TCREUR_Public/051216.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

            Friday, December 16, 2005, Vol. 6, No. 249

                            Headlines

C Z E C H   R E P U B L I C

MS UNIKOV: Sells Assets for EUR16 Million


F I N L A N D

BENEFON OYJ: Bares Financial Reporting Schedule for 2006
METSO CORPORATION: Moody's Expects Good Performance to Continue


F R A N C E

ALSTOM SA: Wins EUR425 Million Contract in Oman


G E R M A N Y

AEG HAUSGERAT: Talks to Keep Nuremberg Factory Open Fail
CC CHEMNITZ: Under Bankruptcy Administration
EPCOS AG: Sells Loss-making Tantalum Capacitor Business
FUERTHENRODER BAUSTAHL: Creditors' Claims Due Later this Month
GERRESHEIMER HOLDINGS: Moody's Rates Senior Notes (P)Caa1

HASSE BOHNE: Bielefeld Company Goes Bust
HUEBNER UND SCHAFER: Creditors to Meet January
KARSTADTQUELLE AG: Sells EUR163 Mln Worth of Real Properties
LISTENER SICHERHEITSSYSTEME: Court Names Pluta Administrator
PHOENIX KAPITALDIENST: Insolvency Plan Vote Set February

RINOL AG: Teeters on the Brink of Insolvency
SUNPOINT SONNENSTUDIO: Bonn Court to Verify Claims March
TONI SCHAFER: Proofs of Claim Due Next Month
WERBESCHMIEDE PREPRESS: Duesseldorf Firm Succumbs to Bankruptcy
WOLFF GMBH: Creditors Meeting Set February
ZUHAUSE IMMOBILIEN: Court Appoints Pluta Administrator


I T A L Y

CIRIO FINANZIARIA: Banks Behind Fraudulent Bond Issuance Charged
IMPREGILO SPA: Joint Venture Wins GBP125 Million U.K. Contract
IT HOLDING: B- Rating Remains on CreditWatch Negative
PARMALAT SPA: CONSOB Cracks Whip on Deloitte Auditors


K Y R G Y Z S T A N

JAFUN: Creditors' Claims Due January


N E T H E R L A N D S

ROYAL SHELL: Has 3,939,525,000 Remaining 'A' Shares
VERSATEL TELECOM: Court Rules in Favor of Centaurus, Others


R U S S I A

ABINSKIY: Undergoes Bankruptcy Supervision Procedure
ARZAMAS-AGRO-PROM-KHIMIYA: Succumbs to Bankruptcy
DOROKHOVSKAYA: Bankruptcy Hearing Set February
FINANCE-PROJECT: Declared Insolvent
GULKEVICHSKAYA: Insolvency Manager Takes over Firm

MERCURY-SOUTH: Names I. Kaydashov Insolvency Manager
ORLOVSKAYA: Claims Filing Period Ends Dec. 29
SADOVOD: Krasnodar Court Brings in Insolvency Manager
STROY-CREDIT-ALLIANCE: Bankruptcy Supervision Procedure Begins
VISHNEVSKOYE: Under Bankruptcy Supervision


S P A I N

SEAT AS: Be Fair with Catalonia Workers, Regional Govt Pleads


U K R A I N E

AJRON: Gives Creditors Until Next Week to File Claims
ANT LTD.: Liquidator Takes over Operations
ISKANDER: Declared Insolvent
KYIV YEAST: Bankruptcy Supervision Starts
OSMA OIL: Under Bankruptcy Supervision
UKRKONVERS: Court Appoints Insolvency Manager


U N I T E D   K I N G D O M

1STCARSHOP LTD.: Hires Robert Day to Liquidate Business
ADVANCED WEIGHING: Goes into Liquidation
ALL CLASS: Names Crawfords Liquidator
ARINCO LTD.: Files for Liquidation
AVECHO.COM LIMITED: Appoints Administrator

BEMAN ENGINEERING: Liquidator from Bottomley Moves in
CABLE & WIRELESS: Delists ADRs from New York Stock Exchange
CALSONIC KANSEI: Workers Decide to Support Cost-saving Measures
CARE CALL: Calls in Wilson Field Liquidator
CENTURION FURNISHINGS: EGM Passes Winding-up Resolution

CHARLES WELPTON: Meeting of Creditors Set Next Week
CHARTERHOUSE CLINICAL: Names Begbies Traynor Administrator
CRYOMED GROUP: Administrators from P&A Partnership Enter Firm
EARTHPORT PLC: Details Restructuring Results
F. & R. DUNLOP: Appoints PwC Administrators

FRITH BOOK: Creditors Meeting Set Next Week
FROSTMIST LIMITED: Names Mitchell Charlesworth Administrator
GATE GOURMET: Compromise Deal with Fired Workers Good Till Today
GOSHAWK INSURANCE: Shareholders Okay Rosemont Sale
GREENHAM ELECTRICAL: Appoints Administrators from Tenon Recovery

INTERTEK GROUP: Warns of Lower Profit Due to Hurricane Claims
OPTIMUSIC LTD.: EGM Passes Winding-up Resolution
PENDANT ALUMINIUM: Deloitte & Touche Administrators Enter Firm
PETARDS GROUP: Resumes Trading on AIM
RETWICK LIMITED: Hires Jeffreys Henry Jacobs Administrator

RINGFRAME SYSTEMS: Creditors Meeting Set Dec. 22
ROYAL & SUNALLIANCE: Completes Sale of 21.5% Rothschilds Stake
RUBYBARSOLUTIONS LTD.: Names DTE Leonard Liquidator
SETMET LIMITED: Calls in Administrators from Milner Boardman
SOVEREIGN MARINE: Proposes 'Closing' Scheme of Arrangement

THUS GROUP: Non-executive Director Steps down
U.K. COAL: To Incur GBP15 Million Redundancy Costs Next Year
UNION LANE: Appoints Deloitte & Touche Administrator
VIEWDIGITAL LTD.: Web site Designer Liquidates
WALMSLEY FURNISHING: Hires Administrators from Deloitte & Touche
YES CAR: Parent Closes Credit Business After Sale Talks Fail

* MG Rover Collapse Pulls down 2005 Car Sales

* FSCS Declares 17 Firms in Default


                            *********


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


MS UNIKOV: Sells Assets for EUR16 Million
-----------------------------------------
Bankrupt metal waste processor MS-Unikov Ostrava has sold its
real properties to TSR Czech Republic, Czech News Agency says.

TSR, the local unit of Germany's TSR Recycling, outbid five other
buyers.  Auctioneer Josef Machu of Prokonzulta said TSR offered
EUR16.08 million (CZK466 million) for the properties initially
priced at EUR6.21 million (CZK180 million).  The sale is the
largest auction in the country, according to the paper.

The new owner takes over Unikov's properties in Ostrava and seven
other towns.  It aims to continue Unikov's collection, purchase
and processing of waste metal.

The Regional Court in Ostrava last month declared MS-Unikov
Ostrava bankrupt, acting on a petition by Cyprus-based Stroden
Management Limited.  Unikov failed to pay EUR13.8 million (CZK400
million) of claims that Stroden bought from Union banka.

MS-Unikov had tried to improve its fortunes by hiring new staff,
raising production and labor productivity, and reinforcing its
fleet.  Output and productivity did improve last year, but losses
ballooned to -CZK88 million from -CZK58 million, despite sales of
CZK740 million, up from CZK259 million.  Operating loss reached
CZK5 million, equity dropped to -CZK542 million, and loans
ballooned to CZK895 million.

Mittal Steel Ostrava owns about 75% of MS-Unikov, while Trinecke
zelezarny holds the rest.  The majority stake is worth CZK208
million.

CONTACT:  MS-UNIKOV OSTRAVA s.r.o.
          Polanecka 820
          723 01 OSTRAVA - SVINOV
          Phone: 596 976 111
          Fax: 596 964 436
          Web site: http://www.msunikov.cz


=============
F I N L A N D
=============


BENEFON OYJ: Bares Financial Reporting Schedule for 2006
--------------------------------------------------------
Benefon Oyj will release its financial statements on fiscal year
2005 on Feb. 28, 2006.  It will release interim reports of fiscal
year 2006 according to this schedule:

1Q2006 (January - March)  May 19, 2006
2Q2006 (January - June)  August 18, 2006
3Q2006 (January - September)  November 17, 2006

                        About the Company

Headquartered in Salo, Finland, Benefon provides mobile
telematics solutions for saving lives, securing assets and
improving field management.  It applied for statutory corporate
reorganization with the court of first instance in Turku on April
24, 2003 after failing to get funding on time.  In June this
year, Benefon decided to end the reorganization program ahead of
schedule.  The decision of the Turku District Court became
legally enforceable on June 20, 2005 and the Company reported
after the end of the period on July 4, 2005 that in accordance
with the approved program amendment it had paid off all
non-collateralized debt.

At the same time, the Company also paid to non-collateralized
creditors of the Company additional payments, which more than
doubled the payments to the non-collateralized creditors
determined in the reorganization program.

Benefon is issuing a convertible bond loan Benefon 2005A of
EUR500,000 to MMA Limited and Biggles Limited to raise funds
needed to sustain the firm until the completion of the on-going
strategic financing program and.

Benefon is facing a patent suit raised against it by Magi.tel in
Rome, Italy.

CONTACT:  BENEFON OYJ
          Jonathan Bate, CEO
          Phone: +44 1753 752 464
          E-mail: jonathan.bate@benefon.fi
          Web site: http://www.benefon.com


METSO CORPORATION: Moody's Expects Good Performance to Continue
---------------------------------------------------------------
Moody's Investors Service has changed the rating outlook for the
Ba1 senior unsecured and issuer ratings of Metso Corporation, the
Finland-based industrial group, to positive from stable.

The change in outlook reflects our expectation that the 2005
improvements in operating profitability and cash flow as well as
the achieved debt and cost reductions will prove sustainable,
supported by an outlook for good demand in the minerals business
and better cost competitiveness in the paper machinery
activities.  With faster than expected revenue growth in
minerals, management will now need to ensure control over working
capital and to strengthen capital investment at a measured pace
in order to continue generating significant free cash flows.

In the first nine months of 2005, Metso's funds from operations
rose 75% to EUR239 million, however, this figure is before cash
consumption of EUR94 million for working capital requirements.
It is anticipated that the use of working capital would moderate
going forward.  The cash flow benefits from strong orders in
minerals which bolstered segment revenues by 26% (EUR250 million)
in the first nine months of 2005, and from the conclusion of its
two major restructuring program focused on the paper machinery
segment, where the break-even level of the operations was
significantly reduced.

The strengthened cash flow as well as disposal proceeds have
contributed to a reduction of gross adjusted debt to about EUR1.3
billion from EUR1.8 billion at the year end 2003, therefore
giving the company more financial flexibility.  In addition, the
company has strong sources of liquidity in form of EUR475 million
cash and marketable securities on balance sheet at 30 September
2005 and a EUR300 million 5-year credit facility due 2008 with
ample headroom under the debt/capitalization covenant.

A rating upgrade would be considered if Metso makes good progress
towards achieving its own margin goals for 2006 of 10% for
minerals, 6% for paper and 7% for the group.  In addition, a
consistent level of retained cash flow to net adjusted debt well
above 20% would support the assumption that cash flow is
sustainable.

Additionally, Metso's board has commissioned a study assessing
alternative corporate structures.  The group is expected to
publish the conclusions by the end of the first quarter of 2006.
The ratings do not currently factor any measures resulting from
the study and any further rating actions would require clarity
with respect to any potential reorganization plan including any
debt allocation that may be considered.

Metso Corporation, headquartered in Helsinki, Finland, is the
leading global supplier of machinery and technology for the fibre
and paper industry, as well as the world's largest player in the
rock and mineral processing business.  The company also has a
significant position in process automation and flow control
solutions with a particular focus on its key customer industries.
For the fiscal year 2004, Metso reported revenues of EUR3.98
billion and a EUR69 million net income.

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

          Oliver Giani, Vice President - Senior Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


ALSTOM SA: Wins EUR425 Million Contract in Oman
-----------------------------------------------
Alstom S.A. has won a contract for around EUR425 million from
Sohar Aluminium Company for the turnkey construction of a 1000 MW
gas-fired combined cycle power plant in Oman.

The scope of the contract covers the engineering, supply,
building and commissioning of the plant, located in Sohar, Oman
and a 15-year long-term service agreement for gas turbines,
generators and auxiliaries.  The project is expected to start in
mid-December and is scheduled for completion in June 2008.

The power plant, which will supply electricity to power a new
aluminium smelter, will be based around ALSTOM GT13E2 gas-turbine
technology and the company will supply four such turbines along
with four heat recovery steam generators, two steam turbines, six
generators, a digital control system and balance of plant.

This brings the total of GT13E2 machines sold by ALSTOM to 106
units.  The fleet has now accumulated more than 2,600,000
operating hours.

The order also includes an option for Sohar to add an additional
500 MW of capacity in the future, in buying a further two GT13E2
gas turbines, two heat recovery steam generators, steam turbine
and three generators.

Philippe Joubert, President of ALSTOM's Power Turbo Systems and
Power Environment Sectors, said: "Aluminium smelting demands
flexible, reliable and powerful power plant equipment, making the
ALSTOM GT13E2 technology an ideal choice.  ALSTOM's leading
technology and ability to deliver and service power plants,
cornerstones of our plant integrator capability, were key in
winning this contract."

                            *   *   *

Headquartered in 25 Avenue Kleber, 75795 Paris Cedex 16, Alstom
S.A. -- http://www.alstom.com-- is a leading maker of
power-generation systems and constructs power plants, rail
equipment, luxury passenger ships, naval vessels, and natural gas
tankers.   Other businesses include electrical drives, motors,
and generators.  The group generates around EUR13 billion in
annual revenue and employs more than 70,000 people worldwide.  As
of March 2005, the group has EUR865 million in net loss and
EUR1.4 billion in net debt.

CONTACT:  ALSTOM S.A.
          25 Avenue Kleber
          75795 Paris Cedex 16
          Phone: +33-1-47-55-20-00
          Fax: +33-1-47-55-25-99
          Web site: http://www.alstom.com

          Press relations
          G. Tourvieille/ S. Gagneraud
          Phone: +33 1 41 49  27 13 / 27 40)
          E-mail: press@chq.alstom.com

          Investor relations
          E. Chatelain
          Phone: +33 1 41 49 37 38)
          E-mail: Investor.relations@chq.alstom.com


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


AEG HAUSGERAT: Talks to Keep Nuremberg Factory Open Fail
--------------------------------------------------------
The decision to close Electrolux's Nuremberg site is final.
Operating in Germany as AEG Hausgerat, the Swedish home appliance
maker said the plan to relocate production to Poland and Italy by
2007 will push through.

