TCREUR_Public/051219.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, December 19, 2005, Vol. 6, No. 250

                            Headlines

C Z E C H   R E P U B L I C

CZECH AIRLINES: Abandons Baku, Azerbaijan Route


G E R M A N Y

BACKEREI HEUEL: Dortmund Business Goes Bust
BIBER-GESELLSCHAFT: Creditors' Claims Due Next Month
BIMODAL VERWALTUNGS: Succumbs to Bankruptcy
DIMA GMBH: Bremen Court to Verify Claims March
FERNSEHSTUDIO BERLIN: Creditors to Meet January

JOCAT-TRANSBERLIN: Proofs of Claim Due February
KARSTADTQUELLE AG: Michael Krause Named Mail Order CFO
KIRCHMEDIA GMBH: Deutsche Bank Fine Might be Lower than Expected
NEOLUX LEUCHTROHREN: Under Bankruptcy Administration
PROJEKT VILLADRESDEN: Court Names Henningsmeier Administrator
STECHER BAUUNTERNEHMUNG: Creditors Meeting Set March


G R E E C E

TIM HELLAS: S&P Affirms B+ Rating, Lifts Negative Outlook


I T A L Y

BANCA POPOLARE: Bad Loans Provision may top EUR800 Million


N E T H E R L A N D S

GETRONICS N.V.: Wins Three-year Contract from Wegener
ROYAL SHELL: Share Buyback Program Continues


N O R W A Y

PETROLEUM GEO-SERVICES: Extends Tender for 10% Senior Notes


R U S S I A

ARBAT-BANK: Claims Filing Period Ends Dec. 29
BALTLEN-ESENOVICHI: Temporary Insolvency Manager Enters firm
BRICKWORKS: Undergoes Bankruptcy Supervision Procedure
CHUVASH-SEL-KHOZ-MONTAGE: Bankruptcy Hearing Resumes Tomorrow
EAR: Undergoes Bankruptcy Supervision Procedure

MELEUZOVSKIY FOOD: Insolvency Manager Takes over Firm
NATIONAL BANK: Junk Ratings Raised; Outlook Changed to Stable
OAO DALSVYAZ: Fitch Affirms Non-investment Grade Ratings
PEREVOZSKAYA: Insolvency Manager Takes over Firm
PROM-STROY-SERVICE: Declared Insolvent

SALAVATSKIY DAIRY: Bankruptcy Hearing Set March
USMANSKIY: Lipetsk Court Appoints Insolvency Manager
YUKOS OIL: Chief Financial Officer Resigns


S W I T Z E R L A N D

CONVERIUM HOLDING: Names New Chief Executive Officer


U K R A I N E

GIDROENERGOBUD: Creditors' Claims Due this Week
NEW PRODUCT: Kyiv Court Opens Bankruptcy Proceedings
PRESIDENT: Insolvency Manager Takes over Helm
PROGRES: Goes into Liquidation
RAUND-HOL LTD.: Declared Insolvent

SENS: Proofs of Claim Deadline Expires Today
STRUM-ZAPORIZHYA: Court Appoints Liquidator
UKREXIMBANK: Fitch Affirms Long-term BB- Rating


U N I T E D   K I N G D O M

ASHWORTHS PRODUCTS: Creditors Meeting Set Next Month
ATOMIC SPORTS: Hires Taylor Rowlands as Administrator
AUTOMARQUES LTD.: Goes into Liquidation
AVIS EUROPE: Maintains 2005 Trading Forecasts
BALMY MOODS: Calls in Liquidator from BDO Stoy Hayward

BCCI: US$500 Mln Payout to Creditors Raises Recover Rate to 81%
BODY-FX LIMITED: Meeting of Creditors Set Today
BRITISH AMERICAN: Division Director Steps down
BRITISH NUCLEAR: Huge Fee Awaits Westinghouse Agent
BROOK & WHITTLE: Hires Milner Boardman & Partners Administrator

CENTER PARCS: Finance Director Resigns
CODEWELD LIMITED: KPMG to Liquidate Business
DATA BUSINESS: Hires Chantrey Vellacott as Administrator
DRAX GROUP: Starts Trading on London Stock Exchange
FULFILMENT & DISTRIBUTION: Appoints Administrator

GALLAHER GROUP: Names Audit Committee Members
GREEN ISLAND: Appoints Begbies Traynor Liquidator
HISCO CONSILIUM: Administrators Enter Firm
IN CAR: Files for Liquidation
INDOORS OUTDOORS: Camping Retailer Calls in Administrator

INTERNATIONAL POWER: Named Preferred Bidder in Bahrain Project
JOOLZ COLLECTION: Fashion Designer Liquidates
JWB PRINT: Calls in Liquidator
LOCO RESTAURANTS: Appoints Liquidators from Begbies Traynor
MARCONI CORPORATION: Delisting from Nasdaq Later this Month

MIDLAND DIGITAL: Digital Office Equipment Supplier Winds up
MURRAY VERNON: Calls in Administrator from PwC
MUSE LINGERIE: Hires Administrator from DS Insolvency
MYTRAVEL GROUP: Cuts Loss to GBP18.3 Million
OCHRE TRADING: Garden Furniture Wholesaler Liquidates

RANK GROUP: Ex-WH Smith Finance Director Joins Board
REFLEXKEY LIMITED: Real Estate Developer Calls in Administrator
RJM PRODUCTS: Administrators from P&A Partnership Move in
SEABROOK CONSTRUCTION: Calls in Joint Liquidators
SPORTSPAGES LIMITED: Book Retailer Hires Administrator

SWAN HUNTER: Left out of GBP2.9 Bln Royal Navy Contract
TRANSCOVER TRUCKCARE: Names Tenon Recovery Administrator
VEGA FABRICATIONS: Files for Liquidation
WATERFORD WEDGWOOD: Grants Directors Share Options
WH SMITH: Christmas Trading Update Out Next Month
WILKINSON ENVIRONMENTAL: Names Tenon Recovery Liquidator

* DTI Shuts down Four Birkenhead-based Firms


                            *********


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


CZECH AIRLINES: Abandons Baku, Azerbaijan Route
-----------------------------------------------
Czech Airlines is ending flights to Baku, Azerbaijan on Jan. 6,
2005 as part of its program to close some lucrative routes in the
West, Baku Today reports.  It already closed flights to New
Jersey's Newark airport, to Glasgow, Scotland, as well as between
Latvia's Riga airport and Rome.

CSA, meanwhile, is adding flights to existing destinations in the
East, where markets are fairly small, but steadily growing.  For
the winter season, CSA added flights to Eastern destinations
already served by the company, such as Sarajevo, Bosnia and
Herzegovina; Minsk, Belarus; Bucharest, Romania; Kyiv, Ukraine;
Yerevan, Armenia; and Moscow, Russia, said CSA spokeswoman Jitka
Novotna in a news release.  CSA is offering promotional prices on
new routes to attract more passengers.

Czech Airlines reported a loss of CZK464 million, instead of an
expected CZK177 million profit in the first half due to high fuel
prices.  It now expects a loss for the full year of between
CZK350 million and CZK550 million, and not a profit of CZK522
million as projected.

CONTACT:  CESKE AEROLINIE A.S.
          Prague Ruzyni Airport
          160 08 Prague, 6, Czech Republic
          Phone: +42 220 104 310
          Fax:   +42 224 81 04 26
          Web site: http://www.csa.cz


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


BACKEREI HEUEL: Dortmund Business Goes Bust
-------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Backerei Heuel 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 Dr.
Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting on March 2, 2006, 11:00 a.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, 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:  BACKEREI HEUEL GmbH
          Hansastr. 19, 59174 Kamen
          Contact:
          Christoph and Johannes Heuel, Managers

          Dr. Sebastian Henneke, Administrator
          Muelheimer Str. 100, 47057 Duisburg
          Phone: 0203/34840
          Fax: 0203/3484510


BIBER-GESELLSCHAFT: Creditors' Claims Due Next Month
----------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Biber-Gesellschaft fuer berufliche Bildung mbH on
November 23.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
January 10, 2006 to register their claims with court-appointed
provisional administrator Jens Wilhelm V.

Creditors and other interested parties are encouraged to attend
the meeting on February 7, 2006, 9:45 a.m. at the district court
of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude, Hamburger
Allee 26, 30161 Hannover, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  BIBER-GESELLSCHAFT FUER BERUFLICHE BILDUNG mbH
          Hildesheimer Str. 85, 30880 Laatzen
          Contact:
          Kaufmann Detlev Mattukat-Lenk, Manager
          Winzingerodeweg 12, 30559 Hannover

          Jens Wilhelm V, Administrator
          Oskar-Winter-Str. 8, 30161 Hannover
          Phone: 0511/696846-0
          Fax: 0511/696846-79


BIMODAL VERWALTUNGS: Succumbs to Bankruptcy
-------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Bimodal Verwaltungs - GmbH i. L. on December 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until January 12, 2006 to
register their claims with court-appointed provisional
administrator Dr. Andreas Schulte-Beckhausen.

Creditors and other interested parties are encouraged to attend
the meeting on February 20, 2006, 11:15 a.m. at the district
court of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn,
1. Stock, Saal W126, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  BIMODAL VERWALTUNGS - GmbH i. L.
          Rhondorfer Str. 85, 53604 Bad Honnef
          Contact:
          Kurt Pelster, Liquidator
          Michael Sailer Str. 14, 46399 Bocholt

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


DIMA GMBH: Bremen Court to Verify Claims March
----------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against DIMA GmbH on November 29.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 7, 2006 to register their claims with
court-appointed provisional administrator Frank-Michael Rhode.

Creditors and other interested parties are encouraged to attend
the meeting on January 5, 2006, 9:25 a.m. at the district court
of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on March
30, 2006, 9:30 a.m. at the same venue.

CONTACT:  DIMA GmbH
          Speicher 13/14, Cuxhavener Str. 10, 28217 Bremen
          Contact:
          Dieter Santen, Manager
          Richtweg 5, 27299 Langwedel

          Frank-Michael Rhode, Administrator
          Graf-Moltke-Str. 62, 28211 Bremen
          Phone: 0421/3485212/213
          Fax: 0421/341078


FERNSEHSTUDIO BERLIN: Creditors to Meet January
-----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Fernsehstudio Berlin Cultisland GmbH on
December 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 1, 2006 to register their claims with court-appointed
provisional administrator Joachim Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting on January 17, 2006, 9:15 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on April 25,
2006, 9:25 a.m. at the same venue.

CONTACT:  FERNSEHSTUDIO BERLIN CULTISLAND GmbH
          Eiswerderstr. 18,13585 Berlin

          Joachim Voigt-Salus, Administrator
          Rankestrasse 33, 10789 Berlin


JOCAT-TRANSBERLIN: Proofs of Claim Due February
-----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against JOCAT-Transberlin GmbH on November 30.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until February 28,
2006 to register their claims with court-appointed provisional
administrator Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting on January 25, 2006, 9:00 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on April 26,
2006, 9:00 a.m. at the same venue.

CONTACT:  JOCAT-TRANSBERLIN GmbH
          Wilhelmstr. 76,10117 Berlin

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


KARSTADTQUELLE AG: Michael Krause Named Mail Order CFO
------------------------------------------------------
Michael Krause, 29, Head of Finance at the Siemens Transformer
Division, has been appointed new Chief Financial Officer (CFO) of
the Mail Order segment at KarstadtQuelle AG.

He reports to the new head of Mail Order and Group Management
Board member Marc-Oliver Sommer, 43, who had previously managed
the German and international club business at Bertelsmann AG.

"The appointment of Michael Krause is a clear expression of the
fact that the company has become a magnet for the best talent in
Germany within a very short period," stated Thomas Middelhoff,
Chairman of the Management Board.

In the international "CEO of the future" competition, organized
by McKinsey, the management consultants, and the
"manager-magazin," Mr. Krause was the winner from a pool of
19,000 competitors.

At Bayer, Michael Krause completed his training as Industrial
Officer, which was integrated in a general management program and
coupled to a German business management degree and an MBA.  When
he was only 23, he already was a commercial executive at Bayer.
He then moved to Siemens Croatia as Commercial Director.  In
February 2005, he became CFO at the Transformer division (sales:
EUR1 billion/some 6,000 employees).

The previous CFO Ulrich Mix, 40, is leaving the company for
family reasons.

"In a difficult period of the restructuring and realignment of
the Mail Order business, Ulrich Mix performed magnificently.  I
very much hope that we can again continue our excellent
cooperation in the future," stated Group CFO Harald Pinger.

