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

                           E U R O P E

          Wednesday, December 7, 2005, Vol. 6, No. 242

                            Headlines

C Z E C H   R E P U B L I C

TELESYSTEM INTERNATIONAL: To Delist from TSX Venture Dec. 16
VSEOBECNA ZDRAVOTNI: Paying CZK30 Mln to Bohemian Hospitals


F R A N C E

CF GOMMA: First-half Loss Pushes Rubber Firm into Administration
NOMATICA: Placed Under Administration


G E R M A N Y

ADI GERMANY: Bremen Court to Verify Claims February
AERO LLOYD: Scam Suspected in Insolvency Proceedings
DAIMLERCHRYSLER AG: Sells MTU Unit to EQT Partners
FIRSTLINE LOGISTIC: Creditors Meeting Set Next Month
KRAMER VERTRIEBS: Aachen Company Goes Bust

MANDALAI GASTRO: Proofs of Claim Due Later this Month
MATRA-TEC: Hamburg Court Names Administrator
RSD REGAL: Under Bankruptcy Administration
SLICING INFORMATION: Court Calls in Administrator
TREFFER AUSSERGEWOHNLICHE: Bochum Firm Falls into Bankruptcy

VOLKSWAGEN AG: Talks Between Seat, Unions Collapse
WERNER RASP: Claims Filing Period Ends January 20
WLAN INTERNATIONAL: Creditors to Meet February

* Number of Bankrupt German Firms Down this year


I R E L A N D

SMURFIT KAPPA: Fitch Affirms B+ Rating; Outlook Stable
VALENTIA TELECOMMUNICATIONS: S&P Affirms BB+, Stable Rating


I T A L Y

ALITALIA SPA: Raises EUR1 Billion from Rights Issue
FIAT SPA: Completes Acquisition of Enel's Interest in Leasys
PIAGGIO S.P.A.: Third Quarter Net Results Return to Black


K A Z A K H S T A N

PETROKAZAKHSTAN INC.: Told to Return Illegally Earned Revenues


K Y R G Y Z S T A N

AIYAZ: Gives Creditors Until January to File Claims
N. RADAYEV: Sets Creditors Meeting December 9


N E T H E R L A N D S

ROYAL SHELL: Signs Exploration Deal with Naftogaz Ukrainy
ROYAL SHELL: Has 3.9 Billion Remaining 'A' Shares


R U S S I A

AVIATA: Succumbs to Bankruptcy
BUZULUK-STROY: Bankruptcy Hearing Resumes January
ENERGY: Arkhangelsk Court Appoints Insolvency Manager
KAMSKOYE: Undergoes Bankruptcy Supervision Procedure
LEZHNEVSKIY TEXTILE: Insolvency Manager Takes over Helm

NOVONIKOLAEVSKOYE: Declared Insolvent
ROAD BUILDING: Falls into Bankruptcy
STROY-CERAMICS: Bankruptcy Supervision Procedure Begins
VOSTOK-METALLURG-MONTAGE-2: Appoints Insolvency Manager


S W I T Z E R L A N D

FLIGHTLEASE AG: Supplement to Schedule of Claims Now Available


U K R A I N E

A. I. INVEST: Declared Insolvent
AVIATOR: Crashes into Insolvency
BAHCHISARAJ' MISKTEPLOMEREZHA: Proofs of Claim Deadline Monday
ENERGOGAZRESURS: Succumbs to Bankruptcy
ROMANCHUKIVSKE: Creditors' Claims Due Next Week
ZHOVTEN: Bankruptcy Supervision Begins


U N I T E D   K I N G D O M

ALLSERVE SYSTEMS: Hires KPMG Administrator
AMEY PLC: Wins GBP15 Mln Contract to Repair, Reopen Railway Line
BELL'S OF TOLWORTH: Calls in Vantis Numerica Administrator
CELLTRACKER LIMITED: Administrators from Elwell Watchorn Move in
CLACHAN INN: Administrators from Haines Watts Enter Firm

C & M POULTRY: Calls in Administrators from BDO Stoy Hayward
C T D PRINTERS: Names UHY Hacker Young Administrator
DESIGN CONSTRUCTION: Administrator Takes over Firm
DOOSRA PRODUCTION: Hires Tenon Recovery Administrator
DOWN UNDER TENNIS: Calls in Administrator

FIRST DISCOUNT: Langley & Partners Administrator Enters Firm
HULL LOCAL: Files for Liquidation
ITS YOUR GROUP: Appoints RSM Robson Rhodes Administrator
K.C. MOBILITY: Calls in Administrators from P&A Partnership
KRISS CAR: Goes into Liquidation

LARA MANUFACTURING: Names Begbies Traynor Liquidator
MEARE MANOR: Administrator from Albert Goodman Takes over Firm
MEDIA WHAT: Appoints Sale Smith & Co. Administrator
MEPC LTD.: Transfers Hermes Interest to Main Shareholders
MEPC LTD.: Fitch Maintains Low-B Ratings, Negative Outlook

MEPC LTD.: Rating Downgraded to B- Following Asset Transfer
MG ROVER: Possibility of Longbridge Revival Dims
MINORPLANET SYSTEMS: Breaks even in October
MOWLEM PLC: Wins GBP29 Mln Government Contracts
NATIONWIDE CONTRACT: Names PricewaterhouseCoopers Administrator

NETWORK RAIL: Expects Tamping Machines to Deliver Savings
NEWCASTLE EXPRESS: Appoints Tenon Recovery Liquidator
RTV PACKAGING: EGM Passes Winding-up Resolution
SANCTUARY GROUP: May Raise Funds Thru Evolution Securities
SERVICED LETTING: Liquidators from Begbies Traynor Move in

SHADEREACH LTD.: Goes into Liquidation
SIMPSON & PARSONS: Insurance Consultant Liquidates
S P HORE: Calls in Liquidator
SWL LOGISTICS: Begbies Traynor to Liquidate Business
TRAVIS MARKETING: Hires Liquidator from Begbies Traynor

UNIQUE EFFECTS: Files for Liquidation
ZODIUM LTD.: Lighting Engineering Specialist Winds up
ZOOM SOLUTIONS: Vehicle Delivery Firm Liquidates


                            *********


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


TELESYSTEM INTERNATIONAL: To Delist from TSX Venture Dec. 16
------------------------------------------------------------
Telesystem International Wireless Inc. said that, pursuant to the
Plan of Arrangement, the Company will cancel all its common
shares on December 16, 2005.  The shares will no longer be listed
for trading on the TSX Venture Exchange at the opening of markets
on December 19, 2005.  The court-appointed Monitor, KPMG Inc.,
will then take over all the powers and duties of TIW's directors
and shareholders in accordance with the order issued on Nov. 4,
2005 by the Superior Court in Montreal, Quebec.

                  Declaration of Cash Dividend

TIW also announces that the Canada Revenue Agency and the
Ministere du Revenu du Quebec have completed their audits of the
Company for the periods up to Oct. 31, 2005 and that adjustments
to taxable income of the Company will result in tax liability of
approximately CA$17.5 million.  The taxation authorities have
further agreed that, upon payment of this tax liability, the tax
reserves of CA$255 million previously created by court order in
the Plan of Arrangement will be reduced to nil.

In light of the release of the tax reserves, TIW's Board of
Directors has declared a dividend equal to the net asset value of
the Company, after deducting corporate costs to be incurred until
TIW's final liquidation, less CA$0.01 per common share.
Shareholders of record on Dec. 14, 2005 will be entitled to
receive this dividend, which will be paid in one or more
installments after the cancellation of TIW's common shares.  The
payment date and amount of each installment will be determined by
the Monitor, subject to approval by the Court.  TIW's common
shares will start trading ex-dividend on Dec. 12, 2005.

                First Installment of Cash Dividend

The estimated size of the first installment of the dividend, for
which Court approval will be sought shortly after the
cancellation of the shares, is approximately CA$259 million or
CA$1.1614 per common share and represents substantially all of
the Company's remaining net cash assets, after provisions for
expenses until liquidation.  This amount, when added to previous
distributions, corresponds to the Target Return of CA$19.9614 per
share (as defined in the Information Circular dated April 18,
2005).  Subject to Court approval, payment of this initial
tranche of the dividend is expected to be completed within 60
days.  There can be no certainty, however, as to the amount or
timing of this or other tranches of the dividend, and the Company
makes no representations regarding on such amounts or timing.

              Future Installments of Cash Dividend

After payment of this first tranche of CA$1.1614 per share,
aggregate future distributions, if any, are not expected to
exceed approximately CA$0.12 per share, consisting of the
expected recovery of approximately CA$0.05 per share pursuant to
the price adjustment provisions of the Company's agreement with
Vodafone and other assets, net of estimated future liquidation
costs, of approximately CA$0.07 per share.

               Other Potential Cash Distributions

Reporting Issuer Status

Following the cancellation and delisting of its shares, the
Company also intends to make filings with applicable securities
authorities in Canada and the United States to cease to be a
reporting company.  In accordance with the order issued by the
Superior Court, District of Montreal, Province of Quebec on Nov.
4, 2005, the Monitor will post on the Company's Web site or on a
dedicated sub-Web site maintained by the Monitor notice of the
occurrence of events that would reasonably be expected to have a
significant effect on the timing and amount of any further
distribution.

The Information Circular is available at http://www.tiw.ca,
http://www.sedar.comor http://www.sec.gov

                        About the Company

Telesystem International, headquartered in Montreal (Quebec),
provides wireless voice, data and short messaging services in
Central and Eastern Europe with over 6.9 million subscribers.  It
operates in Romania through MobiFon S.A. under the brand name
Connex and in the Czech Republic through Oskar Mobil a.s. under
the brand name Oskar.

                       Restructuring Plan

On May 20, the Superior Court, District of Montreal, Province of
Quebec issued a final order approving a Plan of Arrangement under
the Canada Business Corporations Act.  The court supervised Plan
of Arrangement was adopted by the Company to allow the Company
to:

   -- complete the transaction with Vodafone announced on
      March 15, 2005;

   -- proceed with its liquidation, including the implementation
      of a claims process and the distribution of net cash to
      shareholders;

   -- cancel its common shares; and

   -- proceed with its final distribution and be dissolved.

The Court has appointed KPMG Inc. as monitor to perform the
duties provided in the claims identification process approved by
the Court.  Visit http://bankrupt.com/misc/Telesystem_Profile.htm
to view company profile.

CONTACT:  TELESYSTEM INTERNATIONAL WIRELESS INC.
          For Investors:
          Jacques Lacroix
          Phone: (514) 673-8466
          E-mail: jlacroix@tiw.ca


VSEOBECNA ZDRAVOTNI: Paying CZK30 Mln to Bohemian Hospitals
-----------------------------------------------------------
Seobecna zdravotni pojistovna Ceske republiky (The General Health
Insurance Company, VZP) has avoided a potential lawsuit by
agreeing to pay CZK30 million in debt to three small central
Bohemian hospitals, according to Czech News Agency.  The
hospitals are in Melnik, Beroun, and Nymburk.  On Friday, VZP
representatives signed addenda to the contracts with Melnik, and
Beroun hospitals.

The deal aborted a potential lawsuit planned by Mlada Boleslav
regional hospital, which has been managing the Melnik hospital
since September.  VZP owes CZK15 million for medical services
provided by the Melnik hospital.

VZP refused to pay the hospitals after the region transferred
them to the jurisdiction of larger transformed hospitals.  As a
result, the hospitals were forced to reduce their services into
emergency treatment.

The health ministry placed VZP under forced administration on
Nov. 10.  Antonin Pecenka was appointed administrator.  VZP,
which operates on an annual budget of CZK200 billion, has racked
up debt of CZK10 billion.

CONTACT:  VSEOBECNA ZDRAVOTNI POJISTOVNA CESKE REPUBLIKY
          (The General Health Insurance Company)
          Orlicka 4/2020
          130 00 Praha 3
          Czech Republic
          Phone: 221 751 111
          E-mail: info@vzp.cz
          Web site: http://www.vzp.cz


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


CF GOMMA: First-half Loss Pushes Rubber Firm into Administration
----------------------------------------------------------------
The commercial court in Nantes has placed rubber car component
supplier CF Gomma Barre Thomas S.A. under administration, Le
Monde says.

