TCREUR_Public/051215.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

          Thursday, December 15, 2005, Vol. 6, No. 248

                            Headlines

B U L G A R I A

DOMAINE BOYAR: Stops Production in Shumen Indefinitely


C Z E C H   R E P U B L I C

SKODA KLATOVY: Liquidation Imminent as Unpaid Workers Leave Firm
UNION BANKA: Sells Invesmart Claim for less than 1% its Value


F R A N C E

CLUB MEDITERRANEE: Reports First ever Profit in Five Years
CRISTALLERIE ROYALE: Court Okays Sale to Haviland
LANSON INTERNATIONAL: Boizel Chanoine Revives Offer


G E R M A N Y

A&K HANDELSGESELLSCHAFT: Gera Company Goes Bust
AREAL II: Augsburg Court Calls in Administrator from SKP
BACCI U. SCHIERHOFER: Creditors' Claims Due Next Month
BAUPROJEKT FRIEDENSSTRASSE: Succumbs to Bankruptcy
CONET AG: Court to Verify Claims April

DAIMLERCHRYSLER AG: Fitch Rates Thai Bonds AA(tha)
FDM FREY: Proofs of Claim Due Later this Month
FISCHER IMMOBILIEN: Under Bankruptcy Administration
GERRESHEIMER ALPHA: S&P not in favor of Bond Offering
GERRESHEIMER GROUP: Buys Danish Packaging Supplier

GW KUNSTSTOFF: Creditors Meeting Set February
LUCAS GMBH: Bonn Court Appoints Administrator
MEDEX-IZUMI: Claims Filing Period Ends December 29


I T A L Y

ITALTRACTOR ITM: Titan Europe to Acquire Biz for EUR30 Mln
ITALTRACTOR ITM: Junk Rating on CreditWatch Developing


N E T H E R L A N D S

ROYAL SHELL: Cancels 1,200,000 'A' Shares
ROYAL SHELL: Spending US$19 Bln on Upstream, Downstream Projects


R U S S I A

AGRO-KHIMIK: Declared Insolvent
ALFA BANK: Fitch Gives Subordinated Notes Final B- Rating
BANK ZENIT: Earns Upgrade from Fitch; Stable Outlook Affirmed
BOGORODITSKOYE: Undergoes Bankruptcy Supervision Procedure
HAYDITE: Claims Filing Period Ends December 29

IRKUTSKOYE: Irkutsk Court Brings in Insolvency Manager
MOSTO-STROY-SERVICE: Insolvency Manager Takes over Firm
NEREKHTA-AGRO-PROM-KHIMIYA: Names Insolvency Manager
NORILSKIY: Succumbs to Bankruptcy
RZHEVSKIY: Gives Creditors Until December 29 to File Claims

SEVERSTROY: Declared Insolvent
SIB-KOMLEKT-AUTO-TRANS: Bankruptcy Hearing Set January
YUKOS OIL: Arbitration Court Reconsiders Claim Filed by Banks
YUKOS OIL: Legal Unit Chief Appeals Arrest Order
YUKOS OIL: TNK-BP, LukOil Urged to Increase Bids for Mazeikiu


U K R A I N E

AMO: Zhitomir Court Opens Bankruptcy Proceedings
OJSC UZHGORODSKA: Govt Divests Shareholding
SVITANOK: Creditors' Claims Due Next Week


U N I T E D   K I N G D O M

APLE (COVENTRY): Administrator Takes over Firm
ARTEECO LTD.: Goes into Liquidation
ASHTEAD GROUP: Half-year Profit Improves to GBP40.2 Million
BATEC LIMITED: Administrators from Begbies Traynor Enter Firm
BRITISH ENERGY: Posts GBP135 Mln Half-year Operating Profit

B W L MOTORS: Hires Irwin & Company as Administrator
COPYCARE PARTNERSHIP: Administrators from Menzies Move in
COVE CONTROL: Bridgers to Liquidate Business
DOLPHIN WINDOWS: Appoints Joint Liquidators
EARTHPORT PLC: Confirms GBP4 Million Debt Restructuring

EMI GROUP: Joint Venture Sells Japanese CD, DVD Business
FILTRONIC PLC: Closes Loss-making Aussie Operation
GLOW NOLLIS: Calls in Administrators from Lovewell Blake
HART LIMITED: Names Middleton Partners Administrator
HT (UK): Appoints Administrator

INTELLIGENT DESIGN: Liquidator from Sanderlings Moves in
IWP INTERNATIONAL: First-half Results in Line with Expectations
JOHN PAYNE: Names Deloitte & Touche Liquidator
LIGHT BAR: Files for Liquidation
MG ROVER: Nanjing to Miss Longbridge Revival Plan Deadline

MOTORSAFE RESCUE: Administrators Take over Firm
NTL INC.: Sir Richard Ready to Sell Virgin Stake at a Discount
NYKRIS DIGITAL: Benedict Mackenzie Liquidator Moves in
OBORNE AND ANDREWS: Hires Mazars as Administrator
POT BLACK: Tandem Group to Close Facilities in Devon

PRINCETON CHEMICALS: Administrators from Begbies Traynor Move in
RIVERSIDE FABRICS: Textile Manufacturer Calls in Administrator
ROYAL MAIL: Mulls GBP2 Billion Fundraising
S C GORDON: Hires Mazars as Administrator
SUGAR LOUNGE: Names Geoffrey Martin & Co. Administrator

SUPACADDY LTD.: Joint Liquidators from Vantis Move in
T J MCCARTER: Hires Administrator from O'Hara Administrator
UK AUCTION: Appoints Begbies Traynor Liquidator
UK NARROW: Administrators from Grant Thornton Enter Firm
UNIQ PLC: Northern European Arm Has New Managing Director
WATERFORD WEDGWOOD: Non-executive Director Steps down
YES PRINT: Files for Liquidation


                            *********


===============
B U L G A R I A
===============


DOMAINE BOYAR: Stops Production in Shumen Indefinitely
------------------------------------------------------
Winemaker Domaine will dismiss 57 employees at its Shumen site
due to the plant's poor financial condition and reduced output,
Dnevnik a.m. says.

In an interview with BTA News Agency, plant manager Tsanko
Stanchev said production has been indefinitely stopped due mainly
to bad crop of wine grapes and loss of market share.  The site
has already informed the local job office of the redundancies.

The site, which has an annual capacity of 10,000 tons, is the
second Domaine Boyar winery to suffer financial difficulties.
Earlier, the plant in Sliven also announced 100 job cuts.  Set up
in 1991, Domaine Boyar is one of Bulgaria's leading wine
producers.  It exports wine to the U.K., Benelux, Canada,
Scandinavia, Germany and Poland.

CONTACT:  DOMAINE BOYAR
          1407 Sofia
          20-22 Zlaten Rog Str.
          Phone: +359 2 96 97 980
          Fax: +359 2 96 97 981
          E-mail: office@domaineboyar.com
          Web site: http://www.domaineboyar.com


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


SKODA KLATOVY: Liquidation Imminent as Unpaid Workers Leave Firm
----------------------------------------------------------------
The situation at engineering group Skoda Klatovy has turned for
the worse.  Receiver Jan Klima has cancelled the sale of the
company to Golondrina Praha and opted to apply for liquidation.

According to Czech News Agency, the move was triggered by
Golondrina's failure to pay wages, leading many employees to
depart.  In July, creditors picked Golondrina, owned by financial
group Petro Funds Group of Companies from the United Arab
Emirates, because it offered to expand the company and secure
enough orders.

Founded in 1854 by Leopold Schifauer, Skoda Klatovy manufactures
filters, furnaces, agricultural, and industrial machines for the
Swedish, Italian, and French markets.  Employing around 260
personnel, Skoda is considered one of the major employers in the
Klatovy district.  Bankrupt engineering firm Skoda Plzen
previously owned the furnace maker, which went bust in late 2002.

CONTACT:  SKODA KLATOVY s.r.o.
          Domazlicka 15
          339 01 Klatovy
          Phone: +420 376 707 111
          Fax: +420 376 707 707
          Web site: http://www.skodakt.cz

          GOLONDRINA a.s.
          Charkovska 135/24
          Praha 10-Vrsovice 10100


UNION BANKA: Sells Invesmart Claim for less than 1% its Value
-------------------------------------------------------------
Collapsed Union Banka (UB) has sold its EUR121 million (CZK3.5
billion) claim against debtors Invesmart and Union Group, Czech
News Agency says.

According to UB spokesman Oldrich Babicky, the bank sold the
claims to Braddock Finance & Capital for only EUR10,850
(CZK315,000).  The sale had the approval of UB's creditors
committee.  UB expects to earn another EUR1,725 (CZK50,000) from
the sale of movable assets.

The bank has been selling assets to repay around CZK15 billion in
claims.  The bank has already distributed CZK3.02 billion (EUR107
million) in proceeds to creditors.  Creditors, numbering 74,946,
are expected to recover only 35% of their money.

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

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


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


CLUB MEDITERRANEE: Reports First ever Profit in Five Years
----------------------------------------------------------
           Club Mediterranee S.A.'s Full-year Results

Figures in French GAAP

Consolidated revenues for 2005 amounted to EUR1,590 million,
or -0.4% like-for-like.  While operations benefited from the
initial success of the new positioning strategy in France,
hurricanes and the tsunami led to an estimated EUR49 million loss
of revenue.  Operating income continued to improve, rising 28% to
EUR22 million, from EUR17 million in 2004.

The bottom line was positive for the first time since 2000,
showing net income of EUR4 million.

The balance sheet has been thoroughly overhauled and strengthened
following the real estate transactions carried out during the
year, notably the sale of assets in Moroccan villages and in four
villages in France, as part of an active real estate management
strategy.

-- Gearing was lowered to 51.4% from 87.8% in 2004,
-- Debt was reduced substantially to EUR150 million

Financial Highlights

EUR millions                        2004    2005
Revenues                             1.6    1.59
Operating income                    17        22
Financial expense                  (38)      (38)
Net income from equity companies     -         3
Net exceptional gain/(expense)     (18)       43
Income tax                           4       (17)
Amortization of goodwill            (8)       (8)
Minority interests                  (1)       (1)
Net income/(loss)                  (44)        4
Free cash flow                     (19)      151
Shareholders' equity and minority
interests (a)                      444       467
Net debt (b)                      (390)     (240)
Gearing (a/b)                       87.8%     51.4%

Operating income by region and business

EUR millions                        2004      2005
Europe-Africa                       14.5      17.1
Asia                                 5.8       6.3
Americas                            (5.5)     (6.2)
Sub-total Villages                  14.8      17.3
Jet Tours                            2.9       5.0
Other businesses                    (1.0)     (0.6)
Total                               16.8      21.7

The switch to IFRS

Club Mediterranee's first consolidated financial statements under
IFRS will be those for fiscal 2006, which commenced on 1 November
2005, and the IFRS transition date for the purpose of preparing
comparative data is therefore 1 November 2004.

IFRS adjustments to the 2005 statement of income in French GAAP
had a positive impact of E3 million on operating income and E6
million on net income.

2005 Statement of Income (IFRS)

    2005
                      French   IFRS         IFRS
EUR millions          GAAP  adjustments  reclassifications  IFRS
Revenues               1.59                                 1.59
Operating income
  - Leisure activities 22       3                          25
Operating income
  - Management of assets
                               88                          88
Other operating income and expense
                              (22)                        (22)
Operating income       22       3             66           91
Financial expense     (38)     (8)            (1)         (48)
Share of profit of associates
                        4                                   4
Exceptional income (expense)
                       43      22            (65)         N/A
Amortization of goodwill
                       (8)      8                           0
Corporate income tax  (17)    (19)                        (36)
Minority interests     (1)                                 (1)
Net income              4       6              0           10

The change in presentation had a significant impact on the
amounts reported in the IFRS statement of income.  In addition to
its Leisure business (Villages, Jet tours, Club Med Gym) Club
Mediterranee decided to deploy an active strategy of managing and
capturing the value of its villages.  To enable readers of the
financial statements to track the benefits of this strategy,
operating income from the management of assets is presented
separately within operating income.

Under IFRS, 2005 operating income amounted to E91 million.

Balance Sheet

                                           30  November 2005
                                       French     IFRS
EUR millions                             GAAP  adjustments  IFRS
Land                                      89       224      312
Tangible assets (excluding land)         574        72      646
Intangible assets                        175        12      187
Financial assets                          89       -26       63
Fixed assets                             927       282    1,209
Deferred taxes (net)                      37       -75      -38
Total assets                             964       207    1,171
Shareholders' equity and minority interests
                                         467        77      544
Provisions                                68         6       74
Working capital requirement              189        29      218
Net debt                                 240        95      335
Total liabilities                        964       207    1,171

Net debt/Shareholders' equity (%)       51.4%              61.6%

The main impact of the transition to IFRS on the balance sheet
concerns the revaluation of tangible assets, which were
previously carried at historical cost and thus significantly
understated.  Following these revaluations and the recognition of
impairment losses on a few villages, all Club Mediterranee assets
are now carried on the balance sheet at fair value, increasing
the value of fixed assets from EUR927 million to EUR1,209
million.

The recognition in the balance sheet of five finance leases added
EUR93 million to debt and EUR79 million to fixed assets.

Overall, IFRS adjustments improved equity and minority interests
by EUR77 million.  Under IFRS, gearing stood at 61.6%.

                      Synergies with Accor

In line with the plan presented on 14 December 2004, Accor and
Club Mediterranee have started implementing their synergies
program.

The synergies dynamic is now underway, with teams cooperating
closely.

Sales and marketing synergies that impact revenues require the
most work upstream and will therefore take longer to feed through
to earnings.  Nonetheless, the cooperation between the partners
began to produce tangible, visible results for customers in 2005.

Reciprocal promotion of the Club Med and Accor brands involved,
for example, links between the two companies' Web sites enabling
potential customers to view the other partner's products and
services.  In another development this year, Club Med Gym
leveraged its expertise to design a new fitness center that has
been deployed in a number of Sofitel and Novotel hotels.

In the area of incentives, original joint offers were created.
One of them, called Big Event, is designed to meet demand from
large companies that can only be satisfied by Accor and Club
Med's joint capacity and capabilities.  The potential for
profitable synergies in this area is promising.  Optimized
purchasing has helped generate gains since March, when the first
contracts were signed.  To date, more than 200 contracts have
been renegotiated and signed.

                                    2005  Actual  2006   Budget
EUR millions                       Accor Club Med Accor Club Med

Increased revenue                     2.9    3.6    3.7    8.4
Optimized purchasing                  3.1    1.0    8.1    5.0
Exchanges of experience and expertise 0.2    0.6    0.4    0.6
Total synergies                       6.2    5.2   12.2   14.0
                                     11.4          26.2
Original target (Dec. 2004)          17.0          33.0

The two groups' shared objective was to generate synergies
totaling EUR17 million in 2005 (EUR6 million for Accor and EUR11
million for Club Mediterranee) and EUR33 million in 2006 (EUR12
million for Accor and EUR21 million for Club Mediterranee).

