TCREUR_Public/051214.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

          Wednesday, December 14, 2005, Vol. 6, No. 247

                            Headlines

B E L G I U M

ABX LOGISTICS: EC Okays Restructuring Financing
INTER FERRY: EU Anti-trust Regulator Reviews Restructuring Aid


C Z E C H   R E P U B L I C

TELESYSTEM INTERNATIONAL: To Distribute First Dividend January


D E N M A R K

LEGO GROUP: Sells Tool Factory in Switzerland


F R A N C E

COMPAGNIE GENERALE: BB- Ratings Affirmed; Off Watch Negative
RHODIA S.A.: Names New Chief Financial Officer


G E R M A N Y

ALLGEMEINE HYPOTHEKENBANK: BGAG Sells Stake to Lone Star
ALLGEMEINE HYPOTHEKENBANK: Fitch Gives E Individual Rating
AVB ALLGEMEINE: Succumbs to Insolvency; Parent May be Next
FRESENIUS AG: European Commission Clears Helios Acquisition
HDA HOLZBAU: Dresden Court Appoints Administrator from MHB

HST HOCH: Creditors' Claims Due Next Month
HUCKE AG: Another Full-year Loss in the Making
IHR PLATZ: Insolvent Drugstore Back in Business
INGENIEURGESELLSCHAFT HEIMANN: Succumbs to Bankruptcy
JORG KLEINSCHMIDT: Under Bankruptcy Administration

KARTENGIRL AUTOMATEN: Creditors Meeting Set February
MAUSER BETEILIGUNGS: Low-B, Junk Ratings Affirmed
ROLLER CENTER: Proofs of Claim Due Later this Month
SILA & NOAH: Hannover Court Appoints Administrator
SKROBLIN GMBH: Claims Filing Period Ends Jan. 19
TOGETHER! GMBH: Court to Verify Claims April
WIST WOHNUNGSBAU: Succumbs to Bankruptcy


G R E E C E

HELLENIC VEHICLE: EC Smells Illegal State aid in Debt Write-off


I T A L Y

WIND TELECOMUNICAZIONI: Fitch Rates EUR6.85 Bln Bank Loan BB


K Y R G Y Z S T A N

AIKERI-AUTOSERVICE: Creditors' Claims Due January
ALTYN JER: Gives Creditors Until January 24 to File Claims
ASHMARA: Creditors Meeting Set Friday
GILBLAND: Under Bankruptcy Supervision
SYIKYRSTROI: Sets Proofs of Claim Deadline


N E T H E R L A N D S

GETRONICS N.V.: Wins EUR40 Mln Outsourcing Contract from DSM
ROYAL SHELL: Buys back 1 Million 'A' Shares


R O M A N I A

ROMPETROL GROUP: Fitch Reviews Effects of Dyneff Purchase


R U S S I A

AGRO-PROM-MEKH-MONTAGE: Claims Filing Period Ends Dec. 22
BARABINSK-TRANS: Bankruptcy Hearing Set February
DINAMO: Undergoes Bankruptcy Supervision Procedure
OJSC NIZHNEKAMSKNEFTEKHIM: US$200 Mln Bond Gets (P)B1/B2 Ratings
OSTROVSKIY DAIRY: Insolvency Manager Takes over Firm

POGRANICHNOYE: Bankruptcy Supervision Begins
RAO UES: Outlook Developing Pending Reorganization
RUS': Krasnodar Court Brings in Insolvency Manager
SAZANOVSKOYE: Court Appoints Insolvency Manager
SEMIBRATOVO: Declared Insolvent

SPETS-STROY: Perm Court Opens Bankruptcy Proceedings
WINDOWS-SERVICE-TRUST: Succumbs to Bankruptcy
YUKOS OIL: Proposed Charter Change Dumped
ZENIT BANK: Outlook Positive on Improving Operating Environment


S W E D E N

ELECTROLUX AB: Transferring German Production to Italy, Poland


T U R K E Y

ORDU YARDIMLASMA: Gets BB-/B Ratings, Stable Outlook from S&P


U K R A I N E

BOMONSHA: Declared Insolvent
ENERGOINVEST: Bankruptcy Supervision Starts
ISKRA: Insolvency Manager Steps in
PRIVATBANK: Asks S&P to Withdraw Ratings
RADIOSERVICE: Creditors Have Until Next Week to File Claims
TESLYAR: Succumbs to Insolvency


U N I T E D   K I N G D O M

ACRE 989: Liquidator from Fisher Partners Moves in
ALTONS GROUP: Calls in Liquidator from Turpin Barker
AUSTRALIAN BAR: Appoints Joint Liquidators
BCM STEEL: Construction Firm Collapses into Administration
BRITISH AMERICAN: Ups Stake in Skandinavisk Tobakskompagni

BRIXTON (ADDLESTONE): Appoints Liquidator
BSA ADVANCED: Creditors Meeting Set Next Week
CANNONS (GY): Files for Liquidation
CR ESTATES: Calls in Liquidator from Ian Holland & Co.
DOUBLEVISION INNS: Names Middleton Partners Liquidator

DTS BAKERIES: Begbies Traynor Administrators Enter firm
EURODIS ELECTRON: Rapped by FSA for Violating Listing Rules
INDEPENDENT INSURANCE: Result of Fraud Inquiry Out Within Days
INEOS GROUP: Anti-trust Regulator Clears Innovene Acquisition
INTERNATIONAL POWER: Ups Stake in Pego Power to 50%

LANDCRAFT DESIGN: Meeting of Creditors Friday
LIFTON INDUSTRIES: Claims Filing Period Ends Dec. 28
LIONVERGE HOLDINGS: Administrators from KPMG Take over Firm
MANOR TRUST: Names Parkin S. Booth Liquidator
MOWLEM PLC: Balfour Beatty Might Top Carillion's Bid

NORTH NOTTINGHAM: In Liquidation
N S HOLDINGS: Calls in Liquidator from Armstrong Watson
OCEAN HORIZONS: Furniture Retailer Hires Administrator
OFF SHOOT: Ladies Wear Retailer Up for Sale
PANDY GARAGE: Claims Deadline January 10

PERIOD PROPS: Calls in Liquidator from KBSP Partnership
REFCO INC.: Court Freezes CEO's US$111 Mln IPO Windfall
SAFEPLACE CONSTRUCTION: Files for Liquidation
SILBURY HILL: Names BDO Stoy Hayward Liquidator
SYMONS GROUP: Administrators put firm on the Market

U.K. COAL: Senior Independent Director Steps down
ULTRAPLAS TOOLING: Names Portland Business Liquidator
UNIQ PLC: Remuneration Chair Resigns
UNITED NETWORKS: Joint Liquidators from Gerald Edelman Move in
VALE CITROEN: Appoints Vantis Business Recovery Administrator

WATERFORD WEDGWOOD: Posts EUR94.7 Million Half-year Net Loss
WHITE DIAMOND: Goes into Liquidation
WILSON & WILSON: EGM Passes Winding-up Resolution
ZAMA ARTS: Goes into Liquidation

* Bankruptcy Expert Brown Rudnick Beefs up European Practice


                            *********


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


ABX LOGISTICS: EC Okays Restructuring Financing
-----------------------------------------------
The European Commission decided on Dec. 7 to approve the EUR176
million financing for the restructuring of the ABX Logistics
group.  This decision is based on a restructuring plan which
significantly reduces the capacity of the ABX Worldwide group,
including its branches ABX Germany and ABX Netherlands, restores
the viability of the whole of the group and transfers all of its
capital to a private investor who must act within 12 months of
this decision.  As for the domestic activities of ABX France,
these were privatized in 2005.

Between 1998 and 2001, Belgian Railways (SNCB) gradually
acquired the companies forming the ABX network.  This network,
composed of about 107 branches in Europe, but also in Latin
America, Africa and Asia, was suffering from financial
difficulties due in particular to the difficulties which its
activities in Germany, France and the Netherlands -- at the
heart of the ABX network -- were having.

In February 2002, the Belgian government announced the
restructuring of the whole of the ABX group.  This operation,
the financial part of which was to be financed by the SNCB, was
notified to the Commission in 2003 and 2005.  It concerned
measures allowing:

-- the formal grouping in 2003 of the ABX network in a holding
   company, ABX LOGISTICS Worldwide S.A., except for the
   domestic transport part of ABX France which was privatized in
   2005;

-- the integration and interoperability of branches between each
   other, the creation of a central service and the organization
   of the group into profit centers;

-- significant reductions in capacity (up to 54% for the whole
   of the group), particularly in Germany and the Netherlands;

-- the sale of the whole of the ABX Worldwide group to a private
   investor bringing in significant own resources; and

-- the restoration of a financial structure ensuring the
   viability of the group.

EUR176 million of the cost of these measures (EUR296.6 million)
will be financed by SNCB contributions, with the rest coming
either from the ABX group or the buyer.

The Commission has decided to approve these measures, which
should be enough to restore ABX's viability, even if means
having to sell the whole of the ABX Worldwide group.  This is
why the Commission made the acceptance of the restructuring aid
conditional on selling the ABX group to a private investor who,
in addition to the market price, should also make a substantial
financial contribution to the ABX group.

This new approach should improve the future viability of the
group.

In addition, the Commission considers that other financial
contributions from SNCB to ABX worth EUR126.7 million do not
constitute State aid as they were made on terms which comply
with market conditions.  After detailed examination, the
Commission also considers that the sale at market price of ABX
France's domestic activities at the beginning of 2005 was
economically justified and did not involve State aid.

Finally, the Commission pointed out that the guidelines being
drawn up on State aid to the railway sector will examine the
question of the guarantee which railway undertakings enjoy in
several Member States.

CONTACT:  ABX LOGISTICS Worldwide sa/nv
          Rue des Deux Gares 150 Tweestationsstraat
          B-1070 Brussels
          Belgium
          Web site: http://www.abxlogistics.com/


INTER FERRY: EU Anti-trust Regulator Reviews Restructuring Aid
--------------------------------------------------------------
The European Commission on Dec. 7 decided to initiate formal
investigation proceedings in respect of aid granted by SNCB to
finance the restructuring of its subsidiary Inter Ferry Boats
(IFB), in order to verify whether this aid meets the conditions
laid down by Community law for State restructuring aid.

Inter Ferry Boats (IFB), a limited company under Belgian law
89.03% of whose capital is held by SNCB, is mainly engaged in
the rail transport sector and support activities for that
sector, such as the handling and storage of goods, the operation
of terminals linked to the rail network and the organization of
freight transport.

In the 2001 and 2002 financial years, IFB recorded significant
losses.  A long-term structural reorganization of the
undertaking was clearly necessary.  To this end, IFB and SNCB
concluded a framework agreement on April 7, 2003, which provides
for these measures among others:

-- granting of an extension for payment of debt of EUR63
   million;

-- granting of a recoverable advance of EUR5 million;

-- granting of a credit facility of EUR15 million;

-- conversion into capital of debt of EUR63 million and the
   loan of EUR15 million;

-- increase in additional capital of EUR5 million through
   contribution in kind from shares in the company TRW.

Although the restructuring plan should allow IFB to return to
profitability, after examining the dossier the Commission cannot
exclude at this stage that IFB might have received part of this
aid less than three years after its formation and that it would
therefore not be eligible for restructuring aid.  Moreover, in
the absence of a sufficient commitment on the part of Belgium,
the Commission doubts that the latter has done all it can to
limit the adverse effects of such aid on competition.  Finally,
IFB does not appear to have contributed to its own
restructuring, a requirement laid down by the Community
guidelines concerning State aid for the rescue and restructuring
of enterprises in difficulty.

CONTACT:  INTER FERRY BOATS (IBF) N.V.
          Wapenstilstandlaan 47
          2600 Antwerpen (Berchem)
          Belgium
          Phone: +32 3 525 8600
          Fax: +32 3 270 9794
          Web site: http://www.interferryboats.be/


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


TELESYSTEM INTERNATIONAL: To Distribute First Dividend January
--------------------------------------------------------------
Further to its press release of Dec. 2, 2005, Telesystem
International Wireless Inc. reiterates that Dec. 12, 2005 is the
ex-dividend date for the dividend previously declared.  This
dividend, which shareholders of record on Dec. 14, 2005 will be
entitled to receive, represents TIW's net asset value, after
deducting corporate costs to be incurred until TIW's final
liquidation, less CA$0.01 per common share.  Accordingly, as of
Dec. 12, 2005, the trading price of TIW's common shares on the
TSX Venture Exchange should not exceed CA$0.01 per common share.

The Company currently anticipates that a first dividend
installment of CA$1.1614 per common share will be paid on or
about Jan. 31, 2006.  The amount and timing of the dividend
payment will depend on the outcome of court proceedings in the
context of the Company's Plan of Arrangement.

                        About the Company

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

                       Restructuring Plan

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

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

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

   -- cancel its common shares; and

   -- proceed with its final distribution and be dissolved.

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

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


=============
D E N M A R K
=============


LEGO GROUP: Sells Tool Factory in Switzerland
---------------------------------------------
Lego Group sold its Swiss factory LEGO Werkzeugbau Steinhausen
to a consortium of five people on Dec. 1, 2005.

The new owners consist of a Swiss consortium, which all together
has competences in tool manufacturing, finance/accounting and
lean management.  The people behind the consortium are Marc
Scherer, Reto Kessler, Alois Guentensperger, Peter
Guentensperger and Christoph Gebert.

All 62 employees (including 6 apprentices) will keep their job
and education in the new company named Wisi'on Tool AG.

The new owners will invest in new machinery and rebuild the
factory to comprise a wider range of tool manufacturing.

At the end of August this year, employees at the tool factory
were informed that the LEGO Group would investigate the prospect
of finding a new owner for the factory.  If that had not proved
possible, the factory was expected to close at the end of
January 2006.

                        About the Company

The LEGO Group -- http://www.lego.com/-- is a privately held,
family-owned company, based in Billund, Denmark.  It was founded
in 1932, employing approximately 7,400 worldwide.  LEGO Holding
A/S is the parent of both the Danish and the Swiss parts of the
Group.  In July, it sold four of its family theme parks in
England, Germany, California and Denmark to The Blackstone Group
for EUR375 million to consolidate its business.

Lego is implementing an Action Plan launched in 2004 to mitigate
a serious earnings crisis in the company.  The plan envisages a
leaner but financially stronger and more focused group.  Lego
had total assets of DKK8,089 million in 2004.

CONTACT:  LEGO GROUP
          Charlotte Simonsen, Head of Corporate Communications
          Jorgen Vig Knudstorp, CEO
          Phone: +(45) 79 50 65 79


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


COMPAGNIE GENERALE: BB- Ratings Affirmed; Off Watch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit and senior unsecured debt ratings on France-
based Compagnie Generale de Geophysique, on the basis that year-
end net debt leverage is expected to decline to previous levels,
as a result of the forthcoming capital increase.  The ratings
were removed from CreditWatch with negative implications, where
they had been placed on Aug. 30, 2005, following the group's bid
to acquire 100% of Norway-based Exploration Resources.  The
outlook is stable.

"The rating affirmation reflects a general improvement in CGG's
profitability over the past nine months as well as our
expectation that net leverage at year end will be brought down
to previous levels of about 30%, from 57% at end-September
2005," said Standard & Poor's credit analyst Karl Nietvelt.
(Leverage is defined as unadjusted net debt to unadjusted net
debt plus equity.)  The latter reflects an expected capital
injection of about EUR240 million, partially through an
approximate EUR200 million capital increase, fully underwritten
by a group of banks and understood to be disbursed on Dec. 16,
2005, in combination with the already decided 82% conversion of
the existing $85 million convertible bond.  This should finance
about two-thirds of the EUR350 million acquisition cost
(including capitalized leases) of Norwegian-based offshore
seismic operator Exploration Resources.

The acquisition of Exploration Resources resulted in net
financial debt jumping to EUR511 million at end-September 2005
(up from EUR132 million at end-December 2004).  Pro forma for
the aforementioned capital injections, however, net debt would
have been an estimated EUR270 million.  On such a pro forma
basis, last 12 months' funds from operations to net debt at
Sept. 30, 2005 would remain almost unchanged, at an adequate 28%
(29% in 2004).

"We are nevertheless concerned about the high price paid for
Exploration Resources, together with CGG's peak capital
expenditure levels in 2006," said Mr. Nietvelt. These two
elements will delay expectations of positive free cash flow
generation until 2007 (previously anticipated in 2006).

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

CONTACT:  COMPAGNIE GENERALE DE GEOPHYSIQUE
          1, rue Leon Migaux,
          91341 Massy Cedex, France
          Phone: +33-1-64-47-3000
          Fax: +33-1-64-47-3970


RHODIA S.A.: Names New Chief Financial Officer
----------------------------------------------
Rhodia S.A. has appointed Pascal Bouchiat as Group Executive
Vice President and Chief Financial Officer.  Since 2004, he had
been Vice President, Corporate Finance and Treasury.

Pascal Bouchiat is a member of the Group's Executive Management
Committee responsible for corporate finance and treasury,
accounting, financial communication, tax and insurance.

