eight banks when
in collapsed in 2003.  Finance Credit's insurance company will
also pay NOK150 million to the banks.  Both payments leave the
banks with nearly NOK800 million to recover, distributed as:

-- Nordlandsbanken           NOK352 million
-- Sparebanken Vest          NOK37.9 million
-- Sparebanken Ost           NOK20 million
-- Sparebanken Midt-Norge    NOK59 million
-- Sparebank-1SR-Bank        NOK59 million
-- Sparebank 1 Oslo          NOK252.5 million
-- Privatbanken              NOK10 million

Finance credit served as a collection agency, buying unpaid debt
from other firms, then collecting the funds plus fees.  Its
collapse is considered one of Norway's biggest financial
scandals.  The court found the company overstated its assets,
which portrayed it as an acceptable credit risk, when in truth it
was already insolvent at the end of 2000.

CONTACT:  FINANCE CREDIT NORGE A.S.A.
          Sjolyst Pl 4 0270
          Oslo, Norway
          Phone: +47 22 54 26 20
          Fax: +47 22 54 26 21

          KPMG NORWAY
          Sorkedalsveien 6
          Box 7000 Majorstuen
          N-0306
          Oslo, Norway
          Phone: +47 21 09 21 09
          Fax: +47 22 60 96 01
          E-mail: contact@kpmg.no
          Web site: http://www.kpmg.no


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


BANK URALSIB: Gets Ba3/Not-Prime/D- Ratings from Moody's
--------------------------------------------------------
Moody's Investors Service has assigned Ba3 long-term and
Not-Prime short-term foreign currency deposit ratings and a D-
Financial Strength Rating (FSR) to the recently formed Uralsib
Bank.  All ratings carry a stable outlook.

The ratings reflect the bank's standing following the recent
mega-merger of Ural-Siberian Bank, Nikoil IBG Bank,
Avtobank-Nikoil and two other regional banks, which has led to
the birth of a new key player on the Russian banking scene, with
a presence and combined expertise in all segments of investment,
corporate and retail banking.

At the same time Moody's has upgraded to Ba3 from B1 the Loan
Participation Notes (Notes) due March 2007 issued by, but with
limited recourse to, N-Invest S.A. (Luxemburg) for the sole
purpose of financing a fiduciary deposit to Deutsche Bank
Luxembourg S.A., which, in turn, is used for the sole purpose of
financing a loan to Nikoil IBG Bank.  The outlook for the rating
is also stable.  This action reflects the total and entire
assumption of all rights and obligations arising from these notes
by Bank Uralsib.

The Ba3/NP ratings are based on the fundamental credit strengths
of Bank Uralsib and do not incorporate any potential support from
the authorities in case of need.  In Moody's opinion, some
external support may be forthcoming in case of need, but the
probability for such support is not sufficient to notch the
ratings above the level commensurate with the bank's intrinsic
strength.

A limited degree of support can be expected from the Russian
government, since the new entity is likely to become one of the
top five banks in terms of deposits from individuals.  Some
support may be expected from the Republic of Bashkortostan in the
event of need, bearing in mind the importance of the bank to the
local economy and its dominant position as deposit-taker from the
republic's population.  Support may even be forthcoming from the
bank's beneficial shareholders, although its timeliness and
extent may be uncertain.

The D- FSR assigned to Bank Uralsib is underpinned by its
demonstrated capacity to develop its franchise even during the
merger period, as well as by its large branch network and strong
capital base.  The FSR is at the same time constrained, mainly by
Bank Uralsib' high market risk in relation to its proprietary
securities portfolio as well as by its high dependence on
non-recurring earnings and its still unproven capacity to
generate cost savings as a result of the merger.

Headquartered in Moscow, Russian Federation, Bank Uralsib
officially started operating as a single entity following the
merger of five banks on 3 October 2005.  Urasib Financial
Corporation, a financial conglomerate involved in asset
management, insurance, investments in non-financial companies,
real estate and others, controls the group.

According to unaudited IFRS-based consolidated statements as of
June 30, 2005, the source of which are management accounts of the
merged banks on a standalone basis, BankUrasib's total assets
were estimated at RUB169.4 billion (US$5.90 billion), capital at
RUB27.9 billion (US$974 million) and net profit at RUB3.1 billion
(US$108 million).  This newly merged bank has become the sixth or
seventh-ranking bank in Russia by total assets and fourth by
shareholders' capital, as of 30 September 2005.

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


BELOZERSK-STROY: Declared Insolvent
-----------------------------------
The Arbitration Court of Vologda region commenced bankruptcy
proceedings against Belozersk-Stroy after finding the close joint
stock company insolvent.  The case is docketed as
A13-2533/2005-25.  Mr. Y. Alferov has been appointed insolvency
manager.  Creditors have until December 22, 2005 to submit their
proofs of claim to 160000, Russia, Vologda, Sovetskiy Pr. 222.

CONTACT:  BELOZERSK-STROY
          161200, Russia, Vologda region,
          Belozersk, Krasnoarmeyskaya Str. 70

          Y. ALFEROV
          Insolvency Manager
          160000, Russia, Vologda region,
          Sovetskiy Pr. 222


CHAINSKAYA MOVABLE: Appoints Insolvency Manager
-----------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
supervision procedure on open joint stock company Chainskaya
Movable Mechanized Column (TIN 7015001183).  The case is docketed
as A67-7347/05.  Mr. N. Birgulya has been appointed temporary
insolvency manager.

CONTACT:  CHAINSKAYA MOVABLE MECHANIZED COLUMN
          636400, Russia, Tomsk region, Chainskiy region,
          Podgornoye, Lugovaya Str. 33

          N. BIRGULYA
          Temporary Insolvency Manager
          634057, Russia, Tomsk region,
          Post User Box 4438


DAIRY BOROVINSKIY: Bankruptcy Supervision Procedure Begins
----------------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on open joint stock company Diary
Borovinskiy.  The case is docketed as A-70-8142/3-05.  Mr. V.
Vladykin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 625049, Russia,
Tyumen, Moskovskiy Tr-t, 163-58.  A hearing will take place on
January 10, 2006, 9:10 a.m.

CONTACT:  DAIRY BOROVINSKIY
          627112, Russia, Tyumen region,
          Zavodoukovskiy region, Borovinka

          V. VLADYKIN
          Temporary Insolvency Manager
          625049, Russia, Tyumen region,
          Moskovskiy Tr-t, 163-58


JSIB UKRSIBBANK: On Rating Watch Positive Pending Stake Sale
------------------------------------------------------------
Fitch Ratings has placed Ukraine-based JSIB UkrSibbank's (UkrSib)
Long-term 'B-' and Support '5' ratings on Rating Watch Positive
(RWP).  UkrSib's other ratings are Short-term 'B' and Individual
'D/E'.

The RWP follows the announcement that France-based BNP Paribas
(rated Long-term 'AA', Short-term 'F1+', Support '1', Individual
'A/B') has entered into an exclusivity agreement with UkrSib's
controlling shareholders with a view to acquiring a 51% stake in
the bank.  The RWP reflects the strong ability of BNP Paribas (as
captured in its Long-term rating) to provide support to UkrSib
should it become the bank's majority shareholder.

If and when the acquisition, which is subject to regulatory
approvals, takes place, and after having discussed with BNP
Paribas its strategy in respect to UkrSib, Fitch will resolve the
Rating Watch.

UkrSib was founded in 1990 in Kharkov in the east of Ukraine, but
its head office is now in Kiev, the capital.  It was the fifth
largest bank in Ukraine by assets at end-H105, and is currently
controlled by two individual shareholders.

CONTACT:  FITCH RATINGS
          James Watson
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

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


METALLIST: Kaluga Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Arbitration Court of Kaluga region commenced bankruptcy
proceedings against Metallist after finding the open joint stock
company insolvent.  The case is docketed as 23-4262/04B-17-134.
Mr. V. Gogolev has been appointed insolvency manager.  Creditors
have until December 22, 2005 to submit their proofs of claim to
248000, Russia, Kaluga, Post User Box 41.