                            *   *   *

KarstadtQuelle's business performance in 2004 was overshadowed by
weak domestic demand, high unemployment in Germany and radical
changes in the business portfolio.  With sales of EUR13.45
billion (-6.8% compared with 2003), the Group performed better in
2004 than forecast.  Including special negative factors, mainly
from reorganization charges, EBITDA, was -EUR428 million after
EUR972 million in the previous year.  The company will use EBITDA
in the future as a key indicator for its earnings performance.

Because of the positive performance of the "KarstadtQuelle Neu"
program the company expects operating EBITDA of over EUR500
million in 2005.

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

          Joerg Howe
          Phone: + 49 (0) 201/727-25 38
          Fax: + 49 (0) 201/727-37 09
          E-mail: joerg.howe@karstadtquelle.com


KIRCHMEDIA GMBH: Deutsche Bank Fine Might be Lower than Expected
----------------------------------------------------------------
Germany's highest court suggested Deutsche Bank might be liable
for damages in the collapse of KirchMedia GmbH, but it might be
fined lower than plaintiffs' demands, according to the Sunday
Business.  The report said media baron Leo Kirch is claiming EUR5
billion in damages.  A ruling is expected by Jan. 24.

Deutsche Bank is appealing a ruling of a lower court saying it
was partly to blame for the firm's collapse because of a comment
made by its supervisory board chairman about Kirch's
creditworthiness in 2002.  Mr. Breuer had said in an interview
with Bloomberg News: "everything that you can read and hear about
[Mr. Kirch] is that the financial sector isn't prepared to
provide further" loans or equity.  Mr. Hall said his client
merely echoed views already mentioned in articles published by
Handelsblatt, Manager Magazin and other newspapers.

The Munich Higher Regional Court ruled in 2003 that the statement
contributed to the collapse of Leo Kirch's media empire and
violated German secrecy rules.  The court said it may have
deterred other lenders from extending credit to Kirch,
considering that Mr. Breuer was then chief executive officer and
president of Germany's BdB association of banks.

Kirch lawyer Eilert Osterloh said Mr. Breuer's view at the time
was untrue because the company was in the middle of a negotiation
with banks over credit.  These talks eventually broke down and
KirchMedia filed for creditors protection.  The comment, he said,
changed everything because potential lenders withdrew afterwards.

Mr. Kirch asserts that as its banker, Deutsche Bank is vowed to
secrecy regarding its financial state.  The bank had loaned the
company's PrintBeteiligungs unit more than EUR700 million.
PrintBeteiligungs held a 40% stake in Axel Springer Verlag.  When
the Kirch empire collapsed, Deutsche Bank bought the stake for
about EUR660 million and then sold it to Axel Springer.

Kirch Holding filed for insolvency in June 2002.  The firm was
then Germany's second-largest media company.  Its collapse --
caused by a US$5.7 billion debt incurred during an expansion
drive -- was the country's biggest since World War II.

Deutsche Bank's lawyer is Reiner Hall.  The presiding judge is
Gerd Nobbe.

CONTACT:  DEUTSCHE BANK AG
          Taunusanlage 12
          D-60325 Frankfurt am Main
          Phone: +49 69 910-00 (Mon-Fri from 7:45 AM - 7:00 PM)
          E-mail: deutsche.bank@db.com
          London: +44 20 754 58000
          New York: +1 212 250 2500
          Singapore: +65 6423 8001
          Web site: http://www.db.com/


NEOLUX LEUCHTROHREN: Under Bankruptcy Administration
----------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against NEOLUX Leuchtrohren 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 Moritz Hansberg.

Creditors and other interested parties are encouraged to attend
the meeting on February 23, 2006, 10:00 a.m. at the district
court of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  NEOLUX LEUCHTROHREN GmbH
          Hiltroper Str. 262, 44805 Bochum
          Contact:
          Lutz Kuehn, Manager

          Moritz Hansberg, Administrator
          Huestrasse 34, 44787 Bochum
          Phone: 0234 - 964 91-0
          Fax: 0234 - 964 91-33


PROJEKT VILLADRESDEN: Court Names Henningsmeier Administrator
-------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against projekt VILLADRESDEN Entwicklungsgesellschaft fuer Wohn-
und Gewerbeimmobilien mbH on November 21.  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. Dirk
Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting on January 26, 2006, 10:45 a.m. at the district court
of Dresden, Saal D131, Olbrichtplatz 1, 01099 Dresden, at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  PROJEKT VILLADRESDEN ENTWICKLUNGSGESELLSCHAFT
          FUER WOHN- UND GEWERBEIMMOBILIEN mbH
          Grossenhainer Str. 239 in 01129 Dresden
          Contact:
          Peter Bauckhage, Manager

          Dr. Dirk Wittkowski, Administrator
          Rechtsanwalte Henningsmeier
          Konigsbruecker Str. 73, 01099 Dresden
          Web site: http://www.henningsmeier.de


STECHER BAUUNTERNEHMUNG: Creditors Meeting Set March
----------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Stecher Bauunternehmung GmbH on December 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 27, 2006
to register their claims with court-appointed provisional
administrator Siegfried Mueller.

Creditors and other interested parties are encouraged to attend
the meeting on March 6, 2006, 10:00 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:  STECHER BAUUNTERNEHMUNG GmbH
          Hengebachstr. 69, 52396 Heimbach
          Contact:
          Wolfgang Stecher, Manager

          Siegfried Mueller, Administrator
          Zum Markt 10, 53888 Mechernich


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


TIM HELLAS: S&P Affirms B+ Rating, Lifts Negative Outlook
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit ratings on Greek mobile telecommunications operator Tim
Hellas Telecommunications S.A. and related entities and removed
the ratings from CreditWatch with negative implications, where
they had been placed on Oct. 19, 2005.  The outlook is stable.

The rating actions follow our review of funding for the agreed
EUR350 million Q-Telecom S.A. acquisition and the group's
third-quarter 2005 results.

"The affirmation reflects the first signs of a commercial
turnaround at Tim Hellas, the deal's expected benefits for the
group's business profile, as well as financial leverage -- pro
forma for the transaction and excluding shareholder loans -- that
stands to be virtually unchanged from pre-acquisition levels,"
said Standard & Poor's credit analyst Melvyn Cooke.

Standard & Poor's also assigned its 'B+' long-term corporate
rating to related entity Hellas Telecommunications I SARL, the
holding company of Hellas Telecommunications (Luxembourg) II. The
outlook is stable.

At the same time, the EUR110 million in pay-in-kind (PIK) notes
due 2014 issued by Hellas Telecommunications Finance SARL, a
fully owned financial subsidiary of Hellas Telecommunications I,
were assigned a 'B-' debt rating, reflecting the notes' level of
contractual and structural subordination relative to the rest of
the group's debt.

Standard & Poor's also affirmed the 'B' and 'B-' outstanding debt
ratings on related entities Hellas Telecommunications
(Luxembourg) V (Hellas V) and Hellas Telecommunications
(Luxembourg) III (Hellas III), respectively, and removed the
ratings from CreditWatch with negative implications.  The '3'
recovery rating on Hellas Telecommunications (Luxembourg) V's
EUR925 million senior secured notes was affirmed and removed from
CreditWatch.  The '3' recovery rating indicates that noteholders
can expect meaningful (50%-80%) recovery of principal in the
event of a default.

Acquiring Q-Telecom, Greece's fourth and newest mobile operator,
should enhance Tim Hellas' business profile, increasing market
share to about 27% versus 19% at end-June 2005, and removing a
fast-growing, aggressive competitor from the Greek mobile market.

Tim Hellas has confirmed its 2005 EBITDA target of EUR245
million, and third-quarter 2005 results show an improving
operating trend on the back of usage and customer base gains and
lower churn. A stronger operating performance will be key to
reduce the company's financial leverage over the next few years,
as its debt instruments carry bullet repayments.

The stable outlook reflects our expectation that Tim Hellas will
be able to generate higher revenues and improve EBITDA margin to
strengthen its capital structure over the next few years. The
outlook assumes strong execution -- particularly generation of
synergies and smooth integration -- following the Q-Telecom
acquisition.  The long-term bullet debt maturities imply that the
company will protect its accumulated cash balances to steadily
improve its credit ratios based on net debt levels. The outlook
also anticipates that the group will defend its market position
and at least maintain its market share, pro forma for Q-Telecom.
We expect Tim Hellas to achieve pro forma lease-adjusted total
debt (including PIK notes) to EBITDA of slightly more than 5x by
year-end 2006.

"A negative rating action could arise if the company fails to
deliver material revenue growth and/or EBITDA margin improvement
compared with 2004," added Mr. Cooke. "Refinancing of the group's
EUR340 million in shareholder loans by a shorter duration issue
and more debt-like instruments would also create downward rating
pressure."

Upside potential is unlikely in the near term given the expected
improvement already factored into the ratings.

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

CONTACT:  TIM HELLAS
          60 Kifissias Ave., Maroussi
          15125 Athens, Greece
          Phone: +30-210-61-58-000
          Fax: +30-210-61-08-819


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I T A L Y
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BANCA POPOLARE: Bad Loans Provision may top EUR800 Million
----------------------------------------------------------
Banca Popolare di Intra may need extra capital to take care of
its bad loans portfolio, Banca Akros said.  A report from Il Sole
24 Ore on Wednesday forecasts EUR828 million in bad loans for
Banca Popolare.

In September, Fitch Ratings changed the Outlook for Banca
Popolare di Intra's Long-term rating to Negative from Stable.  At
the same time the agency affirmed the bank's ratings at Long-term
'BBB+', Short-term 'F2', Individual 'C' and Support '3'.

The change in the Outlook followed the announcement by the bank
that higher loan-loss provisions would result in a net loss of
around EUR70 million for the first half of 2005.  The sharp rise
in gross doubtful loans of approximately EUR110 million that
caused the jump in loan loss provisions raises concerns that any
weakening of economic activity in the bank's area of operations
could lead to further deterioration of the bank's asset quality.

BPI is a small cooperative bank based in Piedmont in northeast
Italy with total assets of EUR4.7 billion at end of 2004.  The
bank operates through a network of 80 branches and employs around
1,100 staff.

CONTACT:  BANCA POPOLARE DI INTRA
          Piazza A. Moro, 8 - 28921 - Verbania Intra.
          Phone: 03235431
          Fax: 032353553
          Web site: http://www.bpintra.it/


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


GETRONICS N.V.: Wins Three-year Contract from Wegener
-----------------------------------------------------
Getronics N.V. and Wegener, a large publisher in The Netherlands,
announced their intention to sign a 3-year exclusive contract for
Getronics PinkRoccade to provide workspace management services.
As a result, Getronics PinkRoccade will become the strategic
partner of choice for managing 4,300 workplaces in more than 80
locations as well as the related ICT infrastructure.  There is
also an option to extend the contract for an additional 2 years.
About 60 people will be transferred to Getronics PinkRoccade.
The staff councils of both companies will be involved in the
process.

In addition to this managed service, Getronics PinkRoccade will
also provide Wegener with the Future-Proof Workspace, including
efficient migration to a Microsoft XP environment using RDX
(Rapid Deployment eXperience).  The Future-Proof Workspace helps
organizations continuously improve the Total Cost of Ownership,
adopt new technologies and support the global standardization and
centralization of core ICT services.

"Wegener faces a complete renewal of the whole workplace
environment," says Freek Busweiler, member of the Board of
Directors from Wegener.  "We are confident that in cooperation
with Getronics PinkRoccade this challenging and complex project
will be a success and are looking forward to this new
partnership."

"We are very pleased that Wegener decided to choose us," says
Klaas Wagenaar, CEO of Getronics.  "This will be an important
order for the combination Getronics and PinkRoccade in The
Netherlands.  It confirms that the new combination is on track
with securing new recurring business in workspace management
services.  For major companies we now can offer standardised
solutions.  We can serve those companies with a strategic
long-term partnership where we understand their business need."

About Getronics

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

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

                            *   *   *

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

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

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

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

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

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

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

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


ROYAL SHELL: Share Buyback Program Continues
--------------------------------------------
On 15 December 2005, Royal Dutch Shell plc purchased for
cancellation 1,050,000 'A' Shares at a price of EUR26.18 per
share.  It further purchased for cancellation 350,000 'A' Shares
at a price of 1,774.21 pence per share.  Following the
cancellation of these shares, the remaining number of 'A' Shares
of Royal Dutch Shell plc will be 3,938,125,000.  As of that date,
2,759,360,000 'B' Shares of Royal Dutch Shell plc were in issue.

                            *   *   *

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

                        About the Company

Royal Dutch Shell plc, incorporated in England and Wales, is
headquartered in The Hague and listed on the London, Amsterdam,
and New York stock exchanges.  Shell companies have operations in
more than 145 countries with businesses including oil and gas
exploration and production; production and marketing of Liquefied
Natural Gas and Gas to Liquids; manufacturing, marketing and
shipping of oil products and chemicals and renewable energy
projects including wind and solar power.