Mr. Bouchiat, who holds a master in chemical engineering and an
MBA from Cesma/EM Lyon, began his professional career in 1985 as
an R&D engineer in Rhone-Poulenc before assuming industrial
responsibilities, notably, as a production manager in the Saint-
Fons Silicones factory.  In 1994, he joined the Finance
Department where he held several positions of increasing
responsibility before being appointed Rhodia Group Management
Controller in 1998, when Rhodia was first created.  In 1999, he
was appointed Vice President, Finance, of the Consumer
Specialties Division before becoming Group Financial Controller
in 2001 and Vice-President, Corporate Finance and Treasury in
2004.  He is currently completing the Executive MBA Trium (New
York University - London School of Economics - HEC Paris).

                        About the Company

Rhodia S.A., based in France, is a global specialty chemicals
company partnering with major players in the automotive,
electronics, fibers, pharmaceuticals, agrochemicals, consumer
care, tires and paints & coatings markets to offer tailor-made
solutions combining original molecules and technologies to
respond to customers' needs.

It generated net sales of EUR5.3 billion in 2004 and employs
20,000 people worldwide.  It is listed on the Paris and New York
stock exchanges.  Its full-year results swung into the red in
2001 with a net loss of EUR213 million (US$183.5 million) after
three profits warning.  The company's stock has deteriorated
since its flotation in 1998.

                        Restructuring Plan

Due to depressed economic environment, continued high
petrochemical raw material prices, persistent weak demand and a
negative effect from the value of the dollar, Rhodia launched
structural action programs designed to improve long-term
profitability.

In 2003, it unveiled a plan of action to refocus business
portfolio, reduce cost and improve financial structure.  A key
part of this plan is a EUR600 million divestiture program aimed
at reducing debt by EUR500 million.  Consolidation of operations
resulted to the closure of 19 production units worldwide.

In December 2003, Rhodia concluded an agreement with 23 creditor
banks for the maintenance of a EUR970 million existing lines of
credit, and an adjustment of covenants to June 30, 2004;
establishment of a EUR758 million new syndicated medium-term
credit line; and a capital increase of approximately EUR300
million.

                         Status to date

The company's net loss after amortization of goodwill for 2004
was reduced more than 50% from EUR1,351 million to EUR625
million.  Its overall net loss for the period came to EUR197
million, compared with a net loss of EUR132 million in the
second quarter 2004 (before the taking into account EUR187
million of results from discontinued operations).

CONTACT:  RHODIA S.A.
          26, quai Alphonse Le Gallo
          92512 Boulogne-Billancourt Cedex, France
          Phone: +33-1-55-38-40-00
          Fax: +33-1-55-38-44-71
          Web site: http://www.rhodia.com

          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25


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


ALLGEMEINE HYPOTHEKENBANK: BGAG Sells Stake to Lone Star
--------------------------------------------------------
Beteiligungsgesellschaft der Gewerkschaften AG (BGAG) has sold
its shares in Allgemeine Hypothekenbank Rheinboden AG to Lone
Star, a financial investment firm.  The parties to the
transaction have agreed not to disclose the acquisition price.

The sale also includes the shares initially transferred to a
special-purpose entity in the course of the sale of BHW Holding
AG.  It will proceed in phases and will be essentially concluded
by mid-January 2006.  Lone Star will then hold a call option on
a total of 12% of the shares in AHBR still owned by the BGAG
Group, in addition to the shares it has already acquired.  The
option can be exercised at any point.

The sale is still subject to approval by the Deposit Protection
Fund, the German Federal Financial Supervisory Authority and the
cartel authorities.

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

          BETEILIGUNGSGESELLSCHAFT DER GEWERKSCHAFTEN AG
          Baseler Strasse 10
          Postfach 11 02 21
          60037 Frankfurt am Main
          Phone: +49 (0) 69 / 9 75 66 - 0
          Fax: +49 (0) 69 / 9 75 66 - 149
          E-mail: mail@bgag.de

          LONE STAR FUNDS
          Hamburger Allee 14
          D-60486
          Frankfurt, Germany
          Phone: 49-69-7104-226-0
          Web site: http://www.lonestarfunds.com

          BUNDESVERBAND DEUTSCHER BANKEN
          (Deposit Protection Fund)
          Burgstrasse 28
          10178 Berlin
          Phone: (030) 16 63 - 0
          Fax: (030) 16 63 - 13 99
          Web site: http://www/bdb.de

          GERMAN FEDERAL FINANCIAL SUPERVISORY AUTHORITY (BaFin)
          Graurheindorfer Str. 108
          D - 53117 Bonn
          or
          P.O. Box 1308
          D - 53003 Bonn
          Phone: +49 (0) 228 / 4108 - 0
          Fax: +49 (0) 228 / 4108 - 1550
          E-mail: poststelle@bafin.de


ALLGEMEINE HYPOTHEKENBANK: Fitch Gives E Individual Rating
----------------------------------------------------------
Fitch Ratings has downgraded Germany-based Allgemeine
Hypothekenbank Rheinboden AG (AHBR) to Long-term 'BBB-' from
'BBB' and removed it from Rating Watch Evolving (RWE).  A
Negative Outlook has been assigned.  The Long-term rating
applies to all AHBR's senior unsecured obligations.
Furthermore, the agency has affirmed its Short-term rating at
'F3' and Support at '2', and removed them from RWE.  AHBR's
Individual rating of 'E' has been placed on Rating Watch
Positive (RWP).  In addition, Fitch has affirmed AHBR's
outstanding public sector Pfandbriefe at 'AAA' and the mortgage
Pfandbriefe at 'AA+'.

At the same time, the bank's subordinated obligations have been
upgraded to 'BB+' from 'BB-' and removed from Rating Watch
Negative (RWN).  The agency has downgraded AHBR's participation
rights (Genussscheine) to 'CC' from 'B+' and keeps them on RWN.

The rating actions follow the announcement of
Beteiligungsgesellschaft der Gewerkschaften AG (BGAG), a holding
company controlled by trade unions and the bank's owner, that it
has agreed to sell its shares in AHBR to Lone Star, a financial
investor.  Legal completion of this transaction is subject to
regulatory approval and is scheduled for mid-January 2006.
Assuming that this purchase will go ahead, Fitch views the
scenario of a liquidation of AHBR as extremely remote.

The downgrade reflects what Fitch views as a weakening in
potential support from the Association of German Banks
(Bundesverband deutscher Banken e.V. or BDB), as a result of the
change in AHBR's ownership.  When BGAG sold BHW Holding AG in
October 2005, Fitch based the bank's Long-term rating on the
probability of support from the Association of German Banks.
This assessment has been based on AHBR's role as one of the main
issuers of Pfandbriefe and also on the interim support mechanism
put in place by the BDB for AHBR prior to its sale.  With the
impending change in ownership, however, Fitch assesses the
potential support from the BDB as weaker and has therefore
downgraded the Long-term rating.  The Negative Outlook reflects
the uncertainty over AHBR's business strategy as a mortgage bank
and future business model under its new owner Lone Star, and
consideration that this might alter AHBR's position as a
substantial issuer in the international markets and thus weaken
the likelihood that BDB would support it further.  Fitch's
ratings do not place any reliance on institutional support being
provided by Lone Star.

The affirmation of the Pfandbriefe ratings relies on the current
risk profile of each cover pool compared to the outstanding
mortgage and public sector Pfandbriefe being maintained,
including the existing overcollateralization.  Changes in the
business strategy and operational organization of the bank under
the future management will be assessed carefully.

The upgrade of AHBR's subordinated debt reflects Fitch's view
that AHBR's new owner is acquiring the bank as a going concern,
and will, therefore, aim to ensure that it meets financial
obligations from this debt category on a timely basis.  As
liquidation is no longer in prospect, Fitch has realigned the
rating of the subordinated debt to be a notch below the senior
unsecured obligations in line with its rating methodology.  The
downgrade of the Genussscheine reflects Fitch's opinion that
investors are unlikely to achieve full recovery in case of a
possible restructuring of the bank.  The Negative Watch will be
resolved upon clarity about the financial impact of any planned
restructuring.

The RWP on AHBR's Individual rating reflects Fitch's view that
the bank will be better positioned once Lone Star takes full
control and starts to restructure it.  The RWP will be resolved
on receiving detailed information on the bank's strategy,
business plan and possible re-capitalization, including
restructuring plans.

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

          FITCH RATINGS
          Michael Steinbarth, London
          Phone: +44 20 7862 4068
          Thomas von Luepke, Frankfurt
          Phone: +49 69 7680 76150

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


AVB ALLGEMEINE: Succumbs to Insolvency; Parent May be Next
----------------------------------------------------------
The insolvency of AVB Allgemeine Anlagenvermittlungs- und
Verwaltungsgesellschaft has sparked speculation that its parent,
investment firm Euro-Gruppe, will follow suit.

Earlier this year, Euro-Gruppe nearly succumbed to 140 temporary
writs of execution, Suddeutsche Zeitung says.  Although these
writs were eventually settled, it is doubtful investors can
still recover their investment, as the paper believes their
money were used to settle the liabilities.

Prior to its collapse, AVB allegedly encouraged clients to
cancel their life assurance policies and shift to atypical
dormant investments in Euro-Gruppe and in the process lost
money, German investor protection institute Dias says.  The
institute believes around 40,000 to 50,000 have invested EUR60
million in Euro-Gruppe.

CONTACT:  AVB ALLGEMEINE ANLAGENVERMITTLUNGS- UND
          VERWALTUNGSGESELLSCHAFT mbH
          Woerthstrasse 13/15
          97082 Wuerzburg
          Phone: (09 31) 40404
          Fax: (09 31) 4040-500

          EURO-GRUPPE
          Woerthstrasse 13/15
          97082 Wuerzburg
          Phone: (09 31) 40404
          Fax: (09 31) 4040-500
          E-mail: info@euro-gruppe.de
          Web site: http://www.euro-gruppe.de


FRESENIUS AG: European Commission Clears Helios Acquisition
-----------------------------------------------------------
The European Commission has cleared under the EU Merger
Regulation the proposed acquisition of Helios, an independent
hospital operator active in Germany, by Fresenius, a
multinational health company.  After examining the operation,
the Commission concluded that the transaction would not
significantly impede effective competition in the European
Economic Area (EEA) or any substantial part of it.

Helios is an independent hospital operator active in various
regions in Germany.  Fresenius is a multinational health company
active in hospital management and hospital services, clinical
nutrition, dialysis instruments and dialysis solutions as well
as infusion therapy.  While Fresenius offers its products on an
international basis, its hospitals are located exclusively in
Germany.

The transaction gives rise to only marginal horizontal overlaps
in the regional markets for hospital services since the parties
are mainly active in different and geographically separate
regions.  The combination of Fresenius' and Helios' business in
hospital services will therefore not lead to a significant
impediment of competition.

The Commission has also concluded that the transaction does not
raise any vertical competition concerns.  After the transaction
there will still be alternative and competing sources of supply
with clinical nutrition, dialysis instruments and dialysis
solutions as well as infusion therapy products.  Of Fresenius'
total turnover, only a small share is supplied to Helios, making
it unlikely that other hospital operators would have their
supplies of these products restricted.

                            *   *   *

In November, Moody's Investors Service confirmed all ratings of
Fresenius AG:

(a) Corporate family rating of Ba2; and

(b) EUR300 million senior notes rated Ba2.

The outlook for all ratings is stable.

The ratings were placed under review for possible downgrade upon
the announcement of the group's agreement to acquire Helios for
EUR1.5 billion in October 2005, which followed on from the
group's acquisition (through its unit Fresenius Medical Care,
FMC) of the Renal Care Group (RCG) in May 2005 for US$4 billion.

The ratings confirmation reflects the strategic rationale for
the acquisition of Helios and expected benefits to the Fresenius
group in terms of a significantly improved market position in
the hospital sector in Germany, an opportunity to accelerate the
turnaround at ProServe and further diversification of the
group's revenue and cash flow generation.   The confirmation
also reflects Moody's view of Helios' good track record of
acquiring, integrating and restructuring public hospitals and
its business model as a low-cost provider within a network of
regional clusters.

However, Moody's notes that the group's corporate family rating
is weakly positioned in the Ba2 category as a result of its
increased appetite for large scale M&A as evidenced over the
past several months combined with an increase in acquisition
related debt of c. EUR600 million at the Fresenius AG level and
Moody's expectation that free cash flow of ProServe/Helios will
be constrained over the medium term by capex requirements and
growth acquisitions.

The addition of Helios, as noted above, will provide Fresenius
with a strong current market position and a platform for future
growth in the private hospital sector in Germany.  The addition
of Helios is expected to be margin enhancing but given our
expectation of capex and acquisition spending in the range of
EUR200 million to EUR300 million per annum for the non-FMC
business units, we expect free cash flow from ProServe/Helios to
be somewhat constrained over the medium-term.

Fresenius funded the Helios transaction through a rights issue
of EUR900 million and a bridge loan facility with an aggregate
principal amount of EUR700 million, which will be refinanced
with a bond in early 2006.

While the acquisition of Helios is expected to improve the
diversification of the group's earnings, Fresenius' ratings
remain closely aligned to those of FME, given the importance of
the subsidiary to the group's consolidated cash flow generation.
Ratings could rise if lease adjusted leverage falls below 4.0x,
adjusted RCF/net adjusted debt returns to the high teens on a
sustainable basis and the integration of both RCG and Helios
proceed as planned.

About Fresenius AG

Fresenius AG is a global health care company with products and
services for dialysis (through Fresenius Medical Care), hospital
management and international healthcare services (Fresenius
ProServe) and nutrition and infusion therapies (Fresenius Kabi).
For the nine months ended September 30, 2005, Fresenius AG
generated consolidated sales of EUR5,712 million.

CONTACT:  FRESENIUS MEDICAL CARE AG
          Else-Kroner Strasse, 1
          61346 Bad Homburg
          Phone: +49-6172-609-0
          Fax: +49-6172-608-2488


HDA HOLZBAU: Dresden Court Appoints Administrator from MHB
----------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against HDA Holzbau Schmidt GmbH on November 17.  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. Christoph Munz.

Creditors and other interested parties are encouraged to attend
the meeting on February 3, 2006, 10:00 a.m. at the district
court of Dresden, Saal D132, Olbrichtplatz 1, 01099 Dresden, at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  HDA HOLZBAU SCHMIDT GmbH
          Sohlander Str. 60 in 02689 Sohland/Taubenheim

          Dr. Christoph Munz, Administrator
          Munz-Hille-Beden
          Gustav-Adolf-Str. 6b, 01219 Dresden
          Web site: http://www.mhb-anwalt.de


HST HOCH: Creditors' Claims Due Next Month
------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against HST Hoch-, Strassen- und Tiefbau GmbH on
November 17.  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 Stephan Poppe.

Creditors and other interested parties are encouraged to attend
the meeting on February 7, 2006, 10:30 a.m. at the district
court of Halle-Saalkreis, Saal 1.043, Justizzentrum, Thueringer
Str. 16, 06112 Halle, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  HST HOCH-, STRASSEN- UND TIEFBAU GmbH
          Weissenfelser Str. 13, 06259 Frankleben
          Contact:
          Manfred Widder, Manager
          Dahlienweg 2, 06116 Halle

          Stephan Poppe, Administrator
          Universitatsring 6, 06108 Halle
          Phone: 0345/530490
          Fax: 0345/5304926


HUCKE AG: Another Full-year Loss in the Making
----------------------------------------------
Fashion house Hucke continues to bleed red ink.  The company
admitted recently its finances do not look pretty after first-
half EBIT came to -EUR3.9 million, up from -EUR2.4 million last
year.  Turnover for the period also fell 14% to EUR60.5 million,
Borsen Zeitung says.

Another negative result in April 2006 will bring the company's
consecutive annual losses to three.  To improve results, it
plans to implement job cuts at its Lubbecke site, continue its
outsourcing program and restructure its women's clothing unit by
merging its Hucke Woman and Frank Eden Woman brands.

CONTACT:  HUCKE AG
          Ravensberger Strasse 41
          32312 Lubbecke
          Postfach 1251
          32292 Lubbecke
          Phone: +49 (0) 57 41 364 - 0
          Fax: +49 (0) 57 41 364 - 414
          E-mail: info@hucke.com
          Web site: http://www.hucke.com


IHR PLATZ: Insolvent Drugstore Back in Business
-----------------------------------------------
Just weeks after getting approval for its restructuring plan,
Ihr Platz GmbH + Co KG is now thinking of expansion.

The drugstore chain will open new outlets in Erfurt, Ueckermunde
and Aachen, Borsen Zeitung says.  The three branches will
specialize in organic products, which are increasingly popular
with customers.

Ihr Platz filed for protection in June and in November creditors
unanimously approved its turnaround plan drafted by
restructuring experts from Alvarez & Marsal and Modalis.  The
plan easily cleared the hurdle because it enjoyed the backing of
main creditor Goldman Sachs.  The U.S. investment bank, which
started buying up Ihr debt in January, plans to sell its
interest in the company next year.

Under the plan, 80 of the chain's over 700 branches will be
closed to achieve cash-positive status by the fourth quarter and
reverse five loss-making years by 2006.  Founded in 1895, the
company, which employs over 8,000 people, reported EUR700
million in sales last year.

