TCREUR_Public/051212.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, December 12, 2005, Vol. 6, No. 245

                            Headlines

C Z E C H   R E P U B L I C

AERO VODOCHODY: Wins 25-year Defense Contract


G E R M A N Y

BUK ENTSORGUNGS: Creditors' Claims Due Next Month
DIALOG TV: Duesseldorf Court Appoints Provisional Administrator
EROWA- BAU: Frankfurt Business Goes Bust
HEBIS LIEGENSCHAFTEN: Court to Verify Claims April
HEIZUNG UND SANITAR: Proofs of Claim Due Later this Month

H.W.SPEDITIONS: Under Bankruptcy Administration
INDACO GMBH: Succumbs to Bankruptcy
INTERSHOP COMMUNICATIONS: Converts EUR5 Mln of Bonds into Shares
KARSTADTQUELLE AG: Offers EUR300 Million Bonds
MME WOHNUNGSBAU: Creditors Meeting Set February

MONTAGEBAU S. TRIPPE: Court Appoints Administrator
MT ROHRLEITUNGS: Files for Bankruptcy
OR PARTNER: Proofs of Claim Due January
RFI MOBILE: Claims Filing Period Ends January 2
TORNADO INDUSTRIEWAAGEN: Court Appoints Interim Administrator


H U N G A R Y

CESKY TELECOM: Fined CZK205 Mln for Anti-competitive Practice


I T A L Y

ITALTRACTOR: Merges with Titan Europe to Prevent Collapse


N E T H E R L A N D S

ROYAL SHELL: Cancels 775,000 'A' Shares at EUR26.83 Each


R O M A N I A

ROMPETROL GROUP: Buys French Petroleum Products Distributor


R U S S I A

ABALAKOVSKIY: Appoints Insolvency Manager
AMOKOM: Moscow Court Opens Bankruptcy Proceedings
ARTEMOVSKOYE: Declared Insolvent
BELOVSKOYE: Names Z. Orlova Insolvency Manager
BUILDING OIL: Insolvency Manager Takes over Firm

CHEREMKHOVSKIY MEAT: Claims Filing Period Ends December 22
KORSAKOVSKIY: Succumbs to Bankruptcy
NIZHNEIRTYSHSKIY: Proofs of Claim Due December 22
NKNK FINANCE: Loan Participation Notes Rated B+
NOVOSHAKHTINSKIY: Rostov Court Opens Bankruptcy Proceedings
YAKOVLEVSKIY: Primorye Court Brings in Insolvency Manager


T U R K E Y

* Fitch Changes Turkish Banks' Outlook to Positive


U K R A I N E

ALEF: Gives Creditors Until Weekend to File Claims
LAGODA-MED: Kyiv Court Opens Bankruptcy Proceedings
LE-SKOR: Insolvency Manager Steps in
MAGNOLIYA: Declared Insolvent
SERVICE-BUSINESS: Succumbs to Insolvency


U N I T E D   K I N G D O M

ABBEYDENE GROUP: Claims Deadline January 4
A FINISHING: Names Baker Tilly Liquidator
ALLERTON & HALL: Files for Liquidation
AMIC DISTRIBUTION: Applies for Liquidation
AZTECH TRAINING: Tenon Recovery Takes over Firm

BEAUTY IN WOOD: Goes into Liquidation
BP HDPE: Calls in Liquidators from PricewaterhouseCoopers
CANINE SOLUTIONS: EGM Passes Winding-up Resolution
CLYDESDALE BANK: New Deer Man Fights to Prevent Branch Closure
DAGENHAM ASSOCIATION: Claims Deadline Expires Next Month

DARTJEWEL LTD.: Calls in Liquidator
DAWSON INTERNATIONAL: To Redeem Final Tranche of Loan Stock
DIY WINDOWS: Fergusson & Co. to Liquidate Business
EXPRESS LINK: Creditors Meeting Set Tomorrow
FIELDENE PROPERTY: Names Begbies Traynor Liquidator

GRENADIER INTERNATIONAL: In Liquidation
HAMPTON TRUST: Board Proposes Solvent Restructuring
IWP INTERNATIONAL: Lenders Waive Covenant Breaches
JBG BUILDING: Creditors Meeting Set Friday
J G GLASS: Calls in Wilson Pitts Administrator

KEEN PROCESSING: Files for Liquidation
KINGSMARK DESIGN: Calls in Liquidator from Griffin & King
LAEL RECRUITMENT: Hires Ian Franses to Liquidate Business
LONGWOOD ENTERPRISES: Meeting of Creditors Set Tomorrow
LULLABYE BED: EGM Passes Winding-up Resolution

MARK ONE MOTORS: Goes into Liquidation
MBP (AGENTS): Administrators from BDO Stoy Hayward Move in
MB REALISATIONS: Names Liquidators from KPMG
MERIDIAN SAFETY: Appoints SPW Poppleton Liquidator
RODA DESIGN: Geoffrey Martin Liquidator Moves in

ROYAL MAIL: Regulator Approves Lower Stamp Price Hike
SECURITY RESPONSE: Calls in Bridgestones Administrator
SKYEPHARMA PLC: Gives Potential Buyers Access to Accounts
SOLUTIONS RECRUITMENT: Names Ideal Corporate Liquidator
SWAN FIELDS: Meeting of Creditors Set Next Week

TOWNHOUSE LONDON: Bar Operator Contacts Administrator
ULTIMATE VISUAL: Administrators Take over Firm
WEBLEY & SCOTT: Leonard Curtis Administrators Move in
WESTBURY FLEXOGRAPHIC: In Liquidation
XERA LOGIC: Hires Tenon Recovery Administrator


                            *********


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


AERO VODOCHODY: Wins 25-year Defense Contract
---------------------------------------------
Troubled plane maker Aero Vodochody (AV) secured a 25-year deal
to service the Czech Defense Ministry's L-159 and L-39 aircraft,
Czech Happenings says.

Ministry spokesman Andrej Cirtek said, "The [signing] of the
contract brings certainty for Aero's military program."

The government also expects the contract to speed up AV's
privatization.  The cabinet approved AV's sale late November.
Potential buyers have until Wednesday to submit their bids.
Privatization agency Ceska konsolidacni agentura (CKA) expects to
complete the sale mid-May next year.

TCR-Europe said in Nov. 7, 2005 that the government expects to
gain up to CZK10 billion from AV's sale, but analysts say bidders
are not willing to go beyond CZK5 billion.  A report by
consultancy group Deloitte pegged AV's value at CZK814 million.
According to the Bulletin, AV's sale will happen at the turn of
2005/2006.

The government took over Boeing's share in the company in October
2004 citing dissatisfaction over the latter's inability to secure
enough orders for Aero.  It then attempted to restructure the
firm by writing off debt, but the European Commission thwarted
the plan for being an illegal state aid.  The company expects to
post CZK500 million in losses this year, in contrast to last
year's CZK295 million profit.

CONTACT:  AERO VODOCHODY A.S.
          250 70 Odolena Voda
          Phone: +420 25576 1111
          Fax: +420 25576 2111
               +420 25576 5999
          Web site: http://www.aero.cz


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


BUK ENTSORGUNGS: Creditors' Claims Due Next Month
-------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against BUK Entsorgungs- und Transport GmbH on November 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 9, 2006
to register their claims with court-appointed provisional
administrator Dr. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting on February 21, 2006, 4:00 p.m. at the district court
of Leipzig, Kathe-Kollwitz-Strasse 9, 04109 Leipzig, 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:  BUK ENTSORGUNGS- UND TRANSPORT GmbH
          Carsdorfer Str. 28, 04523 Pegau
          Contact:
          Daniel Beyer, Manager

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


DIALOG TV: Duesseldorf Court Appoints Provisional Administrator
---------------------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Dialog TV GmbH on November 25.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until December 30, 2005 to register their claims
with court-appointed provisional administrator Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on January 18, 2006, 9:30 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  DIALOG TV GmbH
          Am Falder 4, 40589 Duesseldorf
          Contact:
          Dr. Martin Pape, Manager
          Talbogen 13, 45133 Essen

          Georg Kreplin, Administrator
          Berliner Allee 21, 40212 Duesseldorf


EROWA- BAU: Frankfurt Business Goes Bust
----------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against EROWA- Bau GmbH on November 25.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 12, 2006
to register their claims with court-appointed provisional
administrator Susanne Mueller.

Creditors and other interested parties are encouraged to attend
the meeting on February 16, 2006, 9:40 a.m. at the district court
of Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt
(Oder), Saal 401, 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:  EROWA- BAU GmbH
          Industriestrasse 2, 15848 Beeskow

          Susanne Mueller, Administrator
          Vietmannsdorfer Strasse 23, 17268 Templin


HEBIS LIEGENSCHAFTEN: Court to Verify Claims April
--------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against HEBIS Liegenschaften GmbH & Co.
Beteiligungs-KG on November 22.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until February 17, 2006 to register their claims
with court-appointed provisional administrator Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on January 11, 2006, 10:20 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 12,
2006, 10:20 a.m. at the same venue.

CONTACT:  HEBIS LIEGENSCHAFTEN GmbH & Co. BETEILIGUNGS-KG
          Krausnickstr. 3 a,10115 Berlin

          Ruediger Wienberg, Administrator
          Giesebrechtstr. 1, 10629 Berlin


HEIZUNG UND SANITAR: Proofs of Claim Due Later this Month
---------------------------------------------------------
The district court of Stralsund opened bankruptcy proceedings
against Heizung und Sanitar Fandrich GmbH & Co. KG on November
22.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until December
23, 2005 to register their claims with court-appointed
provisional administrator Uwe Degen-Gellenbeck.

Creditors and other interested parties are encouraged to attend
the meeting on January 18, 2006, 11:10 a.m. at the district court
of Stralsund, Frankendamm 17, Haus A, 4. OG, Saal A4 21, 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:  HEIZUNG UND SANITAR FANDRICH GmbH & Co. KG
          Fandrich Verwaltungsgesellschaft mbH
          Contact:
          Uta Sell, Manager
          Neuendorfer Str. 6, 17509 Ludwigsburg

          Uwe Degen-Gellenbeck, Administrator
          Joh.-Seb.-Bach-Str. 21, 17489 Greifswald


H.W.SPEDITIONS: Under Bankruptcy Administration
-----------------------------------------------
The district court of Arnsberg opened bankruptcy proceedings
against H.W.Speditions-GmbH on November 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 23, 2005 to register their
claims with court-appointed provisional administrator Dr Axel
Kampmann.

Creditors and other interested parties are encouraged to attend
the meeting on January 20, 2006, 11:00 a.m. at the district court
of Arnsberg, Eichholzstrasse 4, 59821 Arnsberg, EG, 328, 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:  H.W.SPEDITIONS-GmbH
          Holzener Weg 18, 59759 Arnsberg
          Contact:
          Horst-Willy Wiemer, Manager

          Dr. Axel Kampmann, Administrator
          Bronnerstrasse 7, 44141 Dortmund
          Phone: 0231/5411-0
          Fax: 0231/5411-220


INDACO GMBH: Succumbs to Bankruptcy
-----------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against INDACO GmbH on November 21.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until February 17, 2006 to
register their claims with court-appointed provisional
administrator Knut Rebholz.

Creditors and other interested parties are encouraged to attend
the meeting on January 11, 2006, 10:15 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 12,
2006, 10:15 a.m. at the same venue.

CONTACT:  INDACO GmbH
          Westhafenstr. 1,13353 Berlin

          Knut Rebholz, Administrator
          Cicerostr. 22, 10709 Berlin


INTERSHOP COMMUNICATIONS: Converts EUR5 Mln of Bonds into Shares
----------------------------------------------------------------
Intershop Communications AG on Dec. 2 converted 5,208,306 bonds
from the 2004/2008 zero-coupon convertible bond in the principal
amount of EUR5,208,306 into 5,208,306 shares of the Company.

As a result of the conversion option being exercised, the
Company's capital stock rose by EUR5,208,306 from a current
EUR12,775,650 to EUR17,983,956, while the total number of issued
Intershop common bearer shares outstanding rose from 12,775,650
to 17,983,956, through the issue of 5,208,306 new shares from the
Company's Conditional Capital IV.