The company, the local unit of Italian parent CF Gomma S.p.A.,
booked EUR1.3 million in losses in the first half of 2005.  The
group is seeking to reduce fixed costs by cutting jobs while
looking for a buyer.

The group supplies rubber automotive parts to former parent PSA
Peugeot-Citroen, which accounts 95% of its sales.  PSA recently
renewed its contract with CF Gomma for EUR340,000 a year.

CONTACT:  CF GOMMA BARRE THOMAS S.A.
          194, Route de Lorient
          CS 74321
          35043 Rennes Cedex
          Phone: +33 2 2346 5656
          Fax: +33 2 2346 5500
          Web site: http://www.cfgomma.com


NOMATICA: Placed Under Administration
-------------------------------------
A local court has placed online reseller of hi-tech products,
Nomatica, under administration and imposed a six-month
observation period, Le Figaro says.

Nomatica succumbed to insolvency after failing to launch a
EUR7-10 million capital hike.  According to Le Figaro, the group
failed to match the growth of its rivals even after annual sales
grew to EUR54 million in just a few years.

CONTACT:  NOMATICA
          1 Rue Louis Renault
          31130 Balma
          Web site: http://www.nomatica.com


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


ADI GERMANY: Bremen Court to Verify Claims February
---------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against ADI Germany GmbH on November 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 31, 2006 to register their
claims with court-appointed provisional administrator Uwe
Kuhmann.

Creditors and other interested parties are encouraged to attend
the meeting on January 12, 2006, 10:30 a.m. at the district court
of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report February
23, 2006, 9:00 a.m. at the same venue.

CONTACT:  ADI GERMANY GmbH
          Julius-Bamberger-Str. 11, 28279 Bremen
          Contact:
          Gerd Otto Klaus de Haan, Manager
          Lesmonastr. 88, 28717 Bremen

          Uwe Kuhmann, Administrator
          Schuesselkorb 3, 28195 Bremen
          Phone: 0421/33061-0
          Fax: 0421/33061-10


AERO LLOYD: Scam Suspected in Insolvency Proceedings
----------------------------------------------------
German and American legal experts suspect fraud in the insolvency
of Aero Lloyd, Germany's oldest airline and the predecessor of
Deutsche Lufthansa AG, according to News Ticker-org.  They think
the management of BayernLB in Munich, the parent of Aero Lloyd,
made business decisions aimed at separating itself from its
subsidiary without assuming losses arising from the latter's
insolvency.  Roland Berger management consultants put the overall
liability risk from the failure at more than EUR640 million.

According to the report, BayernLB was allowed to file its claim
as "normal" claim when they are actually "subordinated" claim
because it had the character of a replacement for capital.  As
such, BayernLB was able to have the liens to Aero Lloyd's six
Airbusses released in return for payment of EUR50 million into
the insolvency assets.  Administrator Dr. Walter of Walter&Walter
may face a suit in relation to the allegations the report said.

The collapse of Aero Lloyd gave rise to a new company Aero Flight
18 months ago.  Aero Flight last month applied for insolvency
proceedings at the district court of Bad Homburg. Ottmar Hermann
of the law firm Hermann was appointed a temporary administrator.
The company's operating license has been withdrawn by the German
aviation authority on Nov. 1 due to economic reasons.

CONTACT:  AERO LLOYD
          Westhafen-Tower
          Westhafenplatz 1
          D-60327 Frankfurt
          Phone +49-69-710456415
          Fax: +49-69-710456450

          BAYERISCHE LANDESBANK
          Brienner Strasse 18
          80333 Muenchen
          Phone: +49 89 2171-01
          Fax: +49 89 2171-23579


DAIMLERCHRYSLER AG: Sells MTU Unit to EQT Partners
--------------------------------------------------
DaimlerChrysler AG has agreed to sell its MTU Friedrichshafen
unit to Sweden-based EQT Partners AB, said Frankfurter Allgemeine
Sonntagszeitung (FAS), quoting unnamed sources privy to the deal.

DaimlerChrysler and EQT refused to comment.

The paper did not disclose further details, noting only that
bids, which included those of MAN AG and Kohlberg Kravis Roberts,
ranged between EUR1.3 billion to EUR1.9 billion.  According to
earlier reports, EQT offered EUR1.9 billion.

Reuters, in another report, earlier said the German government
declined to discuss whether it would allow a foreign firm to
acquire MTU.  Berlin considers MTU as a strategic asset with
annual sales of EUR1.35 billion (US$1.58 billion) in 2004.

Economy Ministry Spokeswoman Sabine Maass said: "As long as there
has been no decision by the company, the government will not
comment.  When it's clear who the firm has been sold to then
compatibility with export rules will be assessed."

MTU, which employs more than 6,000 people, builds engines for
trains, ships and construction machinery.  Its role as supplier
of engines for Germany's main battle tank, Leopard II, was
earlier cited as a potential impediment against any sale.

EQT is a private equity group in Northern Europe, which manages
funds with activities in buyouts as well as mezzanine finance.
It currently manages approximately EUR6 billion in 7 funds.  In
total, EQT funds have invested approximately EUR3 billion in
about 40 companies.

CONTACT:  DAIMLERCHRYSLER AG
          70546 Stuttgart, Germany
          Phone: +49 711 17 0
          Fax: +49 711 17 22244
          Web site: http://www.daimlerchrysler.com

          EQT PARTNERS AG
          P.O. Box 16409
          S-103 27 Stockholm
          Phone: +46 8 506 55 300
          Fax: +46 8 506 55 319
          Web site: http://www.eqt.se


FIRSTLINE LOGISTIC: Creditors Meeting Set Next Month
----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Firstline Logistic GmbH on November 21.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until February 21,
2006 to register their claims with court-appointed provisional
administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on January 17, 2006, 9:20 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, 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 April 18,
2006, 9:25 a.m. at the same venue.

CONTACT:  FIRSTLINE LOGISTIC GmbH
          Marienfelder Allee 14, 12277 Berlin

          Udo Feser, Administrator
          Uhlandstr. 165/166, 10719 Berlin


KRAMER VERTRIEBS: Aachen Company Goes Bust
------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Kramer Vertriebs- und Verwaltungs GmbH on November 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 2, 2006
to register their claims with court-appointed provisional
administrator Johannes Klefisch.

Creditors and other interested parties are encouraged to attend
the meeting on January 16, 2006, 2:00 p.m. at the district court
of Aachen, Augustastrasse 78-80, 52070 Aachen, 1. Etage,
Sitzungssaal 14, 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:  KRAMER VERTRIEBS- UND VERWALTUNGS GmbH
          Heisterbacherstr. 8, 53332 Bornheim-Hersel
          Contact:
          Franz Kramer, Manager
          Am Jungholzhof 4, 53340 Meckenheim

          Johannes Klefisch, Administrator
          Rotter Bruch 6, 52068 Aachen


MANDALAI GASTRO: Proofs of Claim Due Later this Month
-----------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Mandalai Gastro GmbH on November 22.  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 Dr. Jorg
Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on January 6, 2006, 8:25 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report January 20, 2006, 9:00 a.m. at the
same venue.

CONTACT:  MANDALAI GASTRO GmbH
          Rathausufer 10, 40213 Duesseldorf
          Contact:
          Valdet Delija, Manager
          Milsper Strasse 66, 58285 Gevelsberg

          Dr. Jorg Nerlich, Administrator
          Louise-Dumont-Str. 25, 40211 Duesseldorf


MATRA-TEC: Hamburg Court Names Administrator
--------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against MATRA-TEC Handels GmbH on November 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 13, 2006 to register their
claims with court-appointed provisional administrator Stefan
Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting on February 13, 2006, 9:05 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:  MATRA-TEC HANDELS GmbH
          Usedomstrasse 14, 22047 Hamburg
          Contact:
          Michael Kania, Manager
          Walddorferstr. 398c, 22047 Hamburg

          Stefan Hinrichs, Administrator
          Osterbekstrasse 90a, 22083 Hamburg
          Phone: 040/41004040
          Fax: 040/41004059


RSD REGAL: Under Bankruptcy Administration
------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against RSD Regal-Service-Dienstleistungen GmbH on
November 16.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
February 16, 2006 to register their claims with court-appointed
provisional administrator Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting on January 10, 2006, 9:15 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, 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 April 11,
2006, 9:20 a.m. at the same venue.

CONTACT:  RSD REGAL-SERVICE-DIENSTLEISTUNGEN GmbH
          Gunterstr. 15,67069 Ludwigshafen

          Dr. Christoph Schulte-Kaubruegger, Administrator
          Genthiner Str. 48, 10785 Berlin


SLICING INFORMATION: Court Calls in Administrator
-------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Slicing Information Technology GmbH on
November 18.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
February 7, 2006 to register their claims with court-appointed
provisional administrator Dr. Joachim Heitsch.

Creditors and other interested parties are encouraged to attend
the meeting on January 4, 2006, 9:15 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, 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 April 5,
2006, 9:05 a.m. at the same venue.

CONTACT:  SLICING INFORMATION TECHNOLOGY GmbH
          Rahnestr. 8 a, 12621 Berlin

          Dr. Joachim Heitsch, Administrator
          Berliner Str. 117, 10713 Berlin


TREFFER AUSSERGEWOHNLICHE: Bochum Firm Falls into Bankruptcy
------------------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against TREFFER aussergewohnliche Gesellschaften GmbH on November
11.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until January 13,
2006 to register their claims with court-appointed provisional
administrator Raimund Kress.

Creditors and other interested parties are encouraged to attend
the meeting on February 17, 2006, 8:30 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  TREFFER AUSSERGEWOHNLICHE GESELLSCHAFTEN GmbH
          Von-Gall-Str. 2, 44807 Bochum
          Contact:
          Christian Schrader, Liquidator
          Ilsestr. 7, 45888 Gelsenkirchen

          Raimund Kress, Administrator
          Universitatsstrasse 125, 44789 Bochum
          Phone: 930 29-0
          Fax: 930 29-20


VOLKSWAGEN AG: Talks Between Seat, Unions Collapse
--------------------------------------------------
Volkswagen AG's unit Seat S.A. has failed to reach a deal with
unions regarding the firm's planned job cuts, said Bloomberg
News.

Seat Spokesman Mario Guerreiro said: "There was no agreement
reached between the two parties.  The negotiations between the
two parties are over."

In November, the Barcelona-based company asked permission from
the Spanish government to axe some 1,360 workers as part of its
efforts to boost profit amid declining sales.  Spanish law
required Seat to initiate talks with unions for 30 days.  The
government is expected to decide on Seat's request within the
next two weeks.

The number represents 8% of Seat's 16,000-strong workforce.  The
carmaker, which is under pressure from Volkswagen to trim costs
and raise profit, saw 10-month sales in Europe drop 5.6% to
299,796 units.

Volkswagen Chief Executive Bernd Pischetsrieder is eyeing a
pretax profit of EUR5.1 billion (US$6 billion) by 2008.  Last
year, Volkswagen's net income reached only EUR677 million,
dropping 77% from the EUR2.9 billion achieved in 2001.

Mr. Guerreiro earlier revealed that Seat and its unions were
close to agreeing over cutting around 970 jobs through layoffs,
early retirement and severance packages.  A deal would have saved
over 35O jobs, he added, noting that talks collapsed due to the
unions' demand for workers 58 years old and above to
automatically receive early retirement.  The company found the
request "too expensive" and said it could leave some departments
understaffed.

Meanwhile, Paco Selas, a union spokesman and member of the
Metalworkers' Federation of Catalonia, said: "The company said
that the accord we had reached was not valid.  The company wants
dismissals that we do not accept."  He also warned of further
industrial action in the coming days, following two 24-hour
strikes within the last month.