                           The Trouble

Shell admitted overstating proved reserves by almost 6 billion
barrels between January 2004 and February this year.  This led to
the ouster of three top executives, including former Chairman
Philip Watts.  The company was fined EUR150 million in total
after investigations launched by U.S. and British regulators.
Shell has since revised the method by which it calculates
reserves to comply with U.S. regulations.  Shell's proved
reserves stood at 10.2 billion barrels at the end of
2004.

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


===========
N O R W A Y
===========


PETROLEUM GEO-SERVICES: Extends Tender for 10% Senior Notes
-----------------------------------------------------------
Petroleum Geo-Services A.S.A. said on Thursday that the
expiration date in respect of its cash tender offer and consent
solicitation for any and all of its outstanding $745.9 million
aggregate principal amount of 10% Senior Notes due 2010 has been
extended to 8:00 a.m., New York City time, on December 16, 2005,
unless further extended or earlier terminated.  As of 8:00 a.m.,
New York City time, on December 14, 2005, tenders representing
approximately 99% of the $745.9 million aggregate principal
amount of the Notes had been received.  Holders who have
previously tendered Notes do not need to re-tender their Notes or
take any other action in response to this extension.

As previously announced, as a result of the receipt of the
requisite consents from holders of the Notes to amend the
indenture governing such Notes, the Company, the guarantors of
the Notes and the trustee under the indenture governing such
notes have executed and delivered a supplemental indenture, dated
December 1, 2005.  The Supplemental Indenture will become
operative upon acceptance of the Notes for purchase in the tender
offer in accordance with the terms, and subject to the
conditions, described in the Offer to Purchase and Consent
Solicitation Statement, dated as of November 15, 2005.  The
Supplemental Indenture eliminates substantially all of the
restrictive covenants and certain events of default relating to
the Notes and all holders of untendered Notes shall be bound
thereby.

The Notes are being tendered pursuant to the Offer to Purchase,
which more fully sets forth the terms and conditions of the
tender offer and consent solicitation.  The consummation of the
tender offer and consent solicitation is subject to the
conditions set forth in the Offer to Purchase, including PGS
obtaining the financing necessary to fund the tender offer and
consent solicitation.  PGS may, subject to certain restrictions,
amend, extend or terminate the offer and consent solicitation at
any time in its sole discretion without making any payments with
respect thereto.

PGS has engaged UBS Securities LLC as dealer manager for the
tender offer and solicitation agent for the consent solicitation.
Questions regarding the tender offer and consent solicitation may
be directed to the Liability Management Group at UBS at (888)
722-9555 x 4210 or (203) 719-4210.  Requests for documentation
should be directed to Global Bondholder Services Corp. at (866)
470-3900 or (212) 430-3774, the information agent for the tender
offer and consent solicitation.

The tender offer and consent solicitation are made solely on the
terms and conditions set forth in the Offer to Purchase.  Under
no circumstances shall this press release constitute an offer to
buy or the solicitation of an offer to sell the Notes or any
other securities of the Company.  It also is not a solicitation
of consents to the proposed amendments to the indenture governing
the Notes.  No recommendation is made as to whether holders of
the Notes should tender their Notes or give their consent.

Petroleum Geo-Services (OSE and NYSE: PGS) is a technologically
focused oilfield service company principally involved in
geophysical and floating production services.  PGS provides a
broad range of seismic and reservoir services, including
acquisition, processing, interpretation, and field evaluation.
PGS owns and operates four floating production, storage and
offloading units (FPSOs).  PGS operates on a worldwide basis with
headquarters at Lysaker, Norway.  For more information on
Petroleum Geo-Services visit http://www.pgs.com

CONTACT:  PETROLEUM GEO-SERVICES ASA
          Ola Bosterud
          Phone: +47 67 52 64 00
          Mobile: +47 90 95 47 43

          Christopher Mollerlokken
          Phone: +47 67 52 64 00
          Cellular: +47 90 27 63 55

          U.S. Investor Services
          Renee Sixkiller
          Phone: +1 281 509 8548


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


ARBAT-BANK: Claims Filing Period Ends Dec. 29
---------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Arbat-Bank after finding the commercial bank
insolvent.  The case is docketed as A40-55971/05-38-96.  The
State Corporation Agency On Endowment Insurance has been
appointed insolvency manager.  Creditors have until December 29,
2005 to submit their proofs of claim to 123022, Russia, Moscow,
Post User Box 11.

CONTACT:  ARBAT-BANK
          Russia, Moscow region,
          1st Volkonskiy Per. 13

          STATE CORPORATION AGENCY ON ENDOWMENT INSURANCE:
          109240, Russia, Moscow region,
          Verkhniy Taganskiy Tupik, 4
               or
          123022, Russia, Moscow region,
          Post User Box 11
          Phone: (095) 959-47-97/589-40-88/514-74-78


BALTLEN-ESENOVICHI: Temporary Insolvency Manager Enters firm
------------------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on limited liability company
Baltlen-Esenovichi.  The case is docketed as A66-6547/2005.  Mr.
I. Peshekhonov has been appointed temporary insolvency manager.

CONTACT:  BALTLEN-ESENOVICHI
          Russia, Tver region,
          Vyshnevolotskiy region, Novyj

          I. PESHEKHONOV
          Temporary Insolvency Manager
          170100, Russia, Tver, OPS-100,
          Post User Box 39
          Phone: (0822) 47-55-45


BRICKWORKS: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on open joint stock company Brickworks.
The case is docketed as A53-23401/2005-S2-7.  Ms. E. Demicheva
has been appointed temporary insolvency manager.  A hearing will
take place on January 30, 2006, 4:00 p.m.

CONTACT:  BRICKWORKS
          Russia, Rostov region,
          Shakhty, Yakutskiy Per. 2a

          E. DEMICHEVA
          Temporary Insolvency Manager
          346500, Russia, Rostov region, Shakhty,
          Pobedy Revolyutsii Str. 85, Office 309


CHUVASH-SEL-KHOZ-MONTAGE: Bankruptcy Hearing Resumes Tomorrow
-------------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Chuvash-Sel-Khoz-Montage.  The case is docketed as A79-4537/2005.
Mr. V. Emelyanov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 428022, Russia,
Chuvashiya republic, Cheboksary, P. Lulumby Str. 8, Office 117.
A hearing will take place on December 20, 2005, 1:15 p.m.

CONTACT:  CHUVASH-SEL-KHOZ-MONTAGE:
          Russia, Chuvashiya republic, Kugesi

          V. EMELYANOV
          Temporary Insolvency Manager
          428022, Russia, Chuvashiya republic,
          Cheboksary, P. Lulumby Str. 8, Office 117


EAR: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------
The Arbitration Court of Adygeya republic has commenced
bankruptcy supervision procedure on limited liability company
Ear.  The case is docketed as A01-B-2027-2005-8.  Ms. N.
Chichkina has been appointed temporary insolvency manager.

CONTACT:  EAR
          Russia, Adygeya republic, Krasnogvardeyskiy region,
          Dzhambichi, Siyukhova Str. 44

          N. CHICHKINA
          Temporary Insolvency Manager
          Russia, Adygeya republic, Krasnogvardeyskiy region,
          Dzhambichi, Siyukhova Str. 44


MELEUZOVSKIY FOOD: Insolvency Manager Takes over Firm
-----------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Meleuzovskiy Food Combine after
finding the open joint stock company insolvent.  The case is
docketed as A07-16424/03-A-ADM.  Mr. R. Khaliulin has been
appointed insolvency manager.  Creditors have until December 29,
2005 to submit their proofs of claim to 453851, Russia,
Bashkortostan republic, Meleuz, Smolenskaya Str. 197/1.

CONTACT:  MELEUZOVSKIY FOOD COMBINE
          453851, Russia, Bashkortostan republic,
          Meleuz, Lazo Str. 1

          R. KHALIULIN
          Insolvency Manager
          453851, Russia, Bashkortostan republic,
          Meleuz, Smolenskaya Str. 197/1


NATIONAL BANK: Junk Ratings Raised; Outlook Changed to Stable
-------------------------------------------------------------
Fitch Ratings has upgraded National Bank TRUST's (NB TRUST)
ratings to Long-term 'B-' from 'CCC+' and Short-term 'B' from
'C'.  Its other ratings are affirmed at Support '5' and
Individual 'D/E'.  Following the upgrade, the Outlook on the
Long-term rating is now Stable.

The upgrade reflects the recent positive trends in NB TRUST's
business and funding base in 2005, including growth in its
customer and deposit base.  In addition, customer concentration
levels have fallen while the bank's liquidity position has
stabilized compared with 2003/2004, although it remains
potentially vulnerable.  The upgrade also takes into account the
completion of the management buyout of NB TRUST from the major
shareholder IFA Menatep, which was a part of Group Menatep.  In
Fitch's view the buyout has reduced the political risk relating
to NB Trust by distancing the bank from Group Menatep.

However, NB TRUST's Long-term, Short-term and Individual ratings
also reflect the credit and operational risks associated with
rapid growth, notably in retail lending in which the bank has
only limited experience.  They also consider the bank's pressured
capitalization, particularly in light of its further growth
plans, as well as its moderate, albeit improving, profitability.
Furthermore, the ratings continue to reflect the residual
political risks resulting from NB TRUST's historical links with
Group Menatep companies.

Upward rating pressure on NB TRUST's ratings could result from a
strengthening of the bank's capital base and establishing a
proven track record in retail lending.  Increased political risk,
a further reduction in capital ratios or a deterioration in
liquidity could contribute to a downgrade of its ratings.

NB TRUST is controlled by five individuals who are members of the
common Board of Directors of NB TRUST and its sister bank, TRUST
Investment Bank (TIB).  In May 2004 these individuals carried out
a management buyout of IFA Menatep, the main shareholder of NB
TRUST and TIB.  NB TRUST is responsible for commercial banking
operations, while TIB is responsible for investment banking
operations.  In addition to working with medium-sized corporates,
in April 2005 NB TRUST launched an aggressive retail lending
strategy.  NB TRUST ranks among the 30 largest banks in Russia by
total assets.

CONTACT:  FITCH RATINGS
          Lindsey Liddell, London
          Phone: +44 20 7417 3495
          James Watson
          Phone: +7 095 956 9901

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


OAO DALSVYAZ: Fitch Affirms Non-investment Grade Ratings
--------------------------------------------------------
Fitch Ratings has affirmed OAO Dalsvyaz's (Dalsvyaz) ratings at
Senior Unsecured 'B' with Stable Outlook and Short-term 'B'.

The ratings reflect the company's negative net free cash flow,
high cost base and considerable short-term refinancing risk.  On
the other hand, the ratings reflect the company's strong market
position as the incumbent provider of fixed-line telephony
services in the Russian Far East.  Dalsvyaz has the most
developed backbone network and last mile infrastructure in the
region and continues to dominate in the major segments of local
and long-distance telephony.  Fitch appreciates that the
company's client base is well diversified while its cash flows
are stable and visible.  Alternative infrastructure is relatively
scarce, which makes competition moderate.

Nikolai Lukashevich, Director with Fitch's TMT team, said:
"Dalsvyaz has significantly modernized its network over the last
three years and its capital spending requirements are to
significantly decline as a percentage of revenues and earnings in
future.  However, Dalsvyaz is expected to remain net free cash
flow negative, at least in the mid-term, which remains a
credit-constraining factor."

Although urbanization rate is high at 76%, an obligation to
service an extremely large operating territory with low
population density makes Dalsvyaz a high-cost telecom provider,
which exerts downward pressure on its margins.  Like all of its
domestic peers, the company is facing quite high regulatory risks
in the segment of local services.  A planned liberalization of
the long-distance market in January 2006 is unlikely to hit the
company in the medium term; however, in the longer run new
regulation implies increasing uncertainty.  Nevertheless, the
current ratings allow for some deterioration in the company's
revenues and earnings from this source.  Cross subsidization
between profitable and loss-making segments provides low
incentives to invest into the last mile network and attracts
disproportionate competition in profitable long-distance and
corporate segments.  'New', mostly Internet-related, services
still account for a relatively small, albeit increasing, share of
revenues and do not provide the company with sufficient
diversification away from regulated segments.  The ratings take
into account Dalsvyaz's currently limited exposure to the mobile
sector, which restricts its growth opportunities and deprives it
of potential benefits from fixed/mobile integration.

Leverage is not excessive and is consistent with Dalsvyaz's
rating.  At end-2004 net debt/EBITDA was at 2.1x and is expected
to remain so at end-2005.  The company is facing rather high
short-term refinancing risks with short-term debt accounting for
52% of the total at end-2004, although it has access to
sufficient liquidity through short-term uncommitted credit lines.