The new shares are expected to be credited to the subscribers'
securities accounts and the shares are expected to be quoted for
the first time on December 5, 2005.

About Intershop

Intershop Communications AG -- http://www.intershop.com-- (Prime
Standard: ISH2) is a leading provider of software solutions that
help organizations evolve their trading relationships with
consumers and business partners online.  Founded in 1992,
Intershop has a long tradition of driving innovation in
e-commerce by automating and simplifying sales and buying
processes.  Intershop Solutions enable organizations to
consolidate and manage unlimited online commerce channels on a
single platform.  As a result, Intershop customers benefit from
reduced operating expenses and competitive advantages in their
online sales activities.  More than 300 enterprise customers
worldwide, including HP, and BMW, run Intershop Solutions.  Four
of the five largest ecommerce sites in Germany rely on Intershop
Solutions: Otto, Tchibo, Deutsche Telekom, and Quelle.  Intershop
is headquartered in Jena, Germany, and has branch offices in the
United States, and Europe.

                            *   *   *

Intershop did not fare well in the second quarter of the year,
posting EUR1.1 million in losses, a million-euro higher from a
year ago.  It recorded a net loss of EUR1.5 million or EUR0.17
per share in the third quarter of 2005.  Compared to the third
quarter of 2004, Intershop's net loss was EUR1.8 million or
EUR0.08 per share.

CONTACT:  INTERSHOP COMMUNICATIONS
          Intershop Tower
          D-07740 Jena
          Phone: +49-3641-50-0
          Fax: +49-3641-50-1111
          Web site: http://www.intershop.com


KARSTADTQUELLE AG: Offers EUR300 Million Bonds
----------------------------------------------
Troubled department store and mail order group KarstadtQuelle AG
will issue EUR300 million subordinated bonds to improve its
liquidity, AFX News says.

The bonds carry a coupon of 6% above the London Inter-Bank
Offered Rate.  The securities will also bear 6% annual interest
payable on maturity, resulting in total yearly interest of around
15%.  Barclays Capital and Goldman Sachs are arranging the bond
issue.

CONTACT:  KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com

          Corporate Communications
          Jorg Howe
          Phone: + 49 (0) 201/727-25 38
          E-mail: joerg.howe@karstadtquelle.com


MME WOHNUNGSBAU: Creditors Meeting Set February
-----------------------------------------------
The district court of Landau in der Pfalz opened bankruptcy
proceedings against MME Wohnungsbau GmbH & Co KG on November 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 23, 2006
to register their claims with court-appointed provisional
administrator Stephan Haspel.

Creditors and other interested parties are encouraged to attend
the meeting on February 23, 2006, 9:20 a.m. at the district court
of Landau in der Pfalz, Zimmer 225, Marienring 13, 76829 Landau
in der Pfalz, 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:  MME WOHNUNGSBAU GmbH & Co. KG
          Sportplatzstr. 2, 76865 Insheim
          Contact:
          Markus Metz, Manager

          Stephan Haspel, Administrator
          Friedrich-Ebert-Str. 7, 76829 Landau in der Pfalz
          Phone: 06341/51020
          Fax: 06341/510229


MONTAGEBAU S. TRIPPE: Court Appoints Administrator
--------------------------------------------------
The district court of Arnsberg opened bankruptcy proceedings
against Montagebau S. Trippe GmbH on November 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until December 23, 2005 to
register their claims with court-appointed provisional
administrator Dr. Axel Kampmann.

Creditors and other interested parties are encouraged to attend
the meeting on January 20, 2006, 11:15 a.m. at the district court
of Arnsberg, Eichholzstrasse 4, 59821 Arnsberg, EG, 328, 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:  MONTAGEBAU S. TRIPPE GmbH
          Kurfuerstenring 47, 59457 Werl
          Contact:
          Sabine Rauthgundis Trippe, Manager
          Bruktererstrasse 15, 59457 Werl

          Dr. Axel Kampmann, Administrator
          Bronnerstrasse 7, 44141 Dortmund
          Phone: 0231/5411-0
          Fax: 0231/5411-220


MT ROHRLEITUNGS: Files for Bankruptcy
-------------------------------------
The district court of Dessau opened bankruptcy proceedings
against MT Rohrleitungs- und Tiefbau GmbH on November 21.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 27,
2005 to register their claims with court-appointed provisional
administrator Jorg Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting on January 23, 2006, 1:20 p.m. at the district court
of Dessau, Willy-Lohmann-Str. 33, Saal 123, 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:  MT ROHRLEITUNGS- UND TIEFBAU GmbH
          Gottnitzer Strasse 2, 06780 Zorbig/OT Lobersdorf
          Contact:
          Martin Schwarzkopf, Manager
          Hauptstrasse 12, 06780 Zorbig/OT Lobersdorf

          Jorg Riedemann, Administrator
          Muehlweg 47, 06114 Halle
          Phone: 0345/293900
          Fax: 0345/2939029


OR PARTNER: Proofs of Claim Due January
---------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against OR Partner Gesellschaft fuer Organisations- und
Unternehmensberatung mbH on November 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 10, 2006 to register their
claims with court-appointed provisional administrator Stefan
Meyer.

Creditors and other interested parties are encouraged to attend
the meeting on February 1, 2006, 9:30 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  OR PARTNER GESELLSCHAFT FUER ORGANISATIONS- UND
          UNTERNEHMENSBERATUNG mbH
          Stiftsallee 30, 32425 Minden
          Contact:
          Robert Jagusch, Manager
          Helene-Wessels-Weg 6, 24568 Kaltenkirchen

          Stefan Meyer, Administrator
          Ostertorstr. 7, 32312 Luebbecke


RFI MOBILE: Claims Filing Period Ends January 2
-----------------------------------------------
The district court of Monchengladbach opened bankruptcy
proceedings against rfi mobile technologies Aktiengesellschaft on
November 24.  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 Wolfgang van Betteray.

Creditors and other interested parties are encouraged to attend
the meeting on February 1, 2006, 8:45 a.m. at the district court
of Monchengladbach, Hohenzollernstr. 157, 41061 Monchengladbach,
Erdgeschoss, Sitzungssaal A 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:  RFI MOBILE TECHNOLOGIES AKTIENGESELLSCHAFT
          Ohlerkirchweg 35, 41069 Monchengladbach
          Contact:
          Steffen Schweitzer, Manager
          Am Grassdorfer Waldchen 35, 04425 Taucha

          Wolfgang van Betteray, Administrator
          Rheinort 1, 40213 Duesseldorf


TORNADO INDUSTRIEWAAGEN: Court Appoints Interim Administrator
-------------------------------------------------------------
The district court of Arnsberg opened bankruptcy proceedings
against Tornado Industriewaagen Service GmbH on November 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 23,
2005 to register their claims with court-appointed provisional
administrator Dr. Axel Kampmann.

Creditors and other interested parties are encouraged to attend
the meeting on January 20, 2006, 10:45 a.m. at the district court
of Arnsberg, Eichholzstrasse 4, 59821 Arnsberg, EG, 328, 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:  TORNADO INDUSTRIEWAAGEN SERVICE GmbH
          Haddoweg 10, 59757 Arnsberg
          Contact:
          Arno Fritz, Manager

          Dr. Axel Kampmann, Administrator
          Bronnerstrasse 7, 44141 Dortmund
          Phone: 0231/5411-0
          Fax: 0231/5411-220


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


CESKY TELECOM: Fined CZK205 Mln for Anti-competitive Practice
-------------------------------------------------------------
The Anti-Monopoly Office (UOHS) has fined fixed-line operator
Cesky Telecom CZK205 million (US$8.4 million) for abusing its
dominant position in the market, The Prague Post says.

The penalty is seven times more than previous fines on any
company and the largest ever against a single firm.  Cesky
Telecom was also fined CZK328 million in July.  The UOHS says
Cesky prevented clients from choosing other operators by closely
bundling free phone minutes with its ordinary service packages.
As a result customers could not easily accurately compare prices
and differentiate free and paid minutes, discouraging them from
using alternative services.  The company plans to appeal the
ruling.

The report said the sanction does not pose a threat to the firm's
finances.  Cesky, which reported CZK62 billion in revenue last
year, has prepared for the fine by creating a reserve fund
shortly after the UOHS began investigating its pricing programs
in the spring.  But it is also facing a CZK2.14 billion lawsuit
from alternative provider Tele2 for its anti-competitive pricing
policies.

Naveed Gill, general manager of Tiscali Czech Republic, and other
top managers from the Association of Fair Competition, which
consists of Tiscali, e-Tel, Tele 2 and Telenor Networks, have
called for further sanctions against Cesky Telecom.  They allege
Cesky Telecom offers customers retail prices below the wholesale
prices it charges alternative providers for using its network.
Cesky owns the country's fixed-line network.

Cesky Telecom was bought out from the government by Spanish
telecom giant Telefonica in April.

CONTACT:  CESKY TELECOM
          Olsanska 5, Praha 3, 130 34
          Phone: +420 271 411 111
                 +420 271 461 111
                      840 114 114
          Web site: http://www.telecom.cz


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


ITALTRACTOR: Merges with Titan Europe to Prevent Collapse
---------------------------------------------------------
Italtractor averted bankruptcy after wheel manufacturer Titan
Europe took over the farm and machinery equipment maker, Il Sole
24 Ore says.

Titan Europe paid EUR270 million, of which EUR70 million came
from a syndicated loan provided by Banca Intesa, to acquire and
merge with Italtractor.  The resulting company will have a EUR0.5
billion in turnover and will be listed on the London Stock
Exchange.

Italtractor has been struggling since early 2004 when it ran out
of cash to redeem a EUR100 million bond.  The group had to extend
the bond and hike its redemption yield to avoid collapse.

CONTACT:  ITALTRACTOR S.p.A.
          Via per Modena 152
          Castelvetro di Modena
          Phone: 39 059 704111
          Fax: 39 059 702426
          Web site: http://www.passinigroup.com

          TITAN EUROPE PLC
          Bridge Road, Cookley
          Kidderminster
          Worcestershire DY10 3SD
          Phone: +44 (0) 1562 850561
          Fax: +44 (0) 1562 851554
          Web site: http://www.titaneurope.com


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


ROYAL SHELL: Cancels 775,000 'A' Shares at EUR26.83 Each
--------------------------------------------------------
On 8 December 2005, Dutch Shell plc purchased for cancellation
775,000 'A' Shares at a price of EUR26.83 euros per share.  It
further purchased for cancellation 250,000 'A' Shares at a price
of 1,816.05 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,944,625,000.

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

                            *   *   *

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

                        About the Company

Royal Dutch Shell plc, incorporated in England and Wales, is
headquartered in The Hague and 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 O M A N I A
=============


ROMPETROL GROUP: Buys French Petroleum Products Distributor
-----------------------------------------------------------
Rompetrol Group, N.V. (TRG) signed a binding Share Purchase
Agreement to purchase a 100% equity stake in France-based Dyneff,
S.A. and affiliated companies.  Price and terms were not
disclosed pending closing of the sale in the first quarter of
2006.

Established in 1958 by Antoine Lecea, Dyneff specializes in the
import, storage and distribution of petroleum products. Dyneff is
the largest independent refined products distributor in France by
both turnover and volume.  Dyneff supplies approximately 3.5% of
the total French market, or almost 3 million tons/annum of a
market of approximately 85 million tons. Products sold by the
company include petrol, diesel, domestic fuel oil, and bio-fuels.
In 2005 the Dyneff Group's consolidated turnover is expected to
be approximately US$2.4 billion and its primary assets are its
strategically located storage depots, particularly those along
the coasts of the Mediterranean Sea and Atlantic Ocean.

In terms of logistics infrastructure, Dyneff owns 266,000 cubic
meters of depot storage and rents an additional 180,500 cubic
meters for a total storage capacity of 446,500 cubic meters; in
addition, it has a right of passage at eleven other depots
strategically located around France and in the North of Spain to
ensure the efficiency of its distribution network.  As part of
its distribution process, Dyneff owns, operates or franchises
approximately 226 retail stations that carry its brand and
colors.