The company, according to Bloomberg News, failed to reach an
agreement with workers on the amount of cost-cuts to keep the
factory open.  Johan Bygge, head of Electrolux's European and
Asian business, said in a statement: "There is no way to bridge
the large cost gap that would make production in Nuremberg
competitive."

Manufacturing wages in Germany is the second highest in the
world, according to Bloomberg, and Electrolux is not the only
company scaling back operations in the country.  Siemens, Samsung
Electronics, and even Deutsche Telekom plan to cut jobs, the
latter targeting 32,000 over three years.

Electrolux CEO Hans Straberg has said he wants to relocate about
half the plants that the company has in 'high-cost' countries in
the next three years.

Jurgen Wechsler, negotiator for IG Metall, the dominant union at
AEG's Nuremberg site, called the decision "disgusting" and warned
of possible reprisal actions from employees.  The site, which
manufactures washing machines and dishwashers, employs 1,750
people.  Part of Electrolux since 1994, AEG is one of the leading
brands in Germany.  In 2004, its turnover dropped by 3% to EUR13
billion and operating profit by 13% to EUR712 million.

CONTACT:  AEG HAUSGERATE GMBH
          Muggenhofer Strasse 135
          D-90429 Nuremberg
          Phone: (0911) 323-0
          Fax: (0911) 323-1770
          Web site: http://www.aeg-electrolux.co.uk


CC CHEMNITZ: Under Bankruptcy Administration
--------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against CC Chemnitz Concept GmbH on November 18.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until January 4, 2006 to
register their claims with court-appointed provisional
administrator Carsten Morgenstern.

Creditors and other interested parties are encouraged to attend
the meeting on February 15, 2006, 10:30 a.m. at the district
court of Chemnitz, Saal 28, im Gerichtsgebaude, Fuerstenstrasse
21, in Chemnitz, 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:  CC CHEMNITZ CONCEPT GmbH
          Reichsstrasse 34, 09112 Chemnitz
          Contact:
          Bernd Wohlfarth, Manager

          Carsten Morgenstern, Administrator
          Michaelstr. 71, 09116 Chemnitz


EPCOS AG: Sells Loss-making Tantalum Capacitor Business
-------------------------------------------------------
EPCOS AG, one of the world's largest manufacturers of passive
electronic components, has sold its Tantalum Capacitor Business
Unit to the U.S. capacitor manufacturer KEMET.  The definitive
agreement for the sale was signed Dec. 12, 2005.  Closing is
expected in spring of 2006, depending on the approval of the
involved regulatory authorities.

The sale includes EPCOS' plants in Evora, Portugal, and parts of
the activities in Heidenheim, Germany, where conventional
tantalum manganese oxide and tantalum polymer capacitors are
manufactured.  While KEMET will take on the employees of the
Evora plant, it does not plan to continue manufacturing tantalum
capacitors in Heidenheim.  KEMET also intends to take on EPCOS
employees in development, marketing and sales of tantalum
capacitors.  KEMET's objective is to integrate and successfully
continue EPCOS' tantalum capacitor business as quickly and
smoothly as possible.

In order to provide a continued supply of product to customers
during the transition, a Manufacturing and Supply Agreement was
also agreed to where EPCOS will continue to produce product in
Heidenheim and sell to KEMET until later in 2006.  At that time
the equipment will be sold to KEMET.

The selling price is EUR86.5 million -- EUR78.5 million will be
paid at closing and the remaining EUR8 million when the
Manufacturing and Supply Agreement expires.  EPCOS expects a cash
inflow of approximately EUR70 million from the sale.  Early on,
offers by various parties and discussions in the context of the
sales talks resulted in a valuation of the tantalum business,
which necessitated an impairment write-down of EUR46 million in
Q4 2005.

Benefits for EPCOS

Business with standard products such as tantalum capacitors in
recent years has suffered from overcapacities and high pressure
on prices.  EPCOS has endured losses for several years with these
capacitors.  Recently, EPCOS was no longer able to follow the
price development for tantalum manganese oxide capacitors.
Furthermore, its entry into the new tantalum polymer business did
not succeed as quickly as planned.  Turning this business around
on its own would have been time-consuming, expensive and finally
questionable because EPCOS still would not have attained a
leading position in this market.

"With the sale of our Tantalum Capacitor Business Unit we have
eliminated the company's largest source of losses," stated
Gerhard Pegam, President and CEO of EPCOS.  "Moreover, we are
convinced that KEMET will be able to lead our tantalum capacitor
business into a bright future."

Strategic Repositioning Toward More Customer- and
Application-Specific Products

EPCOS is focusing more on specific market segments and
streamlining its remaining portfolio of standard products.
Applications in the automotive electronics, industrial
electronics and telecommunications industries are moving more and
more into the foreground, where EPCOS can provide its customers
with special products and solutions.

About EPCOS

EPCOS AG, a manufacturer of passive electronic components
headquartered in Munich, is market leader in Europe and No.2
worldwide.  EPCOS offers a comprehensive portfolio of about
40,000 different products.  The EPCOS Group has design,
manufacturing and marketing facilities in Europe, the Americas
and Asia.

Passive electronic components are found in every electrical and
electronic product -- from automotive and industrial electronics
through information and communications to consumer electronics.
Components from EPCOS store electrical energy, select
frequencies, and protect against overvoltage and overcurrent.

In fiscal 2005 (October 1, 2004 to September 30, 2005), EPCOS
posted sales of EUR1.24 billion.  At September 30, 2005, the
company employed about 16,100 people worldwide.

CONTACT:  EPCOS AG
          St Martin Strasse 53
          81669 Munich
          Phone: +49 89 636 229 88
          Fax: +49 89 636 235 49
          Web site: http://www.epcos.com


FUERTHENRODER BAUSTAHL: Creditors' Claims Due Later this Month
--------------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Fuerthenroder Baustahl GmbH on December 1.  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 Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting on January 16, 2006, 10:10 a.m. at the district court
of Aachen, Augustastrasse 78-80, 52070 Aachen, 1. Etage,
Sitzungssaal 14, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  FUERTHENRODER BAUSTAHL GmbH
          Talmuehlenstr. 18, 52525 Heinsberg
          Contact:
          Karl-Heinz Burger, Manager

          Dr. Frank Kebekus, Administrator
          Scheibenstrasse 45, 40479 Duesseldorf


GERRESHEIMER HOLDINGS: Moody's Rates Senior Notes (P)Caa1
---------------------------------------------------------
Moody's Investors Service assigned a rating of (P)Caa1 to the
proposed EUR60 million senior notes issuance by Gerresheimer
Holdings GmbH and affirmed the existing ratings of Gerresheimer.

Net proceeds from the notes issue will be applied to finance the
acquisition of Superfos Pharma Pack, a producer of plastic
bottles and closure systems for tablets and powders for the
pharmaceuticals market, from Superfos Industries A/S.  The
acquisition is expected to close by year-end and provides
Gerresheimer with the opportunity to diversify into the plastic
pharmaceutical packaging market.

Moody's expects the proposed notes to be governed by the same
terms and conditions as the existing notes.  Furthermore, the
proposed notes will rank pari passu with the existing notes of
Gerresheimer, hence the rating of the new notes is at the same
level as the existing notes.  The rating outlook remains stable.

While Moody's views the pro-forma Adjusted Net Debt/Adjusted
EBITDAR of 6x for the transaction as high, the rating agency
acknowledges that the acquisition is consistent with the
company's stated strategy and remains within the scope of the
corporate family rating assigned in February 2005.  Although
Moody's believes that the company's credit metrics are still
commensurate with the current ratings, the rating agency notes
that Gerresheimer's cash flow continues to be constrained due to
high capex, debt service costs and investment expenditures.

Moody's believes that the company currently maintains sufficient
liquidity via its revolving bank facility of EUR50 million, which
was undrawn as at 31 August 2005, as well as an undrawn EUR50
million Capex/Acquisition facility, and that it currently has
sufficient headroom under its bank covenants.  Moody's notes that
other risks continue to include the potential integration risks
with regard to this notes issue, future acquisitions as well as
continuing strong competition.

However, the ratings continue to be supported by Gerresheimer's:

(a) Exposure to the reasonably stable pharmaceutical sector;

(b) Focus on high-growth niche market areas;

(c) Well-established customer relationships; and

(d) High barriers to entry.

While Moody's notes that the company has historically
underperformed against management guidance, Gerresheimer's
operational and financial performance for 2005 has been in line
with Moody's expectations.  Revenues for the 11 months ending
October 31, 2005 have grown 6.5% on a like-for-like basis from
the comparable period in 2004.  Furthermore, notwithstanding
rising raw material and energy costs, the company has been able
to effectuate incremental EBITDA margin improvements via cost
optimization initiatives including headcount reductions.

While Moody's recognizes that cash flow is likely to experience
volatility in the first six months of 2006 due to expenditures on
investments as well as the implementation of ongoing productivity
and efficiency improvements, the stable rating outlook reflects
Moody's expectation that Gerresheimer's operating margins are
likely to be maintained at least at current levels and not
deteriorate below 18%.

According to Moody's, the rating outlook would be likely to come
under upward pressure should Gerresheimer be able to demonstrate
continued top-line growth from its ongoing focus on higher-margin
niche market areas, such as RTF (ready to fill syringes), as
Moody's expects that the company is well positioned to realize
much higher growth rates in that segment.

Moody's cautions that Gerresheimer's ratings could decline if the
company is unable to maintain current margin and top-line levels,
or if it faces liquidity constraints as a result of unexpected
working capital swings or covenant breaches which restrict
availability to credit lines.  Moody's adds that an unexpected
event that temporarily or permanently damages production at any
furnace could also have a longer-term rating impact.

Rating assigned: Proposed EUR60 million of Senior Notes due 2015
    at (P)Caa1.

Ratings affirmed:

(a) Corporate Family Rating of B2

(b) 7.875% EUR150 million Senior Notes due 2015 at Caa1.

Outlook Stable.

The assigned ratings assume that there will be no material
variations to the draft legal documentation reviewed by Moody's
and assume that these agreements are legally valid, binding and
enforceable.

Gerresheimer Holdings GmbH, organized under the laws of Germany
with principal offices in Dusseldorf, is a producer of specialty
glass packaging primarily for the pharmaceutical, cosmetics and
specialty food markets.  Revenues for the LTM ended 31 August
2005 were EUR550.7 million.

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

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


HASSE BOHNE: Bielefeld Company Goes Bust
----------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Hasse Bohne Marmor und Naturstein GmbH & Co. KG on
December 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
January 26, 2006 to register their claims with court-appointed
provisional administrator Dr. Norbert Kuepper.

Creditors and other interested parties are encouraged to attend
the meeting on February 16, 2006, 11:00 a.m. at the district
court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene,
Saal 4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  HASSE BOHNE MARMOR UND NATURSTEIN GmbH & Co. KG
          Werner-von-Siemens-Str. 9, 33334 Guetersloh
          Contact:
          Ulrich Hasse, Manager

          Dr. Norbert Kuepper, Administrator
          Paderborner Str. 11, 33415 Verl


HUEBNER UND SCHAFER: Creditors to Meet January
----------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Huebner und Schafer Betonfertigteilwerk GmbH on December
2.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until December
30, 2005 to register their claims with court-appointed
provisional administrator Friedrich Knoop.

Creditors and other interested parties are encouraged to attend
the meeting on January 18, 2006, 10:15 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  HUEBNER UND SCHAFER BETONFERTIGTEILWERK GmbH
          Industriestr. 7, 41564 Kaarst
          Contact:
          Johannes Karl Schafer, Manager
          Im Niederfeld 10, 41462 Neuss

          Friedrich Knoop, Administrator
          Robertstrasse 3, 40229 Duesseldorf


KARSTADTQUELLE AG: Sells EUR163 Mln Worth of Real Properties
------------------------------------------------------------
Slough Estates International has agreed to acquire a substantial
logistics and ancillary office portfolio and a major development
land bank from KarstadtQuelle AG in a sale and leaseback
transaction -- at a gross acquisition price of EUR163.2 million
(including acquisition costs).  Subject to necessary approvals,
completion is anticipated within a few weeks.

The portfolio comprises 260,000 sqm. of let warehouse
accommodation, 63,000 sqm. of let office accommodation and 53
hectares of development land, producing a total rent income of
EUR13.1 million per annum.  The main development properties are
prime strategic sites at locations in Berlin, Hamburg, Hanover,
Dusseldorf/Essen and Alzenau -- all with good potential for the
provision of business park or logistic facilities.

KarstadtQuelle AG and its subsidiary companies have entered into
long-term leases on those assets currently being occupied for
their operations.

KarstadtQuelle AG is one of Germany's largest retail
conglomerates, ranging from large department stores to mail
order.  It had gross sales of EUR13.4 billion in 2004 and had
92,500 employees.  KarstadtQuelle is selling these properties as
part of a group-wide financial restructuring.  Linked to this
transaction, DHL -- with whom SEI has relationships at a range of
its existing sites in Continental Europe -- has taken over
contracts to run the logistics at five of the KarstadtQuelle
operations.

SEI's Managing Director in Europe, Walter Hens, said: "This
acquisition provides significant income, much of it secured until
2017, and unlocks substantial development opportunities.

"It combines the strength of our expertise as an established
developer in the industrial market in Germany with a strong cash
flow generated from the leased back element.  Our General Manager
in Germany, Dr Udo Titz, and his team now have a major
opportunity to take our existing German operations onto another
level."

Ian Coull, Slough Estates' Chief Executive, added: "This
transaction plays to our strengths and builds on our growing
presence in this region.  It is an excellent fit with our
strategy and takes our focus on flexible business space further
into Continental Europe, in particular reinforcing and building
on our position in the key German market."

This deal is a quantum leap forward for SEI's Dusseldorf based
German operations -- existing interests in Germany include a
trading portfolio valued at approximately EUR100 million as at
the end of the first half of 2005.  The scale and the development
focus of this transaction therefore bring SEI's German portfolio
firmly into line with its wider European strategy.  Existing
German sites include facilities in Neuss, Monchengladbach,
Frankfurt, Kapellen, Ratingen, Dormagen,
Hamburg and Krefeld.

Elsewhere in Continental Europe, SEI's main interests are in
Brussels, Paris and Amsterdam.  SEI's investment assets in
Belgium and France were valued at GBP186 million and GBP107
million as at the time of its 2005 interim results.  During 2005
SEI acquired a majority shareholding in Dutch based Mainland
JV -- including a development pipeline of 130,000 sq. m.  In
November this year the JV partners subsequently bought a major
site close to Schiphol airport for EUR16.5 million, providing a
further 100,000 sqm. development opportunity.