Dalsvyaz has embarked on an aggressive cost-cutting initiative
with a focus on personnel reductions, which improves the outlook
for margins.  The ratings also consider the influence of the
company's majority shareholder, Svyazinvest, on the composition
of key management and the strategic decision-making process at
Dalsvyaz.  As a government-controlled holding company,
Svyazinvest would be expected to provide certain lobbying support
in the event of Dalsvyaz facing distress, although its corporate
governance practices have at times raised concerns.

CONTACT:  FITCH RATINGS
          Nikolai Lukashevich, Moscow
          Phone: +7 095 956 9901
          Raymond Hill, London
          Phone: +44 (0)20 7417 4314

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


PEREVOZSKAYA: Insolvency Manager Takes over Firm
------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Perevozskaya after finding the
agro-company insolvent.  The case is docketed as
A43-765/2005-24-180/6.  Mr. S. Nefedov has been appointed
insolvency manager.
Creditors have until December 29, 2005 to submit their proofs of
claim to 603005, Russia, Nizhniy Novgorod, Oktyabrskaya Square,
1.

CONTACT:  PEREVOZSKAYA
          Russia, Nizhniy Novgorod region,
          Perevvoz, Tsentralnaya Str. 20a

          S. NEFEDOV
          Insolvency Manager
          603005, Russia, Nizhniy Novgorod region,
          Oktyabrskaya Square, 1


PROM-STROY-SERVICE: Declared Insolvent
--------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Prom-Stroy-Service (TIN 5018038004) after
finding the corporation insolvent.  The case is docketed as
A41-K2-7350/05.  Mr. S. Zhumaev has been appointed insolvency
manager.  Creditors have until December 29, 2005 to submit their
proofs of claim to 127560, Russia, Moscow, Post User Box 89.

CONTACT:  PROM-STROY-SERVICE
          141070, Russia, Moscow region,
          Korolev, Gorkogo Str. 14

          S. ZHUMAEV
          Insolvency Manager
          127560, Russia, Moscow region,
          Post User Box 89


SALAVATSKIY DAIRY: Bankruptcy Hearing Set March
-----------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on municipal unitary enterprise
Salavatskiy Dairy.  The case is docketed as A07-27218/05-G-KhRM.
Mr. P. Zabrodin has been appointed temporary insolvency manager.
A hearing will take place on March 1, 2006, 10:00 a.m. at Russia,
Bashkortostan republic, Oktyabrskoy Revolyutsii Str. 63a.

CONTACT:  SALAVATSKIY DAIRY
          Russia, Bashkortostan republic

          P. ZABRODIN
          Temporary Insolvency Manager
          Russia, Bashkortostan republic,
          Salavat-11, Narimanova Str. 16/64


USMANSKIY: Lipetsk Court Appoints Insolvency Manager
----------------------------------------------------
The Arbitration Court of Lipetsk region has commenced bankruptcy
supervision procedure on open joint stock company Usmanskiy (TIN
4816001091).  The case is docketed as A36-2983/2005.  Mr. S.
Poryadin has been appointed temporary insolvency manager.

CONTACT:  USMANSKIY
          399340, Russia, Lipetsk region,
          Usman, Privokzalnaya Str. 56

          M. IVANOV
          Temporary Insolvency Manager
          390005, Russia, Ryazan,
          2nd Liniya Str. 25


YUKOS OIL: Chief Financial Officer Resigns
------------------------------------------
The Board of Directors of Yukos Oil confirmed that Bruce
Misamore, chief financial officer, had tendered his resignation
in writing.  The Board of Directors also confirmed that it had
accepted his request and that the termination of his employment
will become effective from 31 December 2005.

Yukos management and the Board of Directors believe that Mr.
Misamore played a critical role in the development of Yukos into
an internationally respected, transparent corporation which,
during his five-year tenure, met international standards of
corporate governance and attracted some of the world's leading
investors.

They acknowledged that his dedication to the company since
October 2003 had been unwavering and commended him on his
commitment to maintain the company's high standing in the
financial and investment communities.  They recognized that Mr.
Misamore, like the whole management team, aimed to ensure that
despite the unwarranted attacks on the business, personnel and
their families, that the company did not fail in its duties to
all stakeholders in and outside of Russia.

Yukos Oil Company Chief Executive, Steven Theede, said: "Since my
arrival at Yukos in August 2003 and my appointment as CEO in
2004, Mr. Misamore has proved a valued friend and advisor.  His
energy, passion and his knowledge of sound financial management
and reporting will be missed."

Effective 1 January 2006, Frank Rieger, presently First Vice
President on Economics and Finance of ZAO Yukos RM, has been
appointed as Acting Chief Financial Officer of Yukos Oil Company.

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

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

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


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


CONVERIUM HOLDING: Names New Chief Executive Officer
----------------------------------------------------
Converium Holding Ltd. has appointed Inga Kristine Beale chief
executive officer.  A British citizen, she is currently CEO and
Chairman of the Board of Management of GE Frankona
Rueckversicherungs-AG, Munich, Germany, as well as the leader of
GE Insurance Solutions' Property & Casualty reinsurance business
written in Continental Europe, the Middle East and Africa.

Ms. Beale will take up her new role at Converium early 2006,
replacing Terry Clarke.  Mr. Clarke, member of the Board of
Directors of Converium Holding Ltd., took over as CEO at the end
of February 2005.

The Board of Directors thanks Terry Clarke for stabilizing the
company after a period of turbulence, thereby laying the
foundation for Converium's successful repositioning in the global
reinsurance market.

Peter Colombo, Chairman of the Board of Directors, said: "We are
very pleased to announce the appointment of Inga Beale.  Her
extensive professional expertise and broad international
experience put her in an ideal position to further develop
Converium's franchise as an independent international multi-line
reinsurer.  Together with the new CEO, the Board of Directors
pursues the objective to restore Converium's position as a
leading reinsurer within the foreseeable future."

After business studies in Newbury, U.K., Ms. Beale joined the
Prudential Assurance Company in London as an underwriter
specializing in international reinsurance.  In 1987, she became
an Associate of the Chartered Insurance Institute (ACII).  She
joined GE Insurance Solutions, formerly Employers Re, in 1992,
assuming a number of managerial roles.  In 2001, Ms. Beale was
promoted to Global Underwriting Leader for GE Insurance Solutions
at the global headquarters in Kansas City, U.S.A.  In 2003, she
relocated to Paris, taking responsibility for the Property &
Casualty reinsurance business throughout Continental Europe, the
Middle East and Africa.  In October 2004, Inga Beale was
appointed CEO and Chairman of the Board of Management of GE
Frankona Rueckversicherungs-AG, Munich.

Biography of Inga Kristine Beale:

Inga Beale was born and educated in Berkshire, United Kingdom.
She attended Newbury College, where in 1981 she gained
qualifications in Business Studies, majoring in Economics,
Mathematics and Accountancy.

Ms. Beale started her career in 1982 in London as an underwriter
with the Prudential Assurance Company specializing in
international reinsurance.  In 1987 she became an Associate of
the Chartered Insurance Institute (ACII).  In 1992 she joined GE
Insurance Solutions' London based reinsurance operations,
formerly Employers Re, and assumed various management roles.

In 2001, Inga Beale moved to GE Insurance Solutions' global
headquarters in Kansas City to take on the role of Global
Underwriting Leader.  She relocated to Paris in 2003 and assumed
responsibility for the Property & Casualty reinsurance business
throughout Continental Europe, the Middle East and Africa.  In
October 2004 she was appointed CEO and Chairman of the Board of
Management of GE Frankona Rueckversicherungs-AG in Munich,
Germany.

About Converium

Converium is an independent international multi-line reinsurer
known for its innovation, professionalism and service.  Today
Converium employs about 600 people in 20 offices around the globe
and is organized into four business segments: Standard Property &
Casualty Reinsurance, Specialty Lines and Life & Health
Reinsurance, which are based principally on ongoing global lines
of business, as well as the Run-Off segment, which primarily
comprises the business from Converium Reinsurance (North America)
Inc., excluding the U.S. originated aviation business portfolio.
Converium has a "BBB+" rating (outlook stable) from Standard &
Poor's and a "B++" rating (outlook stable) from A.M. Best
Company.

"The ratings reflect Converium's good competitive position,
notwithstanding franchise damage resulting from Converium placing
its U.S. operations into run-off in 2004 and the reinsurance
industry's relatively low barriers to entry; good earnings
prospects; and strong capital adequacy," said Standard & Poor's
credit analyst Marcus Rivaldi.  "These positive factors are
partially offset by the uncertainty that exists over the
composition of the group's leadership and cost overhang issues."

Converium was forced to shut down operations in North America
last year after discovering almost US$500 million gap in its
reserves.

CONTACT:  CONVERIUM HOLDING
          Zuzana Drozd, Head of Investor Relations
          Phone: +41 44 639 9120
          Fax: +41 44 639 7120
          Esther Gerster, Head of Public Relations
          Phone: + 41 44 639 9022
          Fax: + 41 44 639 7022
          Web site: http://www.converium.com


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


GIDROENERGOBUD: Creditors' Claims Due this Week
-----------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Gidroenergobud (code EDRPOU 04679796) on
October 13, 2005 after finding the close joint stock company
insolvent.  The case is docketed as 14/101.  Ms. Stalina Ratinska
(License Number AA 783075) has been appointed
liquidator/insolvency manager.

Creditors have until December 22, 2005 to submit their proofs of
claim to:

(a) GIDROENERGOBUD
    55000, Ukraine, Mikolaiv region,
    Yuzhnoukrainsk, Prommajdanchik

(b) STALINA RATINSKA
    Liquidator/Insolvency Manager
    54001, Ukraine, Mikolaiv region,
    Sadova Str. 1-a
    Phone: 8 (0512) 35-51-26

(c) ECONOMIC COURT OF MIKOLAIV REGION
    54009, Ukraine, Mikolaiv region,
    Admiralska Str. 22


NEW PRODUCT: Kyiv Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against New Product (code EDRPOU 32678428) on October
26, 2005 after finding the limited liability company insolvent.
The case is docketed as 230/11 b-05.  Mr. S. Gritsaj (License
Number AA 719865) has been appointed liquidator/insolvency
manager.

Creditors have until December 22, 2005 to submit their proofs of
claim to:

(a) NEW PRODUCT
    Ukraine, Kyiv region,
    Ivankiv, Homenko Str. 15

(b) S. GRITSAJ
    Liquidator/Insolvency Manager
    01030, Ukraine, Kyiv region, a/b 38
    Phone: (044) 236-11-17

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


PRESIDENT: Insolvency Manager Takes over Helm
---------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against LLC PRESIDENT (code EDRPOU 24481912) on
November 7, 2005 after finding the limited liability company
insolvent.  The case is docketed as 50/159-05.  Mr. V.
Kalashnikov (License Number AB 176219) has been appointed
liquidator/insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) PRESIDENT
    Ukraine, Harkiv region,
    O. Yarosh Str. 18/208

(b) V. KALASHNIKOV
    Liquidator/Insolvency Manager
    61183, Ukraine, Harkiv region,
    Druzhbi Narodiv Str. 223/82

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi Square 5, Derzhprom 8th Entrance


PROGRES: Goes into Liquidation
------------------------------
The Economic Court of Herson region commenced bankruptcy
proceedings against LLC Progres (code EDRPOU 31294265) on
November 3, 2005 after finding the limited liability company
insolvent.  The case is docketed as 6/198-B-05.  Representative
of the OJSC Oshadbank - Crimean Regional branch has been
appointed Liquidator.  The company holds account number at
26003301787 at OJSC Oshadbank, Chaplinske branch 5439, MFO
342100.

Creditors have until today to submit their proofs of claim to:

(a) PROGRES
    73000, Ukraine, Herson region,
    21 Sichnya Str. 37/501

(b) ECONOMIC COURT OF HERSON REGION
   73000, Ukraine, Herson region,
    Gorkij Str. 18


RAUND-HOL LTD.: Declared Insolvent
----------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against LLC Raund-Hol Ltd. (code EDRPOU 23102772)
after finding the limited liability company insolvent.  The case
is docketed as 10/90-05.  Representative of Branch of Agency of
Bankruptcy Questions in Vinnitsya region has been appointed
liquidator.