Post acquisition of Dyneff by TRG, Mr. Lecea will remain on
Dyneff's board and take up a position on TRG's advisory board.
The Rompetrol Group N.V. was created in 1999 following the
privatization of the petroleum sector of Romania.  Rompetrol owns
and operates two Romanian refineries, including the largest, most
modern crude oil refinery on the Black Sea (Petromidia).  The
Company also owns and operates 8 regional storage facilities.
Additionally, TRG group companies own, operate, or franchise
approximately 320 gas stations throughout Romania, Bulgaria and
Albania (some locally branded).

TRG's consolidated turnover in 2005 is expected to be
approximately US$2.5 billion.  Domiciled in the Netherlands and
with controlled subsidiaries in Romania, Bulgaria, Albania,
Georgia, Moldova, Cyprus, Switzerland, Russia, Libya and
Kazakhstan.

"The acquisition of Dyneff by Rompetrol will create a
pan-European, fully integrated refining and marketing company
with a significant asset base in both Eastern and Western
Europe," stated TRG Chairman and CEO Dinu Patriciu.  "It will
double the Dutch parent company's current turnover while
substantially raising net profit.  Finally, it will provide
operational and financial advantages derived from the teaming of
large-scale storage, transport and distribution facilities with a
major producer of refined petroleum products," he concluded.

TRG Vice Chairman Philip Stephenson added: "Rompetrol intends to
integrate the depot and distribution aspects of Dyneff with its
major refinery business, providing the Company access to the West
European market while utilizing our gas station expertise to
modernize and improve the performance of Dyneff in its home
market.  With a presence on the Atlantic, Mediterranean and Black
Seas, the post-acquisition Rompetrol will be able to source crude
oil from the least expensive areas of current production and sell
directly into the most lucrative markets."

French bank Societe Generale, which has existing banking
relationships with both TRG and Dyneff, provided the bulk of
acquisition financing for this transaction Rompetrol was advised
in the transaction by the international law firm Salans and by
Deloitte & Touche.  Dyneff was advised by the Paris-based law
firm Bureau Francis Lefebvre.

                            *   *   *

Standard & Poor's rates Rompetrol's long-term credit 'B-'.  The
outlook is negative.

CONTACT:  ROMPETROL GROUP
          Rompetrol Building
          222 Calea Victoriei
          010099 Bucharest
          Romania
          Phone: +40 21 30 30 800
          Phone: +40 21 30 30 801
          Fax: +40 21 31 22 490
          E-mail: office@rompetrol.com


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


ABALAKOVSKIY: Appoints Insolvency Manager
-----------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Abalakovskiy after finding the
agro-industrial complex insolvent.  The case is docketed as
A33-16579/2005.  Mr. V. Fisher has been appointed insolvency
manager.

CONTACT:  ABALAKOVSKIY
          663157, Russia, Eniseyskiy region,
          Abakalovo, Sovetskaya Str. 13

          V. FISHER
          Insolvency Manager
          660022, Russia, Krasnoyarsk region,
          Aerovokzalnaya Str. 19


AMOKOM: Moscow Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Amokom after finding the industrial-investment company
insolvent.  The case is docketed as A400-15538/05-95-41B.  Mr. A.
Glagazin has been appointed insolvency manager.

CONTACT:  AMOKOM
          105062, Russia, Moscow region,
          Zhukovskogo Str. 8

          A. GLAGAZIN
          Insolvency Manager
          109028, Russia, Moscow region,
          Post User Box 25


ARTEMOVSKOYE: Declared Insolvent
--------------------------------
The Arbitration Court of Primorye region commenced bankruptcy
proceedings against Artemovskoye after finding the building
repair company insolvent.  The case is docketed as A51-11717/05
21-163B.  Mr. D. Burtylev has been appointed insolvency manager.

CONTACT:  ARTEMOVSKOYE
          Russia, Primorye region,
          Artem, Chelyuskina Str. 15

          D. BURTYLEV
          Insolvency Manager
          690105, Russia, Vladivostok,
          Post User Box 45


BELOVSKOYE: Names Z. Orlova Insolvency Manager
----------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Belovskoye after finding the open joint stock
company insolvent.  The case is docketed as A45-19078/05-4/347.
Ms. Z. Orlova has been appointed insolvency manager.

CONTACT:  BELOVSKOYE
          632235, Russia, Novosibirsk region,
          Iskitimskiy region, Belovo, Tsentralnaya Str. 32

          Z. ORLOVA
          Insolvency Manager
          630501, Russia, Novosibirsk region,
          Krasnoobsk, Post User Box 854


BUILDING OIL: Insolvency Manager Takes over Firm
------------------------------------------------
The Arbitration Court of Primorye region commenced bankruptcy
proceedings against Building Oil Company after finding the
limited liability firm insolvent.  The case is docketed as
A51-11744/2005 21-162 b.  Mr. N. Bruslo has been appointed
insolvency manager.

CONTACT:  BUILDING OIL COMPANY
          Russia, Primorye region,
          Nakhodka, Makarova Str. 19

          N. BRUSLO
          Insolvency Manager
          Russia, Primorye region,
          Nakhodka-10, Post User Box 42


CHEREMKHOVSKIY MEAT: Claims Filing Period Ends December 22
----------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Cheremkhovskiy Meat Combine after finding the
municipal unitary enterprise insolvent.  The case is docketed as
A19-25699/05-34.  Mr. V. Leskov has been appointed insolvency
manager.  Creditors have until December 22, 2005 to submit their
proofs of claim to 665415, Russia, Irkutsk region, Cheremkhovo,
Post User Box 9.

CONTACT:  CHEREMKHOVSKIY MEAT COMBINE
          665413, Russia, Irkutsk region,
          Cheremkhovo, Turgeneva Str. 33

          V. LESKOV
          Insolvency Manager
          665415, Russia, Irkutsk region,
          Cheremkhovo, Post User Box 9


KORSAKOVSKIY: Succumbs to Bankruptcy
------------------------------------
The Arbitration Court of Sakhalin region commenced bankruptcy
proceedings against Korsakovskiy after finding the tinned food
factory insolvent.  The case is docketed as A59-2997/00-S12.  Ms.
L. Sorokina has been appointed insolvency manager.  Creditors may
submit their proofs of claim to Russia, Sakhalin region,
Korsakov, Sverdlova Str. 46.

CONTACT:  KORSAKOVSKIY
          Russia, Sakhalin region,
          Korsakov, Sverdlova Str. 46

          L. SOROKINA
          Insolvency Manager
          Russia, Sakhalin region,
          Korsakov, Sverdlova Str. 46


NIZHNEIRTYSHSKIY: Proofs of Claim Due December 22
-------------------------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
proceedings against Nizhneirtyshskiy (TIN 5532003234) after
finding the company insolvent.  The case is docketed as
K/E-07/05.  Mr. V. Nenashev has been appointed insolvency
manager.  Creditors have until December 22, 2005 to submit their
proofs of claim to 644024, Russia, Omsk, Post User Box 9385.

CONTACT:  NIZHNEIRTYSHSKIY
          646402, Russia, Omsk region,
          Sargatskiy region, Nizhniy Irtysh

          V. NENASHEV
          Insolvency Manager
          644024, Russia, Omsk region,
          Post User Box 9385


NKNK FINANCE: Loan Participation Notes Rated B+
-----------------------------------------------
Fitch Ratings has assigned NKNK Finance plc's (NKNK-F) proposed
issue of US$200 million loan participation notes an expected 'B+'
rating.  The notes are expected to have a maturity of 10 years
but contain a 5-year European put option and will be repaid in
equal installments from 2010 with a straight-line amortization.
The final rating is contingent on receipt of final documentation
and the completion of the deal, which is expected to be during
the week of 19 December 2005.

NKNK-F is a public limited liability company incorporated under
the laws of Ireland.  The company's purpose is to issue the notes
and lend, under a loan agreement, the proceeds to
Nizhnekamskneftekhim Inc., also named OAO Nizhnekamskneftekhim
(NKNK, rated Senior Unsecured 'B+'/Stable/Short-term 'B').  NKNK
will use the proceeds of the loan from NKNK-F for general
corporate purposes, including improving its balance sheet
structure and financing its capital expenditure.

The loan agreement, the trust deed and other related documents
are governed by English law.  To secure payments to noteholders,
NKNK-F will charge in favor of the trustee, by way of first fixed
charge, all rights to principal, interest and other amounts paid
by NKNK and the right to receive all sums, which may be paid by
NKNK under any claim, award or judgment relating to the loan
agreement.  Covenants in the loan agreement include, among
others, a pari passu ranking of the loan with present or future
unsecured creditors of NKNK and negative pledge.  NKNK also has a
total consolidated debt-to-consolidated EBITDA ceiling of 3:1
Events of default include a cross default clause with a US$10
million threshold.

NKNK is based in the Republic of Tatarstan and is the largest
petrochemicals producer in Russia.

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

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


NOVOSHAKHTINSKIY: Rostov Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
proceedings against Novoshakhtinskiy after finding the factory of
building materials insolvent.  The case is docketed as
A53-21824/05-S2-51.  Ms. T. Shakhmina has been appointed
insolvency manager.

CONTACT:  NOVOSHAKHTINSKIY
          Russia, Rostov region,
          Engelsa Str. 1

          T. SHAKHMINA
          Insolvency Manager
          344091, Russia, Rostov-na-Donu,
          Post User Box 1164


YAKOVLEVSKIY: Primorye Court Brings in Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Primorye region commenced bankruptcy
proceedings against Yakovlevskiy after finding the tinned food
factory insolvent.  The case is docketed as A51-5094/02/26-111B.
Mr. A. Polyakov has been appointed insolvency manager.

CONTACT:  YAKOVLEVSKIY
          Russia, Primorye region,
          Yakovlevka, Leninskaya Str. 31

          A. POLYAKOV
          Insolvency Manager
          344091, Russia, Primorye region,
          Post User Box 1164


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


* Fitch Changes Turkish Banks' Outlook to Positive
--------------------------------------------------
Fitch Ratings has changed 20 Turkish financial institutions'
rating Outlooks to Positive from Stable and affirmed their
ratings.  The change in rating Outlooks follows the revision of
the Outlook on the Republic of Turkey's Long-term foreign and
local currency ratings to Positive from Stable.

Additionally, the National Long-term ratings of the same banks
have been upgraded.  The upgrade reflects the improved
macroeconomic profile of the sovereign, which has, in turn,
benefited the operating environment of banks and corporates.
Fitch has reflected this in generally higher National ratings,
which are influenced by favorable trends in the local currency
assessment.  The highest bank National rating is now 'AA(tur)'.
Banks whose ratings are affected:

T. C. ZIRAAT BANKASI:

Long-term foreign currency (LTFC) affirmed at 'BB-'; Outlook
revised to Positive from Stable,

Long-term local currency (LTLC) affirmed at 'BB-'; Outlook
revised to Positive from Stable,

Short-term foreign currency (STFC) affirmed at 'B',

Short-term local currency (STLC) affirmed at 'B',

Support affirmed at '3',

Individual affirmed at 'D',

National Long-term upgraded to 'A(tur)' from 'A-(tur)'; Outlook
remains Stable,

TURKIYE HALK BANKASI:

LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable,

LTLC affirmed at 'BB-'; Outlook revised to Positive from Stable,

STFC affirmed at 'B',

STLC affirmed at 'B'

Support affirmed at '3',

Individual affirmed at 'D',

National Long-term upgraded to 'A(tur)' from 'A-(tur)'; Outlook
remains Stable,

TURKIYE KALKINMA BANKASI:

LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable,

LTLC affirmed at 'BB-'; Outlook revised to Positive from Stable,

STFC affirmed at 'B',

STLC affirmed at 'B'

Support affirmed at '3',

Individual affirmed at 'D',

National Long-term upgraded to 'A(tur)' from 'A-(tur)'; Outlook
remains Stable,

The Outlooks on the long-term ratings of the above state-owned
banks are changed to Positive due to the revised Outlook of the
Republic of Turkey.  The 'BB-' Long-term ratings are driven by
what Fitch views as moderate probability of support from the
sovereign in case of need.

