TCREUR_Public/051221.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, December 21, 2005, Vol. 6, No. 252

                            Headlines

C Z E C H   R E P U B L I C

AERO VODOCHODY: Ten Bidders Qualify; Winner Known May


G E R M A N Y

AUSMEYER & GERLING: Under Bankruptcy Administration
BETEILIGUNGSGESELLSCHAFT WUEHRMANN: Court to Verify Claims March
CARPET CONCEPT: Creditors' Claims Due Next Month
DIE 2WEI: Succumbs to Bankruptcy
DR. UPMEIER: Proofs of Claim Due February

ESSD-SICHERHEITSDIENSTE: Aachen Business Goes Bust
EURO-GRUPPE AG: Three more Subsidiaries Fall
EW MULTI: Court Appoints Administrator from Kuebler
FEUER UND FLAMME: Claims Verification Set May
KARSTADTQUELLE AG: Renews Partnership with TPG

LINEAS CONSULTING: Falls into Bankruptcy
PROSIEBENSAT.1 MEDIA: Ruling on Springer Offer Out Next Week
WUEHRMANN AM BRILL: Bremen Court Appoints Administrator


H U N G A R Y

NABI RT: Morgan Stanley Divests Stake Acquired in September


I T A L Y

ALITALIA SPA: GE Grants Ailing Airline US$445 Million Loan


N E T H E R L A N D S

FORD CAPITAL: Fitch Downgrades Senior Debt Rating to BB+
GARANTIBANK INTERNATIONAL: Fitch Affirms Long-term BB+ Rating
INDOVER BANK: Fitch Changes Outlook to Positive
ROYAL SHELL: Buys back 1 Million 'A' Shares


N O R W A Y

PETROLEUM GEO-SERVICES: Secures US$1 Billion Credit line


R U S S I A

ATNYA-AGRO-KHIM-SERVICE: Under Bankruptcy Supervision
CORALL DIAMOND: Hires N. Nikitina Insolvency Manager
IZHEVSK-GAS: Under External Bankruptcy Procedure
IZHEVSKIY: Claims Filing Period Ends December 29
IZH-RUS': Insolvency Manager Takes over Firm

MELEUZOVSKIY: Bashkortostan Court Opens Bankruptcy Proceedings
MINE MANAGEMENT: Bankruptcy Hearing Resumes February
PRIMOR-AUTO-BRIDGE: Declared Insolvent
SEVERO-VOSTOK-STROY-INDUSTRIYA: Succumbs to Bankruptcy
WARM CONTINENT: Undergoes Bankruptcy Supervision Procedure
YUKOS OIL: Hearing on US$475 Mln Bank Claim Resumes Today


S P A I N

CABLEUROPA SA: Credit Facility Syndication Raises EUR755 Mln
CABLEUROPA SA: Fitch Affirms B Rating; Outlook Positive


S W E D E N

ABB LTD.: Court Okays CE's Settlement with Hartford, First State
CONCORDIA BUS: To Present Third-quarter Results Tomorrow
CORRAL INVESTMENT: Gets Ba3 Corporate Family Rating from Moody's
SKANDIA INSURANCE: Names Nominating Committee Chair


S W I T Z E R L A N D

CONVERIUM AG: Reports US$6.9 Million Net Loss for Q3
CONVERIUM AG: Restates Accounts Following Internal Review
CONVERIUM AG: On Rating Watch Negative Following Restatement
SWISS INTERNATIONAL: Reaches New Labor Deal with Cabin Crew


U K R A I N E

ASKLEPIJ: Goes into Liquidation
BORIVSKA AGROHIMIYA: Liquidator Steps in
MERCURY: Gives Creditors Until Friday to File Claims
MINERALINVEST: Bankruptcy Supervision Begins
NAFTOGAZTRADE LTD.: Under Bankruptcy Supervision

NEPTUN: Insolvency Manager Takes over Helm
PARTIZANSKIJ ELEVATOR: Creditors' Claims Due this Week
SHOSTKA' AGROHIM: Succumbs to Bankruptcy
UKRAINA: Declared Insolvent
VIKTORIYA: Court Appoints Temporary Insolvency Manager


U N I T E D   K I N G D O M

ALPHA CAPITAL: Hires Liquidator from Ian Franses Associates
APEX FIRE: Moore Stephens Liquidators Move in
APNIGAS YORKSHIRE: Files for Liquidation
ARM PROPERTIES: Newman & Partners Liquidators Enter Firm
BERKELEY BERRY: Merging Financial Advisory Businesses

BESSON MUSICAL: Calls in Administrators from Grant Thornton
BOXWICK LIMITED: Hires PricewaterhouseCoopers Liquidator
CARLBRITE INVESTMENTS: Liquidator from Harrisons Moves in
CCS CONTRACTS: Administrators from Begbies Traynor Move in
CYBER-TRADERS: Golf Equipment Distributor Liquidates

FEDERAL-MOGUL: Cooper Industries to Resolve Abex Asbestos Claims
FRIARGATE HOLDINGS: Appoints Administrator
HOLIDAY CENTRE: Files for Liquidation
LANGBAR INTERNATIONAL: Names Recovery Expert Executive Chairman
LANGBAR INTERNATIONAL: Drops Proposed IDC Joint Venture

LIAM CHIVERS: Appoints Liquidator
MIDLAND RESOURCE: Creditors Meeting Set Thursday
NETWORK RAIL: Regulator Sets Revenue Requirement at GBP20 Bln
NETWORK RAIL: Signs Multi-million-pound National Steel Contracts
OCTONE LIMITED: Appoints Administrators from Tenon Recovery

OFF SHOOT: Names BDO Stoy Hayward Administrator
O.H.R. LTD.: Files for Liquidation
PEAK ENTERTAINMENT: Posts US$779,199 Net Loss in Third Quarter
PHENOMIND PLC: Hires Begbies Traynor to Liquidate Business
RENTOKIL INITIAL: Tackles Pension Scheme Deficit

R. SHAYLER & SON: Goes into Liquidation
SANITY GROUP: Names KPMG Administrator
SIMRON CONSTRUCTION: Calls in Liquidator
SWEDISH WINDOW: Creditors Meeting Set Thursday
THIEFBEATERS LIMITED: Appoints Cooper Parry Administrator

UNICORN DESIGN: Succumbs to Liquidation
UNWINS WINE: Bank Brings in Administrator
VALCO UK: Appoints Liquidator from Begbies Traynor
WALSALL PRINT: Administrators from PKF Move in


                            *********


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


AERO VODOCHODY: Ten Bidders Qualify; Winner Known May
-----------------------------------------------------
The steering committee spearheading the sale of Aero Vodochody
has sought the disqualification of three bidders for failing to
meet the bidding criteria, Budapest Business Journal says.

The paper identified them as Silver Bell Holdings Ltd., Prague
Aerospace Center Consortium, and the group of Greywolf Capital
Management LP and Odien Asset Management.  Privatization agency
Ceska konsolidacni agentura (CKA) has the final say on the
matter.

Ten bidders qualified for the tender, according to CKA spokesman
Jiri Pekarek.  They are Aero Kilcullen Consortium, Eco-
Investment, HTC Holding, Oakfield, Piaggio Aero Industries Group
and Slovacke strojirny, Benson RPG, PPF and J&T, Tav-Zeveta and
Cesky letecky prumysl.  According to Euro Online, Cesky letecky
prumysl is made up of local arms maker Omnipol and U.K.'s BAE
Systems.

Mr. Pekarek says a total of 12 groups beat the December 14
deadline, while one submitted after it.  The latter was one of
those recommended for disqualification, he said.

The government will evaluate the bids according to national
security interest, since AV supplies the country's armed forces.
It primarily makes the L-39, L-59, L-159 military planes, but
recently it secured certification to build the Ae270 civilian
aircraft.  Bidders are understood to be interested in AV's real
properties, which include a runway, more than its plane making
operation.

The qualified bidders are required to submit preliminary bids in
January; the cabinet must pick a winner by May.

The government took over Boeing's share in the company in
October 2004 citing dissatisfaction over the latter's inability
to secure enough orders for Aero.  It then attempted to
restructure the firm by writing off debt, but the European
Commission thwarted the plan for being an illegal state aid.
The company expects to post CZK500 million in losses this year,
in contrast to last year's CZK295 million profit.

CONTACT:  AERO VODOCHODY A.S.
          250 70 Odolena Voda
          Phone: +420 25576 1111
          Fax: +420 25576 2111
               +420 25576 5999
          Web site: http://www.aero.cz


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


AUSMEYER & GERLING: Under Bankruptcy Administration
---------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Ausmeyer & Gerling KG on December 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 7, 2006 to register their
claims with court-appointed provisional administrator Frank-
Michael Rhode.

Creditors and other interested parties are encouraged to attend
the meeting on January 26, 2006, 9:45 a.m. at the district court
of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on March
30, 2006, 9:30 a.m. at the same venue.

CONTACT:  AUSMEYER & GERLING KG
          Fedelhoren 89, 28203 Bremen
          Contact:
          Rolf-Peter Gerling, Manager
          Contrescarpe 57, 28195 Bremen

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


BETEILIGUNGSGESELLSCHAFT WUEHRMANN: Court to Verify Claims March
----------------------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Beteiligungsgesellschaft Wuehrmann mbH on December 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until February 21,
2006 to register their claims with court-appointed provisional
administrator Edgar Gronda.

Creditors and other interested parties are encouraged to attend
the meeting on January 19, 2006, 11:30 a.m. at the district
court of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr.
25-31, 28195 Bremen, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report on March 16, 2006, 10:00 a.m. at the same venue.

CONTACT:  BETEILIGUNGSGESELLSCHAFT WUEHRMANN mbH
          Am Brill 2-4, 28195 Bremen
          Contact:
          Karin Wuehrmann, Manager
          Esslinger Weg 8, 28816 Stuhr

          Edgar Gronda, Administrator
          Domshof 18-20, 28195 Bremen
          Phone: 0421/3686-0
          Fax: 0421/3686-100


CARPET CONCEPT: Creditors' Claims Due Next Month
------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Carpet Concept Team GmbH on December 5.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until January 20, 2006 to
register their claims with court-appointed provisional
administrator Volker Quinkert.

Creditors and other interested parties are encouraged to attend
the meeting on February 21, 2006, 8:00 a.m. at the district
court of Aachen, Augustastrasse 78-80, 52070 Aachen, 2. Etage,
Sitzungssaal 21, 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:  CARPET CONCEPT TEAM GmbH
          Gruenstr. 29, 52428 Juelich
          Contact:
          Elfriede Leuchtenberg, Manager
          Duesseldorfer Str. 20, 52441 Linnich

          Volker Quinkert, Administrator
          Brucknerallee 6, 41236 Monchengladbach


DIE 2WEI: Succumbs to Bankruptcy
--------------------------------
The district court of Bremen opened bankruptcy proceedings
against Die 2WEI AUTOHAUS Bremen GmbH & Co. KG on December 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until February 21,
2006 to register their claims with court-appointed provisional
administrator Detlef-Helmut Stuermann.

Creditors and other interested parties are encouraged to attend
the meeting on January 19, 2006, 2:00 p.m. at the district court
of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on March
16, 2006, 9:00 a.m. at the same venue.

CONTACT:  DIE 2WEI AUTOHAUS BREMEN GmbH & Co. KG
          Kornstr. 255, 28201 Bremen
          Contact:
          Fred Georg Sauerbier, Manager
          Hahnenfussweg 19, 26215 Wiefelstede

          Detlef-Helmut Stuermann, Administrator
          Domshof 18-20, 28195 Bremen
          Phone: 0421/3686-0
          Fax: 0421/3686-100


DR. UPMEIER: Proofs of Claim Due February
-----------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Dr. Upmeier Grundstuecksbeteiligungs-KG 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 Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on January 12, 2006, 10:05 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
20, 2006, 10:00 a.m. at the same venue.

CONTACT:  DR. UPMEIER GRUNDSTUECKSBETEILIGUNGS-KG
          Mexikoplatz 4,14163 Berlin

          Udo Feser, Administrator
          Uhlandstr. 165/166, 10719 Berlin


ESSD-SICHERHEITSDIENSTE: Aachen Business Goes Bust
--------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against ESSD-Sicherheitsdienste GmbH on December 5.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 13,
2006 to register their claims with court-appointed provisional
administrator Johannes Klefisch.

Creditors and other interested parties are encouraged to attend
the meeting on February 6, 2006, 10:30 a.m. at the district
court of Aachen, Augustastrasse 78-80, 52070 Aachen, 1. Etage,
Sitzungssaal 14, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  ESSD-SICHERHEITSDIENSTE GmbH
          Lindenstr. 14, 52399 Merzenich
          Contact:
          Sabrina Knaup, Manager

          Johannes Klefisch, Administrator
          Rotter Bruch 6, 52068 Aachen


EURO-GRUPPE AG: Three more Subsidiaries Fall
--------------------------------------------
All companies under the umbrella of investment firm Euro-Gruppe
AG are now undergoing insolvency proceedings, Suddeutsche
Zeitung says.

Three more subsidiaries have followed AVB Allgemeine
Anlagenvermittlungs- und Verwaltungsgesellschaft, the first unit
to succumb to insolvency.  They are GOJ Immobilienhandel, Lenz
and Schober Immobilien, the paper says.

On December 14, TCR-Europe hinted Euro-Gruppe, the parent of
these companies, may be next to collapse.  Earlier this year it
nearly succumbed to 140 temporary writs of execution that were
eventually settled.

Euro-Gruppe's investors number about 40,000, according to the
paper.  It is feared their money is gone; believed to be used to
settle the group's liabilities, including the writs.  The group
sells high-risk property investments as private retirement
provision.

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


EW MULTI: Court Appoints Administrator from Kuebler
---------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against EW Multi Marketing Service 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 Sebastian Laboga.

Creditors and other interested parties are encouraged to attend
the meeting on January 12, 2006, 10:10 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, 10:05 a.m. at the same venue.

CONTACT:  EW MULTI MARKETING SERVICE GmbH
          Moosrosenstr. 25, 12347 Berlin

          Sebastian Laboga, Administrator
          Kuebler
          Einemstr. 24, 10785 Berlin
          Web site: http://www.Kuebler-gbr.de


FEUER UND FLAMME: Claims Verification Set May
---------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Feuer und Flamme Ausstellungsgesellschaft
mbH on December 5.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until March 3, 2006 to register their claims with court-
appointed provisional administrator Joachim Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting on January 31, 2006, 9:25 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, 9:26 a.m. at the same venue.

CONTACT:  FEUER UND FLAMME AUSSTELLUNGSGESELLSCHAFT mbH
          Karntener Str. 23,10827 Berlin

          Joachim Voigt-Salus, Administrator
          Rankestrasse 33, 10789 Berlin


KARSTADTQUELLE AG: Renews Partnership with TPG
----------------------------------------------
Troubled retail giant KarstadtQuelle AG has renewed its parcel
distribution contract with TPG Post Parcel Service, Noticias
Info says.

The 5-year, EUR100 million contract will see TPG, a unit of
TNT's mail division, provide home delivery service to consumers
and process returns for KarstadtQuelle units Quelle Nederland
B.V., Neckermann Nederland B.V. and Bonaparte beginning 2006.
TPG has been the parcel distributor for several KarstadtQuelle
firms.  KarstadtQuelle decided to renew the contract after
conducting a thorough review of TPG's services.

Harry Koorstra, TNT's Board of Management member and head of
mail activities, said: "We are proud that KarstadtQuelle has
chosen TNT as a network distribution partner for the next five
years.  I am convinced that TPG Post Parcel Service will offer
KarstadtQuelle customers the best quality and complete service.

"This contract win is an excellent example of our refined
strategy, which focuses on networks.  TNT is clearly successful
at designing, implementing and running delivery network
businesses."

Gregor Blauermel, KarstadtQuelle's Mail Order Logistics/Services
manager, added: "Following our positive experiences so far, we
want to commit to a long-term partnership with TPG Post for
distribution in the Netherlands."

TPG Post Parcel Service was created in 1994 as a business unit
of TPG Post, a company with more than 200 years of experience in
collecting, sorting and distributing parcels.