CONTACT:  METALLIST
          249037, Russia, Obninsk,
          Kievskoye Shosse, 35

          V. GOGOLEV
          Insolvency Manager
          248000, Russia, Kaluga region,
          Post User Box 41


NELIDOVSKIY BAKERY: Hires T. Shuraeva Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Tver region commenced bankruptcy
proceedings against Nelidovskiy Bakery after finding the close
joint stock company insolvent.  The case is docketed as
A66-7093/2005.  Ms. T. Shuraeva has been appointed insolvency
manager.

CONTACT:  NELIDOVSKIY BAKERY
          172500, Russia, Tver region,
          Nelidovo, Sovetskaya Str. 52

          T. SHURAEVA
          Insolvency Manager
          172500, Russia, Tver region,
          Nelidovo, Sovetskaya Str. 52


NORD-OIL: Succumbs to Bankruptcy
--------------------------------
The Arbitration Court of Sakha republic - Yakutiya commenced
bankruptcy proceedings against Nord-Oil after finding the limited
liability company insolvent.  The case is docketed as
A58-1089/2005.  Mr. V. Danilov has been appointed insolvency
manager.  Creditors may submit their proofs of claim to Russia,
Sakha republic - Yakutiya, Yakutsk, Lenina Pr. 41, Room 113.

CONTACT:  V. DANILOV
          Insolvency Manager
          Russia, Sakha republic - Yakutiya,
          Yakutsk, Lenina Pr. 41, Room 113


OAO GAZPROM: Selling EUR1 Billion 7-year Bonds
----------------------------------------------
OAO Gazprom is offering EUR1 billion of 7-year loan participation
notes, under its EMTN Program, through Gaz Capital S.A., a
Luxembourg-based special purpose vehicle.

The notes are priced at par with an annual coupon of 4.56%.  ABN
AMRO and Credit Suisse First Boston are acting as joint lead
managers and bookrunners.  Proceeds will be used to finance a
loan to OAO Gazprom.

CONTACT:  OAO GAZPROM
          16 Nametkina
          117997 Moscow, V-420,
          Russia
          Phone: +7-95-719-3001
          Fax: +7-95-719-8333
          Web site: http://www.gazprom.ru


OAO NIZHNEKAMSKNEFTEKHIM: Gets B Short-term Rating from Fitch
-------------------------------------------------------------
Fitch Ratings has assigned Russia-based petrochemicals producer
OAO Nizhnekamskneftekhim (NKNK) ratings of Senior Unsecured 'B+'
and Short-term 'B'.  The agency has also assigned NKNK a National
Long-term rating of 'A (rus)'.  All the rating Outlooks are
Stable.

NKNK is based in the Republic of Tatarstan (Tatarstan), which is
rated International Long-term foreign and local currency 'BB'
with Stable Outlook and Short-term 'B'.  The Republic of
Tatarstan has a National Long-term 'AA (rus)' rating with Stable
Outlook.

The ratings reflect NKNK's position as the largest petrochemicals
producer in Russia, leadership in select products, balanced
geographic revenue diversification and adequate profitability.
The company also benefits from being included in Tatarstan's
strategic development program of the oil, gas and petrochemicals
industry.  NKNK has strong governmental relations, which are
evidenced by the government's representation on the company's
board of directors.  It plans to carry out sizable capital
expenditure totaling US$627 million on 11 projects over the next
five years, thereby putting considerable pressure on free cash
flow generation.  Moreover, the size of some of these projects
implies significant execution risk.  Nonetheless, this should
further improve integration, increase scale and facilitate the
launch of higher value-added products.  The Stable Outlook
reflects Fitch's expectation that the progressive shift in favor
of higher value-added products will support stable cash flow
generation and a balanced capital structure over the medium term.

Revenues at H105 increased 51% year on year to RUB24.3 billion,
as a result of price increases to compensate for higher raw
material costs.  The EBIT margin was 9.0% at H105 compared with
8.9% at H104.  In 2004, revenues increased 40.8% to RUB38.6
billion due mostly to price increases in the company's main
product range.  NKNK has developed 120 different products to
reduce exposure to price volatility; however, about 64% of total
sales are generated by seven products.  The mix has, nonetheless,
allowed the company to maintain a somewhat stable average gross
margin of around 26% in the past three years.

NKNK's capital structure has been conservative in the past five
years, with total adjusted debt (RUB8.8 billion at FYE04) at
around 30% of total adjusted capitalization.  Major credit
metrics at FYE04 were adequate for the rating category, with
total adjusted gross debt/operating EBITDAR at 1.5x.  Fitch
anticipates a deterioration in the leverage ratio before peaking
at 2.5x in 2007, as capital spending is expected to be partially
debt-financed.  Coverage ratios have improved with funds from
operations/gross interest increasing to 7.1x in 2004 from 4.4x in
2003.  The company first accessed the debt capital market in
2001.  In April 2005, NKNK issued a RUB1,500 million seven-year
bond to refinance outstanding bonds.  In addition, NKNK expects
to raise a maximum of US$200 million with a eurobond issue by
FYE05 with a maturity of up to 10 years in order to refinance
existing debt and its capital expenditure.

CONTACT:  FITCH RATINGS
          Elisabetta Zorzi, Milan
          Phone: +39 02 87 90 87213
          Jeffrey Woodruff, Moscow
          Phone: +7 095 956 9986

          Media Relations
          Alex Clelland, London
          Phone: +44 20 7862 4084
          Web site: http://www.fitchratings.com


OAO SIBIRTELECOM: Fitch Affirms Low-B Ratings
---------------------------------------------
Fitch Ratings has affirmed OAO Sibirtelecom's (Sibir) ratings at
Senior Unsecured 'B+' with Stable Outlook and Short-term 'B'.

The ratings reflect Sibirtelecom's dominant market position in
its area of operations in Eastern and much of Western Siberia.
The ratings also reflect the influence of the company's 50.7%
majority shareholder, Svyazinvest, on strategic decision-making
processes.  The Stable Outlook reflects expectation that the
company will be able to largely sustain its market share in the
local services market and grow mobile and 'new services'
segments.

Leverage is not excessive with net debt/EBITDA at 1.7x at
end-2004 and net debt/EBITDAR slightly higher at 1.9x.  Sibir
announced that its capital spending is to somewhat decline in
2006 and 2007 while EBITDA is expected to grow, which will
support Sibir's de-leveraging.  Nevertheless, the company's free
cash flow is expected to remain negative over the next three
years, so de-leveraging is likely to be slow.  Any decreases or
stagnation of EBITDA growth may result in deterioration of
leverage metrics although Fitch does not expect it to be
material.

Fitch estimates that Sibir's leadership in the residential
telephony sector will be unrivalled over the medium term, while
competition in the business segment may intensify only
moderately.  Although the local population is concentrated in the
major cities, an obligation to service a vast operating territory
and maintain a large network makes Sibirtelecom a relatively
high-cost telecom provider.

The planned deregulation of the Russian long-distance market in 1
January 2006 will affect Sibir's business model by causing it to
lose its long-distance license and billing relationship with
end-customers.  Fitch considers that Sibir is well positioned to
retain its earnings from this segment, at least initially, as
this is directly provided for by the new interconnect agreements.
Also, the company will start receiving additional revenues from
other operators.  It is expected that the regulator will
ultimately assume responsibility for setting new interconnect
rates and will retain a 'compensatory' element in them to
cross-subsidize less profitable but socially important local
services; this will support Sibir's margins in the long-distance
segment.  However, this will increase the regulatory risks facing
Sibir, in addition to the already high regulatory risks within
the local services segment, whose tariffs are set by the Federal
Tariff Agency.  A concern is that future tariff increases, which
require a regulatory approval, may not be sufficient to keep up
with rising costs, but any delays in re-setting prices are
unlikely to be immediately compensated.

Fitch notes that Sibirtelecom's mobile subscriber base is rapidly
expanding, with the ratio of mobile revenues increasing.
Longer-term the company may explore fixed-mobile convergence
opportunities which are unachievable for its nationwide peers as
they do not operate in the fixed-line segment.  However, Sibir
currently only ranks as the number three mobile provider in its
market and its share has fallen over the last two years in the
face of fierce competition from all three national mobile
companies (although Sibir remains the market leader in a few key
territories).  It may also prove difficult to maintain mobile
capital spending and a range of services on a par with its larger
rivals.