CONTACT:  IHR PLATZ GMBH + CO. KG
          CardService
          Postfach 3740
          49027 Osnabruck
          Phone: (0800) 50 35 131
          Web site: http://www.ihrplatz.de


INGENIEURGESELLSCHAFT HEIMANN: Succumbs to Bankruptcy
-----------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Ingenieurgesellschaft Heimann mbH on November 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 8, 2006
to register their claims with court-appointed provisional
administrator Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting on February 8, 2006, 10:00 a.m. at the district
court of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude,
Hamburger Allee 26, 30161 Hannover, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  INGENIEURGESELLSCHAFT HEIMANN mbH
          Hamburger Allee 6, 30161 Hannover
          Contact:
          Erich Willy Heimann, Manager

          Helge Wachsmuth, Administrator
          Alexanderstr. 2, 30159 Hannover
          Phone: 0511/325095
          Fax: 0511/329934


JORG KLEINSCHMIDT: Under Bankruptcy Administration
--------------------------------------------------
The district court of Hagen opened bankruptcy proceedings
against Jorg Kleinschmidt Verwaltungs GmbH on November 29.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 19,
2005 to register their claims with court-appointed provisional
administrator Andreas Schoss.

Creditors and other interested parties are encouraged to attend
the meeting on January 9, 2006, 11:30 a.m. at the district court
of Hagen, Haupthaus (Neubau), Heinitzstrasse 42, 58097 Hagen,
Etage 2, Raum 283, 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:  JORG KLEINSCHMIDT VERWALTUNGS GmbH
          Ernst-Gremler-Str. 18, 58239 Schwerte
          Contact:
          Jorg Kleinschmidt, Manager
          Grosse Marktstr. 10 a, 58239 Schwerte

          Andreas Schoss, Administrator
          Alter Markt 9 - 13, 42275 Wuppertal
          Phone: 0202/493880
          Fax: +49202451939


KARTENGIRL AUTOMATEN: Creditors Meeting Set February
----------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Kartengirl Automaten GmbH on November 25.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until January 16, 2006 to
register their claims with court-appointed provisional
administrator Dr. Martin Dreschers.

Creditors and other interested parties are encouraged to attend
the meeting on February 13, 2006, 9:20 a.m. at the district
court of Aachen, Augustastrasse 78-80, 52070 Aachen, 1. Etage,
Sitzungssaal 14, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  KARTENGIRL AUTOMATEN GmbH
          Denkmalplatz 33, 52477 Alsdorf
          Contact:
          Dieter Bubenzer, Manager
          Hasslerstr. 13, 52066 Aachen

          Dr. Martin Dreschers, Administrator
          Juelicher Strasse 116, 52070 Aachen


MAUSER BETEILIGUNGS: Low-B, Junk Ratings Affirmed
-------------------------------------------------
Moody's Investors Service has confirmed the B2 corporate family
rating and Caa1 senior notes rating of Mauser Beteiligungs GmbH
following the company's successful acquisition of the assets of
Russell-Stanley Holdings Inc.  The outlook on all ratings is
stable.  This concludes the rating review initiated on August
25, 2005.

Moody's notes that Mauser's EUR81 million asset acquisition of
Russell-Stanley was financed via an increase in senior bank debt
of EUR92 million and an additional EUR20 million equity
injection by One Equity Partners (the private equity arm of J.P.
Morgan Chase & Co., which pro forma will hold 90% of Mauser,
with the remaining 10% being held by management).  The excess
EUR31 million in raised funds is to be applied towards new
investments, one-off integration costs, fees and expenses as
well as the repurchase of warrants.

With a view to effecting the sale of their assets to Mauser,
Russell-Stanley and certain of its subsidiaries filed pre-
packaged reorganization cases under Chapter 11 of the U.S.
Bankruptcy Code and a pre-packaged Plan of Reorganization on 19
August 2005.  All court proceedings have now been finalized and
Mauser acquired the assets free and clear of certain legacy
environmental claims on 9 November 2005.

According to Moody's, the company's confirmed B2 corporate
family rating takes account of these credit challenges:

(a) The size of the acquisition (Russell-Stanley's revenues for
    FYE 2004 were EUR231 million) presents a significant
    challenge in terms of integration risk and the successful
    realization of cost synergies and consequent margin
    improvements;

(b) Leverage, at Adjusted Total Debt/EBITDAR of 5.43x, is deemed
    high;

(c) Working capital is under pressure from:

    (i) A change in payment terms with suppliers in order to
        take advantage of discounts;

   (ii) Exposure to rising raw material prices, which also
        necessitate the stocking of higher inventory levels; and

  (iii) Less favorable terms of trade with Mamor clients.

(d) Free cash flow is constrained by the pressure on working
    capital, high capital expenditure levels as well as debt
    amortization and servicing costs.

More positively, the rating also reflects these credit
strengths:

(a) The acquisition will position Mauser as the number two
    global provider of industrial packaging, affording it
    significant cost synergy opportunities;

(b) Mauser enjoys a strong reputation for producing well-
    developed and established proprietary industrial packaging
    technologies and products; and

(c) The company's management team is experienced and focused.

Moreover, Moody's notes that the uncertainty surrounding the
limited historical financial information for Mamor during the
rating action in January 2005 has been resolved and management
now anticipates that the Mamor integration will be substantially
completed by mid-2006.

Moody's views the company's liquidity as currently adequate,
with pro forma availability as at 30 September 2005 under the
EUR48 million revolving bank facility of EUR26 million and
available cash of EUR23.5 million as well as sufficient headroom
under the senior bank debt covenants.  The company anticipates
that it will generate positive free cash flow (after working
capital, capex and principal and interest payments) in 2006.

The stable outlook reflects Moody's expectation that Mauser will
be able to successfully integrate the acquisition whilst
maintaining top-line revenues and realizing cost synergies, thus
improving margins, especially in the Russell-Stanley segment of
the business.  It also reflects Moody's view that Mauser will be
unlikely to pursue any further significant acquisitions in the
short to medium term.

The ratings could come under downward pressure in the event that
integration of the acquisition is unsuccessful and results in
deterioration in margins and/or positive net free cash flow is
not achieved in 2006.

The rating outlook could be changed to positive in the event
that Mauser successfully integrates the newly acquired assets
and demonstrates a sustainable increase in internal cash flow
generation that results in the Adjusted Retained Cash Flow/Net
Adjusted Debt ratio improving to the low to mid teens range in
conjunction with a progressive reduction in Adjusted Total
Debt/Adjusted EBITDAR towards 5x.

Confirmed ratings:

(a) Corporate Family Rating of B2; and

(b) 9 1/8% Senior Notes due 2013 rated Caa1

The outlook is stable.

Based in Bruhl, Germany, Mauser Beteiligungs GmbH is a leading
global provider of rigid industrial packaging solutions for the
petrochemical, chemical, pharmaceutical and food & beverage
industries.  For the nine months ended September 30, 2005,
revenues totaled EUR410.3 million.

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

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


ROLLER CENTER: Proofs of Claim Due Later this Month
---------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Roller Center Duesseldorf GmbH on November 30.
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 Friedrich Knoop.

Creditors and other interested parties are encouraged to attend
the meeting on January 18, 2006, 10:00 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:  ROLLER CENTER DUESSELDORF GmbH
          Contact:
          Dirk Humberg, Manager
          Franklinstrasse 14, 40477 Duesseldorf
          Olaf Hense, Manager
          Karolingerstr. 110, 40223 Duesseldorf

          Friedrich Knoop, Administrator
          Robertstrasse 3, 40229 Duesseldorf


SILA & NOAH: Hannover Court Appoints Administrator
--------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Sila & Noah GmbH on November 17.  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
Nermin Sahin.

Creditors and other interested parties are encouraged to attend
the meeting on January 31, 2006, 8:15 a.m. at the district court
of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger
Allee 26, 30161 Hannover, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  SILA & NOAH GmbH
          Scheidestr. 24a, 30625 Hannover
          Contact:
          Ertugrul Demirel, Manager

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


SKROBLIN GMBH: Claims Filing Period Ends Jan. 19
------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Skroblin GmbH & Co. KG on November 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 19,
2006 to register their claims with court-appointed provisional
administrator Dr. Lucas F. Flother.

Creditors and other interested parties are encouraged to attend
the meeting on February 16, 2006, 9:15 a.m. at the district
court of Halle-Saalkreis, Saal 1.043, Justizzentrum, Thueringer
Str. 16, 06112 Halle, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  SKROBLIN GmbH & Co. KG
          Grenzstrasse 37, 06112 Halle

          Dr. Lucas F. Flother, Administrator
          Hansering 1, D-06108 Halle
          Phone: 0345/212220
          Fax: 0345/2122222


TOGETHER! GMBH: Court to Verify Claims April
--------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against together! GmbH coaching, communication &
consulting on November 24.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until February 14, 2006 to register their claims
with court-appointed provisional administrator Sebastian Laboga.

Creditors and other interested parties are encouraged to attend
the meeting on January 11, 2006, 9:15 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on April
12, 2006, 9:00 a.m. at the same venue.

CONTACT:  TOGETHER! GmbH COACHING, COMMUNICATION & CONSULTING
          Rungestr. 22-24,10179 Berlin

          Sebastian Laboga, Administrator
          Einemstr. 24, 10785 Berlin


WIST WOHNUNGSBAU: Succumbs to Bankruptcy
----------------------------------------
The district court of Essen opened bankruptcy proceedings
against WIST WOHNUNGSBAU GmbH on November 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 3, 2006 to register their
claims with court-appointed provisional administrator Bernd
Depping.

Creditors and other interested parties are encouraged to attend
the meeting on January 18, 2006, 9:10 a.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, I.OG,
gelber Bereich, Saal 185, 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:  WIST WOHNUNGSBAU GmbH
          Am Kollnischen Wald 42 A, 46242 Bottrop
          Contact:
          Roland Wiggers, Manager
          Josef Steinhaus, Manager
          Haus-Hove-Strasse 30, 46242 Bottrop

          Bernd Depping, Administrator
          Alfredstr. 108-112, 45131 Essen
          Phone: (0201) 879040
          Fax: 02018790412


===========
G R E E C E
===========


HELLENIC VEHICLE: EC Smells Illegal State aid in Debt Write-off
---------------------------------------------------------------
The European Commission has initiated a formal investigation
under E.C. Treaty State aid rules into aid granted to Hellenic
Vehicle Industry S.A. (ELVO) of Greece.  In 1999, the Greek
Government approved a write-off of the company's debt toward the
public sector that had accumulated between 1988 and 1998.
According to Greece, the aid, amounting to EUR3.5 million,
favors only the military production of ELVO and would therefore
be covered by Article 296 of the E.C. Treaty, which for reasons
directly linked to essential interests of national security
allows a derogation from inter alia the general prohibition on
state aid.

The Commission, however, doubts that the effects of the aid were
actually limited to the military business of ELVO and believes
that the aid may have also favored its civilian activities.  The
Commission's decision to initiate a formal investigation
procedure will give interested parties an opportunity to comment
on the measure.  It does not prejudge the outcome of the
investigation.

"The E.C. Treaty ensures that Member States can protect their
legitimate national security interests.  But this safeguard
cannot be used as a pretext for granting illegal state aid to
civilian activities.  We have to examine such cases with care in
order to prevent distortions of competition on markets for
civilian products," Competition Commissioner Neelie Kroes
commented.

ELVO is the main supplier of motor vehicles to the Greek army,
with around 750 employees and an annual turnover of about EUR150
million.  In addition to military vehicles such as tanks and
armored vehicles, ELVO produces civilian vehicles and dual use
products, i.e. those, which could be used for military as well
as civilian purposes such as jeeps, and spare parts.  In 1999,
when the aid measure was adopted, ELVO's civilian production
constituted a substantial part of its total turnover.  Although
Greece maintained that the aid measure favored only the military
production of the company, it did not provide arguments
supporting this statement.

On the basis of the information available, the Commission
therefore considers that only part of the aid was for military
production and therefore falls within the scope of Article 296
E.C. Treaty.  The remaining aid has to be examined under the
state aid rules.

CONTACT:  HELLENIC VEHICLE INDUSTRY S.A.
          Factory-Main Offices
          Industrial Area of Thessaloniki
          570 22 Sindos, Greece
          Phone: +30 2310 717100
          Fax: +30 2310 798426
          E-mail: info@elvo.gr
          Web site: http://www.elvo.gr/


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


WIND TELECOMUNICAZIONI: Fitch Rates EUR6.85 Bln Bank Loan BB
------------------------------------------------------------
Fitch Ratings has assigned final ratings to Wind
Telecomunicazioni S.p.A.'s and its subsidiaries' notes following
the receipt of final documents conforming to information already
received and satisfactory legal opinion.

Wind Telecomunicazioni S.p.A.'s EUR6.85 billion first priority
senior secured facility: 'BB'

Wind Finance SL S.A.'s EUR700 million second lien notes: 'BB-'

Wind Acquisition Finance S.A.'s EUR1.25 billion-equivalent
senior notes due 2015: 'B-'

More details on the structures of the debt issues can be found
in two separate announcements dated 11 November and 26 July 2005
and in the credit analysis dated 13 October 2005 and available
at http://www.fitchresearch.com

Wind is a leading integrated telecoms provider in Italy.  In
mobile telephony, Wind is Italy's third largest operator with
over 13 million customers and the second largest fixed-line
operator with 2.3 million customers and a leading ADSL player
with 550,000 broadband subscribers.

CONTACT:  WIND TELECOMUNICAZIONI S.P.A.
          Via G. C. Viola 48
          00148 Rome, Italy
          Phone: +39-06-8311-4600
          Fax: +39-06-8311-4601
          Web site: http://www.wind.it

          FITCH RATINGS
          Stefano Podesta, London
          Phone: +44 (0)20 7417 4316
          Michelle de Angelis
          Phone: +44 (0)20 7417 3499
          Stuart Reid
          Phone: +44 (0)20 7417 4323

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


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


AIKERI-AUTOSERVICE: Creditors' Claims Due January
-------------------------------------------------
LLC Aikeri-Autoservice, which recently became insolvent, will
accept proofs of claim until January 24, 2006.  Call (0-312) 28-
29-79 for more information.


ALTYN JER: Gives Creditors Until January 24 to File Claims
----------------------------------------------------------
LLC Trade Commercial Center Altyn Jer, which recently became
insolvent, will accept proofs of claim at Bishkek, Panfilova
Str. 136 until January 24, 2006.


ASHMARA: Creditors Meeting Set Friday
-------------------------------------
Creditors of Agricultural Farm Ashmara will meet at Chaldovar,
Lenina Str. 329 on December 16, 2005 at 11:00 a.m.  Creditors
must submit their proofs of claim and register with the
temporary insolvency manager seven days prior to the meeting.
Proxies must have authorization to vote.  Call (0-502) 72-58-71
or 62-46-55 for more information.


GILBLAND: Under Bankruptcy Supervision
--------------------------------------
The Arbitration Court of Chui region has commenced bankruptcy
supervision procedure on LLC Gilbland.  Mr. Toktosun Altymyshev
has been appointed temporary insolvency manager.

CONTACT:  Mr. Toktosun Altymyshev
          Temporary Insolvency Manager
          Phone: (0-312) 29-90-50


SYIKYRSTROI: Sets Proofs of Claim Deadline
------------------------------------------
LLC Syikyrstroi, which recently became insolvent, will accept
proofs of claim at Bishkek, Lermontova Str. 35 until January 24,
2006.  Call (0-312) 63-17-99 or 63-18-12 for more information.


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


GETRONICS N.V.: Wins EUR40 Mln Outsourcing Contract from DSM
------------------------------------------------------------
DSM has entered the next phase in ICT outsourcing with Getronics
N.V. as its strategic partner for the management of 20,000
workplaces and local ICT infrastructures worldwide.  In
addition, Getronics will also implement its Future-Proof
Workspace for DSM, which includes efficient automated deployment
using RDX (Rapid Deployment experience).

The Future-Proof Workspace helps organizations to continuously
reduce Total Cost of Ownership, while adopting new technologies
and driving global standardization and centralization of their
core ICT services. Since 2002, Getronics has ensured that DSM's
worldwide workplace and server environment is standardized, up-
to-date and remains fully operational.

DSM's EUR40 million three-year contract with Getronics will run
from 1 January 2006.  The contract encompasses over forty
countries, including the Netherlands, the United States, China,
Brazil, Switzerland, Austria, the United Kingdom, Canada,
Belgium, Italy, France, Spain, South Africa, Singapore, India,
Australia, New Zealand, Japan, South Korea, Vietnam, Mexico and
Chile.

Jo van den Hanenberg, DSM's Chief Information Officer: "Based on
our experience with standardised desktop services over the last
five years, we have set ambitious targets for managed operations
of our workstations for the coming years with regard to costs
and user satisfaction.  We are confident that with the selection
of Getronics as our partner we will be able to realize our
ambitions."

With this new contract Getronics will substantially strengthen
its position in workspace management services.  "We are very
pleased with this deal," Klaas Wagenaar, CEO of Getronics, says.
"Together with DSM we have developed the winning formula for
major global companies.  With this global approach, and our
understanding of the business requirements of global companies,
we offer strategic long-term partnership.  We have an
established track record in ICT solutions and services, and are
winning major global contracts and are well-positioned for
profitable growth."