Slough Estates (Listed on the London Stock Exchange - stock code:
SLOU.L) -- http://www.sloughestates.com-- is a leading provider
of flexible business space in business parks in Western Europe
and North America, with over 1,500 customers occupying
approximately 3 sqm. of business space.  Slough Estates'
properties are in suburban locations in close proximity to the
main business centers, where there is long-term demand for
business accommodation to serve these key economic regions.

The company's main activities are currently based around London,
Brussels, Paris, Dusseldorf, Amsterdam, San Francisco and San
Diego and the company continues to develop new business parks
with the long term objective of building shareholder value and
enhancing its reputation for quality buildings offering excellent
value to customers.

At its interim results this year Slough Estates highlighted
increased development starts in Europe with 5,509 sqm. completed
in H1, 64,029 sqm. under construction at the end of the first
half of 2005 and with 56,112 sqm. of possible starts in the
second half of 2005.

CONTACT:  SLOUGH ESTATES PLC
          Michael Waring
          Phone: 07775 788 628

          MAITLAND
          Colin Browne
          Liz Morley
          Phone: 020 73795151


LISTENER SICHERHEITSSYSTEME: Court Names Pluta Administrator
------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against LISTENER Sicherheitssysteme Entwicklung und Vertrieb GmbH
on November 28.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have until
January 13, 2006 to register their claims with court-appointed
provisional administrator Stefan Kahnt.

Creditors and other interested parties are encouraged to attend
the meeting on January 31, 2006, 11:15 a.m. at the district court
of Chemnitz, Saal 27, im Gerichtsgebaude, Fuerstenstrasse 21,
Chemnitz, 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:  LISTENER SICHERHEITSSYSTEME ENTWICKLUNG
          UND VERTRIEB GmbH
          Contact:
          Katrin Weigel, Manager
          Zschopauer Strasse 202, 09126 Chemnitz

          Stefan Kahnt, Administrator
          PLUTA Rechtsanwalts GmbH
          Leipziger Str. 62, 09113 Chemnitz
          Web site: http://www.pluta.net


PHOENIX KAPITALDIENST: Insolvency Plan Vote Set February
--------------------------------------------------------
Investors of bankrupt Phoenix Kapitaldienst could recover their
money before 2006 ends.

According to Financial Times Deutschland, an insolvency plan has
been drafted for creditors to approve.  They, however, must agree
to either recover their money plus profits, as listed on the
company's financial statements, or just their original
contribution to the fund.

The creditors' committee has until February to get a majority
vote on either option.  The paper expects distribution to follow
shortly.

Phoenix collapsed in March after it emerged that profits at its
Phoenix Managed Account existed only on paper.  An estimated
30,000 investors had contributed EUR500 million into the account,
but only EUR230 million have been found so far deposited in local
and foreign accounts.

CONTACT:  PHOENIX KAPITALDIENST GMBH
          Vilbeler Strasse 29
          Arcadia-Haus
          D-60313 Frankfurt am Main
          Phone: +49-69-28 02 66
                        30 03 600
          Fax: +49-69-29 01 80
                      28 41 75
          E-mail: phxkap@phoenix-ffm.de
          Web site: http://www.phoenix-ffm.de


RINOL AG: Teeters on the Brink of Insolvency
--------------------------------------------
Industrial flooring maker Rinol AG may file for insolvency if it
fails to secure additional funding from its main shareholder, Die
Welt says.

An unnamed Rinol spokesman told the paper the company is asking
DB Zwirn for a capital injection.  The U.S. investment firm
acquired its stake in 2004 and in September this year it doubled
its EUR3.5 million investment to EUR10.5 million.

Rinol has been struggling to cope with price pressures, as the
slump in the German construction industry continues.  The company
reported first-half turnover of EUR43.2 million, a 5% drop from
last year.  It managed, however, to cut first-half EBIT loss to
EUR3.5 million from EUR3.7 million.

CONTACT:  RINOL AG
          Benzstrasse 2
          71272 Renningen
          Phone: + 49 7159 164-0
          Fax: + 49 7159 5152
          E-mail: info@rinol.com
          Web site: http://www.rinol.com

          DB ZWIRN & CO., LP
          745 Fifth Avenue, 18th Floor
          New York, NY 10151
          Web site: http://www.dbzco.com


SUNPOINT SONNENSTUDIO: Bonn Court to Verify Claims March
--------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
SUNPOINT Sonnenstudio GmbH 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
Dirk-Henning Tonnesmann.

Creditors and other interested parties are encouraged to attend
the meeting on January 16, 2006, 11:10 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
March 22, 2006, 9:30 a.m. at the same venue.

CONTACT:  SUNPOINT SONNENSTUDIO GmbH
          Wilhelmstr. 51, 53879 Euskirchen
          Contact:
          Frank Michael Worz, Manager

          Dirk-Henning Tonnesmann, Administrator
          Josef-Ruhr-Str. 30, 53879 Euskirchen
          Phone: 02251 / 65081-22
          Fax: 65081-25


TONI SCHAFER: Proofs of Claim Due Next Month
--------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Toni Schafer Stuck & Putz GmbH 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 Peter
Staroselski.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2006, 9:30 a.m. at the district court of
Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, Zimmer W
1.24 C, 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:  TONI SCHAFER STUCK & PUTZ GmbH
          Estermannstr. 157, 53117 Bonn
          Contact:
          Toni Schafer, Manager
          Niederweg 18, 50374 Erftstadt

          Peter Staroselski, Manager
          Godesberger Allee 125-127, 53175 Bonn
          Phone: 8100045
          Fax: 8100020


WERBESCHMIEDE PREPRESS: Duesseldorf Firm Succumbs to Bankruptcy
---------------------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Werbeschmiede Prepress GmbH 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 Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on January 31, 2006, 9:15 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:  WERBESCHMIEDE PREPRESS GmbH
          Konkordiastr. 103-105, 40219 Duesseldorf
          Contact:
          Karola Appeldorn, Manager
          Kapellener Str. 103, 47661 Issum

          Georg Kreplin, Administrator
          Berliner Allee 21, 40212 Duesseldorf


WOLFF GMBH: Creditors Meeting Set February
------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Wolff GmbH Maschinenbau on December 12.  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 Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting on February 20, 2006, 11:00 a.m. at the district
court of Aachen, Augustastrasse 78-80, 52070 Aachen, 1. Etage,
Sitzungssaal 14, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  WOLFF GmbH MASCHINENBAU
          Huettenstr. 31, 52355 Dueren
          Contact:
          Wolfgang Dolfus, Manager
          Ringstr. 47, 52399 Merzenich
          Klaus Bryholm, Manager
          Klosterstr. 28, 52224 Stolberg

          Dr. Frank Kebekus, Administrator
          Scheibenstrasse 45, 40479 Duesseldorf


ZUHAUSE IMMOBILIEN: Court Appoints Pluta Administrator
------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Zuhause Immobilien GmbH & Co. KG on November 17.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 20,
2005 to register their claims with court-appointed provisional
administrator Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting on January 31, 2006, 12:00 p.m. at the district court
of Chemnitz, Saal 24, im Gerichtsgebaude, Fuerstenstrasse 21, in
Chemnitz, 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:  ZUHAUSE IMMOBILIEN GmbH & Co. KG
          Contact:
          Jorg Wolf, Manager
          Frankenberger Landstrasse 1, 09661 Rossau

          Dr. Stephan Thiemann, Administrator
          PLUTA Rechtsanwalts GmbH
          Leipziger Str. 62, 09113 Chemnitz
          Web site: http://www.pluta.net


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


CIRIO FINANZIARIA: Banks Behind Fraudulent Bond Issuance Charged
----------------------------------------------------------------
Magistrates in Rome have indicted several creditor banks of
collapsed Cirio Finanziaria S.p.A. for their alleged role in the
group's fraudulent bankruptcy, Il Sole 24 Ore.

The paper identified the banks as Sanpaolo IMI and Capitalia
S.p.A.  Sanpaolo's former chairman Rainer Masera and former
managing director Luigi Maranzana are facing charges of
preferential bankruptcy in connection with Cirio's bond offering.

Sanpaolo denied acting fraudulently in selling Cirio bonds in its
branches.  Capitalia lawyers say they will present new evidence
that would clear Chairman Cesare Geronzi of any wrongdoing.  Also
facing charges are Cirio's former Chairman Sergio Cragnotti and
his family and former managers.

CONTACT:  CIRIO DEL MONTE ITALIA S.P.A.
          Legal Address:
          Via Augusto Valenziani
          10 - 00187 Rome
          Phone: 06 421761
          Fax: 06 42176230

          Administrative Address
          Strada Provinciale per Podenzano,
          10 - 29010 San Polo di Podenzano
          Phone: 0523 536123
          Fax: 0523 379257
          Web site: http://www.cirio.it


IMPREGILO SPA: Joint Venture Wins GBP125 Million U.K. Contract
--------------------------------------------------------------
The consortium formed by Impregilo International Infrastructures
N.V. (with a 40% interest) - a wholly owned subsidiary of
Impregilo S.p.A. - Barclays European Infrastructure Fund LP (40%)
and GSL Joint Venture Ltd. (20%) has been awarded a concession in
the U.K. by the "Oxford Radcliffe Hospitals NHS Trust" for the
financing, planning, construction and management of the new
cancer center at Oxford's Churchill Hospital.

The contract closing completes the negotiations on the technical,
commercial, financial and legal aspects of the project that began
in April 2004 when the consortium was named Preferred bidder
following the presentation of its offer in October 2003.

The term of the concession, which adopts the Private Finance
Transaction formula (PFT), a model frequently used in Britain, is
33 years, including 28 months for the actual construction of the
new hospital wing.

The global investment totals approximately GBP150 million, of
which about GBP125 million for construction work. The transaction
involves no-recourse financing for about 90% of the amount,
guaranteed by a loan arranged by Dexia and the Royal Bank of
Canada.

The new cancer center will be designed and built by a joint
venture set up by Impregilo New Cross Ltd., an Impregilo Group
company, and Alfred McAlpine Capital Project, which will handle
the civil works; Haden Young Ltd. will construct the
electromechanical.

Impregilo New Cross Ltd. is also to be responsible for the supply
and management of medical equipment.  Impregilo's share of the
outlay for construction work and supply of medical equipment
amounts to approximately GBP57 million.

The new cancer centre in Oxford will be a three-storey building
with a total surface area of about 34,000 sqm., 220 beds, new
areas for cancer diagnosis and treatment, and a number of private
wards.  The project also provides for the renovation and
modernization of existing facilities at Churchill Hospital, a new
system of roads and car parks, and new landscaping.

                            *   *   *

Headquartered in Viale Italia 1, Sesto S. Giovanni, 20099 Milan,
Impregilo S.p.A. -- http://www.impregilo.it-- is a leading
engineering group in Italy that has existed since 1906.  It
generates more than EUR2.96 billion in annual revenue and employs
more than 11,703 people.  As of December 2004, group net result
and net financial position stand at -EUR1.76 billion and -EUR499
million respectively.

In June, Impregilo reached agreements with banks on:

(a) The re-scheduling of short-term borrowings totaling EUR200.3
    million (the banks include Banca Intesa Group, the
    Unicredito Group, the SanPaolo IMI Group, the Capitalia
    Group);

(b) The restructuring of Fisia Italimpianti debt.  Fisia
    Italimpianti, a company under the group, agreed with a pool
    of banks led by Banca di Roma S.p.A. for the restructuring
    of a residual amount of EUR76 million on a medium-term loan
    granted at the time of Fisia's acquisition by Hiatus S.p.A.
    As of Dec. 31, 2004, Fisia has EBITDA of EUR28.8 million,
    net indebtedness of EUR123 million, and shareholders equity
    of EUR87 million.  It has employees of 588; and

(c) The Conversion of EUR680 Million Bridging Loan used to cover
    the company's short-term requirement, mainly bonds that
    matured May and June

The contract also provided a facility whereby Impregilo may
convert up to EUR500 million of the bridging loan into a
seven-year financing.  Impregilo intends to repay the remaining
EUR180 million using a portion of the proceeds raised by its
EUR650 million share capital increase launched in June.

Corporate restructuring specialist Lazard Freres & Co. LLC is
advising Impregilo.

CONTACT:  IMPREGILO S.p.A.
          Viale Italia 1,
          Sesto S. Giovanni
          20099 Milan
          Phone: +39-02-244-22111
          Fax: +39-02-244-22293
          Web site: http://www.impregilo.it

          GENERALE MOBILIARE INTERESSENZE AZIONARIE S.p.A.
          Via Turati n. 16/18
          Milan
          Phone: +39-02-444-23121
          Fax: +39-02-444-23120
          E-mail: investor.relator@gemina.it
          Web site: http://www.gemina.it


IT HOLDING: B- Rating Remains on CreditWatch Negative
-----------------------------------------------------
Standard & Poor's Ratings Services said that its 'B-' long-term
corporate credit rating on Italian fashion company IT Holding
S.p.A. remains on CreditWatch with negative implications, where
it was placed on July 28, 2005.

At the same time, Standard & Poor's lowered its rating on the
senior secured debt issued by IT Holding Finance S.A. and
guaranteed by ITH to 'CCC+' from 'B-', reflecting an increase in
prior-ranking debt in ITH's capital structure.  The rating also
remains on CreditWatch with negative implications, where it was
placed on July 28, 2005.

The CreditWatch status continues to reflect ITH's reliance on
uncommitted short-term credit lines, as well as its need to
renegotiate over the next few months the covenants on its
medium-term credit line, making near-term liquidity dependent on
the continued support of its banks.

"Failure to reduce debt in 2005 would put the ratings under
pressure," said Standard & Poor's credit analyst Benedetta
Rospigliosi.  "A key consideration for the CreditWatch resolution
will also be ITH's ability to improve the cash flow performance
of its remaining licensed- and own-brand portfolio, given the
material negative cash flow impact from 2008 of the loss of the
D&G license."

At end-September 2005, on-balance-sheet net debt (according to
IFRS) totaled EUR376 million and adjusted funds from operations
to net debt was 5%.

The rating on ITH continues to reflect the company's highly
leveraged capital structure, limited financial flexibility, and
exposure to changing consumer preferences in the fashion apparel
industry's mid-price segment.  Credit quality remains vulnerable
to license-renewal risk, as evidenced by the significant share of
reported EBITDA -- 96% for the first nine months of 2005 --
derived from licensed brands, as well as by the recently
announced loss of the D&G license from 2007.