Creditors have until today to submit their proofs of claim to:

(a) RAUND-HOL LTD.
    Ukraine, Vinnitsya region,
    Pushkin Str. 1

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


SENS: Proofs of Claim Deadline Expires Today
--------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Sens (code EDRPOU 24907740) on October 20,
2005 after finding the private enterprise insolvent.  The case is
docketed as 25/225.  Mr. O. Serebryakov (License Number AB
216759) has been appointed liquidator/insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) SENS
    69006, Ukraine, Zaporizhya region,
    Istorichna Str. 61

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


STRUM-ZAPORIZHYA: Court Appoints Liquidator
-------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Strum-Zaporizhya (code EDRPOU 23879615) on
October 21, 2005 after finding the limited liability company
insolvent.  The case is docketed as 25/239.  Mr. O. Serebryakov
(License Number AB 216759) has been appointed
liquidator/insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) STRUM-ZAPORIZHYA
    69057, Ukraine, Zaporizhya region,
    Lenin Avenue 158

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


UKREXIMBANK: Fitch Affirms Long-term BB- Rating
-----------------------------------------------
Fitch Ratings has affirmed the State Export-Import Bank of
Ukraine (Ukreximbank) ratings at Long-term 'BB-', Short-term 'B',
Individual 'D/E' and Support '3'.  The Outlook for the Long-term
rating remains Positive.

The Long-term, Short-term and Support ratings reflect the
moderate potential for support from the Ukrainian state (rated
Long-term 'BB-'/Positive) should Ukreximbank encounter any
financial difficulty.  Ukreximbank received liquidity and
regulatory support from the National Bank of Ukraine (NBU) in the
1990s after it encountered asset quality problems due to several
large government-directed or -related loans.  In addition,
comfort letters from the government of Ukraine have been
published in the offering circulars of the bank's public debt
issues.

The Individual rating takes into account the risks associated
with the significant concentration in the bank's loan book and
potentially vulnerable liquidity.  However, the rating also
considers the improvement in its asset quality and the
development of its business.

The Positive Outlook on the Long-term rating reflects that on the
Ukrainian sovereign rating.  An upgrade (downgrade) of the
Long-term rating of the sovereign would be expected to lead to an
upgrade (downgrade) of the bank's Long-term rating.

Upside to the Individual rating might result from an increase in
capitalization, a decrease in loan concentrations, as well as
improvements in liquidity and the operating environment.
Downside to the Individual rating could result from deterioration
in capitalization or a worsening of asset quality.

Ukreximbank was founded in 1992 on the basis of the Ukrainian
branch of Vnesheconombank of the USSR.  In terms of assets, it
was the sixth-largest Ukrainian bank at end-Q305.  Ukreximbank
has always been 100%-owned by the Ukrainian state.  It is the
only Ukrainian bank that acts as the government's financial agent
in raising and servicing state-guaranteed international loans to
domestic corporates.  In addition, Ukreximbank focuses on
corporate (in particular international business and export/import
oriented customers) and retail banking.

CONTACT:  UKREXIMBANK
          127 Gorkogo Street
          Kyiv-150
          03150 Ukraine
          E-mail: bank@eximb.com
          Web site: http://www.eximb.com/en

          FITCH RATINGS
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901
          James Watson
          Phone: +7 095 956 9901
          Web site: http://www.fitchratings.com

          Media Relations
          Jon Laycock, London
          Phone: +44 20 7417 4327


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


ASHWORTHS PRODUCTS: Creditors Meeting Set Next Month
----------------------------------------------------
Company Names: ASHWORTHS PRODUCTS LIMITED
               (Company No 00242430)

               FRESCO OILS AND FATS LIMITED
               (Company No 00725763)

Creditors of Ashworths Products Limited (Company No 00242430)
will meet on January 4, 2005, 10 a.m. and 11 a.m. respectively at
Cedar Court Hotel Huddersfield & Halifax, Ainley Top,
Huddersfield HD3 3RH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Charles William Anthony Escott and David Michael
Riley, joint administrators of RSM Robson Rhodes LLP, St George
House, 40 Great George Street, Leeds LS1 3DQ not later than 12
noon, January 3, 2006.

Ashworths Products Ltd. went into administration with its sister
company Fresco Oils and Fats at the end of October this year.  It
is one of U.K.'s largest collectors and processors of waste
vegetable oils and animal fats.  Its specialized treatment plant
is located at Accrington, Lancashire.  Ashworths has an annual
turnover of GBP8.3 million.

CONTACT:  ASHWORTHS PRODUCTS LTD.
          Bridge Street Refinery
          Bridge Street
          Church
          Accrington
          Lancashire BB5 4HU
          United Kingdom
          Phone: (01254) 395716
          Fax: (01254) 871136

          FRESCO OILS AND FATS LTD.
          Sough Road
          Darwen BB3 2HA
          Lancashire
          Phone: 01254 701513
          Fax: 01254 771116

          RSM ROBSON RHODES LLP
          St George House,
          40 Great George Street,
          Leeds LS1 3DQ
          Web site: http://www.robsonrhodes.co.uk


ATOMIC SPORTS: Hires Taylor Rowlands as Administrator
-----------------------------------------------------
J. Harvey Madden (IP No 007858) of Taylor Rowlands was appointed
administrator of Atomic Sports Ltd. (Company No 4310760) on Dec.
2.

CONTACT:  ATOMIC SPORTS LTD.
          357 Linthorpe Road
          Middlesbrough, Cleveland TS5 6AB
          Phone: 01642 852277

          TAYLOR ROWLANDS
          8 High Street
          Yarm
          Cleveland TS15 9AE
          Phone: 01642 790790
          Fax: 01642 785588
          E-mail: harvey@taylorrowlands.co.uk


AUTOMARQUES LTD.: Goes into Liquidation
---------------------------------------
D. Smith, chairman of Automarques Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 11 at Jurys Inn Southampton, 1 Charlotte Place, Southampton,
Hampshire SO14 0TB.  Gordon Johnston of hjs Recovery, 12-14
Carlton Place, Southampton, Hampshire SO15 2EA was appointed
liquidator.

CONTACT:  AUTOMARQUES LTD.
          103 Spicers Hill
          Totton
          Southampton
          SO40 9ER
          Phone: 02380 428444
                 02380 428222
          E-mail: daniel.smith73@networld.com

          HJS
          12-14 Carlton Place
          Southampton
          Hampshire SO15 2EA
          Phone: 023 8023 4222
          Fax: 023 8023 4888
          E-mail: gordon.johnston@hjsaccountants.co.uk


AVIS EUROPE: Maintains 2005 Trading Forecasts
---------------------------------------------
Avis Europe plc has released a trading update ahead of its close
period.

The Group's expectations for underlying profit before tax for the
year ending 31 December 2005 remain unchanged.  Revenue trends
have improved in the second half to date and are ahead of prior
year, principally due to good volume growth in the Leisure
segment during the summer months.  Revenue per day has
strengthened slightly in the period, but remains below prior
year.

In the Leisure segment, intra-European volumes have been
stronger, particularly in Italy and France.  Revenue in the
Premium segment is broadly unchanged on prior year, but with some
improvement in the second half.  Corporate revenues have
benefited from a small improvement in volume in the second half
to date, although this has been offset by continued pressure on
pricing.  Replacement revenues remain below prior year.

As part of the previously announced recovery strategy, the Group
will incur certain initial exceptional costs in 2005 in order to
accelerate the benefits resulting from the transfer of back
office activities to the shared service center in Budapest and
generate further efficiencies from a focus on support processes.
These costs will be in addition to those exceptional items
previously advised that relate to the existing program of shared
service center transfers, expenses arising from the rights issue
in July and mitigating costs following the termination of the IT
back office project last year.

While trading expectations for next year are unchanged, the Group
expects net interest to increase by between EUR7 million and
EUR10 million, as a result of higher market rates, together with
increased margins on expected new financings.

Murray Hennessy, Avis Europe Chief Executive, said: "Despite
continued competitive market conditions, our trading expectations
for the current year remain unchanged.  The recovery strategy is
on track and I am pleased with the progress we are making.  The
initial benefits are beginning to flow through leading to the
expected margin improvement next year, although this will now be
largely offset by a higher than anticipated interest cost."

CONTACT:  AVIS EUROPE PLC
          Avis House, Park Road
          Bracknell RG12 2EW
          Phone: +44-1344-426-644
          Fax: +44-1344-485-616
          Web site: http://www.avis-europe.com


BALMY MOODS: Calls in Liquidator from BDO Stoy Hayward
------------------------------------------------------
M. R. Cavell, chairman of Balmy Moods Limited, informs that the
subjoined special resolution to wind up the company was passed at
an EGM held on Nov. 30 at The Atrium, 20 Wollaton Street,
Nottingham.  Dermot Justin Power and Matthew Dunham of BDO Stoy
Hayward LLP, Commercial Buildings, 11-15 Cross Street, Manchester
M2 1BD were appointed joint liquidators.

Creditors are required on or before January 9, 2006 to send in
their names and addresses with particulars of debt or claims to
D. J. Power if so required by notice in writing their debt or
claims.

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


BCCI: US$500 Mln Payout to Creditors Raises Recover Rate to 81%
---------------------------------------------------------------
Deloitte Touche Tohmatsu, liquidator of Bank of Credit and
Commerce International S.A., paid out a fifth dividend of about
US$0.5 billion to creditors, bringing total distribution to 81%.
They had so far returned US$6.2 billion to lenders.  At least one
further payment to creditors is expected, according to The
Independent.

The distribution comes after Deloitte recovered US$85 million
from Bank of India for alleged fraudulent trading, and after the
rejection of about US$200 million of employee stigma claims.  The
stigma claims were lodged by former employees claiming they were
unable to find jobs due to their association with the bank.

BCCI, incorporated in Luxembourg and ran from London, collapsed
in 1991 with as much as US$16 billion in debt.  The failure
affected 80,000 depositors.  Deloitte sued Bank of England for
misfeasance, claiming GBP850 million.  But on Nov. 2, it was
forced to withdrew the case at the advice of the High Court.
Bank of England is now claiming more than GBP70 million (US$122
million) in costs for a 12-year legal battle with liquidators,
who claimed it failed to protect depositors of the collapsed
firm.  The parties are due in court for a four-day hearing on
Jan. 30, 2006.

Christopher Grierson of Lovells is Deloitte's counsel.  Nicholas
Stadlen QC is Bank of England's lawyer.  BCCI's creditors include
Channel 4, American Express, Bury Council and The Western Isles
Council, which is owed GBP24 million.

CONTACT:  DELOITTE & TOUCHE LLP
          1 Woodborough Road,
          Nottingham NG1 3FG
          Phone: +44 (0) 115 950 0511
          Fax:   +44 (0) 115 959 0060
          Web site: http://www.deloitte.com

          LOVELLS
          Web site: http://www.lovells.com/


BODY-FX LIMITED: Meeting of Creditors Set Today
-----------------------------------------------
Creditors of Body-Fx Limited (Company No 03641594) will meet on
December 19, 2005, 11 a.m. at Bond Partners LLP, The Grange, 100
High Street, London N14 6TG.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to T. Papanicola, administrator of Bond Partners LLP,
The Grange, 100 High Street, London N14 6TG.

CONTACT:  BODY-FX LIMITED
          Unit 102A London Road
          East Grinstead
          West Sussex RH19 1EP
          Phone: 01342 318449
          Fax: 01342 318448

          BOND PARTNERS LLP
          The Grange
          100 High Street
          London N14 6TG
          Phone: 020 8444 2000
          Fax: 020 8444 3400


BRITISH AMERICAN: Division Director Steps down
----------------------------------------------
Jacques Kruger is to retire as Director, Africa & Middle East of
the British American Tobacco plc Management Board as on 31 March
2006.  He will be succeeded by Nicandro Durante, who is currently
President of Souza Cruz, the Group's Brazilian subsidiary, and
who will be joining the Management Board on 1 March.

Mr. Durante will be succeeded by Andrew Gray, who is Managing
Director of British American Tobacco Malaysia.  An announcement
about Andrew's successor will be made in due course.

Nicandro Durante (49) has degrees in Finance, Economics and
Business Administration and joined the Group in 1981.  A
Brazilian, his career in the Group has been in financial
management in Brazil, the U.K. and Hong Kong, before becoming
President of Souza Cruz in January 2004.  Andrew Gray (40) is
also Brazilian, with a degree in Economics.  Before becoming
Managing Director in Malaysia, he was Area Director for Central
America & the Caribbean, having previously worked in Marketing in
Brazil, Chile and Mexico.  He joined the Group in 1986.

Paul Adams, British American Tobacco's chief executive, said: "I
would like to thank Jacques for everything he's achieved in 27
years' service and, especially, as Director, Africa & Middle East
over the past three years.  The quality of our businesses in a
region that can pose considerable challenges to international
companies is a real tribute to him.  I am confident that Nicandro
will be a worthy successor, especially given his outstanding
leadership in Brazil."

                        About the Company

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

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

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

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

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

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

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


BRITISH NUCLEAR: Huge Fee Awaits Westinghouse Agent
---------------------------------------------------
Investment bank NM Rothschild is expected to receive more than
US$50 million (GBP28 million) for handling the sale of American
nuclear business, Westinghouse, owned by British Nuclear Fuels
plc.  The Independent said the amount is unusually high even by
the lucrative standards of mergers and acquisitions fees;
investment banks usually receive 1% of the value of the deal.
Rothschild's fee, though, is yet to be finalized.