About DSM

DSM is a specialty chemicals producer of life science products
and performance materials.  Its products are used in a wide
range of end markets and applications such as human and animal
nutrition and health, cosmetics, pharmaceuticals, automotive and
transport, coatings, housing and electrics & electronics (E&E).
DSM's strategy, named Vision 2010: Building on Strengths,
focuses on accelerating profitable and innovative growth of the
company's specialties portfolio.  Market-driven growth,
innovation and increased presence in emerging economies are key
drivers of this strategy.  The group has annual sales of
approximately EUR8 billion and employs around 23,000 people
worldwide.  DSM ranks among the global leaders in many of its
fields.  The company is headquartered in the Netherlands, with
locations in Europe, Asia and the Americas.

About Getronics

With some 27,000 employees in over 30 countries and approximate
revenues of EUR3 billion, Getronics is one of the world's
leading providers of vendor independent Information and
Communication Technology (ICT) solutions and services.

Getronics designs, integrates and manages ICT infrastructures
and business solutions for many of the world's largest global
and local companies and organizations, helping them maximize the
value of their information technology investments.  Getronics
headquarters are in Amsterdam, with regional offices in Boston,
Madrid and Singapore.  Getronics' shares are traded on Euronext
Amsterdam ("GTN").  Visit http://www.getronics.comfor further
information about Getronics.

                            *   *   *

In May, Standard & Poor's Ratings Services revised its outlook
on Getronics N.V. to stable from positive.  At the same time,
Standard & Poor's affirmed its 'B+' long-term corporate credit
and 'B-' senior unsecured debt ratings on the group, as well as
assigning its 'B+' rating and '3' recovery rating to Getronics'
EUR300 million (US$388 million) senior secured bank loan,
indicating Standard & Poor's expectation of meaningful (50%-80%)
recovery of principal in the event of a default.

"The outlook revision follows our review of the group's business
and financial profiles," said Standard & Poor's credit analyst
Patrice Cochelin.  "We expect Getronics to again generate weak
free cash flow in 2005 after a negative figure in 2004."

An upgrade to the 'BB-' category is consequently unlikely in the
coming months.  Getronics' disappointing revenues in recent
months, coupled with gross margins capped at less than 20%,
attest to fierce competition in the company's main markets.

"Getronics' balance-sheet and liquidity positions are
nevertheless expected to continue to merit a slightly higher
rating," added Mr. Cochelin.

Over the past two months, Getronics completed the acquisition of
Dutch competitor Pinkroccade N.V., refinanced its EUR175 million
credit facility with a new EUR300 million secured facility
(excluding a EUR200 bridge loan), and closed a EUR400 million
equity offering to finance the cash component of the acquisition
and refinance part of its preferred stock.  Pro forma for these
transactions, the company's debt will essentially comprise its
EUR100 million bond maturing in 2008, a new EUR150 million
revolving credit facility due in March 2008, and a EUR75 million
acquisition tranche due in March 2008, which will be reduced by
EUR25 million in March 2006.

"The stable outlook reflects our expectation that restructuring
costs will continue to impair Getronics' free cash flow
generation in 2005, albeit without threatening its liquidity
position.  We may change the outlook to positive if Getronics'
free operating cash flow generation improves to a sustainable
positive figure after restructuring costs.  Conversely, if
service revenues continue to fall or liquidity weakens
materially, we may revise our outlook to negative.  Small
acquisitions in the company's core business should be
accommodated within the current rating," Mr. Cochelin said.

CONTACT:  GETRONICS N.V.
          Media Relations
          Phone: +31 6 22196721
          Fax: +31 30 274 7650
          E-mail: media@getronics.com

          Investor Relations
          Phone: +31 20 586 1982
          Fax: +31 20 586 1455
          E-mail: investor.relations@getronics.com


ROYAL SHELL: Buys back 1 Million 'A' Shares
-------------------------------------------
On 12 December 2005, Royal Dutch Shell plc purchased for
cancellation 750,000 'A' Shares at a price of EUR26.72 per
share.  It further purchased for cancellation 250,000 'A' Shares
at a price of 1,801.32 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,942,025,000.

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: Fitch Reviews Effects of Dyneff Purchase
---------------------------------------------------------
Fitch Ratings has placed Netherlands-based The Rompetrol Group
N.V.'s (TRG) Senior Unsecured 'B-' rating on Rating Watch
Evolving, following the announcement of its acquisition of
Dyneff, the largest independent petroleum products distributor
in France.  Fitch will likely resolve the Rating Watch as soon
as it has conducted a full analysis of the business and
financial implications for TRG.

The Dyneff acquisition, expected to be closed in Q106, will
roughly double TRG's consolidated sales to around US$5 billion.
However, Fitch notes that TRG's rating may be put under pressure
should this acquisition lead to a material deterioration in its
financial leverage and liquidity position.  TRG's current rating
reflects the company's aggressive financial profile with high
levels of debt (including hybrid bonds issued to the Romanian
state) and appetite for considerable capital expenditure and
acquisitions.  Nevertheless, it should be noted that TRG is
expected to report record cash flows and EBITDA for 2005,
capitalizing on extremely favorable market conditions for
refiners.

The acquisition will also shift TRG's business profile towards
the fuel marketing business, although refining is expected to
remain the key driver for the company's cash flows and
profitability.  This acquisition will also provide some
geographical diversity to TRG's operations, which are mostly
based in Romania through a controlling stake in Rompetrol
Rafinare, the second-largest oil company in this country.  It
remains to be seen how TRG will manage to integrate its Romanian
and French operations.

Fitch continues to monitor the ongoing investigation of
Romania's General Prosecutor regarding the privatization of
TRG's main asset, Petromidia refinery in 2001 and its subsequent
operations, as a result of which TRG's CEO and Deputy CEO have
been subject to investigations.

CONTACT:  THE ROMPETROL GROUP N.V.
          Schouwburgplein 30-34
          3012CL, Rotterdam
          Netherlands

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

          FITCH RATINGS
          Arkadiusz Wicik, Warsaw
          Phone: +48 22 338 6286
          Andrew Steel, London
          Phone: +44 (0)20 7417 4086

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


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


AGRO-PROM-MEKH-MONTAGE: Claims Filing Period Ends Dec. 22
---------------------------------------------------------
The Arbitration Court of Kirov region commenced bankruptcy
proceedings against Agro-Prom-Mekh-Montage (TIN/KPP
4334000367/433401001, OGRN 1024301160872) after finding the open
joint stock company insolvent.  The case is docketed as A28-
50/05-39/20.  Mr. L. Shikhov has been appointed insolvency
manager.  Creditors have until December 22, 2005 to submit their
proofs of claim to 610035, Russia, Kirov region,
Melnikombinatovskiy Proezd, 1.

CONTACT:  AGRO-PROM-MEKH-MONTAGE
          613530, Russia, Kirov region,
          Urzhum, Energetikov Str. 1

          L. SHIKHOV
          Insolvency Manager
          610035, Russia, Kirov region,
          Melnikombinatovskiy Proezd, 1
          Phone: (8332) 51-31-92


BARABINSK-TRANS: Bankruptcy Hearing Set February
------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on open joint stock company
Barabinsk-Trans.  The case is docketed as A45-17165/05-25-262.
Mr. A. Senotrusov has been appointed temporary insolvency
manager.  A hearing will take place on February 8, 2006.

CONTACT:  BARABINSK-TRANS
          Russia, Novosibirsk region,
          Barabinsk, Gugova Str. 16

          A. SENOTRUSOV
          Temporary Insolvency Manager
          Russia, Novosibirsk region,
          Barabinsk, Gugova Str. 16


DINAMO: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision procedure on close joint stock company Dinamo.  The
case is docketed as A03-13972/05-B.  Mr. B. Turov has been
appointed temporary insolvency manager.  A hearing will take
place on March 29, 2006.

CONTACT:  DINAMO
          Russia, Altay region, Barnaul

          B. TUROV
          Temporary Insolvency Manager
          656015, Russia, Altay region, Barnaul,
          Lenina Pr. 69, Post User Box 3115


OJSC NIZHNEKAMSKNEFTEKHIM: US$200 Mln Bond Gets (P)B1/B2 Ratings
----------------------------------------------------------------
Moody's Investors Service has assigned provisional (P)B1
Corporate Family Rating to Nizhnekamskneftekhim group (NKNK) and
(P)B2 rating to its proposed US$200 million bond.  The rating
outlook is stable.

At the same time, Moody's Interfax Rating Agency, which is
majority owned by Moody's, has assigned A2.ru long-term national
scale credit rating (NSR) to the company.

According to Moody's and Moody's Interfax (Moody's), the
(P)B1/(P)B2 global scale ratings reflect the group's global
default and loss expectations, while the A2.ru NSR reflects the
standing of NKNK's credit quality relative to its domestic
peers.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's
preliminary opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive rating to the securities.  A definitive
rating may differ from a provisional rating.

Rating Rationale

The corporate family rating of NKNK reflects the application of
Moody's rating methodology for government-related issuers and
comprises these inputs:

(a) Baseline credit assessment of 6 (on a scale of 1 to 6, where
    1 represents lowest credit risk);

(b) Ba1 local currency rating of the Republic of Tatarstan;

(c) Medium default dependence between the Company and the
    Republic; and

(d) Medium level of support.

The assessment of the level of support incorporated these
considerations:

(a) Analysis of the structural relationship of the Company and
    the Republic (Republic owns 28.6% stake in NKNK);

(b) The company being core taxpayer and employer for one of the
    largest municipalities in the region;

(c) The importance of the company in light of the Republic's
    potential move away from prioritizing traditional oil and
    oil-related activities towards processing of oil products;
    and

(d) Lack of contractual obligations of the Republic to provide
    financial support to the Company.

The medium level of dependency factor in the GRI analysis
reflects a significant share of NKNK's sales outside of the
Republic, as well as the share of chemical and petrochemical
companies in the Republic's revenue and the role of NKNK's
dividend stream in servicing debt obligations raised or
guaranteed by the Republic.

The baseline credit assessment of NKNK is underpinned by:

(a) High risk embedded in the financing plan, with no additional
    capital being committed by the shareholders to support
    US$597 million CAPEX program for 2006-2008, and a resulting
    dependence on availability of long-term debt financing,
    expected two-year period of negative FCF generation
    projected by the Company during the implementation stage;

(b) Significant CAPEX required to continue modernization of the
    existing facilities and expansion of the product range to
    include higher value added products;

(c) Execution risk and a possible need to draw additional
    funding in an event of market downturn or delays with
    implementation;

(d) lack of established track record in achieving projected
    margins on several products, legacy of preferential pricing
    arrangements that prevailed until 2005 in settlements with
    some raw material suppliers and large local customers,
    controlled by joint shareholders;

(e) Expected increase in competition from Asian low cost
    producers;

(f) Exposure to fluctuations in raw material prices (natural
    gas, naphtha) and prices for main products; as well as

(g) country, legal, fiscal and exchange risks that remain
    material.

Moody's also takes into account:

(a) NKNK's size and leading position in the domestic market and
    its competitive position in the global rubber market;

(b) NKNK's beneficial location in close proximity to its main
    raw material suppliers (naphtha) and large customers in
    Tatarstan (Nizhnekamskshina tire plant), controlled by
    Tatneft as well as general availability of relatively low
    cost raw material and energy to date;

(c) NKNK's strategy of moving up the value chain by adding
    complex polymers to the existing range of monomers, as well
    as expanding the range of its high quality rubbers;

(d) Company's ability to adjust the product range to mitigate
    volatility in prices;

(e) Ownership and control over the essential industrial
    infrastructure in the area (the ethylene pipeline connecting
    NKNK with several other chemical producers in the region);
    as well as

(f) continuous demand for rubber and plastic products expected
    in the medium term, as well as growing domestic market.

Moody's considers NKNK as a key part of the regional
petrochemical group of companies.  The rating agency notes that
until the end of 2004, NKNK's prices for some raw materials and
final products, were determined in conjunction with the regional
companies owned or controlled by ultimate shareholders that
supply NKNK with some raw materials or purchase certain products
from NKNK.

Moody's also notes that the Company expects to receive c. US$119
million (equivalent) from one of its shareholders, as a result
of the recently agreed sale of oil refinery assets.  The rating
incorporates an expectation that the sale will be registered and
the payment schedule for the funds will be contractually agreed
with the shareholder in the nearest future.

The ratings reflect an overall lack of clarity with respect to
corporate governance in the company and the influence exercised
by the Government that has embarked on a large-scale expansion
programme in Tatarstan's petrochemicals industry.  The expansion
programme may require significant debt financing.

The provisional (P)B2 rating on the proposed US$200 million loan
participation notes reflects relative ranking of the noteholders
behind the secured lenders of NKNK.  At the time of the rating,
approximately 1/3 of its debt is secured with pledges of NKNK's
assets or inventory.  The one notch differential between the
corporate family rating and the rating on the bonds reflects the
expectation for the reduction of the level of secured debt to,
or below, 15%, as a result of the planned refinancing of the
bank loans with the proceeds from the notes.

The rating A2.ru on Moody's national scale reflects NKNK's
above-average creditworthiness relative to other Russian issuers
and incorporates the same credit considerations as the global
scale ratings.

Liquidity

As of 30 June 2005, NKNK had RUR1,507 million (US$53 million) of
cash.  As of 10/10/2005, the Company had access to US$292
million under its credit agreements of which US$63 million were
undrawn.

Rating Outlook

Moody's stable outlook reflects the expectation that the
Company's cash flow profile would, in a downturn, be supported,
to some extent, by direct and indirect interference of the
Government, as well as the efficiency gains derived from the
forthcoming capital investments.

The ratings or the outlook could rise if a positive change in
the ratings or outlooks of the Republic of Tatarstan occurs or
if Moody's believes that the level of support between the
Republic and NKNK increases.  A sustainable improvement in free
cash flow generation by NKNK, underpinned by successful
implementation of the expansion project, in line with Moody's
expectations, could also trigger a positive review of the
outlook or ratings.

The ratings or the outlook could be revised downwards if a
negative change in the ratings or outlooks of the Republic of
Tatarstan occurs or if Moody's believes that the level of
support provided by the Republic needs to be revised downwards.
Moody's warns that the deterioration in market conditions would
likely pressure NKNK's aggressive financial structure.  Should
EBITDA margin weaken below 12% or implementation of the
expansion program face time delays and/or cost overruns,
pressure could be exerted on Nizhnekamskneftekhim rating.

Company Summary

Nizhnekamskneftekhim group is one of the key producers of
monomers, rubbers, plastics and other petrochemicals in 9 core
production units located in one site in city of Nizhnekamsk in
Republic of Tatarstan (Russia).  Consolidated 2004 sales were
RUR 38,620 million (US$1,348m) and EBITDA RUR 5,868 billion
(US$205 million).  The Company derives approximately half of its
revenues from export activities, which may be subject to changes
in international terms of trade.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Elena Nadtotchi, Vice President - Senior Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

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


OSTROVSKIY DAIRY: Insolvency Manager Takes over Firm
----------------------------------------------------
The Arbitration Court of St-Petersburg and the Leningrad region
commenced bankruptcy proceedings against Ostrovskiy Dairy after
finding the open joint stock company insolvent.  The case is
docketed as A56-17253/2004.  Ms. O. Elistratova has been
appointed insolvency manager.

CONTACT:  OSTROVSKIY DAIRY
          181300, Russia, Pskov region,
          Ostrov, Vokzalnyj Per. 5

          Legal address: 196084, Russia, St-Petersburg,
          Krasutskogo Str. 4

          O. ELISTRATOVA
          Insolvency Manager
          190103, Russia, St-Petersburg,
          Obvodnogo Kanala Quay, 181


POGRANICHNOYE: Bankruptcy Supervision Begins
--------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision procedure on open joint stock company Pogranichnoye.
The case is docketed as A03-13070/05-B.  Mr. V. Pitsun has been
appointed temporary insolvency manager.  A hearing will take
place on March 20, 2006, 10:00 a.m.

CONTACT:  POGRANICHNOYE
          Russia, Altay region,
          Slavgorodkoy region, Selektsionnoye

          V. PITSUN
          Temporary Insolvency Manager
          638820, Russia, Altay region, Slavgorod,
          Main Post Office, Post User Box 23


RAO UES: Outlook Developing Pending Reorganization
--------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Russia-based state-controlled energy utility group RAO UES of
Russia to developing from stable.  At the same time, Standard &
Poor's affirmed its 'B+' long-term corporate credit rating and
'ruA+' Russia national scale rating on RAO UES.

"The outlook revision reflects the large uncertainty concerning
the forthcoming reorganization of RAO UES," said Standard &
Poor's credit analyst Eugene Korovin.  "Depending on the
ultimate reorganization scenario approved by the government,
both upside and downside-rating movements are possible."

The reorganization is part of the reform process of the Russian
power sector, and is likely to be resolved in the next one to
two years.