CONTACT:  FITCH RATINGS
          Nikolai Lukashevich, Moscow
          Phone: +7 095 956 9901
          Raymond Hill, London
          Phone: +44 (0)20 7417 4314

          Media Relations
          Alex Clelland, London
          Phone: +44 20 7862 4084
          Web site: http://www.fitchratings.com


OAO URALSVYAZINFORM: Senior Unsecured Rating Cut to B+
------------------------------------------------------
Fitch Ratings has downgraded OAO Uralsvyazinform's (Urals)
ratings to Senior Unsecured 'B+' from 'BB-' and National Senior
Unsecured 'A-(rus)' from 'A+(rus)'.  Following the downgrade, the
Outlook is now Negative, the company's two domestic bonds of RUB2
billion and RUB3 billion are also downgraded to 'A-(rus)' from
'A+(rus)'.  The Short-term rating is affirmed at 'B'.

The downgrade reflects an anticipated increase in Urals' leverage
on the back of larger-than-projected capital expenditure and
increasing competition in the mobile segment, which led to
significant mobile margin erosion.

Nikolai Lukashevich, Director in Fitch's TMT team, said: "We no
longer expect that the company can materially de-leverage in the
near future, while its net debt/EBITDA is likely to remain above
2.0x for the next two to three years.  The Negative Outlook
reflects expected deterioration of mobile margins and a high
sensitivity of Urals' leverage metrics to potential EBITDA
decreases or just stagnation."

Ural's leverage metrics are at the higher end among Russian
incumbents.  At end-2004 its net debt/EBITDA was 2.4x, higher
than expected and is likely to further rise to around 2.8x at
end-2005.  De-leveraging is likely to be slow, given that the
company is expected to turn only marginally free cash flow
positive at best, and will not be able to reduce net debt by more
than RUB1 billion annually.  At end-2004 34% of the company's
debt was short-term, which exposed it to significant refinancing
risks.

In the fixed line, Urals is to largely complete an overhaul of
its backbone infrastructure and significantly upgrade its
last-mile network with the digitalization level reaching 70% at
end-2005.  The company's network is the most extensive in the
region and, after the recent modernization, is capable of
offering a wide range of VAS (value-added services).  Ural's
market position in local services is unlikely to be rivaled in
the foreseeable future while a mass network upgrade has brought
improvements in service quality, which should help to maintain
and strengthen its position in the corporate segment.  The
company has enjoyed stronger growth of its long-distance traffic
than its peers, which should help to mitigate increasing
uncertainties in the segment after long-distance market
deregulation in January 2006.  Although tariffs on fixed-line
services are capped, exposing the company to significant
regulatory risks, Urals has reduced the level of
cross-subsidization markedly, making it less of a concern.

Urals has strong local influence and market knowledge in the
mobile market and control over the public switch telephone
infrastructure, which has provided it with interconnection cost
advantages and helped it to rationalize rollout and maintenance
costs.  Although the mobile margins are declining as the company
is losing its average revenue per user (ARPU) premium vis-a-vis
its peers, Urals is likely to remain a strong regional mobile
player in the medium-term, but longer-term it may be better off
withdrawing from this segment.  The ratings also reflect the
dominant influence of the company's majority shareholder,
Svyazinvest, on the strategic decision-making process at Urals.

CONTACT:  FITCH RATINGS
          Nikolai Lukashevich, Moscow
          Phone: +7 095 956 9901
          Raymond Hill, London
          Phone: +44 (0)20 7417 4314

          Media Relations
          Alex Clelland, London
          Phone: +44 20 7862 4084
          Web site: http://www.fitchratings.com


PIVO-VAR: Claims Filing Period Ends Next Week
---------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Pivo-Var after finding the open
joint stock company insolvent.  The case is docketed as
A43-4977/05-24-121.  Mr. R. Itashvili has been appointed
insolvency manager.  Creditors have until December 15, 2005 to
submit their proofs of claim to 603089, Russia, Nizhniy Novgorod,
Agronomicheskaya Str. 98.

CONTACT:  PIVO-VAR
          Russia, Nizhniy Novgorod region,
          Arzamas, Berezina Str. 33

          R. ITASHVILI
          Insolvency Manager
          603089, Russia, Nizhniy Novgorod region,
          Agronomicheskaya Str. 98
          Phone: 8 902 68 25 460


SEV-RYB-PROM-RAZVEDKA: Insolvency Manager Takes over Firm
---------------------------------------------------------
The Arbitration Court of Murmansk region commenced bankruptcy
proceedings against Sev-Ryb-Prom-Razvedka after finding the open
joint stock company insolvent.  The case is docketed as
A42-6091/2005.  Mr. S. Shaporev has been appointed insolvency
manager.

CONTACT:  S. SHAPOREV
          Insolvency Manager
          183008, Russia, Murmansk region,
          Post User Box 2600


STROY-TRUST: Under Bankruptcy Supervision
-----------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on limited liability
company Stroy-Trust.  The case is docketed as A75-7290/2005.

CONTACT:  STROY-TRUST
          Russia, Surgut, Promyshlennaya Str. 11

          S. KUNGUROV
          Temporary Insolvency Manager
          Russia, Tyumen region,
          Melnikayte Str. 106, Office 455


TRANS-SERVICE: Tyumen Court Appoints Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on close joint stock company Trans-Service
(OGRN 1027201291941, TIN 7206004570).  The case is docketed as
A-70-5294/3-05.  Mr. P. Veshev has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 625048, Russia,
Tyumen, Stanislavskogo Str. 1, Office 305a.  A hearing will take
place on December 29, 2005, 9:10 a.m. at the Arbitration Court of
Tyumen region at Russia, Tyumen, Khokhryakova Str. 77.

CONTACT:  TRANS-SERVICE
          Russia, Tyumen region,
          Tobolsk, Pioneer Base

          P. VESHEV
          Temporary Insolvency Manager
          625048, Russia, Tyumen region,
          Stanislavskogo Str. 1, Office 305a


YUKOS OIL: Court Issues Arrest Warrant for Legal Department Head
----------------------------------------------------------------
Moscow's Basmanny Court has authorized the arrest of Dmitry
Gololobov, head of Yukos' legal department, on charges of
embezzling US$100 million, a court spokesman said Wednesday.

According to RIA Novosti, prosecutors have filed a new criminal
case against Mr. Gololobov and presented new evidence to the
court.  The Prosecutor General's Office issued a warrant for his
arrest late last year and placed him on the international wanted
list after he failed to appear for questioning and went abroad
instead.

Alexander Gofstein, a lawyer for Mr. Gololobov, said they will
appeal.

                        About the Company

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, as payment for over
US$27.5 billion in unpaid taxes for 2000-2003.  Yukos' bankruptcy
case was dismissed in February.  Yugansk ultimately went to
Rosneft, who is now claiming EUR2.34 billion representing Yukos
debt to Yugansk.

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 US$12,276,000,000 in
total assets and US$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


YUKOS OIL: Shareholders to Vote on Charter Change Friday
--------------------------------------------------------
Yukos Oil is calling a shareholders meeting on Dec. 9, 2005 to
vote on changes to its charter, including the right to issue an
additional 1 billion shares, The Associated Press says.

Yukos clarified, however, there are no plans to issue additional
shares yet.  The meeting is being called to formally unwind the
merger with Sibneft oil company.  A share placement would dilute
the holdings of Group Menatep Ltd., which currently controls 60%
of Yukos.

"The inclusion of this point does not mean that the company plans
to carry out an additional issue.  None of the company's managers
has even brought up this idea.  This is a purely technical issue,
as the draft new charter is an exact copy of the charter prior to
the merger with Sibneft," Interfax says.

Yukos issued additional shares under a failed merger with Sibneft
in 2003.

                        About the Company

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, as payment for over
US$27.5 billion in unpaid taxes for 2000-2003.  Yukos' bankruptcy
case was dismissed in February.  Yugansk ultimately went to
Rosneft, who is now claiming EUR2.34 billion representing Yukos
debt to Yugansk.