CONTACT:  VOLKSWAGEN AG
          Brieffach 1848-2
          38436 Wolfsburg, Germany
          Phone: +49 53 61 90
          Fax: +49 53 61 92 82 82
          Web site: http://www.volkswagen.de

          SEAT S.A.
          Zona Franca, Calle 2, No. 1
          08040 Barcelona, Spain
          Phone: +34-93-402-85-00
          Fax: +34-93-402-88-44
          Web site: http://www.seat.com


WERNER RASP: Claims Filing Period Ends January 20
-------------------------------------------------
The district court of Hof opened bankruptcy proceedings against
Werner Rasp GmbH on November 15.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until January 20, 2006 to register their claims
with court-appointed provisional administrator Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting on February 14, 2006, 1:10 a.m. at the district court
of Hof, Sitzungssaal 012, Erdgeschoss, Berliner Platz 1, 95030
Hof, 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:  WERNER RASP GmbH
          Weststr. 1 in 95180 Berg

          Joachim Exner, Administrator
          Ludwigstr. 50, 95028 Hof
          Phone: 09281/8331080
          Fax: 09281/8331089


WLAN INTERNATIONAL: Creditors to Meet February
----------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against WLAN International Deutschland GmbH on November 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 2, 2006
to register their claims with court-appointed provisional
administrator Burckhardt Reimer.

Creditors and other interested parties are encouraged to attend
the meeting on February 2, 2006, 10:15 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:  WLAN INTERNATIONAL DEUTSCHLAND GmbH
          Friedrich-Ebert-Damm 143, 22047 Hamburg
          Contact:
          Horst Victor Grabinski, Manager
          Gregor Felix Estl, Manager
          Dr. Stephan Gehlhoff, Manager
          Swartenhorst 42b, 22175 Hamburg

          Burckhardt Reimer, Administrator
          Domstrasse 15, 20095 Hamburg
          Phone: 41522416
          Fax: 41522-411


* Number of Bankrupt German Firms Down this year
------------------------------------------------
The number of corporate failures in Germany is expected to drop
this year, said the Associated Foreign Press.

This is based on estimates presented by business information
group Creditreform.  According to the group, around 37,900
companies have so far filed for insolvency, 1,370 or 3.5% fewer
than last year.  Creditreform also expects financial and job
losses to reach EUR37.5 billion and 563,000, respectively, in
2005.  This compares to last year's EUR39.4 billion losses and
605,000 jobs.


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


SMURFIT KAPPA: Fitch Affirms B+ Rating; Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed Smurfit Kappa Group's Senior Unsecured
rating at 'B+' with Stable Outlook and its senior secured
facilities at 'BB'.  Fitch has also affirmed JSG Funding plc's
senior notes at 'B', senior subordinated notes at 'B-' and JSG
Holdings plc's senior PIK notes at 'CCC+'.

At the same time, Fitch has upgraded Netherlands-based Kappa
Packaging's Senior Unsecured and Short-term ratings to 'B+' from
'B' and removed them from Rating Watch Positive.  The ratings,
along with all debt ratings, are withdrawn.  The rating actions
follow the completion of the merger between Jefferson Smurfit
Group and Kappa.

As part of the merger, all of Kappa's outstanding notes will be
redeemed on 1 January 2006.  Smurfit Kappa Group has refinanced
the notes and the senior facilities of Kappa and JSG with senior
secured facilities of approximately EUR2,930 million.

Kappa Packaging ratings withdrawn:

Senior Unsecured and Short-term: 'B+'
Senior secured debt: 'BB-'
Senior subordinated notes: 'B-'

Smurfit Kappa Group affirmed:

JSG Acquisitions Senior Unsecured: 'B+'
JSG Acquisitions senior secured debt: 'BB'
JSG Funding plc senior notes: 'B'
JSG Funding plc subordinated notes: 'B-'
JSG Holdings plc senior PIK notes: 'CCC+'

Smurfit Kappa Group combines the operations of Jefferson Smurfit
Group and Kappa Packaging.  The group is a European leader in
corrugated packaging and containerboard and also has
market-leading positions in Latin America.  Continuing revenue
generated from the combined operations is just over EUR7 billion.
The group's operations span 23 European and nine Latin American
countries, with production capacity of 6.1 million tonnes of
containerboard and 5.1 million tonnes of corrugated packaging.

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

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

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

          FITCH RATINGS
          Michelle De Angelis, London
          Phone: +44 (0) 20 7417 3499
          Kirsten O'Byrne
          Phone: +44 (0) 20 7417 6297

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


VALENTIA TELECOMMUNICATIONS: S&P Affirms BB+, Stable Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed all of its ratings,
including its 'BB+' long-term corporate credit rating, on
Valentia Telecommunications upc, the 100% owner of former
incumbent Irish fixed-line telecommunications operator eircom
Ltd. and related entities.  All ratings have been removed from
CreditWatch with positive implications where they were placed on
Nov. 9, 2005, based on information that Switzerland-based
integrated telecoms operator Swisscom AG had entered into
discussions with Valentia's owner eircom Group PLC in relation to
a possible buyout.  The outlook is stable.

"The rating action reflects the removal of any immediate uplift
in credit quality following the cancellation of a possible
takeover bid for eircom Group PLC by Swisscom, at least in the
near term, following statements by the Swiss government --
Swisscom's majority shareholder -- that the company should not
pursue acquisitions of foreign telecoms companies with a public
service mandate," said Standard & Poor's credit analyst Michael
O'Brien.

The ratings on Valentia continue to reflect its aggressive
financial policy, the competitive threat of alternative access
technologies, the group's tightly regulated tariffs, and the
changing revenue mix of the fixed-line segment.

The ratings continue to benefit from Valentia's investment-grade
business risk profile, enhanced by its strong market position in
the fixed-line segment and consequent sustained profitability.
Very high access-line market share remains the most important
credit positive for eircom, in light of voice traffic revenue
pressure.

In November 2005, the group completed its acquisition of Meteor,
the third player in the Irish mobile market with a 10% subscriber
market share, through a EUR423 million rights issue.

"The recently completed acquisition of Meteor makes strategic
sense because it will provide eircom with a platform to protect
and grow its EBITDA base and an opportunity to widen its product
portfolio, without the burden of additional debt," added Mr.
O'Brien.

We expect Valentia to carefully balance shareholder returns
against free cash flow generation.  The group is also expected to
maintain good liquidity and a capital structure that will at
least provide comfortable headroom on senior debt covenants.
Valentia should ensure it has sufficient financial flexibility
for necessary investments and sufficient flexibility to
comfortably make pension-related payments.

The acquisition of Meteor is expected to strengthen the market
position of eircom and improve the sustainability of FOCF in the
future.  Nevertheless, any significant pronounced free cash flow
deterioration indicating a trend, due to difficulty in gaining
traction in the mobile segment or weakness versus expectations in
the fixed-line business, could put pressure on the ratings.
Conversely, a material shift to using cash flows available for
dividend payments for higher-than-scheduled debt reduction or
material reduction of the company's pension deficit could provide
upside for the ratings.

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

CONTACT:  EIRCOM GROUP PLC
          114 St. Stephen's Green West
          Dublin 2, Ireland
          Phone: +353-1-701-5000
          Fax: +353-1-671-6916


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


ALITALIA SPA: Raises EUR1 Billion from Rights Issue
---------------------------------------------------
Troubled national carrier Alitalia S.p.A. has successfully
completed its much-needed capital hike, La Stampa says.

According to provisional figures released by Monte Titoli S.p.A.,
1,250,160,756 of the 1,257,562,072 offered shares (99.4%) were
subscribed to, bringing EUR1,000,128,604.80 into Alitalia's
coffers.  The group said in a statement, "Acceptances are fully
in line with expectations and represent an important sign of
confidence towards Alitalia and its business plan."

The group will offer the unsubscribed shares on the stock market.
It will announce the final result of the hike and conditions for
the unsubscribed shares next week.

The rights offering, guaranteed by a consortium led by Deutsche
Bank, commenced on Nov. 14 and ended on Dec. 2.  Italy, through
the Economy Ministry, recently sold parts of its holdings in
Alitalia to reduce its stake from 62.4% to 49.9%.  The ministry
said underwriter Deutsche Bank will sell 26.6 million of its
shares to institutional investors.  It expects to earn around
EUR13.3 million for the shares.

                        About the Company

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

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


FIAT SPA: Completes Acquisition of Enel's Interest in Leasys
------------------------------------------------------------
On Nov. 30, after receiving authorization from the antitrust
authorities, Enel sold to Fiat 49% of the capital stock of Leasys
S.p.A. for a consideration of EUR33.5 million, determined on the
basis of the criteria set forth in the agreement signed between
the parties on Sept. 30, 2005.

The company was established in September 2001 as a joint venture
between Fiat and Enel.  With revenues of 388 million euros
reported in 2004, Leasys is market leader in Italy for long-term
vehicle rental, with a fleet of over 86,000 vehicles.

Following the completion of the transaction, Fiat owns 100% of
the capital stock of Leasys through its subsidiary Fidis Renting
Italia S.p.A.  The transaction is in line with Fiat's target to
strengthen its position in the market of long-term rentals in
Italy, and with Enel's objective to focus on its energy core
business.

                        About the Company

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

                           Status to date

The company recently converted EUR3 billion bank debt into
shares, halving net industrial debt to EUR4.7 billion.  The
founding Agnelli family maintains its 30% control of the company.

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

CONTACT:  FIAT S.p.A.
          via Nizza, 250 - 10126 Torino
          Phone: +39 011 00 63088
          Fax: +39 011 00 63798
          E-mail: mediarelations@fiatgroup.com
          Web site: http://www.fiatgroup.com


PIAGGIO S.P.A.: Third Quarter Net Results Return to Black
---------------------------------------------------------
Highlights of Third-quarter 2005 Results

-- Growth in consolidated net sales to EUR1,164 million, +5.9%
   compared with the third quarter of 2004, of which EUR288.3
   million is from Aprilia and EUR907.7 million is from the
   Piaggio Group, with EUR31.5 million of intercompany sales;

-- The Piaggio Group (excluding the Aprilia Group) grew from
   EUR863.4 million to EUR907.7 million (+5.1%) including
   Inter-company sales between Piaggio and Aprilia for EUR31.5
   million, while Aprilia rose from EUR257.7 million in 2004 to
   EUR288.3 million in the third quarter of 2005, (+11.9%);

-- Consolidated EBITDA grew: EUR163.7 million, a return of 14.1%
   on net sales compared with EUR100.8 million in the 3rd
   quarter of 2004, (9.2%);

-- The Piaggio Group (excluding Aprilia) rose from a ratio of
   EBITDA to net sales of 12.9% at 30 September 2004 to 15.9% at
   30 September 2005;

-- The Aprilia Group improved from -3.9% in the 3rd quarter of
   2004 to 6.9% at 30 September 2005;

-- Operating profit stands at EUR99.6 million, compared with
   EUR31.4 million in 2004;

-- Net result for the period rose at EUR47.6 million compared
   with -EUR74.1 million in 2004; and

-- The consolidated net financial position improved from
   EUR456.8 million at 31 December 2004 to EUR367 million at 30
   September 2005.

Outlook

In the last quarter of 2005 the Piaggio Group will continue to
pursue its objective of consolidating its leadership in the
two-wheel market, while in October it started to market the first
products arising from the recent Chinese joint venture started in
2004.

In the Light Commercial Vehicles sector, the main efforts will be
aimed at enhancing the production capacity of the Indian
subsidiary.

A particular commitment will be made to relaunching the Aprilia
and Guzzi brands and to completing the integration process of the
Group's various elements, also in order to achieve related
efficiencies.  As for the merger by incorporation of Aprilia
S.p.A. into Piaggio & C. S.p.A., it should be noted that on 28
September 2005 the extraordinary shareholders' meetings of the
two companies resolved on the merger by incorporation and that
the execution of the merger is envisaged by the end of December.

A copy of the result is available free of charge at
http://bankrupt.com/misc/Piaggio(3Q_2005).pdf

CONTACT:  PIAGGIO & C. S.P.A.:
          23, Viale Rinaldo Piaggio, 56025 Pontedera, Pisa,
          Italy
          Phone: +39-587-27-21-11
          Fax: +39-587-27-22-74
          Web site: http://www.piaggio.com/


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


PETROKAZAKHSTAN INC.: Told to Return Illegally Earned Revenues
--------------------------------------------------------------
A court in Shymkent has ordered fuel producer PetroKazakhstan
Inc. to pay KZT96.45 billion (EUR609 million) to Kazakhstan for
abusing its market-leading position, Bloomberg News Service says.