Because its fiscal year ends in November, Club Mediterranee's
2005 accounts do not reflect a full twelve months' worth of
benefits.

Overall, more than EUR11 million in synergies were achieved this
year, of which EUR5 million for Club Mediterranee and EUR6
million for Accor.  A combined EUR10 million has already been
locked in for 2006.

The plans cover a period of three years.  After the initial
start-up phase, the pace at which the benefits are being realized
is speeding up, with both groups achieving tangible results.

                        Strategic Vision

2005: The First Year of Deployment for the New Brand Strategy

In 2005, the focus was on repositioning and re-launching the
brands, through a new advertising campaign, redefined Trident
catalogues and a brand charter introducing a new visual identity
consistent with Club Med's friendly, multi-cultural, upscale
positioning.

A strategy Confirmed by Club Med's Initial Successes

The upscale strategy is in line with tourist market trends
indicating a clear split, with sustained growth in vacation
spending by high-income customers.

This strategy was confirmed for Club Med, with:

-- Summer sales volumes and revenues increasing in France for
   the first time since 2001, despite a sluggish tourist market;
   and

-- Customer satisfaction rising to record highs in those
   villages most representative of the upscale strategy.

Based on these initial positive results, deployment of the
upscale strategy will accelerate in 2006 with:

-- Ongoing measures to reposition the brand, including worldwide
   rollout of the brand's new graphic identity;

-- Pursuit of the upscale strategy with the opening of Peisey-
   Vallandry and the upgrading and reopening of Les Boucaniers,
   Kani and Hammamet;

-- Continued development of mutually beneficial synergies with
   Accor, Club Mediterranee's industry shareholder, notably in
   the areas of sales and purchasing; and

-- A pioneering, competitively differentiating offer.  For
   summer 2006, Club Med is inventing new upscale all-inclusive
   vacations for a refined, value-rich, personalized holiday
   experience.

The new Club Med includes:

-- Innovations focused on personalized offers and sophisticated
   services,

-- Comfort a la carte, with customers free to choose from among
   five room categories,

-- Bar and Snacking Included in all villages as of summer 2006,

-- A new offer for teenagers in seven villages,

-- Club Med Baby Welcome in all family villages,

-- Greater flexibility in travel services and an exclusive
   tourism partnership with Air France for summer 2006

Considerable Potential for Profitable Growth

-- A large number of potential customers in France for the
   upscale product of 2.2 million versus 0.5 million today,

-- Significant potential for enhancing perceived value of the
   Club Med offer: ongoing deployment of the upscale strategy
   with a balanced offering of 3 and 4-Trident villages in 2008
   and the extension of the Comfort "a la carte" room re-
   classification and Bar and Snacking Included programs to all
   villages beginning in summer 2006,

-- Potential for increasing sales by optimizing distribution:
   with the expanded distribution network in France (a 51%
   increase in sales through new indirect networks) and the
   renewed partnership with Thomas Cook for Club Med and Jet
   tours.  Worldwide, sales are also supported by Web marketing
   campaigns leveraging Club Med's brand identity

An Active Strategy of Managing and Capturing the Value of Real
Estate Assets

With more than 90% of villages now in the 3 and 4-Trident
category, the real estate portfolio restructuring program has
largely been completed.  Club Mediterranee can now focus on an
active strategy of managing and capturing the value of its real
estate assets, valued at nearly E1 billion in the balance sheet
(IFRS).  This strategy will be supported by:

-- The exceptional character of the sites Club Med owns
   outright; and

-- The potential for capturing the value of sites where Club Med
   has set up operations and whose market attractiveness has
   been enhanced considerably by the upscale strategy.

The real estate transactions carried out in 2005 with Morocco's
Caisse de Depot et de Gestion du Maroc, the European Investment
Bank and Gecina were fully in line with this strategy

Bookings for Winter 2006 Compared with Winter 2005

Like-for-like revenues   Total at 10 Dec. 2005
Europe                           +7.6%
The Americas                     +3.3%
Asia                            -11.3%
Total Club Med                   +5.2%
Jet tours                        0.0%

As of 10 December, winter 2006 bookings expressed in revenues
were up 5.2% on the prior-year date.  Bookings for Europe were up
7.6%, including an 8.1% increase for France.  Given the current
sluggishness of the French tourist market, these encouraging
figures illustrate Club Med's market share gains in the country.

In discussing the full-year results, Henri Giscard d'Estaing,
Chairman and Chief Executive Officer, noted: "While 2005 was the
founding year of the new Club Med, with the launch of our upscale
strategy, 2006 will be a year of achievement, with the creation
of an outstanding all-inclusive offer: a unique formula for a
refined, value-rich, 'a la carte' holiday experience.

"Club Mediterranee is now ready to confirm its return to growth
and profitability, supported by a wide array of competitive
strengths.

"All of the initiatives undertaken as part of the
value-enhancement strategy have given us clearly identified
levers to drive our growth, including our successful upscale
repositioning, our profitable business model illustrated by a
return to bottom-line profit and our high-quality real estate
assets managed through an active strategy that focuses on
capturing their value."

CONTACT:  CLUB MEDITERRANEE S.A.
          Analysts:
          Caroline Bruel
          Phone: 00 33 1 53 35 30 75
          E-mail: caroline.bruel@clubmed.com


CRISTALLERIE ROYALE: Court Okays Sale to Haviland
-------------------------------------------------
The Commercial Court in Troyes has approved the sale of
crystalware maker Cristallerie Royale de Champagne to porcelain
group Haviland, Les Echos says.  The transaction will save 37 of
50 Cristallerie employees.

The company, which forecasted EUR2.5 million in turnover this
year, sees the figure rising to EUR3.2 million next year, as a
result of the takeover.  The 339-year-old group has been under
court-supervised administration since July.  Cristallerie is
previously owned by Patrice Gabus, who bought the company from
Luxembourg-based group Regalux Investment last year.

CONTACT:  CRISTALLERIE ROYALE DE CHAMPAGNE S.A.
          B.P. 1 - La Voix Basse
          10310 Bayel
          Phone: +33 3 25923760
          Fax: +33 3 25920381
          E-mail: iinfo@royaledechampagne.com
          Web site: http://www.royaledechampagne.com


LANSON INTERNATIONAL: Boizel Chanoine Revives Offer
---------------------------------------------------
Boizel Chanoine Champagne (BCC) is holding exclusive talks with
debt-laden rival Lanson International after sole bidder Butler
Capital withdrew its offer, Les Echos says.

Butler withdrew after Lanson's owners, the Mora family and Caisse
Nationale des Caisses d'Epargne et de Prevoyance, refused to open
its accounts for review.  In addition, grape growers have refused
to guarantee supply to Lanson.

BCC had bid for Lanson, offering EUR120 million, but withdrew the
offer along with Jean-Claude Darmon, leaving Butler the sole
bidder.  Other bidders were LVMH Moet Hennessy Louis Vuitton
S.A., in partnership with Alan Thienot; a consortium made up of
investment bank Credit Agricole S.A. and the Rothschilds and
Gardiniers families; and private equity fund Bridgepoint.

Lanson is the country's second-largest champagne producer by
volume.  It has been up for sale since June.  Set up in 1760,
Lanson manufactures Champagne Lanson, Besserat de Bellefon and
Gauthier.  The group has annual sales of EUR220 million and debt
of EUR410 million.

CONTACT:  LANSON INTERNATIONAL
          12 Boulevard Lundy
          51100 Reims
          Phone: +33 (0) 3 26 78 50 50
          Fax: +33 (0) 3 26 78 50 99
          E-mail: info@lanson.fr
          Web site: http://www.lanson.fr


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


A&K HANDELSGESELLSCHAFT: Gera Company Goes Bust
-----------------------------------------------
The district court of Gera opened bankruptcy proceedings against
A&K Handelsgesellschaft mbH on November 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 13, 2006 to register their
claims with court-appointed provisional administrator Gorge
Scheid.

Creditors and other interested parties are encouraged to attend
the meeting on February 14, 2006, 10:10 a.m. at the district
court of Gera, Rudolf-Diener-Str. 1, Zimmer 317, 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:  A&K HANDELSGESELLSCHAFT mbH
          Winkel 4, 07987 Mohlsdorf/OT Reudnitz

          Gorge Scheid, Administrator
          Rudolf-Diener-Str. 9, 07545 Gera


AREAL II: Augsburg Court Calls in Administrator from SKP
--------------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Areal II, Verwaltungs-GmbH on November 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until January 5, 2006 to
register their claims with court-appointed provisional
administrator Christian Plail.

Creditors and other interested parties are encouraged to attend
the meeting on February 7, 2006, 9:30 a.m. at the district court
of Augsburg, Justizgebaude, Sitzungssaal 162, 1. Stock, Am Alten
Einlass 1, 86150 Augsburg, 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:  AREAL II, VERWALTUNGS-GmbH
          Stettenstr. 4/4 a, 86150 Augsburg
          Contact:
          Johann Stiegelmair, Manager

          Christian Plail
          c/o SKP Partnerschaftsgesellschaft
          Eserwallstr. 1-3, 86150 Augsburg
          Web site: http://www.skp-de.com


BACCI U. SCHIERHOFER: Creditors' Claims Due Next Month
------------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Bacci u. Schierhofer Gesellschaft fuer Betonsanierung,
Korrosionsschutz und Malerarbeiten mbH on December 1.
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 Dr. Jorg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on January 31, 2006, 9:00 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 3. OG Altbau, A 341, at which time the administrator
will present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  BACCI U. SCHIERHOFER GESELLSCHAFT FUER BETONSANIERUNG,
          KORROSIONSSCHUTZ UND MALERARBEITEN mbH
          Bismarckstr. 42, 41564 Kaarst
          Contact:
          Udo Schierhofer, Manager
          Vinhovenweg 50, 41564 Kaarst
          Juergen Scholz, Manager
          Schwalbenstuck, 46286 Dorsten

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


BAUPROJEKT FRIEDENSSTRASSE: Succumbs to Bankruptcy
--------------------------------------------------
The district court of Hanau opened bankruptcy proceedings against
Bauprojekt Friedensstrasse GmbH & Co. KG on November 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 20, 2006
to register their claims with court-appointed provisional
administrator Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting on February 9, 2006, 9:00 a.m. at the district court
of Hanau, Raum E03, Aussenstelle Insolvenzgericht,
Engelhardstrasse 21, 63450 Hanau, 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:  BAUPROJEKT FRIEDENSSTRASSE GmbH & Co. KG
          Romerstr. 31, 63486 Bruchkobel
          Contact:
          Ronald Barth, Manager
          Am Birnbaum 30, 65510 Huenstetten

          Ottmar Hermann, Administrator
          Bleichstrasse 2-4, 60313 Frankfurt/Main
          Phone: 069/913092-0
          Fax: 069/91309281


CONET AG: Court to Verify Claims April
--------------------------------------
The district court of Bonn opened bankruptcy proceedings against
CONET AG on December 1.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until February 28, 2006 to register their claims with
court-appointed provisional administrator Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting on January 16, 2006, 9:00 a.m. at the district court
of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 1.
Stock, Saal W126, 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 25, 2006 at the same venue.

CONTACT:  CONET AG
          Theodor-Heuss-Allee 19, 53773 Hennef/Sieg
          Contact:
          Ruediger Zeyen, Manager
          Landingersberg 13, 53773 Hennef
          Juergen Zender, Manager
          Am Ordensgut 1, 53639 Konigswinter
          Wilfried Puetz, Manager
          Rockelstrasse 19, 53773 Hennef

          Dr. Biner Bahr, Administrator
          Jagerhofstrasse 29, 40479 Duesseldorf
          Phone: 0211-540680-192
          Fax: 0211-540680199


DAIMLERCHRYSLER AG: Fitch Rates Thai Bonds AA(tha)
--------------------------------------------------
Fitch Ratings (Thailand) Limited has affirmed the National
Long-term rating of 'AA(tha)' on DaimlerChrysler (Thailand)
Limited's (DCT) THB3.0 billion guaranteed debentures due 2006 and
THB2.0 billion guaranteed debentures due 2007.  The Outlook on
the ratings is Stable.

The ratings are based entirely on the full, irrevocable and
unconditional guarantee on the debentures by DaimlerChrysler AG
(DCX, rated 'BBB+'/ Stable Outlook).  The International 'BBB+'
rating for DCX is currently two notches below Thailand's
Long-term local currency rating of 'A' with Outlook Stable.
Therefore, the guaranteed debentures are rated two notches below
Thailand's National 'AAA(tha)' rating.  Fitch says that any
changes in the International rating differential between DCX and
the Thai sovereign will affect the debentures' National rating.
Investors should note that a one notch change in DCX's
International rating could result in greater than one notch
change in the debentures' National rating.

The rating of the guarantor, DCX, reflects the group's leading
position as a manufacturer in the premium segment of the global
automotive market and the commercial vehicle market, as well as
the credit profile of the Chrysler Group (CG).  DCX is the
world's fifth-largest automotive manufacturer, supplying both the
premium and volume segments, and is also the world's largest
manufacturer of commercial vehicles.  A historically high profit
contribution from the Mercedes Car Group (MCG) division and the
stable underlying profitability of the financial services
division have continued to support the group's financial profile,
although these positive aspects were partly offset by the recent
weaker performance of the MCG and competitive pressures at CG.
The MCG division has recently faced a number of quality issues, a
restructuring and high operating losses at its Smart division,
and higher expenses related to new product introductions.

Fitch notes, however, that the financial profile of the group
remains strong.  Cash surpluses were used to pay down group debt,
while exchange rate movements have lowered the book value of the
US$-denominated debt.  Industrial leverage improved further and
reflects DCX's net cash position.  Nevertheless, the agency
expects that the quality offensive at Mercedes-Benz and the Smart
restructuring as well as potential pricing pressures in North
America are likely to affect the group's cash generation in the
short to medium term.

DCT is 99.99%-owned by DCX.  DCT is responsible for the import
and wholesale functions for Mercedes-Benz vehicles and Chrysler
automobiles (after the merger of Daimler-Benz and Chrysler Group
in 1998) for distribution in Thailand. Mercedes-Benz is well
recognized in the premium segment in Thailand, with its
relatively low after-sales service costs and the high value of
its products in the second-hand market.  Mercedes-Benz has
maintained its leading position in the premium car segment for
several decades.  In addition, DCT provides hire purchase and
leasing services through its 99.99% leasing subsidiary,
DaimlerChrysler Leasing (Thailand) Company Limited.

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

          FITCH RATINGS
          Lertchai Kochareonrattanakul
          Vincent Milton, Bangkok
          Phone: + 662 655 4755

          Media Relations
          Ching-Yuen Lock, Singapore
          Phone: +65 6238 7301
          Web site: http://www.fitchratings.com


FDM FREY: Proofs of Claim Due Later this Month
----------------------------------------------
The district court of Hanau opened bankruptcy proceedings against
FDM Frey Dienstleistungsmanagement GmbH on November 4, 2005.
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 Tobias Kampf.

Creditors and other interested parties are encouraged to attend
the meeting on January 19, 2006, 9:30 a.m. at the district court
of Hanau, Raum E09, Aussenstelle Insolvenzgericht,
Engelhardstrasse 21, 63450 Hanau, 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:  FDM FREY DIENSTLEISTUNGSMANAGEMENT GmbH
          An der Eisenbahn 3, 63584 Gruendau
          Contact:
          Friedhelm Frey, Manager

          Tobias Kampf, Administrator
          Philippsruher Allee 22, 63450 Hanau
          Phone: 06181/5070366
          Fax: 06181/5070344


FISCHER IMMOBILIEN: Under Bankruptcy Administration
---------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Fischer Immobilien GmbH on November 25.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until January 5, 2006 to
register their claims with court-appointed provisional
administrator Dr. Norbert Westhoff.

Creditors and other interested parties are encouraged to attend
the meeting on January 26, 2006, 10:30 at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  FISCHER IMMOBILIEN GmbH
          Wertherstr. 14, 33615 Bielefeld
          Contact:
          Oliver Fischer, Manager

          Dr. Norbert Westhoff, Administrator
          Adenauerplatz 4, 33602 Bielefeld


GERRESHEIMER ALPHA: S&P not in favor of Bond Offering
-----------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germany-based packaging group Gerresheimer Alpha GmbH and its
fully owned subsidiary Gerresheimer Holdings GmbH to negative
from stable.  This follows the group's announcement that it will
issue a EUR60 million ($71 million) subordinated bond to finance
the acquisition of Superfos Pharma Pack, a leading producer of
plastic bottles and closure systems for tablets and powders.

At the same time, Standard & Poor's assigned its 'B-' rating to
the proposed bond, and affirmed its 'B+' long-term corporate
credit rating on Gerresheimer and Gerresheimer Holdings.

"The ratings primarily reflect Gerresheimer's highly leveraged
financial profile and increasingly aggressive financial policy,"
said Standard & Poor's credit analyst Vanessa Brathwaite.
Following the acquisition of Superfos, we expect the group to
have pension-adjusted net cash debt of EUR650 million, including
EUR180 million of unfunded pension liabilities, excluding EUR81
million of non-cash pay vendor and shareholder loans.

These factors are mitigated by the group's good geographical
diversification, and leading positions in highly consolidated and
growing pharmaceuticals end markets.  The pharmaceuticals market
is characterized by strong relationships and cooperation between
suppliers and customers that provide high barriers to entry -- a
situation that has positive implications for the ratings on
Gerresheimer.

"It will be a challenge for Gerresheimer to maintain adequate
credit measures for the current ratings as a result of the
increased leverage from the new bond issue," said Ms. Brathwaite.
"Furthermore, the group's high capital expenditures in the next
two years will put pressure on cash flows, delaying the
improvement in free operating cash flow that we had been
expecting."

To maintain the ratings, the group will need to keep funds from
operations to pension adjusted cash net debt above 10%, and
pension adjusted cash net debt EBITDA below 6x.  The ratings will
likely be lowered if leverage increases, or if there are any
operational difficulties with, or delays to, Gerresheimer's
significant planned furnace rebuild program.

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:  GERRESHEIMER GROUP
          Morsenbroicher Weg 191
          D-40470 Dusseldorf
          E-mail: info@gerresheimer.com
          Web site: http://www.gerresheimer.com/

          Corporate PR und Marketing
          Burkhard Lingenberg
          Phone: +49 (0)211 / 6181-251
          Fax: +49 (0)211 / 6181-241
          E-mail: b.lingenberg@gerresheimer.com


GERRESHEIMER GROUP: Buys Danish Packaging Supplier
--------------------------------------------------
The Gerresheimer Group has acquired Superfos Pharma A/S in
Denmark, a leading supplier of pharmaceutical packaging --
plastic containers and closure systems -- in Europe.  Closure is
expected this month.  Following the takeover in October 2005 of
the pharmaceutical packaging business with production locations
in the USA and China, the new acquisition marks another important
step towards further expansion of the Gerresheimer business in
pharmaceutical packaging and systems, as Gerresheimer CEO Dr.
Axel Herberg explained.

Superfos Pharma is based in Vaerlose, Denmark.  With 120
employees it achieves sales of around EUR25 million.  The
packaging manufacturer has two production locations in Denmark
and various marketing offices in Europe.  The company develops,
produces and markets tailor-made plastic packaging and systems
for the pharmaceutics and health market and has a leading market
position in Europe.

The acquisition now completed fits in with the latest activities
of the Gerresheimer Group towards worldwide expansion of its
business in pharmaceutics packaging and systems.  Just recently
in October 2005 Gerresheimer took over pharmaceutical businesses
in the USA and China.

CEO and President of the Gerresheimer Group, Dr. Axel Herberg,
comments on the acquisition of Superfos Pharma: "We are currently
experiencing a very dynamic phase of Group development.  The
present acquisition marks another important step on our way to
become a leading worldwide supplier of pharmaceutical packaging.
We are expanding our technological base and creating new growth
opportunities.  Through the two acquisitions we increase our
pharmaceutical sales by more than EUR 70 million in just a few
months and at the same time establish an important position in
East Asia."  Superfos Pharma provides an ideal fit with the
plastic operations of the Gerresheimer subsidiaries Bunder Glas
and Polfa, which are being integrated in a strong Group.

The Gerresheimer Group is one of the leading international
suppliers of high-quality packaging and system solutions made of
glass and plastic for the market segments of pharmaceutics and
cosmetics.  Gerresheimer has 19 production locations in Europe,
America and Asia and employs 5,100 people worldwide.  It achieves
worldwide sales of EUR560 million.

CONTACT:  GERRESHEIMER GROUP GMBH
          Burkhard Lingenberg
          Director Corporate PR & Marketing
          Phone: +49-(0) 211-61-81-251
          Fax: +49-(0) 211-61-81-241
          E-mail: b.lingenberg@gerresheimer.com
          Web site: http://www.gerreshimer.com


GW KUNSTSTOFF: Creditors Meeting Set February
---------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against GW Kunststoff-, Gummi- und Metallbearbeitungs GmbH on
November 28.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 29, 2005 to register their claims with court-appointed
provisional administrator Marc Schmidt-Thieme.

Creditors and other interested parties are encouraged to attend
the meeting on February 9, 2006, 9:30 a.m. at the district court
of Darmstadt, Zimmer 4, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, 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:  GW KUNSTSTOFF-, GUMMI- UND METALLBEARBEITUNGS GmbH
          Rudolf-Diesel-Strasse 7, 64711 Erbach
          Contact:
          Wolfgang Gruendel, Manager
          Juelicher Strasse 14, 50171 Kerpen
          Udo Weilemann, Manager
          Waldstrasse 19, 64720 Michelstadt

          Marc Schmidt-Thieme, Administrator
          Soldnerstr. 2, 68219 Mannheim
          Phone: 0621/87708-0
          Fax: 0621/8770820


LUCAS GMBH: Bonn Court Appoints Administrator
---------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Lucas GmbH Druck & Veredelung on December 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 12, 2006 to register their
claims with court-appointed provisional administrator Dr. Andreas
Schulte-Beckhausen.

Creditors and other interested parties are encouraged to attend
the meeting on February 20, 2006, 11:00 a.m. at the district
court of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn,
1. Stock, Saal W126, 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:  LUCAS GmbH DRUCK & VEREDELUNG
          Drachenfelsstr. 116, 53639 Konigswinter
          Contact:
          Uwe Graneist, Manager

          Dr. Andreas Schulte-Beckhausen, Administrator
          Oxfordstr. 2, 53111 Bonn
          Phone: 0228 / 98 52 10
          Fax: 0228 / 98 52 122


MEDEX-IZUMI: Claims Filing Period Ends December 29
--------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against MEDEX-IZUMI GmbH on December 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 29, 2005 to register their
claims with court-appointed provisional administrator Horst
Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting on January 6, 2006, 9:50 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 on January 20, 2006, 8:25 a.m. at the same venue.

CONTACT:  MEDEX-IZUMI GmbH
          Immermannstrasse 15, 40210 Duesseldorf
          Contact:
          Hisataka Izumi, Manager
          Anton-Holtz-Strasse 22, 40667 Meerbusch
          Bilgin Dedeoglu, Manager
          Necklenbroicher Strasse 90c, 40667 Meerbusch

          Horst Piepenburg, Administrator
          Heinrich-Heine-Allee 20, 40213 Duesseldorf


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


ITALTRACTOR ITM: Titan Europe to Acquire Biz for EUR30 Mln
----------------------------------------------------------
Titan Europe Plc on Dec. 7 announced it has conditionally agreed
to acquire the entire issued share capital of NewCo S.p.A. and
Italtractor ITM S.p.A.  NewCo is the holding company of a group
of companies located in Europe, North America, South America and
China which manufacture frames and components for undercarriages
in both the original equipment manufacturers (OEM) and after
market sales (AMK) sectors.

Pursuant to the terms of the Acquisition it is proposed that the
Company will acquire NewCo and ITM for a consideration of up to
EUR30 million (GBP20.3 million) to be satisfied as to EUR20
million (GBP13.5 million) by the issue to the Vendor of the
Initial Consideration Shares on Admission and up to EUR10 million
(GBP6.8 million) by the issue to the Vendor of the Deferred
Consideration Shares in 2009, based on the achievement of certain
financial performance criteria.

In addition, of the net ITM Group indebtedness of approximately
EUR245.8 million (GBP166.1 million) as at Closing, EUR120.6
million (GBP81.5 million) of debt due to the Banks will be repaid
in cash, EUR28.9 million (GBP19.5 million) of bank debt will
remain outstanding and approximately EUR5.3 million (GBP3.6
million) will be written-off by the Banks.  The balance of the
indebtedness is the ITM Bonds and associated interest accruing
which will remain with the ITM Group and form part of the
Enlarged Group's net indebtedness at Closing of approximately
GBP113.5 million (EUR168.0 million). Of the EUR28.9 million of
bank debt assumed by Titan Europe, the Banks will have the right
to convert EUR24.6 million (GBP16.6 million) into Ordinary Shares
at any time at a price of 400p per share.

The Acquisition is categorized as a reverse takeover under the
AIM Rules and as such requires the consent of the Shareholders to
be sought under the Resolutions (as set out in the Notice of EGM
being posted on Dec. 7 in the Admission Document to Shareholders)
at the EGM of the Company on Thursday 29 December 2005 at 11.00
a.m.

          Titan Raising GBP70 Million to Fund Acquisition

It was also announced on Dec. 7 that the Company proposes to
raise GBP70 million, before expenses, by way of the Placing.

The ITM Group is being acquired from a company controlled by Cav.
Ivano Passini and his family.  On Admission it is intended that
Cav. Ivano Passini will be appointed as a Director of the
Company.

The Acquisition and the Placing are conditional on the
Resolutions being passed and Admission.  Assuming the Resolutions
are passed at the EGM, Admission and trading on AIM of the
enlarged share capital of the Company is expected to occur on
Friday 30 December 2005.

Reasons for the Acquisition, the Placing and Admission

The Directors believe that the main alternative to wheeled
vehicles in the agricultural, construction and mining industries
is tracked vehicles.  The Directors and the Proposed Director
believe that the addition of the ITM Group to Titan Europe will
create the only global specialist manufacturer of wheels and
components for undercarriages.  Titan Europe is already a major
supplier of wheels to OEMs in markets outside North America and
the ITM Group is a major supplier of frames and components for
undercarriages to both the OEM and AMK sectors.

It is intended that, together, they will be able to service
existing and potentially new customers with a comprehensive
product range.  In addition, the Directors and the Proposed
Director believe that the combination of the two operations will
provide:

-- opportunities to sell wheel and or components for under
   carriages into existing OEM customers of both groups;

-- wider coverage of major OEMs and applications;

-- expansion of sales into geographic markets new to one of
   the groups, in particular South America, China and Turkey;

-- opportunity for the Titan Europe to exploit the ITM Group's
   existing strength in AMK sales;

-- ability to optimize and integrate production processes in
   existing geographic locations and low cost manufacturing
   economies;

-- improved purchasing power with suppliers;

-- cost savings by combining functions across the two groups:

-- increased exposure to the growing mining and construction
   industries;

-- access to the forging and casting production facilities of
   the ITM Group, which may reduce Titan Europe's costs; and

-- a strong financial base for the Enlarged Group.

Through the integration of Titan Europe and the ITM Group, the
Directors and the Proposed Director believe that substantial
incremental synergies can be achieved which, if achieved in full,
could provide an EBITDA benefit to the Enlarged
Group (on the basis of the Company's current accounting policies)
of approximately EUR15.0 million (GBP10.1 million) in 2007, an
EBITDA benefit of approximately EUR22.6 million (GBP15.3 million)
in 2008 and an additional incremental EBITDA benefit of
approximately EUR6.9 million (GBP4.7 million) in 2009.

The Directors and Proposed Director also believe that much of the
cost in achieving these synergies can be offset through asset
disposals.

The Enlarged Group will also have access to financing not only
from normal bank finance but also from the ability to potentially
issue equity for cash and/or to finance acquisitions.

The Directors and the Proposed Director intend that the net
proceeds of the Placing will be used to fund the costs incurred
in connection with the Proposals, to part fund the redemption of
certain of the ITM Group's indebtedness and to reduce the overall
gearing of the Enlarged Group.

Information on the ITM Group

The ITM Group, established in 1969, is an international group,
and is one of the world's leading independent producers of
components for undercarriages and assemblers of complete
undercarriage frames for crawler and agricultural machines
(excavators, bulldozers, loaders and tractors), with an estimated
market share of approximately 30 per cent. (excluding Caterpillar
whose undercarriage products are manufactured in-house for use as
part of Caterpillar vehicles and machinery).

ITM Group's products are sold to the main OEM manufacturers as
well as to the AMK market.  The ITM Group also sells components
of excavators, such as teeth and blades, principally to the spare
parts market.  In the six months to 30 June 2005, 62% of ITM
Group's revenues were generated through sales to OEMs, while the
remaining 38% derived from sales to the AMK market.

Following several years of growth and international expansion at
the end of 2000, the ITM Group faced a downturn in the earth
moving machines business cycle.  This downturn was worsened by
the worldwide economic recession, the restructuring plans
launched by some major OEMs' and the strong appreciation of the
Euro against the U.S. dollar and other currencies in the
Asia-Pacific area.

The complexity inherited by the acquisitions made in the 1990s
and the negative impact of the above mentioned external factors,
significantly affected the ITM Group's profitability from 2001
and 2002.  This highlighted the need for a significant industrial
restructuring plan and a review of the sales policy aimed at
lowering the breakeven point, increasing efficiency and
competitiveness and improving commercial margins. In addition,
the restructuring was designed to improve procurement policies,
reduce the product complexity, rationalize the customer base and
seek to exploit the ITM Group's potential low cost global
manufacturing base.

The industrial restructuring was substantially completed by
December 2004.  An upturn of the business cycle in 2003 and 2004
also helped to increase total revenues and to recover
profitability, especially in North America.

The industrial restructuring, although successful in improving
the overall financial performance of the ITM Group, has placed
additional strains on its working capital requirements which have
hindered further investment in the business.

The ITM Group's OEM customers include, inter alia, Komatsu,
Terex, John Deere, CNH, Liebherr, Same-Deutz and Volvo.

Financial information on the ITM Group

A summary of the results for the ITM Group for the two years
ended 31 December 2004 and the six months ended 30 June 2005,
which has been extracted without material adjustment from the
financial information on the ITM Group set out in the Admission
Document, is set out:

                            Year ended 31 December  (Unaudited)
                                                    6 months to
                                                      30 June
                                  2003       2004       2005
                                EUR'000    EUR'000    EUR'000
Turnover                        239,192    298,550    169,595

Gross profit                     19,850     54,716     28,690

Operating (loss)/profit         (36,772)    17,081     13,770
Net interest payable and similar charges
                                (23,880)  (29,884)     (7,544)

(Loss)/profit on ordinary activities
before taxation                 (60,652)  (12,803)      6,226

Net (liabilities)               (29,619)  (43,097)    (24,521)

Information on Titan Europe

Titan Europe is a leading European manufacturer of agricultural
wheels, large earthmover and large construction wheels, tracked
vehicle idler wheels and wet-ramp brakes for agricultural
vehicles.  It also sells tyres, tyre and wheel assemblies and
provides logistic services for these to major agricultural OEMs.
Titan Europe has facilities in Italy, U.K., France, Germany and
Australia, a 35.9% shareholding in Wheels India, an Indian
manufacturer quoted on the NSE and has recently announced a joint
venture with JANTSA in Turkey.  The shares of Titan Europe were
admitted to trading on AIM on 7 April 2004.

The business of Titan Europe began in 1986 and has since grown
through a number of acquisitions in the agricultural, earthmover
and construction wheels sectors.

The Directors believe it has maintained and developed its
business by creating a strong market presence based on product
quality, technical competence and customer service in its chosen
range of products.

The customers of Titan Europe include many major OEMs in the
agricultural, construction and mobile crane industries, such as
AGCO, Caterpillar, CNH, John Deere, Landini, Liebherr, Renault,
Same-Deutz and Volvo Construction.

Financial information on Titan Europe

A summary of the results for Titan Europe for the three years
ended 31 December 2004 and the six months ended 30 June 2005,
which has been extracted without material adjustment from the
financial information on the Company set out in the Admission
Document, is set out below:

                           Year ended 31 December    (Unaudited)
                                                     6 months to
                                                         30 June

                              2002     2003      2004      2005
                            GBP'000   GBP'000   GBP'000  GBP'000

Turnover                    79,360     88,969   107,120  70,482
Gross profit                11,561     13,509    19,095  13,276
Operating profit             2,985      4,326     6,419   5,728
Share of operating profit of   436      1,344     1,712     808
associate
Profit on ordinary activities
before taxation              3,244      5,002     7,236   6,100
Net assets                  45,207     49,731    53,291  56,535

The Titan Europe unaudited trading results for the nine months
ended 30 September 2005 show turnover of GBP98.4 million (2004:
GBP77.5 million) and profit before tax of GBP7.2 million (2004:
GBP4.3 million).

The Placing

The Company is proposing to raise GBP70 million, before expenses,
through the Placing.

Under the Placing Agreement, Seymour Pierce has, as agent for
Titan Europe, agreed to use its reasonable endeavors to procure
subscribers for the Placing Shares at the Placing Price.  The
Placing Shares are being placed by Seymour Pierce with
institutions and other investors.

The Directors and the Proposed Director intend that the net
proceeds of the Placing will be used to fund the costs incurred
in connection with the Proposals, to part fund the redemption of
certain of the ITM Group's indebtedness and to reduce the overall
gearing of the Enlarged Group.

As a demonstration of their commitment to the Company, Mike Akers
and Vince Wicks will subscribe for 25,000 Placing Shares and
16,000 Placing Shares respectively in the Placing.

In addition, Titan Inc. intends to subscribe for 1,000,000
Placing Shares in the Placing at the Placing Price in
satisfaction of GBP2 million of an existing GBP5 million loan to
Titan Europe.

The Placing Shares will represent approximately 43.2% of the
Enlarged Share Capital of the Company on Admission.  On
Admission, at the Placing Price, Titan Europe will have a market
capitalization of approximately GBP162 million.

Dividend Policy

The Directors and the Proposed Director intend that the Company
will continue to pursue a progressive dividend policy while
continuing to retain a significant proportion of the Enlarged
Group's earnings to facilitate the growth of the Enlarged Group,
both organically and through acquisition. It is intended that the
next dividend to be paid by the Company will be the final
dividend in respect of the year ended 31 December 2005.  The
Placing Shares and the Initial Consideration Shares will not rank
in full for the final dividend in respect of the year ended 31
December 2005.  The Board intends to review its dividend policy
as the Enlarged Group develops.

Proposed Director

Ivano Passini, aged 58, Proposed Director

Ivano has been involved in the undercarriage industry for many
years.  In 1969 he established Sorefa S.p.A., a manufacturing
company and supplier of the Italtractor Group. In 1992 he took
over the management of the ITM Group and became the sole
shareholder.  Through a number of acquisitions he built up the
ITM Group to be one of the world's leading independent producers
of components for undercarriage and assemblers of complete
undercarriage frames for tracked machinery to be used for earth
moving and agricultural purposes.  In 1998 he was awarded the
title of Knight of Labor by the President of the Republic.  In
2002 the Dean of the Modena University conferred him a honorary
degree in mechanical engineering.

Current trading and Prospects for the Enlarged Group

Titan Europe

On 27 October 2005, the Company announced its third quarter
results for the nine months ended 30 September 2005, which
reported a profit before tax of GBP7.5 million (2004: GBP6.2
million) excluding goodwill amortization and exceptional items.
Unadjusted profit before tax was GBP7.2 million (2004: GBP4.3
million).

Trading during the first half of 2005 continued the strong growth
trend experienced in 2004.  During the third quarter of 2005,
trade stabilized to what the Directors believe is a more
sustainable level of year on year growth.  All core market
segments showed sales growth against the corresponding period in
the prior year.

During 2004 significant price increases were required to
counteract the higher levels of input costs incurred on steel.
These price increases were generally implemented in the latter
half of that same year. Consequently, year-on-year sales growth
towards the end of 2005 is impacted less by the different
year-on-year selling prices and more by real volume growth.

The trading cycle in the Titan Group's market sector is skewed
towards the first half of the year partly as a result of the
August and December manufacturing shutdowns in Europe.  The
normal demand cycle has been even more marked in 2005 with
exceptional levels in the first half.  This effect was most
pronounced in the agricultural market.

Turnover until the end of the third quarter from Andys, (which
was acquired in September 2004) was GBP5.1million.  The
corresponding operating profit until the end of the third quarter
was GBP0.4 million.

On 12 September 2005, Titan Italia signed a joint venture
agreement with JANTSA to create an agricultural wheel factory in
Turkey.  It is anticipated that the facility will be operational
in the second half of 2006 with production capacity of up to
300,000 wheels per year.

The Directors and the Proposed Director believe that the
combination of enhanced technology and increased capacity in
Italy and the lower cost manufacture for some product ranges
expected to be achieved once the Turkish facility is operational
will enhance the Enlarged Group's ability to remain a key
supplier for European agricultural vehicle manufacturers.

The Company's share of operating profit from its associate,
Wheels India, for the nine months ended 30 September 2005 is
broadly in line with the prior year at approximately GBP1.1
million (2004: GBP1.2 million).  The business of Wheels India
continued to be buoyant in most market segments; however there
has been some slackening in the demand for commercial vehicle and
tractor wheels.

On 11 November 2005, Titan Group announced the acquisition of the
entire share capital and the patent rights of Wheel and Rims
Engineering, a specialist wheel manufacturer based in Brisbane,
Australia for a cash consideration of approximately GBP2.1
million.

The Board continues to consider a number of possible new
investments with a view to expanding the Company's operations
both geographically and in terms of product range.

ITM Group

The interim results for the six months to 30 June 2005 for the
ITM Group show a turnover of EUR169.6 million and operating
profit of EUR13.8 million.

In the year ended 31 December 2004, the ITM Group experienced a
trend towards larger items as their OEM customers moved towards
larger machines, and the benefits of some steel prices being
passed on to customers.  Together, these led to increasing
turnover in the period in all OEM products.  In the AMK market,
although a similar trend towards larger, higher value-added items
such as chains increased turnover of certain AMK product lines,
increased competition from the Far East, particularly in the
lower value-added products did lead to some erosion of market
share.  In the six months to 30 June 2005, higher steel prices
were off-set by continued changes in the sales mix with increased
sales of larger items as OEM customers moved towards larger
machines.  It is anticipated that for the second half of 2005
this trend will continue with average selling prices increasing,
largely reflecting the move towards more complex and heavier
parts with some volume decline in the AMK market.

The order book as at 15 September 2005 stood at approximately
EUR172.8 million (GBP116.8 million).

Steel is the principal element of the raw material cost of parts
manufactured by the ITM Group.  In 2004, on average, steel and
scrap steel prices incurred by the ITM Group increased
substantially, with both raw material prices continuing to
increase in the first half of 2005.  In addition, with the
appreciation of the Brazilian Real, to reduce raw material costs
in the Brazilian operations a higher proportion of steel was
purchased in Europe and shipped to ITM's Brazilian facility.

As a result of the restructuring undertaken in the period from
2003 to 2004 (more fully described of the Admission Document)
certain cost savings and productivity improvements, particularly
in Brazil and Italy, were achieved in 2004 and it is expected
that savings will continue to be enjoyed in 2005.

Enlarged Group

The Directors and the Proposed Director believe that the
opportunities resulting from combining the two groups (as more
fully set out under 'Reasons for the Acquisition, the Placing and
Admission'), provides significant potential upside for the
Enlarged Group going forward and based on this belief they view
the future with confidence.

Admission to AIM

Application has been made to the London Stock Exchange for all
the Enlarged Share Capital to be admitted to trading on AIM. It
is expected that Admission will become effective and dealings in
the Enlarged Share Capital will commence on 30 December 2005.

                        Placing Statistics

Placing Price                            200p
Number of Existing Ordinary Shares       39,230,000
Number of Placing Shares                 35,000,000
Number of Initial Consideration Shares   6,759,000
Percentage of the Enlarged Share Capital
subject to the Placing                   43.2%
Percentage of the Enlarged Share Capital
subject to the Acquisition                8.3%
Percentage of the Enlarged Share Capital
subject to the Proposals                 51.6%
Number of Ordinary Shares
in issue immediately following Admission   80,989,000
Market capitalization
of the Enlarged Share Capital
of the Company at the Placing Price      GBP162.0 million
Estimated net proceeds receivable         GBP62.4 million
by the Company pursuant
to the Placing after expenses
(excluding VAT)


             Expected timetable of Principal Events

Publication of Admission Document       7 December 2005

Latest time and date              11:00 a.m. on 27 December 2005
for receipt of Forms of Proxy

Extraordinary General Meeting     11:00 a.m. on 29 December 2005
of the Company
Admission effective and dealings
commence in the Enlarged Share Capital
on AIM                           30 December 2005
Completion of the Acquisition     30 December 2005
Expected date of delivery
of the Placing Shares into       30 December 2005
CREST accounts
Definitive share certificates     14 January 2006
dispatched in respect of the Placing Shares
(where applicable)

This announcement is not being posted to Shareholders.  An
Admission Document containing full details of the Acquisition and
Placing including notice of the EGM is being posted to
Shareholders.  Further copies are available as requested from the
Company Secretary at the Company's Registered Office: Titan
Europe Plc, Bridge Road, Cookley, Kidderminster, Worcestershire,
DY10 3SD, UK.

                    Advisers to Titan Europe

Nominated Adviser, Broker:       Seymour Pierce Limited
                                 (London, U.K.)

Italian Financial Adviser:       Eidos Partners (Milan, Italy)

Legal Advisers:                  Gateley Wareing LLP
                                 (Birmingham, U.K.)

Italian Legal Advisers           Allen & Overy LLP
                                 (Milan, Italy)

Strategic Advisers               Value Partners (Milan, Italy)

Auditors, Reporting Accountants: PricewaterhouseCoopers LLP
                                 (Birmingham, U.K.)

Financial PR Advisers:           Citigate Dewe Rogerson
                                 (Birmingham, U.K.)

CONTACT:  TITAN EUROPE PLC
          Mike Akers, Chief Executive
          Phone: +44 (0) 1562 850561
          Web site: http://www.titaneurope.com

          SEYMOUR PIERCE
          Mark Percy
          Phone: +44 (0) 207 107 8000

          CITIGATE DEWE ROGERSON
          Fiona Tooley
          Phone: +44 (0) 121 455 8370

          EIDOS PARTNERS (Italy)
          Simone Dragone
          Phone: +39 (0)2 8597 9233


ITALTRACTOR ITM: Junk Rating on CreditWatch Developing
------------------------------------------------------
Standard & Poor's Ratings Services placed its 'CCC' long-term
corporate credit rating on Italy-based machinery component maker
Italtractor ITM S.p.A. on CreditWatch with developing
implications, following U.K.-based Titan Europe PLC's (not rated)
announced takeover bid, for about EUR30 million, for the entire
issued share capital of Italtractor and its holding company NewCo
S.p.A.  The developing implications mean that the rating could be
raised, lowered, or affirmed.

"The CreditWatch placement reflects our view that the proposed
transaction is likely to have an impact on Italtractor's current
financial profile, although we are not currently in a position to
be able to evaluate whether this impact would be positive or
negative," said Standard & Poor's credit analyst Barbara
Castallano.  "The placement also reflects uncertainty as to the
enlarged group's future strategy."

This acquisition is categorized as a reverse takeover and is
subject to shareholder approval.  It is expected to be completed
by Dec. 30, 2005.

We will resolve the CreditWatch status once there is a final
outcome for the proposed bid and, if the bid is successful,
following receipt of further details of the future capital
structure and strategy of Italtractor as part of the merged
group.

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

          STANDARD & POOR'S RATINGS SERVICES
          Web site: http://www2.standardandpoors.com/


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


ROYAL SHELL: Cancels 1,200,000 'A' Shares
-----------------------------------------
On 13 December 2005, Royal Dutch Shell plc purchased for
cancellation 900,000 'A' Shares at a price of EUR26.77 per share.
It further purchased for cancellation 300,000 'A' Shares at a
price of 1,804.83 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,940,825,000.

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


ROYAL SHELL: Spending US$19 Bln on Upstream, Downstream Projects
----------------------------------------------------------------
Royal Dutch Shell has disclosed a capital investment program for
2006 of around US$19 billion in support of its strategy of more
upstream and profitable downstream.  Planned 2006 Upstream
investment is around US$15 billion, including approximately US$2
billion for Exploration and excluding the minority share of
Sakhalin.  Downstream investment is planned at over US$4 billion.

Jeroen van der Veer, chief executive for Royal Dutch Shell, said:
"We have a substantial pipeline of projects for development.  The
increase in investment will grow and mature our resource base,
increase production, build on our strong position in integrated
gas and unconventionals and enhance our leading position in the
Downstream.  Global energy needs depend on the industry's ability
to sustain high levels of investment as the search for energy
leads us to increasingly challenging and technically demanding
environments."

Highlights of the 2006 Program

(a) US$10 billion - US$11 billion in Upstream growth projects;

(b) 55% of the increase in Upstream investment relative to 2005
    targeted to development and ramp up of new projects and
    increase in exploration; and

(c) 20% of the increase in Upstream investment relative to 2005
    to the development and redevelopment of existing fields.

Upstream

The 2006 capital investment contributes to bringing on stream
facilities that are expected to unlock 13 billion barrel of oil
equivalent (boe) of resources by end 2009 and mature 5 billion
boe of resources to final investment decision by end 2009.

Major projects at various stages of maturation include:

(a) existing oil and material new oil: Salym, Bonga, Ehra,
    Kashagan, Deimos and Great White;

(b) integrated gas: Qatar LNG and Pearl GTL, Nigeria LNG, Ormen
    Lange, and exploration, production and LNG activities in
    Libya, Sakhalin and Australia; and

(c) unconventionals: Athabasca Oil Sands expansion.

Development costs for typical major Upstream projects are in the
range US$4 - US$8 per boe on a total resource basis (excluding
LNG and GTL facilities costs).  These metrics and related risks
may vary significantly across different geographies, projects and
operations.

The majority of the Upstream capital investment, some US$10
billion - US$11 billion, will be dedicated to growth projects,
defined as projects not yet on stream and including Sakhalin and
the Athabasca expansion.  This includes approximately US$2
billion in Gas & Power predominantly in LNG and approximately
US$2 billion for exploration.  The remainder of the US$15 billion
for Upstream, some US$4 billion - US$5 billion, will be invested
in ongoing field development and redevelopment, asset integrity
and other activities.

Of the increase in Upstream capital investment in 2006 relative
to 2005 approximately 55% is attributed to initiation and/or ramp
up in the construction and development phase of new projects and
to increased exploration.  Some 20% of this increase is for
investment in the development and redevelopment of existing
Upstream assets.  An estimated 25% of the increase is due to
price inflation, exchange rates and increase in service costs,
such as drilling rig rates.

Downstream

The Downstream continues to focus on operational excellence,
integration opportunities between Oil Products and Chemicals and
expanding in growth markets for its main lines of business -
Manufacturing, Supply and Distribution, Retail, Business to
Business, Lubricants and Chemicals.  Capital investment is
distributed between attractive growth opportunities and clean
fuels (combined around $1.7 billion), alternative energy,
technology infrastructure opportunities, capitalized turnaround
activity and base maintenance of core assets.

Jeroen van der Veer said: "We will continue to exercise strict
discipline to prioritize our projects for investment and assure
appropriate resources, technology and project management
capabilities are applied.  We add to our investment in long
lived, low decline, high plateau Upstream projects which will
profitably contribute to the world energy needs. With strong
operational performance and high prices we generate significant
cash, enabling high levels of investment in these organic growth
opportunities while returning cash to shareholders via dividends
and buy backs.  We expect to continue with our closed period buy
back program in January and will provide an update on our 2006
buy back program with the full year results announcement in
February."

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


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


AGRO-KHIMIK: Declared Insolvent
-------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Agro-Khimik after finding the open
joint stock company insolvent.  The case is docketed as
A43-9818/05-24-215.  Ms. L. Ponomareva has been appointed
insolvency manager.  Creditors have until December 29, 2005 to
submit their proofs of claim to 603000, Russia, Nizhniy Novgorod,
Post User Box 600.

CONTACT:  AGRO-KHIMIK
          Russia, Uren, Mekhanizatorov Str. 35B

          L. PONOMAREVA
          Insolvency Manager
          603000, Russia, Nizhniy Novgorod region,
          Post User Box 600


ALFA BANK: Fitch Gives Subordinated Notes Final B- Rating
---------------------------------------------------------
Fitch Ratings has assigned Alfa Bond Issuance's issue of 10-year
limited recourse loan participation notes a final Long-term 'B-'
rating.  The notes have been issued solely for financing a
subordinated loan to Russia's Alfa Bank (Alfa, rated Long-term
'B+'/Stable, Short-term 'B', Support '4', Individual 'D',
National Long-term 'A(rus)'/Stable).  The issuer will only pay
noteholders amounts (principal and interest), if any, received
from Alfa under the loan agreement.

Alfa is the largest privately owned bank in Russia and its parent
company, ABH Financial Ltd., is ultimately owned by seven
individuals.

CONTACT:  ALFA BANK
          27 Kalanchevskaya Street
          Moscow 107078
          Russian Federation
          Phone: +7 095 929-91-91
                 or 974-25-15
          E-mail: mail@alfabank.ru
          Web site: http://www.alfa-bank.com

          Alfa Capital Markets
          21st Floor, City Tower
          40 Basinghall Street
          London EC2V 5DE
          United Kingdom
          Phone: +44 (0) 20-7588-8500
          Fax: +44 (0) 20-7382-4170
          E-mail: info@alfa-cm.com

          FITCH RATINGS
          James Watson, Moscow
          Phone: +7 095 956 99 01
          Lindsey Liddell, London
          Phone: +44 207 417 3495

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


BANK ZENIT: Earns Upgrade from Fitch; Stable Outlook Affirmed
-------------------------------------------------------------
Fitch Ratings has upgraded Russia-based Bank Zenit's (Zenit)
Long-term rating to 'B' from 'B-'.  At the same time, Zenit's
other ratings have been affirmed at Short-term 'B', Individual
'D', Support '5' and National Long-term 'BBB-(rus)'.  The
Outlooks on the Long-term and National Long-term ratings remain
Stable.

The upgrade comes on the back of improved efficiency and a
reduced reliance on operations with related parties, primarily
Zenit's major shareholders, in particular as regards revenue
generation and loan origination.  The ratings also take into
account the bank's good, to date, asset quality, reasonable
liquidity and relatively strong risk management.  However, they
also reflect a highly concentrated loan book, the still extensive
business with related parties and modest profitability, as well
as certain weaknesses in the Russian operating environment.

Upside potential to the ratings lies in Zenit's efforts to grow
its franchise and scale of business and, as a result, further
reduce its dependence on related parties and improve performance.
Fitch notes, however, that rapid business growth could be
challenging to achieve, and may also result in an increase in
credit and operational risks.  Downward pressure on the ratings
could result from increased operations with shareholders,
deterioration in asset quality or a substantial increase in
market risk.

Zenit is owned by a number of entities, the most influential of
which is Tatneft (26% stake), Russia's fifth-largest oil company.
Zenit is one of Russia's 20 largest banks, with around 1% of
banking assets at end-H105.  It concentrates on corporate and
investment, as well as, to a lesser extent, private and retail
banking.

CONTACT:  BANK ZENIT
          9, Banny pereulok
          Moscow 129110, Russia
          Phone: (095) 937-07-37
          Fax: (095) 937-07-36
          Web site: http://eng.zenit.ru

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

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


BOGORODITSKOYE: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
supervision procedure on limited liability company Bogoroditskoye
(TIN 4604002488).  The case is docketed as #A35-9200/05 "g".  Ms.
A. Snegireva has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim.  A hearing will take
place on March 1, 2006, 10:15 a.m.

CONTACT:  BOGORODITSKOYE
          Russia, Kursk region,
          Gorshechnyj region


HAYDITE: Claims Filing Period Ends December 29
----------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Haydite after finding the limited liability
company insolvent.  The case is docketed as A50-10506/2005-B.
Mr. V. Shumilov has been appointed insolvency manager.
Creditors have until December 29, 2005 to submit their proofs of
claim to Russia, Perm region, Zarayskaya Str. 12-1.

CONTACT:  HAYDITE
          Russia, Perm region,
          Chaykovskiy, Primorskiy Avenue, 32

          V. SHUMILOV
          Insolvency Manager
          Russia, Perm region,
          Zarayskaya Str. 12-1


IRKUTSKOYE: Irkutsk Court Brings in Insolvency Manager
------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Irkutskoye after finding the close joint
stock company insolvent.  The case is docketed as
A19-18467/05-37.  Mr. S. Sergeyuk has been appointed insolvency
manager.

CONTACT:  S. SERGEYUK
          Insolvency Manager
          665360, Russia, Irkutsk region, Ziminskiy region,
          Ts-Khazan, Zheleznodorozhnaya Str. 35


MOSTO-STROY-SERVICE: Insolvency Manager Takes over Firm
-------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on limited liability company
Mosto-Stroy-Service.  The case is docketed as A79-6781/2005.  Mr.
V. Alalykin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 610000, Russia,
Kirov, Moskovskaya Str. 25a.

CONTACT:  MOSTO-STROY-SERVICE
          Russia, Chuvashiya republic, Shumerlya

          V. ALALYKIN
          Temporary Insolvency Manager
          610000, Russia, Kirov,
          Moskovskaya Str. 25a


NEREKHTA-AGRO-PROM-KHIMIYA: Names Insolvency Manager
----------------------------------------------------
The Arbitration Court of Kostroma region commenced bankruptcy
proceedings against Nerekhta-Agro-Prom-Khimiya after finding the
open joint stock company insolvent.  The case is docketed as
A13-4836/2005-20.  Mr. O. Morozov has been appointed insolvency
manager.  Creditors have until December 29, 2005 to submit their
proofs of claim to 153000, Russia, Ivanovo, Teatralnaya Str. 16,
Office 52.

CONTACT:  NEREKHTA-AGRO-PROM-KHIMIYA
          Russia, Kostroma region,
          Nerekhta, Druzhby Str. 31

          O. MOROZOV
          Insolvency Manager
          153000, Russia, Ivanovo,
          Teatralnaya Str. 16, Office 52


NORILSKIY: Succumbs to Bankruptcy
---------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Norilskiy after finding the fish factory
insolvent.  The case is docketed as A33-16768/2005.  Mr. A.
Senotrusov has been appointed insolvency manager.

CONTACT:  A. SENOTRUSOV
          Insolvency Manager
          660049, Russia, Krasnoyarsk region,
          Lenina Str. 62A, Office 10


RZHEVSKIY: Gives Creditors Until December 29 to File Claims
-----------------------------------------------------------
The Arbitration Court of St-Petersburg and the Leningrad region
commenced bankruptcy proceedings against Rzhevskiy after finding
the grain products company insolvent.  The case is docketed as
A56-33968/2004.  Mr. V. Shirokov has been appointed insolvency
manager.  Creditors have until December 29, 2005 to submit their
proofs of claim to 172385, Russia, Tver region, Rzhev, Lugovaya
Str. 2.

CONTACT:  RZHEVSKIY
          197342, Russia, St-Petersburg,
          Krasnogvardeyskiy Per. 15

          V. SHIROKOV
          Insolvency Manager
          172385, Russia, Tver region,
          Rzhev, Lugovaya Str. 2


SEVERSTROY: Declared Insolvent
------------------------------
The Arbitration Court of Yamalo-Nenetskiy autonomous region
commenced bankruptcy proceedings against Severstroy (TIN
8904008992, OGRN 1028900622904) after finding the open joint
stock company insolvent.  The case is docketed as A81-2442/2005.
Mr. E. Aleskerov has been appointed insolvency manager.

CONTACT:  SEVERSTROY
          629300, Russia, Yamalo-Nenetskiy autonomous region,
          Novyj Urengoy, North Communal Zone, 24

          E. ALESKEROV
          Insolvency Manager
          629300, Russia, Yamalo-Nenetskiy autonomous region,
          Novyj Urengoy, North Communal Zone, 24,
          Post User Box 232


SIB-KOMLEKT-AUTO-TRANS: Bankruptcy Hearing Set January
------------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on open joint stock company
Sib-Komlekt-Auto-Trans.  The case is docketed as A-70-7466/3-05.
Mr. A. Ivanov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to Russia, Tyumen
region, Osipenko Str. 84-27.  A hearing will take place on
January 12, 2006.

CONTACT:  SIB-KOMLEKT-AUTO-TRANS
          Russia, Tyumen region, Zaykovo

          A. IVANOV
          Temporary Insolvency Manager
          Russia, Tyumen region,
          Osipenko Str. 84-27


YUKOS OIL: Arbitration Court Reconsiders Claim Filed by Banks
-------------------------------------------------------------
The Arbitration Court of Moscow reviewed Tuesday the claim of
western banks against Yukos, but suspended hearings until
December 14 to sift through the voluminous case files.

On Sept. 28, Moscow's arbitration court upheld the decision of
the High Court in London that required Yukos to repay US$475.28
million loans from the 14 foreign banks.  Yukos appealed to the
arbitration court on Oct. 11 as bailiffs began to execute the
ruling.  On Nov. 30, the case was returned to the arbitration
court for reconsideration.

The debt is what remains of a US$1 billion loan granted in 2003
by the banks led by France's Societe Generale, Citigroup Inc.,
Deutsche Bank AG, Commerzbank AG, BNP Paribas S.A., ING Bank
N.V., Credit Lyonnais, and HSBC.  Yukos availed of the loan to
pre-finance sale of oil and for general corporate purposes.  It
includes a three-year US$500 million loan facility and a
five-year US$500 million loan facility.  The lenders claim Yukos
missed interest payments due in March and April 2005.  In July,
Yukos admitted receiving a notification of default.  The loan was
secured against Yukos' production subsidiaries, including
Yugansk, which is now owned by state-owned company Rosneft.

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It filed for chapter 11 protection in December 2004 (Bankr. S.D.
Tex. Case No. 04-47742), but the case was dismissed in February.
A few days after, its main production unit Yugansk was sold by
the government to a little-known firm Baikalfinansgroup for
US$9.35 billion, as payment for US$27.5 billion in tax arrears
for 2000-2003.  Yugansk eventually was bought by state-owned
Rosneft, which is now claiming more than US$12 billion from
Yukos.

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

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


YUKOS OIL: Legal Unit Chief Appeals Arrest Order
------------------------------------------------
The defense team representing Dmitry Gololobov, head of Yukos'
legal department, appealed Tuesday the issuance of a warrant for
his arrest, RIA Novosti reports.

Lawyer Alexander Gofstein said the warrant was "illegal and
unfounded," and should be overturned.  The Moscow City Court will
hear the appeal on Dec. 26.

The Basmanny district court issued the order against Mr.
Gololobov, who is charged of embezzling US$100 million, on Nov.
30.  Late last year, the Prosecutor General's Office also applied
for an arrest warrant and placed him on the international wanted
list after he failed to appear for questioning and went abroad
instead.

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It filed for chapter 11 protection in December 2004 (Bankr. S.D.
Tex. Case No. 04-47742), but the case was dismissed in February.
A few days after, its main production unit Yugansk was sold by
the government to a little-known firm Baikalfinansgroup for
US$9.35 billion, as payment for US$27.5 billion in tax arrears
for 2000-2003.  Yugansk eventually was bought by state-owned
Rosneft, which is now claiming more than US$12 billion from
Yukos.

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

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


YUKOS OIL: TNK-BP, LukOil Urged to Increase Bids for Mazeikiu
-------------------------------------------------------------
TNK-BP and LukOil are still in the running to acquire Yukos Oil's
53% stake in Mazeikiu nafta, but they have to increase their bids
to stay in the race.

Reports previously indicated the two had been stricken off the
list of bidders for reportedly offering between US$600 million
and US700 million, way below the others.

"Two of the offers, the ones by LUKOIL/ConcoPhillips and TNK-BP,
are too low.  If they adjust their offer they could move on to
the second stage (of bidding)," Lithuanian Economy Minister
Kestutis Dauksys said.

Mr. Dauksys said Yukos executives had told him the offers of
LukOil and TNK were far below those of Kazakhstan's state-owned
gas company KazMunaiGaz and Poland's PKN.  KazMunaiGaz has
reportedly offered US$1.2 billion.  Yukos has said price is a key
factor in the race.  Lehman Brothers is advising Yukos on the
sale.

TNK-BP and LukOil must present new offers by Christmas, Mr.
Dauksys said.  He expects Yukos to recommend a buyer by
mid-January.  The Lithuanian government owns 40.6% of Mazeikiu,
and has the final right of refusal.

Analysts think TNK-BP or a joint bid from LUKOIL and U.S. refiner
ConocoPhillips might eventually lead because of their potential
to guarantee capital and oil supply to Mazeikiu.  In addition,
both have western and Moscow ties.  Continued supply is specially
key after production at the refinery shut down intermittently
this year.

Lithuania plans to buy out Yukos and resell its stake.  It has
already obtained permission from parliament to take out a US$1
billion loan to complete the purchase.  The government is also
planning to sell about 30% of its stake to sweeten the deal.

Mazeikiu owns a refinery, the Butinge offshore terminal and a
pipeline.  It had net profit of LTL378.9 million (EUR109.6
million) in the first half on sales of LTL4.8 billion.  The stake
in the company is one of the last two foreign assets of Yukos
that have not been seized by the Russian government.

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It filed for chapter 11 protection in December 2004 (Bankr. S.D.
Tex. Case No. 04-47742), but the case was dismissed in February.
A few days after, its main production unit Yugansk was sold by
the government to a little-known firm Baikalfinansgroup for
US$9.35 billion, as payment for US$27.5 billion in tax arrears
for 2000-2003.  Yugansk eventually was bought by state-owned
Rosneft, which is now claiming more than US$12 billion from
Yukos.

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


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


AMO: Zhitomir Court Opens Bankruptcy Proceedings
------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Amo (code EDRPOU 13581010) after finding the
limited liability company insolvent.  The case is docketed as
4/57 'B'.  Novograd-Volinskij State Tax Inspection has been
appointed Liquidator.

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

(a) AMO
    Ukraine, Zhitomir region,
    Novograd-Volinskij, Levanevskij Str. 13/19

(b) ECONOMIC COURT OF ZHITOMIR REGION
    10002, Ukraine, Zhitomir,
    Putyatinski Square 3/65


OJSC UZHGORODSKA: Govt Divests Shareholding
-------------------------------------------
Ukraine's State Property Fund on Dec. 6 sold a 51.355% stake in
bankrupt OJSC Uzhgorodska Poultry Farm for UAH3.05 million,
Interfax says.

The company is being liquidated on orders of the economic court
in Zakarpattia.  The poultry farm has a statutory fund of
UAH5.932 million and assets of UAH5.082 million.  Its share has a
face value of UAH0.25 each.

CONTACT:  STATE PROPERTY FUND OF UKRAINE
          18/9 Kutuzova vul., Kyiv, Ukraine, 01133
          (near metro "Pecherska")
          Phone: (38 044) 200-33-33
          Fax: (38 044) 286-79-85
          Web site: http://www.spfu.gov.ua/


SVITANOK: Creditors' Claims Due Next Week
-----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Svitanok (code EDRPOU 04259386) on October
26, 2005 after finding the limited liability company insolvent.
The case is docketed as 231/11 b-05.  Mr. S. Kitsula (License
Number AA 487782) has been appointed liquidator/insolvency
manager.

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

(a) SVITANOK
    09220, Ukraine, Kyiv region,
    Kagarlitskij district, Gorohove, Zagorujko Str. 10-A

(b) S. KITSULA
    Liquidator/Insolvency Manager
    02097, Ukraine, Kyiv region,
    Liskivska Str. 28/15
    Phone: 8 (067) 295-08-03

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


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


APLE (COVENTRY): Administrator Takes over Firm
----------------------------------------------
M. C. Kienlen (IP No 9367) of Armstrong Watson was appointed
administrator of Aple (Coventry) Limited (Company No 04685141) on
Nov. 25.  Its registered office is at Argent House, 5 Goldington
Road, Bedford, Bedfordshire MK4 3JY.

CONTACT:  APLE (COVENTRY) LTD.
          Unit 9/Redland
          Cl Aldermans Green Industrial Est,
          Coventry, CV2 2NP
          Phone: 024 7662 1532

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


ARTEECO LTD.: Goes into Liquidation
-----------------------------------
Arteeco Ltd. informs that resolutions to wind up the company were
passed at an EGM held on Nov. 14 at O'Hara & Co, Wesley House,
Huddersfield Road, Birstall, Batley WF17 9EJ.

Peter O'Hara of O'Hara & Co, Wesley House, Huddersfield Road,
Birstall, Batley WF17 9EJ was appointed liquidator.

CONTACT:  ARTEECO LTD.
          St. Anns Mills
          Commercial Road
          Leeds
          LS5 3AE
          West Yorkshire
          Phone: 0113 275 8219
          Web site: http://www.arteeco.co.uk

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


ASHTEAD GROUP: Half-year Profit Improves to GBP40.2 Million
-----------------------------------------------------------
Ashtead Group plc has unveiled its results for the half-year and
second quarter ended 31 October 2005.

Highlights

(a) group Q2 profit before exceptional items & tax increases
    from GBP13.4 million to GBP27.9 million;

(b) group H1 profit before exceptional items & tax increases
    from GBP18.3 million to GBP40.2 million;

(c) after exceptional items of GBP1.9 million, the H1 profit
    before tax is GBP38.3 million (2004 - GBP18.3 million);

(d) sunbelt's H1 operating profit before exceptional items rises
    53.7% to US$96.4 million (2004 - US$62.7 million);

(e) A-Plant's H1 operating profit is up 3.5% to GBP8.9 million
    (2004 - GBP8.6 million);

(f) market conditions in the United States expected to remain
    favorable; and

(g) payment of dividends resumed - interim dividend of 0.5 pence
    per share declared.

           Statement of Chief Executive George Burnett

Sunbelt achieved substantial first half profit growth by
maintaining last year's record levels of utilization on a fleet
which was on average 7% larger than a year ago and by continuing
to grow its market share.  Although A-Plant's profit growth was
more modest, it did achieve improved return on capital year on
year through rigorous cost control.  Ashtead Technology took
advantage of the strong offshore market to record a 67% profit
increase.

I am pleased that the strength of the Group's first half
performance, our confidence in the outlook and the completion of
the capital reorganization has enabled the Board to announce the
resumption of dividend payments to shareholders for the first
time since 2002.

With interim profits more than double those of last year,
continuing strong trading conditions at Sunbelt and Ashtead
Technology and a stable position at A-Plant, the Board looks
forward with confidence.

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

CONTACT:  ASHTEAD GROUP PLC
          King's Court, 41-51 Kingston Rd.
          Leatherhead
          Surrey KT22 7AP, United Kingdom
          Phone: +44-1372-362-300
          Fax: +44-1372-376-610


BATEC LIMITED: Administrators from Begbies Traynor Enter Firm
-------------------------------------------------------------
Paul Michael Davis and Nicholas Roy Hood (IP Nos 7805, 8350) of
Begbies Traynor (South) LLP were appointed administrators of
Batec Limited (Company No 02560136) on Dec. 1.  Its registered
office is at Unit 2 Faraday Close, Watford Business Park,
Watford, Hertfordshire WD18 8SA.

Batec Limited -- http://www.batec.co.uk/-- was established in
the United Kingdom in 1994 and is a subsidiary of ABI Malaysia
Sdn Bhd, a Malaysian based automotive battery manufacturer.

CONTACT:  BATEC LIMITED
          Unit 2, Faraday Close,
          Watford Business Park, Watford,
          Hertfordshire, United Kingdom WD18 8SA
          Phone: 01923 218886
          Fax: 01923 218848
          E-mail: watford@batec.co.uk

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


BRITISH ENERGY: Posts GBP135 Mln Half-year Operating Profit
-----------------------------------------------------------
British Energy Group plc has reported results for the 2005/06
Half-year including second quarter to 2 October 2005.

Highlights

(a) British Energy has built on the positive first quarter
    results, delivering a good performance for the half year.
    Our prime focus continues to remain on improving our
    operational reliability;

(b) operating profit* of GBP135 million for the half year,
    GBP58 million for the second quarter;

(c) EBITDA* of GBP227 million for the half year, GBP106 million
    for the second quarter;

(d) results reflect the benefit of higher electricity prices
    with an operating margin of GBP3.9/MWh at contracted summer
    prices;

(e) total output for the half year was 33.1 TWh (nuclear 30.6
    TWh, coal 2.5 TWh), up from 31.7 TWh in the first half of
    financial year 2004/05 (nuclear 28.7 TWh, coal 3.0 TWh);

(f) total output for the current financial year to 9 December
    2005 was 44.1 TWh (nuclear 40.1 TWh, coal 4.0 TWh) after
    total unplanned losses for the period to 9 December 2005 of
    9.6 TWh;

(g) as announced on 25 November 2005, due to extensive
    inspections at Hartlepool and Heysham 1 and the need to
    replace the generator stator on one unit at Hartlepool, we
    expect that nuclear output for the financial year 2005/06 is
    unlikely to exceed 61 TWh.  We expect nuclear output for the
    financial year 2006/07 to be around 63 TWh;

(h) realized price was GBP25.0/MWh for the half year, compared
    to GBP24.7/MWh in the first quarter;

(i) as at 9 December 2005, the Company had fixed contracts in
    place for approximately 95% of planned output for the
    financial year 2005/06 at an average price of GBP32.5/MWh.
    Financial year 2006/07 book approximately half fixed at an
    average price of approximately GBP35/MWh excluding 5 TWh of
    capped contracts;

(j) operating cash inflow from operations was GBP150 million for
    the half-year.  Net debt decreased in the half year by
    GBP113 million to GBP107 million.  Cash and liquid funds
    were GBP569 million and collateral requirements were GBP274
    million.  Collateral requirements as at 9 December 2005 were
    GBP419 million;

(k) investment in plant is expected to exceed GBP250 million
    including extra investment in strategic spares for the
    financial year 2005/06;

(l) the NLF Cash Sweep percentage was 64.69% as at 2 October
    2005, down from 64.99% at 31 March 2005 as a result of the
    exercise of a number of the Company's warrants;

(m) no accrual for any potential NLF Cash Sweep payment has been
    made in these interim financial statements in line with the
    Group's accounting policy.  An accrual will be made at 31
    March 2006 for any NLF Cash Sweep payment; and

(n) in accordance with the dividend policy set out within the
    accounts for the period ended 31 March 2005, no dividend has
    been declared for the half year.

Chief Executive Bill Coley said: "We continued to deliver good
financial performance through the half year benefiting from
higher electricity prices.  We are disappointed with the recent
outages at Hartlepool and Heysham 1, which have impacted our
projection of output for the year, but see continuing
improvements in operating metrics as a result of our performance
improvement program.  The British Energy team remains keenly
focused on the long-term by making the investments in the plant
and people to improve reliability and maximize output."

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
The Group's half-year results have been prepared in accordance
with International Financial Reporting Standards (IFRS) for the
first time.  This is the first time since completion of the
restructuring of the Group on 14 January 2005 that British Energy
Group plc has published half-year results.  Therefore this report
does not contain any comparative financial information but, where
appropriate, does contain comparative non-financial information.

Items marked * represent the results of operations adjusted to
reflect the results before exceptional charges and other
movements arising from re-measurement.  During the half-year and
quarter there were no exceptional charges.  For the half-year and
quarter the re-measurement adjustments relate solely to the
re-measurement impact of IAS 39 on the results for the half-year
and quarter.  British Energy believes that the adjusted measures
provide a better indication of the underlying business
performance.

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

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


B W L MOTORS: Hires Irwin & Company as Administrator
----------------------------------------------------
Gerald Irwin (IP No 8753) of Irwin & Company was appointed
administrator of B W L Motors Limited (Company No 02307434) on
Nov. 30.  The company repairs motor vehicles.

CONTACT:  B W L MOTORS
          450 Stoney Stanton Road,
          Coventry, West Midlands CV6 5DG
          Phone: 02476685019

          IRWIN & COMPANY
          Station House
          Midland Drive
          Sutton Coldfield
          Birmingham
          West Midlands B72 1TU
          Phone: 08700 111812
          Fax: 08700 111813
          E-mail: mail@irwinuk.net


COPYCARE PARTNERSHIP: Administrators from Menzies Move in
---------------------------------------------------------
Paul David Williams and Jason James Godefroy (IP Nos 9294, 9097)
of Menzies Corporate Restructuring were appointed administrators
of The Copycare Partnership Limited (Company No 03343298) on Dec.
2.  The company is engaged in leasing photocopiers.

CONTACT:  THE COPYCARE PARTNERSHIP LIMITED
          Unit 3, Chiltern Drive,
          Surbiton, Surrey KT5 8LS
          Phone: 020 8296 0594

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


COVE CONTROL: Bridgers to Liquidate Business
--------------------------------------------
M. Lehane, director of Cove Control Systems Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 16 at 6C Church Street, Reading, Berkshire RG1 2SB.

John Arthur Kirkpatrick of Bridgers, 6C Church Street, Reading
RG1 2SB was appointed liquidator.

CONTACT:  COVE CONTROL SYSTEMS LTD.
          Unit 12
          Kents Avenue
          Hemel Hempstead
          HP3 9XH
          Hertfordshire
          Phone: 01442 233431
          Fax: 01442 266444
          Contact:
          Jason French, Managing Director


DOLPHIN WINDOWS: Appoints Joint Liquidators
-------------------------------------------
J. Hardy, chairman of Dolphin Windows & Conservatories Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Nov. 11 at Quality Hotel Royal, Ferensway, Hull HU1
3UF.

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

CONTACT:  DOLPHIN WINDOWS & CONSERVATORIES LIMITED
          67-73 Courtney Street, Hull
          North Humberside HU8 7QF
          Phone: 01482306760


EARTHPORT PLC: Confirms GBP4 Million Debt Restructuring
-------------------------------------------------------
The Board of earthport plc said it has placed 4,065,882 Ordinary
Shares of 10p each, at prices ranging from 31.5p to 35p, raising
GBP1.3 million and confirms that the debt restructuring referred
to in the RNS announcement dated 17 October 2005 has now been
completed.

Application has been made for an aggregate of 6,242,667 ordinary
shares of 10p each to be admitted to trading on AIM on 16
December 2005. 2,176,785 of theses new Ordinary Shares of 10p
each represent part of the funding of GBP3.2 million reported on
the RNS on 21 October 2005.

The 2,176,785 new Ordinary Shares of 10p each were issued at
prices between 32p and 35p for cash raising GBP715,000.  A
further GBP1 million remains to be drawn down under the facility
announced on 21 October 2005.

Following this listing the total number of earthport Ordinary
Shares in issue will be 20,753,703.

In addition, the Board of earthport confirms that the debt
restructuring referred to in the RNS announcement dated 17
October 2005 has now been completed.  Approximately GBP4 million
of finance creditors have been settled for GBP1 million cash and
GBP0.25 million 7% Loan Notes 2007.

The GBP1 million cash has been financed with a new GBP1.25
million five-year amortizing secured debt facility provided by
General Capital Venture Finance Limited (GCVF) and Michael Gerson
Finance plc.  The remaining GBP0.25 million of the debt facility
is for general working capital purposes.

GCVF is a wholly owned subsidiary of General Capital Group plc a
company of which Jonathan Hill, a non-executive director of
earthport, is a director and a significant shareholder.

The Directors of earthport, with the exception of Jonathan Hill
who is a related party, consider, having consulted with
earthport's Nominated Adviser, Nabarro Wells & Co. limited, that
the terms of the transaction are fair and reasonable insofar as
the Company and its shareholders are concerned.

CONTACT:  EARTHPORT PLC
          Mike Harrison, Chief Executive
          Phone: +44 20 7220 9700

          NABARRO WELLS
          David Nabarro/Jonathan Naess
          Phone: +44 20 7710 7400


EMI GROUP: Joint Venture Sells Japanese CD, DVD Business
--------------------------------------------------------
Toshiba-EMI has reached an agreement to sell its CD and DVD
manufacturing business in Japan to a consortium led by Memory
Tech Corporation that also includes Kinyosha Printing Co. Ltd.,
Goldman Sachs Inc. together with Goldman Sachs (Japan) Ltd., and
Aitec Co. Ltd.  Memory-Tech Corporation is to take over the
day-to-day operation of the manufacturing plant.

This initiative represents the final major step in EMI Group
plc's drive to outsource its manufacturing capability, making
these costs fully variable.  In March 2004, EMI announced that it
was to outsource the manufacture of its CDs and DVDs in Europe
and the United States, and in October 2004, EMI also announced
the sale of its CD-manufacturing joint venture with Warner Music
in Australia.

Under the new agreement, which is subject to certain pre-closing
conditions, on 26 December 2005 TOEMI will transfer its
manufacturing facility, together with its associated assets and
employees, to a separate new company (Newco).  TOEMI will then
sell all of the shares in Newco to the Memory-Tech
Corporation-led consortium.  Simultaneously, TOEMI will enter
into a long-term supply agreement with Newco for the supply of
local CDs and DVDs.  The cash proceeds from the sale are expected
to total JPY 2,360 million (GBP11.9 million).

CONTACT:  EMI GROUP PLC
          27 Wrights Ln.
          London W8 5SW,
          United Kingdom
          Phone: +44-20-7795-7000
          Fax: +44-20-7795-7296
          Web site: http://www.emigroup.com

          MEMORY TECH CORPORATION
          Phone: +81-3-3405-8847
          Fax: +81-3-3405-8905
          E-mail: soumu@memory-tech.co.jp

          KINYOSHA PRINTING CO. LTD.
          2-8-4 Unoki, Ota-ku
          Tokyo 146-8577
          Phone: 03-3750-2107
          Fax: 03-3750-2284
          Web site: http://www.kinyosha.co.jp

          THE GOLDMAN SACHS GROUP, INC.
          85 Broad St.
          New York, NY 10004
          Phone: 212-902-1000
          Fax: 212-902-3000
          Web site: http://www.goldmansachs.com

          AITEC CO., LTD.
          3967-74 Wada, Matsumoto City
          Nagano Pref. 390-1242 Japan
          Phone: 0263(48)1170
          Fax: 0263(48)1173
          Web site: http://www.a-i-tec.co.jp


FILTRONIC PLC: Closes Loss-making Aussie Operation
--------------------------------------------------
Following the end of the current interim period on 30 November
2005, Professor J. D. Rhodes, CBE, FRS, FREng, Chairman of
Filtronic plc, a leading provider of customized microwave
electronic subsystems for the wireless telecommunications and
defense industries, issued the following statement on trading for
this interim period:

"As announced at our AGM, we have discontinued our loss-making
Wireless Infrastructure operation in Australia and restructured
our sales approach in merchant semiconductors, closing a sales
office in the U.S.  The costs of around GBP1 million associated
with these decisions have been borne in the first half of this
financial year.

"Underlying trading performance for the six months ended 30
November 2005 of the two continuing divisions, Wireless
Infrastructure and Integrated Products, is in line with
expectations."

CONTACT:  FILTRONIC PLC
          Professor David Rhodes, Chairman:
          Phone: 01274 530622
          Mobile: 07850 827280

          Professor John Roulston, Group Chief Executive Officer
          Phone: 01274 530622
          Mobile: 07800 706318

          Charles Hindson, Group Finance Director
          Phone: 01274 530622
          Mobile: 07800 706319

          BINNS & CO. PR LTD.
          Peter Binns/Paul McManus
          Phone: 020 7786 9600
          Mobile: 07980 541 893


GLOW NOLLIS: Calls in Administrators from Lovewell Blake
--------------------------------------------------------
Christopher Robin Ashe and Andrew John Turner (IP Nos 1056, 8961)
of Lovewell Blake were appointed joint administrators of Glow
Nollis Limited (Company No 3395445) on Nov. 24.  Its registered
office is at 7 The Close, Norwich, Norfolk NR1 4DP.

CONTACT:  LOVEWELL BLAKE
          89 Bridge Road
          Oulton Broad
          Lowestoft
          Suffolk NR32 3LN
          Phone: 01502 563921
          Fax: 01502 584630
          E-mail: ajt@lovewell-blake.co.uk


HART LIMITED: Names Middleton Partners Administrator
----------------------------------------------------
Stephen Patrick Jens Wadsted and Peter James Yeldon (IP Nos
006064, 007253) of Middleton Partners were appointed joint
administrators of Hart Limited (Company No 05233896) on Dec. 2.
Its registered office is at 25 Ormside Way, Redhill, Surrey RH1
2LW.

CONTACT:  HART LIMITED
          Phone: 01444 462040
          E-mail: enquiries@hart-ltd.co.uk
          Web site: http://www.hart-ltd.co.uk/

          MIDDLETON PARTNERS
          48 Langham Street
          London W1W 7AY
          Phone:  0845 061 6000
                  020 7908 6190
          Fax: 020 7908 6111
          E-mail: enquiries@middletonpartners.co.uk
          Web site: http://www.middletonpartners.co.uk


HT (UK): Appoints Administrator
-------------------------------
David Alexander Hole (IP No 9126) of Alexander Business
Consulting was appointed administrator of HT (UK) Limited
(Company No 05268815) on Dec. 2.  The company manufactures and
supplies windows and conservatories.

CONTACT:  HT (UK) Ltd
          Apollo
          Lichfield Road Industrial Estate
          Tamworth B79 7TA
          Staffordshire
          Phone: 01827 66031
          Fax: 01827 66451

          ALEXANDER BUSINESS CONSULTING
          3000 Manchester Business Park,
          Aviator Way, Manchester (Airport) M22 5TG


INTELLIGENT DESIGN: Liquidator from Sanderlings Moves in
--------------------------------------------------------
C. Wheeler, chairman of Intelligent Design Solutions Limited,
informs that a resolution to wind up the company were passed at
an EGM held on Nov. 15 at Sanderling House, 1071 Warwick Road,
Acocks Green, Birmingham B27 6QT.

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

CONTACT:  INTELLIGENT DESIGN SOLUTIONS LTD.
          11 Central Chambers
          Cooks Alley
          Stratford-Upon-Avon
          Warwickshire
          CV37 6JQ
          Phone: 01789 414422
          Fax: 01789 414411
          E-mail: info@intelligent-design.co.uk
          Web site: http://www.intelligent-design.co.uk/


IWP INTERNATIONAL: First-half Results in Line with Expectations
---------------------------------------------------------------
IWP International plc will announce its interim results for the
six- month period to Sept. 30, 2005 in January 2006.  Joe Moran,
chairman of IWP International said the performance for this
period will be broadly in line with market expectations.

              Report of Mr. Moran at the Firm's AGM

Whilst the current trading environment continues to be difficult,
particularly in our U.K. markets, the year to date trading would
indicate that group operating profit, (pre exceptional and
restructuring cost) is in line with market expectations.

The Group's share of profits in its associate, Jeyes Holding
Limited is likely to be below expectations as a consequence of
the difficult retail trading environment in the U.K. and Germany
coupled with higher raw material input costs.

As announced on Dec. 1, 2005 the Company has concluded a
non-binding indicative heads of terms with its principal secured
creditors, which sets out the principles for the financial
restructuring of IWP and its subsidiaries.  In due course, a
circular will be sent to shareholders providing further details
and seeking the necessary approvals from shareholders.

                            *   *   *

In addition, IWP has been granted a waiver from all of the
secured creditors of any existing covenant breaches to March 31,
2006.

Some key points of the Restructuring are:

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

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

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

CONTACT:  IWP INTERNATIONAL
          Phone: +353 1 6611958


JOHN PAYNE: Names Deloitte & Touche Liquidator
----------------------------------------------
John Payne Building Contractors and Developers Limited informs
that a resolution to wind up the company were passed at an EGM
held on Nov. 10 at Tenon Recovery, Highfield Court, Tollgate,
Chandlers Ford, Hampshire SO53 3TZ.

Angus Martin and Robin Allen of Deloitte & Touche, Abbotts House,
Abbey Street, Reading, Berkshire RG1 3BD were appointed Joint
Liquidators.

CONTACT:  JOHN PAYNE BUILDING CONTRACTORS & DEVELOPMENT
          Elms Glen Rd, Swanwick, SO31 7HD
          Phone: 01489 572473

          DELOITTE & TOUCHE LLP
          Abbotts House, Abbey Street,
          Reading RG1 3BD
          Web site: http://www.deloitte.com


LIGHT BAR: Files for Liquidation
--------------------------------
S. Wilson, chairman of The Light Bar Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 15 at Ward & Co, Bank House, 7 Shaw Street, Worcester WR1
3QQ.

Lyn Marie Green of Ward & Co, Bank House, 7 Shaw Street,
Worcester WR1 3QQ was appointed liquidator.  The appointment was
confirmed at a creditors meeting held on the same day.

CONTACT:  THE LIGHT BAR LTD.
          Suite 4 Chubb Building
          Fryer Street, Wolverhampton
          West Midlands WV1 1HT
          Phone: 01902717108

          WARD & CO.
          Bank House
          Shaw Street
          Worcester
          Worcestershire WR1 3DT
          Phone: 01905 25000
          Fax: 01905 26555
          E-mail: aws@ward-co.co.uk


MG ROVER: Nanjing to Miss Longbridge Revival Plan Deadline
----------------------------------------------------------
MG Rover's new owners will not confirm its revival plans for the
Longbridge site later this month as originally planned.
According to Reuters, Nanjing Automobile (Group) Corporation is
still in the hunt for financial backers and fresh management.
The Chinese firm was earlier expected to unveil its final plans
to restart production in Birmingham by year's end.

In November, Nanjing inked a memorandum of understanding with GB
Sports Car Company for the latter to buy the Austin-
Healey brand.  However, a source privy to the deal said: "The MOU
is just another step along the way rather than fixing anything in
concrete.  The business plan needs to be fully sorted."

In September, Nanjing revealed plans to revive Longbridge by
2007, creating over 1,200 jobs in the process.  Nanjing Vice
President Wang Qiu Jing earlier promised to issue a statement
once a combined business plan was finalized.  But Nanjing has
refused to comment since then.

"I think we have moved from a position of skepticism towards one
of pessimism," said an industry source.

Automotive News Europe, in another report, said Nanjing has asked
importers and dealers to be patient in the run-up to the
resumption of operations at Longbridge.

The paper quoted the company as saying: "We believe the global
sales network of former MG Rover is a valuable treasure.  And to
make full use of this treasure is a key factor for the success of
Nanjing in the MG project."

Nanjing is said to be eyeing to bring the MG TF sports car and
the Rover 75-based ZT models back in the market.  However,
industry sources predict these cars to be built by early 2007
yet.

Alan Pulham, former director of the National Franchised Dealer
Association, said: "How do you hang on until they're producing
cars?  Nanjing will have to find a new network."

Meanwhile, Richard Cort, President of the U.K. MG Rover Dealers'
Council, said he is positive about the carmaker's future based on
the meetings he has attended since Nanjing took over. He added:
"The discussions were positive, and there was what I would call a
semi-proposal."

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

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


MOTORSAFE RESCUE: Administrators Take over Firm
-----------------------------------------------
Ian J. Gould and Edward T. Kerr (Office Holder Nos 7866, 9020) of
PKF (UK) LLP were appointed administrators of Motorsafe Rescue
Services Limited (Company No 1752845) on Nov. 29.

Motorsafe Rescue Services -- http://motorsaferescue.co.uk/--  
began trading in 1979 from premises in Alum Rock Birmingham.  It
specializes in the recovery of disabled vehicles.  The company
operates across the West Midlands region and has a depot in
Coventry.

CONTACT:  MOTORSAFE RESCUE SERVICES LIMITED
          Rescue House
          Midland Street
          Bordesley Green
          Birmingham B9 4DG
          Phone: 0121 333 7555
          E-mail: reception@motorsaferescue.co.uk

          PKF
          New Guild House
          45 Great Charles Street
          Queensway
          Birmingham
          West Midlands B3 2LX
          Phone: 0121 212 2222
          Fax: 0121 212 2300
          E-mail: ian.gould@uk.pkf.com


NTL INC.: Sir Richard Ready to Sell Virgin Stake at a Discount
--------------------------------------------------------------
The majority shareholder and founder of Virgin Mobile Holdings is
ready to accept a lower offer for his stake in the mobile
telephone group in exchange for higher license fee for the use of
the Virgin brand.

According to the Financial Times, Sir Richard Branson was last
week willing to sell his 72% stake to NTL Inc. for 300 per share,
below the 323p per share offered to minority investors.  Virgin
Mobile's board has rejected that offer.

Standard & Poor's Ratings Services placed its ratings for NTL
Inc., including the 'B+' corporate credit rating, on CreditWatch
with developing implications, following the company's
announcement of its cash and equity bid for Virgin Mobile PLC.

"Potential for a negative action exists considering the
cumulative risks that NTL would have to manage in integrating a
business with a different customer base, product, and culture, as
well as in developing a compelling quadruple-play offering," said
Standard & Poor's credit analyst Simon Redmond.

NTL's offer for Virgin Mobile follows its announced acquisition
of Telewest Communications Networks Ltd.  The combined company is
negotiating to use the Virgin brand name.  Total debt at NTL of
GBP2.3 billion at Sept.30, 2005, could increase to about GBP6.3
billion pro forma for the Telewest acquisition and potential
Virgin Mobile transaction.

CONTACT:  NTL INCORPORATED
          Bartley Wood Business Park
          Bartley Way
          Hook
          Hampshire R627 9UP
          Phone: +44-1256-75-2000
          Fax: +44-1256-75-4100
          Web site: http://www.ntl.com\


NYKRIS DIGITAL: Benedict Mackenzie Liquidator Moves in
------------------------------------------------------
N. A. Barton, chairman of Nykris Digital Design Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 11 at 62 Wilson Street, London EC2A 2BU.

Laurence Pagden of Benedict Mackenzie LLP, of 62 Wilson Street,
London EC2A 2BU was appointed liquidator.

CONTACT: NYKRIS DIGITAL DESIGN LTD.
         148 Curtain Road
         Shoreditch
         London UK
         EC2A 3AT
         E-mail: hello@nykris.com
         Phone: 020 7749 9349
         Fax: 020 7729 8188
         Web site: http://www.nykris.com/

         BENEDICT MACKENZIE
         62 Wilson Street
         London EC2A 2BU
         Phone: 020 7247 1174
         Fax: 020 7247 3494
         E-mail: i.williams@bmaclondon.com


OBORNE AND ANDREWS: Hires Mazars as Administrator
-------------------------------------------------
Timothy Colin Hamilton Ball and Lucinda Ann Field (IP Nos 8018,
9295) of Mazars LLP were appointed joint administrators of Oborne
And Andrews (Plumbing And Heating Engineers) Limited (Company No
01431508) on Dec. 1.

CONTACT:  MAZARS LLP
          Clifton Down House
          Beaufort Buildings
          Clifton Down, Clifton
          Bristol, Avon BS8 4AN
          Phone: 0117 973 4481
          Fax: 0117 974 5203
          E-mail: tim.ball@mazars.co.uk


POT BLACK: Tandem Group to Close Facilities in Devon
----------------------------------------------------
Tandem Group plc, the sports and leisure equipment manufacturer
and distributor, is issuing an update on its Pot Black snooker,
pool and outdoor leisure business.

In our interim statement issued on 24 August 2005 we reported
that the decision had been made to merge the Pot Black operations
within the Group's MV Sports & Leisure business and that the
assembly operations in Devon would significantly reduce or cease.
The sales and administrative functions were combined at the
beginning of August resulting in cost savings.

The Pot Black assembly operations will cease in January 2006.  At
the same time the Pot Black distribution facility in Devon will
be closed and moved to the West Midlands alongside the Group's MV
Sports & Leisure, Dawes Cycles and Ben Sayers businesses.  As a
result additional costs and provisions will be incurred taking
the total exceptional restructuring costs of Pot Black to around
GBP1.2 million for the year.

It is expected that the Group's turnover for the year to 31
January 2006 will be approximately GBP42 million with an
operating loss around GBP150k, before exceptional items and
goodwill amortization.

                            *   *   *

Tandem group said at its interim statement in August that the
poor performance from Pot Black in the latter part of the
previous financial year continued into this year.

CONTACT:  TANDEM GROUP PLC
          9a South Street
          Crowland
          Peterborough
          PE6 0AH
          United Kingdom
          Phone: (01733) 211399
          Fax: (01733) 211933


PRINCETON CHEMICALS: Administrators from Begbies Traynor Move in
----------------------------------------------------------------
Paul Michael Davis and Nicholas Roy Hood (IP Nos 7805, 8350) of
Begbies Traynor (South) LLP were appointed administrators of
Princeton Chemicals Ltd. (Company No 01834378) on Dec. 1.  Its
registered office is at 112 Midland Road, Luton LU2 0BL.

CONTACT:  PRINCETON CHEMICALS LIMITED
          112 Midland Road,
          Luton, Bedfordshire,
          United Kingdom LU2 OBL
          Phone: 44 1582 722317
          Fax: 44 1582 722890
          Mobile: 00447831541292

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


RIVERSIDE FABRICS: Textile Manufacturer Calls in Administrator
--------------------------------------------------------------
Keith Hinds and Joseph P. McLean (IP Nos 6745, 8903) of Grant
Thornton UK LLP were appointed joint administrators of Riverside
Fabrics Limited (Company No 04720714) on Nov. 25.  Its registered
office is at Riverside, Keighley Road, Silsden, West Yorkshire
BD20 0EG.  The company manufactures other textiles.

CONTACT:  RIVERSIDE FABRICS LTD.
          Riverside Works, Keighley Road
          Keighley BD20 0EG
          United Kingdom
          Phone: +44 (1535) 65 06 50

          GRANT THORNTON UK LLP
          St Johns Centre
          110 Albion Street
          Leeds
          West Yorkshire LS2 8LA
          Phone: 0113 245 5514
          Fax: 0113 246 0828
          E-mail: keith.hinds@gtuk.com


ROYAL MAIL: Mulls GBP2 Billion Fundraising
------------------------------------------
The Department of Trade and Industry is talking with HSBC, Lazard
and Merrill Lynch regarding a possible GBP2 billion rights issue
at Royal Mail, according to The Times.

The fundraising could give the government additional shares in
the group.  It holds only half of Royal Mail's 100,000 shares in
issue despite being a sole shareholder.  Royal Mail has appointed
Morgan Stanley and NM Rothschild to advise it on the fundraising.
Royal Mail intends to draw up detailed proposals on the issue by
the middle of next month, the report said.

The company needed cash to automate its postal system to better
compete when the sector is opened for privatization next year.
It also needed cash to fill a GBP4.25 billion deficit that
threatens to increase to GBP6.2 billion

The firm generates about GBP500 million cash a year, and expects
to pay about GBP450 million to cover the pension shortfall.  The
contribution could increase to almost GBP1 billion a year on a
worst case scenario as the deficit may rise to GBP6 billion to
cover the costs of people living longer, according to The
Guardian.

The government has already ruled out providing financial help to
the firm as this would breach European Union state aid laws.

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

          MORGAN STANLEY
          1585 Broadway
          New York, NY 10036
          Phone: (212) 761-4000
          Web site: http://www.morganstanley.com/

          NM ROTHSCHILD
          Web site: http://www.nmrothschild.com/home/


S C GORDON: Hires Mazars as Administrator
-----------------------------------------
Martin Dominic Pickard (IP No 6833) of Mazars LLP was appointed
administrator of S C Gordon Limited (Company No 00945527) on Dec.
1.

CONTACT:  MAZARS
          The Atrium
          Park Street West,
          Luton, Bedfordshire LU1 3BE
          Phone: 01582 700700
          Fax:   01582 700701
          Web site: http://www.mazars.co.uk


SUGAR LOUNGE: Names Geoffrey Martin & Co. Administrator
-------------------------------------------------------
Stephen Hull and Geoffrey Martin (IP Nos 0/008321/01,
0/002207/01) of Geoffrey Martin & Co. were appointed
administrators of Sugar Lounge (UK) Limited (Company No 04723990)
on Nov. 23.  The company operates a bar and nightclub.

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


SUPACADDY LTD.: Joint Liquidators from Vantis Move in
-----------------------------------------------------
F. Tsui, chairman of Supacaddy Limited, informs that resolutions
to wind up the company were passed at an EGM held on Nov. 15 at
67 Butts Green Road, Hornchurch, Essex RM11 2JS.

J. S. French and G. Mummery of Vantis Redhead French Limited,
43-45 Butts Green Road, Hornchurch, Essex RM11 2JX were appointed
Joint Liquidators.

CONTACT:  SUPACADDY LTD.
          23 Seax Court
          Basildon
          SS15 6SL
          Phone: 01268 493424

          VANTIS REDHEAD FRENCH LIMITED
          43-45 Butts Green Road,
          Hornchurch, Essex RM11 2JX
          Phone: 01708 458211
          Fax: 01708 442308
          E-mail: jeremy.french@vantisredheadfrench.co.uk


T J MCCARTER: Hires Administrator from O'Hara Administrator
-----------------------------------------------------------
Peter O'Hara (IP No 6371) of O'Hara & Co was appointed
administrator of T J McCarter (Plant) Limited (Company No
03468698) on Nov. 22.

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


UK AUCTION: Appoints Begbies Traynor Liquidator
-----------------------------------------------
C. G. Sutton, chairman of UK Auction Rooms Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 14 at 4th Floor, General Building, Brayford Wharf East,
Lincoln.

Peter A. Blair and Paul Finnity of Begbies Traynor, Regency
House, 21 The Ropewalk, Nottingham NG1 5DU were appointed Joint
Liquidators.

CONTACT:  UK AUCTION ROOMS LTD.
          Phone: 0845 230 4202
          Fax: 01652650085
          E-mail: auctions@ddmauctionrooms.co.uk
          Web site: http://www.ddmauctionrooms.co.uk/

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


UK NARROW: Administrators from Grant Thornton Enter Firm
--------------------------------------------------------
Leslie Ross and Keith Hinds (IP Nos 7244, 6745) of Grant Thornton
UK LLP were appointed administrators of UK Narrow Fabrics Limited
(Company No 05241787) on Nov. 30.  The company manufactures and
designs narrow fabrics.

CONTACT:  GRANT THORNTON
          Heron House, Albert Square
          MANCHESTER M60 8GT
          Phone: 0161 834 5414
          Fax: 0161 832 6042
          Web site: http://www.grant-thornton.co.uk


UNIQ PLC: Northern European Arm Has New Managing Director
---------------------------------------------------------
Uniq plc has appointed Frans Rombouts (50) as Managing Director
of its Northern European division.  Mr. Rombouts is currently
President & CEO of the Columbus Steel Group and the Saillart
Stone Group.

Frans Rombouts started his career as Sales Manager with Interbrew
and has subsequently held numerous senior executive positions
including CEO of the Belgian Post, Group Director at Campina and
President & MD of McCain Frozen Foods division.

Simon Atkinson, who is currently Managing Director Northern
Europe, will manage a controlled handover of his responsibilities
during the next 3 months.

Geoff Eaton, chief executive Uniq plc, said: "Frans has extensive
experience in the fresh and frozen food sector and I am confident
that his leadership, combined with the excellent team already in
place, will put the businesses in Northern Europe in the best
position to succeed in a tough market environment.  I would like
to thank Simon for his contribution to the Northern European
business."

                            *   *   *

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


WATERFORD WEDGWOOD: Non-executive Director Steps down
-----------------------------------------------------
Waterford Wedgwood plc disclosed Tuesday that Gerald P. Dempsey
has resigned as non-executive director of the Company.

                            *   *   *

Waterford Wedgwood's 7 for 11 Rights Issue of 1,691,857,115
Rights Issue Units, at EUR0.06 per unit to raise approximately
EUR101 million gross of expenses, closed on 18 July 2005.

The Company received valid acceptances in respect of 528,540,678
Rights Issue Units from Qualifying Stockholders, representing an
aggregate take-up of approximately 31.24% of the total number of
Rights Issue Units offered.  Birchfield Holdings Limited (a
company owned and controlled by Sir Anthony O'Reilly and Peter
John Goulandris, the Chairman and Deputy Chairman respectively),
which underwrote 100% of the Rights Issue, is subscribing for the
balance of 1,163,316,437 Rights Issue Units in accordance with
the terms of the Underwriting Agreement.

The proceeds will be used to finance a major restructuring
program which is expected to cost around EUR90 million, including
EUR6.5 million which has already been spent.  Targeted annualized
cost savings from the restructuring program are EUR90 million.
The proceeds of the Rights Issue will also improve the Group's
liquidity.

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


YES PRINT: Files for Liquidation
--------------------------------
Yes Print Ltd. informs that resolutions to wind up the company
were passed at an EGM held on Nov. 15 at O'Hara & Co, Wesley
House, Huddersfield Road, Birstall, Batley WF17 9EJ.

Peter O'Hara of O'Hara & Co, Wesley House, Huddersfield Road,
Birstall, Batley WF17 9EJ was appointed liquidator.

CONTACT:  YES PRINT LTD.
          624 Bradford Road Batley
          West Yorkshire WF17 8HF
          Phone: 01924 442533
          Web site: http://www.yesprint.biz

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


                            *********


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-publ
ished by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe,
Julybien Atadero and Jay Malaga, Editors.

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

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