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 US$12,276,000,000 in
total assets and US$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


YUKOS OIL: Selling Non-core Assets to pay down Debt
---------------------------------------------------
Yukos Oil will sell about US$10 billion worth of non-core assets
in Russia and abroad to settle its debt, Chief Executive Steven
Theede said in New York recently, Financial Times says.

The company has US$7.5 billion in outstanding tax liabilities and
US$1.3 billion in debt to banks.  Mr. Theede said reducing the
debt will enable the company to gain enough stability to operate
as an independent entity.  The disposals will leave Yukos with
US$10 billion to US$13 billion of oil exploration and refining
assets.

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), but the case was dismissed in February.
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.  Yugansk eventually was bought by
state-owned Rosneft.  Rosneft is now claiming more than US$12
billion from Yukos in two court cases relating to the sale.

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


=========
S P A I N
=========


AVANZIT S.A.: Acciona Divests Shareholding
------------------------------------------
The last remaining reference shareholder of Avanzit S.A. has sold
its stake, says Expansion.

Construction and services group Acciona sold its 11.06% stake for
EUR19 million, gaining EUR1.9 million from the transaction.
Avanzit filed for receivership in 2002, emerging last year after
a debt-for-equity swap.

In July, Avanzit reported first-half operating profit of EUR1.53
million, reversing last year's loss of EUR1.15 million.  Net
profit fell to EUR3.6 million from EUR113.1 million, despite
sales growing 19.2% to EUR87.3 million, according to AFX.

CONTACT:  AVANZIT S.A.
          C/Alcala 518
          28027 Madrid
          Phone: +34 91 754 67 00
          Fax: +34 91 754 67 24
          E-mail: info.avanzit@avanzit.com
          Web site: http://www.avanzit.com


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


SKANDIA INSURANCE: Regulator Okays Old Mutual's Takeover Bid
------------------------------------------------------------
Old Mutual plc disclosed Friday the Swedish Financial Supervisory
Authority (the Swedish FSA or Finansinspektionen) has granted it
clearance to acquire more than 50% of Skandia Insurance Co. Ltd.

In addition to the clearance from the U.K. Office of Fair
Trading, Old Mutual has now received all other anti-trust
clearances.  Regulatory approval processes are progressing well.

Jim Sutcliffe, Old Mutual Chief Executive, said: "The approval
from the Swedish FSA is an important milestone for us, as it
brings the timetable into much sharper focus.  The Swedish FSA's
clearance is very important for the policyholders of Skandia and
we look forward to working with them as Skandia joins our Group.
We are in active dialogue with all the other relevant authorities
to expedite the remaining approvals."

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


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


ABSOLUT: Creditors' Claims Due this Week
----------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Absolut (code EDRPOU 22063768) on October 14,
2005 after finding the private firm insolvent.  The case is
docketed as 4/46 B.  Mr. Kinalevskij Mikola (License Number AB
116195) has been appointed liquidator/insolvency manager.

Creditors have until December 11, 2005 to submit their proofs of
claim to:

(a) ABSOLUT
    10012, Ukraine, Zhitomir region
    Manuilskij Str. 85-a/11

(b) KINALEVSKIJ MIKOLA
    Liquidator/Insolvency Manager
    10003, Ukraine, Zhitomir region,
    Vojkov Str. 3
    Phone: (0412) 22-36-56


ALMAKS-MANUFAKTURA: Under Bankruptcy Supervision
------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on LLC Industrial Company
Almaks-Manufaktura (code EDRPOU 21056430) on October 27, 2005.
The case is docketed as 18/173.  Mr. E. Shtepenko (License Number
AA 783004) has been appointed temporary insolvency manager.  The
company holds account number 26002172907001 at CB Privatbank,
Poltava branch, MFO 331401.

Creditors have until December 11, 2005 to submit their proofs of
claim to:

(a) ALMAKS-MANUFAKTURA
    36009, Ukraine, Poltava region,
    Vizvolennya Str. 21

(b) ECONOMIC COURT OF POLTAVA REGION
    36000, Ukraine, Poltava region,
    Zigina Str. 1


NA-NIK+: Insolvency Manager Steps in
------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Na-Nik+ (code EDRPOU 31074236) after finding
the limited liability company insolvent.  The case is docketed as
6/250-29/306.  Mr. Andrij Sibal (License Number AA 485266) has
been appointed liquidator/insolvency manager.  The company holds
account number 26002000002199 at OJSC Electron Bank, MFO 325213.

Creditors have until December 11, 2005 to submit their proofs of
claim to:

(a) NA-NIK+
    79035, Ukraine, Lviv region,
    Zelena Str. 238-a

(b) ANDRIJ SIBAL
    Liquidator/Insolvency Manager
    79000, Ukraine, Lviv region,
    P. Doroshenko Str. 61/5

(c) ECONOMIC COURT OF LVIV REGION
    79010, Ukraine, Lviv region,
    Lichakivska Str. 81


RODINA: Proofs of Claim Deadline December 11
--------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Rodina (code EDRPOU 30813165) on October 10,
2005 after finding the limited liability company insolvent.  The
case is docketed as 42/21 B.  Mr. Oleksij Angelin (License Number
AB 116137) has been appointed liquidator/insolvency manager.

Creditors have until December 11, 2005 to submit their proofs of
claim to:

(a) RODINA
    87260, Ukraine, Donetsk region,
    Starobeshevo district, Kumachove, Lenin Str. 44

(b) OLEKSIJ ANGELIN
    Liquidator/Insolvency Manager
    87200, Ukraine, Donetsk region, Starobeshevo

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


TEHNOSILA: Liquidator Enters Firm
---------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Tehnosila (code EDRPOU 30523322) on September
15, 2005 after finding the limited liability company insolvent.
The case is docketed as 43/720.  LLC Tehnobud Service has been
appointed liquidator.

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

(a) TEHNOSILA
    Ukraine, Kyiv region,
    Mezhigirska Str. 82-A

(b) ECONOMIC COURT OF KYIV REGION
    01030, Ukraine, Kyiv region,
    B. Hmelnitskij Boulevard 44-B


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


ARC RISK: Hiscox Extends Subscription to red24alert Service
-----------------------------------------------------------
Arc Risk Management Group Plc has revealed a further agreement
with its existing client, Hiscox plc, to provide Hiscox Direct
policyholders with the red24alert service, offering them and
their immediate families access to a free on-the-ground response
service from red24 in the event of their suffering a life
threatening security incident, whether at home or abroad.

The agreement also sees Hiscox Direct policyholders and their
immediate families automatically become members of red24's
Identity Theft Assistance services, in response to the rising
number of incidents of identity theft in the U.K.  Since January
2004, Hiscox has been providing all of its home insurance
policyholders with free direct access to the standard red24
service, offering safety and security advice.

The service will be available to new and existing customers from
1 December to coincide with the start of the Christmas period
when the risks of fraud are heightened.

Identity theft occurs when an individual's personal details are
replicated fraudulently to open bank accounts, obtain credit
cards, loans, state benefits and documents such as passports and
driving licenses.  Last year, 135,000 people were victims of the
crime, compared to just 20,000 in 1999.  Overall, identity theft
costs the British economy over EUR1.3 billion annually.

Kevin Kerridge, Head of Direct Business, Hiscox said: "Identity
theft is invasive, distressing and increasingly common.  It can
affect anyone, and can take months or even years to unravel
without dedicated professional help.  The new service is designed
to both alleviate worries over falling victim to identity theft
and provide rapid assistance to minimize the impact on a victim's
circumstances."

Simon Wakeling, Director, Arc Risk Management plc, said: "Hiscox
policyholders can take comfort through the comprehensive
protection afforded by red24's membership services.  As a result
of this and other agreements with global companies in the
financial services industry, we are witnessing significant growth
in our membership base and look forward to announcing further
developments in the coming months."

                            *   *   *

In June, ARC Risk Management Group plc noted an increase in
full-year loss despite a rise in sales.  In the full year to
March, the company registered pretax loss of GBP1.153 million
from GBP925,246 a year earlier, while sales jumped to GBP1.122
million from GBP971,427 in 2004.