TURKIYE SINAI KALKINMA BANKASI:

LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable,

LTLC affirmed at 'BB-'; Outlook revised to Positive from Stable,

STFC affirmed at 'B',

STLC affirmed at 'B'

Support affirmed at '3',

Individual affirmed at 'C/D',

National Long-term upgraded to 'A(tur)' from 'A-(tur)'; Outlook
remains Stable;

The Outlooks on the Long-term ratings of Turkiye Sinai Kalkinma
Bankasi are changed to Positive.  Its 'BB-' Long-term ratings are
driven by its Individual rating of 'C/D'.  Because the majority
of its overseas funding is guaranteed by the Turkish Treasury,
Fitch believes that there is a moderate probability of support
from the sovereign in case of need.

FORTIS BANK A.S.:

LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable,

LTLC affirmed at 'BB+; Outlook revised to Positive from Stable,

STFC affirmed at 'B',

STLC affirmed at 'B'

Support affirmed at '3',

Individual affirmed at 'D',
National Long-term upgraded to 'AA(tur)' from 'AA-'; Outlook
remains Stable

HSBC BANK A.S.:

LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable,

LTLC affirmed at 'BB+'; Outlook revised to Positive from Stable,

STFC affirmed at 'B',

STLC affirmed at 'B'

Support affirmed at '3',

Individual affirmed at 'C',

National Long-term rating upgraded to 'AA(tur)' from 'AA-(tur)';
Outlook remains Stable

KOC BANK A.S.:

LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable,

LTLC affirmed at 'BB+'; Outlook revised to Positive from Stable,

STFC affirmed at 'B',

STLC affirmed at 'B'

Support affirmed at '3',

Individual affirmed at 'D',

National Long-term upgraded to 'AA(tur)' from 'AA-(tur)'; Outlook
remains Stable

TURK EKONOMI BANKASI:

LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable,

LTLC affirmed at 'BB+; Outlook revised to Positive from Stable,

STFC affirmed at 'B',

STLC affirmed at 'B'

Support affirmed at '3',

Individual affirmed at 'C/D',

National Long-term upgraded to 'AA(tur)' from 'AA-(tur)'; Outlook
remains Stable

YAPI VE KREDI BANKASI:

LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable,

LTLC affirmed at 'BB+'; Outlook revised to Positive from Stable,

STFC affirmed at 'B',

STLC affirmed at 'B'

Support affirmed at '3',

Individual 'D/E' remains on Rating Watch Positive,

National Long-term upgraded to 'AA(tur)' from 'AA-(tur)'; Outlook
remains Stable;

The Long-term ratings are driven by potential support from a
highly rated foreign shareholder bank.  Fitch considers that the
parent banks have a very high propensity to support, although
their ability to do so might in some circumstances be constrained
by the transfer risk associated with Turkey.  The Support ratings
of the Turkish banks are therefore constrained at '3'.  The LTFC
rating is capped by the Country Ceiling of 'BB-'.  The LTLC
rating is higher than the sovereign rating due to the strong
ratings of international shareholders.

KUWAIT TURKISH EVKAF FINANCE HOUSE ("KTEFH"):

LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable,

LTLC upgraded to 'BB+' from 'BB; Outlook revised to Positive from
Stable,

STFC affirmed at 'B',

STLC affirmed at 'B'

Support affirmed at '3',

Individual affirmed at 'D/E',

National Long-term upgraded to 'AA-(tur)' from 'BBB+(tur)';
Outlook remains Stable

The upgrade of the LTLC reflects the enhanced support of its 62%
owner Kuwait Finance House ('A-').  The Positive Outlooks are
linked to those of the sovereign.  The LTFC rating is capped by
the Country Ceiling.  The LTLC rating is higher than the LTFC due
to strong international ownership.  The National rating is one
notch below that of the other banks with institutional foreign
ownership because of KTEFH's small franchise.

AKBANK:

LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable,

LTLC affirmed at 'BB+'; Outlook revised to Positive from Stable,

STFC affirmed at 'B',

STLC affirmed at 'B'

Support affirmed at '4',

Individual affirmed at 'C',

National Long-term upgraded to 'AA(tur)' from 'AA-(tur)'; Outlook
remains Stable

DENIZBANK:

LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable,

LTLC affirmed at 'BB-'; Outlook revised to Positive from Stable,

STFC affirmed at 'B',

STLC affirmed at 'B'

Support affirmed at '4',

Individual affirmed at 'C/D',

National Long-term upgraded to 'A(tur)' from 'A-(tur)'; Outlook
remains Stable

FINANSBANK:

LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable,

LTLC affirmed at 'BB-'; Outlook revised to Positive from Stable,

STFC affirmed at 'B',

STLC affirmed at 'B'

Support affirmed at '4',

Individual affirmed at 'C/D',

National Long-term upgraded to 'A(tur)' from 'A-(tur)'; Outlook
remains Stable

TURKIYE GARANTI BANKASI:

LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable,

LTLC affirmed at 'BB-'; Outlook revised to Positive from Stable,

STFC affirmed at 'B',

STLC affirmed at 'B'

Support affirmed at '4',

Individual affirmed at 'C/D',

National Long-term upgraded to 'A+(tur)' from 'A(tur)'; Outlook
remains Stable

TURKIYE IS BANKASI:

LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable,

LTLC affirmed at 'BB'; Outlook revised to Positive from Stable,

STFC affirmed at 'B',

STLC affirmed at 'B'

Support affirmed at '4',

Individual affirmed at 'C',

National Long-term upgraded to 'AA-(tur)' from 'A+(tur)'; Outlook
remains Stable

TURKIYE VAKIFLAR BANKASI:

LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable,

LTLC affirmed at 'BB-'; Outlook revised to Positive from Stable,

STFC affirmed at 'B',

STLC affirmed at 'B',

Support affirmed at '4',

Individual affirmed at 'C/D',

National Long-term upgraded to 'A+(tur)' from 'A (tur)', Outlook
remains Stable;

The Long-term ratings of the six private banks above are driven
by their intrinsic financial strength.  The Positive Outlook
reflects the improved operating environment.  The upgrades in the
National ratings of Akbank and Isbank are indicative of systemic
importance when combined with LTLC ratings that are above the
sovereign ceiling.  The new National ratings of Garanti and
Vakifbank incorporate their sizes, broad-based banking franchises
and solid individual performance.  Although the National ratings
of Finansbank and Denizbank have been upgraded, they are limited
by their somewhat smaller size than the other private banks.

OYAK BANK A.S.:

LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable,

LTLC affirmed at 'BB-'; Outlook revised to Positive from Stable,

STFC affirmed at 'B',

STLC affirmed at 'B'

Support affirmed at '3',

Individual affirmed at 'C/D',

National Long-term upgraded to 'A(tur)' from 'A-(tur)'; Outlook
remains Stable

Oyak Bank's Long-term ratings are driven by the support of the
Oyak Group, the supplementary social security institution for the
Turkish Armed Forces, which is the 100% owner of the bank.  The
revision in the Outlook to Positive reflects the group's
financial strength that is expected to improve with the
sovereign.

GARANTI FACTORING:

LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable,

LTLC affirmed at 'BB-'; Outlook revised to Positive from Stable,

STFC affirmed at 'B',

STLC affirmed at 'B'

Support affirmed at '3',

National Long-term upgraded to 'A+(tur)' from 'A(tur)'; Outlook
remains Stable;

GARANTI FINANSAL KIRALAMA:

LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable,

LTLC affirmed at 'BB-'; Outlook revised to Positive from Stable,

STFC affirmed at 'B',

STLC affirmed at 'B'

Support affirmed at '3',

National Long-term upgraded to 'A+(tur)' from 'A(tur)'; Outlook
remains Stable

IS FINANSAL KIRALAMA:

LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable;

LTLC affirmed at 'BB', Outlook revised to Positive from Stable;

STFC affirmed at 'B',

STLC affirmed at 'B',

Support affirmed at '3',

National Long-term upgraded to 'AA-(AA minus)(tur)' from
'A+(tur)'; Outlook remains Stable

The ratings of the three entities above reflect their support by
and close integration with their parent banks, Turkiye Garanti
Bankasi and Turkiye Is Bankasi.  The Outlooks are revised in line
with those of the shareholder banks.

CONTACT:  FITCH RATINGS
          Ed Thompson, New York
          Phone: +1 212 908 0364
          Botan Berker, Gulcin Orgun and Turda Ozmen, Istanbul
          Phone: +90 212 279 1065
          Banu Cartmell, London
          Phone: +44 207 417 4373

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


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


ALEF: Gives Creditors Until Weekend to File Claims
--------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Alef (code EDRPOU 24730341) after finding the
limited liability company insolvent.  The case is docketed as
43/519.  State Tax Inspection of Podilskij district has been
appointed liquidator/insolvency manager.

Creditors have until December 17, 2005 to submit their proofs of
claim to:

(a) ALEF
    Ukraine, Kyiv region,
    Obolonska Str. 13/15

(b) LIQUIDATOR/INSOLVENCY MANAGER
    04080, Ukraine, Kyiv region,
    Turovska Str. 12
    Phone: 417-52-05

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


LAGODA-MED: Kyiv Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Lagoda-Med (code EDRPOU 31354575) after
finding the private company insolvent.  The case is docketed as
23/358-b.  State Tax Inspection of Podilskij district has been
appointed liquidator/insolvency manager.

Creditors have until December 17, 2005 to submit their proofs of
claim to:

(a) LAGODA-MED
    Ukraine, Kyiv region,
    Zapadinska Str. 5/215

(b) LIQUIDATOR/INSOLVENCY MANAGER
    04080, Ukraine, Kyiv region,
    Turovska Str. 12
    Phone: 417-52-05

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


LE-SKOR: Insolvency Manager Steps in
------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC LE-SKOR (code EDRPOU 19024762) after
finding the limited liability company insolvent.  The case is
docketed as 44/373-b.  State Tax Inspection of Podilskij district
has been appointed liquidator/insolvency manager.
Creditors have until December 17, 2005 to submit their proofs of
claim to:

(a) LE-SKOR
    Ukraine, Kyiv region,
    Marshal Grechko Str. 10-B

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


MAGNOLIYA: Declared Insolvent
-----------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Magnoliya (code EDRPOU 20826481) on October
5, 2005 after finding the limited liability company insolvent.
The case is docketed as 6/248-4/130.  Mr. O. Oprishko (License
Number AA 250249) has been appointed liquidator/insolvency
manager.

Creditors have until December 17, 2005 to submit their proofs of
claim to:

(a) MAGNOLIYA
    80300, Ukraine, Lviv region,
    Zhovkivskij district, Soposhin

(b) O. OPRISHKO
    Liquidator/Insolvency Manager
    79000, Ukraine, Lviv region,
    Listopadovogo Chinu Str. 7, Room 2a

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


SERVICE-BUSINESS: Succumbs to Insolvency
----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Service-Business Ltd. (code EDRPOU 21451575)
on November 7, 2005 after finding the limited liability company
insolvent.  The case is docketed as 15/779-b.  Mr. Yurij
Ulyanchuk (License Number AB 116097) has been appointed
liquidator/insolvency manager.

Creditors have until December 17, 2005 to submit their proofs of
claim to:

(a) SERVICE-BUSINESS LTD.
    03187, Ukraine, Kyiv region,
    Akademik Zabolotnij Str. 20-a

(b) YURIJ ULYANCHUK
    Liquidator/Insolvency Manager
    01010, Ukraine, Kyiv region,
    Sichnevogo Povstannya Str. 11-a/54

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


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


ABBEYDENE GROUP: Claims Deadline January 4
------------------------------------------
Company Names: ABBEYDENE GROUP OF COMPANIES LIMITED
               ABBEYDENE PROPERTY COMPANY LIMITED

J. A. Brave, chairman of these companies, informs that the
special resolution to wind up the firms was passed at an EGM held
on Nov. 24 at Begbies Traynor, No.1 Old Hall Street, Liverpool L3
9HF.  David Moore and Donald Bailey, of Begbies Traynor, No. 1
Old Hall Street, Liverpool L3 9HF were appointed joint
liquidators.