                            *   *   *

Based in Theodor-Althoff-Str. 2, D-45133 Essen, KarstadtQuelle
AG -- http://www.karstadtquelle.com-- is Germany's largest
department store and mail order group.  The group has annual
sales of EUR13.5 billion and employs around 90,000 employees
locally and abroad.  The retailer has been suffering from
sluggish consumer consumption and high unemployment rate in
Germany.  KarstadtQuelle posted an EBITDA of -EUR428 million in
2004.

The group is currently restructuring its operations, selling off
non-core assets and implementing costs saving measures.
Because of the positive performance of the "KarstadtQuelle Neu"
program, the company expects operating EBITDA of over EUR500
million in 2005.

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

          TPG POST PARCEL SERVICE
          Neptunesstraat 2-20,
          The Netherlands
          Web site: http://www.tpgpost.com


LINEAS CONSULTING: Falls into Bankruptcy
----------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against LINEAS Consulting GmbH on December 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 20, 2006 to register their
claims with court-appointed provisional administrator Peter-
Alexander Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting on February 17, 2006, 10:20 a.m. at the district
court of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355
Hamburg, 4. Etage, Anbau, Saal B 405, 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:  LINEAS CONSULTING GmbH
          Heidenkampsweg 75-77, 20097 Hamburg
          Contact:
          Wolfgang Wollert, Manager
          Blumenau 163, 22089 Hamburg

          Peter-Alexander Borchardt, Administrator
          Deichstrasse 1, 20459 Hamburg
          Phone: 040/3760100


PROSIEBENSAT.1 MEDIA: Ruling on Springer Offer Out Next Week
------------------------------------------------------------
The chief of Germany's Cartel Office is still hesitant to
approve Axel Springer's takeover of ProSiebenSat.1 Media AG, the
Associated Press says.

Ulf Boege told Frankfurter Allgemeine Zeitung recently he is not
convinced the takeover will not fortify Springer's dominance in
the media market.  The Cartel Office, whose job is to prevent
companies from gaining too much pricing power in sectors like
advertising, believes a larger Springer will create a duopoly
with Bertelsmann AG, Germany's other leading media conglomerate.

Although Bertelsmann's RTL Group is Europe's largest TV, radio
and production company, unlike Springer it holds no dominant
position in the market for popular newspapers and national
advertising.

Mr. Boege said his office will reveal its decision on the
takeover on Dec. 27.  He anticipates Springer to challenge the
ruling.  "We apparently have different views on the matter.  It
could in the end be decided by a judge," he told the
Frankfurter.

Springer has also recently submitted an amended takeover plan to
the Commission to Investigate Media Concentration to address
concerns raised by television regulators.  According to the
Frankfurter, the government can overrule the Cartel Office, but
not the media commission.

Springer already controls a majority stake in ProSiebenSat.1,
which it bought from a group of investors led by Haim Saban for
EUR3.5 billion.

ProSiebenSat.1 was formed in 2000 with the merger of Germany's
leading broadcasters ProSieben Media AG and Sat.1.  It is the
largest and most successful television corporation in Germany
with four stations -- Sat.1, ProSieben, kabel eins and N24.

CONTACT:  PROSIEBENSAT.1 MEDIA AG
          Medienallee 7
          85774 Unterfohring
          Phone: +49 (89) 95 07-11 80
          Fax: +49 (89) 95 07-11 84

          AXEL SPRINGER VERLAG AG
          Axel-Springer-Str. 65
          10888 Berlin, Germany
          Phone: +49-30-2591-0
          Web site: http://www.asv.de


WUEHRMANN AM BRILL: Bremen Court Appoints Administrator
-------------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Wuehrmann am Brill GmbH+Co. KG on December 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until February 21,
2006 to register their claims with court-appointed provisional
administrator Edgar Gronda.

Creditors and other interested parties are encouraged to attend
the meeting on January 19, 2006, 11:30 a.m. at the district
court of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr.
25-31, 28195 Bremen, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report on March 16, 2006, 10:00 a.m. at the same venue.

CONTACT:  WUEHRMANN AM BRILL GmbH+Co. KG
          Am Brill 2-4, 28195 Bremen
          Contact:
          Karin Wuehrmann, Manager
          Esslinger Weg 8, 28816 Stuhr-Varrel

          Edgar Gronda, Administrator
          Domshof 18-20, 28195 Bremen
          Phone: 0421/3686-0
          Fax: 0421/3686-100


=============
H U N G A R Y
=============


NABI RT: Morgan Stanley Divests Stake Acquired in September
-----------------------------------------------------------
U.S. investment bank Morgan Stanley has cut its stake in
troubled bus maker Nabi Rt. to 4.1% from 6.8%, Bloomberg News
says.

The sale comes just a few months after the bank bought the stake
from an unidentified seller on September 29.  It is also a big
blow to the company's effort to attract moneyed investors.

In May, Nabi sold a third of its shares and 90% of its U.S. unit
to creditors that include HSBC Holdings Plc and OTP Bank Rt. to
reduce debt by US$43 million.  Since then, CEO Andras Racz has
been trying to find buyers for the rest of Nabi.

                            *   *   *

Nabi Rt in May agreed in principle with financiers to
restructure approximately US$103 million short-term debt and
other banking facilities.

Under the agreement, the financiers agreed to reduce their debt
to US$60 million, with a portion of such reduction converted to
equity in the form of the financiers acquiring a 90% equity
interest in NABI Inc. (NABI Rt.'s main operating subsidiary) and
up to 33% equity interest in NABI Rt.  The reduced debt will be
classified as long term and will have maturities of 5 to 8
years.  All warrants formerly issued by NABI Rt. to the
financiers will also be cancelled.

On completion of the restructuring, NABI Inc. will be the sole
borrower of US$60 million reduced debt.  NABI Rt will be free of
debt, but will guarantee repayment of up to US$6.5 million of
NABI Inc.'s debt, secured by a first lien on all of NABI Rt.'s
real estate assets.

Nabi will ensure the continued supply of steel shells, chassis,
parts and service from Hungary to the U.S. business.  It will
sell assets and businesses, the proceeds of which will be used
to reduce debt.

CONTACT:  NABI BUS INDUSTRIES RT
          Ujszasz u. 45.
          1165 Budapest, Hungary
          Phone: + (36-1) 401-7399
          Fax: + (36-1) 407-2931
          E-mail: nabihq@nabi.hu
          Web site: http://www.nabi.hu

          Andras Bodor, Corporate Affairs Director
          Phone: +36-1-401-7100
          E-mail: bodor@nabi.hu


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


ALITALIA SPA: GE Grants Ailing Airline US$445 Million Loan
----------------------------------------------------------
Ailing national carrier Alitalia S.p.A. has taken a US$445
million loan from GE Corporate Banking, says Reuters.

The loan is part of Alitalia's 2005-2008 turnaround plan aimed
at returning the carrier to profit.  The loan is payable in
eight years and secured by the carrier's 38 aircraft.

The airline recently completed its much-needed capital hike,
which raised more than a billion euros.  The rights issue and
the subsequent sale of part of the government's stake, reduced
the latter's shareholding to 49.9%.  This reduction is one of
the conditions set by the European Commission when it approved a
government-guaranteed bridging loan in July last year.

                        About the Company

Headquartered in Viale A. Marchetti 111, 00148 Rome, Italy,
Alitalia S.p.A. -- http://www.alitalia.it-- generates more than
EUR4 billion in annual revenue and employs more than 20,000
people.  As of December 2004, its net debt stood at EUR1.76
billion in 2004.  Alitalia flies to about 80 destinations in
more than 60 countries from hubs in Rome and Milan and operates
a fleet of about 185 aircraft.  Despite a EUR1.4 billion state-
backed restructuring in 1997 and a EUR1.4 billion capital
injection two years ago, it remains financially troubled.  It
has posted a profit only four times in the past 16 years.

CONTACT:  ALITALIA S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax: +39 06 6562 4733
          Web site: http://www.alitalia.it


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


FORD CAPITAL: Fitch Downgrades Senior Debt Rating to BB+
--------------------------------------------------------
Fitch Ratings has downgraded the issuer default rating (IDR) and
senior unsecured debt ratings of Ford Motor Company, Ford Credit
Company and affiliate ratings to 'BB+' from 'BBB-'.  A complete
list of affected ratings is attached below.  The ratings of The
Hertz Corporation and its subsidiaries are not affected by this
action.  Ford's Rating Outlook remains Negative.

The downgrade and Negative Outlook reflect the continuing share
losses and competitive pressures at Ford's core North American
auto operations, and the challenges the company faces in
restoring sustainable positive cash flow.  Ford, along with most
of the North American auto industry, is in the midst of an
extended and fundamental restructuring of its cost base, which
will be necessary to stem operating losses.

The deterioration in Ford's core SUV products has had a
disproportionate impact on consolidated profitability, with
higher gas prices and shifts in consumer preferences providing
uncertainty as to the extent of the decline going into 2006.
Ford has a number of competitive product offerings that should
provide some support to consolidated volumes and revenues, but
the company will nevertheless remain challenged to sustain
revenues given price pressures and the trend toward lower-priced
vehicles.  Inability to sustain revenues would further stress
Ford's operating profile given the company's legacy costs.

Recent successful product introductions in the car segment have
led to unit sales gains and should provide continuing strength
in this segment into 2006, providing some offset to consolidated
revenue pressures.  Ford has a moderate presence in the rapidly
growing crossover segment, with two new products in this
category scheduled for release in late 2006.  Otherwise, Ford's
new product introductions will be light over the next several
years.  Although the large pickup segment has held up well, Ford
will face increasing competition in terms of new and refreshed
product competition competitive in 2006 as well as ever-present
price competition.  Operating losses have also occurred despite
a healthy economic environment that has helped produce healthy
industry sales volumes, indicating vulnerability to any
deterioration in economic conditions over the near term.
Warranty costs, which have grown meaningfully over the past
several years, have impaired cash flows and remain a concern.

Ford will be reliant on significant cost reductions to stabilize
margins and cash flows.  Ford has announced its intent to close
numerous assembly and component plants in addition to those
recently acquired from Visteon.  Given the progress Ford has
made in portions of its product portfolio, target demographics
and manufacturing footprint, the company's unprofitable product
lines and uncompetitive manufacturing operations are relatively
identifiable.  Ford has more than adequate liquidity over the
near term to finance the required employee buyout programs and
closure of facilities, although the pace and extent of the
restructuring will be dependent on Ford's progress in
negotiations with the UAW.

The ability to accelerate restructuring activities could leave
Ford with a smaller, but more viable combination of flexible
manufacturing plants and product segments, with better plant
economics.  However, replacing unit sales to support revenue
levels will remain a difficult challenge given the unrelenting
competitive environment.  In its restructuring efforts, as with
its recent health care agreement, Ford is expected to benefit
from the urgency of the accelerated restructuring program being
undertaken by GM.

Operating results have also been severely impacted by higher
commodity costs, namely steel and resin, which may continue to
rise for Ford through 2006.  Longer term, commodity price relief
may alleviate some margin pressure although this may not occur
until into 2007.  Given top-line pressures and reduced scale,
fixed-cost absorption will continue to be challenging, and
margin restoration will be difficult to accomplish without more
significant inroads into structural costs in the areas of wages
and benefits.

Pension and health care costs remain a concern.  Total health
care expenditures were US$3.1 billion in 2004, and have been
increasing annually at double-digit rates, although this will
now be off of a moderately lower base following the recent
health care agreement.  Ford remains moderately underfunded in
its U.S. pension plans, although pension legislation could
accelerate required contributions in an adverse scenario over
the near term.

As of Sept. 30, 2005, Ford had healthy liquidity of US$19.6
billion in cash and S/T VEBA, as well as approximately US$5.7
billion in L/T VEBA.  Expected net proceeds from the sale of
Hertz of US$5.6 billion will provide supplemental liquidity to
utilize in Ford's restructuring program.  Total debt of US$18.2
billion is down modestly over the past several years, and
maturities are limited to under US$4 billion over the next
fifteen years.  Ford maintains committed lines of US$6.5
billion.

The ratings of Ford Motor Credit Co. (FMCC) are linked to those
of Ford due to the close business relationship between them.
Fitch expects FMCC's earnings and dividends to decline
noticeably going into 2006 primarily due to lower receivables
outstanding and margins.  FMCC has benefited by lower provision
expense, as the quality of its receivables pool has increased,
however, the pace of these improvements is expected to slow
going forward.  Fitch believes that FMCC maintains a good degree
of liquidity relative to its rating. Supporting this is FMCC's
ability to sell or securitize a broad spectrum of assets such as
retail finance, lease, and wholesale loans.  Moreover, FMCC
continues to hold high cash balances and its assets mature
faster than its debt.

Ratings lowered by Fitch with a Negative Rating Outlook include
the following:

Ford Motor Co.
--Senior debt to 'BB+' from 'BBB-';
--Short-term to 'B' from 'F2'

Ford Motor Credit Co.
--Senior debt to 'BB+' from 'BBB-';
--Short-term to 'B' from 'F2'

FCE Bank Plc
--Senior debt to 'BB+' from 'BBB-';
--Short-term to 'B' from 'F2'

Ford Capital B.V.
--Senior debt to 'BB+' from 'BBB-'.

Ford Credit Canada Ltd.
--Senior debt to 'BB+' from 'BBB-';
--Short-term to 'B' from 'F2'

Ford Motor Capital Trust II
--Preferred stock to 'BB-' from 'BB'.

Ford Holdings, Inc.
--Senior debt to 'BB+' from 'BBB-';

Ford Motor Co. of Australia
--Senior debt to 'BB+' from 'BBB-';

Ford Credit Australia Ltd.
--Senior debt to 'BB+' from 'BBB-';
--Short-term to 'B' from 'F2'

PRIMUS Financial Services (Japan)
--Senior debt to 'BB+' from 'BBB-';
--Short-term to 'B' from 'F2'

Ford Credit de Mexico, S.A. de C.V.
--Senior debt to 'BB+' from 'BBB-';

Ford Motor Credit Co. of New Zealand
--Senior debt to 'BB+' from 'BBB-';
--Short-term to 'B' from 'F2'

Ford Motor Credit Co. of Puerto Rico
--Short-term to 'B' from 'F2'

CONTACT:  FORD CAPITAL B.V.
          Postbus 795
          1000 AT Amsterdam
          Phone: 020 5044646
          Fax: 020 5044635
          Web site: http://www.ford.nl

          FITCH RATINGS
          Mark Oline
          Phone: +1-312-368-2073
          Richard Hilgert
          Phone: +1-312-606-2336 (Ford), Chicago
          Christopher D. Wolfe
          Phone: +1-212-908-0771
          Philip S. Walker Jr. (FMCC), New York
          Phone: +1-212-908-0624

          Media Relations
          Brian Bertsch, New York
          Phone: +1 212-908-0549
          Kenneth Reed, New York
          Phone: +1 212-908-0540
          Web site: http://www.fitchratings.com


GARANTIBANK INTERNATIONAL: Fitch Affirms Long-term BB+ Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Netherlands-based GarantiBank
International N.V.'s (GBI) ratings at Long-term 'BB+', Short-
term 'B', Individual 'C/D' and Support '4'.  The Outlook on
Long-term rating is Positive.  At the same time, Fitch has
withdrawn all the ratings. Fitch will no longer provide ratings
or analytical coverage of this issuer.

CONTACT:  GARANTIBANK INTERNATIONAL N.V.
          Keizersgracht 569 - 575
          1017 DR Amsterdam
          The Netherlands
          Phone: +31 (0)20 553 97 00
          Fax: +31 (0)20 420 17 28
          E-mail: info@garantibank.nl

          FITCH RATINGS
          Banu Cartmell
          Jeroen Julius, London
          Phone: +44 (0)20 7417 4222

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


INDOVER BANK: Fitch Changes Outlook to Positive
-----------------------------------------------
Fitch Ratings has changed Netherlands-based Indover Bank's
rating Outlook to Positive from Stable.  At the same time the
agency has affirmed the bank's ratings at Long-term 'B+', Short-
term 'B', Individual 'D/E', and Support '4'.

The change to Positive Outlook reflects the continuing
commitment of the bank's sole shareholder, Bank Indonesia, the
Indonesian Central Bank, to provide support now that uncertainty
about an imminent divestment of Indover Bank earlier this year
has abated.  The Positive Outlook mirrors that of the Indonesian
Sovereign.  Although Bank Indonesia is obliged to divest Indover
Bank by end-2008, it has explicitly committed to provide funding
until privatization takes place.  Indover Bank's support rating
of '4' takes into account this commitment, but also reflects
possible limitations in Bank Indonesia's ability to provide
support, as indicated by the Republic of Indonesia's Long-term
rating of 'BB-'.