On November 24, 2005, the court ordered PetroKazakhstan to return
KZT96.44 billion in illegally earned revenue and pay KZT1.47
million in fine.  The ruling took effect on December 5.

"The company doesn't agree with the court decision and plans to
appeal to the South Kazakhstan Regional Court," Bloomberg News
Service quoted spokeswoman Yekaterina Grebennikova as saying.

Ms. Grebennikova added, "The decision concerns revenue from 2003,
not the current year."

Kazakhstan's Committee for Competition Protection, a division of
the Industry Ministry, urged the court to confiscate the
company's property, as payment for the illegal earnings.

Chinese National Petroleum Corporation acquired PetroKazakhstan
in November for US$4.2 billion (US$55 per share).

                            *   *   *

PetroKazakhstan Inc. is a vertically integrated, international
energy company in Kazakhstan.  The group is engaged in the
acquisition, exploration, development and production of oil and
gas, the refining of crude oil and the sale of oil and refined
products.

CONTACT:  PETRO KAZAKHSTAN INC.
          Sun Life Plaza, North Tower
          #1460, 140 4th Avenue S.W. Calgary,
          Alberta, Canada T2P 3N3
          Phone: (403) 221-8435
          Fax: (403) 221-8425
          Web site: http://www.petrokazakhstan.com


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


AIYAZ: Gives Creditors Until January to File Claims
---------------------------------------------------
LLC Techno Trade Center Aiyaz, which recently became insolvent,
will accept proofs of claim at Bishkek, Cholponatinskaya Str. 7
until January 23, 2006.

CONTACT:  AIYAZ
          Bishkek, Cholponatinskaya Str. 7


N. RADAYEV: Sets Creditors Meeting December 9
---------------------------------------------
The Inter-District Court of Bishkek for Economic Issues has
commenced bankruptcy supervision procedure on N. Radayev.  Mr.
Toktosun Altymyshev has been appointed temporary insolvency
manager.  Creditors will meet at Bishkek, Toktogul Str. 212/3, on
December 9, 2005 at 11:00 a.m.

Creditors must submit their proofs of claim and register with the
temporary insolvency manager seven days prior to the meeting.
Proxies must have authorization to vote.

CONTACT:  TOKTOSUN ALTYMYSHEV
          Temporary Insolvency Manager
          Phone: (0-312) 29-90-50


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


ROYAL SHELL: Signs Exploration Deal with Naftogaz Ukrainy
---------------------------------------------------------
National Joint Stock Company Naftogaz Ukrainy (NAK) and Shell
Exploration and Production have signed a Cooperation Agreement
covering licenses, agreed work program levels and the main terms
of joint activities at a ceremony attended by President of
Ukraine Victor Yushchenko; British Prime Minister, the Right
Honorable Tony Blair; Chairman of the Board of NAK Naftogaz
Ukrainy Olexiy Ivchenko and Shell's Executive Director for
Exploration and Production, Malcolm Brinded.

This is the first important milestone after the two companies
agreed in May 2005 to carry out joint studies in an area of over
31,000 square kilometers in the Dniepr-Donets Basin, which is in
central-eastern Ukraine and is thought to contain potentially
significant remaining resources of natural gas.

Under the terms of the Cooperation Agreement, Shell will farm
into 10 NAK Naftogaz Ukrainy held licenses in the Dniepr-Donets
Basin with access to deep potential reservoirs, which partly lie
beneath large-scale shallower fields already in production.
Shell will acquire a 50% interest in a Joint Activity Agreement
covering these licenses (excluding the producing fields) in
exchange for a commitment that comprises acquisition of seismic
data and drilling of deep exploration wells over a three-year
timeframe.  It involves a total initial investment by Shell of
around US$100 million over this period.  Work is scheduled to
start in 2006.

Malcolm Brinded said: "We are very pleased to have reached this
agreement with NAK Naftogaz Ukrainy on what we believe will be an
exciting and mutually beneficial partnership.  For Shell this is
a significant move in our strategy to add more integrated gas to
our portfolio, and we believe that through a combination of our
technology and NAK Naftogaz Ukrainy's experience in this basin we
will be able to help unlock more of Ukraine's gas resources for
the benefit of the country.  I look forward to a long and
successful partnership."

Olexiy Ivchenko said: "The epoch of international integration
dictates the necessity for NAK Naftogaz Ukrainy to cooperate with
the largest energy companies with a diversified resource base.
We are looking for and finding mutual interests in our
partnership with Shell.  Through our relationship we will expand
both markets and opportunities for both companies."

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


ROYAL SHELL: Has 3.9 Billion Remaining 'A' Shares
-------------------------------------------------
On 5 December 2005, Royal Dutch Shell plc purchased for
cancellation 1,300,000 'A' Shares at a price of EUR26.90 per
share.  It further purchased for cancellation 500,000 'A' Shares
at a price of 1,819.71 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,949,480,000.

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 is 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


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


AVIATA: Succumbs to Bankruptcy
------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
proceedings against Aviata after finding the open joint stock
company insolvent.  The case is docketed as A64-917/05-21.  Mr.
S. Fetisov has been appointed insolvency manager.  Creditors have
until December 22, 2005 to submit their proofs of claim to
400005, Russia, Volgograd, 7th Gvardeyskaya Str. 2a, Office 400.

CONTACT:  AVIATA
          Russia, Tambov region, Donskoye Airport

          S. FETISOV
          Insolvency Manager
          400005, Russia, Volgograd region,
          7th Gvardeyskaya Str. 2a, Office 400


BUZULUK-STROY: Bankruptcy Hearing Resumes January
-------------------------------------------------
The Arbitration Court of Orenburg region has commenced bankruptcy
supervision procedure on open joint stock company Buzuluk-Stroy.
The case is docketed as A47-10614/2005-14GK.  Ms. S. Egorova has
been appointed temporary insolvency manager.  A hearing will take
place on January 25, 2006, 10:20 a.m. at the Arbitration Court of
Orenburg region at 460046, Russia, Orenburg, 9th January Str. 64.

CONTACT:  BUZULUK-STROY
          461040, Russia, Orenburg region,
          Buzuluk, Rabochaya Str. 65

          S. EGOROVA
          Temporary Insolvency Manager
          460001, Russia, Orenburg region,
          Orlova Str. 5, Post User Box 44
          Phone/Fax: (3532) 78-38-36


ENERGY: Arkhangelsk Court Appoints Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Arkhangelsk region commenced bankruptcy
proceedings against Energy after finding the limited liability
company insolvent.  The case is docketed as A05-10344/05-27.
Mr. O. Karpov has been appointed insolvency manager.  Creditors
have until November 22, 2005 to submit their proofs of claim to
163061, Russia, Arkhangelsk, Novgorodkskiy Pr. 74, Office 315.

CONTACT:  ENERGY
          164200, Russia, Arkhangelsk region,
          Nyzndoma, Lenina Str. 1A

          O. KARPOV
          Insolvency Manager
          163061, Russia, Arkhangelsk region,
          Novgorodkskiy Pr. 74, Office 315


KAMSKOYE: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Kamskoye.  The case is docketed as A71-13402005-G2.  Mr. A.
Shadrin has been appointed temporary insolvency manager.  A
hearing will take place on February 28, 2006, 9:00 a.m.

CONTACT:  KAMSKOYE
          427002, Russia, Udmurtiya republic,
          Zavyalovskiy region, Golyany, Mira Str. 5

          A. SHADRIN
          Temporary Insolvency Manager
          Russia, Udmurtiya republic,
          Izhevsk, Karla Marksa Str. 246, Office 67
          Phone: 485-753


LEZHNEVSKIY TEXTILE: Insolvency Manager Takes over Helm
-------------------------------------------------------
The Arbitration Court of Ivanovo region has commenced bankruptcy
supervision procedure on limited liability company Lezhnevskiy
Textile (TIN 3715005330).  The case is docketed as
A17-1285/05-1-B.  Mr. N. Beneditskiy has been appointed temporary
insolvency manager.  A hearing will take place on January 16,
2006, 9:30 a.m.

CONTACT:  LEZHNEVSKIY TEXTILE
          155120, Russia, Ivanovo region, Lezhnevskiy region,
          Lezhnevo, Fabrichnaya Str. 20

          N. BENEDITSKIY
          Temporary Insolvency Manager
          155120, Russia, Ivanovo region, Lezhnevskiy region,
          Lezhnevo, Fabrichnaya Str. 20


NOVONIKOLAEVSKOYE: Declared Insolvent
-------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Novonikolaevskoye after finding the close
joint stock company insolvent.  The case is docketed as
A45-21108/05-4/341.  Mr. Y. Gomerov has been appointed insolvency
manager.

CONTACT:  NOVONIKOLAEVSKOYE
          632748, Russia, Novosibirsk region,
          Novonikolaevka, Tsentralnaya Str. 2

          Y. GOMEROV
          Insolvency Manager
          630501, Russia, Novosibirsk region,
          Krasnoobsk, Post User Box 325


ROAD BUILDING: Falls into Bankruptcy
------------------------------------
The Arbitration Court of Bryansk region commenced bankruptcy
proceedings against Road Building Company #7 after finding the
state unitary enterprise insolvent.  The case is docketed as
A09-3732/05-28.  Mr. V. Semernev has been appointed insolvency
manager.  Creditors have until December 22, 2005 to submit their
proofs of claim to 241050, Russia, Bryansk, Krasnoarmeyskaya Str.
136A.

CONTACT:  ROAD BUILDING COMPANY #7
          243040, Russia, Bryansk region,
          Klimovo, Kirova Str. 4

          V. SEMERNEV
          Insolvency Manager
          241050, Russia, Bryansk region,
          Krasnoarmeyskaya Str. 136A


STROY-CERAMICS: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on limited liability company
Stroy-Ceramics.  The case is docketed as A33-19063/2005.  Mr. M.
Galynskiy has been appointed temporary insolvency manager.

CONTACT:  STROY-CERAMICS
          Russia, Krasnoyarsk region,
          Sharypovo, Dubnino, Opornaya Baza

          M. GALYNSKIY
          Temporary Insolvency Manager
          660075, Russia, Krasnoyarsk region,
          Post User Box 2411

          ARBITRATION COURT OF KRASNOYARSK REGION
          660021, Russia, Krasnoyarsk region,
          Lenina Str. 143


VOSTOK-METALLURG-MONTAGE-2: Appoints Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Vostok-Metallurg-Montage-2 (TIN 5614018457)
after finding the open joint stock company insolvent.  The case
is docketed as A47-733/2005-14GK.  Mr. V. Kirzhaev has been
appointed insolvency manager.  Creditors have until December 22,
2005 to submit their proofs of claim to 460000, Russia, Orenburg,
Gaya Str. 23A.

CONTACT:  VOSTOK-METALLURG-MONTAGE-2
          462402, Russia, Orenburg region,
          Orsk, Tobolskaya Str. 9

          V. KIRZHAEV
          Insolvency Manager
          460000, Russia, Orenburg region,
          Gaya Str. 23A
          Phone/Fax: 78-378-43


=====================
S W I T Z E R L A N D
=====================


FLIGHTLEASE AG: Supplement to Schedule of Claims Now Available
--------------------------------------------------------------
Flightlease AG in debt restructuring liquidation:
Circular no. 7

Ladies and Gentlemen

This Circular provides information on the progress of the debt
restructuring liquidation of Flightlease AG since the beginning
of October 2005

I. Publication of supplement No. 1 to the schedule of claims for
inspection by creditors

The schedule of claims was presented for inspection by creditors
in July 2005.  It had not been possible at that point to make
final decisions with regard to all registered claims, which is
why certain decisions had been suspended.  It has since been
possible for conclusive decisions to be made with regard to some
of the privileged claims that had been suspended.  A supplement
No. 1 to the schedule of claims is therefore being presented to
creditors.