Creditors are required on or before January 4, 2006, to send
their names and addresses to David Moore of Begbies Traynor, No.
1 Old Hall Street, Liverpool L3 9HF, Joint Liquidator of the
companies, and, if so required by notice in writing their debt or
claims.

CONTACT:  BEGBIES TRAYNOR
          No. 1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


A FINISHING: Names Baker Tilly Liquidator
-----------------------------------------
G. Sweett, chairman of A Finishing Factory Limited, informs that
a resolution to wind up the company was passed at an EGM held on
Nov. 14 at Baker Tilly, The Clock House, 140 London Road,
Guildford, Surrey GU1 1UW.

Matthew Richard Meadley Wild of Baker Tilly, The Clock House, 140
London Road, Guildford, Surrey GU1 1UW was appointed liquidator.
The appointment was confirmed at a subsequent creditors meeting.

CONTACT:  A FINISHING FACTORY LTD.
          Thorpe Indstl Est Unit
          B1 Crabtree Rd Egham TW20 8RN
          United Kingdom
          Phone: +44 (1784) 47 09 92
          Fax: +44 (1784) 47 09 93

          BAKER TILLY
          The Clock House, 140 London Road,
          Guildford, Surrey GU1 1UW
          Phone: 01483 307000
          Fax: 01483 569 281
          Web site: http://www.bakertilly.co.uk


ALLERTON & HALL: Files for Liquidation
--------------------------------------
W. Allerton, chairman of Allerton & Hall Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 15 at Hawson Jefferies, Birch Hall, 87 Trippet Lane,
Sheffield.

A. Graham of Hamilton Insolvency Practitioners Limited, Omega
Court, 368 Cemetery Road, Sheffield S11 8FT was appointed
liquidator.  The appointment was confirmed at a creditors meeting
held on the same day.

CONTACT:  ALLERTON & HALL LTD.
          19 Club St.
          Sheffield, South Yorkshire, S11 8DE
          Phone: 0114 275 3233


AMIC DISTRIBUTION: Applies for Liquidation
------------------------------------------
Asset Management Investment Company plc said the process to
liquidate AMIC Distribution Partners Inc. is now well advanced
and it is expected that the company will be wound up shortly.  As
reported in the chairman's statement with the financial
statements to March 31, 2005, AMIC Distribution was deemed
unviable as a going concern.

Following the appointment of the new board the agreement by which
Norman Riddell & Associates (NRAL) supplied services to AMIC was
terminated and agreement reached, following legal advice, on the
terms of severance.  Asset Management's directors have now agreed
terms whereby the equity held in NRAL will shortly be sold back
to the management of NRAL.  The convertible loan notes issued in
connection with the investment will be repaid, achieving a
revenue saving for AMIC, and the shareholders' agreement will be
terminated.

CONTACT:  ASSET MANAGEMENT INVESTMENT COMPANY PLC
          33 Throgmorton Street
          London, EC2N 2BR
          United Kingdom
          Phone: +44 20 7329 1290
                 +44 20 7489 1166


AZTECH TRAINING: Tenon Recovery Takes over Firm
-----------------------------------------------
D. G. Lidford, chairman of Aztech Training & Safety Services
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Nov. 9 at 75 Springfield Road,
Chelmsford, Essex CM2 6JB.

Duncan R. Beat of Tenon Recovery, 75 Springfield Road,
Chelmsford, Essex CM2 6JB was appointed liquidator.  The
appointment was confirmed at a creditors meeting held the same
day.

Aztech Training & Safety Services is a residential training
center, specializing in health and safety and vocational skills,
NVQ assessment, and fall prevention consultancy.

CONTACT:  AZTECH TRAINING & SAFETY SERVICES LIMITED
          Soham Lodge Hotel Training & Conference Centre, Qua
          Fen Common, Soham, Ely, CB7 5DF, UK
          Phone: 01353 724740
          Fax: 01353 724741
          E-mail: aztech@trg-safety-services.fsnet.co.uk

          TENON RECOVERY
          75 Springfield Road
          Chelmsford
          Essex CM2 6JB
          SO53 3TY
          Phone: 01245 455444
          Fax: 01245 490841
          E-mail: chelmsford@tenongroup.com
                  duncan.beat@tenongroup.com
          Web site: http://www.tenongroup.com


BEAUTY IN WOOD: Goes into Liquidation
-------------------------------------
C. Josephides, chairman of Beauty in Wood Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 15 at 43 Blackstock Road, London N4 2JF.  Andreas Georgiou
Kakouris of 43 Blackstock Road, London N4 2JF was appointed
liquidator.

CONTACT:  BEAUTY IN WOOD LTD.
          Park Royal House 19-23 Park Ro
          London NW10 7JH
          Phone: 02089613611

          KAKOURIS & MICHAELIDES
          43 Blackstock Road
          London N4 2JF
          Phone: 020 7226 6196
          Fax: 020 7704 6500
          E-mail: info@agkakouris.co.uk


BP HDPE: Calls in Liquidators from PricewaterhouseCoopers
---------------------------------------------------------
A. C. Little, chairman of BP HDPE UK Limited, informs that the
special and ordinary resolutions to wind up the company were
passed at an EGM held on Nov. 29.  Jonathan Sisson and Richard
Setchim of PricewaterhouseCoopers LLP, Plumtree Court, London
EC4A 4HT were appointed joint liquidators.

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


CANINE SOLUTIONS: EGM Passes Winding-up Resolution
--------------------------------------------------
L. Williams, chairman of Canine Solutions (UK) Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 14 at Gilderthorps, 22 Paul Street, Shepton Mallet,
Somerset BA4 5LA.  Robert Stanley Gilderthorp of Gilderthorps, 22
Paul Street, Shepton Mallet, Somerset BA4 5LA was appointed
liquidator.

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


CLYDESDALE BANK: New Deer Man Fights to Prevent Branch Closure
--------------------------------------------------------------
A New Deer resident is planning to buy the Clydesdale Bank branch
in the village and possibly lease it back to an interested bank
in order to keep it open.

According to the Buchan Observe, the man, who wishes to remain
anonymous for the time being, is ready to put at stake his
property and business to pursue a bid.  He had set up the
Challenging the New Deer Axe group (CNDA) to prevent the closure
of the branch.  He is also suggesting a partnership with a
long-established businessman in the village to put up a full-time
Royal Bank of Scotland branch.

The Royal Bank of Scotland is already believed to be interested
in the New Deer branch, but its advances were apparently blocked
by Clydesdale, the report said.

The Royal Bank of Scotland is interested in operating a lifeline
mobile banking service to those communities to be abandoned by
the Clydesdale from January.  It had approached the
Australian-owned bank formally to survey a number of their
closure-marked sites in the Northeast, but was refused.

CONTACT:  CLYDESDALE BANK
          Banking Hall, 30 St. Vincent Place
          Glasgow G1 2HL
          Phone: 0141 951 7000


DAGENHAM ASSOCIATION: Claims Deadline Expires Next Month
--------------------------------------------------------
R. Wright, chairman of Dagenham Association For Mental Health,
informs that the special and ordinary resolutions to wind up the
company were passed at an EGM held on Nov. 22 at Chiltern House,
24-30 King Street, Watford, Hertfordshire WD18 0BP.  Richard
Andrew Segal and Paul Michael Davis of Begbies Traynor (South)
LLP, Chiltern House, 24-30 King Street, Watford, Hertfordshire
WD18 0BP were appointed joint liquidators.

Creditors are required on or before January 10, 2006, to send
their names and addresses and particulars of their debt or claims
and the names and addresses of the Solicitors (if any) to Richard
Andrew Segal and Paul Michael Davis of Begbies Traynor (South)
LLP, Chiltern House, 24-30 King Street, Watford, Hertfordshire
WD18 0BP, the Joint Liquidators of the Company, and, if so
required by notice in writing their debt or claims.

CONTACT:  BEGBIES TRAYNOR
          Chiltern House,
          24-30 King Street,
          Watford WD18 0BP
          Phone: 01923 812900
          Fax:   01923 812999
          Web site: http://www.begbies.com


DARTJEWEL LTD.: Calls in Liquidator
-----------------------------------
J. Price, director of Dartjewel Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 14 at 21-23 Station Road, Gerrards Cross, Buckinghamshire
SL9 8ES.  Helen Timothe Phillips of 21-23 Station Road, Gerrards
Cross, Buckinghamshire SL9 8ES was appointed liquidator.

CONTACT:  DARTJEWEL LIMITED
          8 Crutchfield Lane
          Walton-on-Thames
          Surrey KT12 2QZ
          Phone: 01932 269966
          Fax: 01932 269661


DAWSON INTERNATIONAL: To Redeem Final Tranche of Loan Stock
-----------------------------------------------------------
Dawson International plc has disclosed its intention to redeem
the final tranche of its outstanding Loan Stock.

The Company will issue Redemption Notices to all Stockholders of
the Company's zero coupon, convertible, secured, redeemable Loan
Stock 2009 in respect of the early redemption of the remaining
GBP2,756,757 of the Loan Stock (Tranche 3) in accordance with the
conditions of the Loan Stock.  As announced on 25 November 2005,
the Company is separately redeeming holdings of Loan Stock under
GBP1,000, which redemption is due to be effected on 20 December
2005.

Redemption of Tranche 3 will be at a total cash cost to the
Company of GBP3,823,874, comprising GBP2,756,757 of Loan Stock
and GBP1,076,117 in respect of the accrued premium.  These
figures will reduce to the extent that any Qualifying
Stockholders exercise their right to convert their Loan Stock
into ordinary share capital in the Company.  Each Qualifying
Stockholder will be repaid in full for every GBP1 of Loan Stock
held as at Wednesday 7 December 2005.  In addition, there will be
paid to Qualifying Stockholders an accrued premium at an annual
rate of 26% from issue of the Loan Stock until Sunday 25 December
2005, being the date fixed by the Company as the date on which
redemption will occur (Redemption Date).  Redemption Notices will
shortly be sent to each Qualifying Stockholder in accordance with
the conditions of the Loan Stock.  Each Redemption Notice will
specify the amount due to be paid to the relevant Qualifying
Stockholder.

The Redemption Notices will advise that each Qualifying
Stockholder must, not later than the Redemption Date, deliver to
the Company, care of its registrars, a certificate(s) for its
Loan Stock which is due to be redeemed, so that the
certificate(s) can be cancelled.  Upon such delivery, the Company
will pay to such Qualifying Stockholder the amount payable to
effect such redemption.  Qualifying Stockholders who hold their
Loan Stock in CREST will be advised to input an unmatched stock
event instruction to settle on or before the Redemption Date.

In accordance with the conditions of the Loan Stock (as amended
on 6 December 2005), no transfer of any of the Loan Stock will be
permitted from the issue of this Announcement.  The Company
announces that the register of Loan Stock is closed from the date
of this Announcement.

Mike Hartley, executive chairman, said: "I am delighted that the
Company has been able to generate the resources needed to redeem
the Loan Stock in full at the earliest permissible opportunity.
We are grateful to the Loan Stock holders whose participation
enabled our Group to recover and move forward at time when our
cash resources were limited.  Full redemption of the Loan Stock
will mark the beginning of a new phase for Dawson International."

CONTACT:  DAWSON INTERNATIONAL PLC
          Lochleven Mills
          Kinross
          KY13 8GL, United Kingdom
          Phone: +44-1577-867000
          Fax: +44-1577-867010
          Web site: http://www.dawson-international.co.uk


DIY WINDOWS: Fergusson & Co. to Liquidate Business
--------------------------------------------------
R. Craig, director of DIY Windows Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 14 at 1st Floor, 5-7 Northgate, Cleckheaton, West Yorkshire
BD19 3HH.  Malcolm Edward Fergusson of Fergusson & Co Ltd., 1st
Floor, 5-7 Northgate, Cleckheaton, West Yorkshire BD19 3HH was
appointed liquidator.