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 on:
media_europe@standardandpoors.com

CONTACT:  IT HOLDING S.p.A.
          Corso Monforte 30,
          Milano, Italy
          Phone: 39 02 7630391
          Fax: 39 02 780016
          Web site: http://www.itholding.com


PARMALAT SPA: CONSOB Cracks Whip on Deloitte Auditors
-----------------------------------------------------
Stock market regulator CONSOB has banned two Deloitte & Touche
S.p.A. auditors who reviewed Parmalat S.p.A.'s accounts in 2001
and 2002, AFX News says.

Barred from doing auditing work for two years are Adolfo Mamoli
and Giuseppe Rovelli, who reviewed Parmalat's accounts in 2001
and 2002 respectively.  According to CONSOB spokesman, the ban is
the harshest penalty the regulator has imposed on auditors.

CONSOB likewise banned another Deloitte auditor Antonio Cocco for
three months; this for his role in reviewing Tiscali's 2002
results.  The regulator will release more details in the next few
days.

Parmalat collapsed in December 2003 after revealing a EUR14
billion hole on its accounts.  It recently returned to the stock
market following a EUR20 billion debt-to-equity swap.

CONTACT:  PARMALAT S.p.A.
          Legal Seat
          43044 Collecchio (Pr)
          Via Oreste Grassi, 26

          Administrative Seat
          20122 Milan
          Piazza Erculea, 9
          Phone: +39 02 806 8801
          Fax: +39 02 869 3863
          Web site: http://www.parmalat.net


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


JAFUN: Creditors' Claims Due January
------------------------------------
LLC Jafun, which recently became insolvent, will accept proofs of
claim at Bishkek, Sovetskaya Str. 170 until January 24, 2006.


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


ROYAL SHELL: Has 3,939,525,000 Remaining 'A' Shares
---------------------------------------------------
On 14 December 2005, Royal Dutch Shell plc purchased for
cancellation 1,000,000 'A' Shares at a price of EUR26.56 per
share.  It further announces that on the same date it purchased
for cancellation 300,000 'A' Shares at a price of 1,801.83 pence
per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,939,525,000.

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.coms


VERSATEL TELECOM: Court Rules in Favor of Centaurus, Others
-----------------------------------------------------------
Versatel Telecom International N.V. disclosed Wednesday that the
Enterprise Chamber of the Amsterdam Court of Appeal has ruled, in
proceedings filed on behalf of Versatel shareholders Centaurus
Capital, Amber Fund, Barclays Capital and certain others, that
Versatel may not proceed with the proposed amendment to its
corporate governance policies at its extraordinary general
meeting of shareholders scheduled for 15 December 2005.

In addition, the Enterprise Chamber has ruled that it will
appoint three independent members to Versatel's supervisory
board, who will have exclusive powers to deal with material
arrangements to be concluded between Versatel and Tele2.  In view
of this decision, Mr. De Bakker who was nominated for appointment
to the supervisory board at the shareholders meeting, sees no
meaningful purpose to act on Versatel's supervisory board and has
therefore withdrawn his candidacy.

In view of these matters, at the extraordinary general meeting of
shareholders scheduled for 15 December 2005, Versatel will
withdraw the proposed resolutions to amend its corporate
governance policy and to appoint Mr. De Bakker as member of the
supervisory board.

                            *   *   *

Earlier, Centaurus Capital Limited and the other petitioners
filed a second request for injunctive relief with the Enterprise
Chamber of the court of appeals in Amsterdam.  The petitioners
requested the Enterprise Chamber to prohibit Versatel from
amending its existing corporate governance policy; and to appoint
two supervisory board members of Versatel who will be exclusively
authorized to represent Versatel in all discussions, negotiations
and transactions with Tele2 companies, including the contemplated
legal merger.

CONTACT:  VERSATEL TELECOM INTERNATIONAL N.V.
          Investor Relations Department
          Hullenbergweg 101
          1101 CL Amsterdam
          The Netherlands
          Phone: +31 20 750 2362
          Fax: +31 20 750 1019
          E-mail: investor.relations@versatel.com


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


ABINSKIY: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on furniture wood working
company Abinskiy (TIN 2323018908).  The case is docketed as
A-32-38972/2005-44/504B.  Mr. V. Osadchuk has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 350042, Russia,
Krasnodar, Kolkhoznaya Str. 3, Room 307.  A hearing will take
place on February 8, 2006.

CONTACT:  ABINSKIY
          Russia, Krasnodar region, Abinskiy region,
          Abinsk, Vokzalnaya Str. 16

          V. OSADCHUK
          Temporary Insolvency Manager
          350042, Russia, Krasnodar region,
          Kolkhoznaya Str. 3, Room 307


ARZAMAS-AGRO-PROM-KHIMIYA: Succumbs to Bankruptcy
-------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Arzamas-Agro-Prom-Khimiya after
finding the open joint stock company insolvent.  The case is
docketed as A43-4974/05-18-174.  Mr. A. Zakharov has been
appointed insolvency manager.  Creditors have until December 29,
2005 to submit their proofs of claim to Russia, Nizhniy Novgorod,
Rozhdestvenskay Str. 26, Office 12.

CONTACT:  ARZAMAS-AGRO-PROM-KHIMIYA
          Russia, Arzamas region, Vyezdnoye,
          Selkhoztekhnika Str.

          A. ZAKHAROV
          Insolvency Manager
          Russia, Nizhniy Novgorod region,
          Rozhdestvenskay Str. 26, Office 12


DOROKHOVSKAYA: Bankruptcy Hearing Set February
----------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on furniture factory Dorokhovskaya.  The
case is docketed as A41-K2-13610/05.  Mr. V. Nosenko has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 123557, Russia, Moscow, Post User Box
36.  A hearing will take place on February 13, 2006, 2:00 p.m.

CONTACT:  V. NOSENKO
          Temporary Insolvency Manager
          123557, Russia, Moscow region,
          Post User Box 36


FINANCE-PROJECT: Declared Insolvent
-----------------------------------
The Arbitration Court of Orel region commenced bankruptcy
proceedings against Finance-Project after finding the close joint
stock company insolvent.  The case is docketed as
A48-5694/05-17b.  Mr. E. Mikhaylov has been appointed insolvency
manager.

CONTACT:  FINANCE-PROJECT
          Russia, Orel region, Livny,
          Mira Str. 221, Apartment 153

          E. MIKHAYLOV
          Insolvency Manager
          302040, Russia, Orel region,
          Leskova Str. 19


GULKEVICHSKAYA: Insolvency Manager Takes over Firm
--------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on seed-growing station
Gulkevichskaya.  The case is docketed as A-32-24627/2005-2/367-B.
Mr. Y. Mishenko has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 352192, Russia,
Krasnodar region, Gulkevichi, Post User Box 38.  A hearing will
take place on January 17, 2006.

CONTACT:  GULKEVICHSKAYA
          Russia, Krasnodar region,
          Gulkevichi, Lenina Str. 29A

          Y. MISHENKO
          Temporary Insolvency Manager
          352192, Russia, Krasnodar region,
          Gulkevichi, Post User Box 38


MERCURY-SOUTH: Names I. Kaydashov Insolvency Manager
----------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on limited liability company
Mercury-South (TIN 2330027212).  The case is docketed as
A-32-28354/2005-44/413-B.  Mr. I. Kaydashov has been appointed
temporary insolvency manager.  A hearing will take place on
February 28, 2006, 11:30 a.m.

CONTACT:  MERCURY-SOUTH
          352312, Russia, Krasnodar region, Dinskoy region,
          Novotitorovskaya, Kraynyaya Str. 2

          I. KAYDASHOV
          Temporary Insolvency Manager
          Russia, Krasnodar region, Anapa,
          Tsybanobalka, Post User Box 34


ORLOVSKAYA: Claims Filing Period Ends Dec. 29
---------------------------------------------
The Arbitration Court of Orel region commenced bankruptcy
proceedings against Orlovskaya after finding the agro-industrial
investment company insolvent.  The case is docketed as
A48-1295/05-16b.  Mr. V. Karnaukh has been appointed insolvency
manager.  Creditors have until December 29, 2005 to submit their
proofs of claim to 127322, Russia, Moscow, Post User Box 80.

CONTACT:  ORLOVSKAYA
          302025, Russia, Orel region,
          Moskovskoye Shosse, 137

          V. KARNAUKH
          Insolvency Manager
          127322, Russia, Moscow region,
          Post User Box 80


SADOVOD: Krasnodar Court Brings in Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Sadovod.  The case is docketed as A-32-30558/2005-44/428-B.  Mr.
A. Geyuko has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) SADOVOD
    Russia, Krasnodar region,
    Otradnenskiy region, Sadovyj

(b) A. GEYUKO
    Temporary Insolvency Manager
    352901, Russia, Krasnodar region,
    Armavir, Kirova Str. 2

A hearing will take place on February 28, 2006, 11:30 a.m.


STROY-CREDIT-ALLIANCE: Bankruptcy Supervision Procedure Begins
--------------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on close joint stock company
Stroy-Credit-Alliance (TIN 7708141643).  The case is docketed as
A40-44478/05-124-74B.  Mr. M. Ivanov has been appointed temporary
insolvency manager.  A hearing will take place on March 2, 2006.

CONTACT:  STROY-CREDIT-ALLIANCE
          101000, Russia, Moscow region,
          Milyutinskiy Per. 18A, Building 1

          M. IVANOV
          Temporary Insolvency Manager
          Russia, Moscow region, Novokosinskaya Str. 8,
          Building 2, Apartment 68


VISHNEVSKOYE: Under Bankruptcy Supervision
------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on close joint stock company
Vishnevskoye.  The case is docketed as A45-20207/05-4/338.  Mr.
V. Makarov has been appointed temporary insolvency manager.  A
hearing will take place on February 6, 2006, 10:30 a.m. at the
Arbitration Court of Novosibirsk region at 630007, Russia,
Novosibirsk, Kirova Str. 3, Room 911.

CONTACT:  VISHNEVSKOYE
          632752, Russia, Novosibirsk region,
          Kupinskiy region, Vishnevka

          V. MAKAROV
          Temporary Insolvency Manager
          630501, Russia, Novosibirsk region,
          Krasnoobsk, Post User Box 325
          Phone: 348-53-06


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


SEAT AS: Be Fair with Catalonia Workers, Regional Govt Pleads
-------------------------------------------------------------
The autonomous regional government of Catalonia is urging SEAT,
the local unit of German carmaker Volkswagen, to soften its
planned redundancy, El Pais.

Catalonia, which is currently outlining the conditions of the job
cuts after talks failed between SEAT and trade unions, wants a
healthy compromise between the two parties.  The regional
government said SEAT should improve its compensation plan of 20
days' salary per year of service and make greater commitments in
terms of staff relocation.

SEAT plans to cut its workforce from 1,346 to 700 but has yet to
reveal details of its relocation plans.  SEAT had said
redundancies would allow it to save EUR50 million yearly.

According to Il Sole 24 Ore, trade unions are unlikely to accept
any conditions inferior to the redundancy scheme offered to staff
at SEAT's Gearbox unit, who will receive 45 days' salary per year
of service.  Those who accept relocation will receive 20 days'
salary.

SEAT forecasts EUR243 million in losses this year.

CONTACT:  SEAT ESPANA
          Web site: http://www.seat.es

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


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


AJRON: Gives Creditors Until Next Week to File Claims
-----------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against LLC Ajron on September 13, 2005 after finding
the limited liability company insolvent.  The case is docketed as
5/167-05.  A representative of the Agency of Bankruptcy Questions
in Vinnitsya region has been appointed liquidator.

Creditors have until December 19, 2005 to submit their proofs of
claim to:

(a) AJRON
    Ukraine, Vinnitsya region,
    Peremogi Square 1

(b) ECONOMIC COURT OF VINNITSYA REGION
    Ukraine, Vinnitsya region,
    Hmelnitske Shose 7


ANT LTD.: Liquidator Takes over Operations
------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Ant Ltd. (code EDRPOU 23104179) on September
13, 2005 after finding the limited liability company insolvent.
The case is docketed as 5/166-05.  A representative of the Agency
of Bankruptcy Questions in Vinnitsya region has been appointed
liquidator.

Creditors have until December 19, 2005 to submit their proofs of
claim to:

(a) ANT LTD.
    Ukraine, Vinnitsya region,
    Peremogi Square 1

(b) ECONOMIC COURT OF VINNITSYA REGION
    Ukraine, Vinnitsya region,
    Hmelnitske Shose 7


ISKANDER: Declared Insolvent
----------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Iskander (code EDRPOU 23104819) on September
6, 2005 after finding the limited liability company insolvent.
The case is docketed as 8/198-05.  A representative of the Agency
of Bankruptcy Questions in Vinnitsya region has been appointed
liquidator.  The company holds account number at 26007050013840,
MFO 302010.

Creditors have until December 19, 2005 to submit their proofs of
claim to:

(a) ISKANDER
    Ukraine, Vinnitsya region,
    Kosmonavtiv Str. 77/80

(b) ECONOMIC COURT OF VINNITSYA REGION
    Ukraine, Vinnitsya region,
    Hmelnitske Shose 7


KYIV YEAST: Bankruptcy Supervision Starts
-----------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on OJSC Kyiv Region' Yeast Plant (code
EDRPOU 00383314).  The case is docketed as 23/18-b.  Mr. I.
Kapelushnij (License Number AB 216783) has been appointed
temporary insolvency manager.  The company holds account number
at 26007027239541 at JSCB Ukrsocbank, Kyiv region branch, MFO
322012.

Creditors have until December 19, 2005 to submit their proofs of
claim to:

(a) KYIV REGION' YEAST PLANT
    04050, Ukraine, Kyiv region,
    Glibochinska Str. 13

(b) I. KAPELUSHNIJ
    Temporary Insolvency Manager
    03037, Ukraine, Kyiv region, a/b 53
    Phone: (044) 249-35-09

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


OSMA OIL: Under Bankruptcy Supervision
--------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on LLC Scientific Production Company Osma
Oil (code EDRPOU 32242349) on November 3, 2005.  The case is
docketed as 6/233-4/230.  Mr. Krivich Ruslan (License Number AA
669649) has been appointed temporary insolvency manager.  The
company holds account number at 26005006465001 at JSC Index-Bank,
Lviv regional branch, MFO 325279.