The Individual rating reflects Indover Bank's current dependency
on Bank Indonesia for funding and liquidity, and the bank's lack
of profitability, but also takes into account its strong capital
base.  Indover Bank has not yet been able to rebuild a
profitable business model since the 1997 Asian crisis, which
caused a collapse in asset quality and profitability.  The asset
quality issues were subsequently addressed by transferring the
bad loans into a separate legal entity; but the bank has yet to
regenerate its franchise, and revenues are low and do not cover
costs.  Management is restructuring the bank and has adopted a
correspondent banking strategy aimed at expanding the client
base and increasing transaction volumes.  With a Tier 1 ratio of
47.0% at end-2004, Indover Bank has ample capital to absorb
current losses and to support future asset growth.

A specialized wholesale bank based in Amsterdam, Indover Bank
has a branch in Hamburg, wholly owned subsidiaries in Hong Kong
and Singapore, and a representative office in Jakarta.

CONTACT:  INDOVER BANK
          Stadhouderskade 84, 1073 AT Amsterdam
          P.O. Box 526, 1000 AM Amsterdam
          Phone: +31 (0)20 57 00 700
          Fax: +31 (0)20 66 26 119
          Web site: http://www.indoverbank.nl

          FITCH RATINGS
          Martin Oldham
          Banu Cartmell London
          Phone: +44 (0)20 7417 4222

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


ROYAL SHELL: Buys back 1 Million 'A' Shares
-------------------------------------------
On 19 December 2005, Royal Dutch Shell plc purchased for
cancellation 750,000 'A' Shares at a price of EUR25.84 per
share.  It further purchased for cancellation 250,000 'A' Shares
at a price of 1,758.50 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,935,625,000.

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


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


PETROLEUM GEO-SERVICES: Secures US$1 Billion Credit line
--------------------------------------------------------
Petroleum Geo-Services ASA said on Monday that it has entered
into a new $1 billion senior secured credit facility.  The New
Credit Facility consists of a seven-year $850 million term loan
and a five-year $150 million revolving credit facility, which
replaced its existing secured $110 million credit facility.  The
proceeds from the term loan, as well as cash on hand, were used
to finance the repurchase of all of PGS' outstanding 10% Senior
Notes due 2010 that were validly tendered pursuant to the
Company's previously announced tender offer and consent
solicitation.

Eurodollar borrowings under the term loan facility will bear
interest at a rate equal to LIBOR plus 250 basis points, which
rate will be reduced to LIBOR plus 225 basis points if the
Company's leverage ratio is less than 2.25 to 1.  The Company
has entered into interest swap agreements fixing the interest
rate for three to five years for 50% of the term loan ($425
million).

PGS' President and CEO Svein Rennemo stated that this represents
an important milestone for PGS.

"In completing our refinancing we have gained increased
financial and strategic flexibility.  We continue to explore a
separation of PGS, guided by the belief that direct access to
the capital markets for both Geophysical and Production would
allow us to capture more growth opportunities in the years to
come."

In addition, upon the Expiration Date (as defined below), the
Company has accepted all of the Notes validly tendered pursuant
to the Company's tender offer and consent solicitation relating
to the Notes, which expired at 8:00 a.m., New York City time, on
December 16, 2005.  As of the Expiration Date, approximately
$741.4 million aggregate principal amount of the Notes were
tendered, representing approximately 99% of the aggregate
principal amount outstanding.

PGS engaged UBS Securities LLC as dealer manager for the tender
offer and solicitation agent for the consent solicitation and
Global Bondholder Services Corp. as the information agent for
the tender offer and consent solicitation.

The tender offer and consent solicitation was made solely on the
terms and conditions set forth in the Offer to Purchase and
Consent Solicitation Statement dated November 15, 2005.  Under
no circumstances shall this press release constitute an offer to
buy or the solicitation of an offer to sell the Notes or any
other securities of the Company.  It also is not a solicitation
of consents to the proposed amendments to the indenture
governing the Notes.  No recommendation was made as to whether
holders of the Notes should tender their Notes or give their
consent.

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

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

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

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


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


ATNYA-AGRO-KHIM-SERVICE: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Atnya-Agro-Khim-Service.  The case is docketed as A65-
24410/2005-SG4-16.  Mr. I. Latypov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 422540, Russia,
Tatarstan republic, Zelenodolsk, Post User Box 582.  A hearing
will take place on February 28, 2006, 10:00 a.m. at the
Arbitration Court of Tatarstan republic at Russia, Kazan,
Kremlin, Building 1, Entrance 2, Room 16.

CONTACT:  ATNYA-AGRO-KHIM-SERVICE:
          422750, Tatarstan republic,
          Atninskiy region, Bolshaya Atnya

          I. LATYPOV
          Temporary Insolvency Manager
          422540, Russia, Tatarstan republic,
          Zelenodolsk, Post User Box 582


CORALL DIAMOND: Hires N. Nikitina Insolvency Manager
----------------------------------------------------
The Arbitration Court of Vladimir region commenced bankruptcy
proceedings against Corall Diamond after finding the close joint
stock company insolvent.  The case is docketed as A11-8278/2005-
K1-71B.  Ms. N. Nikitina has been appointed insolvency manager.

CONTACT:  CORALL DIAMOND
          Russia, Vladimir region,
          Aleksandrov, Institutskaya Str. 1

          N. NIKITINA
          Insolvency Manager
          350000, Russia, Krasnodar region,
          Kommunarov Str. 59


IZHEVSK-GAS: Under External Bankruptcy Procedure
------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy external management procedure on open joint stock
company Izhevsk-Gas.  The case is docketed as A71-108/2004-G21.
Mr. G. Busygin has been appointed external insolvency manager.
Creditors may submit their proofs of claim to 620075, Russia,
Sverdlovsk region, Ekaterinburg, Gorkogo Str. 31.

CONTACT:  IZHEVSK-GAS
          426008, Russia, Udmurtiya republic,
          Izhevsk, Kommunarov Str. 359

          G. BUSYGIN
          External Insolvency Manager
          620075, Russia, Sverdlovsk region,
          Ekaterinburg, Gorkogo Str. 31


IZHEVSKIY: Claims Filing Period Ends December 29
------------------------------------------------
The Arbitration Court of Udmurtiya republic commenced bankruptcy
proceedings against Izhevskiy after finding the open joint stock
company insolvent.  The case is docketed as A71-31/2005-G26.
Mr. A. Kudryavtsev has been appointed insolvency manager.
Creditors have until December 29, 2005 to submit their proofs of
claim to 426011, Russia, Udmurtiya republic, Izhevsk,
Udmurtskaya Str. 304.

CONTACT:  A. KUDRYAVTSEV
          Insolvency Manager
          426011, Russia, Udmurtiya republic,
          Izhevsk, Udmurtskaya Str. 304


IZH-RUS': Insolvency Manager Takes over Firm
--------------------------------------------
The Arbitration Court of Udmurtiya republic commenced bankruptcy
proceedings against Izh-Rus' after finding the insurance company
insolvent.  The case is docketed as A71-105/2005-G2.  Mr. G.
Ustinov has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 426067, Russia, Izhevsk, Post
User Box 2417.

CONTACT:  IZH-RUS'
          426000, Russia, Udmurtiya republic,
          Izhevsk, Pushkinskaya Str. 262

          G. USTINOV
          Insolvency Manager
          426067, Russia, Izhevsk region,
          Post User Box 2417


MELEUZOVSKIY: Bashkortostan Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Meleuzovskiy after finding the
concentrated-milk combine company insolvent.  The case is
docketed as A-07-36525/05-G-MOG.  Mr. Y. Manzurov has been
appointed insolvency manager.

CONTACT:  MELEUZOVSKIY
          453310, Russia, Bashkortostan republic,
          Meleuz, Smolenskaya Str. 34

          Y. MANZUROV
          Insolvency Manager
          453850, Russia, Bashkortostan republic,
          Meleuz, Levonaberezhnaya Str. 13


MINE MANAGEMENT: Bankruptcy Hearing Resumes February
----------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Mine Management.  The case is docketed as A65-3208/2002-SA2-21.
Mr. V. Semenov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 420132, Russia,
Tatarstan republic, Kazan, Post User box 243.  A hearing will
take place on February 9, 2006, 8:30 a.m. at Russia, Kazan,
Kremlin, Building 1, Entrance 2, Room 12.

CONTACT:  MINE MANAGEMENT
          Russia, Tatarstan republic,
          Vysokogorskiy region, Potanikha

          V. SEMENOV
          Temporary Insolvency Manager
          420132, Russia, Tatarstan republic,
          Kazan, Post User Box 243


PRIMOR-AUTO-BRIDGE: Declared Insolvent
--------------------------------------
The Arbitration Court of Primorye region commenced bankruptcy
proceedings against Primor-Auto-Bridge after finding the close
joint stock company insolvent.  The case is docketed as A51-
13447/2005 15-198B.  Mr. B. Zaytsev has been appointed
insolvency manager.

CONTACT:  PRIMOR-AUTO-BRIDGE
          Russia, Primorye region,
          Ussuriysk, Novonikolskoye Shosse, 6V

          B. ZAYTSEV
          Insolvency Manager
          690022, Russia, Vladivostok,
          Kirova Str. 101, Apartment 159


SEVERO-VOSTOK-STROY-INDUSTRIYA: Succumbs to Bankruptcy
------------------------------------------------------
The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against Severo-Vostok-Stroy-Industriya after finding
the open joint stock company insolvent.  The case is docketed as
A73-8208/2005-36.  Mr. V. Kozin has been appointed insolvency
manager.  Creditors have until December 29, 2005 to submit their
proofs of claim to 681000, Russia, Komsomolsk-na-Amure, Kirova
Str. 76/2, Office 202.

CONTACT:  SEVERO-VOSTOK-STROY-INDUSTRIYA
          681000, Russia, Komsomolsk-na-Amure,
          Gagarina Str. 17/5

          V. KOZIN
          Insolvency Manager
          681000, Russia, Komsomolsk-na-Amure,
          Kirova Str. 76/2, Office 202


WARM CONTINENT: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on limited liability company
Warm Continent (TIN 7449033082).  The case is docketed as A76-
32640/05-55-218.  Mr. S. Rogov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 454108, Russia,
Chelyabinsk, Sh. Rustaveli, 32-47.  A hearing will take place on
February 8, 2006.

CONTACT:  WARM CONTINENT
          454901, Russia, Chelyabinsk region,
          Tukhachevskogo Str. 2

          S. ROGOV
          Temporary Insolvency Manager
          454108, Russia, Chelyabinsk region,
          Sh. Rustaveli, 32-47


YUKOS OIL: Hearing on US$475 Mln Bank Claim Resumes Today
---------------------------------------------------------
The Moscow Arbitration Court will resume on December 21 hearings
on the multi-million-dollar lawsuit filed against embattled
Yukos Oil by a syndicate of foreign banks, says RIA Novosti.

The court reviewed on Dec. 13 the claim of western banks against
Yukos, but suspended hearings until December 14 to sift through
the voluminous case files.

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

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

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

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

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


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


CABLEUROPA SA: Credit Facility Syndication Raises EUR755 Mln
------------------------------------------------------------
Grupo Corporativo ONO, through its wholly owned subsidiary
Cableuropa, S.A.U., said that on Dec. 2, 2005 the syndication of
the EUR3,100 million senior credit facility was completed.  ONO
closed the successful syndication process for the EUR3,100
million senior credit facility with a total of EUR755 million
raised.  Together with ONO, the four bookrunners leading the
syndication process were ABN AMRO, Banco Santander Central
Hispano, CALYON and Fortis Bank.

The financial institutions joining the facility through the
syndication process are: Banco Bilbao Vizcaya Argentaria, Bank
of America, HSBC Bank, Natexis Banques Populaires, Citigroup,
ING Bank, La Caixa, Sumitomo Mitsui Banking Corporation, Allied
Irish Banks, Banco BPI, BNP Paribas S.A., Dexia, IXIS Corporate
& Investment Bank, Lehman Brothers, Morgan Stanley, UBS
Investment Bank, KBC Bank, NM Rothschild and Sons Limited and
Winchester Capital (Deutsche Bank AG).

These financial institutions joined the group of Mandated Lead
Arrangers formed by: ABN AMRO, Calyon, Fortis Bank, Banco
Santander Central Hispano, Instituto de Credito Oficial (ICO),
Royal Bank of Scotland, Ahorro Corporacion Financiera, Societe
Generale, WestLB, Caixa Catalunya, SabadellAtlantico, Banesto,
Rabobank and JPMorgan.

Financing

As part of the Auna Tlc acquisition, ONO raised EUR3,500 million
financing and EUR1,000 million of equity.  The EUR3,500 million
financing comprises a EUR3,100 million senior credit facility, a
EUR130 million subordinated term loan and a EUR270 million
subordinated bond bridge facility.

The financing is dedicated to the funding of the Auna Tlc
acquisition, the refinancing of the former senior facilities of
ONO and the provision of sufficient funding for the enlarged ONO
group to reach free cash flow positive.

Commenting on the syndication, Jonathan Cumming, ONO's Chief
Financial Officer, said: "We are delighted with the results of
the syndication.  We welcome these new financial institutions to
the ONO story and repeat our gratitude to all of the banks that
have helped to make this transaction a reality.

"We structured the debt financing to demonstrate a continued
focus on our strategy of debt deleveraging.  Following the
acquisition of Auna Tlc, the pro forma total debt to EBITDA
ratio for the enlarged ONO group is 5.3x, more than half a turn
lower than the 5.9x reported by ONO in the second quarter of
2005.

"We will continue to focus on reducing the total debt leverage
as we look to grow our revenue line through offering
competitively priced services to the residential and business
market throughout Spain and control the operating and capital
expenditure in the enlarged ONO business."

First Steps

As part of the first steps of the transformation of the new ONO
business, ONO has recently launched the first offer available to
all new cable customers in Spain.  For only EUR49.95 per month
all customers can enjoy telephony, broadband Internet and
digital television across all ONO's regions.  The offer includes
telephony line rental, broadband Internet access, free national
telephony minutes and a wide range of the best television
channels including: cinema, series, documentaries, children
channels, sports and the access to an outstanding pay per view
offer.

About ONO:

ONO is Spain's leading cable media and entertainment company.
It offers telephony, pay television and broadband Internet
services to residential customers in Andalusia, Aragon, The
Canary Islands, Castilla - La Mancha, Castilla y Leon,
Cantabria, Catalonia, Comunidad Valenciana, La Rioja, Madrid,
Mallorca, Navarra and Region of Murcia.  Through its own
national backbone network, ONO also provides voice, data and
related services to companies across Spain.  ONO shareholders
are: Grupo Multitel, JPMorgan Partners, Providence Equity
Partners, Thomas H. Lee Partners, Grupo Santander, GE Structured
Finance, Quadrangle Capital Partners, Caisse de Depot et
Placement du Quebec, Val Telecomunicaciones and Sodinteleco.

                            *   *   *

Standard & Poor's Ratings Services removed from CreditWatch with
positive implications and raised its corporate credit rating on
Cableuropa S.A.U. to 'B' from 'B-' following its acquisition of
Auna Tlc on Nov. 4, and the refinancing of its existing debt.
The outlook is stable.

At the same time, Standard & Poor's removed from CreditWatch
with positive implications and raised its senior unsecured debt
ratings on Cableuropa's finance vehicle ONO Finance PLC to
'CCC+' from 'CCC'.  Standard & Poor's has not rated or assigned
a recovery rating to the senior secured credit facility, at the
request of Cableuropa.  The credit facility -- which is
currently being syndicated -- will be the primary capital
resource of the company, representing about EUR3.1 billion with
senior rights over any existing or upcoming senior unsecured
bonds.

"The upgrade reflects the improved business position and medium-
term trading prospects of Cableuropa as a result of the
acquisition of Auna, notwithstanding the significant short-term
integration risks," said Standard & Poor's credit analyst
Leandro de Torres Zabala.  "The ratings need to be viewed,
however, in the context of an expected sound operating
performance and maintenance of a strong liquidity position over
the next two years."