Bids for Westinghouse are due Dec. 19, 2005.  The report said
offers might come to US$2.6 billion (GBP1.5 billion).  Interested
parties are General Electric and Shaw of the U.S., Japan's
Toshiba, and Mitsubishi Heavy Industries and Doosan Heavy
Industries, based in South Korea.

An acquisition by GE is expected to face regulatory reviews
because its combination with Westinghouse could potentially
create a dominant player in some markets.  Toshiba's bid might
also raised questions because of the firm's close business
relation with GE.

Pittsburgh-based Westinghouse, bought by BNFL in 1999, is one of
the world's largest providers of nuclear technology.  It is one
of the main contenders to win a multi-billion-dollar contract to
build new reactors in China.

BNFL is also selling British Nuclear Group, a power station
clean-up arm, whose shareholder is the DTI.  The disposals will
leave BNFL with only Nexia Solutions, a research and development
outfit, and a one-third stake in Urenco, a uranium enrichment
company.  The asset sales are aimed at making BNFL more
attractive to potential participants in Britain's nuclear
decommissioning industry.  The program is expected to attract
contractors like Halliburton, Bechtel and Fluor.

BNFL has been performing badly in the past several years.  It
recently reported larger annual losses totaling GBP303 million.
It said that the cost of running its operations have increased.

The British Government has appointed the U.K. law firm Herbert
Smith and New York-based Davis Polk & Wardwell to oversee
Westinghouse's sale.

CONTACT:  BRITISH NUCLEAR FUELS PLC
          1100 Daresbury Park
          Warrington
          WA4 4GB, United Kingdom
          Phone: +44-1925-832-000
          Fax: +44-1925-822-711
          Web site: http://www.bnfl.com

          WESTINGHOUSE ELECTRIC COMPANY LLC
          4350 Northern Pike
          Monroeville, PA 15146-2886
          Phone: 412-374-4111
          Fax: 412-374-3272
          Web site: http://www.westinghousenuclear.com

          DEPARTMENT OF TRADE AND INDUSTRY
          1 Victoria Street
          London SW1H OET
          E-mail: dti.enquiries@dti.gsi.gov.uk
          Web site: http://www.dti.gov.uk

          BANQUE PRIVEE EDMOND DE ROTHSCHILD S.A.
          11 rue de Morat
          1700 Fribourg
          Suisse
          Phone: + 41 26 347 26 00
          Fax: + 41 26 347 26 15
          E-mail: pzurkinden@bper.ch
          Web site: http://www.lcf-rothschild.com


BROOK & WHITTLE: Hires Milner Boardman & Partners Administrator
---------------------------------------------------------------
Darren Brookes and Gary J. Corbett (IP Nos 9297, 9018) of Milner
Boardman & Partners were appointed joint administrators of Brook
& Whittle Limited (Company No 02801246) on Dec. 6.  Its
registered office is at 45-51 Chorley New Road, Bolton,
Lancashire BL1 4QR.

CONTACT:  BROOK & WHITTLE LTD.
          300 Broadway
          Salford, Lancashire M50 2UE
          Phone: 0161 877 7744
          Web site: http://www.brookandwhittle.com/

          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


CENTER PARCS: Finance Director Resigns
--------------------------------------
Center Parcs (U.K.) Group plc has disclosed the resignation of
Simon Lane, Finance Director.  Mr. Lane is leaving the Group to
join William Hill as Finance Director.

Center Parcs is in the process of appointing a management search
company to find a suitable replacement for Mr. Lane, who will
leave the Group in the first quarter of 2006.

Martin Dalby, chief executive of Center Parcs said: "Simon has
played a key role in driving Center Parcs from a privately owned
company through its flotation and then on to its establishment as
a quoted company.  The business is in good shape, as we reported
at our Interim Results last week and we thank Simon for his
dedication and contribution over the past three years. We wish
him every success in his new role."

                        About the Company

Based in the United Kingdom, Center Parcs operates short break
holiday villages in Sherwood Forest (Nottinghamshire), Longleat
Forest (Wiltshire), Elveden Forest (Suffolk) and Whinfell Forest
(Cumbria).  It has more than 5,000 employees, and an annual
turnover of GBP229.64 million.

In July, the company revealed underlying trading for the year was
robust, but was impacted by a number of specific factors
including a weaker than expected first quarter; Christmas
scheduling issues; and higher than expected energy cost
inflation.

Action has been taken to minimize these impacts in the future.
For example, energy costs have been locked in for the next 18
months and a new program is in place for peak period scheduling
and marketing.  For only the second time in its history, one of
the villages had to be closed following power losses caused by
exceptionally severe weather conditions.  However, risk
management procedures and power backup arrangements allowed it to
reopen the site within two days.

Work was also underway on two key aspects of funding for the
Group:

(a) GBP52.5 million loan notes: these have a fixed coupon of
    6.5% until January 2007 and an amortization payment schedule
    beginning in FY07 with a sum of GBP7.5 million.  The Board
    has been reviewing the refinancing options for this part
    of the funding structure; and

(b) funding for the 5th site: a range of funding models were
    under review.  The preferred funding route will be developed
    in due course to meet the likely timetable for the planning
    process and further updates will be provided as appropriate.

CONTACT:  CENTER PARCS (U.K.) GROUP PLC
          One Edison Rise
          New Ollerton
          Newark, Nottinghamshire
          NG22 9DP
          United Kingdom
          Phone: 0870 067 3000
          Fax: 0870 067 3099
          E-mail: shareholderservices@centerparcs.co.uk


CODEWELD LIMITED: KPMG to Liquidate Business
--------------------------------------------
J. D. Humphrey, chairman of Codeweld Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 18 at KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL.

Mark Jeremy Orton and Allan Watson Graham of KPMG LLP, 2 Cornwall
Street, Birmingham B3 2DL were appointed Joint Liquidators.

CONTACT:  CODEWELD LIMITED
          Newbury Barn, Crown East Lane
          Worcester, Worcestershire WR2 6RH
          Phone: 01905-426943

          KPMG LLP
          2 Cornwall Street
          Birmingham
          West Midlands B3 2DL
          Phone: 0121 232 3000
          Fax: 0121 232 3500


DATA BUSINESS: Hires Chantrey Vellacott as Administrator
--------------------------------------------------------
David John Oprey and David Anthony Ingram (IP Nos 5814, 8015) of
Chantrey Vellacott DFK were appointed joint administrators of The
Data Business Limited (Company No 02313917) on Dec. 1.  The
company is engaged in duplicating computer software.

CONTACT:  CHANTREY VELLACOTT DFK
          16-17 Boundary Road,
          Hove, East Sussex BN3 4AN
          Phone: 01273 421200
          E-mail: info_hove@chantrey-vellacott.com
          Web site: http://www.cvdfk.com


DRAX GROUP: Starts Trading on London Stock Exchange
---------------------------------------------------
The Ordinary Shares of Drax Group Limited were admitted to the
Official List of the UK Listing Authority and dealings have
commenced on the London Stock Exchange, shortly after the Schemes
of Arrangement became effective.

In addition, S&P has assigned a 'BBB-' corporate credit rating to
Drax Power Limited, the trading subsidiary of Drax.  In addition,
the senior secured debt facilities of Drax, comprising term loan,
letter of credit and revolving credit facilities, have been
assigned a 'BBB' rating.

Gordon Horsfield, chairman of Drax, said: "I am delighted with
the outcome of the process which has delivered our refinancing
and listing.  Drax is a major participant in the U.K. power
market and we are pleased that a broad range of investors will
now be able to participate.  I would like to thank all of our
staff and advisers who have been instrumental in helping us pass
this milestone and we look forward to the future with confidence
and optimism."

                        About the Company

Headquartered in Selby, North Yorkshire, United Kingdom, Drax
Group operates the largest coal-fire power plant in Europe.  Its
primary subsidiary, Drax Power, operates the Drax Power Station
in North Yorkshire England.

Drax Group underwent a financial restructuring in 2003 after its
largest customer, TXU Europe, filed for administrative
protection.  Its former project creditors took control of the
firm from owner U.S. energy generator AES.  In December, it
secured an agreement for a GBP348 million claim from TXU.  It
received a first distribution of some GBP214 million at the end
of March.  Succeeding payments are expected in 2005 and 2006.
The company is using its money to discharge B debt.

Drax Group Limited has appointed Deutsche Bank AG London as lead
adviser and sponsor for the proposed refinancing and listing.  It
has retained Dresdner Kleinwort Wasserstein Limited as financial
adviser.

CONTACT:  DRAX GROUP LIMITED
          P.O. BOX 3
          Selby
          North Yorkshire
          YO8 8PQ
          Phone: +44 (0) 1757 618381
          Fax: +44 (0) 1757 618504


FULFILMENT & DISTRIBUTION: Appoints Administrator
-------------------------------------------------
Andrew Andronikou and Peter Alan Kubik (IP Nos 1253, 9220) of UHY
Hacker Young were appointed joint administrators of Fulfilment &
Distribution Limited (Company No 03589104) on Nov. 29.  Its
registered office is at Unit 3 Langley Business Centre, Station
Road, Langley, Berkshire SL3 8DS.

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


GALLAHER GROUP: Names Audit Committee Members
---------------------------------------------
The board of Gallaher Group Plc has appointed Ronnie Bell and
James Hogan, non-executive directors, to the audit committee
effective 11 May 2006.

Currently, Richard Delbridge is chairman of the audit committee
and the other members are Alison Carnwath and Sir Graham Hearne.
Following the Company's annual general meeting in May 2006,
Messrs. Bell and Hogan will be joining the committee as additions
to the current membership.

                        About the Company

Gallaher was established in Northern Ireland in 1857.  The Group
is an international tobacco manufacturing and wholesale company
with headquarters in the U.K., has leading positions in Austria,
Germany, Kazakhstan, the Republic of Ireland, Russia, Sweden and
the U.K.  Gallaher's comprehensive brand portfolio includes
Benson & Hedges, Silk Cut, Mayfair, Sovereign, Sobranie,
Dorchester, Troika, LD, Memphis, Meine Sorte, Ronson, Blend,
Hamlet, Old Holborn, Amber Leaf and Condor.

The Gallaher Group employs over 11,000 people, with manufacturing
plants in Austria, Kazakhstan, Poland, Romania, Russia, South
Africa, Sweden, Ukraine and the U.K.  Gallaher's shares are
listed on the London Stock Exchange and its ADRs are traded on
the New York Stock Exchange.

CONTACT:  GALLAHER GROUP PLC  (NYSE: GLH [ADR])
          Members Hill, Brooklands Road
          Weybridge
          Surrey KT13 0QU, United Kingdom
          Phone: +44-1932-859777
          Fax: +44-1932-832792
          Web site: http://www.gallaher-group.com


GREEN ISLAND: Appoints Begbies Traynor Liquidator
-------------------------------------------------
I. Bibby, chairman of Green Island Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 15 at The Brookdale Hotel, Tregolls Road, Truro, Cornwall
TR1 1JZ.

Ian Edward Walker of Begbies Traynor, Princess Court, 23 Princess
Street, Plymouth PL1 2EX was appointed liquidator.

CONTACT:  GREEN ISLAND LTD.
          The Lighthouse
          Unit 7 Eastwood Park
          Penryn, Cornwall TR10 8LA
          Phone: 01326377775

          BEGBIES TRAYNOR
          Web site: http://www.begbies.com


HISCO CONSILIUM: Administrators Enter Firm
------------------------------------------
Antony David Nygate and David Harry Gilbert (IP Nos 9237,
2376/01) of BDO Stoy Hayward LLP were appointed joint
administrators of Hisco Consilium LLP (Company No OC307291) on
Dec. 1.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


IN CAR: Files for Liquidation
-----------------------------
L. Wrenn, chairman of In Car Developments Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 15 at Sale Smith & Co. Limited, Carmella House, 3 and 4
Grove Terrace, Walsall, West Midlands WS1 2NE.

Eileen T. F. Sale of Sale Smith & Co. Limited, Carmella House, 3
and 4 Grove Terrace, Walsall, West Midlands WS1 2NE was appointed
liquidator.

CONTACT:  IN CAR DEVELOPMENTS LTD.
          67/69 Stafford Street
          Wednesbury
          West Midlands
          WS10 7JX
          United Kingdom
          Phone:  0121 502 0999
                  (+44 121 502 0999)
          Fax:  0121 502 5999
                (+44 121 502 5999)
          Web site: http://www.icd-ltd.com/main.html

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


INDOORS OUTDOORS: Camping Retailer Calls in Administrator
---------------------------------------------------------
Steven Law (IP No 008727) of Ensors was appointed administrator
of camping retailer Indoors Outdoors UK Limited (Company No
05082846) on Nov. 30.