Creditors have until December 19, 2005 to submit their proofs of
claim to:

(a) OSMA OIL
    81652, Ukraine, Lviv region,
    Pustomiti district, Murovane, Vokzalna Str. 17

(b) KRIVICH RUSLAN
    Temporary Insolvency Manager
    79060, Ukraine, Lviv region,
    Puluj Str. 21/42

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


UKRKONVERS: Court Appoints Insolvency Manager
---------------------------------------------
The Economic Court of Kyiv region has commenced sanction
procedure on State Enterprise Ukrkonvers (code EDRPOU 32494385).
The case is docketed as 43/464.  Mr. V. Korobkin has been
appointed sanction manager while Mr. I. Kapelushnij (License
Number AB 216783) has been appointed temporary insolvency
manager.  The company holds account number at 26007110212980 at
JSCB Finances and Credit, Kyiv region branch, MFO 300131.

Creditors have until December 19, 2005 to submit their proofs of
claim to:

(a) UKRKONVERS
    Ukraine, Kyiv region,
    Melnikov Str. 81

(b) I. KAPELUSHNIJ
    Temporary Insolvency Manager
    03037, Ukraine, a/b 53
    Phone: (044) 249-35-09

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


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


1STCARSHOP LTD.: Hires Robert Day to Liquidate Business
-------------------------------------------------------
K. D. Edworthy, chairman of 1stcarshop Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 18 at The Kingfisher Exchange, 3rd Floor, Kingfisher House,
Walton Street, Aylesbury, Buckinghamshire HP21 7SJ.  Robert Day
of Robert Day and Company, Garfield, Church Lane, Oving,
Aylesbury, Buckinghamshire HP22 4HL was appointed liquidator.

CONTACT:  1STCARSHOP LIMITED
          Phone: 0800 29 89 619
          Web site: http://www.1stcarshop.co.uk/


ADVANCED WEIGHING: Goes into Liquidation
----------------------------------------
K. Davies, director of The Advanced Weighing Company Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Nov. 15.  Stephen M. Katz and David Birne of Fisher
Partners, Acre House, 11-15 William Road, London NW1 3ER were
appointed Joint Liquidators.

CONTACT:  THE ADVANCED WEIGHING COMPANY LIMITED
          Units G and H Rich Industrial Estate
          Avis Way
          NewHaven East Sussex BN9
          U.K.
          Phone: +44 1273 515310
          Fax: +44 1273 516750


ALL CLASS: Names Crawfords Liquidator
-------------------------------------
All Class Limited informs that a resolution to wind up the
company was passed at an EGM held on Nov. 16 at Crawfords,
Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB.
David Norman Kaye of Crawfords, Stanton House, 41 Blackfriars
Road, Salford, Manchester M3 7DB was appointed liquidator.

CONTACT:  ALL CLASS LTD.
          Phone: 01708 858111

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


ARINCO LTD.: Files for Liquidation
----------------------------------
E. W. Roberts, director of Arinco Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 16 at 47-49 Green Lane, Northwood, Middlesex HA6 3AE.  Ashok
K. Bhardwaj of 47-49 Green Lane, Northwood, Middlesex HA6 3AE was
appointed liquidator.

CONTACT:  ARINCO LIMITED
          210 New Kings Road, London SW6 4NZ
          Phone: 020-8397-6500


AVECHO.COM LIMITED: Appoints Administrator
------------------------------------------
Company Names: AVECHO.COM LIMITED
               (Company No 04702036)

               AVECHO GROUP LIMITED
               (Company No 04361697)

               SECURE42 LIMITED
               (Company No 05276157)

Stephen Cork (IP No 8627) of Smith & Williamson was appointed
administrators of these companies on Dec. 2.  The firms offer
computer services.

CONTACT:  SMITH & WILLIAMSON
          25 Moorgate
          London EC2R 6AY
          Inner London
          Phone: 020 7637 5377
          Fax: 020 7631 0741
          E-mail: henry.shinners@smith.williamson.co.uk


BEMAN ENGINEERING: Liquidator from Bottomley Moves in
-----------------------------------------------------
G. Beman, chairman of Beman Engineering Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 9 at 3 Chapel Court, 42 Holly Walk, Leamington Spa,
Warwickshire CV32 4YS.  Duncan Roderick Morris of Bottomley & Co,
3 Chapel Court, 42 Holly Walk, Leamington Spa, Warwickshire CV32
4YS was appointed liquidator.

CONTACT:  BEMAN ENGINEERING LTD.
          12 Scar Bank
          Warwick
          CV34 5DB
          United Kingdom
          Phone: (01926) 495758
          Fax: (01926) 499025

          BOTTOMLEY & CO.
          3 Chapel Court
          42 Holly Walk
          Leamington Spa
          Warwickshire CV32 4YS
          Phone: 08700 676767
          Fax: 08700 676768
          E-mail: david@3chapelcourt.com


CABLE & WIRELESS: Delists ADRs from New York Stock Exchange
-----------------------------------------------------------
Cable & Wireless plc has terminated its American Depositary
Receipt (ADR) program and voluntarily delisted from the New York
Stock Exchange (NYSE), effective from 16:00 Eastern Standard Time
on 13 December 2005.

Cable & Wireless originally announced on 9 September 2005 its
intention to terminate its ADR program and voluntarily delist
from the NYSE.

Toll-free Help Line for ADR Holders

This toll-free Help Line has been set up for ADR Holders calling
from the United States with questions regarding this
announcement: 1 866 211 2570.

ADR Holders calling from within the United Kingdom can access the
Help Line by calling 0870 600 3975.  All other ADR Holders
calling from outside the United Kingdom or the United States can
access the Help Line by calling +44 (0)1903 702 767.

Alternatively, ADR Holders may send questions regarding this
announcement to Cable & Wireless by e-mail at
cable&wireless@lloydstsb-registrars.co.uk

                        About the Company

Cable & Wireless is one of the world's leading international
communications companies.  It provides voice, data and IP
(Internet Protocol) services to business and residential
customers, as well as services to other telecoms carriers, mobile
operators and providers of content, applications and Internet
services.  Its principal operations are in the United
Kingdom, continental Europe, Asia, the Caribbean, Panama and the
Middle East.

In June, the group reported profit before tax and exceptional
items of GBP377 million, up 36% against prior year, while
operating profit from continuing operations, before exceptional
items reached GBP277 million, up 20% against prior year.

CONTACT:  CABLE & WIRELESS PLC
          124 Theobalds Rd.
          London WC1X 8RX, United Kingdom
          Phone: +44-20-7315-4000
          Fax: +44-20-7315-5198
          Web site: http://www.cw.com/new/


CALSONIC KANSEI: Workers Decide to Support Cost-saving Measures
---------------------------------------------------------------
Workers at Calsonic Kansei's Llaneli factory have changed their
mind and now back the company's proposed changes in working
conditions to avoid closure, BBC News says.

Reforms, deemed "regrettable" yet "essential" by the company,
will affect working patterns and shift premiums and will see a 3%
salary deduction for senior managers.  Calsonic Kansei has
already cut jobs at the plant as part of measures to improve
efficiency after booking a loss in 2004.

Employees earlier snubbed initial proposals, but majority of them
changed their minds after Calsonic Kansei modified the
conditions.  The company's woes intensified after the collapse of
MG Rover.

Calsonic president David Pallas said: "The company is under huge
pressure to remain competitive against Eastern European
competition.  Every aspect of our business has been studied to
look at ways of reducing our cost base."

A spokesman for the Transport and General Workers Union said:
"Obviously the union aren't happy that their members had to take
a cut in conditions to safeguard the plant."   But at least, he
said, the move secured the factory's short-term future and there
had been no discussions of further job reductions.

Calsonic Kansei Europe plc is a subsidiary of Japanese firm
Calsonic Kansei Corporation.  It designs and manufactures heater
and air conditioning systems, engine cooling systems, and exhaust
systems including catalytic converters for clients Audi, BMW,
Ford (Land Rover and Volvo), Honda, MG Rover, Mitsubishi, Nedcar,
Nissan, Peugeot, Renault, Saab, Scania and VW.

The European Group consists of three main sites in the U.K.,
which include the Llanelli plant in South Wales.  The Cockpit
Modules Division is located in County Durham, while the Engine &
Exhaust Modules Division is in Washington.  In addition to these
"mother plants," there are also manufacturing sites in Sunderland
(NE England), The Netherlands, France, Spain, Poland and South
Africa and Customer Support offices in Paris and Munich.  The
group employs around 2,000 people, with an annual sales turnover
of EUR366 million.

CONTACT:  CALSONIC KANSEI EUROPE PLC
          Llethri Road, Llanelli
          Carmarthenshire SA14 8HU
          United Kingdom
          Phone: +44 (0)1554 747000
          Fax: +44 (0)1554 771133
          Web site: http://www.ckeurope.com


CARE CALL: Calls in Wilson Field Liquidator
-------------------------------------------
M. Kearney, director of Care Call (Leamington) Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 16 at Marriot, Olympus Avenue, Tackbrook Park, Leamington
Spa CV34 6RJ.  Lisa Hogg of Wilson Field, The Annexe, The Manor
House, 260 Ecclesall Road South, Sheffield S11 9PS was appointed
liquidator.

CONTACT:  CARE CALL (LEAMINGTON) LTD.
          1 Farley Street, Leamington Spa
          Warwickshire CV31 1HJ
          Phone: 01926330339
          Fax: 01926 339307

          WILSON FIELD
          The Annexe
          The Manor House
          260 Ecclesall Road South
          Sheffield
          South Yorkshire S11 9UZ
          Phone: 0114 235 6780
          Fax: 0114 262 0661


CENTURION FURNISHINGS: EGM Passes Winding-up Resolution
-------------------------------------------------------
V. Rotondaro, chairman of Centurion Furnishings Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Nov. 15 at Walletts Insolvency Services, Adventure Place,
Hanley, Stoke-on-Trent, Staffordshire ST1 3AF.  Michael Francis
McCarthy of Walletts Insolvency Services, 2-6 Adventure Place,
Hanley, Stoke-on-Trent, Staffordshire ST1 3AF was appointed
liquidator.

Centurion Furnishing -- http://www.centurionfurnishings.com/--  
was established in 2003.  It is an Internet-based furniture
retailer, specializing in Italian designs.

CONTACT:  CENTURION FURNISHINGS LTD.
          E-mail: info@centurionfurnishings.com

          WALLETTS INSOLVENCY SERVICES
          Adventure Place, Hanley,
          Stoke on Trent, Staffordshire ST1 3AF
          Phone: (01782) 212326
          Fax: (01782) 212326


CHARLES WELPTON: Meeting of Creditors Set Next Week
---------------------------------------------------
Company Names: CHARLES WELPTON LIMITED
               CHEVTON LIMITED
               WELPTON GROUP LIMITED
               WELPTON HYUNDAI LIMITED
               WELPTON PANEL & PAINT BODYSHOP LIMITED

Creditors of these companies will meet on December 21, 2005, 2:30
p.m. at Maclaren House, Skerne Road, Driffield, East Yorkshire
YO25 6PN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A. J. Nichols, administrator of Redman Nichols,
Maclaren House, Skerne Road, Driffield, East Yorkshire YO25 6PN
not later than 12:00 noon, December 20, 2005.

CONTACT:  REDMAN NICHOLS
          Maclaren House
          Skerne Road
          Driffield
          East Yorkshire YO25 6PN
          Phone: 01377 257788
          Fax: 01377 249119
          E-mail: andrew.nichols@redman-nichols.co.uk


CHARTERHOUSE CLINICAL: Names Begbies Traynor Administrator
----------------------------------------------------------
Nicholas Roy Hood and Paul Michael Davis (IP Nos 8350, 7805) of
Begbies Traynor were appointed administrators of Charterhouse
Clinical Research Unit Limited (Company No 01478772) on Dec. 1.
Its registered office is at The Ravenscourt Park Hospital,
Ravenscourt Park, London W6 0TN.

Charterhouse Clinical Research Unit Limited --
http://www.charterhouse-clinical.com/offers research and
development on natural sciences and engineering and other human
health activities.  The company was founded in 1980 in St
Bartholomew's Hospital, Charterhouse Square, London, from where
the name originated.

CONTACT:  CHARTERHOUSE CLINICAL RESEARCH UNIT LTD.
          The Stamford Hospital,
          Ravenscourt Park,
          London W6 0TN, UK
          Phone: 020 8741 7170
          Fax: 020 8741 5986
          E-mail: corporate@charterhouse-clinical.com

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


CRYOMED GROUP: Administrators from P&A Partnership Enter Firm
-------------------------------------------------------------
Christopher Michael White and Philip Andrew Revill (IP Nos 9374,
6421) of The P&A Partnership were appointed joint administrators
of Cryomed Group Limited (Company No 03636953) on Nov. 30.  The
company manufactures medical equipment.

CONTACT:  CRYOMED GROUP LIMITED
          Cryomed House, Grove Way,
          Mansfield, Nottinghamshire NG19 8BW

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


EARTHPORT PLC: Details Restructuring Results
--------------------------------------------
The Chairman's review of Earthport plc's activities, announced on
June 2, 2005, has been completed.  Earthport has been
restructured and its strategy and activities realigned as set out
below:

Balance sheet restructuring

As previously announced, the balance sheet has been strengthened
by replacing GBP4.0 million of secured loans and unsecured
finance leases with a GBP1.25 million secured loan facility,
repayable over five years.  Obligations have thus, through
negotiation, been reduced by GBP2.75 million and extended to a
longer maturity.  In addition GBP3.2 million of Loan Stock
presently on the balance sheet will convert automatically into
equity before 30 June 2006.

Fundraising

Also as previously announced, following the EGM, earthport has
raised GBP4.5 million of equity funding.  The Directors believe
that earthport now has an appropriate financing strategy in place
to take it to and past cash neutrality.

Litigation

All litigation has been resolved with the possible exception of
matters concerning Mr. Cunningham's dismissal.

Sales and Marketing

A new sales and marketing team has been recruited to focus on
winning business that maximizes the Company's key strengths.
These are the global banking network, comprising 35 local
territory accounts which provide the ability to collect and pay
out funds in more than 120 territories, and the software which
manages the network; which together make up the Universal Payment
Network (UPN).

The sales team, led by Matt O'Donnell, is now concentrating on
providing infrastructure payment services in the following key
sectors: insurance; foreign exchange; payment service providers;
and send money home services.  In particular, earthport, as a
Founder Member and Stakeholder in the International Association
of Money Transfer Networks, is committed to servicing the Money
Transfer Operators and their consumers through the provision of
the UPN.

The sales team has been active only since the beginning of
October and new clients have already been won including: Compass
Intermediaries; DataCash; Kurdistan Development Corporation,
InstaMoney, Desklink Office Furniture Limited, FX auctions,
Ezybonds and 5 Star mobile phone imports.