The ratings are also based on the expectation that Cableuropa
will smoothly integrate Auna and achieve substantial cost
efficiencies.  It is key that Cableuropa continues to generate
strong revenues and EBITDA growth, makes rapid advancement
toward achievement of positive free cash flow in the second half
of 2007 and deleverages to a lease-adjusted ratio of gross debt
to annualized last quarter EBITDA of about 5x by year-end 2007.

The acquisition has clear business merits, including the
creation of Spain's second-largest facilities-based national
telecommunications player.

Cableuropa should become more competitive as a result of its
larger business scale and should be able to extract significant
economies of scale and operating efficiencies from the merger.

The merger will not come without challenges, however, including
material integration risks, the weaker performance of Auna, its
strong exposure to the competitive fixed-telephony market, and
the fact that Auna comes with a number of businesses that are
new to Cableuropa.  The pursuit of this larger growth
opportunity will also delay the achievement of positive free
cash flow until at least the second half of 2007 according to
the bank's financial plan supporting the loan documentation.

The ratings on the group were originally placed on CreditWatch
on Aug. 1, 2005, following GCO's announcement that it had
reached an agreement with Grupo Auna and its principal
shareholders for Cableuropa to acquire 100% of Auna.  For the
nine-month period to Sept. 30, 2005, the combined group's
revenues were EUR1,306 million and EBITDA of EUR334 million.
Pro forma for the acquisition and the refinancing, Cableuropa's
adjusted (for operating leases and the EUR215 million deferred
acquisition price) gross debt will reach about EUR2.9 billion
and adjusted gross debt to annualized third-quarter 2005 EBITDA
is estimated at about 5.8x at Sept. 30, 2005, which is an
improvement from historical levels.

CONTACT:  GRUPO CORPORATIVO ONO
          Jonathan Cumming, Chief Financial Officer
          Phone: +34 91 180 9444
          E-mail: jonathan.cumming@ono.es
          Web site: http://www.ono.es

          GRUPO ALBION
          Alejandra Moore Mayorga
          Phone: +34 91 531 23 88
          E-mail: amoore@grupoalbion.net

          CABLEUROPA S.A.U.
          Calle Basauri 7-9
          Urbanizacion la Florida
          28023 Aravaca
          Madrid
          Phone: +34-91-180-93-00
          Fax: +34-91-180-93-44


CABLEUROPA SA: Fitch Affirms B Rating; Outlook Positive
-------------------------------------------------------
Fitch Ratings has affirmed Spain-based Cableuropa S.A.'s ratings
at Senior Unsecured and Short-term 'B' and removed them from
Rating Watch Evolving (RWE).  A Positive Outlook is assigned.
At the same time, Fitch has assigned Cableuropa's EUR3.1 billion
senior secured bank facilities 'BB-' and subordinated facilities
'B-' ratings.  ONO Finance, a subsidiary of Cableuropa, and its
guaranteed notes are affirmed at 'B-' and removed from RWE.

The rating action resolves the RWE status ascribed 2 August 2005
in response to the company's announcement that it had reached an
agreement to acquire 100% of Auna Tlc (Auna), and follows a
review of Cableuropa's plans for the combined business and the
financial implications of the financing of the transaction.

Stuart Reid, a director in Fitch's TMT group, said: "The
acquisition makes good strategic sense, creating a national
champion to compete with Telefonica in telephony and broadband
and with Sogecable in pay TV.  We have for some time been
impressed by management's track record in delivering profitable
growth through its triple-play service bundle.  The challenge
now will be for the company to quickly integrate the acquired
business and improve margins within the significantly less
profitable Auna franchise."

The Senior Unsecured 'B' rating reflects Cableuropa's improved
scale and market position following the acquisition, good
operational performance and solid execution of its business plan
to date.  The rating also takes into account the margin dilution
resulting from the Auna acquisition, the postponement of free
cash flows for one to two years and the associated impact on the
company's leverage.  Following the acquisition, ONO has close to
1.7 million residential customers, 80,000 business customers and
6 million homes built-out.  Its franchise covers 17.7 million
homes, equivalent to 85% of the country, and 90% of Spain's
businesses.  Following the acquisition ONO is Spain's leading
alternative provider in telephony, broadband and pay TV with
market shares of 11%, 28% and 15% respectively.  While the
integration challenge should not be under-estimated, management
has a good track record of assimilating acquisitions and
delivering operating efficiencies.

The 'BB-' rating on Cableuropa's senior secured facilities are
two notches higher than the Senior Unsecured rating.  The
facilities benefit from a security package consisting of
security over the shares in Cableuropa and Auna.  Fitch
considers that, in a potential distress scenario, a sale of the
business as a going concern would deliver most value for
lenders.  While Fitch's recovery analysis implies full recovery
for the senior lenders, notching is capped at two notches in
line with the agency's approach to the rating of secured
corporate obligations in Spain.

The 'B-' rating on the subordinated facilities and the high-
yield notes is a notch below the Senior Unsecured rating,
reflecting the contractual and structural subordination (in the
event of enforcement) to the senior secured facilities and other
obligations.  Fitch's analysis indicates that recovery rates for
the subordinated and high-yield lenders would be below average
in a distress scenario.

The acquisition has been funded through a combination of senior
secured bank debt, equity of EUR1.0 billion (from new financial
sponsors), a subordinated high-yield bridge and other
subordinated facilities.  ONO currently expects the 2014 senior
notes to remain in place, and has issued a change of control
offer with respect to its 2011 maturities.  At transaction
closing and based on annualized Q305 pro-forma EBITDA, senior
leverage stood at 4.0x and total leverage at 5.5x.  While
leverage may rise as the company reaches peak funding with the
further build-out of the network, Fitch expects these ratios to
remain in line with the current ratings.  The Positive Outlook
reflects management's strong performance in growing a cable
business in Spain, and the company's potential ability to reduce
leverage to levels consistent with a higher rating relatively
quickly.  While the integration challenge should not be under-
estimated management has a good track record at integrating past
acquisitions.

Cableuropa is a Spanish broadband service provider and the
intermediate holding company for the ONO group.  Its core
business consists of the offering of integrated
telecommunications, cable television and broadband Internet
services to residential and business customers.  Following the
Auna acquisition, the company had pro-forma 9-month revenues to
September 2005 of EUR1,306 million and pro-forma EBITDA of
EUR334 million (reflecting a margin of 25.6%).

CONTACT:  CABLEUROPA S.A.
          Calle Basauri 7-9
          Urbanizacion la Florida
          28023 Aravaca, Madrid
          Spain
          Phone: +34-91-180-93-00
          Fax: +34-91-180-93-44
          Web site: http://www.ono.es

          FITCH RATINGS
          Stuart Reid, London
          Phone: +44 207 417 4323
          Michael Dunning, +44 207 417 6343
          Erwin van Lumich, Barcelona
          Phone: +34 93 323 8403

          Media Relations
          Julian Dennison, London
          Phone: +44 20 7862 4080
          Web site: http://www.fitchratings.com


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


ABB LTD.: Court Okays CE's Settlement with Hartford, First State
----------------------------------------------------------------
The Hon. Judith K. Fitzgerald of the U.S. Bankruptcy Court for
the District of Delaware approved a settlement agreement between
Combustion Engineering, Inc., First State Insurance Company and
Hartford Accident and Indemnity Company.

Judge Fitzgerald also authorized the sale of certain insurance
policies, free and clear of liens, claims, interests and other
encumbrances, to Hartford and First State (collectively know as
the Hartford Released Parties).

                   Asbestos-Related Claims

Combustion Engineering faces numerous asbestos-related personal
injury lawsuits pending in various parts of the United States.

First State Insurance Company and Hartford Accident and
Indemnity Company are two of the insurance companies that
extended insurance coverage to the Debtor from 1940 and 1985.
Prior to the mid-1990s, approximately two-thirds of asbestos
payments made by the Debtor were reimbursed by insurance.
However, insurance available to cover the payment of asbestos
claims has deteriorated dramatically, with Combustion exhausting
its primary insurance coverage or settling with its primary
carriers, and its excess insurers disputing liability.

On Oct. 24, 2003, Combustion sued its insurers in the Delaware
Bankruptcy Court seeking, among other relief, coverage from
First State for asbestos-related bodily injury claims.

                    Insurance Settlement

To resolve their long-standing dispute, the Debtor, Hartford and
First State agreed to an amicable settlement.  Salient terms of
the agreement include:

     a) Hartford and First State's repurchase of the policies
        issued to Combustion;

     b) First State's payment of a settlement amount of
        $8,475,000 which shall be allocated for the payment of
        asbestos claims;

     c) release of Hartford and First State from all issues
        involving coverage claims.

Headquartered in Norwalk, Connecticut, Combustion Engineering,
Inc., is the U.S. subsidiary of the ABB Group.  ABB is a leader
in power and automation technologies that enable utility and
industry customers to improve performance while lowering
environmental impact.  The ABB Group of companies operates in
more than 100 countries and employs about 103,000 people.
Combustion Engineering filed for chapter 11 protection on Feb.
17, 2003 (Bankr. D. Del. Case No. 03-10495).  Curtis A. Hehn,
Esq., at Pachulski Stang Ziehl Young & Jones and Jennifer Mo,
Esq., at Kirkpatrick & Lockhart Nicholson Graham represents the
Debtor in its restructuring efforts.  When the Debtor filed for
protection from its creditors, it estimated more than $100
million in assets and debt.  On July 10, 2003, the Debtor's Plan
of Reorganization was confirmed.  Certain insurers appealed the
confirmation order to the United States Court of Appeals for the
Third Circuit.  On Dec. 2, 2004, the Third Circuit vacated the
Confirmation Order and remanded the Debtor's case.

CONTACT:  ABB LTD.
          Affolternstrasse 44
          CH-8050 Zurich, Switzerland
          Investor Relations
          Switzerland
          Phone: +41 43 317 7111
          Sweden
          Phone: +46 21 325 719
          USA
          Phone: +1 203 750 7743


CONCORDIA BUS: To Present Third-quarter Results Tomorrow
--------------------------------------------------------
Concordia Bus AB will announce its Q3 FY2006 results Thursday
Dec. 22, 2005.  Quarterly report and presentation will be
available for downloading at http://www.concordiabus.comafter
12 a.m. U.K. time on Dec. 22.  The call will also include a Q&A
session.

Telephone details:
     Time and date: Dec. 22, 2005
     16.00 (CET, Swedish time)
     3 p.m. (U.K. time) and
     10:00 (NY, U.S.A. time)

Duration: 120 minutes

Bridge numbers:
     U.K.: +44(0)20 7162 0125
     U.S.A.: +1 334 323 6203
     Sweden: +46(0)8 505 201 14

(Note for local Connect dial-in-numbers- you must always dial
the area code to enter the conference)

Action replay numbers:
     U.K.: +44(0)20 7031 4064, access code: 686966
     U.S.A.: +1 954 334 0342, access code: 686966
     Sweden: +46(0)8 505 203 33, access code: 686966

Conference title: Concordia Bus Q3 FY2006

Chairperson: Norback/Skargard

                        About the Company

The Concordia Bus Group is one of Europe's ten largest Groups
within public transports and largest in the Nordic region.  The
Group carries approximately 280 million passengers yearly in
scheduled services, motor coaches and tourist travel in Sweden,
Norway and Finland.  Swebus, Swebus Express and Interbus in
Sweden, I.M. Schoyen Bilcentraler in Norway and Concordia Bus
Finland are parts of the Group.

Concordia Bus Group concluded its financial restructuring in
October.  All holders of the Group's EUR160 million Senior
Subordinated Notes who have accepted the terms of the financial
restructuring have received shares in exchange for their notes,
which have since been annulled.  Senior Subordinated Notes
converted to equity amount to 97.5% of the shares in Concordia
Bus AB.  Concordia Bus Nordic AB -- parent company of the
Group's operative bus companies where among others Swebus is
part -- will receive an equity injection of EUR20 million.

CONTACT:  CONCORDIA BUS NORDIC AB
          Ragnar Norback, CEO
          Phone: + 46 701 87 10 40

          Per Skargard, CFO
          Phone: + 46 701 87 10 52


CORRAL INVESTMENT: Gets Ba3 Corporate Family Rating from Moody's
----------------------------------------------------------------
Moody's Investors Service assigned a Corporate Family Rating of
Ba3 to Corral Investment AB, the holding company of Preem
Holdings AB and Preem Petroleum AB.

At the same time, Moody's has upgraded the EUR305 million 10
5/8% Senior Secured Notes issued by Preem Holdings to B2 from B3
and the EUR100 million 9% Senior Subordinated Notes issued by
Preem Petroleum to B1 from B2.  The outlook for all ratings is
stable.

Corral is a Swedish company wholly owned by Corral Petroleum
Holdings, which is itself indirectly owned by a Saudi
individual, Mr. Mohammed Hussein Al-Amoudi.  The current group
structure was established earlier this year when Corral issued
an approximately equivalent EUR534 million split coupon notes
due August 2010 (PIK notes) in order to fund a distribution to
its shareholder.

According to Moody's current rating practices (outlined in
Moody's Special Comment: "Rating Paid-In-Kind (PIK) Securities
and Shareholder Loans in European Leveraged Finance", published
April 2005), if new PIK notes are issued at a holding company
above the restricted group, and the existing corporate family
rating is anchored at a level below the PIK issuing entity, the
corporate family rating for the group must be anchored at a
level that incorporates the PIK note issuing entity, regardless
of whether or not the PIK notes are rated.

The PIK notes are senior debt secured by a first priority share
pledge of Preem Holdings; they are structurally subordinated to
existing and future debt at subsidiary level, and are not
guaranteed by other entities within the Group.  The PIK notes
are not technically a liability of either Preem Holdings or
Preem Petroleum and a portion of the proceeds sufficient to pay
cash coupons for the next 12 months has been set aside in an
escrow account.  Nonetheless, the PIK Notes are cash-pay at the
option of the issuer, and payment-in-kind only increases the
ultimate liability that requires servicing and ultimately
repayment -- both of which would need to rely on operating cash
flows or issuance of new debt.

The other main debt instruments included in the perimeter of the
Corporate Family rating are:

(a) EUR150 million Syndicated Revolving Credit Facility (not
    rated) at Preem Petroleum;

(b) EUR150 million Syndicated Term Loan Facility (not rated) at
    Preem Petroleum;

(c) EUR100 million 9% Senior Subordinate Notes due 2014 (rated
    B1) issued by Preem Petroleum; and

(d) EUR305 million 10 5/8% Senior Secured Notes due 2011 (rated
    B2) issued by Preem Holdings.

Preem Holdings' B2-rated Senior Secured Notes are currently the
only outstanding debt at this entity.  They are secured by a
share pledge from Preem Petroleum AB and the combined
subordinated inter-company loans (which equal the gross proceeds
of the notes issue) lent to Preem Petroleum.  The Senior Secured
Notes are rated two notches below the Corporate Family Rating,
reflecting their structural subordination to both the senior
bank facilities and the Senior Subordinated notes located at
Preem Petroleum.

Preem Petroleum's Senior Subordinated Notes are subordinated to
the unrated senior bank debt at this entity.  However, they rank
senior to the subordinated inter-company loans, which represent
the bulk of the Preem Holdings notes' security package.  The
Subordinated Notes also have an unconditional senior guarantee
from Preem Holdings, which ranks equally in right of payment to
the Preem Holdings notes.  For these reasons, and because of
their proximity to operating cash flow, the Preem Petroleum
notes are rated B1, one notch below the Corporate Family Rating
and one notch above the Preem Holdings notes.

The assignment of the Corporate Family Rating to Corral
Investment AB replaces the previous Corporate Family Rating that
was assigned to Preem Holdings AB.  The Ba3 Corporate Family
Rating level reflects the improvement in profitability, which
Preem has enjoyed throughout 2004 and 2005, driven by stronger
refining margins.  The strengthening financial profile had
placed some upward pressure on the rating prior to the issue of
the Corral Notes.

However, the subsequent issuance of these notes in July 2005
added significant additional debt to Preem's capital structure,
widened the perimeter of the restricted group, and, by utilizing
much of the Group's debt capacity, financial flexibility was
also constrained.  In aggregate, these factors negated much of
the positive rating impetus at that time.  However, the refining
environment has remained strong throughout the second half of
2005, and the outlook for 2006 currently appears supportive of
the company's credit quality, particularly in light of the
expected completion of the isocracker investment early next
year.