During restructuring, most of RAO UES' assets -- including
generation, transmission, distribution, and dispatching -- will
be separated to become independent players in the targeted
deregulated markets.  An ultimate decision on the reorganization
of RAO UES has not been taken yet and is scheduled for 2006. Two
alternatives are being considered:

(a) RAO UES subsidiaries and, possibly, some liabilities of the
    holding company could be spun off from the group; or

(b) The holding company could be liquidated and its stakes in
    subsidiaries allocated among shareholders.

If liquidated, the risk to RAO UES credit quality would be
limited to its ability to meet financial obligations before
reorganization is completed, while holding-company control over
the group's assets and cash flows during the restructuring
process would ensure stronger protection to creditors in the
medium term.

In the "spin-off" alternative, the parent company's creditors
are exposed to the group's credit quality following
restructuring, which depends on which assets and liabilities
remain with the parent company.  The group's assets differ
significantly in terms of credit risk and, in different
combinations, might result in different levels of aggregate
credit risk after reorganization depending on which assets the
group retains. Standard & Poor's believes the credit risk is
likely to be higher than the current ratings suggest.

"Approval of the liquidation scenario is likely to create
potential for an upgrade," said Mr. Korovin. "If the spin-offs
scenario is approved, the rating movement will depend on the
combination of assets and liabilities retained by RAO UES.  This
is likely to result in weaker credit quality than the current
rating suggests."

The financial risk of RAO UES might be also negatively affected
by new debt-funded acquisitions.  The group could offset this,
however, through the possible transfer of its liabilities to
subsidiaries or redemptions from the proceeds of asset sales.

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

CONTACT:  RAO UNIFIED ENERGY SYSTEM OF RUSSIA
          Building 3
          101 Prospekt Vernadskogo
          Moscow 119526
          Russia
          Phone: 7 095 220 4001
          Fax: 7 095 927 3007
          Web site: http://www.rao-ees.ru/


RUS': Krasnodar Court Brings in Insolvency Manager
--------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Rus' after finding the open joint stock
company insolvent.  The case is docketed as A-32-4632/2005-
2/33B.  Mr. V. Deryagin has been appointed insolvency manager.
Creditors have until December 22, 2005 to submit their proofs of
claim to 350080, Russia, Krasnodar, Post User Box 4110.

CONTACT:  RUS'
          352613, Russia, Krasnodar region, Belorechenskiy
          region, Ryazanskaya St., Pobedy Str. 103

          V. DERYAGIN
          Insolvency Manager
          350080, Russia, Krasnodar region,
          Post User Box 4110


SAZANOVSKOYE: Court Appoints Insolvency Manager
-----------------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
supervision procedure on open joint stock company SAZANOVSKOYE
(TIN 4619002868).  The case is docketed as A35-6639/05 "G".  Mr.
V. Konev has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 305004, Russia,
Kursk, Mirnaya Str. 11, Apartment 38.

CONTACT:  SAZANOVSKOYE
          226300, Russia, Kursk region,
          Pristenskiy region, Sazanovka

          V. KONEV
          Temporary Insolvency Manager
          305004, Russia, Kursk region,
          Mirnaya Str. 11, Apartment 38
          Phone/Fax: 8 (0712) 56-66-85


SEMIBRATOVO: Declared Insolvent
-------------------------------
The Arbitration Court of Yaroslavl region commenced bankruptcy
proceedings against Semibratovo after finding the close joint
stock company insolvent.  The case is docketed as A-82-3488/05-
56-B/18.  Mr. A. Ganin has been appointed insolvency manager.
Creditors have until December 22, 2005 to submit their proofs of
claim to 150051, Russia, Yaroslavl, Papanina Str., 15-89.

CONTACT:  SEMIBRATOVO
          152108, Russia, Yaroslavl region,
          Rostov region, Vakhrushevo

          A. GANIN
          Insolvency Manager
          150051, Russia, Yaroslavl region,
          Papanina Str. 15-89


SPETS-STROY: Perm Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Spets-Stroy after finding the limited
liability company insolvent.  The case is docketed as A50-
30481/2005-B.  Mr. A. Simakov has been appointed insolvency
manager.

CONTACT:  SPETS-STROY
          Russia, Perm region, Chernushka,
          Krasnoarmeyskaya Str. 92-11

          A. SIMAKOV
          Insolvency Manager
          617763, Russia, Perm region,
          Chaykovskiy, Vokzalnaya Str. 9-27


WINDOWS-SERVICE-TRUST: Succumbs to Bankruptcy
---------------------------------------------
The Arbitration Court of Kemerovo commenced bankruptcy
proceedings against Windows-Service-Trust after finding the
limited liability company insolvent.  The case is docketed as
A27-19340/2005-4.  Mr. V. Grishin has been appointed insolvency
manager.  A hearing will take place on March 30, 2006, 10:30
a.m.

CONTACT:  WINDOWS-SERVICE-TRUST
          Russia, Kemerovo region,
          Novokuznetsk, Vokzalnaya Str. 10a

          V. GRISHIN
          Insolvency Manager
          654009, Russia, Kemerovo region,
          Novokuznetsk, Vokzalnaya Str. 10-A


YUKOS OIL: Proposed Charter Change Dumped
-----------------------------------------
Yukos Oil's extraordinary shareholders' meeting on Dec. 9
rejected a proposal to reduce the firm's charter capital, a
company source told Interfax.  The source said minority
shareholders blocked the proposed amendment.  According to him,
the only thing the company can do now is to hold another vote.

In the same meeting, shareholders approved the transfer of
Yukos' registered office from Neftyugansk to Moscow.

                        About the Company

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It filed for chapter 11 protection in December 2004 (Bankr. S.D.
Tex. Case No. 04-47742).  A few days after, its main production
unit Yugansk was sold by the government to a little-known firm
OOO Baikalfinansgroup for US$9.35 billion, as payment for over
US$27.5 billion in unpaid taxes for 2000-2003.  Yukos'
bankruptcy case was dismissed in February.  Yugansk ultimately
went to Rosneft, who is now claiming EUR2.34 billion
representing Yukos debt to Yugansk.

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

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

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


ZENIT BANK: Outlook Positive on Improving Operating Environment
---------------------------------------------------------------
Moody's Investors Service has changed to positive from stable
the outlook on the B1 long-term foreign currency deposit rating
on the outstanding senior unsecured notes and E+ financial
strength rating (FSR) of Russia's Zenit Bank.  The Not-prime
short-term rating and its stable outlook remain unchanged.

Moody's said that the change of outlook takes into account an
improved operating environment in Russia as reflected in the
recent two-notch upgrade of the country's ceiling for foreign-
currency bank deposits to Baa2 from Ba1.  The positive outlook
also reflects strengthening of the bank's franchise through a
wider territorial presence and gradual penetration of the retail
market as well as declining levels of related-party lending.

Zenit Bank has developed a risk management function, which is
relatively advanced by Russian standards and should provide
reassurance that the lending expansion is managed properly,
noted Moody's.  At the same time, the bank's franchise continues
to benefit from strong business ties with its main ultimate
shareholders, and from a longstanding relationship with the
state authorities of Tatarstan (rated Ba1/stable) -- an
autonomous republic within the Russian Federation.  Although in
1H 2005 Tatneft, a large Russian oil company, reduced its
directly controlled stake in Zenit Bank to 26% from about 53%,
and may further divest from the bank's equity, in Moody's view
this is unlikely to result in lower volumes of oil-related
business for the bank.

Moody's added that the ratings remain constrained by:

(a) Persistent dependence on key shareholders for funding and,
    to a lesser degree, revenues; and

(b) High single-party concentrations on both sides of the
    balance sheet.

A modest financial performance over the last three years
stemming from declining margins and a relatively high level of
overheads also weighs negatively on the ratings.  In addition,
the bank's future ability to tap external sources of capital to
support asset growth has yet to be proved, concluded the rating
agency.

Zenit Bank is headquartered in Moscow, Russian Federation, and
reported total assets of US$1.7 billion and shareholders' equity
of US$251 million under IFRS as at year-end 2004.

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

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


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


ELECTROLUX AB: Transferring German Production to Italy, Poland
--------------------------------------------------------------
After a six-month long investigation, Electrolux AB on Dec. 12
decided to close its appliances factory in Nuremberg, Germany.
Production will gradually be moved to Italy and Poland.  Closure
of the factory is expected to be completed by the end of 2007.

"This was one of the most difficult decisions I ever experienced
during my time at Electrolux.  I am aware that this decision
will affect, in a very negative way, many individuals, their
families and relatives.  However we finally had to conclude that
there is no way to bridge the large cost gap that would make
production in Nuremberg competitive," says Johan Bygge, head of
Electrolux Major Appliances Europe and Asia Pacific.

The factory in Nuremberg has approximately 1,750 employees.  The
closure of the factory will incur a total cost of approximately
SEK2.3 billion, which will be taken as a charge against
operating income in the fourth quarter of 2005.

Electrolux also decided to initiate an investigation about a
potential closure of the compact appliances factory in Torsvik,
Sweden, which has 190 employees.  The restructuring cost for a
potential factory closure will be communicated when the
investigation is completed.

The Electrolux Group is the world's largest producer of powered
appliances for kitchen, cleaning and outdoor use, such as
refrigerators, washing machines, cookers, vacuum cleaners,
chainsaws, lawn mowers, and garden tractors.  Every year,
customers in more than 150 countries buy more than 55 million
Electrolux Group products for both consumer and professional use
sold under famous brands such as AEG, Electrolux, Zanussi,
Frigidaire, Eureka and Husqvarna.  In 2004, Electrolux had sales
of SEK121 billion and 72,000 employees.

CONTACT:  ELECTROLUX AB
          Goransgatan
          Stockholm SE- 105 45 Sweden
          Phone: +46 8 738 6494
          Fax: +46 8 738 7090
          E-mail: ir@electrolux.se
          Web site: http://www.electrolux.com


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


ORDU YARDIMLASMA: Gets BB-/B Ratings, Stable Outlook from S&P
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-/B' long-
and short-term corporate credit ratings to OYAK (Ordu
Yardimlasma Kurumu), one of the largest industrial and financial
conglomerates in the Republic of Turkey (local currency
BB/Stable/B; foreign currency BB-/Stable/B).  OYAK is the
Turkish armed forces personnel supplementary pension fund. The
outlook is stable.

The ratings reflect the group's heavy exposure to the Turkish
economy and associated country risks, as well as the expectation
that debt leverage and financial commitments could materially
increase following the group's successful US$2.8 billion bid for
a 49% stake in leading Turkish steel manufacturer Erdemir
(Eregli Demir ve Celik Fabrikalari T.A.S.; BB-/Watch Neg/--).
These weaknesses are mitigated by OYAK's large and diverse
portfolio of equity holdings -- which span power, cement
manufacturing, auto manufacturing and distribution, and
financial services, and offer substantial complementarities and
synergies -- and by OYAK's successful profitability track
record.  The ratings are also buoyed up by OYAK's supplementary
pension fund activity's solid liquidity.

"We expect OYAK's holding portfolio to continue to perform well,
pension fund activity to maintain its solid financial strength,
and the existing rating to provide substantial financial
flexibility to accommodate OYAK's investment strategy," said
Standard & Poor's credit analyst Xavier Buffon.

"Any future decrease in country-specific risks and/or change in
the ratings on the Republic of Turkey could have a positive
impact on our assessment of OYAK's business risk profile and,
therefore, the rating, provided that OYAK has demonstrated an
ability to keep moderate its usage of on- or off-balance-sheet
financial commitments," said Mr. Buffon.

That said, given the accelerating pace of investment spending,
any upgrade would first require that OYAK has demonstrated an
ability to keep its moderate usage of on- or off-balance-sheet
financial commitments, through the use of equity partnerships
and non-recourse and not-cross defaulted debt put at targets'
level.

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

CONTACT:  ORDU YARDIMLASMA KURUMU
          Genel Mudurlugu Ziya Gokalp
          cad. No: 64, Kurtulus, 06600, Ankara
          Phone: +90 312 415 60 00
          Fax: +90 312 432 27 05
          E-mail: oyak@oyak.com.tr


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


BOMONSHA: Declared Insolvent
----------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Bomonsha (code EDRPOU 19357397) on October
27, 2005 after finding the limited liability company insolvent.
The case is docketed as B 29/209/05.  Ms. Nataliya Chesnova
(License Number AB 216702) has been appointed
liquidator/insolvency manager.

Creditors have until December 18, 2005 to submit their proofs of
claim to:

(a) BOMONSHA
    49000, Ukraine, Dnipropetrovsk region,
    Stoletova Str. 21

(b) NATALIYA CHESNOVA
    Liquidator/Insolvency Manager
    49101, Ukraine, Dnipropetrovsk region,
    Kirov Avenue 28-a, Office 201
    Phone: (0562) 36-10-75

(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
    49600, Ukraine, Dnipropetrovsk region,
    Kujbishev Str. 1a


ENERGOINVEST: Bankruptcy Supervision Starts
-------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on LLC Energoinvest (code EDRPOU 32409347)
on October 10, 2005.  The case is docketed as 6/231-5/156.  Mr.
Yevgenij Dzhala (License Number AA 783051) has been appointed
temporary insolvency manager.

Creditors have until December 18, 2005 to submit their proofs of
claim to:

(a) ENERGOINVEST
    79016, Ukraine, Lviv region,
    Zamknena Str. 3/2

(b) YEVGENIJ DZHALA
    Temporary Insolvency Manager
    79010, Ukraine, Lviv region,
    Nizhinska Str. 16/41

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


ISKRA: Insolvency Manager Steps in
----------------------------------
The Economic Court of Volinska region commenced bankruptcy
proceedings against Iskra (code EDRPOU 03737020) on November 3,
2005 after finding the limited liability company insolvent.  The
case is docketed as 8/32-B.  Mr. V. Temchishin (License Number
AA 630072) has been appointed liquidator/insolvency manager.

Creditors have until December 18, 2005 to submit their proofs of
claim to:

(a) ISKRA
    Ukraine, Volinska region,
    Kovel district, Siltse

(b) ECONOMIC COURT OF VOLINSKA REGION
    43010, Ukraine, Volinska region,
    Lutsk, Voli Avenue 54-a


PRIVATBANK: Asks S&P to Withdraw Ratings
----------------------------------------
Standard & Poor's Ratings Services withdrew its 'B-/C' long- and
short-term counterparty credit and certificate of deposit
ratings on Ukraine-based CJSC Commercial Bank PrivatBank at the
bank's request.  The rating withdrawal does not indicate any
deterioration in PrivatBank's creditworthiness.  As a result of
the withdrawal, PrivatBank will no longer be subject to Standard
& Poor's review.  The 'B-' rating on Loan Participation Notes
due in 2006, issued by Credit Suisse First Boston International
on a limited recourse basis for the purpose of financing a loan
to PrivatBank, will no longer be maintained.

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

CONTACT:  PRIVATBANK
          Web site: http://www.privatbank.de/


RADIOSERVICE: Creditors Have Until Next Week to File Claims
-----------------------------------------------------------
The Economic Court of Rivne region commenced bankruptcy
proceedings against Radioservice (code EDRPOU 32413285) on
November 7, 2005 after finding the limited liability company
insolvent.  The case is docketed as 4/39.  Mr. I. Dragun
(License Number AA 719819) has been appointed
liquidator/insolvency manager.

Creditors have until December 18, 2005 to submit their proofs of
claim to:

(a) RADIOSERVICE
    33018, Ukraine, Rivne region,
    Vidinska Str. 25/82

(b) I. DRAGUN
    Liquidator/Insolvency Manager
    33028, Ukraine, Rivne region,
    Soborna Str. 34/14

(b) ECONOMIC COURT OF RIVNE REGION
    33001, Ukraine, Rivne region,
    Yavornitski Str. 59


TESLYAR: Succumbs to Insolvency
-------------------------------
The Economic Court of Volinska region commenced bankruptcy
proceedings against Teslyar (code EDRPOU 13367145) on November
3, 2005 after finding the limited liability company insolvent.
The case is docketed as 8/39-B.  Mr. V. Temchishin (License
Number AA 630072) has been appointed liquidator/insolvency
manager.

Creditors have until December 18, 2005 to submit their proofs of
claim to:

(a) TESLYAR
    Ukraine, Volinska region,
    Kivertsi, Shopen Str. 29

(b) ECONOMIC COURT OF VOLINSKA REGION
    43010, Ukraine, Volinska region,
    Lutsk, Voli Avenue 54-a


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


ACRE 989: Liquidator from Fisher Partners Moves in
--------------------------------------------------
C. M. Rawat, director of Acre 989 Limited (formerly Kersten
Promotions Limited), informs that the special resolution to wind
up the company was passed on Nov. 28.  Stephen Katz was
appointed liquidator.

Creditors are required on or before January 16, 2006, to send in
their full forenames and surnames, addresses and descriptions,
full particulars of debt or claims and the names and addresses
of Solicitors (if any), to Stephen M. Katz of Acre House, 11-15
William Road, London NW1 3ER and if so required by notice in
writing their debt or claims.

CONTACT:  FISHER PARTNERS
          Acre House
          11/15 William Road
          London NW1 3ER
          Phone: 020 7388 7000
          Fax: 020 7380 4900
          E-mail: skatz@hwfisher.co.uk


ALTONS GROUP: Calls in Liquidator from Turpin Barker
----------------------------------------------------
J. Hedge, chairman of The Altons Group Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 15 at Allen House, 1 Westmead Road, Sutton, Surrey SM1 4LA.
Martin Charles Armstrong of Turpin Barker Armstrong, Allen
House, 1 Westmead Road, Sutton, Surrey SM1 4LA was appointed
liquidator.

CONTACT:  THE ALTONS GROUP LIMITED
          2nd Floor Europe House
          Bancroft Road
          Reigate
          Surrey RH2 7RP
          Phone: 01737 224707
          Contact:
          Paul Hedge

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


AUSTRALIAN BAR: Appoints Joint Liquidators
------------------------------------------
V. Silcock, director of The Australian Bar Diner Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Nov. 17 at St Matthew's House, Brick Row, Darley
Abbey, Derby DE22 1DQ.  John C. Sallabank and Paul R Boyle of
Harrisons, 35 Waters Edge Business Park, Modwen Road, Manchester
M5 3EZ were appointed Joint Liquidators.

CONTACT:  THE AUSTRALIAN BAR DINER LTD.
          Phone: 01629814909

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


BCM STEEL: Construction Firm Collapses into Administration
----------------------------------------------------------
Neil Charles Money and Neil Richard Gibson (IP Nos 8900, 9213)
of CBA were appointed administrators of BCM Steel Construction
Ltd. (Company No 03877580) on Nov. 25.

CONTACT:  CBA
          39 Castle Street
          Leicester LE1 5WN
          Phone: (0116) 262 6804
          Fax: (0116) 217 1404
          E-mail: leics@cba-insolvency.co.uk
          Web site: http://www.cba-insolvency.co.uk


BRITISH AMERICAN: Ups Stake in Skandinavisk Tobakskompagni
----------------------------------------------------------
British American Tobacco plc has completed the transaction to
increase its shareholding in Skandinavisk Tobakskompagni (STK).
As a result, the Group's shareholding in STK will rise from
26.6% to 32.3%, at a purchase price of EUR140 million (GBP95
million) payable in cash.

On 21 October 2005, British American Tobacco announced its
intention to exercise its pre-emption rights over part of
Andresen Holdings' shareholding in Skandinavisk Tobakskompagni
(STK).

STK has been an associate company of British American Tobacco
since 1972.  STK, a privately controlled company, is among
Denmark's largest international businesses and mainly engaged in
the production and sales of tobacco products.

                        About the Company

British American Tobacco is the world's second largest quoted
tobacco group with more than 300 brands in its portfolio.  It
holds robust market positions in each of its regions and
maintains leadership in more than 50 of the 180 markets where it
operates.

The Group has 81 cigarette factories in 64 countries, producing
some 853 billion cigarettes in 2004.  The Group also has 9 Other
Tobacco Products (OTPs) factories in 7 countries, which
manufacture cigars, roll-your-own and pipe tobacco.  Its
companies, including associated companies, employ more than
90,000 people worldwide.  In 2004, it had turnover of GBP34,255
million and net revenue of GBP12,410 million.

In July, the company revealed plans of closing its Southampton
factory within 18-24 months, which will result in the loss of
some 530 jobs.  This is part of its GBP160 million restructuring
effort.

The Southampton operation, which manufactures primarily for
export, announced in June that 25% of its production would be
localized to factories in Singapore and Korea.

In Ireland, its unit, PJ Carroll & Co Ltd., has also decided to
stop manufacturing at its cigarette factory in Dundalk, Co.
Louth, employing 66 people.

The company said: "We appreciate that this is a difficult step
but the companies are committed to doing all they can to
mitigate the impact of job losses."

CONTACT:  BRITISH AMERICAN TOBACCO PLC
          Globe House, 4 Temple Place
          London
          WC2R 2PG, United Kingdom
          Phone: +44-20-7845-1000
          Fax: +44-20-7240-0555
          Web site: http://www.bat.com

          SKANDINAVISK TOBAKSKOMPAGNI A.S.
          Tobaksvejen 4
          DK-2860 Soborg
          Denmark
          Phone: 39 55 62 00
          Fax: 39 55 63 01
          E-mail: info@st.dk
          Web site: http://www.st.dk


BRIXTON (ADDLESTONE): Appoints Liquidator
-----------------------------------------
Company Names: BRIXTON (ADDLESTONE) 1 LTD.
               BRIXTON (HAWTHORNE ROAD) 1 LTD.
               BRIXTON (STAINES, LOVETT HOUSE) 1 LTD.
               BRIXTON (STAINES, LOVETT ROAD) 1 LTD.
               BRIXTON (STAINES QUADRA) 1 LTD.
               BRIXTON (STAINES STAFEA) 1 LTD.
               BRIXTON (STAINES UNIT B) 1 LTD.
               BRIXTON (STAINES UNIT C) 1 LTD.

J. C. Hendriks, chairman of these companies, informs that the
special resolution to wind up the firms was passed at an EGM
held on Nov. 18 at Wessex House, 45 Reid Street, Hamilton HM12,
Bermuda.  Ian David Holland of Ian Holland + Co, The Clock
House, 87 Paines Lane, Pinner, Middlesex HA5 3BZ was appointed
liquidator.

Creditors are required on or before January 4, 2006, to send in
their full forenames and surnames, addresses and descriptions,
full particulars of debt or claims, and the names and addresses
of Solicitors (if any), to I. D. Holland and if so required by
notice in writing their debt or claims.

CONTACT:  IAN HOLLAND & CO.
          The Clock House
          87 Paines Lane
          Pinner
          Middlesex HA5 3BZ
          Phone: 020 8866 6556
          Fax: 020 8866 7557
          E-mail: idh@ianholland.co.uk


BSA ADVANCED: Creditors Meeting Set Next Week
---------------------------------------------
Company Names: BSA ADVANCED SINTERING LIMITED
               PETERS DOOR SYSTEMS LIMITED

Creditors of these companies will meet on December 19, 2005 at
10:15 a.m. and 10:45 a.m. respectively at Great Eastern Hotel,
Liverpool Street, London EC2M 7QN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Alan Michael Hudson and Garry Wilson, Joint
Administrators of Ernst & Young LLP, 1 More London Place, London
SE1 2AF not later than 12:00 noon, December 16, 2005.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


CANNONS (GY): Files for Liquidation
-----------------------------------
M. J. Cannon, director of Cannons (GY) Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 11 at The Innovation Centre, Innovation Way, Europarc,
Grimsby, North East Lincolnshire DN37 9TT.  Neil Henry and
Michael Simister of Lines Henry, 27 The Downs, Altrincham WA14
2QD were appointed Joint Liquidators.

CONTACT:  CANNONS (GY) LTD.
          Bottom Flat, 219 Cleethorpe Road
          Grimsby, South Humberside DN31 3BE
          Phone: 01472358552

          LINES HENRY
          27 The Downs
          Altrincham
          Cheshire WA14 2QD
          Phone: 0161 929 1905
          Fax: 0161 929 1977
          E-mail: nola@lineshenry.co.uk


CR ESTATES: Calls in Liquidator from Ian Holland & Co.
------------------------------------------------------
CR Estates (No.3) Limited informs that the special resolution to
wind up the company was passed at an EGM held on Nov. 16 at the
6th Floor, Lansdowne House, Berkeley Square, London W1J 6ER.
Ian David Hollandof Ian Holland + Co, The Clock House, 87 Paines
Lane, Pinner, Middlesex HA5 3BZ was appointed liquidator.

Creditors are required on or before January 4, 2006, to send in
their full forenames and surnames, addresses and descriptions,
full particulars of debt or claims, and the names and addresses
of Solicitors (if any), to I. D. Holland and if so required by
notice in writing their debt or claims.

CONTACT:  IAN HOLLAND & CO.
          The Clock House
          87 Paines Lane
          Pinner
          Middlesex HA5 3BZ
          Phone: 020 8866 6556
          Fax: 020 8866 7557
          E-mail: idh@ianholland.co.uk


DOUBLEVISION INNS: Names Middleton Partners Liquidator
------------------------------------------------------
S. R. Hill, chairman of Doublevision Inns Limited, informs that
the subjoined special resolution to wind up the company was
passed at an EGM held on Nov. 29 at Wilsons, Steynings House,
Summerlock Approach, Salisbury, Wiltshire SP2 7RJ.  Julie Anne
Palmer of Middleton Partners was appointed liquidator.

CONTACT:  MIDDLETON PARTNERS
          65 St Edmunds Church Street,
          Salisbury, Wiltshire SP1 1EF
          Phone: 01722 435 192
          Fax: 01722 421102
          E-mail: julie@middletonpartnerssalisbury.co.uk
          Web site: http://www.middletonpartners.co.uk


DTS BAKERIES: Begbies Traynor Administrators Enter firm
-------------------------------------------------------
Vivian Murray Bairstow and Paul Michael Davis (IP Nos 5316,
7805) of Begbies Traynor were appointed administrators of DTS
Bakeries Limited (Company No 04732484) on Nov. 25.

CONTACT:  DTS BAKERIES LTD.
          25 Plumbridge St.
          London SE10 8PA
          Phone: 020 8692 3120

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


EURODIS ELECTRON: Rapped by FSA for Violating Listing Rules
-----------------------------------------------------------
The Financial Services Authority on Dec. 9 censured Eurodis
Electron plc for breaching the Listing Rules in November and
December 2003.

The FSA found that Eurodis breached the Listing Rules by failing
to notify the market of a change in the company's financial
condition until Dec. 2003, despite being aware of a material
deterioration in its working capital position since Nov. 12,
2003.

On Aug. 18, 2003 Eurodis issued a 'clean' working capital
statement confirming that the company had sufficient working
capital for at least the next 12 months.  An interim trading
statement issued by Eurodis on Oct. 24 did not mention the
company's deteriorating working capital position, merely saying
that working capital remained a priority.

Eurodis engaged corporate recovery specialists on Oct. 29, 2003
to review the company's financial situation, who reported on
Nov. 12, 2003 that Eurodis' financial position had deteriorated
markedly.  The Eurodis board did not view this as a material
change in the company's financial condition.

Eurodis continued to work with the specialists to assess the
company's financial condition and to determine whether it needed
to undertake a new equity placing in the near future.

Eurodis received a further report from the specialists on Nov.
28, 2003, after which its advisors, Dresdner Kleinwort
Wasserstein (DrKW), urged Eurodis to consider whether there had
been a material change in the financial position as announced on
Oct. 24, which would require updating the market.  Eurodis, on
Dec. 2, 2003, informed its advisors that it considered that no
such change had occurred and that no announcement was necessary.

Eurodis' advisors consulted the UKLA about the situation over
the course of Dec. 4 and 5, 2003.  The UKLA advised, on Dec. 5,
2003, that the company needed to make an announcement clarifying
its financial position at the start of business on Monday Dec.
8, 2003 or face having its shares suspended.

Eurodis released a trading update on Dec. 8, 2003 announcing its
intention to raise further finance, following which its share
price fell by 36%.

The company has cooperated fully with the FSA's investigation.
The FSA would have levied a substantial financial penalty but
for Eurodis' lack of financial resources.

                            *   *   *

Eurodis Electron sells about 120,000 types of components to more
than 18,000 electronics manufacturers and commercial customers
across the continent.  Offering logistics, supply chain,
warehousing, and e-business services, the company currently has
780 employees in 40 offices across 18 countries.

In 2002, Eurodis Electron plc was badly hit by the collapse in
demand for electronic components in Europe, which started a year
earlier.  On 15 July 2005, Neville Barry Kahn and Nicholas Guy
Edwards (of Deloitte & Touche LLP) were appointed as joint
administrators of Eurodis Electron PLC.  The subsidiaries
included in the filing are Eurodis Electronics plc, Eurodis
Information Systems Limited, Eurodis Electronics U.K. Limited,
Eurodis Electron Holding B.V., Eurodis Distribution Services
B.V., Eurodis Texim Electronics B.V., and Eurodis Texim
Electronics.

A company profile is available free of charge at
http://bankrupt.com/misc/EurodisElectron.htm

CONTACT:  EURODIS ELECTRON PLC
          43 London Road Reigate,
          Surrey RH2 9PW
          Phone: +44 (0) 1737 242464
          Fax: +44 (0) 1737 229600

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


INDEPENDENT INSURANCE: Result of Fraud Inquiry Out Within Days
--------------------------------------------------------------
The Serious Fraud Office is expected to reveal shortly the
result of its investigation into the collapse of Independent
Insurance Co. Ltd. four years ago, according to the Telegraph.

The SFO might bring charges against one or more company officers
should it find sufficient evidence of wrongdoing on their part.
The SFO started its investigation on the insurer in June 2001
after a referral from the City's watchdog.

Independent Insurance was founded in 1986 by Michael Bright.  It
joined the stock market in 1993, growing to be worth GBP1
billion by 2000 with 2,000 employees in Greater Manchester, Kent
and London.  A year later, its shares were suspended at 81.5p
after it failed to secure a GBP200 million deal to shore up its
finances.  PricewaterhouseCoopers was afterwards appointed
provisional liquidator.

The financing deal fell through after actuary Watson Wyatt
admitted it could not put a figure on the company's employer's
liability insurance claims.  Independent Insurance had, at the
time of its provisional liquidation, 500,000 private customers
and 40,000 corporate policyholders, including the London Fire
Brigade, the Oval cricket ground, home of Surrey Cricket Club,
and PizzaExpress.  Last year, the Financial Services
Compensation Scheme had to impose a GBP130 million levy to cover
claims against Independent's policies.

Mr. Bright filed for personal bankruptcy shortly after the
collapse of his company in June 2001.  He reportedly owes around
GBP5 million to four creditors, including the private banking
arm of HSBC.

CONTACT:  INDEPENDENT INSURANCE CO. LTD.
          Web site: http://www.independent-insurance.com

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


INEOS GROUP: Anti-trust Regulator Clears Innovene Acquisition
-------------------------------------------------------------
The European Commission has cleared under the E.U. Merger
Regulation the proposed acquisition of Innovene, a U.S.
petrochemical company by INEOS, a U.K.-based group involved in
intermediate and speciality chemicals.  The Commission concluded
that the transaction would not significantly impede effective
competition in the EEA or any substantial part of it.

INEOS is a limited company with various wholly owned
subsidiaries which are active worldwide in the production,
distribution, sales and marketing of intermediate and speciality
chemicals.  It currently operates 46 manufacturing facilities in
14 countries worldwide, including Belgium, France, Germany,
Italy, the U.K. and the U.S.

Innovene Inc. is currently a wholly owned subsidiary of the
British Petroleum Group and manufactures a range of
petrochemicals, including olefins, such as ethylene and
propylene, a range of polymers, and various other refined
petrochemicals.  Innovene currently operates five major
complexes in the U.S., France, Germany and the U.K. as well as
two large refineries in the U.K. and France.

The main affected markets in this operation were ethylene oxide
and its derivatives (i.e. ethanolamines and glycol ethers).  The
Commission's examination showed that the proposed operation does
not raise horizontal or vertical competition concerns in the
relevant markets.

This transaction is part of a sale divided into two separate
operations.  The business comprising the manufacture and sale of
two intermediate chemicals (i.e. ethylene oxide and ethylene
glycols) at the Innovene plant located in Koeln/Dormagen,
Germany, (the Dormagen business) will be excluded from the first
part of the operation.  The parties have entered into option
agreements for the sale of the Dormagen business.  The
agreements will be valid for a period of two years.  Should the
options be exercised the Commission would examine anew the
entire transaction.  Under the Merger Regulation, if within a
two-year period, two or more acquisitions take place between the
same companies, these transactions are regarded as a single
concentration.

                            *   *   *

As reported by TCR-Europe in October, Standard & Poor's Ratings
Services lowered its 'BB' long-term corporate credit rating on
Ineos Group Holdings PLC to 'BB-' from 'BB' and placed the
ratings on Ineos and related entities on CreditWatch with
negative implications, owing to the planned acquisition of BP
PLC's (AA+/Stable/A-1+) petrochemicals division, Innovene, for a
total consideration of about US$9 billion.

"The CreditWatch placement follows the announcement of Ineos'
planned acquisition of Innovene, funded mainly with debt," said
Standard & Poor's credit analyst Khaled Zitouni.  Standard &
Poor's expects that this will significantly increase Ineos
group's current debt leverage.  "Following completion, the
combined businesses are expected to have a turnover of more than
US$30 billion, making the expanded Ineos one of world's largest
petrochemical companies," he added.

Standard & Poor's expects the company to have a satisfactory
business risk profile, but to be highly leveraged.  In addition,
the risk associated with combining several companies into one
group is expected to be high.

Standard & Poor's will monitor the developments and seek to
resolve the CreditWatch placement within the next few months,
after meeting with management.  A several notch downgrade is
possible.

CONTACT:  INEOS GROUP
          Richard Longden
          Phone: 0238 0287081
          Web site: http://www.ineos.com


INTERNATIONAL POWER: Ups Stake in Pego Power to 50%
---------------------------------------------------
International Power plc has increased its holding in the 600MW
Pego Power plant and associated companies to 50%, for a
consideration of GBP5 million.  This additional interest has
been acquired from EdF following the sale of its interest in the
project.

IPR is pleased to increase its interest in Pego as a further
step in consolidating its position in this key market.

                        About the Company

International Power plc is a leading independent electricity
generating company with 16,372 MW (net) in operation and 1,706
MW (net) under construction.  It has power plants in operation
or under construction in Australia, the United States of
America, the United Kingdom, the Czech Republic, Italy,
Portugal, Spain, Turkey, Oman, Qatar, Saudi Arabia, the UAE,
Indonesia, Malaysia, Pakistan, Puerto Rico and Thailand.

In August, Standard & Poor's Ratings Services revised its
outlook on International Power to stable from negative
reflecting the company's strong performance and successful
implementation of several large acquisitions.  At the same time,
Standard & Poor's affirmed all its ratings on IPower, including
its 'BB-' long-term issuer credit rating on the company.

CONTACT:  INTERNATIONAL POWER PLC
          Senator House
          85 Queen Victoria Street
          London EC4V 4DP
          Phone: +44 (0)20 7320 8600
          Fax: +44 (0)20 7320 8700
          Web site: http://www.ipplc.com

          Media Contact
          Sara Richardson
          Phone: +44 (0)20 7320 8619

          Investor Contact
          Aarti Singhal
          Phone: +44 (0)20 7320 8681


LANDCRAFT DESIGN: Meeting of Creditors Friday
---------------------------------------------
Creditors of Landcraft Design Limited (Company No 04711563) will
meet on December 16, 2005, 10:30 a.m. at Stanton House, 41
Blackfriars Road, Salford, Manchester M3 7DB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to David Norman Kaye, of Crawfords, Stanton House,
41 Blackfriars Road, Salford, Manchester M3 7DB not later than
12:00 noon, December 15, 2005.

CONTACT:  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


LIFTON INDUSTRIES: Claims Filing Period Ends Dec. 28
----------------------------------------------------
Company Names: LIFTON INDUSTRIES PLC
               LIFTON (UK) LIMITED

M. A. Perera, member of these companies, informs that the
special and ordinary resolutions to wind up the companies were
passed at a general meeting and Peter John Robertson Souster and
Ross David Connock of Baker Tilly, 1st Floor, 5 Old Bailey,
London EC4M 7AF were appointed joint liquidators.

Creditors are required on or before December 28, 2005, to send
in their names and addresses with particulars of debt or claims
to Peter John Robertson Souster and if so required by notice in
writing their debt or claims.

CONTACT:  BAKER TILLY
          1st Floor,
          5 Old Bailey,
          London EC4M 7AF


LIONVERGE HOLDINGS: Administrators from KPMG Take over Firm
-----------------------------------------------------------
Paul Andrew Flint, Brian Green and Richard James Philpott (IP
Nos 9075, 8709 and 9226) of KPMG LLP were appointed
administrators of Lionverge Holdings Limited (Company No
04259691) on Nov. 25.  Its registered office is at Cornwell
Business Park, 27-29 Salthouse Road, Brackmills, Northampton,
Northamptonshire NN4 7EX.  The company offers infrastructure,
maintenance and renewal services to the railway industry.

CONTACT:  LIONVERGE HOLDINGS LTD.
          Cornwell Business Park
          27-29 Salthouse Road
          Northampton NN4 7EX
          Phone: (01604) 677215
          Fax: (01604) 675998

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


MANOR TRUST: Names Parkin S. Booth Liquidator
---------------------------------------------
L. Mongey, director of Manor Trust Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 16 at Parkin S Booth & Co, 44 Old Hall Street, Liverpool L3
9EB.  Ian C. Brown of Parkin S. Booth & Co., 44 Old Hall Street,
Liverpool L3 9EB was appointed liquidator.

CONTACT:  MANOR TRUST LIMITED
          79 Gorsey Lane, Wallasey
          Merseyside CH44 4HF
          Phone: 01516397900

          PARKIN S. BOOTH & CO.
          44 Old Hall Street,
          Liverpool L3 9EB
          Phone: 0151 236 4331
          Fax:   0151 255 0108
          E-mail: lp@parkinsbooth.co.uk
          Web site: http://www.parkinsbooth.co.uk


MOWLEM PLC: Balfour Beatty Might Top Carillion's Bid
----------------------------------------------------
Balfour Beatty confirmed it is considering making an offer for
Mowlem plc, though there is no certainty that an offer will be
forthcoming.

Carillion plc has already agreed to buy the construction company
for GBP291 million (US$511 million).  On Monday, Carillion said
it plans to pursue the acquisition, and might increase its bid.

Mowlem became a takeover target after Chief Executive Simon
Vivian discovered accounting errors that caused its GBP73.1
million first-half loss.

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

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

                            *   *   *

Fitch Ratings affirmed Mowlem's senior unsecured 'BB' with
Negative Outlook and Short-term 'B' ratings following the
announcement by the firm that it has accepted and recommended an
offer from Carillion plc for the entire issued share capital of
the company.

The offer values Mowlem's equity at approximately GBP291 million
plus assumed net debt of GBP76 million.  This transaction will
be financed 40% by cash (GBP116 million) and 60% (GBP175
million) by new Carillion shares.  On completion of the
transaction, Mowlem would become a wholly owned subsidiary of
Carillion, with Mowlem's shareholders owning around 20% of the
enlarged group.

Based on 2004 figures, the combined business would have pro-
forma annual turnover of about GBP4.1 billion and an EBIT margin
of about 1%.  While Fitch recognizes that the takeover may have
a positive impact on Mowlem's credit profile through increased
scale, it is unlikely to translate into an improved financial
performance in the near future.  The agency also notes that
there is limited scope for cost savings, with Carillion
expecting to generate only GBP15 million of synergies per year
by 2007.

Based on average net debt of approximately GBP200 million
expected for 2006, and pro-forma 2004 EBITDA of around GBP75
million, this indicates leverage of about 2.7x, which would be
high for the current rating in this sector, where financing
needs are generally low, albeit on a rising trend.  While Fitch
notes favorably Carillion's statements that it will seek to
substantially reduce net debt, in part by way of a disposal
program in the enlarged group over the next two years, this
process is subject to delay and its success dependent on market
conditions.

Furthermore, given Mowlem's recent checkered financial history,
forecast results remain exposed to underperformance and to
contract specific losses.  In this context Fitch notes
Carillion's plan to take a GBP120 million charge on Mowlem's
balance sheet in relation to the carrying values of goodwill and
deferred tax of GBP75 million and write-downs on existing
contracts of GBP45 million.  These come after already
significant charges taken by Mowlem's existing management.

Carillion is a medium-sized U.K. construction and support
services group with 2004 revenues of GBP2.0 billion.  The Mowlem
purchase is a major transaction for the company as it is of
roughly equal size.  This gives rise to substantial integration
risks, although these are expected to be reduced given the
amicable nature of the transaction and the possibility of
Mowlem's Chief Executive joining the Carillion board.

Fitch will monitor developments, and upon financial close of the
offer will review the credit profile of the enlarged group and
its outlook and likely affirm the ratings.  The offer is subject
to usual conditions including shareholder approval and
regulatory clearance.

Mowlem's ratings continue to be supported by its established
market position as a medium-sized construction and support
services group in the U.K.

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

          FITCH RATINGS
          Alex Herbert, London
          Phone: +44 (0) 20 7417 6334
          Monica Insoll
          Phone: +44 (0) 20 7417 4281

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


NORTH NOTTINGHAM: In Liquidation
--------------------------------
North Nottingham Scaffolding Limited informs that resolutions to
wind up the company were passed at an EGM held on Nov. 14 at
Wilmot House, St James Court, Friar Gate, Derby DE1 1BT.  Simon
Gwinnutt of Smith Cooper, Wilmot House, St. James Court, Friar
Gate, Derby DE1 1BT was appointed liquidator.

CONTACT:  NORTH NOTTINGHAM SCAFFOLDING LIMITED
          Compound 14 Hallamway, Old Mill Lane Indstl Est,
          Mansfield, Nottinghamshire NG19 9AL
          Phone: 01623-623865

          SMITH COOPER
          Wilmot House
          St James Court
          Friar Gate, Derby
          Derbyshire DE1 1BT
          Phone: 01332 332021
          Fax: 01332 290439
          E-mail: smg@smithcooper.co.uk


N S HOLDINGS: Calls in Liquidator from Armstrong Watson
-------------------------------------------------------
D. R. Hill, director of N S Holdings Limited, informs that the
special resolution to wind up the company was passed at an EGM
held on Nov. 15 at Orchard House, Strawberry Howe, Cockermouth
CA13 9XQ.  Arthur C. Custance of Armstrong Watson, Fairview
House, Victoria Place, Carlisle, Cumbria CA1 1HP was appointed
liquidator.

CONTACT:  ARMSTRONG WATSON
          15 Victoria Place
          Carlisle, Cumbria CA1 1EW
          Phone: 01228 527551
          Fax: 01228 401760


OCEAN HORIZONS: Furniture Retailer Hires Administrator
------------------------------------------------------
Simon Elliott Glyn and Nicholas Hugh O'Reilly (IP Nos 009159,
008309) of Vantis Numerica were appointed joint liquidators of
furniture retailer Ocean Horizons Limited (Company No 05429277)
on Nov. 30.

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


OFF SHOOT: Ladies Wear Retailer Up for Sale
-------------------------------------------
Charles MacMillan and Toby Underwood, joint administrators of
Off Shoot Clothing Ltd., offer for sale the business and assets
of this designer and retailer of ladies wear.

(a) Turnover circa GBP5 million;

(b) Retailing from 31 concessions and 6 shops throughout the
    U.K.;

(c) Freehold head office and leasehold warehouse in Ilkley,
    Yorkshire;

(d) Exclusively designed ladies wear collection; and

(e) Available as a going concern.

CONTACT:  OFF SHOOT CLOTHING LTD.
          Off Shoot House
          68 The Grove
          Ilkley West Yorkshire
          LS29 9PA
          Tel: (01943) 817650

          BDO STOY HAYWARD LLP
          Contact: Sapna Amar
          Phone: 01943 817650
          E-mail: sapna.amar@bdo.co.uk


PANDY GARAGE: Claims Deadline January 10
----------------------------------------
E. Jones, director of Pandy Garage Limited, informs that the
special resolution to wind up the company was passed at an EGM
held on Nov. 29 at Parkin S. Booth & Co., Abbeydale, 24 Trinity
Square, Llandudno LL30 2RH.  Robert M. Rutherford of Parkin S
Booth & Co was appointed liquidator.

Creditors are required on or before January 10, 2006, to send
their names and addresses with particulars of debt or claims to
Robert M. Rutherford and if so required by notice in writing
their debt or claims.

CONTACT:  PARKIN S. BOOTH & CO.
          Abbeydale
          24 Trinity Square
          Llandudno
          Gwynedd LL30 2RH
          Phone: 01492 871474
          Fax: 01492 871475
          E-mail: rmr@parkinsbooth.co.uk


PERIOD PROPS: Calls in Liquidator from KBSP Partnership
-------------------------------------------------------
R. M. Jackson, chairman of Period Props & Lighting Limited,
informs that the special resolution to wind up the company was
passed at an EGM held on Nov. 28 at "Tanglin" Little Ven, off
London Road, Milborne Port, Somerset DT9 5DP.  Michael L. Marks
of The KBSP Partnership, Harben House, Harben Parade, Finchley
Road, London NW3 6LH was nominated liquidator.

Creditors are required on or before February 28, 2006, to send
in their names and addresses, with particulars of debt or
claims, and the names and addresses of Solicitors (if any), to
Michael L. Marks and if so required by notice in writing their
debt or claims.

CONTACT:  KBSP Partnership
          Harben House
          Harben Parade
          Finchley Road
          London NW3 6LH
          Phone: 020 7586 3841
          E-mail: michael@kbsp.co.uk


REFCO INC.: Court Freezes CEO's US$111 Mln IPO Windfall
-------------------------------------------------------
On Dec. 2, 2005 (Case No. 1:05-cv- 08663-DC), Judge Denny Chin
of the United States District Court for the Southern District of
New York (Pink Sheets: RFXCQ - News) signed an Agreed Order in
which former Refco CEO Phillip Bennett had all of the US$111
million or more proceeds derived from illegally gained profits
from Refco's IPO, frozen.

The order also enjoined and restrained Mr. Bennett's officers,
agents, servants, employees, attorneys, and those in active
concert or participation with him from dissipating any of these
proceeds.  Mr. Bennett also waived any objection as to the
duration of this order.  The litigation and negotiation of this
freezing of assets was handled by David R. Scott of Scott +
Scott, LLC (http://www.scott-scott.com).

This negligence and fraud on the IPO occurred, in part, because
investors in Refco lost confidence in the financial statements
of the Company because of their negligent and fraudulent actions
that did not comport with the Registration Statement and
prospectus.  The condition of Refco depended upon the integrity
of all named defendants and as a financial institution it was
its stock and trade.  Refco was bought and sold by shareholders
worldwide because of its claimed financial condition.

The behavior of all defendants caused, in part, this
catastrophic collapse of the stock and Refco itself.  Refco's
Registration Statement and prospectus set forth its apparent
success and profitability and its purportedly excellent future
prospects.  On August 11, 2005, Refco's Registration Statement
became effective.  Almost 30 million shares of this stock were
sold to the public for US$22 per share.  Of those shares sold
(including an over allotment), 16,425,000 were sold to the
public and defendant Bennett and Lee Partners sold 5,375,000 and
7,720,000 shares respectively.  Lee Partners pocketed US$210
million in cash and Bennett got US$111 million (they also
retained a 38% and 33.8% controlling interest in the company
respectively).  Additionally, sale of ALL 3,975,000 over
allotment shares brought in extra net proceeds of approximately
US$90 million to Bennett and Lee Partners a special dividend.

CONTACT:  SCOTT + SCOTT PLC
          Phone: 800/332-2259, ext. 22
                619/251-0887 (cell)
          E-mail: InstitutionalInvestors@scott-scott.com

          David R. Scott
          E-mail: drscott@scott-scott.com
          Phone: 800/404-7770

          Neil Rothstein
          E-mail: nrothstein@scott-scott.com
          Phone: 619/251-0887

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


SAFEPLACE CONSTRUCTION: Files for Liquidation
---------------------------------------------
D. Burton, chairman of Safeplace Construction Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 10 at 25 Harley Street, London W1G 9BR.  Bernard
Hoffman and Ian Yerrill of Gerald Edelman Business Recovery, 25
Harley Street, London W1G 9BR were appointed Joint Liquidators.

CONTACT:  SAFEPLACE CONSTRUCTION LIMITED
          Mimbridge Garden Centre
          Station Road
          Chobham
          Surrey
          GU24 8AS
          Phone: 01276 855538
          Fax: 01276 855441

          GERALD EDELMAN BUSINESS RECOVERY
          25 Harley Street
          London W1N 2BR
          Phone: 020 7299 1400
          Fax: 020 7637 1440
          E-mails: bhoffman@GeraldEdelman.com
                   insolvency@edelman.co.uk


SILBURY HILL: Names BDO Stoy Hayward Liquidator
-----------------------------------------------
J. Pertwee, chairman of Silbury Hill Clothing Ltd., informs that
a resolution to wind up the company was passed at an EGM held on
Nov. 7 at BDO Stoy Hayward LLP, 4th Floor, One Victoria Street,
Bristol BS1 6AA.

Simon Girling and Mark Roach, Licensed Insolvency Practitioners,
of Messrs BDO Stoy Hayward LLP, Fourth Floor, One Victoria
Street, Bristol BS1 6AA were appointed Joint Liquidators.  The
appointment was confirmed at a creditors meeting held the same
day.

CONTACT:  BDO STOY HAYWARD LLP
          Web site: http://www.bdostoyhayward.co.uk


SYMONS GROUP: Administrators put firm on the Market
---------------------------------------------------
The Joint Administrators, J.C. Reid and B. Stephen, offer for
sale the business and assets of Symons Group.

Symons Limited

(a) Design & manufacture of Subsea structures, transportation
    frames and baskets;

(b) Long established customer base;

(c) Loyal, experienced and skilled workforce;

(d) Annual turnover of circa GBP3.5 million; and

(e) Operates from freehold premises in Fourdon, Aberdeenshire,
    incorporating 24,000 sq. ft. fully serviced workshop and
    hard standing site.

Symons Process Engineering Limited

(a) Oil and gas process engineering producing water treatment
    skids and absorption and separation systems for the oil
    industry;

(b) Annual turnover of circa GBP750,000 with substantial growth
    prospects;

(c) Skilled workforce; and

(d) Operates from freehold premises in Fourdon, Aberdeenshire.

Hugh Smith (Engineering) Limited

(a) Long established engineering and manufacturing company;

(b) Over 125 years experience in delivering quality engineered
    solutions to shipbuilding, pressure vessel and fabrication
    industries;

(c) Highly skilled and experienced design and procurement
    function;

(d) Operates from leasehold premises in Renfrew, Glasgow
    incorporating a 33,500 sq. ft. fully serviced site; and

(e) Annual turnover of circa GBP3.5 million.

Lambertons Limited

(a) Long established engineering and manufacturing company;

(b) Over 120 years experience in delivering medium to heavy
    engineering solutions to many sectors of the industry;

(c) Loyal and skilled workforce;

(d) Operates from leasehold premises in Renfrew, Glasgow;

(e) Annual turnover of circa GBP750,000.

CONTACT:  SYMONS LTD.
          Fordoun, Laurencekirk
          Kincardineshire AB30 1NH
     Phone: +44(0) 1561 320297
     Fax: +44(0) 1561 320297
          E-mail: admin@symons.co.uk

          SYMONS PROCESS ENGINEERING LTD.
          Fordoun, Laurencekirk
          Kincardineshire AB30 1NH
     Phone: +44(0) 1561 320701
     Fax: +44(0) 1561 320297
          E-mail: admin@symons.co.uk

          LAMBERTONS LTD.
          Block G, Westway
          Renfrew PA4 8DJ
     Phone: +44(0) 141 8891660
          Fax: +44(0) 141 8874829
          E-mail: sales@lambertons.co.uk

          HUGH SMITH (ENGINERRING) LTD.
          Block G, Westway
          Renfrew PA4 8DJ
     Phone: +44(0) 141 8891660
          Fax: +44(0) 141 8874829
          Web site: info@hughsmith.co.uk

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

          James Stephen or Michelle Elliot
          Phone: 0141 304 5737
          Fax: 0141 314 5895


U.K. COAL: Senior Independent Director Steps down
-------------------------------------------------
The Board of U.K. Coal plc disclosed Monday that Graham Menzies,
Senior Independent Director, has informed the Company of his
intention to step down from his position effective 9 March 2006,
due to pressure of other commitments.  The Company has started
the process to find a replacement.

Chairman David Jones said: "Graham has made a valuable
contribution to the Company's strategy and development and he
leaves with our sincere thanks."

                        About The Company

U.K. Coal sprang from the remains of British Coal after the
latter's sale in 1994 to RJB for GBP815 million.  It was renamed
U.K. Coal after the departure of RJB boss Richard Budge in 2001.
Its market valuation is about GBP185 million.

The company lost GBP51.6 million last financial year as output
fell.  It produced 14 million of coal last year, well below 1995
when it produced 37 million tons.  The Doncaster-based company
mines more than 60% of the coal produced in the U.K.  U.K. Coal
sold production forward under contract, causing it to miss out
on soaring coal prices driven by the industrialization of China.

CONTACT:  U.K. COAL PLC
          Harworth Park, Blyth Rd., Harworth
          Doncaster
          South Yorkshire DN11 8DB, United Kingdom
          Phone: +44-1302-751751
          Fax: +44-1302-752420
          Web site: http://www.ukcoal.com


ULTRAPLAS TOOLING: Names Portland Business Liquidator
-----------------------------------------------------
D. Day, director of Ultraplas Tooling Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 16 at 1640 Parkway, Solent Business Park, Whiteley,
Fareham, Hampshire PO15 7AH.

Peter Robin Bacon and Carl Derek Faulds of Portland Business &
Financial Solutions Ltd., 1640 Parkway, Solent Business Park,
Whiteley, Fareham, Hampshire were appointed Joint Liquidators.

CONTACT:  ULTRAPLAS TOOLING LIMITED
          15, Brunel Way, Segensworth East, Fareham
          Hampshire, PO15 5TX
          Phone: 01489 885089

          PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway
          Solent Business Park
          Whiteley
          Fareham
          Hampshire PO15 7AH
          Phone: 01489 550 440
          E-mails: carl.faulds@portland-solutions.co.uk
                   james.tickell@portland-solutions.co.uk


UNIQ PLC: Remuneration Chair Resigns
------------------------------------
Uniq plc revealed Monday that Martin George, non-executive
director and Chairman of the Remuneration Committee, is standing
down as a director with immediate effect due to potential
conflict of interest arising from a change of his
responsibilities within British Airways.

The Chairman of Uniq, Nigel Stapleton, said: "We are all very
sorry that Martin finds it necessary to leave our Board because
he has been a most supportive business colleague and is a major
contributor to our Board discussions.  We thank him for the
energy and commitment that he has given to the role during his
two years on the Uniq Board."

                            *   *   *

In August, Uniq plc, the European convenience foods group, sold
its Nordic Salads business to Rieber & Son A.S.A. for EUR14
million.  This was in line with the Company's strategy of
focusing on building stronger product category positions in each
of the Group's principal geographical regions, namely the U.K.,
France, Spain and Germany/Benelux.

About EUR13 million of the purchase price will be paid
immediately, with the balance due on 30 August. The proceeds
will be used to reduce Group borrowings.

In July, the company admitted that U.K. sales are starting to
show an improving trend versus last year's second half.  The
sandwich and salad businesses have performed ahead of
expectations, while the fish division has successfully passed on
much of the impact of higher salmon prices.

However, profit contribution from the Desserts category was,
however, well behind expectations.  Continuing business turnover
for the first three months was 0.6% down against the prior year
and, as expected, operating profit was significantly lower.

CONTACT:  UNIQ PLC
          1 Chalfont Park
          Gerrards Cross
          Buckinghamshire SL9 0UN
          Phone: +44-1753-276-000
          Fax: +44-1753-276-071
          Web site: http://www.uniq.com

          GAINSBOROUGH
          Julian Walker
          Phone: 020 7190 1705


UNITED NETWORKS: Joint Liquidators from Gerald Edelman Move in
--------------------------------------------------------------
A. K. Basak, chairman of United Networks Telecom Services
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Nov. 15 at 25 Harley Street, London W1G
9BR.

Bernard Hoffman and Ian Douglas Yerrill of Gerald Edelman
Business Recovery, Kent House, Station Road, Ashford, Kent TN23
1PP were appointed Joint Liquidators.

CONTACT:  GERALD EDELMAN BUSINESS RECOVERY
          25 Harley Street
          London W1N 2BR
          Phone: 020 7299 1400
          Fax: 020 7637 1440
          E-mails: bhoffman@GeraldEdelman.com
                   insolvency@edelman.co.uk


VALE CITROEN: Appoints Vantis Business Recovery Administrator
-------------------------------------------------------------
Michael Young and Peter Wastell (IP Nos 8077, 9119) of Vantis
Business Recovery were appointed administrators of Vale Citroen
Limited (Company No 03398952) on Nov. 30.  The company's
registered office is at 59 Union Street, Dunstable, Bedfordshire
LU6 1EX.

CONTACT:  VALE CITROEN LIMITED
          139 Lower Luton Road,
          Wheathampstead, St Albans,
          Hertfordshire AL4 8HQ
          Phone: 01582462822

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


WATERFORD WEDGWOOD: Posts EUR94.7 Million Half-year Net Loss
------------------------------------------------------------
Waterford Wedgwood plc has reported Interim Results for the six
months to 30 September 2005.

Highlights

(a) continuing operations' sales of EUR362.5 million are 11%
    ahead of corresponding period last year, reflecting the
    acquisition of Royal Doulton;

(b) net loss on continuing operations of EUR94.7 million
    compared with EUR94.5 million last year;

(c) new four and a half year banking facility of EUR250 million
    will provide Group with additional liquidity; and

(d) first set of results reported under International Financial
    Reporting Standards.

Business Renewal

(a) fundamental restructuring under way following receipt of
    funds from EUR100 million rights issue and we expect that
    the targeted ongoing annual benefits of EUR90 million will
    be realized;

(b) benefits immediately evident of Royal Doulton acquisition
    and are likely to exceed original expectations;

(c) focused on simplifying the Group: the number of stock
    keeping units have been halved; two major factories have
    been closed since January 2005;

(d) margins are being targeted through pricing action;

(e) new prestigious distribution channels, including Bed Bath &
    Beyond and Linens 'n Things, mean we are reaching new
    Customers;

(f) new leadership introduced throughout the Group to energize
    the business; and

(g) new contemporary and innovative product ranges introduced
    e.g. Waterford's Connoisseur Collection, Jasper Conran at
    Wedgwood, Gordon Ramsay at Royal Doulton and Rosenthal's
    "Home Designs".

            Statement of Chief Executive Peter Cameron

This is a business in transition.  We knew that losses would
continue, as they have in the April-September 2005 period, but
the EUR90 million restructuring program will change the business
fundamentally.

We are already seeing benefits from the restructuring, in
particular the acquisition of Royal Doulton earlier this year.
Sales on our continuing operations are up 11% to EUR362.5
million, compared with the same period last year.  The success
of the Royal Doulton acquisition can be seen most clearly in the
Ceramics Group, with sales of EUR244.3 million, up 27% over the
same period last year.

I am pleased to report that we have negotiated and signed a new
four and a half year banking facility of EUR250 million with a
syndicate of banks lead by Bank of America and GE.  This
replaces our existing banking arrangements.

Across all our businesses we are introducing contemporary,
exciting new ranges.  For example, Waterford's crystal is
legendary, but we have not had a dedicated range of stem ware
for the serious wine drinker.  With the new Connoisseur
Collection, we now do.  This and other focused new business
initiatives to drive profitability are all in various stages of
implementation.  When the benefits of all these actions flow
through, Waterford Wedgwood's turnaround will have been
effected.

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

CONTACT:  WATERFORD WEDGWOOD PLC
          Barlaston, Stoke-on-Trent
          Staffordshire
          United Kingdom
          Phone: +44 (0)1782 282686
          Fax: +44 (0)1782 204666
          E-mail: marni.shapiro@waterfordwedgwood.com
          Web site: http://www.waterfordwedgwood.com


WHITE DIAMOND: Goes into Liquidation
------------------------------------
M. Casey, chairman of White Diamond Security Ltd., informs that
a resolution to wind up the company were passed at an EGM held
on Nov. 17 at 43 Blackstock Road, London N4 2JF.  Andreas
Georgiou Kakouris of 43 Blackstock Road, London N4 2JF was
appointed liquidator.

CONTACT:  WHITE DIAMOND SECURITY LTD.
          Unit 8a, Cromer House
          Stevenage, Hertfordshire SG1 2DF
          Phone: 01438360011

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


WILSON & WILSON: EGM Passes Winding-up Resolution
-------------------------------------------------
K. C. Wilson, director of Wilson & Wilson (Utilities) Limited,
informs that a resolution to wind up the company was passed at
an EGM held on Nov. 14 at 2nd Floor, 19 Castle Street, Liverpool
L2 4SX.  Gerard Keith Rooney of Rooney Associates, 2nd Floor, 19
Castle Street, Liverpool L2 4SX was appointed liquidator.

CONTACT:  WILSON & WILSON (UTILITIES) LIMITED
          Laundry Road, Minster
          Ramsgate, Kent CT12 4HL
          Phone: 01843822242


ZAMA ARTS: Goes into Liquidation
--------------------------------
L. A. Bastard, chairman of Zama Arts & Crafts Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 10 at Best Western Hotel, Midland Road, Derby DE1
2SQ.  Edwin James Kirkwood of EJK Associates Limited, 2 Church
Court, Morley, Leeds LS27 9TN was appointed liquidator.

CONTACT:  ZAMA ARTS & CRAFTS LTD.
          Windmill Business Park
          Mill Lane
          Riddings
          Derbyshire
          DE55 4EX
          Phone: (01773) 540111

          EJK ASSOCIATES
          2 Church Court
          Morley
          Leeds
          West Yorkshire LS27 9TN
          Phone: 0113 253 5232
          Fax: 0113 253 5953
          E-mail: edwin.kirkwood@ejkassociates.co.uk


* Bankruptcy Expert Brown Rudnick Beefs up European Practice
------------------------------------------------------------
Brown Rudnick, a rapidly growing international law firm,
appointed Peter J.M. Declercq as partner to its Bankruptcy &
Finance Department in the London office.  Leveraging its
existing profile as a top U.S. bankruptcy and corporate
restructuring firm, Brown Rudnick plans to establish a resident
London team that will focus on corporate reorganizations in
Europe.

Peter Declercq has an international practice that brings to bear
extensive experience in complex corporate debt restructuring and
refinancings and out-of-court workouts.  He represents
creditors, bondholders, debtors, distressed institutional
investors and other significant parties-in-interest in large
corporate insolvency matters.  Mr. Declercq also assists hedge
funds and proprietary distressed portfolios of investment banks
with the creation or dissolution of investments in European
distressed situations.

Formerly counsel at Akin Gump Strauss Hauer & Feld LLP, Mr.
Declercq is a member of the Amsterdam and New York Bars, and a
registered European lawyer entitled to practice in the U.K.  He
has been involved in restructurings in the Netherlands, Belgium,
Norway, Luxemburg, Sweden, the U.K., Germany, Italy, Switzerland
and France.

Announcing the new appointments, Ed Weisfelner, Chair of Brown
Rudnick's Bankruptcy and Corporate Restructuring Group,
commented: "Brown Rudnick has been at the forefront of
bankruptcy and debt restructuring since the early 1980's.
Today, our practice is characterized by high-level experience;
focused, creative strategies; and an interdisciplinary staffing
approach.  We have assisted in reshaping the dynamics of
insolvency in the U.S., and we plan to translate that legacy to
the European market."

Peter Declercq added: "I am delighted to join Brown Rudnick's
insolvency team, which is recognized as one of the best in the
United States.  The firm is on an aggressive growth path and is
gaining significant momentum in the European market.  My
objective is to parlay the U.S. expertise of the Bankruptcy and
Corporate Restructuring Group into a successful Pan-European
practice."

This move reflects Brown Rudnick's expanding global presence.
In July, the firm added Kieran O'Connor, Matthew Sillett and
Adrian Yeandle to its Corporate Group in London.  These three
prominent U.K. lawyers bring to Brown Rudnick over 25 years of
combined experience in working with private equity funds and
their portfolio companies across a broad range of industries,
from healthcare and hi-tech to 'old economy' companies.

Brown Rudnick's Bankruptcy and Corporate Restructuring Group

Since the early 1980s, Brown Rudnick's Bankruptcy and Corporate
Restructuring Group has been among the pioneers representing
hedge funds and other high-yield investors and fund managers --
industry players that have brought an unprecedented level of
financial sophistication, innovation and aggressiveness to
bankruptcy cases and debt restructurings.

By offering a complementary legal perspective -- characterized
by high-level experience; focused, creative strategies; and an
interdisciplinary staffing approach -- the firm assisted this
constituency in reshaping the dynamics of insolvency and
financial distress.

Over the past two decades, the breadth of the practice has
expanded to serve a wide range of clients in the restructuring
arena.  Today, the Bankruptcy and Corporate Restructuring Group
has a proud record and reputation, nationally and
internationally, as one of the leading bankruptcy practices.

Brown Rudnick has successfully represented an impressive list of
official and ad hoc committees, general unsecured creditors,
equity holders and other central parties in interest in many of
the largest and most complex Chapter 11 cases and out of court
proceedings.

The firm also offers significant incremental value to
institutional and private investors and fund managers in
structuring, negotiating, and documenting secondary market
transactions involving high-yield securities, as well as other
claims trading activities.

Brown Rudnick has represented more official and ad hoc
committees, over a longer period of time, in larger, more
complex cases, with better results than virtually any other firm
in the U.S.  Representative experience includes:

-- Adelphia Communications/Ad Hoc Trade Claims Committee,
-- Budget/Official Creditors Committee,
-- Comdisco/Official Equity Committee,
-- Continental Airlines/Official Bondholders Committee,
-- Global Crossing / Official Creditors Committee,
-- Integrated Resources / Official Subordinated Bondholders
   Committee,
-- MCI/WorldCom/Ad Hoc MCI Trade Claims Committee,
-- Mirant Corporation/Official Equity Committee,
-- Owens Corning/Ad Hoc Securityholder Committee,
-- Trump Taj Mahal/Official Bondholders Committee

Brown Rudnick has also represented a number of principal
participants in a similarly impressive roster of cases
including:

-- Calpine Corporation/First Lien Bondholders
-- TWA/Competing Plan Sponsor
-- United Airlines/Ad Hoc O'Hare Bondholder Committee
-- XO Communications/Successful Plan Sponsor

Brown Rudnick -- http://www.brownrudnick.com-- is an
international law firm with offices in the United States and
Europe.  Combining a strong global network with a dedication to
excellence, the firm achieves superior results through the
assembly of cross-disciplinary teams that design and execute
tailored solutions to suit client's needs.  The firm's attorneys
provide representation across key areas of the law: Bankruptcy &
Corporate Restructuring, Complex Litigation, Corporate &
Securities, Corporate Finance, Private Equity and Venture
Capital, M&A, Intellectual Property, Structured & Commercial
Finance, Energy, Real Estate, Government Law & Strategies, and
Health Care.

A founding member of the 40-country Law Firm Network, the firm
opened its London office in 1997 and its Dublin Office in 2002
to support a rapidly growing international practice.  These
offices work closely with the U.S. offices to better serve
European and other international clients seeking to expand their
businesses across international borders.

CONTACT:  U.S.
          Lisa Murray
     Phone: 617 856 8509
          E-mail: lmurray@brownrudnick.com

          U.K.
          Henrietta Hirst
          Phone: 020 7262 6648
          E-mail: Henrietta.hirst@iprmedia.com


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson, Liv
Arcipe, Julybien Atadero and Jay Malaga, Editors.

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

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

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

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


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