CONTACT:  D.I.Y WINDOWS LTD.
          Modern House Summer Lane
          Barnsley, S70 2NP
          Phone: 0870-774 4775


EXPRESS LINK: Creditors Meeting Set Tomorrow
--------------------------------------------
Creditors of Express Link Limited will meet on December 13, 2005,
12 noon at Freemason Hall, Bridge Street, Manchester.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to P. A. Flint, joint administrator of KPMG Corporate
Recovery, St James Square, Manchester M2 6DS not later than 12
noon, December 12, 2005.

CONTACT:  EXPRESS LINK LIMITED
          Unit 8-11 Waroth Employment Ar,
          Worth Street,
          Warrington, Cheshire WA1 2HT
          Phone: 01925-413411

          KPMG LLP
          St James' Square
          Manchester
          Greater Manchester M2 6DS
          Phone: 0161 838 4000
          Fax: 0161 838 4040


FIELDENE PROPERTY: Names Begbies Traynor Liquidator
---------------------------------------------------
J. A. Brave, chairman of Fieldene Property Co. Limited, informs
that the special resolution to wind up the company was passed at
an EGM held on Nov. 24 at Begbies Traynor, No.1 Old Hall Street,
Liverpool L3 9HF.  David Moore and Donald Bailey of Begbies
Traynor, No.1 Old Hall Street, Liverpool L3 9HF were appointed
joint liquidators.  Creditors are required on or before January
4, 2006, to send in their names and addresses to David Moore and
if so required by notice in writing their debt or claims.

CONTACT:  BEGBIES TRAYNOR
          No.1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


GRENADIER INTERNATIONAL: In Liquidation
---------------------------------------
T. Mason, chairman of Grenadier International Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 14 at Butcher Woods, 79 Caroline Street, Birmingham
B3 1UP.  Roderick Graham Butcher of Butcher Woods, 79 Caroline
Street, Birmingham B3 1UP was appointed liquidator.  The
appointment was confirmed at a creditors meeting held the same
day.

CONTACT:  GRENADIER INTERNATIONAL LTD.
          Web site: http://www.grenadier.uk.com/

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


HAMPTON TRUST: Board Proposes Solvent Restructuring
---------------------------------------------------
The board of directors of Hampton Trust plc gives notice of the
cancellation of the listing of:

(a) the ordinary shares of 5p each in the capital of the
    Company,

(b) 5.5% cumulative convertible redeemable preference shares of
    5p each in the capital of the Company (Preference Shares),
    and

(c) 8% convertible unsecured loan stock 2020 (CULS)
    (collectively referred to as the 'Securities)

on the Official List of the UK Listing Authority and for such
securities to cease permanently trading on the London Stock
Exchange plc's market for listed securities in both cases with
effect from 29 December 2005.

Hampton is a property investment, management, development and
dealing company quoted on the Official List.  The Listing of the
Securities has been suspended since 30 July 2004.  The principal
reason for the continued suspension of the Listing of the
Company's Securities is the Board's inability to publish its
accounts for the year ended 31 March 2005 due to the need to
resolve uncertainties relating to historic transactions entered
into by the Company.

On 17 May 2005, the Board announced that, in light of the
financial state of the Company, it had reached an informal
standstill agreement with a majority of the holders of CULS (CULS
Holders) and that it was in discussions with Royal Exchange Trust
Company Limited (the 'Trustee') of the CULS.  The aim of such
discussions was to reach agreement to convert a significant
proportion of the CULS into Ordinary Shares and provide for the
repayment in due course of the residual CULS and agree terms for
the early redemption of the Preference Shares.

The Board's hope was that a proposal would be presented to the
holders of Ordinary Shares for approval.  Whilst the intended
proposal would have resulted in significant dilution for the
Ordinary Shareholders, it would have nevertheless left them with
some residual value in the Company.  The Board also stated that
the Company was only able to continue trading with the support of
the CULS Holders and its key creditors.

On 9 June 2005, Graeme Jackson left the Board and Paul Sellars
was appointed Chief Executive.  Alan Cole joined the Board on 21
September 2005 as Chairman.

Following Paul Sellars' appointment, the Board and the Company's
advisers commenced a thorough review of the financial position of
the Company and its subsidiary undertakings.  This review is
continuing.  As a result of the review, it has become clear to
the Board that the financial position of the Company and the
Group is now so precarious that, in the absence of a radical
alternative, the Company will not be able to avoid formal
insolvency proceedings.  On 10 October 2005, the Board received a
letter from the Trustee requiring the Board to submit a formal
proposal for a restructuring by 24 October 2005.  This position
was confirmed in a letter dated 18 October 2005 from the Trustee
to the Company.  In view of the CULS Holders' position, your
Board decided to implement a solvent restructuring of the Group.

The first stage of the Proposal is for the Listing of the
Securities to be cancelled from the Official List and for such
Securities to cease permanently trading on the London Stock
Exchange plc's market for listed securities (both the
'Delisting').  This is expected to occur on 29 December 2005.

                Financial Position of the Company

Over the six financial years to 31 March 2005, the net asset
position of the Company and the Group has deteriorated
significantly and the Company and the Group have consistently
made losses year on year. The audited accounts for the financial
year ended 31 March 2005 have not yet been finalized as the
review of the financial position of the Company referred to above
has, and continues to, identify potential liabilities which are
still being investigated and quantified.  However, the unaudited
draft accounts of the Company for the year ending 31 March 2005
show a net deficit of GBP12.4 million compared to a net asset
position of GBP5.3 million as at 31 March 2004.  The comparable
figures for the Group are a net asset deficit of GBP20.2 million
as at 31 March 2005 and a deficit of GBP16.0 million as at 31
March 2004.

The Company has failed to meet the last two interest payments to
its CULS Holders (on 1 January and 1 July 2005).  The
Board does not believe that the Company could support further
borrowings. The Company's income is insufficient to cover the
Company's outgoings and interest commitments.  The Company has no
prospect of meeting the next interest installment on the CULS due
on 1 January 2006.

The Company is both balance sheet and cash-flow insolvent and the
Company only continues to trade with the support of the
CULS Holders.  As noted above, on 10 October 2005, the Company
received a letter from the Trustee giving the Company 14 days to
present a firm proposal which:

(a) aims to preserve and realize the maximum possible value for
    CULS Holders; and

(b) can be implemented within a realistic timeframe.

The Trustee made it clear that the Board could not avoid formal
insolvency proceedings without the co-operation of the CULS
Holders.

The Financial Services Authority received a letter from the
Trustee dated 17 November 2005 stating that the Proposal must be
made without any conditionality relating to the interests of
holders of Ordinary Shares and Preference Shares (Shareholders).

It was the Trustee's view that Shareholders have no prospect of
any recovery whether as part of a solvent restructuring or an
insolvency process and therefore would have no incentive to
approve the Delisting.  The Trustee informed the Board that they
were not prepared to tolerate any further delay and cost incurred
by the Company in addressing Shareholder issues as they
considered that to be delay and cost incurred at the expense of
CULS.  The letter confirmed that in the absence of the Trustee
receiving such proposals, it was the current intention of the ad
hoc CULS committee, as holders of more than 20% of the CULS, to
instruct the Trustee to make formal demand forthwith for
immediate payment of the CULS pursuant to the terms of the Trust
Deed dated 1 July 1993 between the Company and the
Trustee.

The Proposal

The Board has been advised that in light of the serious financial
position of the Company, it has a primary duty to act in the best
interests of the Company's creditors rather than Shareholders.
In order to achieve the best result for creditors, two courses of
action were identified by the Board:

(a) to implement an appropriate insolvency procedure; or

(b) to attempt a solvent restructuring of the Group.

The Board concluded that a solvent restructuring of the Group
(the Proposal) was the preferable route because it has the best
prospects of maximizing returns for creditors.  The Proposal
attempts to achieve that aim.

The Structure of the Proposal

The Company intends to enter into an agreement immediately
following Delisting with the CULS and newly incorporated entity
or entities (each an 'Acquisition Vehicle' and together the
'Acquisition Vehicles'), pursuant to which the Acquisition
Vehicles will acquire the valuable subsidiaries of the Company.
Those valuable subsidiaries either own properties or provide a
management function in relation to the Group's property
portfolio.  The aggregate consideration payable by the
Acquisition Vehicles to the Company for such acquisitions will be
the assumption of all (save for approximately GBP12 million of
the CULS debt, which is to be reclassified as limited recourse
debt as detailed below) of the Group's liabilities, including:

(a) the effective assumption of the Group's liability to the
    Bank of Scotland of approximately GBP20.2 million;

(b) the effective assumption of the Group's liability to Julian
    Hodge Bank of approximately GBP2.9 million;

(c) the assumption of an amount of the CULS liability
    corresponding to the assets being transferred to that
    Acquisition Vehicle; and

(d) the provision by the Acquisition Vehicles to the remaining
    Group companies of an indemnity of a fixed duration in
    respect of contingent liabilities.

Approximately GBP12 million of the total CULS debt of
approximately GBP30 million will remain in the Company.  The
terms of this debt will be amended so that repayment will only be
required by the CULS Holders in the event that certain conditions
are satisfied.  The terms of the amended CULS debt will not
permit the CULS Holders to demand repayment in any other
circumstances.

Implementation of the Proposal is conditional upon its approval
by the requisite majority of CULS Holders, being 75% of value of
the CULS.  The Company has already received in principle approval
of the Proposal from the CULS Holders representing in excess of
75% by value of the CULS Holders.  It is currently the Board's
intention to convene and hold a meeting of the CULS Holders to
obtain approval of the Proposal prior to the Delisting.  It will
be a condition of the Delisting request that the CULS Holders
have approved the Proposal before the Delisting takes effect.

Consequences of the Proposal:

-- The Company and the Group will return to a balance sheet
   solvent position but there will be no return of capital to
   Shareholders.  It is not anticipated that the Company will
   enter into an insolvency process after the restructuring.
   The Board will continue to review the historical transactions
   entered into by the Company and realize its assets for the
   benefit of its unsecured creditors.  Once this process has
   been completed to the satisfaction of the Board, the Company
   may be placed into a solvent liquidation in which all of its
   remaining creditors will be paid in full;

-- The known creditors of the Company (with the exception of the
   CULS Holders) are paid in full as soon as practicable.  The
   alternative scenario of an insolvent liquidation would
   involve them receiving a dividend on an equal basis with the
   CULS Holders.  The Board believes that the return for
   creditors in such circumstances is likely to be less than 30
   pence in the pound;

-- By retaining control of the tax planning of the Company and
   the Group, the Board is able to pursue the objective of
   implementing a tax efficient restructuring and protecting the
   Group and Company tax losses for the benefit of the Company,
   the Group and the Acquisition Vehicles.  An office holder
   appointed as part of an insolvency process may not have the
   same objectives; and


-- The Company's Ordinary Shares, Preference Shares and CULS
   will be Delisted.

Confirmations

The Directors believe that the Proposal is in the best interests
of the Company and the creditors as a whole.  If the
Proposal is not implemented the Company will be unable to meet
its financial commitments as they fall due and consequently will
be unable to continue to trade resulting in implementing an
insolvency procedure.

The Company has confirmed to the FSA that:

(a) the Directors are of the immutable belief that approval of
    Shareholders to the Proposal will not be forthcoming in view
    of the fact there is no value in the Proposal for
    Shareholders given the financial position of the Company.
    The Directors are firmly of the view that Shareholders will
    not vote for a proposal that offers them no return.

(b) all alternative methods of returning the Group to solvency
    have been exhausted and the only option remaining is to
    effect the Proposal; and

(c) by taking the decision to implement the Proposal, the
    directors are acting in the best interests of all creditors
    as a whole (the Directors have been advised that the Company
    has a fiduciary duty so to do) and unless the Proposal is
    completed the Directors will have no choice other than to
    implement an insolvency procedure.

The Trustee has confirmed to the FSA that it considers that the
holders of CULS are now the only unsecured persons with an
economic interest in the Company.  The Board is, however, aware
of the existence of other unsecured creditors, the quantum of
which is insignificant compared to the CULS liability.  In any
case, the Proposal intends that these unsecured creditors will be
paid in full.