Moody's notes Preem's dominant position in the Swedish market
and its favorable location away from the highly competitive
markets of North West Europe.  Moreover, the increased
complexity of Preem's refining assets, which enable it to
process high volumes of cheaper heavy Russian crude, have
allowed refining margins to benefit from a Brent/Urals spread
above the historical average, and an increase in the price of
refined products driven by the relatively high oil price.

Management's strategic shift away from low margin declining
markets such as domestic heating oil towards high value refined
products such as jet fuel and low-sulphur diesel (for which
demand currently exceeds supply) may allow a sustainable
improvement in profitability compared with previous years.
Moreover, throughout 2004 and 2005 Preem has produced stronger
free cash flow, which has reduced its dependence on external
debt financing and enabled it to complete major capital
expenditures such as the isocracker without a major
deterioration in its financial profile.  However, refining is a
capital intensive business and Moody's expects that Preem will
continue to invest in coming years in order to improve its asset
quality, which is likely to increase debt levels.

Preem's current debt protection metrics are strong for its
rating category.  EBIT/interest cover of >8x, RCF/Debt of >40%
and Debt/EBITDA of <2x are considerably stronger than historical
levels of around 1.5x, 8% and 5x, respectively, and are strong
for the Ba3 corporate family rating.  However, the strength of
these metrics represents top-of-the-cycle conditions, and the
ratings are materially constrained by the shareholder's
unpredictable dividend policy.  Moody's expects Preem to
maintain minimum EBIT interest cover of >3x and RCF/Debt above
15% to maintain the current ratings.  Further upward revisions
of the ratings are unlikely in the absence of greater clarity
over dividend policy, financial targets and proof that refining
margins above those of its peers can be sustained in a
downcycle.

Corral Investment AB is the holding company of Preem Holdings AB
and in turn Preem Petroleum AB.  It is a 100% subsidiary of the
ultimate parent, Corral Petroleum Holdings AB, which is part of
the Corral Group owned by the Saudi Arabian investor, Mr. Al-
Amoudi.  Headquartered in Stockholm, Preem is the largest oil
company in Sweden, and operates through two refining facilities,
Preemraff Lysekil and Preemraff Gothenburg.  Preem sells its
refined products primarily in Sweden and other northwestern
European markets, including Scandinavia, the United Kingdom and
Germany.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Stuart Lawton, Managing Director
          European Corporates
          Phones: (Journalists) 44 20 7772 5456
                  (Subscribers) 44 20 7772 5454

          Edward Palmer, Asst Vice President - Analyst
          Corporate Finance Group
          Phones: (Journalists) 44 20 7772 5456
                  (Subscribers) 44 20 7772 5454


SKANDIA INSURANCE: Names Nominating Committee Chair
---------------------------------------------------
Skandia Insurance Co. Ltd.'s Nominating Committee has held its
first meeting, where it appointed Paolo Pellegrini, Paulson &
Co. Inc., as committee chair.

As previously announced, the committee's members are Carl Rosen
(Second and Fourth National Swedish Pension Funds), Lars Forberg
(Cevian Capital), Per Granstrom (Fidelity Investments
International), Paolo Pellegrini (Paulson & Co. Inc.) and Sten
Trolle (the Swedish Shareholders' Association).  Skandia's
chairman, Lennart Jeansson, is a co-opted member of the
committee.

The committee's composition and chair may be changed later as a
result of Old Mutual's ongoing offer for Skandia.

                        About the Company

Skandia is one of the world's leading independent providers of
quality solutions for long-term savings.  With operations in 20
countries, Skandia offers products and services catering to
customers' needs for savings solutions and financial security in
various phases of life.

In 2004, the company reported sales of SEK98 billion, and a net
result of -SEK139 million.  It has approximately 5,800
employees.

In August, Skandia reported result for first half of 2005 was
-SEK1,047 million.  Revenues rose 15% to SEK7,829 million, while
expenses increased to -SEK8,401 million.

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080
          Web site: http://www.skandia.com

          Bjorn Bjornsson
          Vice Chairman
          Phone: +46-8-788 25 00

          Jan-Mikael Bexhed
          General Counsel
          Phone: +46-8-788 25 00

          PAOLO PELLEGRINI, PAULSON & CO. INC.
          Phone: +1-212-956-2221


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


CONVERIUM AG: Reports US$6.9 Million Net Loss for Q3
----------------------------------------------------
For the third quarter of 2005, Converium AG reported a loss
before taxes of US$1.3 million, a pre-tax operating income of
US$22.1 million and a net loss of US$6.9 million.  The third
quarter of 2005 was impacted by the U.S. hurricanes and European
floods in the amount of US$74.2 million and costs of US$9.5
million associated with our organizational and operational
restructuring.  Offsetting this was the positive impact of the
commutations carried out in the third quarter of 2005 in the
amount of US$39.0 million as well as net positive development of
prior years' loss reserves in the amount of US$11.3 million.  In
addition, the quarter was positively impacted by the reduction
of administration expenses due to the realization of cost
management measures adopted early in 2005 as well as solid
investment results.

In the third quarter Converium recorded gross premiums written,
net premiums written, and net premiums earned of US$482.6
million, US$432.4 million and US$605.2 million, respectively,
which were in line with expectations.  The premium figures
reflect the reduction in business volume caused by the placement
of Converium Reinsurance (North America) Inc.  (CRNA) into
orderly run-off in 2004 and the impact of the ratings downgrades
in the same year.

Overall, Converium continues to believe that its gross premiums
written target of approximately US$2.0 billion for the 2005
calendar year is achievable.

Converium's shareholders' equity amounted to US$1,697.3 million
as of September 30, 2005 as compared to US$1,717.5 million
restated as of June 30, 2005.  The decrease reflects the net
loss for the third quarter as well as effects due to currency
translations and unrealized capital losses.

Noticeable Impact of Natural Catastrophes

For the third quarter of 2005, the non-life combined ratio for
Converium's ongoing operations was 110.9% (including an
administration expense ratio of 5.9%).  For the nine months
ended September 30, 2005, the non-life combined ratio for the
ongoing operations was 106.5% (including an administration
expense ratio of 6.6%).

In the third quarter of 2005, Converium recorded losses from
Hurricane Katrina, Hurricane Rita, Hurricanes Dennis and Emily
and the European floods with an estimated total net impact of
US$37.5 million, US$10.0 million, US$2.3 million and US$24.4
million, respectively.  The ongoing non-life combined ratio
excluding the impact of the hurricanes and the European floods
would have been 97.8% for the third quarter of 2005, which
excludes US$11.4 million of losses related to Hurricane Katrina
that were recorded in the Run-Off segment.

Based on preliminary estimates, Converium expects its losses for
Hurricane Wilma, which occurred in the fourth quarter of 2005,
to be in the range of US$25.0 million to US$35.0 million.

Favorable Loss Reserve Development

In the third quarter of 2005 Converium recorded net positive
development of prior years' loss reserves of US$11.3 million,
which resulted in overall net positive development of US$15.0
million for the nine months ended September 30, 2005.  For the
third quarter of 2005, net positive development of US$23.7
million was recorded in the Company's ongoing operations, which
primarily consisted of US$31.4 million of net positive
development within the Property line of business and was
partially offset by US$16.5 million of net strengthening within
the General Third Party Liability line of business.  In the Run-
Off segment, net strengthening of prior years' loss reserves of
US$12.4 million was recorded for the third quarter of 2005,
which primarily consisted of US$5.8 million of net positive
development in the Property line of business and was offset by
US$14.6 million of net strengthening within the General Third
Party Liability line of business.

Converium believes that the continuing stability of its
aggregate prior years' loss reserve position reflects the
adequacy of prior reserving actions.

CRNA Run-off on Track; Commutations Target to be Exceeded

For the nine months ended September 30, 2005, CRNA's net loss
reserves have decreased by US$443.5 million, including the
effects of commutations and other settlements.  The commutations
resulted in a positive contribution of US$39.0 million to net
income in the third quarter of 2005.  Since December 31, 2004
net loss reserves at CRNA have declined to approximately US$1.3
billion.  In light of further commutations carried out in the
fourth quarter of 2005, Converium will exceed its previously
stated target of commuting or otherwise settling CRNA
liabilities of approximately US$500 million for the full year
2005.

Progress in Trimming Cost Base

In the third quarter of 2005, the administration expense ratio
for the ongoing non-life business (excluding Corporate Center
segment costs) was 5.9%.  Other operating and administration
expenses for the Company were US$40.3 million, a decrease of
US$10.1 million or 20.0% compared to the second quarter of 2005.

As expected, the cost management measures initiated in March
2005 have taken effect in the third quarter of 2005.  The
Company reaffirms that it will continue to incur certain
expenses, which it considers crucial investments in order to
expedite its rebound following the restoration of its financial
strength ratings and to accelerate the recovery of its market
position.

Solid Investment Result

In the third quarter of 2005, Converium generated a total
investment result of US$70.5 million or an average annualized
total investment income yield (pre-tax) of 3.6%.  Net investment
income for the third quarter of 2005 was US$76.9 million.
Converium's third quarter 2005 investment results reflect the
realization of capital losses due to the liquidation of
investments to support the Company's third quarter commutation
efforts.

Terry Clarke, chief executive, said: "Converium's operating
recovery has continued in the third quarter.  We have absorbed
significant catastrophe losses, and yet achieved a close to
break-even result.  Our capital base continues to be strong
after a quarter, which has been the costliest ever for the
global insurance and reinsurance industry.  As anticipated, our
equity position as of June 30, 2005 was positively impacted by
the restatement of accounts."

Mr. Clarke added: "We are also pleased with the pace of the
North American run-off, which exceeds our targets, as well as
with the sizeable reduction of administrative expenses."

Converium has made it a policy not to provide any quarterly or
annual earnings guidance and it will not update any past outlook
for full year earnings.  It will however continue to provide
investors with perspectives on its value drivers, its strategic
initiatives and those factors critical to understanding its
business and operating environment.

                        About the Company

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

CONTACT:  CONVERIUM AG
          Dr. Kai-Uwe Schanz
          Chief Communication & Corporate Development Officer
          Phone: +41 (0) 44 639 90 35
          Fax: +41 (0) 44 639 70 35

          Zuzana Drozd, Head of Investor Relations
          Phone: +41 (0) 44 639 91 20
          Fax: +41 (0) 44 639 71 20
          Web site: http://www.converium.com


CONVERIUM AG: Restates Accounts Following Internal Review
---------------------------------------------------------
Converium AG has reported on the status of its extensive
internal review and the resulting restatement of accounts.

Following the restatement of accounts, shareholders' equity as
of June 30, 2005 increases by US$69.3 million to US$1,717.5
million.

On November 4, 2005, Converium announced its plan to restate
prior period financial statements.  This decision was taken in
light of findings of an extensive internal review, overseen by
the Audit Committee with the assistance of independent outside
counsel, launched against the backdrop of ongoing investigations
by regulators and governmental authorities into non-traditional
insurance and reinsurance products.  The internal review
addresses issues arising from the ongoing governmental inquiries
and Converium's own decision to review certain additional items.

As a result of the review, Converium will restate its prior
financial information for periods through 2004, as well as for
each of the quarters from March 31, 2003 through June 30, 2005.
Converium has provided unaudited restated financial information
for its December 31, 2004 and June 30, 2005 balance sheets.  The
Company expects to report in full on the effects of the
restatement on its previously reported financial information in
the near future.

The restatement resulted in an increase to previously reported
shareholders' equity as of June 30, 2005 of US$69.3 million to
US$1,717.5 million and an increase as of December 31, 2004 of
US$14.6 million to US$1,734.8 million.  Although the impact of
the restatement on shareholders' equity as of June 30, 2005 is
positive, shareholders' equity for certain periods prior to
December 2004 will decrease materially.

As a result of the restatement, any previously published
financial statements and information should not be viewed as a
basis of comparison to the results presented and should no
longer be relied upon.  Converium will file an amended Form 20-F
reflecting the restatement adjustments and their impact on
previous disclosures and financial statements.  Further, the
previously published financial statements should be considered
unaudited until the amended Form 20-F is filed and
PricewaterhouseCoopers Ltd. completes its re-audit and re-issues
its Report of the Independent Group Auditors with respect to the
financial statements included therein.

While more detailed information will be provided when the
restated financial information for all periods is provided, the
following summary information is presented at this time:

(a) As a result of the internal review Converium has concluded
    that a number of transactions previously accounted for as
    reinsurance were accounted for incorrectly under the
    requirements of FAS 113 ("Accounting and Reporting for
    Reinsurance of Short-Duration and Long-Duration Contracts").
    As a result, the financial information relating to these
    transactions was restated to be recorded as deposits or on a
    retroactive basis, as appropriate.

    In some cases, these transactions involved written or oral
    agreements, understandings or discussions relating to risk
    expectations that were not appropriately reflected in the
    accounting treatment at the time of origination.
    Arrangements of this type would have reduced or eliminated
    the anticipated risk transfer on which the original
    accounting was based.  In other cases, the internal review
    did not conclusively establish whether such arrangements
    existed but the restatement was deemed advisable in light of
    evidence suggesting a reasonable possibility of such
    arrangements.

    This resulted in a decrease of shareholders' equity as of
    June 30, 2005 of US$49.8 million;

(b) The restatement with respect to the accounting for income
    taxes resulted principally from corrections of the valuation
    allowance against deferred taxes recorded in 2004 because of
    the substantial losses incurred that year.  This resulted in
    an increase of shareholders' equity as of June 30, 2005 of
    US$126.6 million; and

(c) The adjustments reflected in the restatement will also
    include the correction of certain unrelated entries.  This
    resulted in a decrease of shareholders' equity as of June
    30, 2005 of US$7.5 million.

After discussing the findings of the review with independent
outside counsel, Converium's Audit Committee determined that the
recommended accounting corrections were appropriate and
authorized the restatement.

As previously reported in our 2004 Form 20-F, Management and our
external auditors informed the Audit Committee that they had
identified certain matters that constituted material weaknesses
in Converium's internal control environment as at December 31,
2004.  In addition, the Audit Committee has subsequently
identified material weaknesses in internal controls designed (i)
to ensure that the underwriting and risk transfer analysis
reflects all relevant elements of contractual relationships
entered into by the Company and (ii) to account for income
taxes.  The Company is taking actions to address weaknesses in
its internal control environment.

As reported before, Converium has received subpoenas and
informal inquiries from certain governmental authorities with
respect to non-traditional insurance and reinsurance products.
The Company is in the process of sharing the results of its
internal review with relevant authorities and will continue to
respond to all regulatory inquiries, as appropriate.

Although the internal review was extensive, the ongoing
governmental inquiries, or other developments, could result in
further restatements of Converium's financial results in the
future.

Peter C. Colombo, chairman of the Board of Directors and the
Audit Committee, said: "The Audit Committee believes that
Converium's internal review was comprehensive and thorough.
Based on the review, we now feel comfortable publishing
important data such as our most recent equity position and
relevant details pertaining to the third quarter of 2005.  As
anticipated, the restatement had a positive impact on
Converium's June 30, 2005 shareholders' equity."

He added: "Based on our rigorous internal review, we do not have
any reason to believe that there are any other transactions that
require restatement.  Of course, we cannot exclude the
possibility that further action will be necessary as the
governmental inquires will continue and we intend to cooperate
with the regulators."

CONTACT:  CONVERIUM AG
          Dr. Kai-Uwe Schanz
          Chief Communication & Corporate Development Officer
          Phone: +41 (0) 44 639 90 35
          Fax: +41 (0) 44 639 70 35

          Zuzana Drozd, Head of Investor Relations
          Phone: +41 (0) 44 639 91 20
          Fax: +41 (0) 44 639 71 20
          Web site: http://www.converium.com


CONVERIUM AG: On Rating Watch Negative Following Restatement
------------------------------------------------------------
Fitch Ratings is keeping Converium AG's Insurer Financial
Strength 'BBB-' (BBB minus) rating, together with other ratings
within the Converium group as listed below, on Rating Watch
Negative (RWN).  This follows the publication of restated
balance sheet information as at 31 December 2004 and 30 June
2005.  Converium has also published its financial results to
September 2005.