CONTACT:  ENSORS
          Cardinal House
          46 St Nicholas Street
          Ipswich, Suffolk IP1 1TT
          Phone: 01473 220022
          Fax: 01473 220033
          Web site: http://www.ensors.co.uk


INTERNATIONAL POWER: Named Preferred Bidder in Bahrain Project
--------------------------------------------------------------
International Power plc -- in consortium with Suez Energy
International and Sumitomo Corporation -- was awarded preferred
bidder status to acquire the Al Hidd Independent Water and Power
Project from the Government of Bahrain.  The project has been
awarded on a build, own, operate basis, 40% to International
Power 30% to Suez Energy International and 30% to Sumitomo
Corporation.

The project comprises the acquisition of a five-year old 910 MW
combined cycle gas turbine (CCGT) and 30 MIGD water desalination
plant, located on the east coast of Bahrain.  In addition, a 60
MIGD water desalination expansion will be implemented which is
expected to be in operation by the end of 2007.  The power and
water output from the facility will be sold to the Ministry of
Electricity and Water (MEW) under a 20-year Power and Water
Purchase Agreement (PWPA).

International Power will provide financial information relating
to its investment in the project on signing of the PWPA, which
together with financial close is expected early in 2006.

                        About the Company

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

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

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

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

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


JOOLZ COLLECTION: Fashion Designer Liquidates
---------------------------------------------
A. Wild, chairman of Joolz Collection Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 15 at No. 1 St Swithin Street, Worcester WR1 2PY.

Neil Francis Hickling of Smith & Williamson Limited, No 1 St
Swithin Street, Worcester WR1 2PY was appointed liquidator.  The
appointment was confirmed at a creditors meeting held on the same
day.

CONTACT:  JOOLZ COLLECTION LTD.
          Friar Street
          Heref and Worcs
          Worcester
          WR1 2NA
          Hereford and Worcester
          Phone: 01905 731647
          Fax: 01905 731647
          Web site: http://www.joolzcollection.co.uk

          SMITH & WILLIAMSON
          1 St Swithin Street
          Worcester
          Worcestershire WR1 2PY
          Phone: 01905 730100
          Fax: 01905 723502
          E-mail: nfh@smith.williamson.co.uk


JWB PRINT: Calls in Liquidator
------------------------------
J. B. Blyth, chairman of JWB Print & Design Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 14 at 20 Cornhill, Lincoln LN5 7HB.

Stephen P. J. White of White & Co, Suite 508, Daisyfield Business
Centre, Appleby Street, Blackburn BB1 3BL was appointed
liquidator.

JWB Print & Design Limited is a family owned business.  Its
managing director is Jim Blyth.  Mr. Blyth is assisted by his son
Steve.

CONTACT:  J W B PRINT & DESIGN LTD.
          Dixon Court Dixon Street Lincoln
          Lincolnshire LN6 7DA
          Phone: 01522 560760
          Web site: http://www.jwbprint.co.uk


LOCO RESTAURANTS: Appoints Liquidators from Begbies Traynor
-----------------------------------------------------------
A. Cohen and T. Allan, directors of Loco Restaurants Limited,
informs that Nicholas Roy Hood and Timothy John Edward Dolder,
both of Begbies Traynor (South) LLP were appointed Joint
Liquidators of the company.

CONTACT:  LOCO RESTAURANTS LTD.
          3 High St, Chislehurst.
          Kent. BR7 5AB.
          Phone: 020 8467 8866

          BEGBIES TRAYNOR
          Web site: http://www.begbies.com


MARCONI CORPORATION: Delisting from Nasdaq Later this Month
-----------------------------------------------------------
Marconi Corporation plc has provided delisting notice to the
NASDAQ Stock Market and requested that its American Depositary
Shares be delisted from the NASDAQ National Market as of December
31, 2005.  The last trading day for the Company's American
Depositary Shares on the NASDAQ National Market will be Friday,
December 30, 2005.

This announcement was consistent with the Company's previous
announcement of its intention to delist from NASDAQ in
conjunction with a number of corporate events including the
proposed sale of the majority of the Company's telecommunications
equipment and international services businesses.

                        *   *   *

In October, Financial Times reported more than 1,3OO workers at
Marconi Corporation plc could lose their jobs in the GBP1.2
billion takeover deal with LM Ericsson.

Ericsson Chief Executive Carl-Henric Svanberg has said job cuts
were inevitable after the company acquired Marconi's equipment
and international services businesses.  He added the reductions
could affect around 15%-20% of Marconi's workforce.

Under the deal, which will also see the transfer of 6,670 Marconi
employees to Ericsson, the latter will obtain Marconi's optical
networks operations, the bulk of its network access unit, and its
international services business.  These ventures bring in a total
of GBP1 billion in yearly sales.  Marconi will be left with a
services business, which will be renamed Telent and will
concentrate on the U.K. market.

Telegraph, in another report, quoted Marconi Chief Executive
Mike Parton as saying Telent is eyeing redundancies of less than
100 among 2,100 staff it will retain.  Most of these employees
will be based in the U.K., with only around 100 to be assigned in
Germany.  They will provide basic installation and maintenance
services.

Telent will also absorb Marconi's existing net cash of GBP275
million, and receive Ericsson's final payment of GBP223 million,
of which GBP100 million will cover tax on the transaction and
restructuring costs.

CONTACT:  MARCONI CORPORATION PLC
          4th Floor Regents Place
          338 Euston Rd
          London NW1 3BT
          Phone: +44-20-7493-8484
          Fax: +44-20-7493-1974
          Web site: http://www.marconi.com

          LM ERICSSON
          Torshamnsgatan 23, Kista
          SE-164 83 Stockholm
          Sweden
          Phone: +46-8-719-0000
          Fax: +46-8-18-40-85
          Web site: http://www.ericsson.com


MIDLAND DIGITAL: Digital Office Equipment Supplier Winds up
-----------------------------------------------------------
Luke M. Baldock, chairman of Midland Digital Solutions Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Nov. 10 at the Castle Hotel, Lady Bank, Tamworth,
Staffordshire B79 7NB.

Robert Gibbons of Arrans, PO Box 9377, Falcon House, Falcon Park,
Tamworth, Staffordshire B77 5HL was appointed liquidator.

CONTACT:  MIDLAND DIGITAL SOLUTIONS LTD.
          Birchley House
          Birchfield Lane
          Oldbury
          B69 1DT
          West Midlands
          Phone: 0121 552 0922
          Fax: 0121 552 0942
          Web site: http://www.mds-utax.co.uk
          Contact:
          Luke Baldock, Managing Director
          Quentin Whitcher, Managing Director


MURRAY VERNON: Calls in Administrator from PwC
----------------------------------------------
Michael Horrocks and Craig Anthony Livesey (IP Nos 8026, 9186) of
PricewaterhouseCoopers LLP were appointed joint administrators of
Murray Vernon Limited (Company No 01423621) on Dec. 5.

Murray Vernon Limited -- http://www.murrayvernon.co.uk/--  
imports and exports manufactured dairy products.  It has been in
business for almost 40 years.

CONTACT:  MURRAY VERNON LIMITED
          Phone: +44 (0) 1270 758070
          Fax: +44 (0) 1270 757677

          PRICEWATERHOUSECOOPERS
          101 Barbirolli Square
          Lower Mosley Street
          Manchester M2 3PW
          Greater Manchester
          Phone: 0161 247 4330
          Fax: 0161 228 3920
          Web site: http://www.pwcglobal.com


MUSE LINGERIE: Hires Administrator from DS Insolvency
-----------------------------------------------------
Martin Williamson (IP No 9222) of DS Insolvency Services was
appointed administrator of retailer Muse Lingerie Limited
(Company No 04903077) on Nov. 30.

CONTACT:  DS INSOLVENCY SERVICES LTD.
          29 King Street
          Newcastle-Under-Lyme
          Staffordshire ST5 1ER
          Phone: 01782 614618
          Fax: 01782 717287
          E-mail: mwilliamson@dsinsolvency.co.uk


MYTRAVEL GROUP: Cuts Loss to GBP18.3 Million
--------------------------------------------
MyTravel Group plc has reported audited results for the year
ended 31 October 2005.

Highlights

(a) group operating profit* increased by GBP42.3 million to
    GBP55.2 million in the year compared to a pro forma** profit
    of GBP12.9 million in the comparable prior 12-month period
    (13 months to October 2004: operating loss of GBP17.5
    million);

(b) U.K. operating loss* reduced by 48% to GBP29.5 million from
    a pro forma loss of GBP57.0 million in the prior year (13
    months to October 2004: loss of GBP85.3 million);

(c) Northern Europe achieved another record performance, with
    operating profit* in the year of GBP63.6 million compared
    with a pro forma profit of GBP45.9 million in the prior year
    (13 months to October 2004: GBP48.5 million);

(d) North America reported an operating profit* of GBP17.5
    million compared with a pro forma profit of GBP17.5 million
    in the prior year (13 months to October 2004: GBP12.1
    million); and

(e) loss on ordinary activities before tax reduced to GBP18.3
    million compared with a pro forma loss of GBP153.4 million
    in the prior year (13 months to October 2004: loss of
    GBP190.3 million).

Current Trading

(a) there has been little change in our trading position and the
    market since our trading statement of 1 November 2005.  We
    continue to focus on margins rather than volumes and our
    increased flexibility means we are well placed to manage
    capacity appropriately throughout the season;

(b) average selling prices for winter 2005/06 in the Northern
    Europe charter business are ahead year on year;

(c) north American charter bookings for winter 2005/06 are
    currently 5% behind last year, having been at a similar
    level to the prior year before Hurricane Wilma, which
    significantly impacted our Mexico program;

(d) average selling prices for winter 2005/06 in the U.K.
    charter business are ahead year on year; and

(e) summer 2006 bookings in the U.K. remain encouraging.
    Brochures have only recently been launched in Northern
    Europe and North America.

Outlook

The Group continues to make progress towards its strategic goals
and we continue to target an operating profit in all divisions
for 2006 and a margin of 3.5% in the U.K. in 2007.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Operating profit/loss is stated before exceptional items and
goodwill amortization and in the case of the Group figures,
includes income from joint ventures and associates.  The loss
before tax for the 12 months to 31 October 2005 after goodwill
amortization of GBP11.1 million, exceptional items of GBP59.7
million and net finance charges of GBP2.7 million was GBP18.3
million.

[**] The Group changed its financial year to end October last
year (from September), such that the prior year audited
comparative information covers the 13 months to October 2004.
As a result, prior year unaudited pro forma information for the
12 months to October 2004 is shown to enable more meaningful
comparisons.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Peter McHugh, chief executive, said: "We have made strong
progress this year, with a GBP42.3 million increase in operating
profit to GBP55.2 million.  This is a particularly good result in
view of the increased cost of fuel, which we estimate has reduced
operating profit by a minimum of GBP47.3 million.  Without the
impact of fuel, we would have been a year ahead of our turnaround
targets.  As it is, we achieved another record profit in Northern
Europe.  In North America, despite a number of problems
encountered over the summer, our performance was good.  In the
U.K., we made excellent progress year on year despite the high
fuel prices.

"All in all it has been a good year for MyTravel, our turnaround
is on course and the outlook for 2006 is positive.  Across all
divisions, our strong management team is making significant
progress.  Our emphasis continues to be on margin rather than
volume and the flexibility we have achieved in recent years
allows us to make appropriate adjustments where necessary.  We
continue to target an operating profit in all divisions for the
current financial year and a margin of 3.5% in the U.K. in 2007."

A copy of the financial results are available free of charge at
http://bankrupt.com/misc/MyTravelGroup(2005).pdf

CONTACT:  MYTRAVEL GROUP PLC
          Parkway One, Parkway Business Centre
          300 Princess Rd.
          Manchester
          M14 7QU, United Kingdom
          Phone: +44-161-23-20-066
          Fax: +44-161-23-26-524
          Web site: http://www.mytravelgroup.com


OCHRE TRADING: Garden Furniture Wholesaler Liquidates
-----------------------------------------------------
D. L. Parry, director of Ochre Trading Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 16 at 20 Winmarleigh Street, Warrington, Cheshire WA1 1JY.

Robert W. Keating of R. W. Keating & Co, 20 Winmarleigh Street,
Warrington, Cheshire WA1 1JY was appointed liquidator.