The earthport Web site has been redesigned to reflect the
Company's new direction and will be released shortly.  The
marketing team, led by Nick Dunlop, is sourcing new business and
positioning earthport as the independent utility of choice for
the payment and collection of funds for national and global money
movement applications.

Technical

Noel Jones who was Technical Adviser to the Board has now
consolidated his position within earthport as Chief Technical
Officer.  He leads a strong team, which is improving the
technical offering, already robust and reliable, to be scalable
and ready to receive the impending increases in transaction flow
which will result from the sales and marketing drive.

ensurePay

In addition ensurePay, the existing business division, handling
online gaming customers, continues to provide revenues under the
direction of Mark Burbidge and new contracts have been agreed
with Betfair, Ladbrokes and Proc-Cyber.

earthport Chairman Mike Harrison said: "I am pleased with the
results of the review, we have been able to focus the Company on
its core business opportunities: build a sound financial basis to
exploit these opportunities; and put in place a new sales and
marketing team who are already yielding significant results after
only a couple of months.  We look forward to the future with
confidence."

CONTACT:  EARTHPORT PLC
          Press enquiries:
          Mike Harrison, Chairman
          Phone: +44 20 7220 9700

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


F. & R. DUNLOP: Appoints PwC Administrators
-------------------------------------------
Robert Nicholas Lewis and Derek Anthony Howell (IP Nos 9777,
6604) of PricewaterhouseCoopers LLP were appointed joint
administrators of F. & R. Dunlop Services Limited (Registered No
01159863) on Dec. 5.  Its registered office is at Principality
House, Principality Business Park, Litchard, Bridgend CF31 2BB.

F. & R. Dunlop Services Limited sells tiles and tiling materials,
kitchen and bathroom equipment.  The company is trading as Tiles
R Us.  It is headquartered in Bridgend, South Wales and operating
a network of over 90 retail stores throughout the U.K. with an
annual turnover of around GBP40 million.

CONTACT:  F. & R. DUNLOP SERVICES LIMITED
          Unit 1, London Road Industrial Estate
          Grantham, Lincolnshire NG31 6EN
          Phone: 01476-593777

          PRICEWATERHOUSECOOPERS
          1 Kingsway
          Cardiff
          Glamorgan CF10 3PW
          Phone: 029 2023 7000
          Fax: 029 2080 2405
          E-mails: derek.a.howell@uk.pwc.com
                   rob.n.lewis@uk.pwc.com


FRITH BOOK: Creditors Meeting Set Next Week
-------------------------------------------
Creditors of Frith Book Company Limited (Reg No 03768108) will
meet on December 22, 2005, 10:30 a.m. at Fanshawe Lofts, 41
Castle Way, Southampton SO14 2BW.  Creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms must
be submitted together with written debt claims to A. R. Fanshawe,
joint administrator of Fanshawe Lofts, 41 Castle Way, Southampton
SO14 2BW not later than 12:00 noon, December 21, 2005.

CONTACT:  FANSHAWE LOFTS
          41 Castle Way
          Southampton
          Hampshire SO14 2BW
          Phone: 023 8023 3522
          Fax: 023 8023 3504
          E-mail: sa@fanshawe-lofts.co.uk
                  arf@fanshawe-lofts.co.uk


FROSTMIST LIMITED: Names Mitchell Charlesworth Administrator
------------------------------------------------------------
Jeremy Paul Oddie and Geoffrey Michael Weisgard (IP Nos 008918,
002781) of Mitchell Charlesworth were appointed joint
administrators of Frostmist Limited (Company No 1407818) on Dec.
1.

CONTACT:  MITCHELL CHARLESWORTH
          6th Floor
          Brazennose House West
          Brazennose Street
          Manchester M2 5FE
          Phone: 0161 817 6100
          Fax: 0161 817 6102
          E-mails: Jeremy.Oddie@mitchellcharlesworth.co.uk
                   geoff.weisgard@mitchellcharlesworth.co.uk


GATE GOURMET: Compromise Deal with Fired Workers Good Till Today
----------------------------------------------------------------
Ailing caterer Gate Gourmet has given dismissed employees until
Friday, December 16, to sign a compromise agreement, British
Broadcasting Corporation says.

Under the agreement, reached by Gate Gourmet with the Transport
and General Workers Union (TGWU), sacked employees have to choose
between reinstatement and compensation.

Gate Gourmet's Managing Director Eric Born said, "Like so many
families affected by the events of August 2005, I want to see
full and final closure.  But I don't want any family to lose out
on a compensation payment which Gate Gourmet is voluntarily
prepared to offer them."

According to TGWU spokesman, the deadline was set to prevent the
issue from rolling on.  He, however, said considerations will be
given to those who failed to sign the agreement due to "sickness,
personal circumstance, or change of heart by the company."

"If this agreement is not signed by next Friday that's not the be
all and end all," he said.

So far, 137 of 700 fired employees have signed the agreement, and
45 have received compensation or will be paid shortly.

Irked by Gate Gourmet's decision to cut jobs and hire temporary
seasonal workers, the workers staged a walkout in August, which
resulted in their dismissal and triggered a sympathy strike by
British Airways workers at Heathrow.

Gate Gourmet is owned by U.S. private equity firm Texas Pacific
Group.  It has dual headquarters in Reston, Va., and Zurich,
Switzerland and employs 22,000 people in 29 countries.  Its U.K.
operations lost GBP22 million in 2004; a further GBP25 million in
losses is expected this year.  The company has not made a profit
since 2000.

CONTACT:  GATE GOURMET U.K. & IRELAND
          Phone: 0208 5135013
          Mobile: 07810 561816
          Web site: http://www.gategourmet.com


GOSHAWK INSURANCE: Shareholders Okay Rosemont Sale
--------------------------------------------------
The Board of GoshawK Insurance Holdings plc has disclosed that at
the Extraordinary General Meeting (EGM) of the Company held
Wednesday, the ordinary resolution to approve the proposed sale
of the Rosemont Business to Ariel Holdings Limited was passed.
Completion is expected to take place shortly, subject to third
party consents being received.

A copy of the above resolution has been submitted to the U.K.
Listing Authority, and will shortly be available for inspection
at the U.K. Listing Authority's Document Viewing Facility, which
is situated at:

Financial Services Authority,
25 The North Colonnade,
Canary Wharf,
London E14 5HS,
United Kingdom.

Terms and expressions used in this announcement have the same
meanings as in the Circular posted to Shareholders on 28 November
2005.

                        About the Company

GoshawK Insurance Holdings plc is a London-based holding company
which, through its subsidiary Rosemont Reinsurance Limited,
underwrites specialist reinsurance business for its clients
internationally.

For the year ended 31 December 2004, it reported loss after tax
of US$3 million compared to a loss after tax of US$108 million a
year earlier.  Together with reserve movements of US$4 million,
this represented a decrease of US$7 million in net assets, which
stand at US$172 million.

On September 6, GoshawK announced its preliminary net loss
estimate.  Since then, market loss estimates have nearly doubled
causing the company to increase its gross loss estimate by 30%
from US$99 million to US$130 million.  This resulted in an
increased net loss estimate for Katrina from a range of US$25
million to US$30 million to a revised total of US$60 million.

CONTACT:  GOSHAWK INSURANCE HOLDINGS PLC
          52 Jermyn Street
          London SW1Y 6LX
          Phone: +44 (0) 20 7499 2355
          Fax: +44 (0) 20 7491 7247
          Web site: http://www.goshawk.co.uk


GREENHAM ELECTRICAL: Appoints Administrators from Tenon Recovery
----------------------------------------------------------------
S. R. Thomas and S. J. Parker (IP Nos 8920, 8989) of Tenon
Recovery were appointed administrators of Greenham Electrical
Distributors Limited (Company No 42490721) on Dec. 1.  Its
registered office is at Hitherbury House, 97 Portsmouth Road,
Guildford, Surrey GU2 4YF.

Greenham Electrical -- http://www.greenham.org.uk/-- distributes
electrical parts.

CONTACT:  GREENHAM ELECTRICAL DISTRIBUTORS LIMITED
          69-73 James Road
          Camberley, Surrey GU15 2RH
          Phone: 01276 692692
          Fax: 01276 692666
          E-mail: sales@greenham.org.uk

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


INTERTEK GROUP: Warns of Lower Profit Due to Hurricane Claims
-------------------------------------------------------------
Intertek Group plc reports on trading ahead of entering the close
period for the financial year to 31 December 2005.  The
preliminary results will be announced on Monday 6 March 2006 and
the close period commences on 6 January 2006.

Labtest, the consumer goods division, continues to perform well
despite the competitive environment in inspection and the second
half impact of the Chinese textile export quotas to Europe and
the U.S. reaching their limits in the summer of 2005.  The
operating margin for the second half is expected to be stable and
similar to the first half of 2005.  Labtest has strengthened its
position in consultancy and testing relating to the new European
directive on the restriction of hazardous substances (RoHS).
This and other services from Labtest will drive strong
performance next year and beyond.

ETL SEMKO, the commercial and electrical consumer products
division, continues to perform very strongly in all regions with
an expected acceleration of organic growth compared to last year.
Asia, and especially China, is experiencing the fastest growth
helped by the increasing acceptance of the ETL label by North
American retailers.  Testing and certification in the Americas
and Europe across all activities are showing good growth, with
market share gains in some sectors.  The operating margin is
expected to be higher than last year despite the incremental cost
of investments in the automotive and building products testing
businesses in China and a new testing laboratory in India.

Caleb Brett, the oil, chemical and agricultural division, is
achieving excellent growth with an expected acceleration of
organic growth compared to last year.  The increasing provision
of services to the upstream exploration industry is leading to
higher growth potential and margins in Caleb Brett.  The revenue
growth of Analytical Services is particularly strong as a result
of a steady increase in new business.  This trend is expected to
continue into 2006 following the recent acquisitions of Westport,
Automotive Research and Lintec and the new outsourcing agreement
with Kodak.

The trading conditions experienced by Caleb Brett in the second
half of 2005 were significantly impacted by Hurricanes Katrina
and Rita and their aftermath.  These effects include lost revenue
due to diminished oil and gas production in the Gulf of Mexico
and it is currently expected that reported operating profits will
be reduced by approximately GBP2 million to GBP3 million as a
result of the hurricanes.  These estimates do not take into
account any insurance recoveries, which while probable, are
likely to take some time to process.

FTS, the trade services division, is expected to report revenue
ahead of last year despite a fall in monthly revenues from
September onwards due to the ending of the Venezuela contract.
The new Standards contract with Kenya will partly compensate for
the ending of the Venezuela contract and all costs of
demobilizing were included in the results for the half year 2005.

Group

Overall, revenues and underlying operating profit for 2005 are
expected to come close to the top end of expectations.

The cost of litigation related to old legal claims has been
unusually high in the second half of 2005.  One claim in Caleb
Brett, dating back to 1996, was contested in court and
unexpectedly resulted in an adverse judgment, which has been
appealed.

Taking into account the impact of the hurricanes and the
unexpected cost of the claim, and excluding likely insurance
recoveries, the reported operating profit is expected to come in
towards the lower end of expectations.

The three-year decline of the U.S. dollar against sterling has
recently abated and this should have a very minor but favorable
effect on the reported results as approximately 80% of the
Group's earnings are in U.S. dollar or currencies related to the
U.S. dollar.

Wolfhart Hauser, chief executive, said: "We are pleased with the
underlying performance this year across the Group.  By continuing
to pursue the Group's strategy of creating added value for our
customers through technical services that support them in their
global trade, Intertek aims to generate high organic growth
rates.  Acquisitions and greenfield investments will continue to
be made to support this strategy and the recent series of
successful acquisitions and investments demonstrates Intertek's
ability to carry this out."

CONTACT:  INTERTEK GROUP PLC
          25 Savile Row
          London
          W1S 2ES, United Kingdom
          Phone: +44-20-7396-3400
          Fax: +44-20-7396-3480
          Web site: http://www.intertek.com


OPTIMUSIC LTD.: EGM Passes Winding-up Resolution
------------------------------------------------
H. Sigalov, chairman of Optimusic Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 10 at 46 Vivian Avenue, Hendon Central, London NW4 3XP.
Jonathan Sinclair of Sinclair Harris, 46 Vivian Avenue, Hendon
Central, London NW4 3XP was appointed liquidator.

CONTACT:  OPTIMUSIC LIMITED
          Elstree Business Centre,
          Elstree Way, Borehamwood
          WD6 1RX
          Phone: (+44) 020 8207 5050
          Fax: (+44) 020 8207 5051
          E-mail: info@optimusic.com
          Web Site: http://www.optimusic.com


PENDANT ALUMINIUM: Deloitte & Touche Administrators Enter Firm
--------------------------------------------------------------
Adrian Peter Berry and Ian Brown (IP Nos 008601, 007236) of
Deloitte & Touche LLP were appointed administrators of Pendant
Aluminium Limited (Company No 02444464) on Dec. 2.

Pendant Aluminium Limited -- http://www.pendant.co.uk/--  
manufactures and installs aluminium and UPVC windows and doors.

CONTACT:  PENDANT ALUMINIUM LTD.
          Roose House
          Union Lane
          Selby YO8 4AU
          North Yorkshire
          Phone: 01757 705027
          Fax: 01757 708969

          DELOITTE & TOUCHE
          1 City Square
          Leeds
          West Yorkshire LS1 2AL
          Phone: 0113 292 1748
          Fax: 0113 244 8942


PETARDS GROUP: Resumes Trading on AIM
-------------------------------------
Further to the statement made by Petards Group plc on 12 December
2005, the Board can confirm that the revised 2004 Report &
Accounts are being posted to shareholders and therefore expects
that the trading facility in the Company's ordinary shares on AIM
shall have been restored with effect from 7:00 a.m. on 15
December 2005.

The Group has been awarded a GBP1.1 million contract by Air
France Industries to supply specialist displays for AWACS
aircraft.  The equipment will be delivered in 2006 and the
contract includes a 5-year maintenance and support package.

                        About the Company

Petards combine a wide portfolio of market-leading products and
two decades of technical integration expertise to create and
deliver tailored solutions to clients' security and surveillance
challenges.  The company is listed on the London Stock Exchange
Alternative Investment Market (AIM) and operates from sites in
the U.K. and U.S.A.

It has reported operating profit of GBP272,000 (2004:
GBP1,340,000 loss) and loss before tax of GBP68,000 (2004:
GBP1,156,000 loss) for the six months ended 30 June 2005.

Tim Wightman, Chairman, said: "The markets in which the Group
operates provide significant opportunities.  The recent terrorist
events in London have further highlighted to government agencies
at home and abroad the critical role that advanced security and
surveillance systems can play in tackling such threats.  The
Group has made good progress over recent months.  However, it is
taking longer than we expected to overcome the effect of its past
difficulties within some of our markets.