Converium's ratings were originally placed on RWN on 4 November
2005 following the company's announcement that it would delay
publication of its Q3 results pending the restatement of its
financial accounts.  The restatement followed an internal review
into the way that the group had accounted for certain complex
financial reinsurance transactions.  Fitch was concerned that
the restatement of Converium's accounts could potentially result
in deterioration in the group's overall financial profile and
damage its franchise in advance of the forthcoming renewal
season.

Converium's restatement resulted in an increase in its reported
shareholders' equity by 0.8% and 4.2% at 31 December 2004 and 30
June 2005 respectively.  Although Fitch takes comfort from the
absolute level of capitalization reported by Converium at 30
June 2005, it will seek to determine the true underlying
volatility of the group's business following publication of
restated financial information for annual periods to 2004 as
well as for each quarter from March 2003 to June 2005.  This
detailed information is expected to be published in early 2006.

The group reported a net profit of US$34.5 million and a
combined ratio of 106.5% for ongoing operations for the nine-
month period to September 2005.  Net losses from Hurricanes
Katrina, Rita, Dennis and Emily and the European floods totaled
US$74.2 million and losses from Hurricane Wilma, which occurred
in the fourth quarter of 2005, currently range from US$25
million to US$35 million.  Fitch is encouraged by net positive
development recorded on prior years' loss reserves for this
nine-month period and the successful commutation strategy
implemented by Converium Reinsurance North America.

Converium has previously communicated its receipt of subpoenas
and informal enquiries from several government authorities
relating to the use of financial reinsurance contracts.  The
company will share the results of the internal review with these
authorities. It is possible that governmental enquires, or other
developments, could result in further restatements of
Converium's financial results.  Fitch is concerned that
regulators have historically focused their attention on
companies that have restated their accounts and, as such, Fitch
believes that Converium could potentially face an increased risk
of fines and/or shareholder actions.

Fitch will look to resolve Converium's RWN when the remaining
financial restatements have been finalized in early 2006.  At
the same time, Fitch will consider the success of Converium's
renewal season and whether the group's franchise remains
undamaged by the financial reinsurance review and the absence of
audited accounts.

Should the restatement exercise indicate significant heightened
volatility in Converium's operating profile and/or franchise
damage is evident from the January 2006 renewal season, the
group's ratings could be downgraded.  Conversely, if actual
volatility proves to be limited and Converium's franchise
remains undamaged, the group's ratings would likely be affirmed
at their current level.

Converium companies and ratings that remain on RWN:

Converium AG's IFS 'BBB-' rating on RWN

Converium Insurance (U.K.) Limited's IFS 'BBB-' rating on RWN

Converium Ruckversicherungs (Deutschland) AG's IFS 'BBB-' rating
on RWN

Converium Holding AG's Long-term 'B+' rating on RWN

Converium Finance S.A.'s US$200 million subordinated debt due
2032 - 'BB' rating on RWN

CONTACT:  CONVERIUM AG
          Dr. Kai-Uwe Schanz
          Chief Communication & Corporate Development Officer
          Phone: +41 (0) 44 639 90 35
          Fax: +41 (0) 44 639 70 35

          Zuzana Drozd, Head of Investor Relations
          Phone: +41 (0) 44 639 91 20
          Fax: +41 (0) 44 639 71 20
          Web site: http://www.converium.com

          FITCH RATINGS
          Chris Waterman, London
          Phone: +44 (0)20 7417 6328
          E-mail: chris.waterman@fitchratings.com
          Andrew Murray
          Phone: +44 (0)20 7862 4303
          E-mail: andrew.murray@fitchratings.com

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


SWISS INTERNATIONAL: Reaches New Labor Deal with Cabin Crew
-----------------------------------------------------------
On December 19, 2005 SWISS and the Kapers and Unia cabin staff
unions have reached agreement on the principles of a new
Collective Labour Agreement for the company's flight attendant
personnel.

The social partners have jointly determined the basic content of
the new Collective Labour Agreement (CLA) following long and
intensive negotiations.

Details of the new terms and conditions of employment for SWISS
cabin personnel will now be fleshed out by the end of the year;
and the social partners are confident that a new CLA can be
submitted for approval to the SWISS flight attendant corps in
early January 2006.

SWISS, Kapers and Unia have agreed not to disclose any further
details of the agreement they have reached until their more
detailed negotiations are concluded.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          Phone: +41 (0) 848 773 773
          Fax: +41 (0) 61 582 3554
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


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


ASKLEPIJ: Goes into Liquidation
-------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Asklepij (code EDRPOU 31810076) on October
24, 2005 after finding the limited liability company insolvent.
The case is docketed as 24/641-b.  Logistic Trans has been
appointed liquidator.

Creditors have until December 23, 2005 to submit their proofs of
claim to the Economic Court of Kyiv Region, 01030, Ukraine, Kyiv
region, B. Hmelnitskij Boulevard 44-B.


BORIVSKA AGROHIMIYA: Liquidator Steps in
----------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Borivska Agrohimiya (code EDRPOU 05491014)
on November 3, 2005 after finding the open joint stock company
insolvent.  The case is docketed as B-19/66-05.  Ms. Svitlana
Pivovar (License Number AA 520170) has been appointed
liquidator/insolvency manager.

Creditors have until December 23, 2005 to submit their proofs of
claim to:

(a) BORIVSKA AGROHIMIYA
    63800, Ukraine, Harkiv region,
    Borova, Agrohimkomplex

(b) SVITLANA PIVOVAR
    Liquidator/Insolvency Manager
    Ukraine, Harkiv region,
    Harkiv district, Hroli, Olimpijska Str. 3/57

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


MERCURY: Gives Creditors Until Friday to File Claims
----------------------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on LLC Mercury (code EDRPOU 30768186) on
August 9, 2005.  The case is docketed as 12/149-B-05.  Mr.
Sergij Kosenko (License Number AB 216842) has been appointed
temporary insolvency manager.  The company holds account number
2600302000533 at JSCB Herson-Transbank, Herson branch, MFO
352822.

Creditors have until December 23, 2005 to submit their proofs of
claim to:

(a) SERGIJ KOSENKO
    Temporary Insolvency Manager
    Ukraine, Herson region,
    Vijskovij Lane 6/8

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


MINERALINVEST: Bankruptcy Supervision Begins
--------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Mineralinvest (code EDRPOU
313104979) on November 8, 2005.  The case is docketed as 15/627-
b.  Mr. Sergij Krupenko (License Number AA 668345) has been
appointed temporary insolvency manager.  The company holds
account number 26005962480568 at First Ukrainian International
Bank, Kyiv region branch, MFO 322755.

Creditors have until December 23, 2005 to submit their proofs of
claim to:

(a) MINERALINVEST
    01103, Ukraine, Kyiv region,
    Lesya Ukrainka Str. 15-a

(b) SERGIJ KRUPENKO
    Temporary Insolvency Manager
    Ukraine, Kyiv region, Vatutin Str. 26/57

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


NAFTOGAZTRADE LTD.: Under Bankruptcy Supervision
------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on LLC Naftogaztrade Ltd. (code EDRPOU
31200067) November 8, 2005.  The case is docketed as 9/187.  Mr.
Hristenko Vadim (License Number AB 176056) has been appointed
temporary insolvency manager.  The company holds account number
2600400660112 at JSCB Pravex-Bank, Kyiv region branch, MFO
321983.

Creditors have until December 23, 2005 to submit their proofs of
claim to:

(a) NAFTOGAZTRADE LTD.
    27016, Ukraine, Kirovograd region,
    Dobrovelichkivskij district, Lipnyazhka

(b) HRISTENKO VADIM
    Temporary Insolvency Manager
    Ukraine, Kirovograd region,
    Geroiv Stalingradu Str. 4/9

(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
    25022, Ukraine, Kirovograd region,
    Lunacharski str. 29


NEPTUN: Insolvency Manager Takes over Helm
------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against Neptun (code EDRPOU 20982887) on November 7,
2005 after finding the open joint stock company insolvent.  The
case is docketed as 32/4-05-750.  Mr. Andrij Bachmanov (License
Number AB 216901) has been appointed liquidator/insolvency
manager.  The company holds account number 26009228374001 at CB
Privatbank, Odessa regional branch, MFO 328704.

Creditors have until December 23, 2005 to submit their proofs of
claim to:

(a) NEPTUN
    65031, Ukraine, Odessa region,
    Promislova Str. 28

(b) ANDRIJ BACHMANOV
    Liquidator/Insolvency Manager
    65033, Ukraine, Odessa region,
    Marshal Zhukov Str. 4-zh
    Phone: (0482) 714-09-05

(c) ECONOMIC COURT OF ODESSA REGION
    65032, Ukraine, Odessa region,
    Shevchenko Avenue 4


PARTIZANSKIJ ELEVATOR: Creditors' Claims Due this Week
------------------------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on Partizanskij Elevator (code EDRPOU
00956520).  The case is docketed as 5/30-B.  Mr. Dmitro
Kuznetsov (License Number AA 783153) has been appointed
temporary insolvency manager.

Creditors have until December 23, 2005 to submit their proofs of
claim to:

(a) PARTIZANSKIJ ELEVATOR
    75550, Ukraine, Herson region,
    Genicheskij district, Partizani,
    50 rokiv Zhovtnya Str. 1

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


SHOSTKA' AGROHIM: Succumbs to Bankruptcy
----------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on OJSC Shostka' Agrohim (code EDRPOU
05490776) on October 14, 2005.  The case is docketed as 6/99-05.
Mr. Dmitro Kozin (License Number AA 487785) has been appointed
temporary insolvency manager.  The company holds account number
260073578 at JSPPB Aval, Sumi regional branch, MFO 337483.

Creditors have until December 23, 2005 to submit their proofs of
claim to:

(a) SHOSTKA' AGROHIM
    41100, Ukraine, Sumi region,
    Shostka, Bakinskih komisariv Str. 107

(b) DMITRO KOZIN
    Temporary Insolvency Manager
    40035, Ukraine, Sumi region,
    Internatsionalistiv Str. 5, Office 22

(c) ECONOMIC COURT OF SUMI REGION
    40011, Ukraine, Sumi region,
    Shevchenko Avenue 18/1


UKRAINA: Declared Insolvent
---------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukraina (code EDRPOU 03728498) on October
20, 2005 after finding the limited liability company insolvent.
The case is docketed as 175/14 b-05.  Mr. Yurij Bilik (License
Number AA 783144) has been appointed liquidator/insolvency
manager.  The company holds account number 260014010 at JSPPB
Aval, Obuhiv branch, MFO 300818.

Creditors have until December 23, 2005 to submit their proofs of
claim to:

(a) UKRAINA
    09260, Ukraine, Kyiv region,
    Kagarlitskij district, Lishinka

(b) YURIJ BILIK
    Liquidator/Insolvency Manager
    Phone: (044) 570-29-87, 469-05-32

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


VIKTORIYA: Court Appoints Temporary Insolvency Manager
------------------------------------------------------
The Economic Court of Ternopil region commenced bankruptcy
supervision procedure on Viktoriya (code EDRPOU 30451727) on
October 20, 2005.  The case is docketed as 10/B-672.  Mr.
Anatolij Okryak (License Number AA 116177) has been appointed
temporary insolvency manager.  The company holds account number
26009111000001 at OJSC Universal Bank, Ternopil branch, MFO
338459.

Creditors have until December 23, 2005 to submit their proofs of
claim to:

(a) VIKTORIYA
    47060, Ukraine, Ternopil region,
    Kremenetskij district, Ridomil

(b) ANATOLIJ OKRYAK
    Temporary Insolvency Manager
    46000, Ukraine, Ternopil region,
    Lipova Str. 17/7

(c) ECONOMIC COURT OF TERNOPIL REGION
    46000, Ukraine, Ternopil region,
    Ostrozski Str. 14a


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


ALPHA CAPITAL: Hires Liquidator from Ian Franses Associates
-----------------------------------------------------------
M. E. V. Sanz, chairman of Alpha Capital (UK) Limited, informs
that the subjoined special resolution to wind up the company was
passed at an EGM held on Dec. 8 at 24 Conduit Place, London W2
1EP.  Ian Franses of Ian Franses Associates, 24 Conduit Place,
London W2 1EP was appointed liquidator.

CONTACT:  IAN FRANSES ASSOCIATES
          24 Conduit Place
          London W2 1EP
          Phone: 020 7262 1199
          Fax: 020 7262 2662
          E-mail: if@ianfranses.co.uk


APEX FIRE: Moore Stephens Liquidators Move in
---------------------------------------------
D. H. Bugden, director of Apex Fire UK Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 17 at 3-5 Rickmansworth Road, Watford, Hertfordshire WD18
0GX.

Steven Draine and David Rolph of Moore Stephens Corporate
Recovery, 3-5 Rickmansworth Road, Watford, Hertfordshire WD18
0GX were appointed Joint Liquidators.

CONTACT:  APEX FIRE UK LTD.
          Web site: http://apexfireuk.com/

          MOORE STEPHENS
          3/5 Rickmansworth Road
          Watford
          Hertfordshire WD18 0GX
          Phone: 01923 236622
          Fax: 01923 245660
          E-mail: steve.draine@moorestephens.com


APNIGAS YORKSHIRE: Files for Liquidation
----------------------------------------
S. Akhtar, chairman of Apnigas Yorkshire Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 18 at 46 Moorlands Business Centre, Balme Road, Cleckheaton
BD19 4EW.  J. N. Bleazard of XL Business Solutions Ltd, 46
Moorlands Business Centre, Balme Road, Cleckheaton BD19 4EW was
appointed liquidator.

CONTACT:  APNIGAS YORKSHIRE LTD.
          Uplane Cntr Commercial Street
          Batley, West Yorkshire WF17 5DH
          Phone: 01924477376


ARM PROPERTIES: Newman & Partners Liquidators Enter Firm
--------------------------------------------------------
M. M. S. McPhail, chairman of Arm Properties Limited, informs
that the special, ordinary and extraordinary resolutions to wind
up the company were passed at an EGM held on Dec. 7 at
Brinkletts House, 15 Winchester Road, Basingstoke, Hampshire
RG21 8UE.  Laurence G. Factor of Newman & Partners Insolvency &
Recovery Services Limited, Lynwood House, 373-375 Station Road,
Harrow, Middlesex HA1 2AW was appointed liquidator.

CONTACT:  NEWMAN & PARTNERS INSOLVENCY
          & RECOVERY SERVICES LIMITED
          Lynwood House, 373-375 Station Road,
          Harrow, Middlesex HA1 2AW


BERKELEY BERRY: Merging Financial Advisory Businesses
-----------------------------------------------------
The Board of Berkeley Berry Birch plc (BBB) said on Dec. 19 it
intends to combine the activities of its two national
independent financial advisory businesses, Berry Birch and Noble
Financial Planning Limited, (BBNFP) and Berry Birch and Noble
Financial Planning (Weston) Limited.

BBB has been trading at a loss during the last 18 months, which
has contributed to regulatory capital shortfalls in BBNFP,
Weston, and Berkeley Independent Advisers Limited (BIA).  This
loss has largely been a result of the FSA investigations, and
poor performance in some of these businesses.

The Board has reviewed the activities of BBNFP and Weston, and
is taking action now to deal with these issues.  After
discussions with the FSA, the Board has decided that, to reduce
our regulatory capital requirements in the future and to improve
performance, the business of BBNFP will be combined with Weston.

The combined business will join BIA, the Group's existing
financial services network, early next year once the Company's
planned fundraising is completed.

These changes will swiftly build a more compliant, and customer
focused IFA business.

The Board has decided that this combined business will be based
on a national self-employed IFA model, like our most successful
competitors.  In past years, Weston has shown that this approach
can be profitable.  Performance in BBNFP, where advisers are
employed by the business, has been particularly disappointing
and it has not been possible to make the business profitable.

The Group's other companies, BIA, Berkeley Birch and Noble
Insurance Brokers Limited (BBNIB), Berkeley Birch and Noble
Estate Planning Limited (BBNEP),Group Support Services Limited
('GSS') and MacRobins Limited are not affected by this
restructuring.

CONTACT:  BERKELEY BERRY BIRCH PLC
          Jonathan Hall
          Phone: 02476 232010

          ARDEN PARTNERS
          Andrew Raca, Director, Corporate Finance
          Phone: 0121 423 8941


BESSON MUSICAL: Calls in Administrators from Grant Thornton
-----------------------------------------------------------
Martin Gilbert Ellis and Andrew Hosking (IP Nos 8687, 9009) of
Grant Thornton House were appointed joint administrators of
Besson Musical Instruments Limited (Company No 00371896) on Dec.
6.  Its registered office is at 1 Blackmoor Lane, Croxley
Business Park, Watford WD18 8GA.