CONTACT:  ARC RISK MANAGEMENT GROUP PLC
          73 Watling St., 4th Fl.
          London
          EC4M 9BL, United Kingdom
          Phone: +44-207-332-5600
          Fax: +44-207-236-3918
          Web site: http://www.arcrisk.com


BLACKS EQUIPMENT: Names P&A Partnership Liquidator
--------------------------------------------------
R. A. Black, chairman of Blacks Equipment Limited, informs that
the extraordinary resolution to wind up the company was passed at
an EGM held on Nov. 9 at 93 Queen Street, Sheffield S1 1WF.  John
Russell and Andrew Philip Wood of The P&A Partnership, 93 Queen
Street, Sheffield S1 1WF, Insolvency Practitioners duly qualified
under the Insolvency Act 1986 were appointed liquidators.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street, Sheffield S1 1WF
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


BLADE ASSOCIATES: Hires Liquidators from O'Hara & Co.
-----------------------------------------------------
D Duddles, director of Blade Associates Limited, informs that the
extraordinary and ordinary resolutions to wind up the company
were passed at an EGM held on Nov. 8 at O'Hara & Co, 1 Thorne
Road, Doncaster DNl 2HJ.  Peter O'Hara and Simon Weir of O'Hara &
Co, Wesley House, Huddersfield Road, Birstall, Batley WF17 9EJ
were appointed joint liquidators.

CONTACT:  O'HARA & CO.
          Wesley House
          Huddersfield Road
          Birstall
          Batley
          West Yorkshire WF17 9EJ
          Phone: 01924 477449
          Fax: 01924 475262
          E-mail: insol@ohara.co.uk


BLUE STAR: Calls in Liquidators from Blades
-------------------------------------------
Blue Star Jeans Limited informs that the extraordinary and
ordinary resolutions to wind up the company were passed at an EGM
held on Nov. 4 at Charlotte House, 19B Market Place, Bingham,
Nottingham.  Philip Anthony Brooks and Julie Willetts of Blades
Insolvency Services, Charlotte House, 19B Market Place, Bingham,
Nottingham were appointed joint liquidators.

CONTACT:  BLADES
          Charlotte House
          19B Market Place
          Bingham
          Nottingham
          Nottinghamshire NG13 8AP
          Phone: 01949 831260
          Fax: 01949 831960
          E-mail: advice@bladesinsol.co.uk


CAMBERLEY GLASS: Tenon Recovery Takes over Firm
-----------------------------------------------
R. Predgen, chairman of Camberley Glass & Windows Limited,
informs that the subjoined extraordinary resolution to wind up
the company was passed at an EGM held on Nov. 10 at Sherlock
House, 73 Baker Street, London W1U 6RD.  S. R. Thomas and S. J.
Parker of Tenon Recovery, Sherlock House, 73 Baker Street, London
W1U 6RD were appointed joint liquidators.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


CAR DOCTOR: Hires Liquidator from Arrans
----------------------------------------
J. U. R. Hashmee, chairman of Car Doctor Europe Limited, informs
that the subjoined extraordinary resolution to wind up the
company was passed at an EGM held on Nov. 4 at Travelodge, Anchor
Road, A4, Bristol BS1 5TT.  Robert Gibbons of Arrans, P.O. Box
9377, Falcon House, Falcon Park, Tamworth, Staffordshire B77 5HL
was appointed liquidator.

CONTACT:  ARRANS
          PO Box 9377
          Falcon House, Falcon Park
          Tamworth
          Staffordshire B77 5HL
          Phone: 01827 262550
          Fax: 0870 7622 141
          E-mail: enquiries@arrans.co.uk


CC O'FIRENZE: Deloitte & Touche Liquidators Move in
---------------------------------------------------
Members of CC O'Firenze Limited informs that the extraordinary
and ordinary resolutions to wind up the company were passed at an
EGM held on Nov. 10 at Athene Place, 66 Shoe Lane, London EC4A
3BQ.  Lee Antony Manning and Nicholas Guy Edwards of Deloitte &
Touche LLP, Athene Place, 66 Shoe Lane, London EC4A 3BQ were
appointed joint liquidators.

CONTACT:  DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


EGG PLC: Prudential Offers GBP973 Mln for 21.7% Stake
-----------------------------------------------------
The Boards of Prudential and Egg plc announce the terms of a
recommended Offer, to be made by Lexicon Partners on behalf of
Prudential, for the whole of the issued and to be issued shares
of Egg not already owned by the Prudential Group, representing
approximately 21.7% of the existing issued share capital of Egg.

The Offer values the existing issued share capital of Egg at
approximately GBP973 million, a 15% premium to the market
capitalization of Egg of GBP845 million on 30 November 2005,
being the last Business Day prior to announcement of the Offer.

The Board of Prudential believes that there are substantial
opportunities for the Prudential Group in the U.K. retail
financial services market.  The acquisition of the Minority will
enable Prudential and Egg to capitalize on the product
capabilities, customer relationships and brand strengths of
Prudential, M&G and Egg more effectively than would be possible
within the current shareholding structure.  The Acquisition will
also facilitate the realization of substantial annualized pre-tax
cost savings, with GBP40 million expected to be realized by the
end of 2007, as well as opportunities for revenue synergies.

The Acquisition is expected to be earnings enhancing (both on an
IFRS operating earnings per share basis and on an EEV operating
earnings per share basis) for Prudential in 2006.  It is also
expected to increase Prudential's capital surplus position (on an
EU Financial Conglomerates Directive solvency basis) from the
date of completion.

The Independent Committee of the Board of Egg considers the terms
of the Offer to be fair and reasonable and unanimously intends to
recommend that Egg shareholders accept the Offer.

                            The Offer

-- Under the terms of the Offer, Egg shareholders will receive
   0.2237 New Prudential Shares for each Egg Share;

-- Based on the closing mid-market price of a Prudential share
   on 30 November 2005, being the last Business Day prior to
   announcement of the Offer, the Offer values each Egg Share at
   118 pence and the entire issued share capital of Egg at
   approximately GBP973 million;

-- The Offer represents a premium for Egg shareholders of 15% to
   the Egg share price at the close of business on 30 November
   2005, being the last Business Day prior to this Announcement;

-- The Egg Board of Directors has established a committee of
   Directors who are independent of Prudential to consider the
   terms of the Offer on behalf of holders of the Minority.
   This committee (the Independent Committee) comprises:

    - Ronnie Baird,
    - Pascal Cagni,
    - Leslie Priestley,
    - Juan Rada,
    - Paul Gratton, and
    - Mark Nancarrow

   The Independent Committee, which has been so advised by
   Goldman Sachs International, considers the terms of the Offer
   to be fair and reasonable.  In providing advice to the
   Independent Committee, Goldman Sachs International has taken
   into account the commercial assessments of the Egg Board.
   Accordingly, the Independent Committee unanimously intends to
   recommend that Egg shareholders accept the Offer.  The
   Independent Committee has indicated to Prudential that they
   intend to give irrevocable undertakings to accept the
   Offer in respect of their own beneficial holdings of Egg
   Shares, which represent approximately 0.5% of Egg's existing
   issued share capital not owned by Prudential;

-- The Offer will be subject only to the condition that the New
   Prudential Shares are admitted to listing on the Official
   List of the U.K. Listing Authority and to trading on the
   London Stock Exchange's market for listed securities;

-- After the First Closing Date of the Offer, expected to be in
   mid January 2006, the Board of Egg will make an application
   to delist the Egg Shares from the Official List and to cancel
   trading of Egg Shares on the London Stock Exchange's market
   for listed securities;

-- Prudential intends to arrange for a free share dealing
   facility to be made available to Egg shareholders resident in
   the U.K. who accept the Offer and receive their entitlement
   of New Prudential Shares.  This dealing facility will enable
   them to sell up to 300 New Prudential Shares without
   incurring any charges (including dealing charges and
   settlement charges) and to receive the proceeds of the sale
   in sterling.  Further details of this free dealing facility
   will be provided in the Offer Document;

The offer of New Prudential Shares as consideration for the
Acquisition will allow Egg shareholders to participate in future
value creation and dividends payable by the enlarged Prudential
Group, including the benefit of cost and revenue synergies not
otherwise available to Egg as a stand-alone business.