"I reported in May that the performance of the Group in the
second half would depend upon our ability to convert
opportunities into orders and then deliver them before the year
end.  In the event, while we have been successful in securing a
number of orders and establishing our strong position in the
markets we serve, many are not deliverable before the yearend.
We therefore expect the outcome for the year to be a considerable
improvement over prior years, but to fall short of market
expectations.  The Board is confident, however, that with the
current strong order book, the momentum of improvement in
profitability will be maintained in 2006.

"The Board continues to seek to enhance shareholder value. The
Directors, with our advisors, are undertaking a strategic review
of all of the options available to enable the Group to maximize
its many strengths."

CONTACT:  PETARDS GROUP PLC
          Petards House
          Windmill Business Village
          Brooklands Close
          Sunbury-on-Thames
          Middlesex TW16 7DY
          Phone: +44 (0) 1932 788288
          Fax: +44 (0) 1932 788322


RETWICK LIMITED: Hires Jeffreys Henry Jacobs Administrator
----------------------------------------------------------
C. M. Iacovides (IP No 005428) of Jeffreys Henry Jacobs was
appointed administrator of Retwick Limited (Company No 04414956)
on Nov. 21.  The company develops, sells and manages real estate.

CONTACT:  JEFFREYS HENRY JACOBS
          124-128 City Road, London EC1V 2NJ
          Phone: 020 7670 9010
          Fax: 020 7670 9011
          Web site: http://www.jhj.co.uk


RINGFRAME SYSTEMS: Creditors Meeting Set Dec. 22
------------------------------------------------
Creditors of Ringframe Systems Limited (Company No 2890640) will
meet on December 22, 2005, 11 a.m. at Three Horseshoes Hotel,
Sheep Street, Rugby, Warwickshire.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A. Poxon, joint administrator of DTE Leonard
Curtis, DTE House, Hollins Mount, Hollins Lane, Bury, Lancashire
BL9 8AT not later than 12:00 noon, December 21, 2005.

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


ROYAL & SUNALLIANCE: Completes Sale of 21.5% Rothschilds Stake
--------------------------------------------------------------
Royal & SunAlliance Insurance Group plc has confirmed the
completion of the sale of its 21.5% shareholding in Rothschilds
Continuation Holdings AG on the originally agreed terms.  The
total cash consideration is GBP109.5 million and the pre-tax gain
on disposal is GBP60 million.

                        About the Company

Royal & SunAlliance is a FTSE 100 company, listed on the London
Stock Exchange and in New York.  The group consists of three
regions -- U.K., Scandinavia and International -- with operations
in 30 countries, providing general insurance products to over 20
million customers worldwide.

In September, Royal & SunAlliance revealed a provisional estimate
of up to GBP25 million, net of reinsurance recoveries, for claims
arising from the recent hurricane (Katrina) in the U.S.  The
losses are expected to arise in the Group's Marine and Global and
Risk Managed portfolios.  The provisional loss estimate includes
a very limited exposure from the Group's U.S. business following
its restructure in 2003.

The company has decided to transfer its employees from pensions
based on final salaries to packages based on average career
earnings.  It aims to cut about GBP180 million from the company's
GBP500 million pension fund deficit.

The measure is part of the company's ongoing restructuring, which
comes amid mounting claims and weak investments.  The company is
said to have improved its risk profile, but it has not yet
totally eliminated the threat of potentially large claims in the
U.S.  The latter could dampen interest of prospective buyers,
according to analysts.

CONTACT:  ROYAL & SUNALLIANCE INSURANCE GROUP PLC
          30 Berkeley Sq.
          London
          W1J 6EW, United Kingdom
          Phone: +44-20-7636-3450
          Fax: +44-20-7636-3451
          Web site: http://www.royalsunalliance.com


RUBYBARSOLUTIONS LTD.: Names DTE Leonard Liquidator
---------------------------------------------------
D. Lezinska, director of Rubybarsolutions Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 9 at 1 Great Cumberland Place, London W1H 1LW.

A. Clifton of DTE Leonard Curtis, Bamfords Trust House, 85-89
Colmore Row, Birmingham B3 2BB was appointed liquidator.

CONTACT:  RUBY BAR SOLUTIONS LTD.
          33, Lonsdale Road,
          Queen's Park
          London
          NW6 6RA
          Phone: 0845 612 4455
          (from outside the U.K. +44 207 328 9100)
          Fax: 0845 612 5566
          (from outside the U.K. +44 207 328 9101)
          E-mail: cocktail@rubybarsolutions.com

          U.S. Offices
          RUBY BAR SOLUTIONS LTD. USA
          98 Entrance Way, Purdys, NY, 10578
          Phone: 1914 669 8162
          Mobile: 1917 254 9752
          E-mail: gilles@rubybarsolutions.com


SETMET LIMITED: Calls in Administrators from Milner Boardman
------------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) of Milner
Boardman & Partners were appointed administrators of Setmet
Limited (Company No 03428812) on Dec. 5.  Its registered office
is at 29A Water Lane, Wilmslow SK9 5AR.

CONTACT:  SETMET LIMITED
          L And M Business Park,
          Norman Road, Altrincham,
          Cheshire WA14 4ES
          Phone: 01619294848
          Fax: 01619297509

          MILNER BOARDMAN & PARTNERS
          Century House, Ashley Road,
          Hale, Cheshire WA15 9TG
          Phone: 0161 927 7788
          Fax: 0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


SOVEREIGN MARINE: Proposes 'Closing' Scheme of Arrangement
----------------------------------------------------------
The Joint Scheme Administrators of Sovereign Marine & General
Insurance Company Limited, Anthony James McMahon and John
Mitchell Wardrop, partners in KPMG LLP (U.K.), have announced
proposals for the implementation of a "closing" Scheme of
Arrangement for Sovereign.

Sovereign entered provisional liquidation in July 1997, following
which, a Scheme of Arrangement was approved by its creditors and
authorized by the court.  The Original Scheme became effective in
January 2000.

Since 1997 the Scheme Administrators have been working to collect
Sovereign's reinsurance assets, gain greater certainty over
Sovereign's liabilities and accelerate the distribution of assets
to creditors.  The current Scheme Payment Percentage is 40%.

The Scheme Administrators believe that Sovereign has reached a
point with its reinsurance collections and other asset
realizations that it is now appropriate to propose a "closing"
Scheme.

Approximately 95% of Sovereign's liabilities emanate from
business underwritten and/or administered by Willis Faber
(Underwriting Management) Limited, Devonport Underwriting Agency
Limited and Willis Faber & Dumas Limited, known as the "WFUM
Pools".  The WFUM Pools have been in run-off since 1991.
Sovereign and its subsidiaries (Sovereign Insurance (U.K.)
Limited and Greyfriars Insurance Company Limited) account for
approximately 50% of the WFUM Pools' liabilities.

The other pool participants intend to propose a collective Scheme
of Arrangement, known as the "Pool Scheme", alongside Sovereign.
This approach is designed to prevent the fragmentation of the
WFUM Pools' administration.

John Wardrop said: "We are pleased to announce Sovereign's
intention to propose a 'closing' Scheme of Arrangement.  This
reflects the progress the Scheme Administrators have made in
collecting Sovereign's assets and demonstrates our commitment to
distributing Sovereign's assets to creditors as soon as possible.

"We believe that a unified exit for the WFUM Pools will result in
a higher ultimate payment percentage for Sovereign's creditors
than would otherwise be achieved if Sovereign closed separately."

CONTACT:  KPMG (U.K.) LLP
          Rachael Morgan
          Corporate Communications
          Phone: 020 7694 2692


THUS GROUP: Non-executive Director Steps down
---------------------------------------------
THUS Group plc revealed Wednesday that Margaret Ford has resigned
as a Non-executive Director of the Company.

Ms. Ford is currently Chairman of English Partnerships and has
recently agreed to accept additional full-time Executive
responsibilities in this role.  The Board has agreed that her
resignation will take effect from December 14, 2005 to enable her
to make a smooth transition into her expanded role.

Philip Rogerson, chairman, said: "While I am delighted for
Margaret as a result of her new role, sadly as a consequence of
these additional responsibilities, she considered that she would
be unable to continue to devote sufficient time to her duties as
a director of THUS and, with reluctance, decided to tender her
resignation which the Board has accepted.

"We thank Margaret for the valuable contribution she has made to
the Company over the past three years and wish her every success
for the future."

                            *   *   *

THUS Group plc has reported that turnover from continuing
operations was up 5% to GBP174.5 million, while operating loss in
continuing operations was reduced 75% to GBP5.8 million for the
six months ended 30 September 2005.  It has also noted that its
bank facility has been refinanced at GBP55 million on improved
terms and conditions.

Chief Executive William Allan said: "While we believe market
conditions will remain challenging, we expect to continue to grow
and to generate positive free cash flow for the second half and
the full year."

CONTACT:  THUS GROUP PLC
          Corporate Communications and PR
          1/2 Berkeley Square
          99 Berkeley Street
          Glasgow G3 7HR
          Phone: 0141 567 1234
          Fax: 0141 566 3035
          E-mail: thus.enquiries@thus.net
          Web site: http://www.thus.net


U.K. COAL: To Incur GBP15 Million Redundancy Costs Next Year
------------------------------------------------------------
Ahead of entering the close period, U.K. COAL PLC is giving the
following pre-close trading update covering the period up to the
end of November 2005.  It is anticipated that the results for the
year ended 31 December 2005 will be announced on Thursday 2nd
March.

Deep Mines

Good progress on operational initiatives has continued to improve
performance and better average selling prices have been achieved
in the five months to the end of November as higher priced
contracts take effect.  Selling prices in the five months have
been GBP1.36 per gigajoule (first half year: GBP1.30 per
gigajoule).

The Deep Mines have been returned to profitability in the three
months to November and, in this period, unit costs have been
reduced to GBP1.30 per gigajoule.

The full five-month period to the end of November however
includes a period of low production in July and August when the
new faces installed in the second quarter were being
commissioned.  As a result, total output in the five months to
the end of November is 3.8 million tonnes and unit cost of
production has been GBP1.58 per gigajoule (first half year:
GBP1.68 per gigajoule).

Total exceptional items in the second half-year are anticipated
to be around GBP24 million (first half year: GBP23 million,
excluding investment aid and profit on sale of businesses),
principally comprising certain costs of mothballing Rossington
and Harworth which, in accordance with accounting standards, were
not provided in the first half.

Other exceptional items relate to head office redundancy costs,
following an overhead reduction program, costs for recovery
projects following force majeure events announced in January,
provision for the potential repayment of certain investment aid
in respect of closed and closing collieries and impairment of
fixed assets, mainly in respect of the closing collieries.

Net debt is GBP105 million at the end of November (June 2005:
GBP85 million), including leasing and hire purchase agreements
but excluding balances held in respect of insurance requirements
and subsidence security funds.

Coal stocks have been increased by 103,000 tonnes since June 2005
to give more operational flexibility, and at the end of November
amounted to 472,000 tonnes (November 2004: 699,000 tonnes).

Surface Mines

Overall, surface mining made a profit of GBP0.2 million in the
five months to November 2005 (2004: Loss of GBP2.2 million).
Additionally, the surface mining business has incurred GBP5.4
million of costs on restoration and rehabilitation of former
surface and deep mine properties. The cost of this work has been
either capitalized or charged against previously reserved
liabilities set up on the inception of the mining schemes.

Surface mine output in the five month period to the end of
November fell to 377,000 tonnes (first half year: 570,000
tonnes).  Unit costs were GBP1.31 per gigajoule (first half year:
GBP1.28 per gigajoule).

There still remains 920,000 tonnes to extract from current
operations together with a further 1.5 million tonnes from
schemes, which already have planning approval.

While no new planning approvals were received in the five-month
period, three sites containing 2.7 million tonnes have been
submitted to Public Inquiry on appeal and, subject to approval,
would be available to start extraction in late 2006.

The Company, which has a land bank containing up to 100 million
tonnes of coal, has submitted planning applications for a further
three new sites containing 1.6 million tonnes of reserves.  We
hope to start production on these sites in 2006.

Property

Property proceeds in the five-month period to the end of November
were GBP5.0 million (2004: Nil).  This reflects the disposal of
land following the extraction of value after appropriate
development or receipt of planning approval.

Rental income on the commercial and business park portfolio
continues to grow and planning applications in respect of 235
acres of land are awaiting approval.  Total profit in the
five-month period to the end of November amounts to GBP4.9
million, including profit on disposals of GBP3.9 million.

Power Generation

Harworth Power, U.K. COAL's power generation subsidiary, has 32
MW of installed methane power generation capacity, and planning
permission to erect 3 wind turbines.  Planning applications in
respect of a further 37 turbines are in progress.

Power generation continues to increase and the business generated
a profit, including emissions trading credits, of GBP1.1 million
in the five-month period to the end of November 2005.

Outlook

The continuing five deep mines are expected to return to overall
profitability in 2006, dependent on the continuation of the
mining conditions experienced in the three months to November
2005.

At the end of November 2005, total coal under contract to 2009,
including an estimate of sales to non Electricity Supply Industry
markets, was 33.1 million tonnes, with average maximum expected
proceeds across all years (in 2005 prices) of GBP1.45 per
gigajoule and minimum proceeds of GBP1.35 per gigajoule.  These
prices are subject to inflation at full RPI and are dependent
upon the out-turn of international coal prices.

We are committed to maintaining a significant surface mining
business and will continue to actively pursue planning
applications in respect of our extensive surface mining land
bank.

We will continue to develop our property business by investing
sales proceeds to enhance the value of the property portfolio
through development, marriage and planning gains.

Harworth Power will continue to pursue its interest in renewable
and green energy generation, building capacity through direct
investment and joint venture.

During 2006, payments of around GBP15 million in respect of
redundancy costs provided at the end of 2005 will be made, along
with additional payments to reduce the pension deficit (GBP10
million).  A further GBP15 million will be paid to restore former
surface and deep mines, but this should further enhance the
property value.

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


UNION LANE: Appoints Deloitte & Touche Administrator
----------------------------------------------------
Adrian Peter Berry and Ian Brown (IP Nos 008601, 007236) of
Deloitte & Touche LLP were appointed administrators of holding
company Union Lane Holdings Limited (Company No 04830256) on Dec.
2.

CONTACT:  DELOITTE & TOUCHE
          1 City Square
          Leeds
          West Yorkshire LS1 2AL
          Phone: 0113 292 1748
          Fax: 0113 244 8942


VIEWDIGITAL LTD.: Web site Designer Liquidates
----------------------------------------------
L. Allenby, director of Viewdigital Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 16 at Alexandra Dock Business Centre, Fishermans Wharf,
Grimsby DN31 1UL.