CONTACT:  BESSON MUSICAL INSTRUMENTS LTD.
          Number One
          Blackmoor Lane
          Croxley Business Park
          Watford
          Hertfordshire WD18 8GA
          United Kingdom
          Phone: 01923 659700/01923 659500
          Fax: 01923 659600
          E-mail: promotions.uk@musicgroup.com
          Web site: http://www.besson.com/

          GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


BOXWICK LIMITED: Hires PricewaterhouseCoopers Liquidator
--------------------------------------------------------
Company Names: BOXWICK LIMITED
               MATHESON (INSURANCE INVESTMENTS) LIMITED

M. Henderson, chairman of these companies, informs that the
special and ordinary resolutions to wind up the company were
passed at an EGM held on Dec. 8 and 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


CARLBRITE INVESTMENTS: Liquidator from Harrisons Moves in
---------------------------------------------------------
P. Turtle, chairman of Carlbrite Investments Limited, informs
that the special resolution to wind up the company was passed at
an EGM held on Nov. 30 at 99 Gresham Street, London EC2V 7NG.
P. R. Boyle of Harrisons, 4 St Giles Court, Southampton Street,
Reading RG1 2QL was appointed liquidator.

CONTACT:  HARRISONS
          4 St Giles Court, Southampton Street,
          Reading RG1 2QL
          Phone: 0118 951 0798
          Fax:   0118 939 4409
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


CCS CONTRACTS: Administrators from Begbies Traynor Move in
----------------------------------------------------------
G. N. Lee and P. Stanley (IP Nos 009204, 008123) of Begbies
Traynor were appointed administrators of CCS Contracts Limited
(Company No 03695530) on Dec. 6.  The company wholesales
household goods.

CONTACT:  C C S CONTRACTS LTD.
          Fairweather House,
          Weston Hall Farm Estate,
          Crewe, Cheshire CW2 5ND
          Phone: 01270257899

          BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


CYBER-TRADERS: Golf Equipment Distributor Liquidates
----------------------------------------------------
A. Hodges, director of Cyber-Traders UK Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 1 at 1 South Pier Road, Ellesmere Port, Cheshire.

Jonathan D. Newell and Kerry F. Bailey of PKF (UK) LLP, 5 Temple
Square, Temple Street, Liverpool L2 5RH were appointed Joint
Liquidators.

Cyber-Traders U.K. Ltd. sells discount golf equipment for men,
ladies and juniors, including golf sets, clubs, bags and
trolleys.

CONTACT:  CYBER-TRADERS UK LIMITED
          South Pier Road
          Ellesmere Port
          CH65 4FW
          United Kingdom
          Phone: 0151-356 8114
          Web site: http://www.golfmadness.co.uk/

          PKF
          Web site: http://www.pkf.co.uk


FEDERAL-MOGUL: Cooper Industries to Resolve Abex Asbestos Claims
----------------------------------------------------------------
Cooper Industries, Ltd. (NYSE:CBE) and other parties involved in
the resolution of the Federal-Mogul Corporation (FMC) bankruptcy
proceeding have reached an agreement regarding Cooper's
participation in Federal-Mogul's 524 (g) asbestos claimants'
trust.  By participating in this trust, Cooper will resolve its
liability for asbestos claims arising from Cooper's former Abex
Friction Products business.  The proposed settlement agreement
is subject to court approval, approval of 75% of the current
Abex asbestos claimants and certain other approvals.  The
settlement will resolve more than 38,000 pending Abex claims.
Future claims will be resolved through the bankruptcy trust, and
Cooper will be protected against future claims by an injunction
to be issued by the district court upon plan confirmation.

"Since Federal-Mogul's bankruptcy process began in October 2001,
we have worked tirelessly to bring this matter to a constructive
conclusion," said Kirk Hachigian, chief executive officer and
president, Cooper Industries.  "At the same time, we have
strengthened the Company's financial position and improved our
strategic flexibility.  Given the costs of continued litigation,
the uncertainty of legislative reforms and the risks inherent in
remaining in the tort system, we believe resolving the Abex
liabilities through the trust is the preferable option for our
shareholders.  With this settlement in place, we will have
certainty and finality on the Abex liability and can focus
management resources on executing our strategic plan."

The claims to be resolved through the bankruptcy trust relate to
the Abex Friction Products business of Cooper's former
Automotive Products segment.  Cooper sold its Automotive
Products business to FMC in October 1998.  Cooper began
defending against these claims pursuant to its guaranty
obligations to the prior owner of Abex when Federal-Mogul filed
a Chapter 11 bankruptcy petition and indicated that it may not
honor its indemnity obligations to Cooper.

Key terms and aspects of the Proposed Settlement Agreement

-- Cooper has agreed to pay US$130 million in cash into the
   trust, with US$100 million payable upon Federal-Mogul's
   emergence from bankruptcy.  The remainder will be paid in two
   US$15 million installments due on Jan. 15, 2006 and Jan. 15,
   2007, or upon emergence from bankruptcy, if later.  Cooper
   will receive a total of US$37.5 million during the funding
   period from other parties associated with the Federal-Mogul
   bankruptcy;

-- Cooper will provide the trust 1.4 million shares of the
   Company's stock upon Federal-Mogul's emergence from
   bankruptcy.  The agreement provides that the trust may,
   during the first year after issuance, sell these shares to
   Cooper at market prices and, thereafter, in open market
   transactions;

-- The agreement also provides for further payments by Cooper
   subject to the amount and timing of insurance proceeds.
   Cooper has agreed to make 25 annual payments of up to US$20
   million each reduced by certain insurance proceeds received
   by the trust.  In years that the insurance proceeds exceed
   US$17 million, Cooper will be required to contribute US$3
   million with the excess insurance proceeds carried over to
   the next year;

-- Cooper, through Pneumo-Abex LLC, has access to Abex insurance
   policies with remaining limits on policies with solvent
   insurers in excess of US$800 million.  The trust will retain
   10% of the insurance proceeds for indemnity claims paid by
   the trust until Cooper's obligation is satisfied and will
   retain 15% thereafter.  The agreement also provides for
   Cooper to receive the insurance proceeds related to indemnity
   and defense costs paid prior to the date a stay of current
   claims is entered by the bankruptcy court; and

-- Cooper will also be required to forego certain claims and
   objections in the Federal-Mogul bankruptcy proceedings.  In
   addition, the parties involved have agreed to petition the
   court for a stay on all current claims outstanding.

Although the payments related to the settlement could extend to
25 years and the collection of insurance proceeds could extend
beyond 25 years, the liability and insurance will be
undiscounted on Cooper's balance sheet as the amount of the
actual annual payments is not reasonably predictable.  Cooper is
in the process of finalizing the amount of insurance recoveries
that will be included in the charge to discontinued operations.
Cooper anticipates taking an after-tax charge to "loss from
discontinued operations" of between US$150 million and US$225
million in the fourth quarter ended December 31, 2005.  The
range of the charge to discontinued operations primarily related
to insurance recoveries, which in any scenario when finalized
will be on the lower end of the range of potential insurance
recovery estimates.

In addition to the Company, parties to the agreement include
FMC; Federal-Mogul Products, Inc. (FMP); the Future Claimants'
Representative for FMC and FMP appointed in the Chapter 11 cases
known as In re Federal-Mogul Global Inc., T&N Limited, et al.,
No. 01-10578, pending in the United States Bankruptcy Court for
the District of Delaware; the Official Committee of Asbestos
Claimants for FMC and FMP appointed in the Reorganization Cases;
Pneumo-Abex LLC; and PCT International Holdings Inc. These
parties have agreed to the terms of the proposed settlement
agreement.

Cooper Industries, Ltd., -- http://www.cooperindustries.com--  
with 2004 revenues of $4.5 billion, is a global manufacturer of
electrical products and tools and hardware.  Headquartered in
Houston, TX, Cooper has approximately 29,000 employees serving
more than 90 locations around the world, and sells products to
customers in more than 50 countries.

CONTACT:  KROLL BUCHLER PHILLIPS
          Liquidator of Federal-Mogul Corp. in the U.K.
          84 Grosvenor Street
          W1X 9DF
          Phone: +44 (0)20 7493 2550
          Contact:
          Simon Freakley


FRIARGATE HOLDINGS: Appoints Administrator
------------------------------------------
William Kenneth Dawson and Debbie Marie Young (IP Nos 008266,
009371) of Deloitte & Touche LLP were appointed administrators
of Friargate Holdings Limited (Company No 03135584) on Dec. 1.
Its registered office is at Regents Court, 12 Starkie Street,
Preston PR1 3LU.

CONTACT:  FRIARGATE HOLDINGS LIMITED
          12 Starkie Street,
          Preston, Lancashire PR1 3LU
          Phone: 01772-519000

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


HOLIDAY CENTRE: Files for Liquidation
-------------------------------------
P. Atkinson, chairman of The Holiday Centre Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Nov. 8 at Tenon House, Ferryboat Lane, Sunderland SR5
3JN.  Ian William Kings of Tenon Recovery, Tenon House,
Ferryboat Lane, Sunderland SR5 3JN was appointed liquidator.

CONTACT:  THE HOLIDAY CENTRE LIMITED
          Coast Road, Berrow
          Burnham-On-Sea, Somerset TA8 2RB
          Phone: 01278751235

          TENON RECOVERY
          Tenon House, Ferryboat Lane,
          Sunderland SR5 3JN
          Phone: 0191 511 5000
          Fax:   0191 511 5001
          Web site: http://www.tenongroup.com


LANGBAR INTERNATIONAL: Names Recovery Expert Executive Chairman
---------------------------------------------------------------
Langbar International Limited has appointed David Buchler
Executive Chairman and Christopher Wallis Finance Director.
Stuart Pearson remains an Executive Director.

Philip Wood, non-executive director, and Jean Pierre Regli, the
Chief Financial Officer, have resigned from the board of Langbar
International Limited with effect Dec. 19, 2005.

David Buchler is an experienced recovery expert and Chairman of
DB Consultants.  He has previously been Chairman and co-founder
of Buchler Phillips, a firm of recovery experts, Chairman of
Kroll Europe and President of the Institute of Insolvency
Practitioners. David has been involved in several high profile
recovery cases and specializes in turnaround situations.

Christopher Wallis, a chartered accountant, is also highly
experienced in the field of turnaround, recovery and
investigations.

The Board is of course, cooperating fully with the Serious Fraud
Office in its enquiries into the alleged fraud on the Company.

Also, the Company, having previously announced a joint venture
with Global Marine Energy plc (formerly MOS International plc)
in respect of International Drilling Corporation Limited, have
terminated the arrangements at no cost to the Company.

Stuart Pearson, Chief Executive, commented: "Having discovered
the fraud, within months of my joining the Board, I am
determined to recover as much of the shareholders monies as
possible.  To this end I have restructured the Board and
appointed very experienced and well respected recovery experts
to lead the process."

David Buchler, stated: "This will not be a straight forward
assignment.  However, we will work with the Company's advisers
and, where necessary, the appropriate authorities to determine
exactly what has transpired and pursue the recovery of the
Company's funds."

                        About the Company

Langbar International -- http://www.langbar.com/-- is an
independent management and investment firm.  Formerly Crown
Corporation, it was renamed Langbar after Stuart Pearson became
chief executive in June.  Headquartered in Bermuda, Langbar
International operates internationally, and is listed in London
on the Alternative Investment Market of the London Stock
Exchange.  It has investments in Argentina, Canada, Russia,
Eastern Europe, Spain and Portugal.

The company is under investigation for fraud in relation to the
disappearance of the firm's GBP365 million cash deposits in
Banco do Brazil in Sao Paulo.  It has replaced Spanish firm
Gironella Velasco with Deloitte as auditor.

CONTACT:  LANGBAR INTERNATIONAL LIMITED
          Head Office
          Reed House
          31 Church Street
          Hamilton HM12
          Bermuda
          Phone: +1 (441) 295-3631
          E-mail: info@langbar.com

          KROLL EUROPE, MIDDLE EAST & AFRICA
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001


LANGBAR INTERNATIONAL: Drops Proposed IDC Joint Venture
-------------------------------------------------------
The Boards of Global Marine Energy plc (formerly MOS
International plc), and Langbar International Limited said that
they have decided not to proceed with the proposed joint venture
vehicle, International Drilling Corporation.

The Companies announced on June 22, 2005 that Heads of Agreement
had been signed.

                            *   *   *

Under the Heads of Agreement, Langbar will have a 50% interest
in IDC.  IDC will commission the building of oil rigs and major
capital projects connected with the drilling and exploration
industry.

MOS International plc, an AIM-listed company, will hold the
remaining 50% of IDC.  It was then already involved in the oil
and gas industry where it has considerable expertise in the
manufacture of lifting and handling equipment.  MOS is an
existing supplier to a number of major contractors in the sector
and this venture is a complementary activity to its existing
business.

Crown, through its corporate finance subsidiary Langbar Capital
Limited, is to raise the project finance for IDC.  MOS will
provide project management and industry expertise.

                        About the Company

Langbar International -- http://www.langbar.com/-- is an
independent management and investment firm.  Formerly Crown
Corporation, it was renamed Langbar after Stuart Pearson became
chief executive in June.  Headquartered in Bermuda, Langbar
International operates internationally, and is listed in London
on the Alternative Investment Market of the London Stock
Exchange.  It has investments in Argentina, Canada, Russia,
Eastern Europe, Spain and Portugal.

The company is under investigation for fraud in relation to the
disappearance of the firm's GBP365 million cash deposits in
Banco do Brazil in Sao Paulo.  It has replaced Spanish firm
Gironella Velasco with Deloitte as auditor.

CONTACT:  LANGBAR INTERNATIONAL LIMITED
          Head Office
          Reed House
          31 Church Street
          Hamilton HM12
          Bermuda
          Phone: +1 (441) 295-3631
          E-mail: info@langbar.com

          KROLL EUROPE, MIDDLE EAST & AFRICA
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001

          GLOBAL MARINE ENERGY PLC
          Phone: 01274 531 862
          Philip Wood, Chairman

          NOBLE & COMPANY LIMITED
          Phone: 0131 225 9677
          Adam Westcott

          BANKSIDE CONSULTANTS
          Phone: 0207 367 8888
          Michael Padley/Susan Scott


LIAM CHIVERS: Appoints Liquidator
---------------------------------
L. Chivers, chairman of Liam Chivers (Recycling) Limited,
informs that the special, ordinary and extraordinary resolutions
to wind up the company were passed at an EGM held on Dec. 8 at
The Highways Depot, North Dane Way, Lordswood, Chatham, Kent ME5
8YE.  Peter Roderick Frowde of McCabe Ford Williams, Bank
Chambers, 1 Central Avenue, Sittingbourne, Kent ME10 4AE was
appointed liquidator.

Creditors are required on or before February 28, 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 Peter Roderick
Frowde and if so required by notice in writing their debt or
claims.

CONTACT:  MCCABE FORD WILLIAMS
          Bank Chambers,
          1 Central Avenue,
          Sittingbourne, Kent ME10 4AE
          Phone: (01795) 479111
          Fax: (01795) 428810
          E-mail: sittingbourne@mfw.co.uk
          Web site: http://www.mfw.co.uk


MIDLAND RESOURCE: Creditors Meeting Set Thursday
------------------------------------------------
Creditors of Midland Resource Centre Ltd.(Company No 04932062)
will meet on December 22, 2005, 11 a.m. at Travelodge Stafford
Hotel, Moto Service Area, M6 Motorway Northbound, Eccleshall
Road, Stafford ST15 0EU.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Jonathan Guy Lord and Robert Lochmohr Cooksey,
joint administrators of Bridgestones, 125-127 Union Street,
Oldham OL1 1TE.

CONTACT:  MIDLAND RESOURCE CENTRE
          Minster House
          88-89 Darlington Street
          Wolverhampton West Midlands WV1 4EX
          Phone: 01902 424529
          Fax: 01902 771504

          BRIDGESTONES
          125-127 Union Street
          Oldham
          Lancashire OL1 1TE
          Phone: 0161 785 3700
          Fax: 0161 785 3701
          E-mail: rlc@bridgestones.co.uk


NETWORK RAIL: Regulator Sets Revenue Requirement at GBP20 Bln
-------------------------------------------------------------
The Office of Rail Regulation on Dec. 15 published its initial
assessment of the prospects for Network Rail's funding for the
five years starting in April 2009 (Control Period 4), and also
consulted on the future financial framework for setting Network
Rail's allowed revenue.