      Comment of Mark Tucker, Chief Executive of Prudential

The combined strength of our Prudential U.K., M&G and Egg
businesses provides the Group with significantly greater
opportunities across the spectrum of personal financial services
in the U.K. than is available to them operating in isolation.
Whilst each business will continue to target profitable growth in
its own sector of the retail market -- life and pensions, retail
fund management and banking respectively -- they will work
together to develop a broader product range and a more compelling
customer proposition.  The Acquisition will facilitate this
process and the realization of substantial cost savings, as well
as providing opportunities for revenue synergies.  This is an
attractive financial transaction for both Prudential and Egg
shareholders alike.

         Comment of Paul Gratton, Chief Executive of Egg

This is an exciting development for Egg and we look forward to
developing the Egg brand and proposition as an integral part of
Prudential's U.K. business.

There are considerable opportunities to grow Egg's revenues and
profits within the Prudential Group, which will give us access to
nearly 2.8 million additional marketable customers.  This deal
represents an attractive outcome for Egg's shareholders and,
importantly, for our people and our customers.

                            *   *   *

Not for release, publication or distribution, in whole or in
part, in, into or from the United States of America, Australia,
Canada or Japan.

The full copy of the offer is available free of charge at
http://bankrupt.com/misc/Offer_for_Egg.htm

CONTACT:  PRUDENTIAL PLC
          Investor/Analyst Enquiries
          James Matthews
          Phone: 020 7548 3561
          Marina Novis
          Phone: 020 7548 3511

          LEXICON PARTNERS (financial adviser to Prudential)
          Phone: 020 7653 6000
          Andrew Sibbald
          Ollie Clayton
          Lucy Garrett

          UBS INVESTMENT BANK (corporate broker to Prudential)
          Phone: 020 7568 1000
          Phil Shelley

          EGG PLC
          Investor/Analyst Enquiries
          Kieran Coleman
          Phone: 020 7526 2648

          GOLDMAN SACHS INTERNATIONAL (financial adviser to Egg)
          Phone: 020 7774 1000
          Karen Cook
          Nick Reid
          Jonathan Sorrell

          JP MORGAN CAZENOVE (corporate broker to Egg)
          Phone: 020 7588 2828
          Richard Locke
          Mike Collar


ELMDON PROJECTS: Liquidator from Moore Stephens Moves in
--------------------------------------------------------
P. Kelly, chairman of Elmdon Projects Ltd. informs that the
extraordinary and ordinary 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:  MOORE STEPHENS
          6 Ridge House
          Ridge House Drive
          Festival Park
          Stoke On Trent
          Staffordshire ST1 5TL
          Phone: 01782 201120
          Fax: 01782 201599
          E-mail: mustafa.abdulali@uk.pkf.com


EQUITABLE LIFE: Drops Claims Against Remaining Ex-directors
-----------------------------------------------------------
Equitable Life Assurance Society has settled its litigation
against the remaining nine former directors.

               Statement of Chairman Vanni Treves

As you know we started these claims with the full support of
policyholders and action groups.

The risk of litigation is obvious as are the potential costs.
However, having considered the best legal and other expert advice
available, we concluded that we had a duty to pursue the claims
against the former directors while they were cost effective.

Having settled our claim against our former auditors, Ernst &
Young, the cost effectiveness of carrying on against the former
directors alone was reviewed.  Following further consideration
with our legal team, our conclusion was that we should end the
litigation on the best terms available.  That is what we have
done.

It is deeply frustrating and disappointing not to be able to win
redress for policyholders.  Lord Penrose said that the Society
was "the author of its own misfortune."  However, we must accept
that it is a different matter to satisfy a Court that the role of
the former directors constitutes a responsibility that leads in
law to culpability and redress.

As we recently reported, however, the overall position of the
Society has strengthened as demonstrated by the improvement in
the free assets of GBP166 million over the first half of this
year and the increased bonuses we announced from 1 October 2005.
The Board continues to evaluate future strategic options for the
Society.  Through the actions of this Board, the financial
position of the Society is substantially stronger and managing
the run-off of the existing policies is now very much a viable
strategy.  The increased capital available means that the Board
is also now able actively to consider a variety of other options,
which will be pursued only if they provide a clear benefit to
policyholders.

Settlement has been agreed with former directors Peter Davis
(former non executive director) from July 1995 - April 2001;
Christopher Headdon (former executive director) from July 1999 -
March 2001, former appointed actuary and former CEO; Jennifer
Page (former non executive director) from April 1994 - April
2001; David Price (former non executive director) from July
1996 - April 2001; John Sclater (former non executive director)
from Nov 1985 - Feb 2001, former chairman of Equitable; I Peter
Sedgwick (former non executive director) from Nov 1991 - April
2001; Jonathan Taylor (former non executive director) from Jan
1995 - April 2001, Alan Tritton (former non executive director)
from June 1976 - June 1999; and David Thomas (former executive
director) from Jan 1989 - April 2001, former investment director.

CONTACT:  THE EQUITABLE LIFE ASSURANCE SOCIETY
          Walton Street
          Aylesbury
          Buckinghamshire HP21 7QW
          United Kingdom
          Phone: +44-870-901-0052
          Web site: http://www.equitable.co.uk


FONE DOCTOR: Liquidators from Harrisons Enter Firm
--------------------------------------------------
P. Hilton, director of Fone Doctor Limited, informs that the
extraordinary and ordinary 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:  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


GREATWAY MANAGEMENT: S. G. Banister & Co. Liquidator Moves in
-------------------------------------------------------------
At an extraordinary general meeting of Greatway Management Ltd.
informs that the subjoined extraordinary resolutions to wind up
the company were passed on Nov. 11 at S. G. Banister & Co., 40
Great James Street, London WC1N 3HB.  D. M. Patel of 40 Great
James Street, London WC1N 3HB was appointed liquidator.

CONTACT:  S. G. BANISTER & CO.
          40 Great James Street,
          London WC1N 3HB
          Phone: 020-7430-9292


INDUSTRIAL THERAPY: Appoints Baker Tilly Liquidator
---------------------------------------------------
R. Hill, chairman of Industrial Therapy Organisation (Watford)
Limited, informs that a resolution to wind up the company was
passed at an EGM held on Nov. 10 at Baker Tilly, 1st Floor, 46
Clarendon Road, Watford, Hertfordshire WD17 1JJ.

Tracey Elizabeth Callaghan and Mark John Wilson of Baker Tilly,
1st Floor, 46 Clarendon Road, Watford, Hertfordshire WD17 1JJ
were appointed joint liquidators.

Industrial Therapy -- http://www.itowatford.org.uk-- is a
sheltered workshop offering employment and training to people
with physical disabilities, learning disabilities, mental health
problems and drug and alcohol problems.  They provide a contract
packing service and offer a complete employment service leading,
in many cases, to employees moving onto open employment.  They
also provide a printing service, which offers further training
for attendees in both undertaking the print work and dealing with
the print customs.

CONTACT:  INDUSTRIAL THERAPY ORGANISATION (WATFORD) LTD.
          Training and Development Centre
          Anson House
          Northwick Road
          Oxhey
          Watford
          Hertfordshire
          WD1 6RS
          Phone: 020 8428 0288
          Fax: 020 8420 1073
          E-mail: sue@itowatford.org.uk
          Contact:
          Susan Tilbury, Operations Manager

          BAKER TILLY
          1st Floor,
          46 Clarendon Road, Watford,
          Hertfordshire WD1 1JJ
          Phone: 01923 816400
          Fax:   01923 253402
          Web site: http://www.bakertilly.co.uk


INTERGOLD LTD.: Files for Liquidation
-------------------------------------
P. Brown, chairman of Intergold Limited, informs that resolutions
to wind up the company were passed at an EGM held on Oct. 28 at
ThorntonRones, First Floor, 167 High Road, Loughton, Essex IG10
4LF.  Richard Rones of ThorntonRones, First Floor, 167 High Road,
Loughton, Essex IG10 4LF was appointed liquidator.