The Trustee requires the Board to provide forthwith detailed
proposals as to how the maximum possible value for holders of
CULS can be realized.  These proposals must be made without any
conditionality relating to the interests of the Company's
Shareholders and specifically without requiring Shareholders to
approve the Delisting.  In the absence of such proposals, the
Trustee has stated that it is the current intention of the ad hoc
CULS committee, as holders of more than 20% of the CULS to
instruct the Trustee to make formal demand forthwith for
immediate payment of the CULS pursuant to the terms of the Trust
Deed between the Company and the Trustee.

The Company's Sponsor, City Financial Associates Limited, has
confirmed to the FSA that based on the Directors' commercial
assessments and its understanding of the Company's and the
Group's financial position and on other information made
available to it, it is of the view that the Company is in severe
financial difficulty and that it will not be in a position to
meet its obligations as they fall due unless the Proposal is
implemented.

A circular containing this announcement is being sent to
Shareholders.  The circular is being sent for information
purposes only and does not require Shareholders to take any
action.

CONTACT:  HAMPTON TRUST PLC
          Paul Sellars
          Jonathan Whittingham
          Phone: 020 7499 4994


IWP INTERNATIONAL: Lenders Waive Covenant Breaches
--------------------------------------------------
IWP International plc has concluded a non-binding indicative
heads of terms with its principal secured creditors, representing
approximately 97% of secured indebtedness, which sets out the
principles for the financial restructuring of IWP and its
subsidiaries.  In addition, IWP has been granted a waiver from
all of the secured creditors of any existing covenant breaches to
March 31, 2006.  The continuation of this waiver is subject to
one of the secured creditors, representing approximately 3% of
the secured indebtedness, being acquired by another existing
secured creditor or a person who becomes a secured creditor and
supports the Restructuring within 20 days from this date.

This is anticipated to conclude within this period.

The key points of the Restructuring are set out below.

              Statement of Joe Moran, IWP Chairman

The Restructuring of IWP will enable the Group to continue
trading with a strengthened balance sheet and with the support of
its secured creditors.  Completion of the Restructuring will
preserve the ongoing business operations of the Group and the
rights of customers, suppliers and employees.

IWP has spent the last number of months in difficult negotiations
with its secured creditors in relation to the financial
restructuring of the Group and we continue to focus on concluding
this complex process as soon as possible.  The Heads of Terms
reflect the position of 97% of the secured creditors and will
enable the ordinary shareholders of IWP to receive cash of 3.5
cent per share or retain their shares in IWP should they so
elect.

As announced on 10 June 2005, Jim Murphy decided that he did not
wish to move to the U.K. following the planned head office
relocation and would therefore step down from his position as
Chief Executive.  Having assisted the Company in concluding the
Heads of Terms, Mr. Murphy has decided that it is now appropriate
for him to leave the Company.  On behalf of the Board, I would
like to thank Mr. Murphy for his contribution over the past two
difficult years and wish him every success in the future.

The key points of the Restructuring are:

-- The secured creditors will convert circa EUR56 million of
   their existing debt to equity resulting in them owning 90% of
   the enlarged ordinary share capital of the Company;

-- The Restructuring will significantly reduce IWP's gross
   secured indebtedness (including swaps close out cost,
   make whole due under the notes and all deferred interest)
   from circa EUR121 million to EUR65 million;

-- 10% of the enlarged ordinary share capital of the Company
   will be retained by the existing ordinary shareholders;

-- A Cash-Out Alternative will be offered to existing ordinary
   shareholders at a price of 3.5 cent per existing ordinary
   share;

-- Ordinary shareholders who wish to retain their shares in the
   Company may elect to do so.  The secured creditors will waive
   any rights they may have to compulsorily acquire shares held
   by existing ordinary shareholders if the shareholder elects
   not to take the Cash-Out Alternative;

-- Preference shareholders will have the opportunity to obtain
   cash for their shares at nominal value plus accumulated
   unpaid dividend, amounting in aggregate to EUR82,423;

-- The Company will apply for its shares to be delisted from the
   Irish and London Stock Exchanges as part of the
   Restructuring;

-- The claims of all general unsecured creditors of the Group
   will not be involved in and will not be compromised by the
   Restructuring;

-- Post the Restructuring, the EUR65 million debt remaining
   within the Group will be consolidated into two tranches of
   EUR35,000,000 ('Tranche A') and EUR30,000,000 ('Tranche B'),
   Respectively;

     - Tranche A will be repayable 5 years following completion
       of the Restructuring and Tranche B will be repayable on
       the same date as Tranche A provided that such date shall
       be automatically extended by successive 60 day periods in
       the event that the Group still holds all or any portion
       of its investment in Jeyes Holdings Limited or Jeyes
       Group Limited.  Tranche B will be repayable only out of
       amounts received by the Group from the Jeyes Investment,

     - Tranche A will carry an interest rate of LIBOR + 2.25%
       p.a., payable quarterly in arrears and Tranche B will
       carry an interest rate of 12.00% p.a. payable in kind and
       rolled up quarterly;

-- An executive chief restructuring officer is to be appointed
   as soon as reasonably practicable;

-- A new Board of directors of the Company satisfactory to the
   secured creditors, which will include the current finance
   director, Paul O'Brien, is to be appointed.  The Company will
   enter into termination arrangements with all directors who
   resign upon completion of the Restructuring on terms and
   conditions satisfactory to the secured creditors;

-- A compromise agreement has been reached in relation to the
   termination of the lease at 19 Fitzwilliam Square (the
   Company's head office) so that it is capable of being
   terminated with three months notice and a final termination
   and dilapidation settlement of EUR240,000;

-- All outstanding share options are to be cancelled. Post the
   Restructuring the Company will implement an executive
   incentive plan based on successful implementation of the
   Company's business plan;

-- The Restructuring will be subject to customary business and
   market material adverse change clauses;

-- The completion of the Restructuring will be conditional on:

    - the completion of further legal and financial due
      diligence by the secured creditors,

    - securing adequate working capital facilities from April
      2006,

    - the receipt of all necessary Board and secured creditors
      committee approvals,

    - the receipt of all necessary applicable regulatory
      approvals (including approvals from the Irish Takeover
      Panel, any listing authorities, competition authorities,
      pension regulators or any other relevant authority or
      regulator),

    - the receipt of all necessary shareholder approvals,

    - the negotiation, execution and delivery of definitive
      documentation; and

-- The Restructuring is targeted to be completed in the first
   quarter of 2006.

In due course, a Circular will be issued by the Company for the
purpose of convening separate class meetings of the ordinary and
preference shareholders for the purpose of seeking the necessary
approvals for the Restructuring and the other matters mentioned
in this announcement.

CONTACT:  IWP INTERNATIONAL
          Phone: +353 1 6611958


JBG BUILDING: Creditors Meeting Set Friday
------------------------------------------
Creditors of JBG Building Services Limited will meet on December
16, 2005, 10 a.m. at Riverside House, 31 Cathedral Road, Cardiff
CF11 9HB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to D. Hill, joint administrative receiver of Begbies
Traynor, Riverside House, 31 Cathedral Road, Cardiff CF11 9HB not
later than 12 noon, December 15, 2005.

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


J G GLASS: Calls in Wilson Pitts Administrator
----------------------------------------------
Company Names: J G GLASS
               J G MANUFACTURERS
               J G SERVICES

D. F. Wilson and J. N. R. Pitts (IP Nos 703, 7851) of Wilson
Pitts were appointed administrators of these companies on Nov.
24.  These firms manufacture glass-housing units.

CONTACT:  WILSON PITTS
          Glendevon House
          Hawthorn Park
          Coal Road
          Leeds
          West Yorkshire LS14 1PQ
          Phone: 0113 237 5560
          Fax: 0113 237 5561


KEEN PROCESSING: Files for Liquidation
--------------------------------------
M. Naseemdost, director of Keen Processing Limited, informs that
a resolution to wind up the company was passed at an EGM held on
Nov. 10 at Stanton House, 41 Blackfriars Road, Salford,
Manchester M3 7DB.  Alex Kachani of Crawfords, Stanton House, 41
Blackfriars Road, Salford, Manchester M3 7DB was appointed
liquidator.

CONTACT:  KEEN PROCESSING LTD.
          2 Grange St, Keighley, BD21 3EJ
          Phone: 01535 601975

          CRAWFORDS
          Stanton House
          41 Blackfriars Road
          Salford
          Manchester
          Greater Manchester M3 7DB
          Phone: 0161 828 1000
          Fax: 0161 832 1829
          E-mail: akachani@aol.com


KINGSMARK DESIGN: Calls in Liquidator from Griffin & King
---------------------------------------------------------
Mike Dell, director of Kingsmark Design Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 14 at 26-28 Goodall Street, Walsall WS1 1QL.

Timothy Frank Corfield of Griffin & King, 26-28 Goodall Street,
Walsall, West Midlands WS1 1QL was appointed liquidator.

CONTACT:  KINGSMARK DESIGN LTD.
          Suite 20/21, Queens Chambers
          Shire Hall, Pentonville
          Newport
          NP20 5HB
          Gwent
          Phone: 01633 244165
          Fax: 01633 840767
          Web site: http://www.kingsmarkdesign.co.uk

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


LAEL RECRUITMENT: Hires Ian Franses to Liquidate Business
---------------------------------------------------------
M. C. Bartlett, chairman of Lael Recruitment and Consultancy
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Nov. 14 at 24 Conduit Place, London W2
1EP.  Ian Franses of Ian Franses Associates, 24 Conduit Place,
London W2 1EP was appointed liquidator.

CONTACT:  LAEL RECRUITMENT & CONSULTANCY
          24, Porden Rd
          London
          SW2 5RT
          Phone: 020 7787 6644

          IAN FRANSES ASSOCIATES
          24 Conduit Place
          London W2 1EP
          Phone: 020 7262 1199
          Fax: 020 7262 2662
          E-mail: if@ianfranses.co.uk


LONGWOOD ENTERPRISES: Meeting of Creditors Set Tomorrow
-------------------------------------------------------
Creditors of Longwood Enterprises Limited will meet on December
13, 2005, 10 a.m. at Freemason Hall, Bridge Street, Manchester.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to P. A. Flint, joint administrator of KPMG Corporate
Recovery, St James Square, Manchester M2 6DS not later than 12
noon, December 12, 2005.

CONTACT:  KPMG LLP
          St James' Square
          Manchester
          Greater Manchester M2 6DS
          Phone: 0161 838 4000
          Fax: 0161 838 4040


LULLABYE BED: EGM Passes Winding-up Resolution
----------------------------------------------
R. Williams, chairman of Lullabye Bed Company Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Nov. 11 at Lake Bushells, 129 New London Road,
Chelmsford, Essex CM2 0QT.  Peter George Byatt of Lake Bushells,
129 New London Road, Chelmsford, Essex CM2 0QT was appointed
liquidator.  The appointment was confirmed at a creditors meeting
held on the same day.

CONTACT:  LAKE BUSHELLS
          129 New London Road
          Chelmsford
          Essex CM2 0QT
          Phone: 01245 254 780
          Fax: 01245 254 799
          E-mail: info@lakebushells.co.uk


MARK ONE MOTORS: Goes into Liquidation
--------------------------------------
M. Mitchell, chairman of Mark One Motors (GMC) Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 15 at 8 Castlegate, Grantham NG31 6SF.  Richard
Albert Brock Saville and Peter Andrew Blair of Begbies Traynor,
Regency House, 21 The Ropewalk, Nottingham NG1 5DU were appointed
Joint Liquidators.

CONTACT:  MARK ONE MOTORS LTD.
          Eton Garages
          Lambolle Place, London, NW3 4PE
          Phone: 020 7435 3105

          BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk, Nottingham NG1 5DU
          Phone: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com


MBP (AGENTS): Administrators from BDO Stoy Hayward Move in
----------------------------------------------------------
Dermot Justin Power and Matthew Dunham (IP Nos 6006, 8376) of BDO
Stoy Hayward LLP were appointed administrators of MBP (Agents)
Limited (Company No 4323701) on Nov. 28.

CONTACT:  BDO STOY HAYWARD LLP
          Commercial Buildings,
          11-15 Cross Street, Manchester M2 1BD
          Phone: 0161 817 3700
          Fax: 0161 817 3711
          E-mail: manchester@bdo.co.uk
          Web site: http://www.bdo.co.uk


MB REALISATIONS: Names Liquidators from KPMG
--------------------------------------------
G. F. Davenport, director of MB Realisations Limited (formerly
Markbeech Products Limited), informs that resolutions to wind up
the company were passed at an EGM held on Nov. 10 at KPMG LLP, 2
Cornwall Street, Birmingham B3 2DL.  Mark Jeremy Orton and Myles
Antony Halley of KPMG, 2 Cornwall Street, Birmingham B3 2DL,
United Kingdom were appointed Joint Liquidators.

CONTACT:  MB REALISATIONS LTD.
          Station Rd Rowley Regis B65 0LJ
          Royaume-United Kingdom
          Phone: +44 (121) 561 33 66
          Fax: +44 (121) 559 24 29

          KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


MERIDIAN SAFETY: Appoints SPW Poppleton Liquidator
--------------------------------------------------
M. Booker, director of Meridian Safety Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 11 at Gable House, 239 Regents Park Road, London N3 3LF.
Steven G. Taylor of SPW Poppleton & Appleby, Gable House, 239
Regents Park Road, Finchley, London N3 3LF was appointed
liquidator.

CONTACT:  MERIDIAN SAFETY LTD.
          142a Broadway, Didcot, Oxfordshire OX11 8RJ
          Phone: 01235811536

          SPW POPPLETON & APPLEBY
          Gable House
          239 Regents Park Road
          London N3 3LF
          Phone: 020 8371 5000
          Fax: 020 8346 8588
          E-mail: mike@spwca.com


RODA DESIGN: Geoffrey Martin Liquidator Moves in
------------------------------------------------
Roda Design Services Ltd. informs that resolutions to wind up the
company were passed at an EGM held on Nov. 10 Geoffrey Martin &
Co, St James's House, 28 Park Place, Leeds LS1 2SP.  S. Hull of
Geoffrey Martin & Co, St James's House, 28 Park Place, Leeds LS1
2SP was appointed liquidator.

CONTACT:  RODA DESIGN SERVICES LTD.
          Unit 2, Peel House
          Commercial Street, Morley
          Leeds
          LS27 8AG
          West Yorkshire
          Phone: 0113 238 0002
          Fax: 0113 253 2499
          Contact:
          Dave Longfellow, Director

          GEOFFREY MARTIN & CO.
          St. James's House
          28 Park Place
          Leeds
          West Yorkshire LS1 2SP
          Phone: 0113 244 5141
          Fax: 0113 242 3851
          E-mail: geoffrey.martin@geoffreymartin.co.uk


ROYAL MAIL: Regulator Approves Lower Stamp Price Hike
-----------------------------------------------------
Postcomm announced on Dec. 7 its proposals for the Price Control
setting Royal Mail Letters' prices for the next four years.
Royal Mail believes it is not yet possible to assess fully the
impact of the proposals as it has yet to see the supporting
details.

Royal Mail has outlined the need for fair, cost reflective
prices, as well as a GBP2 billion investment program to renew
equipment and invest in the automation technologies already used
by other entrants to the U.K. postal market, which will be opened
to full competition in less than four weeks time on 1 January
2006.  The company must also address a GBP4 billion deficit in
its pension scheme, which from next year is likely to require an
annual cash injection of GBP400-500 million over and above
business-as-usual contributions.

The Price Control set by the regulator governs around 90% of
Royal Mail revenues and determines the profit that can be
generated by the Group's GBP6 billion turnover regulated
business.  As Postcomm said, the rises in stamp prices under the
latest proposals are substantially less than Royal Mail wanted.
The final outcome of the Price Control process, which is expected
next March following a final three-month consultation, will be
crucial to Royal Mail's prospects in a deregulated market.

Royal Mail notes that the announcement from Postcomm shows a
significantly changed position from the original position in May
this year:

May 2005 proposals from Postcomm:

-- Royal Mail able to move stamp prices closer to real costs, to
   a maximum of 34p for a First Class stamp by 2009-10;

-- Average allowed price increase, over duration of Control, for
   products open to competition set at RPI-2%;

-- Average allowed price increase, over duration of control, for
   products without effective competition set at RPI-3%;

-- No initial one-off price increase to help meet costs of
   pension deficit;

-- Royal Mail allowed to invest GBP0.8 billion in equipment and
   technology;

-- Royal Mail's regulatory business valued at GBP2.2 billion;
   and

-- Royal Mail targeted to make annual efficiencies of 3%.


November 2005 final proposals which Postcomm proposes to
implement from April 2005:

-- Royal Mail able to move stamp prices closer to real costs, to
   a maximum of 36p for a First Class stamp by 2009-10;

-- Average allowed price increase, over duration of control, for
   products open to competition set at RPI-0.6%;

-- Average allowed price increase, over duration of control, for
   products without effective competition set at RPI+0.5%;

-- Ability to increase prices by 6.2% from April 2006 to help
   meet costs of pension deficit;

-- Royal Mail allowed to invest GBP1.2 billion in equipment and
   technology;

-- Royal Mail's regulatory business valued at GBP2.3 billion;
   and

-- Royal Mail targeted to make annual efficiencies of 3%.

The Regulator intends to implement these proposals from April
2006, if Royal Mail, which has not yet seen all the supporting
details, gives agreement.

       Comment of Adam Crozier, Royal Mail Chief Executive

The announcement from Postcomm shows the Regulator has moved a
long way from its initial stance -- but no one should regard the
proposals as anything other than tough -- particularly for a
business with challenges on the scale that Royal Mail faces.  We
need to see all the detail and assess the full impact on our
business, our people and our ability to go on delivering the
record high quality service that customers have seen over the
past year.

Now that we know broadly what the Regulator is proposing, we'll
be talking to our Shareholder about the future financing of the
company and of the investments we need to make, and to our
Pension Trustees about our ability to meet the scheme's
liabilities.

Royal Mail has the opportunity to give its final views on the
detail of the proposals to Postcomm over the coming weeks, before
taking a final decision on the acceptability of the total
Control.

CONTACT:  ROYAL MAIL:
          148 Old Street
          London
          EC1V 9HQ
     Web site: http://www.royalmail.com


SECURITY RESPONSE: Calls in Bridgestones Administrator
------------------------------------------------------
R. L. Cooksey and J. G. Lord (IP Nos 9040, 9041) of Bridgestones
were appointed administrators of Security Response Ltd. (Company
No 04652249) on Nov. 24.

CONTACT:  BRIDGESTONES
          125-127 Union Street
          Oldham
          Lancashire OL1 1TE
          Phone: 0161 785 3700
          Fax: 0161 785 3701
          E-mail: rlc@bridgestones.co.uk


SKYEPHARMA PLC: Gives Potential Buyers Access to Accounts
---------------------------------------------------------
SkyePharma plc announced on 14 November 2005 that the board of
SkyePharma plc had appointed Lehman Brothers to review all of the
strategic options for the Company in order to maximize value for
all shareholders.

Following this announcement, the Company has received a number of
expressions of interest, both with respect to individual assets
owned by the Company as well as potential cash offers for the
Company as a whole.  In the light of such interest, the Board has
decided to allow a number of parties access to a data room to
commence due diligence on the Company.

The intention of the Board is to swiftly ascertain whether these
expressions of interest can be translated into firm proposals
capable of being recommended to shareholders.  However, there is
no certainty that this process will result in a change to the
present ownership structure of the Company.  A further
announcement will be made when appropriate.

CONTACT:  SKYEPHARMA PLC
          105 Piccadilly
          London
          United Kingdom
          W1J 7NJ
          Phone: +44 20 7491 1777
          Fax: +44 20 7491 3338
          Web site: http://www.skyepharma.com

          LEHMAN BROTHERS EUROPE LIMITED
          25 Bank Street
          London E14 5LE
          United Kingdom
          Phone: 44-20-7102-1000
          Web site: http://www.lehman.com


SOLUTIONS RECRUITMENT: Names Ideal Corporate Liquidator
-------------------------------------------------------
D. Broadbent, director of Solutions Recruitment Consultancy
Limited, informs that a resolution to wind up the company was
passed at an EGM held on Nov. 11.  Andrew David Rosler of Ideal
Corporate Solutions Limited, 10 Eagley House, Deakins Business
Park, Bolton BL7 9RP was appointed liquidator.

CONTACT:  SOLUTIONS RECRUITMENT CONSULTANCY LIMITED
          Hartford House, Hart Weston Street
          Bolton, Lancashire BL3 2AW
          Phone: 01204393918


SWAN FIELDS: Meeting of Creditors Set Next Week
-----------------------------------------------
Creditors of Swan Fields Limited will meet on December 19, 2005,
10 a.m. at KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A. S. McGill, joint administrative receiver of
KPMG LLP, St Nicholas House, Park Row, Nottingham NG1 6FQ not
later than 12 noon, December 16, 2005

CONTACT:  KPMG LLP
          St Nicholas House
          Park Row
          Nottingham
          Nottinghamshire NG1 6FQ
          Phone: 0115 935 3535
          Fax: 0115 935 3500


TOWNHOUSE LONDON: Bar Operator Contacts Administrator
-----------------------------------------------------
David Rubin and Paul Appleton (IP Nos 2591, 8883) of David Rubin
& Partners were appointed joint administrators of Townhouse
London Limited (Company No 04265915) on Nov. 16.

CONTACT:  TOWNHOUSE
          31 Beauchamp Place,
          London, SW3 1NU
          Phone: (020) 7589 5080

          DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Phone: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com


ULTIMATE VISUAL: Administrators Take over Firm
----------------------------------------------
Nicholas Roy Hood and Paul Michael Davis (IP Nos 8350, 7805) of
Begbies Traynor were appointed joint administrators of Ultimate
Visual Image Limited (Company No 03654593) on Nov. 24.  Its
registered office is at Studio 2, Exhibition House, North View
Soundwell, Bristol, South Gloucestershire BS16 4NT.

Ultimate Visual Image Limited -- http://www.uvigroup.com--  
manufactures exhibition and display signs.

CONTACT:  ULTIMATE VISUAL IMAGE LTD.
          Studio 2 Exhibition House
          North View Soundwell
          Bristol BS16 4NT
          Avon
          Phone: 0117 956 5559
          Fax: 0117 956 4929

          BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


WEBLEY & SCOTT: Leonard Curtis Administrators Move in
-----------------------------------------------------
A. Poxon and P. D. Masters (IP Nos 8620, 8262) of DTE Leonard
Curtis were appointed administrators of Webley & Scott Limited
(Company No 02817650) on Nov. 25.  Its registered office is at
Hampton House, High Street, East Grinstead, West Sussex RH19 3AW.
The company manufactures sporting goods.

CONTACT:  DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT4 Norfolk Park
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


WESTBURY FLEXOGRAPHIC: In Liquidation
-------------------------------------
N. R. Yates, director of Westbury Flexographic Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 14 at Unit 15, Milland Road Industrial Estate, Neath SA11
1NJ.  Gary Stones of Stones & Co, 63 Walter Road, Swansea SA1 4PT
was appointed liquidator.

CONTACT:  WESTBURY FLEXOGRAPHIC LTD.
          Unit 15 Milland Rd. Industrial Estate
          Neath SA11 1NJ

          Phone: (01639) 897979
          Fax: (01639) 897979

          STONES & CO.
          63 Walter Road
          Swansea
          Glamorgan SA1 4PT
          Phone: 01792 654607
          Fax: 01792 644491
          E-mail: stones.co@btconnect.com


XERA LOGIC: Hires Tenon Recovery Administrator
----------------------------------------------
Stanley Donald Burkett-Coltman (IP No 9181) and Dilip Dittani (IP
No 7915) of Tenon Recovery were appointed administrators of Xera
Logic (Scotland) Limited (Company No 04619150) on Nov. 25.

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 RECOVERY
          1 Bede Island Road
          Bede Island Business Park
          Leicester LE2 7EA
          Phone: 0116 222 1101
          Fax: 0116 222 1102
          E-mail: leicester@tenongroup.com
          Web site: http://www.tenongroup.com


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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
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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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