The supplement will be available for inspection by creditors from
Nov. 30 to Dec. 20, 2005 at the offices of the Liquidator in the
Goldbach-Center, Seestrasse 39, 8700 Kuesnacht.  Please make an
appointment with Mr. Christian Rysler, on +41 43 222 38 00

Actions to contest the supplement no. 1 to the schedule of claims
must be lodged with the single judge in accelerated proceedings
at the District Court of Buelach, Spitalstrasse 13, Postfach,
8180 Buelach, within 20 days of the public announcement in the
Swiss Official Gazette of Commerce that the supplement No. 1 to
the schedule of claims is available for inspection.  This period
will be counted as starting on Nov. 30 and will thus run to Dec.
20, 2005 (date of postmark by a Swiss post office).  If no
actions to contest the supplement No. 1 to the schedule of claims
are lodged, the supplement no. 1 to the schedule of claims will
become final.

For each creditor whose claims have been wholly or partly
rejected, or not recognized in the class in which they were
submitted, a personal notification of the decision with regard to
the schedule of claims is enclosed with this Circular.  These
special notices are in German, the official language to conduct
the insolvency proceedings of Flightlease AG, and will not be
translated by the Liquidator into other languages.  Legal
proceedings in connection with any challenge to the supplement
No. 1 to the schedule of claims will also be held exclusively in
German.

II.  Actions to contest the schedule of claims

Of the 15 actions lodged to contest the schedule of claims, three
actions in respect of first-class claims have since been resolved
after the actions were withdrawn.  These actions thus did not
result in any changes to the schedule of claims.

III.  Interim payment

Preparation for the first interim payment, as announced in
Circular No. 6 of Oct. 5, 2005, has been completed.  Enclosed
with this Circular is the corresponding special notice, which
gives more procedural details.  Payment will be made from Dec.
23, 2005 at the earliest.

IV. Assertion of responsibility claims

In Circular No. 5 of July 12, 2005, I notified creditors that, in
May 2005, a conciliation petition on grounds of responsibility
had been submitted to the competent justice of the peace in
respect of members of the Board of Directors and Executive Board
of SAirGroup and Flightlease AG who were in office from the
introduction of the cash pool arrangement within the Swissair
Group.  Since the conciliation proceedings failed to produce a
result, a legal action was filled with the District Court of
Buelach on Nov. 11, 2005.

In addition to the legal action that has been instituted as
described above, other activities are to be examined to establish
whether or not the preconditions for responsibility claims
against governing and executive bodies are met.

V. Report on activities 2005

The Liquidator's report to the debt-restructuring judge on the
former's activities in 2005 will be drawn up in the first quarter
of 2006.  The report will be available to the creditors for
inspection no later than March 2006.  Creditors will receive a
summary of the report at this time.

Yours sincerely,
Flightlease AG in debt restructuring liquidation

The Liquidator
Karl Wuethrich

Enc: Special notice dated Nov. 29, 2005 concerning the first
interim payment (not available on the Web site)

Hotline Flightlease AG in debt restructuring liquidation

Deutsch: +41-43-222-38-30
Francais: +41-43-222-38-40
English: +41-43-222-38-50


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


A. I. INVEST: Declared Insolvent
--------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against A. I. Invest (code EDRPOU 20046808) on
November 1, 2005 after finding the limited liability company
insolvent.  The case is docketed as 203/2 b.  Mr. V. Rudenkij
(License Number AA) has been appointed liquidator/insolvency
manager.

Creditors have until December 12, 2005 to submit their proofs of
claim to:

(a) A. I. INVEST
    07100, Ukraine, Kyiv region,
    Slavutich, Entuziastiv Str. 6

(b) V. RUDENKIJ
    Liquidator/Insolvency Manager
    04212, Ukraine, Kyiv region,
    Zoya Gajdaj Str. 9/8-18

(c) ECONOMIC COURT OF KYIV REGION
    01032, Ukraine, Kyiv region,
    Komintern Str. 165


AVIATOR: Crashes into Insolvency
--------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Aviator (code EDRPOU 30534735) on October 19,
2005 after finding the private enterprise insolvent.  The case is
docketed as 25/218.  Mr. V. Dobrioglo has been appointed
liquidator/insolvency manager.

Creditors have until December 12, 2005 to submit their proofs of
claim to:

(a) AVIATOR
    69097, Ukraine, Zaporizhya region,
    Zadniprovska Str. 44/39

(b) V. DOBRIOGLO
    Liquidator/Insolvency Manager
    69097, Ukraine, Zaporizhya region,
    Zadniprovska Str. 44/39

(c) ECONOMIC COURT OF ZAPORIZHYA REGION
    69001, Ukraine, Zaporizhya region,
    Shaumyana Str. 4


BAHCHISARAJ' MISKTEPLOMEREZHA: Proofs of Claim Deadline Monday
--------------------------------------------------------------
The Economic Court of AR Krym region has commenced bankruptcy
supervision procedure on Bahchisaraj' Enterprise Miskteplomerezha
(code EDRPOU 22245512).  The case is docketed as 2-26/10916-2005.
Mr. Oleksij Sherbin (License Number AA 719799) has been appointed
temporary insolvency manager.

Creditors have until December 12, 2005 to submit their proofs of
claim to:

(a) BAHCHISARAJ' ENTERPRISE MISKTEPLOMEREZHA
    Ukraine, AR Krym region,
    Bahchisaraj, Lermontov Str. 50

(b) OLEKSIJ SHERBIN
    Temporary Insolvency Manager
    95048, Ukraine, AR Krym region,
    Simferopol, Alushtinska Str. 21

(c) THE ECONOMIC COURT OF AR KRYM REGION
    95000, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


ENERGOGAZRESURS: Succumbs to Bankruptcy
---------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Energogazresurs (code EDRPOU
32303920) on October 27, 2005.  The case is docketed as 15/689-b.
Mr. Vyacheslav Letskan (License Number AA 271494) has been
appointed temporary insolvency manager.

Creditors have until December 12, 2005 to submit their proofs of
claim to:

(a) ENERGOGAZRESURS
    01033, Ukraine, Kyiv region,
    Saksaganskij Str. 64-a

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


ROMANCHUKIVSKE: Creditors' Claims Due Next Week
-----------------------------------------------
The Economic Court of Sumi region has commenced bankruptcy
supervision procedure on LLC Romanchukivske (code EDRPOU
30880514).  The case is docketed as 12/99-05.  Mr. Grigorij
Ponomarenko (License Number AB 116231) has been appointed
temporary insolvency manager.  The company holds account number
2600331113832 at OJSC Oshadbank, Burinske branch, MFO 337632.

Creditors have until December 12, 2005 to submit their proofs of
claim to:

(a) ROMANCHUKIVSKE
    41745, Ukraine, Sumi region,
    Burinskij district, Romanchuki,
    Zhovtneva Str. 26

(b) GRIGORIJ PONOMARENKO
    Temporary Insolvency Manager
    40011, Ukraine, Sumi region,
    Privokzalna Square 9, Office 5
    Phone: 25-13-11

(c) ECONOMIC COURT OF SUMI REGION
    40011, Ukraine, Sumi region,
    Shevchenko Avenue 18/1


ZHOVTEN: Bankruptcy Supervision Begins
--------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on Zhovten (code EDRPOU 03792533) on
September 1, 2005.  The case is docketed as 01/3747.  Ms.
Nataliya Levchenko has been appointed temporary insolvency
manager.

Creditors have until December 12, 2005 to submit their proofs of
claim to:

(a) ZHOVTEN
    19226, Ukraine, Cherkassy region,
    Zhashkivskij district, Nova Greblya

(b) NATALIYA LEVCHENKO
    Temporary Insolvency Manager
    18000, Ukraine, Cherkassy region,
    Tobilevich Str. 9/1

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


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


ALLSERVE SYSTEMS: Hires KPMG Administrator
------------------------------------------
Finbarr Thomas O'Connell (IP No 7931) and Jane Bronwen Moriarty
(IP No 9095) of KPMG Corporate Recovery were appointed
administrators of Allserve Systems Plc (Company No 028816S2) on
Nov. 16.

CONTACT:  KPMG LLP
          P.O. Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk


AMEY PLC: Wins GBP15 Mln Contract to Repair, Reopen Railway Line
----------------------------------------------------------------
Amey plc has been awarded two contracts to carry out the
regeneration of a rail line in South Wales and the construction
of six new stations along the route.  The contract means the
return of passenger trains in the Ebbw Valley region for the
first time in over forty years.

The reopened line will provide a direct service between Ebbw Vale
and Cardiff and Newport, with construction starting in Spring
2006.

The contract was awarded by the Ebbw Valley Project, which is run
by the South East Wales Transport Board.  This is a consortium of
ten Welsh local authorities, which aims to develop an integrated
public transport solution for the Ebbw Valley to promote economic
regeneration.  An area with low levels of car ownership, the new
line will provide local residents with access to work, leisure
and education activities across the entire region.  The Ebbw
Valley area has been in steady decline since the closure of the
nearby steel works.

The contract includes the upgrading of the track from a single
operational track with only basic signaling to a track suitable
to carry passengers with double-tracks in some areas to provide a
passing loop.  Six new stations will be constructed at:
Rogerstone; Risca and Pontymister; Crosskeys; Newbridge;
Llanhilleth and Ebbw Vale Parkway.

Chris Webster, director of Amey Infrastructure Services, said:
"We are really pleased to have been awarded this prestigious
contract, which will make such a difference to residents in the
Ebbw Valley region.  Amey has a great deal of experience and
expertise in the rail sector and we look forward to starting work
on the project early next year, and to working with the members
of the South East Wales Transport Board for the duration of the
contract."

The Ebbw Valley line has formed part of the historic Welsh
railway network since the 19th Century and allowed the easy
transit of essential materials for the local steel and coal
industry.  This helped open up the Valleys and facilitated the
industrial development of the region during the Industrial
Revolution.  However, traffic has steadily decreased since this
time and there is currently not any traffic operating on the
line.  Amey's regeneration of the line will lead to a much
brighter outlook for the region in the future and provide locals
with direct access to the coast and the opportunities offered
there and throughout the rest of the region.

                        About the Company

Amey plc provides support services from transportation to
education, defense and health, working with major organizations
in the public and private sectors.  It has around 7,500 people at
more than 150 locations across the United Kingdom and Ireland,
and a turnover of over GBP1 billion.

CONTACT:  AMEY PLC
          The Sherrard Bldg., Edmund Halley Road
          Oxford
          OX4 4DQ, United Kingdom
          Phone: +44-1865-713-100
          Fax: +44-1235-848-822
          Web site: http://www.amey.co.uk


BELL'S OF TOLWORTH: Calls in Vantis Numerica Administrator
----------------------------------------------------------
Colin Ian Vickers (IP No 008953) and Nicholas Hugh O'Reilly (IP
No 008309) of Vantis Numerica were appointed joint administrators
of Bell's of Tolworth Limited (Company No 01166014) on Nov. 17.

CONTACT:  VANTIS NUMERICA
          4th Floor, Southfield House,
          11 Liverpool Gardens, Worthing, West Sussex
          Phone: 01903 222500
          Fax:   01903 207009
          Web site: http://www.vantisnumerica.com

          VANTIS NUMERICA
          P.O. Box 2653, 66 Wigmore Street,
          London W1A 3RT
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.vantisnumerica.com


CELLTRACKER LIMITED: Administrators from Elwell Watchorn Move in
----------------------------------------------------------------
Paul Anthony Saxton and David John Watchorn (IP Nos 6680, 8680)
of Elwell Watchorn & Saxton LLP were appointed joint
administrators of Celltracker Limited (Company No 03269266) on
Nov. 22.

CellTracker -- http://www.celltracker.com/-- was formed in 1996.
It designs computer software packages and has been a fully
independent company providing network rollout management systems
to customers.

CONTACT:  CELLTRACKER LTD.
          Arden House
          West Street
          Leighton Buzzard
          Bedfordshire LU7 1DD
          England
          Phone: +44 (0) 1525 24 38 00
              Or +44 (0) 1525 24 38 24 (Support)
          Fax: +44 (0) 1525 24 38 01

          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


CLACHAN INN: Administrators from Haines Watts Enter Firm
--------------------------------------------------------
Ian W. Wright and John Michael Hall (IP Nos 1465, 8593) of Haines
Watts were appointed joint administrators of Clachan Inn (Dalry)
Limited (Company No 04890275) on Nov. 2.  Its registered office
is at 36 Bridge Street, Belper, Derbyshire DE56 1AX.

CONTACT:  HAINES WATTS
          98 West George Street
          Glasgow
          Strathclyde G2 1PJ
          Phone: 0141 342 1601
          Fax: 0141 342 1616
          E-mail: iwright@hwca.com


C & M POULTRY: Calls in Administrators from BDO Stoy Hayward
------------------------------------------------------------
Simon Edward Jex Girling and Graham David Randall (IP Nos 9283,
9051) of BDO Stoy Hayward LLP were appointed joint administrators
of C & M Poultry Supplies Limited (Company No 05068080) on Nov.
22.

CONTACT:  C & M POULTRY SUPPLIES LIMITED
          Unit 7
          Ashley Trading Estate,
          Bristol, Avon BS2 9XS
          Phone: 01179551788

          BDO STOY HAYWARD
          Fourth Floor
          One Victoria Street
          Bristol BS1 6AA
          Phone: 0117 934 2800
          Fax: 0117 922 5191
          E-mail: graham.randall@numerica.biz


C T D PRINTERS: Names UHY Hacker Young Administrator
----------------------------------------------------
Andrew Andronikou and Peter Kubik (IP Nos 1253, 9220) of UHY
Hacker Young were appointed joint administrators of C T D
Printers Limited (Company No 05076866) on Nov. 21.  Its
registered office is at CTD House, Hansworth Road, Sunbury on
Thames, Middlesex TW16 5BH.

CTD Printers Ltd. -- http://www.ctdprinters.com-- specializes in
printing fine art brochures.  It falls under trade classification
Division 2-10 Paper, Printing and Publishing.

CONTACT:  CTD PRINTERS LTD.
          CTD House
          Summit Business Park
          Hanworth Road
          Sunbury-on-Thames
          Middlesex TW16 5BH
          Phone: 01932 771 300
          Fax: 01932 789 229
          E-mail: sales@ctdprinters.com

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


DESIGN CONSTRUCTION: Administrator Takes over Firm
--------------------------------------------------
Susan Joy Casey (IP No 009278) of J. Casey & Co. was appointed
administrator of Design Construction & Maintenance Services
Limited (Company No 04272231) on Nov. 11.  Its registered office
is at 173 London Road, North End, Portsmouth, Hampshire PO2 9AE.

CONTACT:  J CASEY & CO
          Forum House
          Stirling Road
          Chichester
          West Sussex PO19 7DN
          Phone: 01243 528500
          E-mail: suec@jcasey.com


DOOSRA PRODUCTION: Hires Tenon Recovery Administrator
-----------------------------------------------------
Company Names: DOOSRA PRODUCTION LIMITED
               (Company No 05096176)

               MEL FILMS LIMITED
               (Company No 05217318)

S. R. Thomas (IP No 8920) and K R Craig (IP No 8584) of Tenon
Recovery were appointed joint administrators of these companies
on Nov. 18.  Its registered office is at 145-147 St John Street,
London EC1V.

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

          TENON SCOTLAND
          1 Royal Terrace
          Edinburgh
          Lothian EH7 5AD
          Phone: 0131 557 4455
          Fax: 0131 556 0662
          E-mail: tom.maclennan@tenongroup.com


DOWN UNDER TENNIS: Calls in Administrator
-----------------------------------------
Nicholas Hugh O'Reilly and Simon Elliott Glyn (IP Nos 008309,
009159) of Vantis Numerica were appointed administrators of Down
Under Tennis Club Limited (Company No 04762389) on Nov. 23.

CONTACT:  DOWN UNDER TENNIS CLUB
          High Woodhall Lane
          Hemel Hempstead
          Herts HP3 8BW
          Phone: 01442 230234
          Fax: 01442 230288

          VANTIS NUMERICA
          PO Box 2653, 66 Wigmore Street,
          London W1A 3RT
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.vantisnumerica.com


FIRST DISCOUNT: Langley & Partners Administrator Enters Firm
------------------------------------------------------------
Philip Simons (IP No 9289) of Langley & Partners was appointed
administrator of First Discount Limited (Company No 03109623) on
Sept. 15.  Its registered office is at Morrell House, 98 Curtain
Road, London EC2A 3AA.

CONTACT:  FIRST DISCOUNT LIMITED
          Morell House,
          98 Curtain Road,
          London EC2A 3AA
          Phone: 020-7272-5353

          LANGLEY & PARTNERS
          Langley House
          Park Road
          East Finchley
          London N2 8EX
          Phone: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: philip.simons@langleypartners.co.uk


HULL LOCAL: Files for Liquidation
---------------------------------
G. Jenkinson, chairman of Hull Local Labour Initiative Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Nov. 8 at the Quality Hotel Royal, Ferensway, Hull
HU1 3UF.

Matthew Colin Bowker and David Antony Willis of Jacksons Jolliffe
Cork, Lowgate House, Lowgate, Hull HU1 1EL were appointed Joint
Liquidators.

The Hull local labour initiative (Hull LLI) has been established
for just over a year and was formed with the support of ESF
funding matched in part by employers in the local construction
industry, who pay into the Hull LLI but in return receive grants
when employing trainees.  There were nearly 400 local companies
linked to Hull LLI.

Hull LLI provides training in a number of construction areas,
including carpentry and joinery, bricklaying, painting and
decorating, general construction, gas installation as well as
opportunities in horticulture.

Apart from General Construction, Hull LLI does not recruit
trainees, but delivers the training and on-site assessment for
Hull City Services.  They also have a number of contracts with
the Employment Service under New Deal as well as a number of
private contracts.

General construction, gas installation and horticulture are
offered at its Somerden Road centre.

CONTACT:  HULL LOCAL LABOUR INITIATIVE LIMITED
          202 High Street, Hull
          North Humberside HU1 1HA
          Phone: 01482229986

          JACKSON JOLLIFFE CORK
          Lowgate House,
          Lowgate, Hull HU1 1EL
          Web site: http://www.jjcork.co.uk


ITS YOUR GROUP: Appoints RSM Robson Rhodes Administrator
--------------------------------------------------------
Simon Peter Bower and Charles William Anthony Escott (IP Nos
8338, 8913) of RSM Robson Rhodes LLP were appointed joint
administrators of Its Your Group Plc (Company No 04068556) on
Nov. 16.  Its registered office is at 2-4 Cayton Street, London
EC1V 9EH.

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


K.C. MOBILITY: Calls in Administrators from P&A Partnership
-----------------------------------------------------------
Philip Andrew Revill and Brendan Ambrose Guilfoyle (IP Nos 6421,
2563) of The P&A Partnership were appointed joint administrators
of K.C. Mobility Services Limited (Company No 02920874) on Nov.
18.  The company is engaged in converting vehicles for the
disabled.

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


KRISS CAR: Goes into Liquidation
--------------------------------
Kriss Car Rentals Limited informs that a resolution to wind up
the company was passed at an EGM held on Nov. 10 at 141 Parrock
Street, Gravesend, Kent DA12 1GY.  K. B. Stout was appointed
liquidator.

CONTACT:  KRISS CAR RENTALS LTD.
          128 Stonhouse Street
          Clapham, London, SW4 6AL
          Phone: 0800-634 3528


LARA MANUFACTURING: Names Begbies Traynor Liquidator
----------------------------------------------------
W. Matthews, chairman of Lara Manufacturing Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 10 at 5th Floor, Riverside House, 31 Cathedral Road, Cardiff
CF11 9HB.  John W. Davies and David Hill of Begbies Traynor, 5th
Floor, Riverside House, 31 Cathedral Road, Cardiff CF11 9HB were
appointed liquidators.

CONTACT:  LARA MANUFACTURING LIMITED
          27 High Street, Llandaff
          Cardiff, South Glamorgan CF15 2DY
          Phone: 02920480177

          BEGBIES TRAYNOR
          4th Floor, Riverside House,
          31 Cathedral Road, Cardiff CF11 9HB
          Phone: 029 2022 5022
          Fax: 029 2022 4523
          E-mail: cardiff@begbies-traynor.com
          Web site: http://www.begbies.com


MEARE MANOR: Administrator from Albert Goodman Takes over Firm
--------------------------------------------------------------
Laurence Russell (IP No 9199) of Albert Goodman was appointed
Meare Manor Limited (Company No 04631839) on Nov. 23.

CONTACT:  ALBERT GOODMAN
          Mary Street House
          Mary Street
          Taunton
          Somerset TA1 3NW
          Phone: 01823 286096
          Fax: 01823 257319


MEDIA WHAT: Appoints Sale Smith & Co. Administrator
---------------------------------------------------
Eileen T. F. Sale (IP No 008738) of Sale Smith & Co Limited was
appointed administrator of Media ... What Else Limited (Company
No 4840530) on Nov. 21.

CONTACT:  SALE SMITH & CO.
          Carmella House,
          3 & 4 Grove Terrace,
          Walsall, West Midlands WS1 2NE
          Phone: 01922 624777
          Fax: 01922 720528
          E-mail: etfs@salesmith.demon.co.uk


MEPC LTD.: Transfers Hermes Interest to Main Shareholders
---------------------------------------------------------
MEPC Ltd. has transferred its interests in the Hermes MEPC
Business Space Unit Trust to the BT Pension Scheme (BTPS) and the
Royal Mail Pension Plan.  Hermes MEPC Business Space Unit Trust
owns the business parks Milton Park in Oxford; Birchwood Park,
Warrington; Chineham Park, Basingstoke; Hillington Park, Glasgow
and Leavesden Park, Watford.

This follows the successful GBP470 million securitization
completed last month of a loan secured on four of the business
parks.

MEPC Ltd. will use the proceeds to eliminate certain debt owed to
shareholders, leaving GBP122.7 million in aggregate of 12%
unsecured bonds expiring June 2006 and 8.75% unsecured bonds
expiring December 2006.  All excess cash proceeds will be
returned to shareholders.

MEPC Ltd. continues to have access to a GBP350 million facility
provided by BTPS.  Of this facility, GBP122.7 million has been
set aside to cover the amount needed to repay the unsecured bonds
when they expire next year.

CONTACT:  MEPC LTD.
          4th Floor
          Lloyds Chambers
          1 Portsoken Street
          London E1 8LW
          Phone: 020 7702 6100
          Fax: 020 7702 6123
          Web site: http://www.mepc.co.uk


MEPC LTD.: Fitch Maintains Low-B Ratings, Negative Outlook
----------------------------------------------------------
Fitch Ratings has affirmed U.K. property company MEPC Limited's
(MEPC) ratings at Senior Unsecured 'B' and Short-term 'B'.  The
Outlook remains Negative.

This affirmation follows the recent announcement that MEPC has
transferred its interests in units in Hermes MEPC Business Space
Unit Trust (HMBSUT), a Jersey-based unit trust, to the BT Pension
Scheme (BTPS) and the Royal Mail Pension Plan (RMPP).  BTPS owns
Hermes Pension Management (Hermes), which manages MEPC on behalf
of BTPS and RMPP, and is Hermes's largest client. HMBSUT now owns
the business parks at Birchwood Park, Warrington; Milton Park,
Oxford; Hillington Park, Glasgow; Chineham Park, Basingstoke and
Leavesden Park, Watford.  Four of these business parks are
currently financed under Opera Finance (MEPC) plc, a GBP470
million securitization of a single secured commercial mortgage
loan and this secured financing will also transfer to BTPS and
RMPP, therefore remaining with HMBSUT.

This new transaction follows MEPC's repurchase of both the QUIPS
preference shares (GBP122 million outstanding at August 2005) and
the outstanding 2017 and 2024 debentures (GBP93 million in total
cost) and the "undertaking to reserve" GBP122.7 million of its
GBP350 million BTPS unsecured facility to repay 2006 bondholders
when those bonds mature.  MEPC will now also repay the GBP44
million outstanding under the BTPS facility, leaving the full
GBP350 million now available to repay the outstanding unsecured
2006 bonds (GBP122.7 million).  Although the combined effect of
the above transactions has reduced unencumbered asset cover for
unsecured debtholders to around 1.1x, Fitch takes comfort that
the forecast headroom for drawdowns under the facility and the
public statement by MEPC reserving availability, which has now
been reaffirmed, is expected to cover the short-term refinancing
risk from the 2006 bonds.