CONTACT:  OCHRE TRADING LTD.
          Unit 12 Engineer Park
          Babbage Road
          Sandycroft
          Deeside CH5 2QD
          Phone: 01244 504580
          Fax: 01244 504585

          R. W. KEATING & CO.
          2nd Floor
          20 Winmarleigh Street
          Warrington
          Cheshire WA1 1JY
          Phone: 01925 245004
          Fax: 01925 245357
          E-mail: robert@rwkeating.fsnet.co.uk


RANK GROUP: Ex-WH Smith Finance Director Joins Board
----------------------------------------------------
The Rank Group plc has appointed John Warren to the Company's
Board as a Non-executive director with effect from 1 January
2006.  He will also join Rank's Audit Committee.

John Warren, aged 52, was Group Finance Director of WH Smith plc
until March 2005 and his previous appointments include Group
Finance Director of United Biscuits Holdings plc and non
executive directorships of RAC plc and Rexam plc.

Alun Cathcart, Chairman of Rank, said: "My colleagues and I are
delighted to welcome John Warren as a member of the Rank Board.
His extensive business experience and, in particular, his
expertise in finance, will provide valuable contributions to the
Group."

Rank confirms that there is no information to be disclosed under
the requirements of Listing Rule 9.6.13 in relation to this
appointment.

                        *   *   *

Rank Group has revealed that since the half-year, the company's
trading performance has followed similar trends to those
witnessed in the first half.  Revenues are up year-on-year, but
operating costs are higher and sportsbook margins remain weak.
As a consequence, the company expects adjusted profit before tax
for continuing operations to be slightly lower than in 2004.

In October, Standard & Poor's Ratings Services placed its 'BBB-'
long-term and 'A-3' short-term corporate credit ratings on Rank
Group on CreditWatch with negative implications.  The CreditWatch
placement reflects Rank's continued intention to sell its Deluxe
film processing and media services unit.  It follows weak
first-half 2005 results, a situation that increases the
probability of a more aggressive financial profile if Deluxe is
sold, and Standard & Poor's expectation that the company will
return funds to shareholders if the sale is completed.

CONTACT:  THE RANK GROUP PLC
          Investor Relations
          6 Connaught Place
          London W2 2EZ
          Phone: +44 (0) 20 7706 1111
          Fax: +44 (0) 20 7706 1092
          Web site: http://www.rank.com


REFLEXKEY LIMITED: Real Estate Developer Calls in Administrator
---------------------------------------------------------------
C. M. Iacovides (IP No 005428) of Jeffreys Henry Jacobs was
appointed joint administrator of Reflexkey Limited (Company No
04570340) on Nov. 21.  The company develops and sells 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


RJM PRODUCTS: Administrators from P&A Partnership Move in
---------------------------------------------------------
Christopher Michael White and Philip Andrew Revill (IP Nos 9374,
6421) of The P&A Partnership were appointed joint administrators
of RJM Products Limited (Company No 04527464) on Nov. 30.  The
company sells household goods.

CONTACT:  RJM PRODUCTS LTD
          Unit 1
          CFS Business Park
          Coleshill Road
          Sutton Coldfield
          Birmingham B75 7SS
          Phone: +44 (0) 121 378 3698
          Fax: +44 (0) 121 378 4686
          E-mail: sales@rapideproducts.com

          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


SEABROOK CONSTRUCTION: Calls in Joint Liquidators
-------------------------------------------------
Seabrook Construction Limited informs that a resolution to wind
up the company was passed at an EGM held on Nov. 18 at 601 High R
oad Leytonstone, London E11 4PA.

Harjinder Johal and George Michael both of Ashcrofts, 601 High
Road Leytonstone, London E11 4PA were appointed Joint
Liquidators.

CONTACT:  SEABROOK CONSTRUCTION LTD.
          Unit A6, Northfleet Industrial Estate
          Gravesend, Kent DA11 9SN
          Phone: 01474325326


SPORTSPAGES LIMITED: Book Retailer Hires Administrator
------------------------------------------------------
Ian Douglas Yerrill and Bernard Hoffman (IP Nos 8924, 1593) of
Gerald Edelman Business Recovery were appointed administrators of
book retailer Sportspages Limited (Company No 2246633) on Nov.
30.  Its registered office is at Kent House, Station Road,
Ashford, Kent TN23 1PP.

CONTACT:  SPORTSPAGES
          94-96 Charing Cross Road,
          London WC2H 0JW
          Phone: 02072409604

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


SWAN HUNTER: Left out of GBP2.9 Bln Royal Navy Contract
-------------------------------------------------------
The future of Tyneside shipyard Swan Hunter is now uncertain
after it was left out of the main contract to build two aircraft
carriers for the Royal Navy on Wednesday.  The government awarded
the GBP2.9 billion program to BAE Systems, VT and Babcock,
according to The Independent.

Secretary of State for Defence, John Reid, however, said Swan
Hunter may bid along with other yards and possibly
non-shipbuilders for the 40% of the contract open to competition.
The work includes the construction of the upper part of the ships
between the hangar and flight decks.

Tyneside's last shipbuilder has been struggling for years because
of a lack of orders.  The yard lost its glamour in the early 90s
when warship-building contracts expired.  A GBP84 million deal
with the government saved it from bankruptcy, but the "secret"
payment is now under investigation.  Defense industry sources
called the payment "a bung disguised as a contract for extra
work."  The project is said to have way exceeded its budget.  It
has billed more than GBP235 million in cost.  Swan Hunter is now
seeking fresh government funding worth up to GBP50 million.

Swan Hunter has been in operation for three decades.  It recently
laid off 100 people as work on Royal Fleet Auxiliary Lyme Bay is
nearing completion.  The company employs 700 people.

CONTACT:  SWAN HUNTER (TYNESIDE) LTD.
          Wallsend
          Newcastle NE28 6EQ, United Kingdom
          Phone: +44-191-295-0295
          Fax: +44-191-262-0374
          Web site: http://www.swanhunter.com/
          Jaap A. Kroese, Chairman
          Jan C. Veldhuizen, Managing Director
          Norman Frederick Brownell, Commercial Director


TRANSCOVER TRUCKCARE: Names Tenon Recovery Administrator
--------------------------------------------------------
Carl Stuart Jackson (IP No 8860) and Duncan Robert Beat (IP No
8161) of Tenon Recovery were appointed joint administrators of
Transcover Truckcare Limited (Company No 5029788) on Dec. 4.  The
company is engaged in general construction and civil engineering.

CONTACT:  TENON RECOVERY
          Highfield Court, Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Phone: 023 8064 6464
          Fax: 023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com

          TENON RECOVERY
          Salisbury House
          31 Finsbury Circus
          London EC2M 5SQ
          Phone: 020 7628 2040
          Fax: 020 7638 0217
          Web site: http://www.tenongroup.com


VEGA FABRICATIONS: Files for Liquidation
----------------------------------------
R. Tolley, director of Vega Fabrications Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 15 at 5th Floor, Canterbury House, 85 Newhall Street,
Birmingham B3 1LH.

Andrew Appleyard of Haines Watts, Canterbury House, 85 Newhall
Street, Birmingham B3 1LH was appointed liquidator.

CONTACT:  VEGA FABRICATIONS LTD.
          Pitcairn Drive, Halesowen
          West Midlands B62 8AG
          Phone: 0121 585 8282
          Fax: 0121 585 8282

          HAINES WATTS
          Canterbury House
          85 Newhall Street
          Birmingham
          West Midlands B3 1LH
          Phone: 0121 212 4477
          Fax: 0121 212 4459


WATERFORD WEDGWOOD: Grants Directors Share Options
--------------------------------------------------
As part of Waterford Wedgwood plc's Share Price Recovery
Incentive Plan, the Group has granted, in aggregate, options over
328,431,342 ordinary shares to certain executive directors and
senior management of the Group.  Options granted to executive
directors and senior management include:

Peter Cameron: options over 104,411,753 shares

Patrick Dowling: options over 14,501,632 shares

John Foley: options over 14,501,632 shares

Ottmar Kuesel: options over 14,501,632 shares

Moira Gavin: options over 14,501,632 shares

Wayne Nutbeen: options over 14,501,632 shares

Frank Johnston: options over 14,501,632 shares.

The options have been granted under the Group's Share Price
Recovery Incentive Plan at an exercise price of EUR0.06 per
share, representing a premium of 20% over the closing middle
market price of EUR0.05 on 14 December 2005.

Sir Anthony O'Reilly, chairman, said: "I am pleased by the new
options structure we now have in place, which was approved at
this year's Annual General Meeting.  It ensures the interests of
our senior management are even more closely aligned with the
business and therefore the interests of all the Group's
shareholders.  These options make certain that when Waterford
Wedgwood succeeds, so will our senior management.

"Peter Cameron has led the restructuring and we now have the
right people appointed to continue the process.  This scheme
means that we have the appropriate incentives to keep the team in
place during the recovery of the Group."

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


WH SMITH: Christmas Trading Update Out Next Month
-------------------------------------------------
WH Smith plc will be releasing its Christmas trading update on
Tuesday, 24 January 2006.

                            *   *   *

In October, WH Smith reported total Group profit before tax was
GBP64 million (2004: loss of GBP135 million) for the twelve
months ended 31 August 2005.  Total sales of continuing
operations were down 1% to GBP2.5 billion, while retail like
for-like (LFL) sales dropped 2%.

Kate Swann, chief executive, said: "Trading conditions on the
high street remain challenging.  As we approach Christmas, we
remain cautious about consumer spending and have planned
accordingly."

CONTACT:  WH SMITH PLC
          Nations House, 103 Wigmore St.
          London
          W1U 1WH, United Kingdom
          Phone: +44-20-7409-3222
          Fax: +44-20-7514-9633
          Web site: http://www.whsmithplc.com


WILKINSON ENVIRONMENTAL: Names Tenon Recovery Liquidator
--------------------------------------------------------
C. Wilson, chairman of Wilkinson Environmental Services Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Nov. 16 at Highfield Court, Tollgate, Chandlers Ford,
Eastleigh SO53 3TZ.

Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery,
Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire
SO53 3TZ were appointed Joint Liquidators.  The appointment was
confirmed at a creditors meeting held on the same day.

CONTACT:  WILKINSON ENVIRONMENTAL SERVICES LIMITED
          Unit 1 9 Cannon Lane
          Tonbridge, Kent TN9 1PP
          Phone: 01732368364

          TENON RECOVERY
          Highfield Court, Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Phone: 023 8064 6464
          Fax: 023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com


* DTI Shuts down Four Birkenhead-based Firms
--------------------------------------------
The Department of Trade and Industry has closed four
Birkenhead-based companies for cheating on advertisers, Creditman
reports.

In November, the Official Receiver was appointed provisional
liquidator to McAllister Stone Limited, Cavendish Black Limited,
Debt Enforcement Agency Limited and Hamilton Black Limited.
Winding Up orders against the companies were issued on 12
December 2005.

Telesales staff from McAllister Stone (which became known as
Cavendish Black) sold advertising space in a series of
publications -- including titles such as "Fallout", "On Call", "A
& E Logbook", and "Civvies" -- intended for off-duty emergency
service personnel.  Debt Enforcement Agency acted as debt
collector on behalf of Cavendish Black.

The Manchester court ruled that distribution of each title
reached only around 200 copies, instead of the 250,000 claimed by
the company.  It also discovered that Debt Enforcement employees'
scheme involved sending threatening letters and face-to-face
visits to chase payments.

Meanwhile, the DTI also found that the bank accounts for
McAllister Stone showed unexplained cash withdrawals amounting to
GBP183,480 after it had ceased, while records revealed payments
for a number of luxury cars.

Consumer Minister Gerry Sutcliffe said: "These companies have
bullied and threatened honest people for their own financial
gain.  Their business activities were truly reprehensible and it
is absolutely right that they have been closed down."

Brothers Stephen and Tony Williams controlled all four companies,
while their wives Cheryl Williams and Alison Dean were registered
as the company directors of Debt Enforcement.  The registered
office of Cavendish Black and Hamilton Black is at 2nd Floor,
145 -147 St John Street, London EC1V 4PY.  McAllister Stone is
located at Bridge House, 181 Queen Victoria Street, London EC4V
4DZ.  The registered office of Debt Enforcement Agency Limited is
at Suite B, 29 Harley Street, London W1G 9QR.  The companies
traded from 60 - 64 Argyle Street, Birkenhead, Wirral CH41 6AF.

CONTACT:  THE INSOLVENCY SERVICE
          Public Interest Unit North
          PO Box 326
          Boulton House
          17 - 21 Chorlton Street
          Manchester M60 3ZZ
          Phone: 0161 934 4182

          DEPARTMENT OF TRADE AND INDUSTRY
          7th Floor
          1 Victoria Street
          London SW1H 0ET
          Phone: +44 (0) 20 7215 5000
          Textphone: +44 (0) 20 7215 6740
          Web site: http://www.dti.gov.uk


                            *********


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

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

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

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