Charles Howard Ranby-Gorwood of CRG Insolvency & Financial
Recovery, Alexandra Dock Business Centre, Fisherman's Wharf,
Grimsby DN31 1UL was appointed liquidator.

CONTACT:  VIEWDIGITAL LTD.
          P.O. Box 431, Grimsby
          North East Lincolnshire, DN37 9WZ
          Phone: +33 (0) 241 754 900
          Fax: +33 (0) 241 755 950


WALMSLEY FURNISHING: Hires Administrators from Deloitte & Touche
----------------------------------------------------------------
William Kenneth Dawson and Debbie Marie Young (IP Nos 008266 and
009371) of Deloitte & Touche LLP were appointed administrators of
Walmsley Furnishing Plc (Company No 00558732) on Dec. 1.  Its
registered office is at Regents Court, 12 Starkie Street, Preston
PR1 3LU.

CONTACT:  WALMSLEY FURNISHING PLC
          Stockwell Gate,
          Mansfield, Nottinghamshire NG18 1LA
          Phone: 01623-633422

          DELOITTE & TOUCHE
          PO Box 500
          201 Deansgate
          Manchester
          Greater Manchester M60 2AT
          Phone: 0161 832 3555
          Fax: 0161 829 3806
          E-mail: bill.dawson@deloitte.co.uk


YES CAR: Parent Closes Credit Business After Sale Talks Fail
------------------------------------------------------------
In September 2005, Provident Financial said it would undertake a
strategic review of the Yes Car Credit business.  That review has
been completed and has concluded that the business is no longer
viable.  Increased competition from motor dealers for sub-prime
finance customers, together with regulatory changes that have
reduced sales of insurance products, have resulted in operating
conditions that are very different from those that prevailed when
we acquired the business.  Yes Car Credit ceased to be profitable
in 2004 and, despite every effort to return the business to
profitability, has been suffering trading losses since.  A
pre-tax trading loss of about GBP24 million is expected in 2005.

Over the past three months, in conjunction with our financial
advisers, we have worked hard to find a buyer for the motor
retailing activities of Yes Car Credit.  Unfortunately, last
Friday, Dec. 9, 2005, negotiations with prospective purchasers
ended unsuccessfully.  As a consequence, the trading activities
of Yes Car Credit will cease today [Dec. 14] and all branches
will be closed.

The vehicle financing activities of Yes Car Credit will also
cease and the book of customer receivables, valued at
approximately GBP240 million, will be collected out as they fall
due.

Approximately 820 employees, from both branches and head office,
will be made redundant.  Yes Car Credit is offering employees an
enhanced redundancy package, beyond normal statutory
entitlements.

In 2005, goodwill arising on the acquisition of the business of
GBP91 million will be written off.  In addition, exceptional
pre-tax cash closure costs of about GBP30 million together with
asset write downs of about GBP20 million will be incurred, giving
a total exceptional pre-tax loss of approximately GBP141 million.

Chris Johnstone, Managing Director of the U.K. consumer credit
division, will be leaving the group by mutual agreement when the
closure of Yes Car Credit is complete.

              U.K. Consumer Credit Division

U.K. Home Credit

The U.K. home credit business has performed broadly in line with
expectations in the eleven months to November 2005.  Market
conditions remain competitive.

Customer numbers continue to reduce and are 3% below the level at
November 2004.

Increased issue of larger loans repaid over eighteen months or
two years to selected, lower risk customers have generated growth
in credit issued of 3% for the year to date but, as expected, the
rate of growth is slowing as the year progresses.  We noted at
the half-year the early signs of a weaker collection performance
following the reduction in consumers' disposable income caused by
rising fuel and utility costs.  This trend has, as expected,
carried through into the second half of the year with the result
that impairment costs have increased by 9% compared to the first
11 months of 2004.  Operating costs remain under tight control.
We expect a reduction in profit from this business in line with
the market consensus for 2005 and we expect that the recent
trends in impairment costs together with increases in other
costs, particularly marketing costs, will mean that the annual
reduction in profit in 2006 is likely to be greater than in 2005.

We continue to co-operate actively with the Competition
Commission's inquiry into the U.K. home credit sector and have
responded fully to the recently published emerging thinking
document.  We were pleased to note that the Commission's own
research confirmed high levels of satisfaction among customers
and that agent relationships with customers were good and
businesslike.  The next step in the Commission's process is the
publication of provisional findings in January/February 2006.
Central costs for 2005 are expected to be about GBP4 million
higher than in 2004, largely as a result of the significant
expenditure involved in dealing with the Competition Commission
inquiry.

Vanquis Bank

Vanquis Bank has continued to grow its cardholder numbers and
customer receivables during the second half, despite tightening
its underwriting criteria.  Cardholder numbers stand at 153,000
at the end of November 2005 and net amounts receivable from
customers at GBP58 million.  Start-up losses of GBP16 million are
expected for the full year.  We continue to expect a much reduced
start-up loss in 2006 and a move into profit in 2007.

International Division

The international division has been operating since 1997 as part
of Provident Financial's strategy of developing new sources of
growth outside of the U.K. home credit business.  International
continues to deliver good results with growth in profits from
central Europe partly offset by start-up losses in Mexico.
Hungary, Czech Republic and Slovakia have continued to perform as
expected.  In Poland, we said at the half-year that we had slowed
the growth in credit issued and increased the emphasis on
collections in order to address adverse trends in collection
performance and impairment.  These actions have stabilized
collection performance but have led to lower than expected growth
in credit issued and customer receivables which is impacting
profit growth in 2005 and which will do so to a greater extent in
2006.

Overall, for the eleven months to November 2005, the
international division has increased its customer numbers by 15%,
as compared to November 2004, to almost 1.7 million and its
credit issued by 12%.  We now expect profit from the
international division for 2005 to be about 25% higher than in
2004, which is a little below our previous expectations.

Preparations for the new regulatory regime that comes into force
in Poland in February 2006 are progressing to plan.

Mexico is growing rapidly and performing well.  Customer numbers
already exceed 100,000 and our geographic expansion in the
Puebla-Veracruz region is progressing to plan.  In addition, in
order to take advantage of the opportunities in this large and
attractive market, we have recently opened a second center in the
Guadalajara-Leon region, which has a population of approximately
20 million people.  We continue to expect start-up losses of
about GBP4 million for this year.  The accelerated expansion in
the Guadalajara-Leon region will result in start-up losses in
Mexico increasing to around GBP9 million in 2006.

We also intend to launch a pilot operation in Romania in 2006.
This is a fast developing market, adjacent to our central
European markets, with a population of 22 million people.  It has
researched well and has significant potential.  We will incur
about GBP3 million in start-up losses in Romania in 2006.

Overall, in 2006 the international division will invest about
GBP12 million in start-up losses in developing Mexico and
Romania, building upon the considerable success and substantial
value already created by our international expansion.  As a
result of this investment in start- up losses, together with
slower growth in Poland, we expect a small reduction in
international's profit in 2006 before growth is resumed in 2007.

Motor Insurance Division

We expect Provident Insurance to deliver excellent results for
the year with profits of approximately GBP40 million.  Although
market conditions remain competitive our underwriting results
continue to benefit from the favorable development of claims
costs.  We expect market conditions in 2006 to be similar to 2005
but continue to expect profits from the division to reduce.

Funding of the Group's Final Salary Pension Scheme

The company intends to make two special contributions totaling
GBP133 million to its final salary pension schemes; approximately
GBP31 million in December 2005 and the balance in the first half
of 2006.  This will remove the IAS 19 deficit as valued at 30
June 2005.  New, more sustainable pension arrangements for future
pension accrual will be established that will provide greater
certainty as to the cost of pension provision and, in particular,
are designed to reduce the volatility of the company's pension
costs to changes in wage inflation and longevity.  The increase
in the group's interest payable after funding the deficit will be
broadly offset by a reduction in the IAS 19 pension charge to the
group's profit and loss account.

Final Dividend for 2005

The board recognizes the importance of dividends to shareholders
and its present intention is to increase the final dividend for
2005 by 3%.

Group Performance

Overall, we expect the ongoing group (excluding Yes Car Credit)
to report profits approximately 5% below the market consensus
estimates for 2005.

CONTACT:  BRUNSWICK GROUP
          Phone: 020 7404 5959


* MG Rover Collapse Pulls down 2005 Car Sales
---------------------------------------------
Car sales in the U.K. are expected to drop to a five-year low,
The Guardian says.

According to the Society of Motor Manufacturers and Traders,
registrations in November declined 7.9% to just under 158,500
cars, resulting to a 5.8% decrease in yearly registrations (2.28
million).

SMMT, which predicts this year's new car market to fall below 2.5
million for the first time since 2000, cited the collapse of MG
Rover as a major factor.  In November, British cars sale dropped
14.5%; for the year, over 10%.

SMMT Chief Executive Christopher Macgowan said: "Total
registrations stayed at near record levels through 2005 and
should hold close to 2004 volumes.  But consumer caution in an
economically tougher year has dented business confidence and
slowed investment a little.  High energy prices will carry this
uncertainty into 2006."

CONTACT:  SOCIETY OF MOTOR MANUFACTURERS AND TRADERS
          Contact:
          Robin Dickeson
          Phone: +44 (0)2 073 449 222
          Mobile: +44 07 974 435 641
          E-mail: rdickeson@smmt.co.uk


* FSCS Declares 17 Firms in Default
-----------------------------------
Consumers can claim compensation of up to GBP48,000 if they have
lost money as a result of their dealings with any one of 17 firms
that the Financial Services Compensation Scheme (FSCS) has
recently declared in default.  FSCS is the U.K.'s statutory fund
of last resort for customers of regulated financial services
firms.  The service is free to consumers.

Declaring a firm in default is the final part of a process
whereby a regulated firm (such as a financial adviser) has been
found by FSCS to be unable to pay claims, and this means that
customers who have lost money as a result of dealings with one of
these firms can make a claim for compensation to FSCS.

"This is good news for consumers who have nowhere else to turn if
the firm they dealt with can't help," says Loretta Minghella,
Chief Executive.

"The existence of a fund of last resort for consumers helps to
maintain confidence in the sector and encourages people to do
business with authorized financial services firms."

Consumers who believe they may have a claim should contact the
Scheme on +44-(0)20-7892-7300.

The 17 investment firms declared in default by the FSCS are:

(a) Mr. Raymond Daniel Kinsey trading as Kinsey & Brightwell
    Associates, Norwich, NR13 5QY;

(b) Quentin Foulkes Financial Services Limited, Methwold, IP26
    3RD;

Northern Ireland

(c) Alan Campbell (Financial Services) Limited, formerly Nelson
    Insurances Limited, Belfast, BT41 1NT;

(d) MFS (Yorkshire) Limited formerly known as Master Financial
    Services Limited and also Towerclass Limited and also
    trading as Corporate World, Belfast, BT9 5NS;

(e) Mr. William and Ms. Dorothy Sharpe formerly trading as W D
    Sharpe & Company, Coleraine, BT52 2HX;

South East (including London)

(f) 34 Company Limited (formerly Quay Associates Limited),
    London, E14 9GE;

(g) Briardrake Limited, Harrow, HA1 4JE;

(h) Jeffery Flanders Limited, formerly Jeffery Flanders (Life &
    Pensions) Limited, Ripley, GU23 6AN;

(i) McGinn (Mortgage, Life & Pensions) Limited, Twickenham, TW1
    1RG;

(j) Miss Sarah Chipchase and Ms. Val Palmer-Smith trading as
    Griffin Steel & Company, Horsham, RH12 1EQ;

(k) Mr. Bernard Langmead, Mr. Roger Sherratt, Mr. Francis Blann,
    Mr. Victor Baker, Mr. Peter Price and Mr. Henry Falkiner
    trading as Fennells Financial Services, Farnborough, GU14
    6DA;

(l) Paterson Lloyd Limited, Croydon, CR0 1ET;

South West

(m) K C Galpin Associates Ltd., Bristol, BS14 9BZ;

(n) R T Marke & Co Limited, Bideford, EX39 2AA;

Wales

(o) Du-Feu Asset Management Limited, Cardiff, CF4 4SN;

(p) Roy Rickett & Partners Limited (now Wanbase Limited),
    Cardiff, CF1 2AG; and

Yorkshire and Humberside

(q) MBA Sterling (UK) Limited (In Liquidation), Sheffield, S9
    1DH.

About FSCS

The Financial Services Compensation Scheme (FSCS) is the U.K.'s
statutory fund of last resort for customers of authorized
financial services firms.  This means that FSCS can pay
compensation if a firm is unable, or likely to be unable, to pay
claims against it.  FSCS is an independent body, set up under the
Financial Services and Markets Act 2000 (FSMA).  Its service is
free to consumers.

Declaring a Firm in Default

On receiving a potential claim against a firm, FSCS will start an
investigation into that firm's solvency.  The Scheme will declare
a firm in default if:

-- it has received at least one claim (within its jurisdiction);
   and
-- it is satisfied that the firm is unable (or likely to be
   unable) to pay claims against it.

We are required to do this before we can pay compensation to
eligible claimants.

Declaring a firm in default allows consumers who believe they may
have lost money as a result of their dealings with that firm to
apply to us for compensation.

Authorized Firms

Our rules are made by the Financial Services Authority (FSA), the
independent watchdog set up by government under FSMA to regulate
financial services in the U.K. and protect the rights of
consumers.  The rules tell us which types of claim are eligible
for compensation, and limit how much compensation we are allowed
to pay.  Firms need permission from the FSA to carry out a
regulated activity, which covers activities such as accepting
deposits, insurance business and investments. Regulation provides
access to the Financial Ombudsman Service and FSCS.

Consumers can check that the firm they are dealing with is
authorized by contacting the FSA's Consumer Helpline on 0845 606
1234.

Fund of Last Resort

As a fund of last resort, FSCS can only pay compensation to
consumers who have lost money, and where a firm is unable to meet
their claim.  For investment claims compensation aims to put
consumers back into the position they would have been in had they
not invested.

When FSCS Can Help

The kinds of investment claims FSCS handles usually relate to
advice -- for example, if somebody has been advised to buy an
investment product such as an endowment policy or precipice bond,
but it was unsuitable for them and they have lost money.  FSCS
can pay compensation for financial loss arising from, for
example, bad advice, negligent investment management, and fraud,
where the firm is unable to pay claims against it.  FSCS can also
help if an authorized investment firm stops trading and cannot
return its customers' investments or money.


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *