TCREUR_Public/051220.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

           Tuesday, December 20, 2005, Vol. 6, No. 251

                            Headlines

B U L G A R I A

BULGARIAN AMERICAN: Ratings Raised to BB; Outlook Stable
FIRST INVESTMENT: B+ Rating Affirmed; Outlook Raised to Stable


C Z E C H   R E P U B L I C

SEOBECNA ZDRAVOTNI: Prague Branch Chief Named Interim Director


F I N L A N D

BENEFON OYJ: Registers Capital Increase


F R A N C E

EUROTUNNEL S.A.: Appoints New Non-executive Director


G E R M A N Y

ALLGEMEINE HYPOTHEKENBANK: Rating Off S&P's CreditWatch
AUTOSERVICE SCHLEDT: Succumbs to Bankruptcy
BACKEREI KRAFT: Proofs of Claim Due Next Month
B.I.C.-ONE: Claims Verification Set May
BODE-FASHION: Creditors to Meet February

BUTLER IMTIAZ: Bielefeld Company Goes Bust
DAIMLERCHRYSLER AG: More Job cuts Loom
HANS HONIGS: Dortmund Court Appoints Administrator
LEO WERBEAGENTUR: Creditors' Claims Due January
PETATEC GMBH: Court to Verify Claims April

PRAZISION DENTAL: Under Bankruptcy Administration
PRIMACOM AG: Seeks Amendment to Authorized Capital
PRIMACOM AG: Names New Supervisory Board Members
RIXDORFER RUEPEL: Claims Filing Period Ends March 1
VOLKSWAGEN AG: Cancels Remaining Share Certificates in DEM


I T A L Y

FIAT AUTO: Joint Venture with PSA Hits Production Target
FIAT SPA: Bares 2006 Reporting Calendar
IMPREGILO SPA: Board Okays Buyout of Equinox Stake in Fisia


N E T H E R L A N D S

NEW SKIES: Moody's Affirms Caa1 Rating on US$125 Mln Notes
ROYAL SHELL: Cancels 1.5 Million 'A' Shares


R O M A N I A

ROMPETROL GROUP: Brings Dispute with Government to Arbitration


R U S S I A

APASTOVSKAYA SPECIALIZED: Succumbs to Bankruptcy
AUTO-STROY-SERVICE: Bankruptcy Supervision Procedure Begins
BANK AVANGARD: Fitch Affirms Long-term B- Rating
EAST TRANSIT: Declared Insolvent
FACTORY-OIL-GAS-PRIBOR: Insolvency Manager Takes over Firm

KANTEMIROVKA-MILK: Voronezh Court Opens Bankruptcy Proceedings
METALLIST: Undergoes Bankruptcy Supervision Procedure
OST-WEST-TRADING: Pskov Court Brings in Insolvency Manager
RASSVET: Declared Insolvent
RITZIO ENTERTAINMENT: Gets B2 Corporate Family Rating

RITZIO ENTERTAINMENT: S&P Affirms B Ratings; Outlook Stable
TAT-AGRO-PROM-STROY: Insolvency Manager Steps in
UST-OLSKIY: Undergoes Bankruptcy Supervision Procedure
YUKOS OIL: Holds Talks with Slovak Govt over Transpetrol Stake


S W E D E N

SAS GROUP: Sells SAS Component Stake to Singapore Technologies


U K R A I N E

AGRORESURS: Goes into Liquidation
CHUDNIVSHLYAHBUD: Creditors' Claims Due this Week
DONINVESTBUD: Names V. Paterilov Liquidator
MASIV-ROSAVA: Insolvency Manager Takes over Helm
MILAJN: Declared Insolvent
VISHNYA: Ivano-Frankivsk Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

AKER OIL: Claims Filing Period Ends January 17
ALLSPORTS LTD.: Regulator to Look into John David Merger
BEN DAVIS: Hires Administrators from Moore Stephens
BOYNE TERRACE: Liquidator from Roger Evans Enters Firm
CANDLESTORE SUPPLIES: Files for Liquidation

CAREER ANALYSTS: Calls in Liquidator
CGU FINANCIAL: Names PricewaterhouseCoopers Liquidator
COMPUTER AIDED: EGM Passes Winding-up Resolution
CORUS GROUP: Inks Multi-million-pound Deal with Network Rail
DE BRADELEI: Clothing Shop Calls in Administrator

DRYDEN CAPITAL: Deloitte & Touche Liquidators Enter Firm
DUNBAR LETTINGS: Calls in Liquidator from Nottingham Watson
EXPRESS INDUSTRIAL: Goes into Liquidation
FIRST4BUSINESS.CO.UK LTD.: Receives Winding-up Order
FORMERCO LIMITED: Appoints Liquidator

FULLSTOP TECHNOLOGY: Hires Bartfields Liquidator
GALLAHER GROUP: Predicts GBP95 Million Restructuring Cost
GCS SOLUTIONS: Wilson Field to Liquidate Business
GOSHAWK INSURANCE: Concludes Sale of Rosemont Business
HANAGE PUBLISHING: EGM Passes Winding-up Resolution

HOLDINGS GROUP: Calls in Royce Peeling Green Liquidator
H.R. OWEN: Sells PAG East Anglia Unit to Lookers Southern
HYPERWAVE LIMITED: Meeting of Creditors Set Friday
LAZARUS METAL: Names BDO Stoy Hayward Liquidator
LONDON PRAMS: Calls in Joint Liquidators

MINIMEC LIMITED: Hires BDO Stoy Hayward as Administrator
MINORPLANET SYSTEMS: Posts GBP3.9 Million Full-year Loss
MIRROR PRINT: Court Winds up Fake Charity Firm
NAJMA ENTERPRISE: Beverage Seller Liquidates
NEW EXPRESS: Appoints BN Jackson Liquidator

NTL INVESTMENT: Proposed GBP3.3 Bln Facilities Rated BB-
PBI FUND: Liquidators from Deloitte Move in
PPEL REALISATIONS: Creditors Meeting Set Thursday
PROMINENT PICTURES: Files for Liquidation
PROTOVETTE LIMITED: Names Vantis Redhead French Liquidator

REGUS GROUP: 11-month Revenues Reach GBP418.8 Million
UBS REORGANISATION: Calls in PricewaterhouseCoopers Liquidator
WREN LOGISTICS: Goes into Liquidation

* Large Companies with Insolvent Balance Sheets


                            *********


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


BULGARIAN AMERICAN: Ratings Raised to BB; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit and certificate of deposit ratings on
Bulgarian American Credit Bank to 'BB' from 'BB-'.  At the same
time, the short-term counterparty credit and certificate of
deposit ratings were affirmed at 'B'.  The outlook is stable.

"The rating action reflects BACB's successful niche franchise
focused on serving the banking needs of small and midsize
enterprises (SMEs) in Bulgaria, which provides consistently solid
returns, and is supported by high capitalization commensurate
with its risk profile," said Standard & Poor's credit analyst
Annette Ess.

The bank also benefits from stable long-term funding provided by
international banks, development agencies, and its
shareholder--Bulgarian American Enterprise Fund, which is
planning to exit the bank by 2010.  In addition, the bank should
capitalize on the steadily improving Bulgarian economy (Republic
of Bulgaria; foreign currency, BBB/Positive/A-3; local currency,
BBB+/Stable/A-2).

The ratings on the bank are constrained, however, by its small
niche business activity in the risky small and midsize Bulgarian
corporate segment, small absolute levels of capital, higher
credit risks associated with the SME lending in an environment
with above average economic and industry risks.

"We expect that BACB will continue to access both the
international and domestic markets and diversify its funding to
support its growth and development, that capital will remain at
commensurate levels to its higher risk profile, and that the bank
will manage evolving competitive and economic pressures and
maintain its strong profitability," added Ms. Ess.

Future rating evolution will depend on the execution of the niche
strategy in the evolving Bulgarian SME sector, as well as
positive developments in Bulgaria's economic and industry risks.
Conversely, deterioration in the bank's financial
profile--particularly in funding, asset quality, and/or
capitalization--would be viewed negatively.

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:  BULGARIAN AMERICAN CREDIT BANK
          3, Shipka Str.
          Sofia 1504
          Bulgaria
          Phone: (+3592) 946 0019
          Fax: (+3592) 946 0118
          E-mail: vili@baefinvest.com


FIRST INVESTMENT: B+ Rating Affirmed; Outlook Raised to Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Bulgaria-based First Investment Bank to stable from positive.  At
the same time, the 'B+' long-term counterparty credit rating on
the bank was affirmed.

"The outlook revision reflects the view that FIB's capitalization
has deteriorated to a level that is no longer fully supportive of
the credit-risk profile of the bank," said Standard & Poor's
credit analyst Alise Ross.  Furthermore, future capital
initiatives are not expected to address FIB's tight core
capitalization--as defined by Standard & Poor's--to provide a
comfortable level to support projected growth.

The ratings on FIB reflect the bank's above-market growth
strategy, low capitalization, moderate profitability, and asset
quality exposed to high loan concentrations in an environment
with a developing lending culture, and somewhat arbitrary
creditor rights.  These negative factors are mitigated by the
bank's strengthening domestic commercial franchise and
distribution network, adequate--although unseasoned--asset
quality, and improved funding profile, all supported by good
economic prospects in Bulgaria.

"We expect that FIB's improving franchise and business growth
will remain supportive of future profitability and loan portfolio
evolution," added Ms. Ross. The current outlook also incorporates
the expectation that future capitalization will be managed
downward, but continues to be supported by good levels of profit
retention. Future upward rating actions would be subject to a
stabilization of current capital levels; strengthening
profitability benefiting from increased efficiency from network
investments and a greater focus on integrated client management;
and addressing the high levels of single-party credit exposures
within the loan portfolio. "Deterioration in any of the current
supportive rating factors could negatively pressure the ratings
on FIB," said Ms. Ross.

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:  FIRST INVESTMENT BANK
          Web site: http://www.fibank.bg


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


SEOBECNA ZDRAVOTNI: Prague Branch Chief Named Interim Director
--------------------------------------------------------------
Jiri Cekal is to become the acting director of Seobecna zdravotni
pojistovna Ceske republiky (The General Health Insurance Company,
VZP), Health Minister David Rath told BBC radio.

Mr. Cekal is the current head of the VZP Prague branch, and is a
member of the forced administration team appointed to VZP.  He
will handle the position until the Chamber of Deputies elected
the final director to replace outgoing Jirina Musilkova, possibly
in February.  She is resigning on Jan. 1, 2006.  Mr. Rath also
said that the VZP board on Friday agreed to propose Ms.
Musilkova's dismissal to the lower house.

The Health Ministry placed VZP under forced administration on
Nov. 10 and appointed Antonin Pecenka administrator.  VZP, which
operates on an annual budget of CZK200 billion, has racked up
debt of CZK14 billion, which Mr. Rath has blamed on the poor
performance of Ms. Musilkova.

CONTACT:  VSEOBECNA ZDRAVOTNI POJISTOVNA CESKE REPUBLIKY
          Orlicka 4/2020
          130 00 Praha 3
          Phone: 221 751 111
          E-mail: info@vzp.cz
          Web site: http://www.vzp.cz


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


BENEFON OYJ: Registers Capital Increase
---------------------------------------
The share capital increase of EUR31,000.00 corresponding to the
accepted subscriptions by option rights Benefon 2004A of
3,100,000 new S-shares of the Company with a book parity value of
EUR0.01 per share (BNFSV), reported on Dec. 7, 2005, was
registered in the Trade Register on Dec. 15, 2005.  This share
capital increase is approximately 2.42% of the share capital of
the Company prior to the increase.  After the increase, the total
share capital of the Company will be EUR1,312,540.46, all paid,
and the number of shares 131,254,046.

The new S-shares of Benefon Oyj totaling 3,100,000, corresponding
to the accepted subscriptions by option rights will be taken into
public trading on the I-list of Helsinki Exchanges on Dec. 16,
2005, aside with the old S-shares (BNFSV) of the Company.  The
new shares, representing approximately 2.42% of all shares and
votes prior to the subscriptions, have the same value, entitle to
dividend from fiscal period beginning on Jan. 1, 2005 and from
subsequent periods, and otherwise have the same rights as the
other S-shares of the Company.

                        About the Company

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

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

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

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

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


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


EUROTUNNEL S.A.: Appoints New Non-executive Director
----------------------------------------------------
The Joint Board of Eurotunnel S.A. has co-opted Madame Colette
Neuville as a non-executive director.  Her nomination, effective
from December 16, 2005 will be subject to ratification at the
next Annual General Meetings of Eurotunnel S.A. and Eurotunnel
plc.

Colette Neuville is the founding Chairman of ADAM (the
Association for the defense of minority shareholders), in France.
Her interest in corporate governance is well known, as is her
commitment to the defense of shareholders.

                        About the Company

Eurotunnel is quoted on the London, Paris and Brussels Stock
Exchanges.  Trading in the U.K. as Eurotunnel plc and in France
as Eurotunnel S.A., the Eurotunnel Group has been transporting
people and goods through the Channel Tunnel between the U.K. and
France since 1994.  The British and French governments have
granted Eurotunnel a concession to operate the Channel Tunnel
until 2086.  Eurotunnel's operating revenue in 2004 was GBP538
million.  It employs 3,205 people split between the U.K. (1,278)
and France (1,927).

Trouble began when costs to build the tunnels that connect U.K.
and France started to overrun before it opened in 1994.
Problems mounted when tourist traffic fell following the Iraq
war.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004 auditor KPMG Audit Plc said the company faces
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.  In
January Fitch mentioned that the real crunch for the company
looms by 2007 when junior debt amortizations become burdensome.

Eurotunnel is now struggling to pay GBP6.4 billion in debt with
accrued interest of GBP298 million as of 2004.  In April, the
company began negotiations with an ad-hoc committee, representing
majority of junior creditors, namely European
Investment Bank, Franklin Mutual Advisers LLC, MBIA and Oaktree
Capital Management.

CONTACT:  EUROTUNNEL S.A.
          Cheriton Park
          Cheriton High Street
          Folkestone
          Kent CT19 4QS
          United Kingdom
          Phone: +44-1303-288-750
          Fax: +44-1303-850-360
          Web site: http://www.eurotunnel.co.uk


          Press Office
          Phone: + 44 (0) 1303 288728
                 or + 44 (0) 1303 288737
          E-mail: press.uk@eurotunnel.com

          Investor Inquiries
          Xavier Clement
          Phone: + 331 55 27 36 27
          E-mail: xavier.clement@eurotunnel.com


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


ALLGEMEINE HYPOTHEKENBANK: Rating Off S&P's CreditWatch
-------------------------------------------------------
Standard & Poor's Ratings Services removed its 'BB+' counterparty
credit ratings on Germany-based Allgemeine Hypothekenbank
Rheinboden AG from CreditWatch, where they were first placed on
Oct. 25, 2005.  In addition, Standard & Poor's affirmed its
'BB+/B' counterparty credit and senior unsecured ratings on AHBR,
and raised the ratings on subordinated debt issued by AHBR to
'BB-' from 'B'.  The outlook is negative.  At the same time, the
'AAA' ratings on senior secured Offentliche Pfandbriefe and
Hypothekenpfandbriefe issued by AHBR were affirmed.

The rating actions follow the recent announcement by U.S.-based
opportunity fund, Loan Star Funds (Loan Star), that one of its
investment funds will take over essentially all of the share
capital of AHBR by mid-January 2006.

"The rating actions are based on Standard & Poor's expectation
that, following completion of the transaction, AHBR will be able
to materially strengthen its reserve coverage for credit and
market risks while obtaining strengthened capital levels," said
Standard & Poor's credit analyst Bernd Ackermann.  "They also
reflect the expectation that AHBR's unsecured funding continues
to be assured until measures to stabilize the credit standing of
the bank have been taken, and that funding should benefit from
its ability to issue covered bonds (Pfandbriefe).  Lone Star's
expertise in the workout of distressed assets is another positive
element."

The rating actions also reflect Standard & Poor's view, however,
that the necessary restructuring of AHBR's activities will remain
a difficult process, fraught with significant execution risk.  It
also reflects that profitability will start from a low level and
remains to a large extent dependent on its ability to write
profitable new business. Furthermore, Standard & Poor's believes
that a stand-alone business model for AHBR will be challenging,
taking into consideration the moderate market position of the
bank, low business diversification, and the difficult operating
environment for AHBR.  The ratings do not reflect implicit
ownership support from Lone Star, given that Standard & Poor's
does not consider Lone Star to be a long-term strategic majority
shareholder in AHBR.

"The negative outlook reflects Standard & Poor's view that
significant uncertainties and execution risks remain, which could
complicate the repositioning and restructuring of AHBR," said Mr.
Ackermann.  Standard & Poor's expects to lower the ratings if the
restructuring were to face major operational or legal obstacles,
or if the expected clean-out of further risks in 2005 should
prove to be insufficient, or if its market position were to erode
in the wake of recent negative publicity.  The ratings could also
be lowered if AHBR were to take a highly aggressive stance in
writing new business to achieve higher earnings.  Business plans
are likely to evolve in more detail after the takeover is closed
in January, but developing a sustainable business model will take
an extended period of time.

Standard & Poor's expects to revise the outlook to stable if the
planned restructuring of AHBR's asset base progresses quickly and
successfully, and if the bank manages to demonstrate profitable
growth in strategic areas of real estate lending.

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


AUTOSERVICE SCHLEDT: Succumbs to Bankruptcy
-------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Autoservice Schledt GmbH & Co. KG on November 28.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 12 to
register their claims with court-appointed provisional
administrator Sylvia Hofmann.

Creditors and other interested parties are encouraged to attend
the meeting on February 23, 2006, 10:30 a.m. at the district
court of Darmstadt, Zimmer 109, Gebaude E, Landwehrstrasse 48,
64293 Darmstadt, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  AUTOSERVICE SCHLEDT GmbH & Co. KG
          Friedrich-Ebert-Strasse 61c, 64839 Muenster
          Contact:
          Arlette Schledt, Manager

          Sylvia Hofmann, Administrator
          Birkenweg 24, 64295 Darmstadt
          Phone: 06151/66729-0
          Fax: 06151/66729-20


BACKEREI KRAFT: Proofs of Claim Due Next Month
----------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Backerei Kraft GmbH on December 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 9, 2006 to register their
claims with court-appointed provisional administrator Harald
Silz.

Creditors and other interested parties are encouraged to attend
the meeting on February 8, 2006, 11:30 a.m. at the district court
of Darmstadt, Zimmer 10, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  BACKEREI KRAFT GmbH
          Brunnenstrasse 13, 65428 Ruesselsheim
          Contact:
          Walter and Gregor Kraft, Manager

          Harald Silz, Administrator
          Adolfsallee 24, 65185 Wiesbaden
          Phone: 0611/1504-0
          Fax: 0611/301774


B.I.C.-ONE: Claims Verification Set May
---------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against B.I.C.-One 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 Knut Rebholz.

Creditors and other interested parties are encouraged to attend
the meeting on January 10, 2006, 9:30 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 May 2, 2006,
9:30 a.m. at the same venue.

CONTACT:  B.I.C.-ONE GmbH
          Am Pichelssee 9 A, 13595 Berlin

          Knut Rebholz, Administrator
          Cicerostr. 22, 10709 Berlin


BODE-FASHION: Creditors to Meet February
----------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Bode-Fashion GmbH on December 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 23, 2006 to register their
claims with court-appointed provisional administrator Andreas
Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting on February 13, 2006, 9:15 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  BODE-FASHION GmbH
          Sudbrackstr. 17, 33611 Bielefeld
          CONTACT:
          Walter Stuedle, Manager
          Nollendorfstr. 65, 45472 Muelheim

          Andreas Stratenwerth, Administrator
          Lemgoer Str. 4, 33604 Bielefeld


BUTLER IMTIAZ: Bielefeld Company Goes Bust
------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against BUTLER Imtiaz GmbH & Co. KG on December 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until January 24, 2006 to
register their claims with court-appointed provisional
administrator Frank M. Welsch.

Creditors and other interested parties are encouraged to attend
the meeting on February 14, 2006, 9:30 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  BUTLER IMTIAZ GmbH & Co. KG
          Franz-Birkhan-Ring, 33330 Guetersloh
          Contact:
          Ahmad Imtiaz, Manager
          Friedrichstr. 43, 33615 Bielefeld

          Frank M. Welsch, Administrator
          Barkeystrasse 30, 33330 Guetersloh


DAIMLERCHRYSLER AG: More Job cuts Loom
--------------------------------------
DaimlerChrysler AG is considering further job reductions, the
Associated Press says, quoting German newspapers.

According to Stuttgarter Nachrichten, the management committee
headed by outgoing Chief Executive Juergen Schrempp has
recommended additional cuts at a meeting of the board of
directors Friday.  The paper added the company is eyeing to cut
by 6,000 its global workforce of 390,000 by attrition or
voluntary retirement.

Company spokeswoman Marina Raptis declined to comment.  In
September, the company unveiled redundancy plans affecting 8,500
jobs at its Mercedes business in Germany.  Stuttgarter Zeitung,
in another report, said the company's board has agreed to cut
7,500 workers over the next two years.

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


HANS HONIGS: Dortmund Court Appoints Administrator
--------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against hans honigs GmbH on December 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 24, 2006 to register their
claims with court-appointed provisional administrator Achim
Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting on February 20, 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:  HANS HONIGS GmbH
          Wendenweg 9, 44149 Dortmund
          Contact:
          Horst Kracht, Manager
          Somborner Str. 8, 44388 Dortmund
          Hans Manfred Honigs, Manager

          Achim Thomas Thiele, Administrator
          Bronnerstrasse 7, 44141 Dortmund
          Phone: 54110
          Fax: 5411266


LEO WERBEAGENTUR: Creditors' Claims Due January
-----------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against LEO Werbeagentur GmbH on December 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 17, 2006 to register their
claims with court-appointed provisional administrator Martin
Kienitz.

Creditors and other interested parties are encouraged to attend
the meeting on February 7, 2006, 11:30 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  LEO WERBEAGENTUR GmbH
          Simeonscarree 2, 32427 Minden
          Contact:
          Leonhard Huebner, Manager
          Eifelweg 1, 32427 Minden

          Martin Kienitz, Administrator
          Ruegenweg 14, 32427 Minden


PETATEC GMBH: Court to Verify Claims April
------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against PETATEC GmbH on December 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until February 23, 2006 to
register their claims with court-appointed provisional
administrator Thomas Kuehn.

Creditors and other interested parties are encouraged to attend
the meeting on January 12, 2006, 10:15 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on April 20,
2006, 10:10 a.m. at the same venue.

CONTACT:  PETATEC GmbH
          Saatwinkler Damm 43,13627 Berlin

          Thomas Kuehn, Administrator
          Luetzowstr. 100, 10785 Berlin


PRAZISION DENTAL: Under Bankruptcy Administration
-------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Prazision Dental-Labor GmbH on December 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 17, 2006 to register their
claims with court-appointed provisional administrator Michael
Wilbert.

Creditors and other interested parties are encouraged to attend
the meeting on February 24, 2006, 9:10 a.m. at the district court
of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 1.
Stock, Saal W126, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  PRAZISION DENTAL-LABOR GmbH
          Im Muehlenbach 2, 53127 Bonn

          Michael Wilbert, Administrator
          Simrockstrasse 7, 53113 Bonn
          Phone: 0228-336255-5
          Fax: 0228-336255-6


PRIMACOM AG: Seeks Amendment to Authorized Capital
--------------------------------------------------
PrimaCom AG will call an extraordinary shareholders' meeting in
the first half of March 2006.  At the shareholders' meeting shall
be submitted several proposals that would allow the issue of
shares under exclusion of the statutory subscription right.  The
goal is to avoid a strain on the company's liquidity.

As customary in such kind of transactions, an "equity kicker",
i.e. the grant of warrants for the issue of shares, was agreed
with the mezzanine investor as part of its remuneration.  For
this purpose, the shareholders' meeting shall resolve the issue
of the warrant linked bond and the creation of a corresponding
conditional capital.  Furthermore, by amending the company's
authorized capital, the company shall also be given the option to
redeem certain agreed bonuses for the management board and
payment obligations resulting from a cancellation agreement by
issuing shares.  As a result of such measures the company's
capital could be diluted by up to 3.66 million shares.

By a further amendment of the authorized capital, the company
shall also be given the option to repay a part of its mezzanine
obligations of EUR19 million plus accrued interest by the issue
of shares at market price.  However, at present, it is open
whether the company will actually make use of this authorization.

It is also expected that on this occasion, the company will
furthermore propose to its shareholders to amend its articles to
adapt them to new stock corporation law as amended on November 1,
2005.

PrimaCom AG (ISIN DE0006259104) is listed on the Geregelten Markt
(Regulated Market - General Standard) of the Frankfurt Stock
Exchange.

                            *   *   *

Primacom said this month that its financial restructuring has
successfully completed after nearly one and a half year of tough
negotiations.  These important components form the basis of the
closing of the restructuring:

-- The sale of Dutch subsidiary N.V. Multikabel Alkmaar for
   EUR515 million to the Amsterdamse Beheer-en
   Consultingmaatschappij B.V. and Christine Beheer-en
   Adviesmaatschappij B.V., companies;

-- The repayment of the settlement with the Second Secured
   Lenders in the amount of EUR375 million; and

-- The repayment of the Senior Lenders liabilities in the amount
   of EUR462 million.

The new financing will be made through a senior credit from ING
Bank N.V. in the amount of EUR280 million plus an overdraft of
EUR20 million and a mezzanine financing from Och Ziff Management
in the amount of EUR69 million.

CONTACT:  PRIMACOM AG
          Investor Relations
          Phone: +49 6131-944-522
          Fax: +49 6131 944-508
          E-mail: investor@primacom.de
          Web site: http://www.primacom.de


PRIMACOM AG: Names New Supervisory Board Members
------------------------------------------------
As of Dec. 9, 2005 Mr. Michael Moriarty and Dr. Hendrik
Gottschlich, have been appointed to PrimaCom's Supervisory Board
by order of the local court of Mainz.  They replace Mr. Erwin
Kleber and Mr. Christian Kleinsorge who resigned Nov. 30, 2005.

PrimaCom's common stock (ISIN DE0006259104) is listed on the
Geregelten Markt (Regulated Market - General Standard) of the
Frankfurt Stock Exchange.

                            *   *   *

Primacom said this month that its financial restructuring has
successfully completed after nearly one and a half year of tough
negotiations.  These important components form the basis of the
closing of the restructuring:

-- The sale of Dutch subsidiary N.V. Multikabel Alkmaar for
   EUR515 million to the Amsterdamse Beheer-en
   Consultingmaatschappij B.V. and Christine Beheer-en
   Adviesmaatschappij B.V., companies;

-- The repayment of the settlement with the Second Secured
   Lenders in the amount of EUR375 million; and

-- The repayment of the Senior Lenders liabilities in the amount
   of EUR462 million.

The new financing will be made through a senior credit from ING
Bank N.V. in the amount of EUR280 million plus an overdraft of
EUR20 million and a mezzanine financing from Och Ziff Management
in the amount of EUR69 million.

CONTACT:  PRIMACOM AG
          Investor Relations
          Phone: +49 6131-944-522
          Fax: +49 6131 944-508
          E-mail: investor@primacom.de
          Web site: http://www.primacom.de


RIXDORFER RUEPEL: Claims Filing Period Ends March 1
---------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Rixdorfer Ruepel e.V. 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 Dr. Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting on January 24, 2006, 9:05 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, 9:20 a.m. at the same venue.

CONTACT:  RIXDORFER RUEPEL e.V.
          Berthelsdorfer Str. 11,12043 Berlin

          Dr. Petra Hilgers, Manager
          Goethestr. 85, 10623 Berlin


VOLKSWAGEN AG: Cancels Remaining Share Certificates in DEM
----------------------------------------------------------
The Ordinary Annual Meeting of Stockholders on 4 June 1998
resolved to change the division of Volkswagen Aktiengesellschaft
capital stock from par-value shares into no-par value shares
(shares without a specified par value), so that one share with a
nominal value of DEM50.00 is replaced by ten no-par value shares.
Provided that the shares have voting rights, these voting rights
have been modified according to a 1:10 ratio.  The shares are
no-par value shares and are in the holder's name. The
corresponding amendment to the Articles of Association was
entered in the register of companies at the Wolfsburg County
Court on 19 June 1998.

The Ordinary Annual Meeting of Stockholders on 2 June
1999 also resolved to convert the capital stock of the Volkswagen
Aktiengesellschaft into euros, so that the stake in the company's
capital stock represented by a share is EUR2.56.  The
corresponding amendment to the Articles of Association was
entered in the register of companies at the Wolfsburg County
Court on 23 August 1999.  Due to these resolutions by the Annual
Meeting of Stockholders, the content of our company DEM nominal
value share certificates for ordinary shares and non-voting
preferred shares in the holder's name is now incorrect.

The Ordinary Annual Meeting of Stockholders of our company on 21
April 2005 resolved to exclude the stockholder's claim to
individual securitization of their share and to rewrite (S) 5
section 2 of the Articles of Association accordingly.  The
corresponding amendment to the Articles of Association was
entered in the register of companies at the Wolfsburg County
Court on 13 June 2005.

From now on, capital stock will be fully documented by global
share certificates, which are held at Clearstream Banking AG,
Frankfurt am Main.  Shareholders in our company will have a stake
in the holding in collective safe custody of our company shares
as co-owners at Clearstream Banking AG in accordance with the
size of their share.

We have appealed to the shareholders of our company and warned
them of the impending declaration of invalidity through three
publications in the electronic Federal Official Gazette
(Bundesanzeiger) and in the stock exchange newspaper
(Borsenzeitung) of 31 August 2005, 28 September 2005 and 26
October 2005 to apply to the Dresdner Bank AG, Frankfurt am Main
by 9 December 2005 to submit to the collective deposit their
certificates which have become incorrect as they are made out to
"VOLKSWAGEN AKTIENGESELLSCHAFT" and in DEM amounts.  This applies
to ordinary share certificates with dividend coupons no. 46 to 50
and the renewal coupon and preferred share certificates with the
renewal coupon.

All share certificates which have become incorrect because they
were made out to "VOLKSWAGEN AKTIENGESELLSCHAFT" and in DEM and
which have not yet been submitted to one of the collective
security holdings of the Clearstream Banking AG for obtaining
co-ownership are hereby declared invalid in accordance with (S)
73 of the German Stock Corporation Law.

The necessary authorization in accordance with (S) 73 of the
German Stock Corporation Act (AktG) for this was granted by the
local District Court of Wolfsburg on 13 July 2005.

According to their current stake in company shares, shareholders
will receive co-ownership in the holding in collective safe
custody of our company shares at Clearstream Banking AG in place
of the submitted share certificates.  Ordinary no-par value
shares and non-voting preferred no-par value shares of the
Volkswagen Aktiengesellschaft, Wolfsburg, will be supplied as
securities in collective safe custody only from 5 September 2005
onwards.

                        About the Company

Headquartered in Wolfsburg, the Volkswagen Group is one of the
world's leading automobile manufacturers and the largest carmaker
in Europe.  In 2004, the group increased the number of vehicles
delivered to customers to 5.079 million (2003: 5.015 million),
corresponding to an 11.5% share of the world passenger car
market.  Group sales rose to EUR88.9 billion (2003: EUR84.8
billion).  Profit after tax in the 2004 financial year amounted
to EUR0.716 billion (2003: EUR1.003 billion).

With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential job
cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief Executive
Bernd Pischetsrieder and Volkswagen brand head, Wolfgang
Bernhard.

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


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


FIAT AUTO: Joint Venture with PSA Hits Production Target
--------------------------------------------------------
The Sevel Plant (Societa Europea Veicoli Leggeri) of Val di
Sangro, Italy, a 50-50 joint venture between Fiat Auto and PSA,
has achieved its 3-million-vehicle target.  The three millionth
model is the Fiat Ducato Gran Volume van equipped with the 2.3
JTD 16 valve powerplant, purchased by a German customer from the
Duesseldorf dealer.

The joint venture between Fiat and PSA was set up in 1978.  In
1981 the Val di Sangro plant started operations producing 350
vehicles a day.  Subsequent expansion to cope with a wider
product range has resulted in the current output of 900 units per
day.

Beside the Ducato, vehicles in production include two similar
models for the PSA partner.

Ducato is proving to be a relentless sales success over the
years: currently, it is the second most popular light commercial
vehicle of its segment sold in Europe and is top selling for the
first ten months of 2005.  High versatility (more than 600
versions and 140 optionals) and outstanding capacity (load from
1,000 to some 1,800 kg and volume from 7.5 to 14 cubic meters)
combine to ensure its success in the market: about 1,700,000
units sold by FIAT AUTO since 1981.

Sevel Val di Sangro is the largest light commercial vehicle plant
in Europe.  It is located between the towns of Atessa and
Paglieta in the Chieti Province -- occupying an area of over
1,200,000 square meters, of which 337,500 square meters
covered -- and is geared for the entire production cycle, namely
body assembly, spraying and final assembly.  The plant currently
employs 5,250 workers, 95.3% of whom reside locally in the region
of Abruzzo.  Every single day 250 semi-trailer tractors deliver
semi-finished materials to the plant, and 200 vehicle carriers
plus four trains leave with their full load of finished vehicles.
The plant meets the highest standards of quality and is
environment-friendly, the internal quality system being ISO
certified to 9001:2000.  The environmental management system is
also certified to ISO 14001.

                        About the Company

Fiat Auto manufactures automobiles, buses, industrial and special
vehicles, and agricultural tractors.  Earlier this year, Fiat
Auto was able to achieve its objective of breaking even at the
operating level.  Its net financial position as at the end of
2004, however, remained negative at -EUR5 billion.  S&P had said
the automotive activities will gradually recover although they
will remain loss-making in 2005.

CONTACT:  FIAT AUTO S.P.A.
          Corso G. Agnelli, 200 - 10135 Torino
          Phone: +39 011 003 11 11
          Fax: +39 011 003 75 91
          Web site: http://www.fiat.com
          Contact:
          H. Demel, CEO


FIAT SPA: Bares 2006 Reporting Calendar
---------------------------------------
The Board of Directors of Fiat S.p.A., chaired by Luca Cordero di
Montezemolo, met on Dec. 16 in Turin to review the 2006 Group
budget.  The Board also approved the 2006 corporate events
calendar.  The presentation of full-year data will be
significantly advanced with respect to previous years:

(a) the 2005 consolidated results will be examined on the
    occasion of the Board meeting scheduled for January 30,
    2006;

(b) the 2005 consolidated and preliminary statutory financial
    statements will be presented at the end of February 2006;
    and

(c) the 2006 first-half report will be approved at the end of
    July.

The calendar of 2006 corporate events may be viewed at
http://www.fiatgroup.com

The Board also acknowledged the results of the offering to
stockholders of option rights related to the capital increase to
service the Mandatory Convertible Loan of EUR3 billion, which was
concluded on Dec. 14, 2005.  The shares subject of the offer were
subscribed by the lending banks on Sept. 20, 2005, pursuant to
Article 2441, paragraph seven, of the Italian Civil Code.  As of
Dec. 16, a total of 1,009,773 Fiat ordinary shares have been
subscribed by stockholders out of the 291,828,718 shares offered
to them at a price of EUR10.28 each.  The 975,902,500 unexercised
option rights will be offered on the stock exchange through
Unicredit Banca Mobiliare from Dec. 19 to Dec. 23, 2005.  All
purchased rights may be used until Dec. 27, 2005 to subscribe, at
a price of EUR10.28 each, 149 Fiat ordinary shares for every 500
rights purchased.

                 Calendar of 2006 Corporate Events

Date                           Issues

January 30     2005 Fourth Quarter Results and 2005 Full Year
               Results
February 28    Statutory and Consolidated Financial Statements

May 3          2006 First Quarter Results
               Annual General Meeting

July 27        2006 Second Quarter Results and 2006 First Half
               Results

October 26     2006 Third Quarter Results

                        About the Company

Fiat S.p.A., headquartered in Turin, is one of the largest
industrial groups in Italy and the fourth largest European-based
automobile manufacturer, with revenues of EUR33.4 billion in the
first nine months of 2005.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                           Status to date

The company recently converted EUR3 billion bank debt into
shares, halving net industrial debt to EUR4.7 billion.  The
founding Agnelli family maintains its 30% control of the company.

In August, S&P revised its outlook on Fiat to stable from
negative.  At the same time, it affirmed its 'BB-' long-term and
'B' short-term corporate credit ratings on the group.

CONTACT:  FIAT S.p.A.
          via Nizza, 250 - 10126 Torino
          Phone: +39 011 00 63088
          Fax: +39 011 00 63798
          E-mail: mediarelations@fiatgroup.com
          Web site: http://www.fiatgroup.com


IMPREGILO SPA: Board Okays Buyout of Equinox Stake in Fisia
-----------------------------------------------------------
The Impregilo Board of Directors has approved the agreement
reached with Equinox Investment Company S.C.p.A. for the purchase
from Equinox of 49% of the capital of Fisia Italimpianti, for a
price of EUR68.5 million.

The board's approval fulfils one of the conditions precedent of
the agreement; two conditions remain, namely, the consent of
Impregilo's lender banks and notification of the transaction to
the Italian Competition & Market Authority.

The purchase will give Impregilo control of 100% of the share
capital of Fisia Italimpianti, a multi-services plant and
environment company.

Acquisition of total ownership of Fisia is part of Impregilo's
strategy for the rapid growth of its core business.  It enhances
the Group's identity as an "integrated General Contractor" active
in infrastructures and integrated plant and services for the
environment.

Fisia Italimpianti is the world leader in seawater desalination
technology and treatment of primary and wastewater. Through its
German subsidiary Fisia Babcock, it deploys leading-edge
technology for waste-to-energy conversion and toxic smoke
treatment.  In the desalination sector, during 2005 Fisia was
awarded contracts in the Middle East for an overall value of more
than US$900 million: the agreements for the construction of
desalination facilities in Qatar, Abu Dhabi and Dubai have
boosted the company's orders portfolio by approximately 60%.

During the meeting, the Impregilo Board of Directors also
examined progress on talks for the sale of its Chilean
concession, Costanera Norte.  It adjourned all decisions pending
further negotiations.

                            *   *   *

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

Impregilo is optimistic it could achieve its profit forecast and
debt-to-equity ratio of 0.5 in 2007.  In September, the board
approved a EUR345 million provision to meet consolidated loss of
EUR328.5 million.

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

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

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


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


NEW SKIES: Moody's Affirms Caa1 Rating on US$125 Mln Notes
----------------------------------------------------------
Moody's Investors Service changed the ratings outlook of New
Skies Satellites, B.V. to positive from stable, following the
announcement that SES Global has agreed to acquire New Skies
Satellites Holdings Limited ("NSE" or "Parent") for an announced
purchase price of US$760 million in cash plus the assumption of
US$400 million in net debt.

Moody's has taken these ratings actions:

Outlook changed to Positive from Stable.

   * Affirmed B2 -- Corporate Family Rating

   * Affirmed B1- $125 million senior secured revolving
     credit facility

   * Affirmed B1- $204 million senior secured term loan

   * Affirmed B3 - $160 million senior unsecured floating
     rate note

   * Affirmed Caa1 - $125 million senior subordinated notes

   * Affirmed SGL-2 - Speculative Grade Liquidity Rating

   * Affirmed B3 - Senior Unsecured Issuer Rating

The acquisition is subject to clearance by relevant regulatory
agencies, including the FCC and approval by NSE's shareholders.
Moody's notes that shareholders owning approximately 55% of NSE's
shares have agreed to vote in favor of the transaction, which is
expected to close in approximately six to nine months.  Given
that the acquisition price for New Skies' shares is below the
last trading price, the affirmation assumes that there will be no
material change to the deal as currently contemplated.  SES
Global intends to fund the acquisition initially by drawings
under its bilateral facilities, which Moody's believes will
remain available under current terms.  SES Global has not hedged
the acquisition purchase price.

The positive outlook reflects Moody's belief that the acquisition
makes strategic sense for New Skies, as it will benefit from an
association with a larger and better capitalized entity, which
will alleviate the operating risk of New Skies relying only on 5
satellites for its revenue stream (with NSS-8 scheduled to come
online by the end of 2006).  Assuming that $200 million in bank
facility outstandings are refinanced by SES Global immediately
upon closing, as announced by SES, the deal will be a
deleveraging transaction for New Skies.  Moody's will also
consider how the existing New Skies' intercompany loans from shar
eholders will fit into the new organization.

As part of this rating action, Moody's affirmed New Skies' SGL-2
liquidity rating.  The SGL-2 reflects Moody's belief that New
Skies has adequate liquidity to meet its near-term cash operating
and investment needs through a combination of operating cash flow
and availability under its $125 million revolving credit
facility.

Moody's anticipates that the company will have adequate cushion
to weather an unexpected operational shortfall.  In the event of
a liquidity crisis, Moody's does not believe that New Skies is
likely to sell assets given the strategic importance of its
fleet.

New Skies, headquartered in The Hague, The Netherlands, is a
global provider of satellite services.  It owns and operates five
fixed service satellites and generated approximately $234 million
in the last twelve months ending September 30, 2005.

CONTACT:  NEW SKIES SATELLITES
          Rooseveltplantsoen 4
          2517 KR The Hague
          The Netherlands
          Phone: +31 70 306 4100
          Fax: +31 70 306 4101
          Web site: http://www.newskies.com


ROYAL SHELL: Cancels 1.5 Million 'A' Shares
-------------------------------------------
On 16 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 450,000 'A' Shares
at a price of 1,776.79 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,936,625,000.

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

                            *   *   *

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

                        About the Company

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

                           The Trouble

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

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


=============
R O M A N I A
=============


ROMPETROL GROUP: Brings Dispute with Government to Arbitration
--------------------------------------------------------------
International law firm Salans initiated on Dec. 14, 2005,
international arbitration proceedings against the Government of
Romania (GOR) on behalf of its client, Netherlands-based
Rompetrol Group N.V. (TRG).

The case was lodged at the World Bank's International Center for
the Settlement of Investment Disputes (ICSID) in Washington D.C.
The suit followed unsuccessful negotiations with the GOR earlier
this month.  TRG's claims before the ICSID are based on the
failure by the GOR to observe the fundamental rights and
protections owed to TRG, pursuant to the Bilateral Investment
Treaty between the Netherlands and Romania.

On Dec. 8, the GOR rejected TRG's claim for damages caused to the
company by the continuous judicial and administrative harassment
conducted by state agencies and prosecutorial bodies against the
company and a number of its managers over the past two years.
TRG has suffered serious economic damages, currently estimated at
in excess of US$100 million, and maintains that the
investigations and charges are unfounded and politically
motivated.

TRG, through its law firm Salans, filed on July 19, 2005, a
Notice of Dispute (NOD) with the GOR seeking to reach an amiable
settlement of the dispute through good faith negotiations, in
order to correct the material damages caused to the company and
its shareholders by the violation of its fundamental rights and
protections over the past two years.

The Salans team advising TRG is led by Obie L. Moore, managing
partner of the Bucharest office, and Sarah Francois-Poncet,
Paris-based partner and chair of the firm's International
Arbitration Practice.

The Rompetrol Group N.V. -- http://www.rompetrol.com-- is an oil
company active in 12 countries, with the majority of its assets
and operations based in Romania, Bulgaria, France, and Spain.
The group is active primarily in refining and downstream
marketing of petroleum products, with additional operations in
petrochemicals, exploration and production, and other oil
industry services such as drilling, EPCM, transportation, etc.
With a staff of more than 7,700 employees, TRG reported gross
revenues of US$1.61 billion in 2004.  TRG aims to become one of
the largest integrated oil companies in Southeastern Europe and
obtain a strong position in the Black Sea area.

Salans -- http://www.salans.com-- is a full service
international law firm with 15 offices worldwide and over 450
lawyers.  The firm is one of the global leaders in providing
international arbitration advice, serving clients particularly in
connection with cases in emerging economies.

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

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


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


APASTOVSKAYA SPECIALIZED: Succumbs to Bankruptcy
------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Apastovskaya Specialized after finding the
movable mechanized column insolvent.  The case is docketed as
A65-21051/2005-SG4-21.  Ms. D. Mirsayanova has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 423815, Russia, Tatarstan republic, Naberezhnye Chelny,
Vakhitova Pr. 10, Apartment 419.

CONTACT:  APASTOVSKAYA SPECIALIZED
          Russia, Tatarstan republic, Apastovskiy region

          D. MIRSAYANOVA
          Insolvency Manager
          423815, Russia, Tatarstan republic,
          Naberezhnye Chelny, Vakhitova Pr. 10, Apartment 419


AUTO-STROY-SERVICE: Bankruptcy Supervision Procedure Begins
-----------------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy supervision procedure on open joint stock company
Auto-Stroy-Service.  The case is docketed as A72-5279/05-17/37-b.
Ms. L. Kiseleva has been appointed temporary insolvency manager.

CONTACT:  AUTO-STROY-SERVICE
          432072, Russia, Ulyanovsk region,
          2nd Proezd Inzhenernyj, 2A

          L. KISELEVA
          Temporary Insolvency Manager
          432072, Russia, Ulyanovsk region,
          2nd Proezd Inzhenernyj, 2A


BANK AVANGARD: Fitch Affirms Long-term B- Rating
------------------------------------------------
Fitch Ratings has affirmed Russia-based Bank Avangard's
(Avangard) ratings at Long-term 'B-', Short-term 'B', Support
'5', Individual 'D', and National Long-term 'BB+(rus)'.  The
Outlooks on the Long-term and National Long-term ratings remain
Stable.

The Long-term, Short-term and Individual ratings reflect
Avangards's significant, albeit decreasing, exposure to other
businesses of the main shareholder, weak core profitability,
modest liquidity, corporate governance deficiencies and certain
weakness in the operating environment.  At the same time, they
also consider its strong market position in leasing, rapidly
growing car lending and satisfactory asset quality to date.

At end-H105, Tier 1 and total capital ratios were 17.9% and 20.3%
respectively.  However, quality of capital is undermined by
long-term related party loans and investments in fixed assets.

Upside potential for the ratings could result from a substantial
improvement in core profitability, potentially arising from the
successful development of the retail franchise in Moscow and the
regions.  Downside risk would arise from a significant increase
in related-party exposure or a substantial deterioration in asset
quality or capital adequacy.

Avangard is a medium-sized bank and specializes in leasing as
well as corporate and retail banking.  It ranks among the top 50
Russian banks in terms of equity and assets and among the three
largest local leasing providers by value of property leased.  The
bank has 16 outlets in Moscow, eight regional branches and a
representative office in Germany.  As at 1 July 2005, it had
assets of US$772 million, net loans of US$572 million and
shareholders equity of US$144 million.

The bank, its leasing business and malt factories are the core
assets of the Alkor Holding Group, which is owned by Avangard's
president.

CONTACT:  BANK AVANGARD
          Web site: http://www.avangard.ru

          FITCH RATINGS
          Dmitriy Piskulov
          Vladlen Kuznetsov
          James Watson, Moscow
          Phone: +7 095 956 9901

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


EAST TRANSIT: Declared Insolvent
--------------------------------
The Arbitration Court of Primorye region commenced bankruptcy
proceedings against East Transit after finding the close joint
stock company insolvent.  The case is docketed as
A51-11532/05/26-184B.  Mr. A. Ekidin has been appointed
insolvency manager.

CONTACT:  EAST TRANSIT
          Russia, Primorye region, Slavyanka,
          Molodyezhnaya Str. 1-309

          A. EKIDIN
          Insolvency Manager
          690105, Russia, Vladivostok-105,
          Post User Box 45


FACTORY-OIL-GAS-PRIBOR: Insolvency Manager Takes over Firm
----------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on CJSC FACTORY-OIL-GAS-PRIBOR
(TIN 0264020440).  The case is docketed as A07-28482/05-G-FLE.
Mr. F. Yunusov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 450057, Russia,
Bashkortostan republic, Ufa, Oktyabrskoy Revolyutsii Str. 65.  A
hearing will take place on November 21, 2005, 11 a.m.

CONTACT:  FACTORY-OIL-GAS-PRIBOR
          452680, Russia, Bashkortostan republic,
          Nefteyukamsk, Avtozavodskaya Str. 1

          F. YUNUSOV
          Temporary Insolvency Manager
          450057, Russia, Bashkortostan republic, Ufa,
          Oktyabrskoy Revolyutsii Str. 65


KANTEMIROVKA-MILK: Voronezh Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Kantemirovka-Milk after finding the open
joint stock company insolvent.  The case is docketed as
A14-16052/2005/128/16B.  Mr. V. Kornienko has been appointed
insolvency manager.

CONTACT:   KANTEMIROVKA-MILK
           Russia, Voronezh region,
           Kantemirovskiy region

           V. KORNIENKO
           Insolvency Manager
           Russia, Voronezh region, Pavlovsk,
           Lermontova Str. 1a, Apartment 2


METALLIST: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------
The Arbitration Court of Sakhalin region has commenced bankruptcy
supervision procedure on limited liability company Metallist.
The case is docketed as A59-2081/05-S12.  Mr. N. Postnikov has
been appointed temporary insolvency manager.

CONTACT:  METALLIST
          Russia, Yuzhno-Sakhalinsk,
          Ukrainskaya Str. 58

          N. POSTNIKOV
          Temporary Insolvency Manager
          680013, Russia, Khabarovsk,
          Leningradskaya Str. 28, ABK #8, Office 318


OST-WEST-TRADING: Pskov Court Brings in Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Pskov region commenced bankruptcy
proceedings against Ost-West-Trading (TIN 6027040114) after
finding the limited liability company insolvent.  The case is
docketed as A52-3092/2005/4.  Mr. V. Kostomarov has been
appointed insolvency manager.

CONTACT:  OST-WEST-TRADING
          180005, Russia, Pskov region,
          Pogranichnaya Str. 2

          V. KOSTOMAROV
          Insolvency Manager
          Russia, 180005, Russia, Pskov region,
          Pogranichnaya Str. 2


RASSVET: Declared Insolvent
---------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Rassvet after finding the close joint stock
company insolvent.  The case is docketed as A41-18630-2005
136/7b.  Mr. V. Zhurikhin has been appointed insolvency manager.

CONTACT:  RASSVET
          Russia, Voronezh region,
          Petropavlovskiy region, Krasnoselovka

          V. ZHURIKHIN
          Insolvency Manager
          394000, Russia, Voronezh region,
          Main Post Office, Post User Box 195


RITZIO ENTERTAINMENT: Gets B2 Corporate Family Rating
-----------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating
to Ritzio Entertainment Group.  The rating outlook is stable.  At
the same time, Moody's Interfax Rating Agency, which is majority
owned by Moody's, has assigned A3.ru long-term national scale
credit rating (NSR) to the company.

According to Moody's and Moody's Interfax, the B2 global scale
rating reflects the company's global default and loss
expectation, while the A3.ru national scale rating reflects the
standing of the company's credit quality relative to its domestic
peers.

Rating Rationale

The B2 global scale rating and the A3.ru national scale rating
reflect:

(a) The highly uncertain regulatory environment in a still
    nascent industry, such that legislation to limit or halt the
    growth of gambling arcades at the regional level remains a
    risk in the countries where Ritzio operates;

(b) The evolution of gaming taxes and licensing fees which could
    adversely affect profitability, although Moody's notes that
    the company has already factored in some weakening in
    margins on account of an expected increase in gaming taxes;

(c) The company's aggressive growth strategy, as it targets a
    near tripling in its number of gaming machines by 2008,
    spurred by both domestic and foreign growth;

(d) The company's current negative free cash flow and increased
    debt in recent years, although the impact on leverage has
    been mitigated by strong revenue growth;

(e) The large exposure to lease obligations, with lease expenses
    expected to rise significantly in line with expansion; and

(f) The current private shareholder structure which limits
    access to equity markets.

Ritzio's financial indicators are strong for the ratings, with
Retained Cash Flow/Adj. Net Debt at 33.2% and Total Adj.
Debt/EBITDA of 1.92x in the year to June 2005, such that the
ratings remain constrained by other factors.  These include the
company's limited size by international standards, with revenues
of US$492 million in the year to June 2005; market uncertainties
both in terms of future growth and legislation in Russia; and an
aggressive growth strategy which will likely be required to
maintain Ritzio's current market leadership in Russia.

The ratings also take into consideration:

(a) The significant growth potential for the Russian and CIS
    gaming markets versus more developed markets, which may,
    however, slow versus earlier years;

(b) the company's solid, albeit short, track record of growth;

(c) Ritzio's leading market positions and name recognition
    attached to its halls which is viewed as beneficial in terms
    of client retention;

(d) The company's size compared with its domestic peers which
    offers it some protection against legislative changes (eg
    licensing fees, hall sizes) which could prove more
    burdensome for smaller operators;

(e) High profit margins remaining above 50%, albeit having
    fallen from as high as 70% in 2002.  Moody's notes, however,
    that some of the erosion in margins is attributable to
    increased gaming taxes; and

(f) The company's low leverage, which remained below 2x at mid-
    2005 (adjusted for leases).  Moody's expects that the
    company's leverage will increase with additional borrowing,
    and an increase in Total Adj. Debt/EBITDAR to about 2.5x in
    2006 is already factored into the ratings.

Liquidity

The company will rely on external financing over the next two
years in order to expand its operations, participate in the
industry's consolidation by acquiring regional slot hall
operators, acquire real estate and pay dividends.  The majority
of current indebtedness (US$153.2 million at June 2005) consists
of a Credit Linked Note due in January 2007.  At October 2005
Ritzio had undrawn committed lines of c.US$72.7 million.

Rating Outlook

The current rating outlook is stable.  Ritzio's track record of
strong growth and strong, albeit declining, margins, suggest that
it will be able to largely offset the impact of higher
anticipated borrowing on its credit metrics.  Moody's expects
that the regulatory environment in Russia will continue to evolve
for some time, but that larger operators such as Ritzio, while by
no means immune to new legislation, should be better able to
withstand higher licensing or gaming fees.

Leverage at Ritzio is already modest for the rating.  Therefore,
should the company achieve its stated growth targets, and be able
to generate sustained free cash flow as anticipated thereby
retaining Adj.  Total Debt/EBITDA close to the current level
(c.2x) over the medium term, this could be positive for the
rating.

The company's current financial projections factor in a
significant amount of market and operating growth to offset the
impact of higher indebtedness on leverage.  Should the market
perform below expectations, resulting in adjusted leverage
significantly surpassing the 2.5x target in 2006, this could
result in negative pressure for the rating.

Headquartered in Cyprus, Ritzio Entertainment Group is a leading
gaming company with operations predominantly in Russia, as well
as the neighboring countries of Ukraine, Kazakhstan, Latvia and
Lithuania, and most recently in Romania.  For the financial year
2004, Ritzio reported revenues of US$324 million and EBITDA of
US$159 million.

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

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


RITZIO ENTERTAINMENT: S&P Affirms B Ratings; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit and senior unsecured debt ratings, and 'ruA-'
Russia national scale rating, to Cyprus-domiciled Ritzio
Entertainment Group Ltd., the operator of gaming businesses in
Russia and other countries.  The outlook is stable.

"The ratings on Ritzio reflect the company's vulnerability to
changes in the Russian gaming legislation and aggressive leverage
levels," said Standard & Poor's credit analyst Anna Overton.
"These factors are tempered by the company's market-leading
position in the cash-generative slot-machine market of the
Russian Federation and a number of smaller slot markets in other
countries.  The company benefits from its critical mass and
location diversity across a nearly 780-strong portfolio of slot
halls."

Although it appears unlikely that the Russian legislative will
actively seek to ban existing licensed operators of slot
machines, material changes in compliance and taxation procedures
might occur.  This could result in a severe short-term impact on
the group's cost structure and operating cash flows.
Furthermore, the group is pursuing a dynamic expansion program,
which, combined with limited access to additional equity,
restricts the discretionary cash flow that could cushion the
impact of adverse changes in the operating environment. With
expected gross funded debt in 2006 of about $350 million and
capitalized operating lease obligations in excess of $200
million, Ritzio would be aggressively leveraged at about 2.5x
EBITDA on a fully adjusted basis.

We expect Ritzio to continue its stable and profitable growth, in
the absence of legislative changes that could prohibit the
company from operating in its current form.  A temporary shift in
profitability and debt-protection metrics if the company needs to
adjust to changes in the regulatory environment can be
accommodated at the current rating level, however.  Changes in
licensing laws and taxation, as well as over-ambitious expansion,
are key credit risks for Ritzio.  A firmer legislative base in
Russian gaming, as well as the continuation of profitable
business development trends would signal upside potential for the
rating.

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:  RITZIO ENTERTAINMENT GROUP LTD.
          Bakuninskaya St. 71/1
          105082 Russia, Moscow
          Phone: +7 (095) 933 74 96
          Fax: +7 (095) 980 73 03
          Web site: http://www.ritzio.com/


TAT-AGRO-PROM-STROY: Insolvency Manager Steps in
------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Tat-Agro-Prom-Stroy after finding the open
joint stock company insolvent.  The case is docketed as
A65-11073/2005-SG4-16.  Mr. Sh. Valeev has been appointed
insolvency manager.

CONTACT:  TAT-AGRO-PROM-STROY
          Russia, Tatarstan republic, Kazan

          SH. VALEEV
          Insolvency Manager
          420061, Russia, Tatarstan republic,
          Kazan. Dorozhnyj Per. 3


UST-OLSKIY: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Magadan region has commenced bankruptcy
supervision procedure on fish factory Ust-Olskiy.  The case is
docketed as A37-2667/05-5b.  Mr. E. Baturin has been appointed
temporary insolvency manager.

CONTACT:  UST-OLSKIY
          Russia, Magadan region,
          Lenina Str. 3, Room 343

          E. BATURIN
          Temporary Insolvency Manager
          685000, Russia, Magadan region,
          Main Post Office, Post User Box 212


YUKOS OIL: Holds Talks with Slovak Govt over Transpetrol Stake
--------------------------------------------------------------
Slovak Deputy Prime Minister and Minister of Economy, Jirko
Malcharek, and the President and Chief Executive Officer of Yukos
Oil Company, Steven Theede, held discussions on Dec. 16
concerning the sale of 49% of shares in Transpetrol, which are
currently owned by Yukos Finance.  Both sides expressed
satisfaction over the course of their discussion.  They agreed
that the discussion brought them significantly closer to a point
in time when the 49% stake of Yukos Finance in Transpetrol will
be sold.

Steven Theede appreciated the fact that negotiations over the
past few weeks represented a significant step towards the sale of
the 49% stake in Transpetrol.  Both sides agreed that they will
refrain from taking any steps that might block the whole process
and that they will work towards a solution that is beneficial to
both parties and, at the same time, respects the strategic
interests of Yukos and the Slovak Government.

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

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 E D E N
===========


SAS GROUP: Sells SAS Component Stake to Singapore Technologies
--------------------------------------------------------------
The SAS Group has signed an agreement to sell an equity stake of
67% in SAS Component Group A/S to Singapore based Singapore
Technologies Engineering Ltd. for EUR80.4 million (approximately
SEK750 million).  SAS Group will retain a 33% holding in the
company.

The SAS Group will release capital from its component inventories
(rotable components and spares) so that the total value of the
transaction is EUR260 million or SEK2500 million.

The positive effect on cash and net debt is approximately
EUR2,000 million.  The transaction was approved by the SAS Board
of Directors and is part of SAS Group's plan to release capital.
The transaction is also subject to regulatory approval and
expected to close early 2006.

"This cooperation is a perfect industrial fit, says Mr. Jørgen
Lindegaard, President and CEO of the SAS Group.  "We welcome ST
Aerospace as our partner.  This transaction enables SAS Component
to expand as part of a global MRO group and is good for our
employees as well as our customers.  It provides the SAS Group
with assurance of continued quality and cost efficient support
for our aircraft fleet," he adds.

With about 1,100 employees, Scandinavia-based SAS Component
(including BTS Component) provides repair services and material
supply to SAS and other airline operators.  It manages stocks of
aircraft components, enabling them to function with a minimum of
unscheduled maintenance and repair stops.  For the six months
ending 30 June 2005, SAS Component's revenue was EUR105 million
and Operating result before depreciation (EBITDA) was EUR18.6
million.

SAS Component has signed a multi-year material supply agreement
with SAS group to provide material support, component repair and
overhaul and logistics support for the SAS Group fleet of
aircraft.  The completion of this strategic agreement enables SAS
the benefits of immediate savings in its maintenance costs.  SAS
Group and ST Aerospace have also signed a letter of intent for a
joint cooperation in other areas of SAS Technical Services such
as maintenance, repair and overhaul.

The SAS Group has put option on the remaining 33% of the shares
to Singapore Technologies Engineering as from year 3.

SAS and ST Aerospace also have agreed in-principle for SAS
Component to acquire ST Aerospace's European components and
material services operations, namely Airline Rotables Limited
(ARL), a global aircraft components supplier, at a price to be
determined later.

"SAS Component is an established aerospace name in Europe.  The
investment in SAS Component presents an excellent opportunity to
enlarge our product and services offerings on the continent.
Together with ARL and STA Systems, we now have expanded global
coverage, additional breadth and depth to our capabilities and
SAS as a major airline customer," says WEE Siew Kim Deputy CEO,
Aerospace & Marine, ST Engineering.

SAS Component is an important milestone in the ST Engineering
Group's investment drive into the European market.  We look to be
even bigger in Europe in the years to come," says TAN Pheng Hock,
President & CEO, ST Engineering.

ST Engineering -- http://www.stengg.com-- is an integrated
engineering group providing solutions and services in the
aerospace, electronics, land systems and marine sectors.
Headquartered in Singapore, the Group reported revenues of
US$2.95 billion in FY2004.  Its market capitalization of more
than US$7 billion ranks it among the largest companies listed on
the Singapore Exchange.  ST Engineering has some 12,000 employees
worldwide, and over 100 subsidiaries and associated companies in
15 countries and 22 cities.

ST Aerospace -- http://www.staero.aero-- is the aerospace arm of
ST Engineering.  Operating a global MRO network with facilities
in Asia Pacific, Europe and the U.S., it is the world's largest
airframe MRO with a global customer base that includes many of
the world's leading airlines, airfreight operators and military
operators.  ST Aerospace provides a full spectrum of maintenance
and engineering services through its three business segments:
Aircraft Maintenance & Modification (AMM), Component/Engine
Repair & Overhaul (CERO), and Engineering & Materials Services
(EMS).

Its services include airframe, engine and component maintenance,
repair and overhaul; engineering design and technical services;
and aviation materials and management services, including Total
Aviation Support.  ST Aerospace has a global staff strength of
more than 5,000 engineers and technical specialists.

SAS GROUP -- http://www.sasgroup.net-- is the fourth largest
airline in Europe with a fleet of 297 aircraft.  The SAS group
reported sales of EUR6.22 billion in FY2004.  Listed on the
Stockholm Stock Exchange with secondary listings in Denmark and
Oslo, SAS' market capitalization is about EUR1.7 billion.  SAS is
the Nordic region's largest airline and travel group, with more
than 32,000 employees.

CONTACT:  SAS GROUP
          Sture Stolen, VP Investor Relations
          Phone: +46 70 997 1451

          Hans Ollongren, SVP, Corporate Communications
          Phone: +46 70 997 1950


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


AGRORESURS: Goes into Liquidation
---------------------------------
The Economic Court of Chernivtsi region commenced bankruptcy
proceedings against Agroresurs (code EDRPOU 31399930) on November
8, 2005 after finding the limited liability company insolvent.
The case is docketed as 10/224/b.  Ms. Nadiya Svirgun (License
Number AB 216851) has been appointed liquidator/insolvency
manager.

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

(a) AGRORESURS
    60200, Ukraine, Chernivtsi region,
    Sokiryani, Zaliznichna Str. 19

(b) NADIYA SVIRGUN
    Liquidator/Insolvency Manager
    58002, Ukraine, Chernivtsi region,
    Ukrainska Str. 3
    Phone/Fax: (0372) 51-18-90

(c) ECONOMIC COURT OF CHERNIVTSI REGION
    58000, Ukraine, Chernivtsi region,
    O. Kobilyanska Str. 14


CHUDNIVSHLYAHBUD: Creditors' Claims Due this Week
-------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Chudnivshlyahbud (code EDRPOU 01351109) on
October 6, 2005 after finding the limited liability company
insolvent.  The case is docketed as 5/52 B.  Mr. Mikola
Malishonok (License Number AA 783069) has been appointed
liquidator/insolvency manager.

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

(a) CHUDNIVSHLYAHBUD
    Ukraine, Zhitomir region,
    Chudniv, 50-richya Zhovtnya Str. 71

(b) MIKOLA MALISHONOK
    Liquidator/Insolvency Manager
    Ukraine, Zhitomir region,
    Kibalchich Str. 22/87
    Phone: 8 (067) 968-64-06

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


DONINVESTBUD: Names V. Paterilov Liquidator
-------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Doninvestbud (code EDRPOU 05428116) on
October 11, 2005 after finding the open joint stock company
insolvent.  The case is docketed as 42/51 B.  Mr. V. Paterilov
(License Number AA 783055) has been appointed
liquidator/insolvency manager.  The company holds account number
at 26004190671013 at CB Privatbank, Kramatorsk branch, MFO
335548.

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

(a) DONINVESTBUD
    84200, Ukraine, Donetsk region,
    Druzhkivka, Zavodska Str. 2-A

(b) V. PATERILOV
    Liquidator/Insolvency Manager
    83050, Ukraine, Donetsk region, a/b 6915
    Phone: 8 (050) 360-80-66

(c) ECONOMIC COURT OF DONETSK REGION
    83048, Ukraine, Donetsk region,
    Artema Str. 157


MASIV-ROSAVA: Insolvency Manager Takes over Helm
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Masiv-Rosava (code EDRPOU 25291231) after
finding the limited liability company insolvent.  The case is
docketed as 344/2 b-2005.  Mr. V. Irzhavskij has been appointed
liquidator/insolvency manager.

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

(a) MASIV-ROSAVA
    Ukraine, Kyiv region,
    Bila Tserkva, Levanevskij Str. 53

(b) V. IRZHAVSKIJ
    Liquidator/Insolvency Manager
    Phone: 8 (04463) 7-10-29
           8 (050) 355-73-50

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


MILAJN: Declared Insolvent
--------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC Milajn (code EDRPOU 32678477) on October
26, 2005 after finding the limited liability company insolvent.
The case is docketed as 235/11 b-05.  Mr. S. Gritsaj (License
Number AA 719865) has been appointed liquidator/insolvency
manager.  The company holds account number 260030010636 at JSC
Bank Veles, Kyiv branch, MFO 322799.

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

(a) MILAJN
    Ukraine, Kyiv region,
    Ivankiv district, Obuhovichi, Shlyahova Str. 4-a

(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


VISHNYA: Ivano-Frankivsk Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced bankruptcy
proceedings against Vishnya (code EDRPOU 24688188) on July 5,
2005 after finding the limited liability company insolvent.  The
case is docketed as B-9/177.  Mr. Volodimir Tornovetskij (License
Number AA 779156) has been appointed liquidator/insolvency
manager.  The company holds account number at 26007355041851 at
JSCB Ukrsocbank, Ivano-Frankivsk branch,
MFO 336019.

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

(a) VISHNYA
    Ukraine, Ivano-Frankivsk region,
    Kolomiya district, Turka

(b) VOLODIMIR TORNOVETSKIJ
    Liquidator/Insolvency Manager
    Ukraine, Ivano-Frankivsk region,
    Kolomiya, Lvivska Str. 7
    Phone: (03433) 4-97-98
           (050) 338-60-25

(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
    76000, Ukraine, Ivano-Frankivsk region,
    Shevchenko Str. 16a


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


AKER OIL: Claims Filing Period Ends January 17
----------------------------------------------
H. Gulaker, chairman of Aker Oil & Gas Limited, informs that the
special and ordinary resolutions to wind up the company were
passed at an EGM held on Nov. 28 at Howe Moss Avenue, Kirkhill
Industrial Estate, Dyce, Aberdeen AB21 0GP.  Karl Christopher
Holmes and Ross David Connock of Baker Tilly, 1st Floor, 5 Old
Bailey, London EC4M 7AF were appointed joint liquidators.

Creditors are required on or before January 17, 2005 to send in
their names and addresses, with particulars of debt or claims, to
Ross David Connock and if so required by notice in writing their
debt or claims.

CONTACT:  AKER OIL & GAS LTD.
          Norwich Street, London EC4 A1BD
          Fax: 0181 903 6035

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


ALLSPORTS LTD.: Regulator to Look into John David Merger
--------------------------------------------------------
The Office of Fair Trading has invited the public to submit
comments on the proposed merger between sportswear firm Allsports
Ltd. and John David Group, according to Manchester Evening News.
It could block the plan should the survey discover competition
issues from the combination.

BDO Stoy Hayward, Allsports administrator, last month sold the
company as a going concern to rival JD Sports for GBP18 million.
Included in the purchase are 177 stores, and liabilities.  The
deal saved 1,850 jobs and the Allsports brand.

Dermot Power, Matthew Dunham and Simon Michaels were appointed
Joint Administrators of Allsports Limited, Allsports (Retail)
Limited and Allsports.co.uk Limited on 26 September 2005.

Allsports is one of Britain's leading sports goods retailers with
over 260 stores nationwide employing approximately 1,700 staff.
A helpline -- 0161 406 1504 -- has been set up to assist
Allsports customers, suppliers and landlords.

Established in June 1996, the sports leisurewear chain has seen
its network grow to 267 stores across the U.K. and turnover from
GBP100 million in 1997 to GBP187 million in 2004.  Profitability,
however, has been inconsistent.  It earned GBP17.8 million in
1997 and GBP22.5 million in 1998, but in the succeeding years
profit slipped 40%.  In 2002, it booked profit of over GBP12.5
million, but sank to GBP3.8 million in 2004, its all-time low.

CONTACT:  ALLSPORTS LTD.
          50 Volcy Pougnet Str.
          Port Louis
          Phone: 2088272
          Fax: 2104719
          Web site: http://www.allsports.co.uk

          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


BEN DAVIS: Hires Administrators from Moore Stephens
---------------------------------------------------
Mark Elijah Thomas Bowen and Nigel Price (IP Nos 8711, 8778) of
Moore Stephens LLP were appointed administrators of Ben Davis
(Worcester) Limited (Company No 00473362) on Nov. 28.

CONTACT:  BEN DAVIS
          Stoneyard Hylton Rd.,
          Worcester, WR2 5JS
          Phone: 01905 423178

          MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House, 94-96 Newhall Street,
          Birmingham B3 1PB
          Phone: 0121 233 2557
          Web site: http://www.moorestephens.co.uk


BOYNE TERRACE: Liquidator from Roger Evans Enters Firm
------------------------------------------------------
J. G. Bibra, chairman of Boyne Terrace Property Company, informs
that the special and extraordinary resolutions to wind up the
company were passed at an EGM held on Dec. 1 at Rogers Evans, 20
Brunswick Place, Southampton SO15 2AQ.  S. J. Lowes of Rogers
Evans, 20 Brunswick Place, Southampton SO15 2AQ was appointed
liquidator.

CONTACT:  ROGERS EVANS
          20 Brunswick Place
          Southampton
          Hampshire SO1 2AQ
          Phone: 023 8033 5888
          Fax: 023 8033 4400
          E-mail: tevans@rogersevans.co.uk


CANDLESTORE SUPPLIES: Files for Liquidation
-------------------------------------------
L. Soloman, chairman of Candlestore Supplies Limited informs that
a resolution to wind up the company was passed at an EGM held on
Nov. 21 at 641 Green Lanes, London N8 0RE.

Ninos Koumettou of Alexander Lawson & Co, 641 Green Lanes, London
N8 0RE was appointed liquidator.

CONTACT:  CANDLESTORE SUPPLIES LTD.
          184 A Mare Street, Hackney, London, E8 3RD
          Phone: 0208 986 2240
          Fax: 0208 8986 6356

          ALEXANDER LAWSON & CO.
          641 Green Lanes
          London N8 0RE
          Phone: 020 8348 0183
          Fax: 020 8340 9115


CAREER ANALYSTS: Calls in Liquidator
------------------------------------
Career Analysts (Europe) Limited informs that a resolution to
wind up the company was passed at an EGM held on Nov. 15 at
Albany House, 18 Theydon Road, London E5 9NZ.

S. Franklin of Panos Eliades, Franklin & Co., of Albany House, 18
Theydon Road, London E5 9NZ was appointed liquidator.  The
appointment was confirmed at a creditors meeting held on the same
day.

CONTACT:  CAREER ANALYSTS (EUROPE) LTD.
          90 Gloucester Place
          London
          W1U 6BL
          Phone: 020 7935 5452
          E-mail: info@careeranalysts.co.uk
          Web site: http://www.careeranalysts.co.uk

          PANOS ELIADES FRANKLIN & CO.
          18 Theydon Road
          London E5 9NA
          Phone: 020 8815 4000
          Fax: 020 8815 4040


CGU FINANCIAL: Names PricewaterhouseCoopers Liquidator
------------------------------------------------------
Company Names: CGU FINANCIAL MANAGEMENT LIMITED
               COMMERCIAL UNION NOMINEES LIMITED
               DOLPHIN EBT LIMITED
               HPI (NO. 1) LIMITED
               HPI (UK) LIMITED
               LONDON AND EDINBURGH SERVICES LIMITED
               NORWICH UNION DIRECT FINANCIAL SERVICES LIMITED
               NORWICH UNION WEALTH MANAGEMENT LIMITED
               NUSOF.COM LIMITED
               THE MILEAGE REGISTER LIMITED

D. R. Rose, chairman of these companies, informs that the special
and ordinary resolutions to wind up the firms were passed at an
EGM held on Dec. 7.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP were appointed joint liquidators.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax: [44] (113) 289 4460
          Web site: http://www.pwcglobal.com


COMPUTER AIDED: EGM Passes Winding-up Resolution
------------------------------------------------
Craig Baker, chairman of Computer Aided Business Limited informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 16 at Church Steps House, Queensway, Halesowen, West
Midlands B63 4AB.

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

CONTACT:  COMPUTER AIDED BUSINESS LTD.
          Unit 18, Oak Street
          Quarry Bank
          Brierley Hill
          DY5 2JG
          West Midlands
          Phone: 0845 450 4948
          Fax: 0845 450 4929
          Web site: www.c-a-b.co.uk


CORUS GROUP: Inks Multi-million-pound Deal with Network Rail
------------------------------------------------------------
Corus Group plc has signed a seven-year, multi-million pound
contract to supply Network Rail, the operator of Britain's rail
infrastructure, with rail.  The contract is valued at around
GBP40 million - GBP50 million in its first year.

Joe Guerin, Managing Director for rail at Corus said: "We are
delighted to have entered into a new and exciting period, where
Corus in the U.K. will soon begin to supply longer rail to our
customers, in particular to Network Rail.  Our investment
program, using continuous improvement and lean techniques, to
build a world-class manufacturing and service center for rail in
the U.K. is underway and on schedule.  Together with our existing
rail facilities at Hayange in France, this confirms Corus'
commitment to being Europe's leading rail producer and supplier."

Iain Coucher, Network Rail's Deputy Chief Executive, said: "We
are carrying out a huge amount of work in the years ahead in a
bid to rebuild Britain's railways.  This challenging task is well
underway and this contract will ensure that we have a quality
product that will help us to modernize our network, as well as
deliver a better train service for passengers."

Corus manufactures approximately 500,000 tpa of rail and track
products in the U.K. and France and is Europe's leading rail
producer.  Corus is on track to complete its new GBP130 million
investment program at the company's Scunthorpe steelworks in the
second half of 2006, which will see, for the first time, the
manufacture of rail up to 120 meters long in the U.K.  Corus
expects to begin to supply rail from its new world class
manufacturing facility and new rail service center at Scunthorpe
by the end of 2006.  Until then, Network Rail will be supplied
from Corus' existing rail plant at Workington.

                        About the Company

Corus Group plc is one of the world's largest metal producers
with a turnover of over GBP9 billion and major operating
facilities in the U.K., the Netherlands, Germany, France,
Norway, Belgium and Canada.

Corus' four divisions comprising Strip Products, Long Products,
Aluminium and Distribution & Building Systems provide innovative
solutions to the construction, automotive, rail, general
engineering and packaging markets worldwide.  Corus has over
48,000 employees in over 40 countries and sales offices and
service centers worldwide.

Corus was created through the merger of British Steel plc and
Koninklijke Hoogovens N.V.  It suffered five years ago from the
crisis in British manufacturing, which prompted it to shake up
management, close plants, cut jobs, and sell assets to lower
debt.  Its debt was thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It returned
to operating profit in the first quarter in 2004.  The recent
recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

CONTACT:  CORUS GROUP PLC
          30 Millbank
          London SW1P 4WY
          United Kingdom
          Phone: +44-20-7717-4444
          Fax: +44-20-7717-4455
          Web site: http://www.corusgroup.com


DE BRADELEI: Clothing Shop Calls in Administrator
-------------------------------------------------
Company Names: DE BRADELEI MILL SHOP (DOVER) LIMITED
               (Company No 03236588)

               DE BRADELEI MILL SHOP LIMITED
               (Company No 02875683)

Patrick Ellward and Dilip Dattani (IP Nos 008702, 007915) of
Tenon Recovery were appointed joint administrators of these
companies on Dec. 2.  The firms sell clothing, footwear and
leather goods.

CONTACT:  DE BRADELEI MILL SHOP LTD
          De Bradelei House, Chapel Street,
          Belper, Derbyshire DE56 1AR
          Phone: 01773 829 830

          TENON RECOVERY
          Charnwood House,
          Gregory Boulevard,
          Nottingham NG7 6NX
          Phone: 0115 955 2000
          Fax: 0115 918 4500
          Web site: http://www.tenongroup.com


DRYDEN CAPITAL: Deloitte & Touche Liquidators Enter Firm
--------------------------------------------------------
Bache Financial Limited, shareholder of Dryden Capital Management
Limited, informs that the resolutions to wind up the company was
passed during a general meeting and N. G. Edwards and N. J.
Dargan of Deloitte and Touche, Athene Place, PO Box 810, 66 Shoe
Lane, London EC4A 3WA were appointed joint liquidators.

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


DUNBAR LETTINGS: Calls in Liquidator from Nottingham Watson
-----------------------------------------------------------
D. E. Burden, chairman of Dunbar Lettings Limited informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 17 at 15 Highfield Road, Hall Green, Birmingham B28 0EL.

P. Nottingham of Nottingham Watson Ltd., 15 Highfield Road, Hall
Green, Birmingham B28 0EL was appointed liquidator.

CONTACT:  DUNBAR LETTINGS LIMITED
          5 Highfield Road
          Hall Green
          Birmingham
          B28 0EL
          Phone: 0121 778 4144
          Fax: 0121 778 4644
          Web site: http://www.homeslet.com

          NOTTINGHAM WATSON
          1st Floor
          12 St Paul's Square
          Birmingham
          West Midlands B3 1RB
          Phone: 0121 236 6004
          Fax: 0121 236 6011
          E-mail: pnottingham@notwat.com


EXPRESS INDUSTRIAL: Goes into Liquidation
-----------------------------------------
A. J. Nunn, chairman of Express Industrial Doors Limited informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 17 at Marriott Hotel, Old Shire Lane, Waltharn
Abbey, North London EN9 3LX.

Alisdair J Findlay of Findlay James, Saxon House, Saxon Way,
Cheltenham GL52 6QX was appointed liquidator.

CONTACT:  EXPRESS INDUSTRIAL DOORS LTD.
          Unit 6 400, Roding Lane South
          Woodford Green Essex
          IG8 8EY
          Phone: 020 8551 6116

          FINDLAY JAMES
          Saxon House
          Saxon Way
          Cheltenham
          Gloucestershire GL52 6QX
          Phone: 01242 576555
          Fax: 01242 576999
          E-mail: ajf@finjam.com


FIRST4BUSINESS.CO.UK LTD.: Receives Winding-up Order
----------------------------------------------------
The Banbury COurt issued a winding-up order against
First4Business.co.uk Ltd.on Oct. 5, 2005.  The winding-up
petition was filed Aug. 11, 2005.

CONTACT:  FIRST4BUSINESS.CO.UK LTD.
          1 The Fairway
          Banbury
          Oxon OX16 0RP
          Phone: 01295 709340
          Fax: 01295 709340
          Web site: http://www.f4b.co.uk

          Official Receiver
          Sol House, 29
          St. Katherines Street,
          Northampton, NN1 2QZ
          Phone: 01604 542400
          Fax: 0104 542450


FORMERCO LIMITED: Appoints Liquidator
-------------------------------------
C. H. Davies, chairman of Formerco Limited, informs that the
special and ordinary resolutions to wind up the company were
passed at an EGM held on Dec. 7 at Booth Street Chambers,
Ashton-under-Lyne, Lancashire OL6 7LQ.  Peter Jones of Royce
Peeling Green Limited, The Copper Room, Deva Centre, Trinity Way,
Manchester M3 7BG was appointed liquidator.

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

CONTACT:  ROYCE PEELING GREEN
          The Copper Room
          Deva Center, Trinity Way,
          Manchester M3 7BG
          Phone: 0161 6080000
          Fax:   0161 608 0001
          E-mail: info@rpg.co.uk
          Web site: http://www.rpg.co.uk


FULLSTOP TECHNOLOGY: Hires Bartfields Liquidator
------------------------------------------------
A. Trow, director of Fullstop Technology Limited, informs that
the subjoined special resolution to wind up the company was
passed at an EGM held on Dec. 2 at 5 Deansway, Worcester WR1 2JG.
Gerald Maurice Krasner of Bartfields (UK) Limited, Burley House,
12 Clarendon Road, Leeds LS2 9NF was appointed liquidator.

Creditors are required on or before March 2, 2006 to send in
their full forenames and surnames, addresses and descriptions,
full particulars of debt or claims, and the names and addresses
of their Solicitors, if any, to Gerald Maurice Krasner and if so
required by notice in writing their debt or claims.

CONTACT:  BARTFIELDS (UK) LIMITED
          Burley House
          12 Clarendon Road
          Leeds
          West Yorkshire LS2 9NF
          Phone: 0113 244 9051
          Fax: 0113 234 3208
          E-mail: gerald.krasner@bartfield.co.uk


GALLAHER GROUP: Predicts GBP95 Million Restructuring Cost
---------------------------------------------------------
Gallaher Group plc has confirmed that overall current trading is
in line with expectations, and that the Group continues to
deliver organic growth in a challenging environment.  The
following statement is being issued ahead of the close period
leading up to the announcement in March 2006 of the Group's
preliminary results for the year ended 31 December 2005.

Gallaher's total cigarette volumes increased 3.3% to 143.8
billion in the first 10 months of 2005.  This growth was driven
by market share gains across the CIS and central and eastern
Europe, which have more than offset declines in western Europe.

Gallaher's strategic cigarette brands -- Benson & Hedges, Silk
Cut, Sobranie, Sovereign, Memphis, Mayfair, LD and Ronson --
collectively grew their volume sales by 12.6% in the period.

United Kingdom

Gallaher estimates that the duty-paid cigarette market declined
by around 4% during the first 10 months of 2005 and that
downtrading from higher-priced brands into the value sector
continued at an expected rate.

Gallaher's U.K. market share was stable at 38.6%, and the Group
increased its share of the value cigarette sector to a record
high of 36.1% in the period.  Mayfair's market share grew to
13.2% and Benson & Hedges Silver increased its share to 2.0% over
the period.  The Group's share of the premium cigarette sector
was broadly stable at 45.2% when compared to the first half of
2005.

The Group estimates that the U.K. cigar market declined by around
7% driven by the ongoing reduction in the size of the
medium-cigar sector.  Gallaher maintained its overall lead of the
total market, with a share of 46.2%.

Europe

Trading conditions in Europe have remained challenging during the
second half of 2005.  Consequently, Gallaher's European cigarette
volume sales declined 5.6% to 35.2 billion in the first 10 months
of 2005.

The duty-paid Austrian cigarette market declined by some 12% as a
result of the timing of price increases and heightened cross
border trade.  The Group maintained its lead of the total
cigarette market with a reduction in share to 43.2%, which was
anticipated following price increases on certain brands.

In Germany, the total duty-paid cigarette market, excluding
singles, declined by 14.3%.  Following the ruling by the European
Court of Justice in November this year, the German government has
announced that all singles products will be taxed as factory-made
cigarettes commencing 1 April 2006.

Gallaher does not expect this to have a material negative impact
on Group profitability.

In the Republic of Ireland, the total cigarette market increased
by 1.3%, partly assisted by the phasing of trade sales ahead of
price increases.  The Group maintained its lead of the cigarette
market with its share of 49.1%, driven by a strong performance
from Benson & Hedges.

Tourist volumes did not recover over the summer, and remain
significantly lower than the prior year.  For instance, in
Benelux, U.K. tourist sales were down by 36%V in the period.

In Spain, the duty-paid cigarette market remained broadly stable.
However, during 2005 there has been an acceleration in consumers
downtrading to lower-priced cigarettes.  Austin and Benson &
Hedges American Blend drove an increase in the Group's market
share to 2.3%.

Gallaher continues to advance its positions in central and
eastern Europe.  The Group grew its EU accession and Balkan
market volumes by 32% to 7.4 billion.

Ongoing market declines in Austria and Germany continued to
impact Gallaher's distribution businesses, however the impact to
profitability has been alleviated by an ongoing focus on cost
control and pricing.

Full year performance for the Europe division remains in line
with previous expectations, as improvements in the distribution
division's prospects should offset the ongoing challenging
conditions impacting the European tobacco operations.

Commonwealth of Independent States

Gallaher continues to deliver profitable volume growth in its key
CIS markets of Russia, Kazakhstan and Ukraine.

The Group's Russian market share was 16.9%, reflecting good
performances across the intermediate- and higher-priced sectors.
LD further advanced its leading position of the value sector and
the Group's share of the higher-priced sector grew to 4.2%.

In Kazakhstan, Sovereign maintained its leading position with a
market share of 17.3%, followed by LD in second place with a
market share of 10.4%.  Higher-priced Sobranie increased its
share of the market to 3.1%, contributing to the Group's overall
market share improvement to 37.0% over the period.

Gallaher's share of the total cigarette market in the Ukraine was
16.0%, reflecting good performances from the Group's base filter
brands -- Level, Ducat and St George -- and LD in the value
sector.  The Group's share of the higher-price sector remained
flat at 1.6% with a notable performance from Sobranie Slims.

Rest of World
In the Rest of World division, Gallaher defended its mature
market position while strengthening its presence in northern
Europe and the Baltics in particular.

In Sweden, the duty-paid cigarette market declined by 2.5%.  A
nationwide public places smoking ban was introduced on 1 June
2005, but it is too early to judge its effect on the market.
Gallaher defended its leading position with a moderate decline in
market share to 39.2% in the nine months to September 2005.
Level increased share, offsetting declines from Blend, with Right
maintaining stable share.

Gallaher's share of the Swedish snus market grew to 4.6% in
October -- according to official customs data -- following the
successful introduction of LD in August.

In Poland, Gallaher increased its share of the total market to
7.2%, driven by further advances by LD at higher prices and the
successful introduction of Ronson.

In South Africa, the Group continues to establish a local
infrastructure and is pleased with recent performance.  Both LD
and Sobranie are showing good potential with increased consumer
purchases on a month-by-month basis.

In China, the Group launched LD into the trade in August and the
brand is now on sale in retail shops.  Gallaher now has three
brands available for Chinese smokers - Sobranie, Memphis and LD.

Exceptional charges

The European operations and administration restructuring
programs, delivering annualized savings of at least GBP30 million
by the end of 2007, are progressing in line with expectations.

In addition to these plans announced in 2003 and January 2005,
the Group's subsidiary, ATG, has reviewed its operations in
recognition of new legislation being introduced in 2007.  It is
planned that the ATG vending machine park will be rationalized
from c.140,000 machines to c.100,000.

Total exceptional charges relating to restructuring activities
are expected to remain at around GBP95 million, with an
exceptional profit on the sale of the Dublin factory site more
than offsetting costs associated with the ATG plans.

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


GCS SOLUTIONS: Wilson Field to Liquidate Business
-------------------------------------------------
A. Lane, director of GCS Solutions Limited informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 17 at Ship Inn, Thornbury Road, Alveston, Bristol BS35 3LL.

Lisa Hogg of Wilson Field, The Annexe, The Manor House, 206
Ecclesall Road South, Sheffield S11 9PS was appointed liquidator.

CONTACT:  GCS SOLUTIONS LTD.
          19-20 Pentonville, Newport, NP205HB
          Phone: 01633 255218

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


GOSHAWK INSURANCE: Concludes Sale of Rosemont Business
------------------------------------------------------
The Board of Goshawk Insurance Holdings plc has disclosed that
the sale of the Rosemont business has now been completed.

                        About the Company

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

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

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

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


HANAGE PUBLISHING: EGM Passes Winding-up Resolution
---------------------------------------------------
D. Phillips, director of Hanage Publishing Ltd. informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 16 at 21-23 Station Road, Gerrards Cross, Buckinghamshire
SL9 8ES.

Helen Timothe Phillips of 21-23 Station Road, Gerrards Cross,
Buckinghamshire SL9 8ES was appointed liquidator.

CONTACT:  HANAGE PUBLISHING LTD.
          20 Brunswick Place
          London
          Greater London
          N1 6DZ
          England
          Phone: 020 72504004

          PHILLIPS & CO.
          21/23 Station Road
          Gerrards Cross
          Buckinghamshire SL9 8ES
          Phone: 01753 883315
          Fax: 01753 886324
          E-mail: insol@phillipsinsolvency.co.uk


HOLDINGS GROUP: Calls in Royce Peeling Green Liquidator
-------------------------------------------------------
C. B. Davies, chairman of Holdings Group Limited, informs that
the special and ordinary resolutions to wind up the company were
passed at an EGM held on Dec. 7 at Booth Street Chambers,
Ashton-under-Lyne OL6 7LQ.  Peter Jones of Royce Peeling Green
Limited, The Copper Room, Deva Centre, Trinity Way, Manchester M3
7BG was appointed liquidator.

CONTACT:  ROYCE PEELING GREEN
          The Copper Room
          Deva Center, Trinity Way,
          Manchester M3 7BG
          Phone: 0161 6080000
          Fax:   0161 608 0001
          E-mail: info@rpg.co.uk
          Web site: http://www.rpg.co.uk


H.R. OWEN: Sells PAG East Anglia Unit to Lookers Southern
---------------------------------------------------------
The Board of H.R. Owen plc has agreed to dispose of the Group's
PAG East Anglia business to Lookers Southern Ltd., a subsidiary
of Lookers plc.  Completion is expected early next year.

The Business comprises two Jaguar, two Volvo and two Land Rover
franchises located in East Anglia.  As at 31 December 2004, the
Business had gross assets of GBP14.4 million, net assets of
GBP3.8 million and, in the financial year ended 31 December 2004,
it contributed GBP0.4 million to Group profit before taxation.

The consideration payable in cash will be GBP2.2 million goodwill
and approximately GBP1.2 million of fixed assets together with
the net book value of stocks at completion.  The employees of the
Business will be transferred to Lookers Southern Ltd. as part of
the transaction.

The Disposal is conditional upon the assignment of leases and
upon shareholder approval, in relation to which a shareholder
circular will be sent to shareholders early in the New Year.

The proceeds from the Disposal will be used to reduce H.R. Owen's
indebtedness.

Nicholas Lancaster, chief executive of H.R. Owen, said: "We are
pleased with the outcome of our negotiations.  The Board is
confident that the strategy outlined in our trading statement, of
which this disposal is a part, will focus H.R. Owen on its more
profitable specialist business."

                        About the Company

H.R. Owen, which ranked 12 in the Motor Trader Top 200 list of
U.K.'s largest car dealers, started 70 years ago when Captain
Harold Rolfe launched dealerships of Rolls-Royce and Bentley
motor cars.  The company currently operates over 35 franchised
automotive retail sites, representing a wide range of brands.
Majority of its retail operations are located in and around
London, the southeast and East Anglia.  Its portfolio features
four major manufacturers: DaimlerChrysler, Premier Automotive
Group, Volkswagen Group and BMW as well as its specialist sports
car division, under a broad range of trading names.

In June, the company said it is expecting a full year loss in
2005 and will not be issuing dividends until it is "appropriate."
The company disclosed in April that trading had been at a lower
level than expected during the first four months of the year, and
that the group's results would be a loss for the first six
months.

Following a strategic review, the company now targets reducing
its debt by disposing of a number of its franchises, and focusing
on fewer key brands and its strong and profitable Specialist
Division.  The restructuring is also aimed at increasing margins,
strengthening the company amid economic cycles, and boosting
shareholder value.

CONTACT:  H.R. OWEN PLC
          Divisional Office
          The Hyde
          Edgware Road
          LONDON
          NW9 6NW
          Phone: 020 8201 4155
                 or 020 8201 4156
          Fax: 020 8201 4150
          Web site: http://www.hrowen.co.uk


HYPERWAVE LIMITED: Meeting of Creditors Set Friday
--------------------------------------------------
Creditors of Hyperwave Limited will meet on December 23, 2005, 10
a.m. at Menzies Corporate Restructuring, 43-45 Portman Square,
London W1H 6LY.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to P. J. Clark, administrator of Menzies Corporate
Restructuring, 43-45 Portman Square, London W1H 6LY not later
than 12 noon, December 22, 2005.

CONTACT:  HYPERWAVE LTD.
          Abbey House, Wellington Way,
          Brooklands Business Park,
          Weybridge, Surrey KT13 0TT
          Phone: +44-1932-268280
          Fax: +44-1932-268281
          E-mail: info@uk.hyperwave.com
          Web site: http://www.hyperwave.com/

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


LAZARUS METAL: Names BDO Stoy Hayward Liquidator
------------------------------------------------
M. Cohen, chairman of Lazarus Metal Resources (UK) Ltd. informs
that a resolution to wind up the company was passed at an EGM
held on Nov. 9 at BDO Stoy Hayward LLP, 8 Baker Street, London
W1U 3LL.

Malcolm Cohen and Anthony Peter Supperstone of BDO Stoy Hayward
LLP, 8 Baker Street, London W1U 3LL were appointed liquidator.

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


LONDON PRAMS: Calls in Joint Liquidators
----------------------------------------
P. T. Smith, chairman of London Prams Limited informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 17 at Valentine & Co, 4 Dancastle Court, 14 Arcadia Avenue,
London N3 2HS.

Robert Valentine and Mark Reynolds of Valentine & Co, 4 Dancastle
Court, 14 Arcadia Avenue, London N3 2HS were appointed Joint
Liquidators.

CONTACT:  LONDON PRAMS LTD.
          175-179 East India Dock Road London E14 0EA
          Phone: 020 75374117
          Fax: 020 75374125

          VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


MINIMEC LIMITED: Hires BDO Stoy Hayward as Administrator
--------------------------------------------------------
Martha H. Thompson and Antony Nygate (IP Nos 8678/01, 9237) of
BDO Stoy Hayward LLP were appointed joint administrators of
Minimec Limited (Company No 03800473) on Dec. 8.  The company is
engaged in maintaining and repairing motor vehicles.

CONTACT:  MINIMEC LIMITED
          Minimec House, 5 Kiln Lane
          Bracknell, Berkshire RG12 1NA
          Phone: 01344429609

          BDO STOY HAYWARD
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


MINORPLANET SYSTEMS: Posts GBP3.9 Million Full-year Loss
--------------------------------------------------------
Minorplanet Systems plc has unveiled its preliminary results for
the year ended 31 August 2005.

Highlights

(a) major fundraising successful, providing a net cash injection
    of GBP11.2 million;

(b) balance sheet strengthened significantly;

(c) pre-tax profit for October and November 2005;

(d) growth opportunities identified in both new and existing
    markets; and

(e) move to Alternative Investment Market (AIM).

Key Financials Based on Continuing Activities

(a) turnover GBP22.0 million (2004: GBP31.3 million);

(b) pre-tax loss before goodwill amortization and exceptional
    items of GBP3.9 million (2004: GBP6.8 million); and

(c) basic loss per ordinary share 12.0 pence (2004: 14.9 pence).

                Statement of Chairman David Perry

Following the appointment of Terry Donovan as Chief Executive in
October 2004, the Group embarked on a major turnaround plan.  I
am pleased to report that this plan is in the final stages of
implementation, with a stable leading-edge product, a vastly
improved customer service proposition, a more focused,
professional sales team and, most importantly, the recent
breakthrough into profitability.  A new highly experienced
management team has been put in place during 2005 and two new
non-executive directors joined the Board in October.

We anticipated in our Interim Statement, published in April this
year, that a large equity fundraising would be completed by the
end of June 2005 in order to place the Group on a more secure
financial footing.  The process was finally undertaken during
September and early October and proved highly successful raising
a total sum, net of expenses, of approximately GBP11.2 million.
This has allowed us to pay off the entire loan balance
outstanding to GE Capital Equity Holdings Inc. of GBP4.6 million
and settle all significant overdue creditors.  The remaining
funds will be used to complete turnaround initiatives and provide
working capital to accelerate the Group's growth plans.

Results and Cashflow

The Group incurred a loss before taxation, goodwill amortization
and exceptional items of GBP3.9 million (2004: GBP8.6 million)
for the year ended 31 August 2005 on a turnover of GBP22.0
million (2004: GBP33.8 million).  Sales from continuing
activities were 30% down on the previous year due primarily to
lower U.K. sales and the loss of turnover with European
franchisees which ceased trading.  The U.K. business suffered in
the first half due to a combination of management changes,
product problems and uncertainties about the Group's financial
position.  These issues also inevitably had a detrimental effect
on the other European operations.  It is only since the Spring,
following the appointment of a new Sales Director, Neil Kelly,
that sales were stabilized and began to increase.  This process
was aided by the resolution of the technical problems relating to
the AEM5000 product.

Gross margins for the continuing business in 2005 were down to
65% (2004: 70%) due to high product rectification costs and
heavier discounting.  However, margin improvements have recently
been achieved through a combination of improved leasing terms,
lower product costs and additional service income.  Other
operating expenses (excluding exceptional items and other
operating income) were reduced from GBP36.3 million in 2004 to
GBP21.6 million in 2005, due to the cost reduction program
undertaken during the year.  Interest receivable, net, fell to
GBP1.9 million (2004: GBP3.1 million), while exceptional items
totaled GBP14.8 million (2004: GBP8.1 million) and mainly
comprised goodwill write-offs, debtor provisions and
reorganization costs.  The total loss for the financial year was
GBP19.0 million (2004: GBP24.4 million), resulting in a loss per
ordinary share of 12.0 pence (2004: 22.2 pence).

The total net cash outflow from operating activities in 2005 was
GBP4.2 million, due primarily to the trading losses incurred.  A
total of GBP5.8 million was raised during the year from
injections of new equity and convertible loan stock, together
with loans made by GE Capital Equity Holdings Inc and Terry
Donovan.  Consequently, total net borrowings at 31 August 2005
were GBP12.0 million (2004: GBP12.3 million).  As noted above,
the major fundraising exercise completed after the financial year
end has substantially reduced these borrowings.

Board Changes

In addition to the complete transformation of the management team
effected by Terry Donovan, a number of important changes have
been made to the Board.  In April 2005, Charles Alexander
resigned from the Board in light of GE Capital's expanding role
as lender to the Group.  David Meltham, Finance Director, left
the Board in June 2005 and was replaced by Richard Hopkin who
joined the Group at that time and has recently been appointed to
the Board.  Richard has considerable experience of both listed
companies and turnaround situations.  We also appointed two
non-executive directors in October 2005: Lars McBride and Andrew
Walker, who not only bring further extensive experience, both
operational and professional, but also provide the Board with the
necessary balance and independence during this key phase in the
Group's development.

Fundraising

In October 2005, we announced a successful GBP10.5 million
Placing of new ordinary shares together with an Open Offer to
existing shareholders.  The Open Offer raised a further GBP2.1
million and this, together with the Placing (and after fees and
commissions of GBP1.4 million), resulted in a total cash
injection of GBP11.2 million.  The fundraising was approved by
shareholders on 7 November 2005 and the Company moved from the
Official List to AIM on 10 November 2005.  As noted above, these
substantial fundraising proceeds will allow the Group to
deleverage the balance sheet, return suppliers and other
creditors to normal credit terms and provide the necessary
working capital to facilitate future growth.  The financial
stability which will be achieved through this process will also
undoubtedly give additional comfort to existing and prospective
customers and suppliers and thereby assist the Group's further
progress.

We are grateful for the support of customers, suppliers and
employees during the difficult period prior to the major
fundraising and hope that all parties can now share in the
rewards from a stable and profitable Minorplanet business.

Against a background of increasing legislation and high fuel
costs, the vehicle information systems market appears ripe for
expansion.  Given Minorplanet's strong market position with its
large installed base and excellent, leading-edge product
portfolio, it is well placed to take advantage of such growth
opportunities.  From a significantly more stable financial
platform, the Group will also seek to exploit indirect
distribution channels, increase its penetration of the larger
corporate market and apply its products to a range of non-vehicle
markets.  These developments should help to underpin the final
phase of the turnaround process and move Minorplanet into the
next stage of its development.

The Board is now pleased to report that Minorplanet realized a
pre-tax profit for October and November and, therefore, the
figures for the first quarter of the new financial year are ahead
of plan.  The Group's overseas subsidiaries continue to perform
strongly and the U.K. business is reporting much improved
results.  With a stronger balance sheet to support its sales and
marketing plans and a continued focus on cost reduction, the
Board is confident that further significant progress can be
achieved.

A copy of the financial results is available free of charge at
http://bankrupt.com/misc/MinorplanetSystems(2005).mht

CONTACT:  MINORPLANET SYSTEMS PLC
          Greenwich House, 223 North Street
          Leeds LS7 2AA
          Phone: +44 (0) 113 2511600
          Fax: 0113 2511685
          E-mail: hq@minorplanet.com
          Web site: http://www.minorplanet.com


MIRROR PRINT: Court Winds up Fake Charity Firm
----------------------------------------------
Mirror Print Solutions Limited has been wound up following
investigations by the Department of Trade and Industry's
Companies Investigation Branch, said Creditman.

The High Court in London has ruled that the Manchester-based
publishing firm misled advertisers into buying advertising space
in publications supposedly intended to benefit various schools
and charities.  No publications were ever produced or
distributed.

The Court also found that Mirror Print falsely claimed to have
links with Barnardos, N.S.P.C.C and MacMillan Cancer; however, no
donations were ever made to charity.

According to DTI investigators, Directors Duncan McHugh and his
father, Thomas McHugh, removed documents and denied them access
to the company's computer system.  Despite this, investigators
discovered that advertisers have paid around GBP241,597 by
October 2004.

On 31 October 2005, the petition to wind up the company was filed
under section 124a of the Insolvency Act 1986.

CONTACT:  MIRROR PRINT SOLUTIONS LIMITED
          Hampton House, Oldham Road
          Middleton, Manchester

          THE OFFICIAL RECEIVER
          The Insolvency Service
          Public Interest Unit North
          PO Box 326
          17-21 Chorlton Street
          Manchester M60 3ZZ
          Phone: 0161 934 4182


NAJMA ENTERPRISE: Beverage Seller Liquidates
--------------------------------------------
T. Isaac, director of Najma Enterprise Limited informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 3 at The Days Hotel, London Gateway, M1 Between Junctions
2-4, Gateway Services, London NW7 3HU.

Alex Kachani of Crawfords, Stanton House, 41 Blackfriars Road,
Salford, Manchester M3 7DB was appointed liquidator.

CONTACT:  NAJMA ENTERPRISE LTD.
          Unit 3xd
          Cranford Way Ind Est
          Tottenham Lane
          London
          N8 9DG
          Phone: 020 83477713

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


NEW EXPRESS: Appoints BN Jackson Liquidator
-------------------------------------------
T. Foy, chairman of New Express (Auto) Electrics Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 26 at 14 Orchard Street, Bristol BS1 5EH.

Graham Lindsay Down of BN Jackson Norton, 14 Orchard Street,
Bristol was appointed liquidator.

CONTACT:  NEW EXPRESS (AUTO) ELECTRICS LIMITED
          Isca Works
          Mill Parade
          Newport
          Gwent
          NP20 2JQ
          Phone: 01633 253052


NTL INVESTMENT: Proposed GBP3.3 Bln Facilities Rated BB-
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
debt rating and '1' recovery rating to the proposed GBP3.3
billion ($5.7 billion) senior secured credit facilities of NTL
Investment Holdings Ltd., a guaranteed related entity of NTL Inc.
(NTL; B+/Watch Dev/--), the U.K. cable telephony, TV, and
Internet provider.

The debt rating was immediately placed on CreditWatch with
developing implications, reflecting the CreditWatch status of the
ratings on NTL.  The ratings on NTL were placed on CreditWatch
with developing implications on Dec. 5, 2005, following the
company's announcement of a cash and equity bid for Virgin Mobile
Holdings (UK) PLC.

The '1' recovery rating on the proposed senior credit facilities
of NTL Investment Holdings indicates our expectation of full
recovery of principal for senior secured lenders in the event of
a payment default.  The facilities are rated 'BB-', one notch
higher than the 'B+' corporate credit rating on NTL because
senior secured lenders are expected to benefit from a
comprehensive security package that should result in full
recovery.  The facilities are being arranged as part of NTL's
merger with Telewest Communications Networks Ltd. (BB-/Watch
Neg/--).  This transaction is now expected to be structured as a
reverse acquisition.

The developing CreditWatch implications indicate that the ratings
on NTL and related entities could be raised, lowered, or affirmed
following Standard & Poor's review of the Virgin Mobile
transaction. Potential for a negative action exists considering
the cumulative risks that NTL would have to manage in integrating
a business with a different customer base, product, and culture,
as well as in developing a compelling quadruple-play offering.
In addition, the company has shown an appetite for a potential
further increase in debt (albeit modest).  Conversely, the
developing CreditWatch implications also recognize the potential
upside for the NTL rating, as Virgin is a strong consumer brand,
the combined entity might be better positioned over the longer
term, and Virgin Mobile is presently a cash-generative,
dividend-paying business.

The ratings on NTL are constrained by the group's competitive
operating environment, significant gross leverage and modest cash
generation.  The group benefits, however, from a high bandwidth,
two-way network, an established residential customer base, and
gradual operational improvements.

RECOVERY ANALYSIS

The final amount of NTL Investment Holdings' bank loan debt will
depend on the ultimate capital structure and mix of senior and
subordinated debt.  The amount of the senior secured facilities
might increase to GBP4.5 billion depending on the outcome of a
tax ruling that will influence the capital structure adopted.
This increase would leave the issue and recovery rating
unchanged.

The senior secured facilities are presently expected to comprise:

(a) Tranche A (GBP3.2 billion, amortizing, and maturing in five
    years); and

(b) A revolving credit facility (GBP100 million, bullet
    repayments, maturing in five years).

When estimating recoveries, Standard & Poor's simulates a default
scenario.  We used an enterprise valuation approach as we believe
the group, with its fair business profile, would most likely
default as a result of its high leverage, and lenders would
achieve greater value through reorganization than through a
liquidation of assets.  Standard & Poor's simulated default
scenario assumed a potential combination of the following
factors:

(a) Lower-than-expected sales growth;

(b) Pressure on costs;

(c) Increased capital expenditure spend as a percentage of
    sales; and

(d) A gradual increase in the company's interest costs, due to
    rising interest rates and debt levels that might be incurred
    to fund operational shortfall or to secure covenant waivers.

Under our simulated scenario, a default is unlikely to occur
before 2008, when principal repayments become more significant.
The outstanding amount of senior debt to be covered at the point
of default was estimated to be up to GBP3.0 billion, assuming
that prior scheduled repayments have been made and the revolver
is fully drawn, and including approximately GBP140 million of
finance leases.  Using primarily a discounted cash flow analysis,
the enterprise value at the point of default was estimated to
fully cover the senior secured facilities outstanding, leading to
a recovery rating of '1'.

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:  NTL INVESTMENT HOLDINGS LTD.
          NTL House
          Bartley Wood Business Park
          Bartley Way
          Hook, Hampshire RG27 9UP
          Web site: http://www.ntl.com


PBI FUND: Liquidators from Deloitte Move in
-------------------------------------------
PBI Fund Managers Limited informs that the special and ordinary
resolutions to wind up the company were passed and N. G. Edwards
and N. J. Dargan of Deloitte and Touche, Athene Place, P.O. Box
810, 66 Shoe Lane, London EC4A 3WA were appointed joint
liquidators.

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


PPEL REALISATIONS: Creditors Meeting Set Thursday
-------------------------------------------------
Creditors of PPEL Realisations Limited (formerly Poole Phoenix
Precision Engineering Limited) (Registered No 4997173) will meet
on December 22, 2005, 2:30 p.m. at 41 Castle Way, Southampton,
Hampshire SO14 2BW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to S. J. Adshead, joint administrator of Fanshawe
Lofts, 41 Castle Way, Southampton, Hampshire SO14 2BW not later
than 12 noon, December 21, 2005.

CONTACT:  POOLE PHOENIX PRECISION ENGINEERING LTD.
          15 Cowley Road, Poole
          Phone: 01202 682438
          Fax: 01202 684851

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


PROMINENT PICTURES: Files for Liquidation
-----------------------------------------
S. Cook, director of Prominent Pictures and Communications Ltd.
informs that a resolution to wind up the company was passed at an
EGM held on Nov. 17 at 21-23 Station Road, Gerrards Cross,
Buckinghamshire SL9 8ES.

Helen Timothe Phillips of 21-23 Station Road, Gerrards Cross,
Buckinghamshire SL9 8ES was appointed liquidator.

CONTACT:  PROMINENT PICTURES AND COMMUNICATIONS LTD.
          E-mail: mail@prominent.tv
          Web site: http://www.prominentpictures.co.uk/

          PHILLIPS & CO
          21/23 Station Road
          Gerrards Cross
          Buckinghamshire SL9 8ES
          Phone: 01753 883315
          Fax: 01753 886324
          E-mail: insol@phillipsinsolvency.co.uk


PROTOVETTE LIMITED: Names Vantis Redhead French Liquidator
----------------------------------------------------------
W. Howard, chairman of Protovette Limited, informs that the
special and ordinary resolutions to wind up the company were
passed at an EGM held on Dec. 5 at 123 Deansgate, Manchester M3
2BU.  Jeremy Stuart French of Vantis Redhead French Limited,
43-45 Butts Green Road, Hornchurch, Essex RM11 2JX was appointed
liquidator.

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


REGUS GROUP: 11-month Revenues Reach GBP418.8 Million
-----------------------------------------------------
Regus Group plc has released a pre-close update for the year
ending 31 December 2005.

Regus has delivered a strong performance across all regions in
the second half of 2005, increasing revenues and cash generation.
Revenues for the eleven months to 30 November 2005 (at actual
exchange rates) were GBP418.8 million compared to GBP216.0
million for the 6 months to 30 June 2005.  In line with the
expansion program outlined at our interim results and investor
day, available workstations have grown by 4.5% in the second half
to date.

The Group made a further early repayment of US$37.25 million
(GBP21.8 million) on the US$110.0 million (GBP64.2 million) term
debt in September 2005, leaving US$41.75m (GBP24.4 million) of
this term debt currently outstanding.  The Group will have a
positive net cash position at the year-end.

Mark Dixon, Chief Executive, said: "I am pleased to report that
trading is in line with our expectations.  The Group continues to
take advantage of its many opportunities.  Revenues are growing
like for like and, in addition, further new inventory has been
added during the second half.  The overall outlook for the Group
remains positive; we have a strong business model and the Group
is in a sound position from which to generate further profitable
growth."

Regus Group plc will announce its full year results for the
twelve months ended 31 December 2005 in March 2006.

CONTACT:  REGUS GROUP PLC
          3000 Hillswood Dr.
          Chertsey
          Surrey KT16 0RS, United Kingdom
          Phone: +44-1932-895-500
          Fax: +44-1932-895-501
          Web site: http://www.regus.com


UBS REORGANISATION: Calls in PricewaterhouseCoopers Liquidator
--------------------------------------------------------------
Company Names: UBS REORGANISATION 2005-03 LTD
               UBS REORGANISATION 2005-04 LTD
               UBS REORGANISATION 2005-05 LTD
               UBS REORGANISATION 2005-06 LTD

Members of these companies inform that the special and ordinary
resolutions to wind up the firms were passed at a meeting held on
Dec. 6.  Richard Setchim and Jonathan Sisson of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT were
appointed joint liquidators.

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


WREN LOGISTICS: Goes into Liquidation
-------------------------------------
The Bristol District Registry issued a winding-up order against
Wren Logistics Ltd. on Nov. 30, 2005.  The winding-up petition
was filed Oct. 12, 2005.

CONTACT:  WREN LOGISTICS LTD
          Unit 9A
          Colomendy Industrial Estate
          Denbigh LL16 4BU
          Phone: 01745 818 721

          Official Receiver
          Suite 5, 3rd Floor,
          Windsor House, Pepper Street,
          Chester, CH1 1DF
          Phone: 01244 402750
          Fax: 01244 402799


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (421)       1,700      183


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR   (202)         176      (17)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                      (32)         124      (63)
Arbel                     PA.ARB     (50)         213      (47)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Bull S.A.                 BULP.PA   (912)         902      (38)
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Dollfus Mieg & Cie S.A.   DS         (11)         165      (29)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (15)         136        3
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
LVL Medical Group         LVLM.PA     (8)         149       (6)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Agor AG                   DOOG.BE     (8)         392     (126)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kamps AG                  KMPSF.PK   (93)       1,075      (61)
Kaufring AG               KAUG       (19)         151      (51)
Mannheimer AG                        (15)         879      N.A.
Marbert AG                MTBG       (13)         144      (50)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (23)         122       (7)
Senator Entertainment
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
VBH Holding AG            VBHG       (54)         337      (80)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
DryShips Inc.             DRYS        (4)         184      (29)


HUNGARY
-------
NABI Rt.                  NABHY       (2)         229   (8,950)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (111)         974      (97)
I Grandi Viaagi S.p.A.    IGV.MI     (31)         533     (140)
Lazio S.p.A.              LAZI       (27)         426     (175)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.               NUMC      (422)       1,982      376
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)


ROMANIA
-------
Oltchim RM Valce          OLT        N.A.         232     (321)


RUSSIA
------
Zil Auto                            (168)         409  (10,680)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Avanzit S.A.              AVZ.MC    (117)         457     (247)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (16)         136      (34)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Avis Europe PLC           AVE.L      (24)       2,686     (420)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
British Sky Broadcasting
   Group Plc              BSY        (61)       4,157      139
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L     (101)         540       34
Dawson Holdings           DWN.L      (19)         142      (33)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,411)       3,235     (331)
Euromoney Institutional
   Investor Plc           ERM.L     (113)         236      (66)
Gallaher Group            GLH       (421)       7,866        5
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (9)         875     (190)
Homestyle Group Plc       HME        (29)         409     (124)
Invensys PLC                        (963)       4,861      913
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Jessops Plc               JSP.L      (14)         321        7
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (460)         906       60
Mytravel Group            MT.L    (1,613)       2,199     (463)
Orange Plc                ORNGF     (594)       2,902        7
Partygaming Plc           PRTY      (405)         263     (161)
Premier Foods Plc         PFD.L      (29)       1,059       20
Probus Estates Plc        PBE.L      (28)         113     (264)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,072)       3,382      (68)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                            *********


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

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

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

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

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

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


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