Fitch has not changed MEPC's Senior Unsecured rating or rating
Outlook, since this has already encompassed the post-secured debt
funding's resultant tight unencumbered asset cover and interest
cover ratios.  Furthermore, the BTPS facility's availability
remains linked to the default probability of MEPC -- i.e. the
credit quality of MEPC as reflected in the 'B' rating -- so the
above announcement regarding the transfer of already encumbered
assets does not denote a change in the rating of MEPC.

The Negative Outlook continues to encompass the possibility that
further funds could be repatriated from MEPC to the holding
company Leconport Estates as additional inter-company loans with
this shell entity.  If drawn and channeled upstream, this could
further reduce MEPC's financial flexibility in the future.
MEPC's financial parameters continue to be tight.  Nevertheless,
Fitch acknowledges the track record of BTPS's repayment of
unsecured obligations.

Post the transfer of the four business parks MEPC will have
property assets totaling around GBP143 million and net rental
income of GBP9.4 million.

CONTACT:  MEPC LTD.
          4th Floor
          Lloyds Chambers
          1 Portsoken Street
          London E1 8LW
          Phone: 020 7702 6100
          Fax: 020 7702 6123
          Web site: http://www.mepc.co.uk

          Jean-Pierre Husband, London
          Phone: +44 (0) 20 7417 6304
          John Hatton, London
          Phone: +44 (0) 20 7417 4283

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


MEPC LTD.: Rating Downgraded to B- Following Asset Transfer
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on U.K.-based property investment company MEPC Ltd. to
'B-' from 'B+'. In addition, Standard & Poor's affirmed its 'B-'
rating on MEPC's two GBP150 million senior unsecured debt issues
(of which only about GBP123 million is outstanding).

The rating action follows the announcement by MEPC that on Dec.
2, 2005 it sold the bulk of its assets to the BT pension scheme
and the Royal Mail Pension Plan, which are MEPC's ultimate
shareholders.

"Although this will not damage MEPC's credit measures materially,
as debt will also be significantly reduced, it weakens MEPC's
business risk profile, as the company will be left with very few
assets," said Standard & Poor's credit analyst Andreas Kindahl.

"We expect that MEPC's financial profile will remain adequate for
the current ratings, with cash flow almost covering interest
expenses until the bonds are redeemed," added Mr. Kindahl.
"Without access to the revolver, however, the rating on MEPC
would be lower."

Any sudden increase in vacancies or fall in rental income in
MEPC's few assets would pressure the ratings. Upside potential is
restricted due to the company's limited size following the
transfer.

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

CONTACT:  MEPC LTD.
          4th Floor
          Lloyds Chambers
          1 Portsoken Street
          London E1 8LW
          Phone: 020 7702 6100
          Fax: 020 7702 6123
          Web site: http://www.mepc.co.uk


MG ROVER: Possibility of Longbridge Revival Dims
------------------------------------------------
The fate of MG Rover's Longbridge site remains uncertain four
months after Nanjing Automobile (Group) Corp. acquired the firm
out of administration, The Birmingham Post says.

David Malpass of Accelerate, the Birmingham-based motor industry
support organization, said: "The Nanjing position is uncertain.
We have had a declaration that, yes, they will invest at
Longbridge.  But to this end the Government is taking a bit of a
reserved view and is waiting to see where and when this
investment will take place."  He added they are not expecting an
immediate announcement from the Chinese company.

Meanwhile, Garel Rhys, of Cardiff University Business School,
expressed doubts about the revival of operations at the plant.
He said: "It looks as if MG Rover is lost.  With every day that
passes it is becoming more and more difficult for anything to
come back to Longbridge."

CONTACT:  MG ROVER GROUP LIMITED
          Longbridge, Bickenhill
          Birmingham
          B31 2TB, United Kingdom
          Phone: +44-121-475-2101
          Fax: +44-121-482-2403
          Web site: http://www1.mg-rover.com

          NANJING AUTOMOBILE (GROUP) CORPORATION
          General Management Division
          Phone: 86-25-3432671
          Fax: 86-25-3111295 3417873
          E-mail: bnj3111037@jlonline.com
          Web site: http://www.nanqi.com.cn


MINORPLANET SYSTEMS: Breaks even in October
-------------------------------------------
The Board of Minorplanet Systems plc has disclosed that the
turnaround of the Company is progressing well and is ahead of
plan.  The Group has now achieved a key objective of reaching
breakeven in October.  This compares very favorably with the same
month last year when losses in excess of GBP550,000 were
recorded.  This represents a further significant milestone in the
turnaround of the Group.

The Prospectus issued on 13 October 2005, in connection with the
Company's recent successful Placing and Open Offer, incorporated
the Group's audited accounts for the ten months to 30 June 2005.
The Board intends to announce Minorplanet's full year results to
31 August 2005 on 16 December 2005.  At that time the Board will
also provide a further update on trading.

The Company intends holding its Annual General Meeting on 26
January 2006 and will issue a notice to its shareholders in due
course.

                        About the Company

Minorplanet is headquartered in Leeds and has operations in five
countries: the United Kingdom, Germany, Holland, Australia and
Ireland.  Minorplanet's largest geographic market by revenue is
the United Kingdom.  Its principal activity is the development
and sale of technology-based fleet management systems.

In October, the company narrowly avoided bankruptcy after
individual and institutional investors coughed up the money to
repay an outstanding loan.  The company needed to raise GBP13.5
million to repay a GBP4.82 million funding provided by majority
shareholder GE Capital Equity and Chief Executive Terry Donovan;
and GBP500,000 by other investors in April.  The loans payable
totaled GBP6.5 million, according to The Guardian.

Proceeds of the placing and open offer will be used as working
capital to complete the firm's turnaround initiatives, accelerate
its growth plans and provide financial stability.
The board had said that if the placing does not take place, the
company will run out of working capital on or around November 14
and directors would then have no alternative but to put the
company into administration immediately.

CONTACT:  MINORPLANET SYSTEMS PLC
          Greenwich House, 223 North Street
          Leeds LS7 2AA
          Phone: +44 (0) 113 2511600
          Fax: 0113 2511685
          E-mail: hq@minorplanet.com
          Web site: http://www.minorplanet.com


MOWLEM PLC: Wins GBP29 Mln Government Contracts
-----------------------------------------------
Mowlem plc's Building and Infrastructure divisions won GBP29.2
million worth of contracts in October and November.

Mowlem Building was awarded contracts worth almost GBP18 million
as part of the NHS Local Improvement Finance Trust (LIFT)
initiative to design and build local health centers at Dudley in
the West Midlands and Sheffield in South Yorkshire.

In Dudley, two health centers will be built for the Dudley South
Primary Care Trust including a Learning Disabilities Services
Center and a Health and Social Care site in Stourbridge.  This
will provide new and improved primary care via a six GP practice
and associated facilities, which include chiropody and dentistry.

The Sheffield contracts will mean the creation of two new local
health centers in the Deepcar and Wincobank areas of the city.

Mowlem Building Managing Director Chris Pape said: "These latest
contracts firmly establish Mowlem as the leading construction
contractor in the NHS LIFT scheme.  We are proud to be working
with our partners to provide dynamic and modern healthcare
facilities for local communities across the country."

A further GBP10 million scheme is the extension and refurbishment
by Mowlem Building of one of Coventry's largest multi-story car
parks.

Mowlem Infrastructure's latest roads project is a GBP1.7m upgrade
scheme for a section of the A48 Tredeger Park Interchange to be
widened from a single to a dual carriageway. The contract is the
latest in a series of South Wales road schemes for Mowlem, a
number of which, including the A40/A449 improvement scheme, have
recently been completed.

                        About the Company

Headquartered in Middlesex, Mowlem Plc --
http://www.mowlem.com-- support services to public and private
sector customers across a comprehensive range of market sectors.
It has more than 25,000 employees, and annual turnover of GBP2
billion.  It has GBP228.4 million in assets and GBP18.9 million
in debt.  Its creditors are HSBC Bank, National Westminster Bank,
and Lloyds
TSB Bank.

Mowlem registered losses of GBP7.4 million (retained loss of
GBP19.6 million) in 2004, compared to earnings of GBP49.8 million
a year earlier.  Its profitability was severely affected by a
number of contract valuation write-downs and one-off charges.  In
September, it reported loss before tax of GBP73.4 million (2004:
GBP6.8 million profit).

                           The Trouble

Mowlem's business review in February led to the discovery of a
number of accounting issues at its Technical Services unit.  The
errors nearly gave rise to technical breaches under certain
bonding facilities.  The review also resulted to the split of its
Construction Services operation into three units.

Recently, the company warned full-year results will be GBP20
million lower than current market expectations due to changes in
approach to profit recognition and contract valuation.  The
announcement followed three profits warning since June 2004.
These warnings prompted Fitch Ratings to revise the outlook on
the company to Negative from Stable.  Senior Unsecured 'BB' and
Short-term 'B' ratings were affirmed.

See http://bankrupt.com/misc/Mowlem_Profile.htmfor company
profile.

CONTACT:  MOWLEM PLC
          White Lion Court, Swan Street
          Isleworth
          Middlesex TW7 6RN
          Phone: 020 8568 9111
          Fax: 020 8847 4802
          Web site: http://www.mowlem.com


NATIONWIDE CONTRACT: Names PricewaterhouseCoopers Administrator
---------------------------------------------------------------
Robert William Birchall and Michael John Andrew Jervis (DTI
Office Holder Nos 6623, 8689) of PricewaterhouseCoopers LLP were
appointed joint administrators of Nationwide Contract Recruitment
Services (Company No 03467596) on Nov. 18.  Its registered office
is at Beaumont House, 172 Southgate Street, Gloucester,
Gloucestershire GL1 2EZ.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


NETWORK RAIL: Expects Tamping Machines to Deliver Savings
---------------------------------------------------------
Big savings and over 50% increase in productivity will be
achieved following the award of three-year contracts for the use
of on-track plant.  Network Rail announced on Dec. 1 six out of
the seven multi-million-pound deals which will help to maximize
the use of these machines on the rail network.

Tamping machines make up the bulk of on-track plant and are a
vital piece of engineering equipment used to ensure track is in
the correct position.  They ensure a smooth, safe and comfortable
journey for passengers.

Taking maintenance in-house has enabled Network Rail, for the
first time, to take a holistic approach on the use of these vital
pieces of kit.  A specialized team of 'Tamper Planners' will
combine maintenance and renewals needs.  They will ensure the 107
machines are used to maximum capacity, and will look to deliver
further efficiency savings and greater productivity over the
period of the contract.

The new three-year contracts represent a key element of Network
Rail's task of rebuilding Britain's railway.  They will deliver
cost reductions and will see significant improvements in value
for money through:

-- consolidation of volumes,
-- combining maintenance and renewals planning,
-- maximizing assets,
-- reduction in charges through competitive pricing,
-- standardization across the country,
-- better utilization of equipment,
-- reduction in the age of the kit used

Deputy Chief Executive Iain Coucher said: "The award of these
contracts is a significant step towards our goal of controlling
costs and maximizing our assets while delivering a safer, more
reliable railway infrastructure and better train performance. The
huge task of rebuilding our railway is well underway."