InterGold -- http://www.intergold.co.uk/-- was established in
1996.  It is an independent Oracle applications company.

CONTACT:  INTERGOLD LIMITED
          18-20 Clerks Court, London EC1R 3AU
          Phone: 0207 608 1835
          Fax: 0207 490 3465
          E-mail: 11isolutions@intergold.co.uk

          THORNTONRONES
          1st Floor
          167 High Road
          Loughton
          Essex IG10 4LF
          Phone: 020 841 9333
          Fax: 020 8418 9444
          E-mail: info@thorntonrones.co.uk


LAND & UNWIN: Calls in Liquidators from Begbies Traynor
-------------------------------------------------------
C. Clifton, chairman of Land & Unwin (Data Sciences) Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Nov. 4 at Chiltern House, 24-30 King Street, Watford
WD18 0BP.

Timothy John Edward Dolder and Paul Michael Davis of Begbies
Traynor (South) LLP, Calverton House, Tilers Road, Kiln Farm,
Milton Keynes MK11 3LL were appointed Joint Liquidators.  The
appointment was confirmed at a creditors meeting held on the same
day.

CONTACT:  LAND & UNWIN (DATA SCIENCES) LIMITED
          10 High Street, Bugbrooke, Northampton
          Northamptonshire NN7 3BJ
          Phone: 01604830397


LOOK CARS: Goes into Liquidation
--------------------------------
D. Fox, chairman of Look Cars Limited, informs that resolutions
to wind up the company were passed at an EGM held on Nov. 4 at
Hilton Portsmouth, Eastern Road, Farlington, Portsmouth PO6 1UN.
Martin Charles Armstrong of Turpin, Barker Armstrong, Allen
House, 1 Westmead Road, Sutton, Surrey SM1 4LA was appointed
liquidator.

CONTACT:  LOOK CARS LIMITED
          Web site: http://lookcars.co.uk/

          TURPIN BARKER ARMSTRONG
          Allen House
          1 Westmead Road, Sutton, Surrey SM1 4LA
          Phone: +44 (0) 20 8661 7878
          Fax:   +44 (0) 20 8661 0598
          E-mail: tba@turpinba.co.uk
          Web site: http://www.turpinba.co.uk


MERLIN BIOSCIENCES: Internal Probe Backs Claim of Innocence
-----------------------------------------------------------
Internal and independent audits commissioned by Merlin
Biosciences Ltd. appear to clear the venture capitalist of any
wrongdoing.

In an interview with The Sunday Telegraph, Sir Christopher Evans
declared, "The internal investigations that have taken place have
given a clean bill of health.  Investors feel very comfortable
with everything they've seen."

In fact, Mr. Evans adds investors want the company to set up a
fourth fund: "We've got an increasing number of investors who
want more of the same . . . It's almost more than business as
usual."

The Serious Fraud Office launched in the summer an investigation
into Merlin's third fund after receiving a tip from an unnamed
complainant.  Accordingly, the company had misappropriated
investors' money by investing in Energist, a fledging healthcare
company that makes a range of pulsed light systems used by beauty
salons to remove unwanted hair.  The company and Sir Christopher
have denied any wrongdoing.

Set up in the mid-1990s, Merlin has already raised more than
EUR450 million and made 11 investments of up to EUR10 million
each in a range of companies developing healthcare products.
These companies include Ark Therapeutics, BioVex, Cyclacel,
KinderTec, Microscience, PanTherix, ReNeuron and Vectura.
Investors in the first Merlin Fund LP will redeem their money in
2007.

CONTACT:  MERLIN BIOSCIENCES LIMITED
          33 King Street
          St. James's
          London, SW1Y 6RJ
          United Kingdom
          Phone: + 44 (0) 20 7811 4000
          Fax: + 44 (0) 20 7811 4001
          E-mail: enquiry@merlin-biosciences.com
          Web site: http://www.merlin-biosciences.com/


PRODUCT WAREHOUSE: Liquidators from Valentine & Co Move in
----------------------------------------------------------
B. Chanoch, chairman of The Product Warehouse Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 3 at Valentine & Co., 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS.  Robert Valentine and Mark Reynolds of
Valentine & Co, 4 Dancastle Court, 14 Arcadia Avenue, London N3
2HS were appointed Joint Liquidators.

CONTACT:  THE PRODUCT WAREHOUSE LIMITED
          Web site: http://www.product.co.uk/

          VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


QMI LIMITED: Appoints Liquidator from KPMG
------------------------------------------
Company Names: QMI LIMITED
               QVF LIMITED

K. Peermohamed, chairman of these companies, informs that the
special and ordinary resolutions to wind up the firms 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 B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


REFCO INC.: Former CEO Enjoined from Dissipating Assets
-------------------------------------------------------
Scott+Scott, LLC (http://www.scott-scott.com),the firm at the
front line in the Refco securities litigation, reached an
agreement on Dec. 1 with Refco former CEO Phillip R. Bennett,
whereby, unless otherwise ordered by the Court, he is enjoined
indefinitely during the pendency of the action from dissipating
any and all proceeds he obtained from his sale of Refco stock in
the August 2005 Initial Public Offering.

Refco securities purchasers between August 11, 2005, and October
18, 2005, inclusive (the Class Period) are putative class
members, but Scott+Scott encourages anyone who purchased these
securities to contact the firm to discuss their rights.  Bond
purchasers dating back to the August 2004 bond offering are also
welcome to join this all-securities class action.  Scott+Scott
has named twenty-seven defendants to date, but this number will
increase as the firm prepares to file a more comprehensive
complaint.  The Scott firm represents major institutional and
individual investors in this securities class action filed on
October 11, 2005 in the United States District Court for the Sout
hern District of New York regarding the Refco, Inc. (Refco) (OTC:
RFXCQ.PK) fraud / negligent IPO ordeal (Case No.
1:05-cv-08663-DC).

On Oct. 31, 2005, based on a motion filed by Scott+Scott on
behalf of the investor Class, as well as discussions with counsel
for Mr. Bennett, the Court entered a Temporary Restraining Order
to freeze over US$111 million in assets that Mr. Bennett obtained
from his Refco stock sales in the Company's August 2005 IPO.  The
freezing of the assets was in effect pending a hearing scheduled
for Dec. 1, 2005.  Scott+Scott, however, reached the
aforementioned agreement with Mr. Bennett's counsel on Dec. 1
prior to the scheduled hearing.  An agreed order, which may well
benefit the shareholders upon the successful resolution of the
case, has been submitted to the Court.

Through Scott+Scott's investigation, litigation and success in
the freezing of Mr. Bennett's assets during the pendency of this
case, it is confident that a successful resolution will be
reached and according to one source, these defendants have more
than enough capital and/or insurance to cover the liabilities
incurred by those damaged at the hands of the defendants'
negligence and fraud.

                            *   *   *

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

Refco's reputation was damaged after it disclosed on Oct. 10 that
Chief Executive Phillip R. Bennett had secretly borrowed US$430
million from the company.  The debt was discovered only after he
paid it.

The Company and 23 affiliates filed for chapter 11 protection on
Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).  J. Gregory
Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
represent the Debtors in their restructuring efforts.  Refco
reported US$16.5 billion in assets and US$16.8 billion to the
bankruptcy court.

ONTACT:  REFCO INC.
         One World Financial Center
         200 Liberty Street, Tower A
         New York, New York 10281
         Web site: http://www.refco.com


RKR 110: Owners Decide to Wind up Firm
--------------------------------------
J. C. Porter, chairman of RKR 110 Limited, informs that the
special resolutions to wind up the company were passed at a
meeting held on Nov. 15.  William Duncan and Ian Christopher
Schofield of PFK LLP, Knowle House, 4 Norfolk Park Road,
Sheffield S2 3QE were appointed liquidators.

CONTACT:  PKF
          Knowle House
          4 Norfolk Park Road
          Sheffield
          South Yorkshire S2 3QE
          Phone: 0114 276 7991
          Fax: 0114 275 3538


SANDOWN SKI: Files for Liquidation
----------------------------------
Sandown Ski Centre Ltd. informs that a resolution to wind up the
company was passed at an EGM held on Nov. 3 at Sports Club, More
Lane, Esher, Surrey KT10 8AN.

CONTACT:  SANDOWN SKI CENTRE LTD.
          Sandown Ski Centre,
          More Lane
          Esher
          Surrey KT10 8AN
          Phone: 01372 467132
          Fax: 01372 466979
          E-mail: ski@sandownsports.co.uk
          Web site: http://www.sandownsports.co.uk/


S & B ROAD: Liquidator from Elwell Watchorn Moves in
----------------------------------------------------
S & B Road Services Limited informs that a resolution to wind up
the company was passed at an EGM held on Nov. 9 at Elwell
Watchorn & Saxton LLP, 109 Swan Street, Sileby, Leicestershire
LE12 7NN.  David John Watchorn of Elwell Watchorn & Saxton LLP,
109 Swan Street, Sileby, Leicestershire LE12 7NN was appointed
liquidator.

CONTACT:  S & B ROAD SERVICES LIMITED
          9 Slater Street, Leicester
          Leicestershire LE3 5AS
          Phone: 01162515080

          ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


SECOND SIGHT: EGM Passes Winding-up Resolution
----------------------------------------------
M. Porter, director of Second Sight Fine Art Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 10 at Suite 3 Farleigh House, Farleigh Court, Old
Weston Road, Flax Bourton BS41 1UR.  Alison M. Byrne has been
appointed liquidator.

CONTACT:  SECOND SIGHT FINE ART LIMITED
          6 Broad St, Bath, BA1 5LJ
          Phone: 01225 463235


SILVERGLADE COATINGS: Names Begbies Traynor Liquidator
------------------------------------------------------
B. Price, chairman of Silverglade Coatings Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 9 at 4th Floor, Newater House, 11 Newhall Street, Birmingham
B3 3NY.  James P. N. Martin and W. John Kelly of Begbies Traynor,
4th Floor, Newater House, 111 Newhall Street, Birmingham B3 3NY
were appointed Joint Liquidators.

Silverglade Coatings is a private company specializing in powder
coating and lacquering.

CONTACT:  SILVERGLADE COATINGS LIMITED
          Unit 5, Whitworth Indstl Park
          Birmingham, West Midlands B9 4PP
          Phone: 01217721536

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


SOFA & CO.: Appoints Joint Liquidators
--------------------------------------
D. Jones, director of sofa & co. Design plc, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 2 at 67 Butts Green Road, Hornchurch, Essex RM11 2JS.  P.
Atkinson and G. Mummery were appointed Joint Liquidators.

CONTACT:  SOFA & CO DESIGN LTD.
          Unit A, Peek House Business Park
          Dales Manor Industrial Estate
          Gove Road, Sawston
          Cambridge CB2 4TJ
          Phone: 01638 508825


UNITED FOREST: Files for Liquidation
------------------------------------
G. C. Doland, chairman of United Forest Products Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 3 at Landmark Offices, Devlin House, 36 George
Street, Mayfair, London W1U 2FW.  Neil Charles Money and Geoff
Robbins of CBA, Lichfield Place, 435 Lichfield Road, Aston,
Birmingham B6 7SS were appointed Joint Liquidators.

CONTACT:  UNITED FOREST PRODUCTS LTD.
          Unit 15
          Thomas Road Industrial Estate
          London
          E14 7Bn
          Postcode
          E14 7BN
          Phone: 0207 9878886
          Fax: 0207 9878897

          CBA
          435 Lichfield Road
          Aston Birmingham B6 7SS
          Phone: (0121) 326 0880
          Fax: (0121) 328 6456
          E-mail: bham@cba-insolvency.co.uk
          Web site: http://www.cba-insolvency.co.uk


UP TO SCRATCH: Joint Liquidators Enter Firm
-------------------------------------------
Up to Scratch Ltd. informs that resolutions to wind up the
company were passed at an EGM held on Nov. 8.  John Kelmanson and
Elias Paourou were appointed Joint Liquidators.

CONTACT:  UP TO SCRATCH LTD.
          First Floor, 12 Dorset Street
          London W1U 6QS
          Phone: 02070722135


VEKTOR LTD.: Appoints Liquidators from Kroll
--------------------------------------------
I. Robertson, chairman of Vektor Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 9.  S. Wilson and D. J. Whitehouse of Kroll, The
Observatory, Chapel Walks, Manchester M2 1HL were appointed Joint
Liquidators.

CONTACT:  KROLL EUROPE, MIDDLE EAST & AFRICA
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone:  44 (0) 207 029 5000
          Fax:  44 (0) 207 029 5001


VERITAS CONSULTING: Hires Liquidators from Benedict Mackenzie
-------------------------------------------------------------
W. S. Few, chairman of Veritas Consulting LLP, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 8 at Mary Sumner House, 24 Tufton Street, Westminster,
London SW1P 3RB.  Julie P. Vahey and Graham P. Pertersen of
Benedict Mackenzie, 5-6 The Courtyard, East Park, Crawley, West
Sussex were appointed Joint Liquidators.

CONTACT:  VERITAS CONSULTING LLP
          78 Cannon St,
          City of London,
          London
          EC4N6HH
          Phone: 020 7623 6655
          Web site: http://www.veritasllp.com

          BENEDICT MACKENZIE
          4 The Courtyard
          East Park
          Crawley
          West Sussex RH10 6AG
          Phone: 01293 410333
          Fax: 01293 428530
          E-mail: m.fillmore@benemack.com


WEALTH MANAGEMENT: Liquidators from KPMG Enter Firm
---------------------------------------------------
K. Peermohamed, chairman of Wealth Management Administration
Services 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 B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (421)       1,700      183


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR   (202)         176      (17)
Sabena S.A.                          (86)       2,215     (297)


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


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


FRANCE
------
Acces Industrie                      (32)         124      (63)
Arbel                     PA.ARB     (50)         213      (47)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Bull S.A.                 BULP.PA   (912)         902      (38)
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Dollfus Mieg & Cie S.A.   DS         (11)         165      (29)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (15)         136        3
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
LVL Medical Group         LVLM.PA     (8)         149       (6)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Agor AG                   DOOG.BE     (8)         392     (126)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kamps AG                  KMPSF.PK   (93)       1,075      (61)
Kaufring AG               KAUG       (19)         151      (51)
Mannheimer AG                        (15)         879      N.A.
Marbert AG                MTBG       (13)         144      (50)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (23)         122       (7)
Senator Entertainment
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
VBH Holding AG            VBHG       (54)         337      (80)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
DryShips Inc.             DRYS        (4)         184      (29)


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


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (111)         974      (97)
I Grandi Viaagi S.p.A.    IGV.MI     (31)         533     (140)
Lazio S.p.A.              LAZI       (27)         426     (175)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.               NUMC      (422)       1,982      376
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


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


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


ROMANIA
-------
Oltchim RM Valce          OLT        N.A.         232     (321)


RUSSIA
------
Zil Auto                            (168)         409  (10,680)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Avanzit S.A.              AVZ.MC    (117)         457     (247)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (16)         136      (34)


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


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Avis Europe PLC           AVE.L      (24)       2,686     (420)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
British Sky Broadcasting
   Group Plc              BSY        (61)       4,157      139
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L     (101)         540       34
Dawson Holdings           DWN.L      (19)         142      (33)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,411)       3,235     (331)
Euromoney Institutional
   Investor Plc           ERM.L     (113)         236      (66)
Gallaher Group            GLH       (421)       7,866        5
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (9)         875     (190)
Homestyle Group Plc       HME        (29)         409     (124)
Invensys PLC                        (963)       4,861      913
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Jessops Plc               JSP.L      (14)         321        7
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (460)         906       60
Mytravel Group            MT.L    (1,613)       2,199     (463)
Orange Plc                ORNGF     (594)       2,902        7
Partygaming Plc           PRTY      (405)         263     (161)
Premier Foods Plc         PFD.L      (29)       1,059       20
Probus Estates Plc        PBE.L      (28)         113     (264)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,072)       3,382      (68)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

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


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  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 * * *