New contractor Area                   Length    First year
--------------    ----                  of contract  contract
                                        -----------  Value
                                         (years)     ---------

AMEY             London North Western        3    GBP7 million
Infrastructure   (West Midlands & Chiltern)
Services Ltd.    Western
                 (Thames Valley
                 and West Country)

Fastline Ltd.    London North Western        3    GBP22 million
                 (Preston, Liverpool
                 & North Wales, Manchester,
                 West Coast South,
                 West Midlands
                 & Chiltern
                 and Major Projects)

                 London North Eastern
                 (Great Northern,
                 North Eastern
                 and East Midlands)

GrantRail Ltd.   London North Eastern       3     GBP7 million
                 (Great Northern
                 and North Eastern)

                 London North Western (Preston)

SECO Rail Ltd.   Western (West Country)     3     GBP1.8 million

Balfour Beatty   London North Eastern       3     GBP22 million
Rail Plant Ltd.  (East Midlands) South Eastern
                 (West Anglia, Great Eastern,
                 Kent, Wessex and Sussex)


First
Engineering Ltd. Scotland (East & West)    3    GBP5.1 million

Yet to be awarded: Western (Wales & Marches) 3
                   London North Western (various)

CONTACT:  NETWORK RAIL
          Web site: http://www.networkrail.co.uk


NEWCASTLE EXPRESS: Appoints Tenon Recovery Liquidator
-----------------------------------------------------
B. P. McGill, chairman of Newcastle Express Couriers Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Nov. 4 Tenon House, Ferryboat Lane, Sunderland SR5
3JN.  Ian William Kings of Tenon Recovery, Tenon House, Ferryboat
Lane, Sunderland SR5 3JN was appointed liquidator.

CONTACT:  NEWCASTLE EXPRESS COURIERS
          314 Ovington Grove
          Newcastle Upon Tyne
          Tyne and Wear
          NE5 2QH
          Phone: 0845 644 1191
          Fax: 0845 644 1191
          E-mail: info@newcastleexpresscouriers.co.uk
          Web site: http://www.newcastleexpress.co.uk

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


RTV PACKAGING: EGM Passes Winding-up Resolution
-----------------------------------------------
J. L. King, director of RTV Packaging Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 7 at Hinckley Island Hotel, Watling Street, Hinckley,
Leicestershire.  Timothy Frank Corfield of Griffin & King, 26-28
Goodall Street, Walsall, West Midlands WS1 1QL was appointed
liquidator.

CONTACT:  RTV PACKAGING LIMITED
          303 Abbey Lane, Leicester
          Leicestershire LE4 5QH
          Phone: 01162518388

          GRIFFIN & KING
          26-28 Goodall Street,
          Walsall, West Midlands WS1 1QL
          Phone: 01922 722205
          Fax: 01922 639480


SANCTUARY GROUP: May Raise Funds Thru Evolution Securities
----------------------------------------------------------
The Board of The Sanctuary Group plc has noted the press
speculation over the weekend with regard to a possible fund
raising.

Since the latter part of the summer 2005, Sanctuary has been
undertaking a fundamental review of its business which has
involved, inter alia, addressing worldwide cost structures, the
performance of revenue generating assets, premises and accounting
policies.

Without compromising the high level of service and commitment to
its artists and customers, the Group has implemented substantial
annualized costs savings, principally by reducing headcount
worldwide by some 25%.

In addition, the Group has focused its business on its core areas
of expertise, which consists of Recorded Product, Merchandising,
Artist Management and Live Agency activity worldwide.  It has
sold its Book Publishing arm and its mobile recording studios and
is in active discussions regarding the disposal of its music
publishing and studios businesses.

The Board continues to enjoy the support of its bankers who have
recently extended facilities to the Group, although total
facilities remain in line with the existing covenants on the
convertible bonds as previously stated on 24 August.

While the Board is confident that the actions taken to cut costs
and focus on the core activities of the Group will allow the
Group to continue to trade over the medium term, the Group will
remain dependent on the support of its bankers in the near term
and is likely to require further funding from them in the near
term.

The Board recognizes that the level of debt in the Group is too
high and is actively exploring a number of options for the
medium- and long-term financing of the Group.  One of these
options is a significant equity fund raising through Evolution
Securities, any proceeds of which would be used to reduce debt
levels.  The details of any such equity issue are still being
considered and an announcement will be made if and as
appropriate.  However, the Board recognizes that there is no
guarantee that it will succeed in raising further funds.

The Board is progressing through the audit process and will
announce its full-year results when this process concludes.  The
Board expects that, as previously announced on 21 September 2005,
the Group will generate a loss at EBITDA level before exceptional
items such as restructuring costs and provisions.  The Board
expects substantial provisions and write-downs and, although
still being audited, these are likely to be in the region of
GBP130 million to GBP170 million.

Andy Taylor, executive chairman, said: "We have acknowledged that
Sanctuary has expanded too rapidly and we are working very hard
to reset the business for future sustainable growth.  We know we
have a strong business model and we continue to enjoy the support
of some of the highest profile artists in the world.  We have
progressed quickly and efficiently since the late summer and I am
confident that the Board's response to the current situation has
been the right one and one that will set Sanctuary on course for
future success."

CONTACT:  THE SANCTUARY GROUP PLC
          Sanctuary House
          45 - 53 Sinclair Road
          London W14 0NS
          Phone: +44 (0)20 7602 6351
          Fax: +44 (0)20 7603 5941
          E-mail: info@sanctuarygroup.com
          Web site: http://www.sanctuarygroup.com


SERVICED LETTING: Liquidators from Begbies Traynor Move in
----------------------------------------------------------
M. J. Parker, chairman of Serviced Letting Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 9 at 5th Floor, Riverside House, 31 Cathedral Road, Cardiff.
David Hill and John W. Davies of Begbies Traynor, 5th Floor,
Riverside House, 31 Cathedral Road, Cardiff were appointed Joint
Liquidators.

CONTACT:  SERVICED LETTING LTD.
          7 Royal ParadeBays Hill Road, GL503AY
          Phone: 0800 0935383

          BEGBIES TRAYNOR
          4th Floor, Riverside House,
          31 Cathedral Road, Cardiff CF11 9HB
          Phone: 029 2022 5022
          Fax: 029 2022 4523
          E-mail: cardiff@begbies-traynor.com
          Web site: http://www.begbies.com


SHADEREACH LTD.: Goes into Liquidation
--------------------------------------
D. Reilly, director of Shadereach Ltd., informs that resolutions
to wind up the company were passed at an EGM held on Nov. 8 at
Gainsborough House, Sheering Lower Road, Sawbridgeworth,
Hertfordshire CM21 9RG.  A. J. Clark of Carter Clark, Meridian
House, 62 Station Road, North Chingford, London E4 7BA was
appointed liquidator.

CONTACT:  SHADEREACH LTD.
          Unit 2 829-837 High Road
          Leytonstone, London E11 1HH
          Phone: 020-8539-6220

          CARTER CLARK
          Meridian House
          62 Station Road
          North Chingford
          London E4 7BA
          Phone: 020 8524 1447
          Fax: 020 8524 1457
          E-mail: recovery@carterclark.co.uk


SIMPSON & PARSONS: Insurance Consultant Liquidates
--------------------------------------------------
J. Parsons, chairman of Simpson & Parsons (Financial Services)
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Nov. 7 at Crooklands Hotel, Milnthorpe,
Cumbria LA7 7NW.

Roderick Graham Butcher of Butcher Woods, 79 Caroline Street,
Birmingham B3 1UP was appointed liquidator.  The appointment was
confirmed at a creditors meeting held on the same day.

Simpsons and Parsons is an independent insurance consultant based
in Windermere in the Lake District National Park.  It has been
servicing customers in the hotel and catering sector for almost
20 years.

CONTACT:  SIMPSON & PARSONS (FINANCIAL SERVICES) LTD.
          6 & 8 High Street, Windermere
          Cumbria, LA23 1AF, UK
          Phone:015394 47387
          Fax:015394 47276
          E-mail: info@simpsonparsons.co.uk

          BUTCHER WOODS
          79 Caroline Street
          Birmingham
          West Midlands
          E-mail: rod.butcher@butcher-woods.co.uk
          Phone: 0121 236 6001
          Fax: 0121 236 5702


S P HORE: Calls in Liquidator
-----------------------------
S P Hore Painting Contractors Ltd. informs that resolutions to
wind up the company were passed at an EGM held on Nov. 10 at Avon
Gorge Hotel, Sion Hill, Clifton, Bristol BS8 4LD.  Giles Richard
Frampton of Richard J Smith & Co, 53 Fore Street, Ivybridge,
Devon PL21 9AE was appointed liquidator.

CONTACT:  S P HORE PAINTING CONTRACTORS LTD.
          Cemetary Junction 252-256
          Kings Rd, Reading
          Phone: 0118 951 9575


SWL LOGISTICS: Begbies Traynor to Liquidate Business
----------------------------------------------------
A. Saye, chairman of SWL Logistics Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 10 at 5th Floor, Riverside House, 31 Cathedral Road, Cardiff
CF11 9HB.  David Hill and John W. Davies of Begbies Traynor, 5th
Floor, Riverside House, 31 Cathedral Road, Cardiff CF11 9HB were
appointed Joint Liquidators.

CONTACT:  BEGBIES TRAYNOR
          4th Floor, Riverside House,
          31 Cathedral Road, Cardiff CF11 9HB
          Phone: 029 2022 5022
          Fax: 029 2022 4523
          E-mail: cardiff@begbies-traynor.com
          Web site: http://www.begbies.com


TRAVIS MARKETING: Hires Liquidator from Begbies Traynor
-------------------------------------------------------
D. Travis, chairman of Travis Marketing Limited, informs that
resolutions to wind up the company were passed at an EGM held
Nov. 7 at 1 Winckley Court, Chapel Street, Preston, Lancashire
PR1 8BU.  David P. Appleby of Begbies Traynor, 1 Winckley Court,
Chapel Street, Preston, Lancashire PR1 8BU was appointed
liquidator.

CONTACT:  TRAVIS MARKETING LIMITED
          Wood End Farm, Marsh Moss Lane
          Ormskirk, Lancashire L40 0RP
          Phone: 01704895959

          BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street
          Preston PR1 8BU
          Phone: 01772 202000
          Fax: 01772 200099
          E-mail: preston@begbies-traynor.com
          Web site: http://www.begbies.com


UNIQUE EFFECTS: Files for Liquidation
-------------------------------------
G. Teasdale, chairman of Unique Effects Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 8 at Bewleys Hotel, Outward Lane, Manchester Airport M90
4HL.  Paul John Webb of Sanderlings LLP, Sanderling House, 1071
Warwick Road, Acocks Green, Birmingham B27 6QT was appointed
liquidator.

CONTACT:  UNIQUE EFFECTS LIMITED
          Haydon Bridge Industrial Estat
          Church Street, Hexham
          Northumberland NE47 6JG
          Phone: 01434688561


ZODIUM LTD.: Lighting Engineering Specialist Winds up
-----------------------------------------------------
I. Rae, director of Zodium Limited, informs that a resolution to
wind up the company was passed at an EGM held on Nov. 1 at 133
Golders Green Road, London NW11 8HJ.

A. Martin-Sklan of Martin Sklan & Co., 133 Golders Green Road,
London NW11 8HJ was appointed liquidator.

Zodion Ltd. -- http://www.zodionltd.eu.com/-- is a lighting
engineering specialist in the U.K.  It has two business units:

(a) Zodion Street Lighting Controls that manufactures photo
    controls for the switching of street and amenity lighting;
    and supplies OEMs, local authorities, utilities and
    contractors; and

(b) Lumo Lighting that provides low voltage lighting for
    caravans, motor homes and commercial vehicles.

CONTACT:  ZODION LTD.
          Zodion House, Station Road
          Sowerby Bridge
          West Yorkshire HX6 3AF - UK
          Phone: +44 (0) 1422 317 337
          Fax: +44 (0) 1422 836 717
          E-mail: enquiries@zodionltd.eu.com


ZOOM SOLUTIONS: Vehicle Delivery Firm Liquidates
------------------------------------------------
J. Edwards, chairman of Zoom Solutions Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 3 at St John's Court, Wiltell Road, Lichfield WS14 9DS.

M. F. P. Smith of Dains, St John's Court, Wiltell Road,
Lichfield, Staffordshire was appointed liquidator.

Zoom Solutions is into nationwide collection and delivery of all
vehicle types including non-runners, motorbikes and vans.  It
also provides multiple trade plate drivers for multiple fleet
movements.

CONTACT:  ZOOM SOLUTIONS
          Phone: 01922 693044
          Fax: 01922 693047
          Mobile: 07711 505636
          E-mail: Zoomsolutions@aol.com


                            *********


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.

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