The assessment suggests, on the basis of Network Rail's current
business plan assumptions of future levels of rail traffic, that
Network Rail's revenue requirement could be in the range GBP17 -
20 billion for the five years 2009 to 2014 (GBP3.4 to GBP4.0
billion a year), compared with GBP22.7 billion allowed in the
current control period (2004-2009).

Underpinning this assessment is an analysis by ORR of the work
that Network Rail will need to undertake to maintain the
serviceability and performance of the rail network, possible
trends in the costs of that work, and assumptions about the
required return on Network Rail's capital.  The expenditure
assessment take account of advice from ORR's consultants that
there is scope for continued unit cost reductions of between 2
and 8% a year over CP4.

Chris Bolt, ORR Chairman, said: "The Railways Act 2005 set out a
new framework for the industry.  Ministers, including for
Scotland the Scottish Ministers, are now required to give ORR a
clear specification of the high level outputs they expect the
railway to deliver and the funding they are prepared to make
available.  The purpose of this document is to provide an input
to decisions by Ministers on their output specification and the
scale of public funding for rail.

"Given the expected growth in demand, it will be particularly
challenging for Network Rail and its partners to develop plans
which both maintain and improve safety and operational
performance and accommodate the increase in the costs of
financing Network Rail's balance sheet, without adding to
pressures on funding.  This will require relentless pursuit of
improved efficiency, while not compromising long-term
sustainability of the network.  So we are also seeking views on
the issues which will need to be further developed by Network
Rail before it publishes its medium term plan in June 2006."

Issues which ORR expects Network Rail to address in developing
this plan include:

-- its understanding of asset knowledge and cost causation;

-- passenger and freight demand growth;

-- further disaggregation of information on activity and
   expenditure; and

-- its own view of possible future efficiency improvements.

Analysis of these issues will continue through 2006, leading to
publication by Ministers of their specification of outputs and
funding in mid-2007.  As this document makes clear, final
decisions on Network Rail's allowed revenue for CP4, which ORR
expects to reach in Autumn 2008, could be outside the range
illustrated if the output specification differs significantly
from the assumptions in Network Rail's current business plan.

The document also consults on key strategic issues concerning
the financial framework for Network Rail in CP4, in particular
to provide effective incentives for Network Rail to continue to
deliver efficiency savings and improvements in performance,
including safety performance.

Chris Bolt continued: "Significant further efficiency gains by
Network Rail may only be achievable if, working with its
customers and suppliers, it is encouraged to take up more
demanding challenges and adopt innovative approaches, and is
rewarded for doing so.  The alternative is likely to be a
company which is less able to respond to the pressures of
increased demand and to succeed in the relentless pursuit of
improved efficiency while not compromising long-term
sustainability of the network."

                            *   *   *

ORR's Initial Assessment of Network Rail's CP4 Revenue
Requirement and Consultation on the Financial Framework is
published on Dec. 15, and is available from the ORR Web site.
Responses to the consultation are requested by 31 March 2006.

Assessing Network Rail's scope for efficiency gains over CP4 and
beyond: a preliminary study, LEK Consulting (International) Ltd.
and Oxera Consulting Ltd., December 2005.  This report is
available on the ORR Web site.

The 2008 Periodic Review started in August 2005 with the
publication of the first consultation document "Periodic Review
2008: First Consultation Document" (please see Related links)
Final Conclusions are planned for publication in October 2008.
The current control period (Control Period 3), runs from April
2004 until March 2009.

To set Network Rail's access charges, ORR must establish the
efficient level of expenditure to deliver the required network
outputs and the return it is permitted to earn on its regulatory
asset base.  From these ORR derives Network Rail's gross revenue
requirement and nets off stations charges, property income and
freight and open access passenger charges.  This net revenue
requirement forms the basis of access charges to franchised
passenger train operators.  Generally these operators benefit
from an indemnity from Government, so ultimately any reduction
or increase in charges flows back to Government's budget.

Following Network Rail's 2006 submission to the review, ORR will
review it and publish a further assessment, prior to issuing a
formal commencement notice for the review.  The Railways Act
2005 then requires the Secretary of State for Transport (for
England and Wales) and Scottish Ministers (for Scotland) to
present to ORR information on the high level outputs (HLOS) they
want the railway to provide, and a statement of funds available.
ORR must then determine the outputs that Network Rail must
deliver to achieve the HLOS, the cost of delivering them in the
most efficient way, and the implications for the charges payable
by train operators to Network Rail for using the railway
network.  If, at the end of ORR's review, there is a mismatch
between the outputs the Secretary of State or Scottish Ministers
are seeking and the funding available, the Act gives to ORR the
task of determining which rail outputs should be delivered.

                            *   *   *

Network Rail welcomes the early publication of the Office of
Rail Regulation's assessment of future revenue requirements.
Although this is still three years away, having a considered and
detailed analysis of the requirements will enable constructive
dialogue on options to take place.

During this five-year, Control Period (CP3), the regulator set
an aggressive cost reduction target of 31%.  We are well on the
way to achieving these targets and initiatives, such as taking
maintenance in-house, the systematic renegotiation of all supply
contracts and improved delivery processes, are driving through
significant efficiencies.

Over the coming months, we will work closely with the ORR, the
DfT and the Scottish Executive to identify further efficiencies
that will contribute to reducing the level of future revenue
requirements.

Network Rail's wider responsibilities have also been highlighted
by the ORR.  The company has made a number of changes since the
last review to ensure closer co-operation across the industry,
and the importance in the future of continuing this work,
putting passengers and freight customers first, is to be
welcomed.

                        About the Company

Railtrack went into administration in 2001 after the government
withdrew funding for the company whose reputation was wrecked by
a fatal crash in 2000 at Hatfield.  Mr. Justice McKay imposed
fines of GBP3.5 million on Network Rail (which assumed
Railtrack's liabilities), after finding it guilty of health and
safety offences associated with the Hatfield crash.

Shareholders had sued the government for "misfeasance of
justice" and a breach of human rights to get GBP157 million in
compensation.  High Court Justice Lindsay rejected the claim in
October.

CONTACT:  NETWORK RAIL LIMITED
          40 Melton St.
          London NW1 2EE,
          United Kingdom
          Phone: +44 20 7557 8000
          Fax:   +44 20 7557 9000
          Web site: http://www.networkrail.com


NETWORK RAIL: Signs Multi-million-pound National Steel Contracts
----------------------------------------------------------------
Network Rail has finalized a multi-million pound, long-term
steel contracts on Dec. 15.  The contracts will deliver over
100,000 tons of high quality rail a year and will become the
cornerstone of Network Rail's rail renewal program in the years
ahead and will play a part in delivering a better train service
for passengers.

The new contracts have been signed with two suppliers with a
third in final negotiations:

(a) Corus: worth around GBP40-50 million in the first year of a
    seven-year contract; and

(b) VOESTALPINE: worth around GBP12-16 million in the first year
    of a five-year contract.

Iain Coucher, deputy chief executive, said: "We're 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
these new steel contracts will ensure that we have a quality
product that will help us to modernize our network."

The new contracts have tough quality targets with long warranty
periods and clauses for rejection -- the emphasis is very much
on a high quality product at a competitive price.

                        About the Company

Railtrack went into administration in 2001 after the government
withdrew funding for the company whose reputation was wrecked by
a fatal crash in 2000 at Hatfield.  Mr. Justice McKay imposed
fines of GBP3.5 million on Network Rail (which assumed
Railtrack's liabilities), after finding it guilty of health and
safety offences associated with the Hatfield crash.

Shareholders had sued the government for "misfeasance of
justice" and a breach of human rights to get GBP157 million in
compensation.  High Court Justice Lindsay rejected the claim in
October.

CONTACT:  NETWORK RAIL LIMITED
          40 Melton St.
          London NW1 2EE,
          United Kingdom
          Phone: +44 20 7557 8000
          Fax:   +44 20 7557 9000
          Web site: http://www.networkrail.com


OCTONE LIMITED: Appoints Administrators from Tenon Recovery
-----------------------------------------------------------
S. Waller, director of Octone Limited, informs that the special
resolution to wind up the company was passed at an EGM held on
Nov. 28 at Octone Limited, Brechin Business Centre, Southesk
Street, Brechin, Angus, Scotland DD9 6DY.  Andrew Pear and Ian
Cadlock of Tenon Recovery, Lyndean House, 43-46 Queens Road,
Brighton, East Sussex BN1 3XB were appointed joint liquidators.

Creditors are required on or before January 28, 2006, to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of debt or claims, and the names
and addresses of Solicitors (if any), to A. J. Pear and I.
Cadlock and if so required by notice in writing their debt or
claims.

CONTACT:  TENON RECOVERY
          Lyndean House, 43-46 Queens Road,
          Brighton, East Sussex BN1 3XB
          Phone: 01273 725566
          Fax: 01273 724502
          Web site: http://www.tenongroup.com


OFF SHOOT: Names BDO Stoy Hayward Administrator
-----------------------------------------------
Charles MacMillan and Toby Underwood (IP Nos 6000, 9271) of BDO
Stoy Hayward LLP were appointed joint administrators of Off
Shoot Clothing Limited (Company No 2726308) on Dec. 6.

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

          BDO STOY HAYWARD LLP
          1 City Square
          Leeds
          West Yorkshire LS1 2DP
          Phone: 0113 244 3839
          Fax: 0113 204 1200


O.H.R. LTD.: Files for Liquidation
----------------------------------
O.H.R. Limited informs that a resolution to wind up the company
was passed at an EGM held on Nov. 16 at Third Floor, 3 Field
Court, Gray's Inn, London WC1R 5EF.  Jacqueline Barbara
Stephenson of Third Floor, 3 Field Court, Gray's Inn, London
WC1R 5EF was appointed liquidator.

CONTACT:  OHR LTD.
          56 St Michaels Road
          Westcliffe, Bournemouth, Dorset BH2 5EB
          Phone: 01202-552686


PEAK ENTERTAINMENT: Posts US$779,199 Net Loss in Third Quarter
--------------------------------------------------------------
Peak Entertainment Holdings Inc. delivered its financial results
for the quarter ended Sept. 30, 2005, to the Securities and
Exchange Commission on Nov. 23, 2005.

Peak Entertainment incurred a US$779,199 net loss on US$437,908
of revenues for the three months ended Sept. 30, 2005, versus a
US$1,144,129 net loss on US$138,474 of revenues for the same
period in 2004.

The Company's balance sheet, showed US$3,900,059 in total assets
and US$1,564,771 of liabilities.  At Sept. 30, 2005, the Company
had no cash and used approximately US$521,000 to fund operations
and net loss for the nine months ended Sept. 30, 2005.

                   Going Concern Doubt

Garbutt & Elliott Limited expressed substantial doubt about Peak
Entertainment's ability to continue as a going concern after it
audited the Company's financial statements for the years ended
Dec. 31, 2004 and 2003.  The auditing firm pointed to the
Company's recurring losses from operations, cash flow deficits
and net capital deficiency.

                 About Peak Entertainment

Headquartered in Derbyshire, England, Peak Entertainment
Holdings Inc. -- http://www.peakentertainment.co.uk/-- is a
fully integrated multimedia company dedicated to quality
children's television entertainment, character licensing and
consumer products.  The Company's unique, fully integrated
business model, which includes concept creation and branding,
production of entertainment programs, character licensing, and
manufacturing and distribution of toys and related consumer
products, gives it maximum quality control and speed-to-market
while developing total brand equity.  Peak's properties include
Monster Quest, The Wumblers, Little Big Feet, Countin' Sheep and
Mini Flora.

CONTACT:  PEAK ENTERTAINMENT HOLDINGS INC.
          Bagshaw Hill
          Bakewell, Derbyshire
          DE45 1DL Tel
          Phone: 01629 814555
          Fax: 01629 813539
          E-mail: info@peakentertainment.co.uk


PHENOMIND PLC: Hires Begbies Traynor to Liquidate Business
----------------------------------------------------------
S. Richards, chairman of Phenomind plc, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 10 at 70 Conduit Street, London W1S 2GF.  Lloyd Biscoe of
Begbies Traynor, The Old Exchange, 234 Southchurch Road,
Southend on Sea, Essex SS1 2EG was appointed liquidator.

Phenomind offers Web design, hosting, and programming, including
Oracle, XML, booking engines, and data driven Flash.

CONTACT:  PHENOMIND PLC
          351 Oxford Street, Mayfair
          London
          W1C 2JF

          BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


RENTOKIL INITIAL: Tackles Pension Scheme Deficit
------------------------------------------------
In its third quarter update on 3 November 2005, Rentokil Initial
plc announced that it was in discussions with the Trustees of
the Defined Benefit (DB) Sections of the Rentokil Initial
Pension Scheme regarding measures to address the Scheme's
funding deficit and to ensure appropriate future funding levels.
These discussions have resulted in the company proposing a
series of positive steps, which will deal with these issues and
protect the security of the Scheme's benefits for its members.

The deficit of the U.K. Scheme under IAS 19 as at 30 November
2005 was estimated to be GBP325 million.  In response to a
general trend of increasing longevity, which has adversely
impacted the Scheme, the Company and Trustees have agreed to a
more prudent basis for estimating longevity that will increase
this deficit by an additional GBP24 million.  An agreement has
been reached between the Company and the Trustees to make an
immediate payment of GBP200 million, with the remaining deficit
being met by a series of payments ending no later than January
2012.  The changed regulatory environment for pensions requires
the Company to deal with these issues in a shorter timescale
than it might otherwise have done.  The total funding required
to address the deficit will be in the range of GBP370 million to
GBP380 million depending on the final timing of the payments.

In order to reduce the likelihood that the scheme deficit will
increase materially in the future, following discussions with
the Company, the Trustees will be reviewing the Scheme's
investment strategy, with the aim of reducing potential
volatility that might be caused by market movements.  This will
result in a lower exposure to equities over time and improve the
security of Scheme benefits.

With immediate effect, the Company will be entering into a
period of comprehensive consultation with active members of the
DB Sections of the Scheme.  The Company is proposing to close
the DB Sections for the future accrual of benefits for active
members.  The aim of this is to reduce exposure to future
shortfalls and to ensure that the Scheme will be in a position
to continue to pay all benefits that have been earned to date by
its members.  It will also provide the Company with more
predictable costs of future pension provision.  The proposed
closure will have no impact on the scheme's deferred pensioners
and pensions in payment.

If the Company's proposals are implemented, existing active
members of the Scheme's DB Sections will be offered membership
in a defined contribution arrangement so that they can continue
to make provision for retirement.

Final decisions regarding the review will be taken once the
consultation period with active members has been completed later
in 2006.

                            *   *   *
The Defined Benefit Sections of the Rentokil Initial Pension
Scheme currently has 3,000 active members, 15,000 deferred
pensioners and 8,000 pensions in payment.

At 30 November 2005, the scheme had assets of GBP640 million and
liabilities of GBP965 million.

In the Lane Clark Peacock Accounting for Pensions Annual Survey
2005, Rentokil Initial had the 96th lowest level of pension
scheme funding out of the FTSE-100.

CONTACT:  RENTOKIL INITIAL PLC
          Felcourt
          East Grinstead
          West Sussex RH19 2JY
          Phone: +44-1342-833-022
          Fax: +44-1342-326-229
          E-mail: pr@rentokil-initial.co.uk
          Web site: http://www.rentokil-initial.com


R. SHAYLER & SON: Goes into Liquidation
---------------------------------------
J. Grove, chairman of R. Shayler & Son Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 16 at 1st Floor, 4 Meadow Court, 41-43 High Street, Witney,
Oxfordshire OX28 6ER.  Peter Edwards of Peter Edwards & Co. was
appointed liquidator.

CONTACT:  R. SHAYLER & SON LIMITED
          Aston Road, Bampton, Oxfordshire OX18 2AF
          Phone: 01993850820


SANITY GROUP: Names KPMG Administrator
--------------------------------------
Howard Smith (IP No 9341) and Brian Green (IP No 8709) of KPMG
LLP were appointed administrators of Sanity Group Limited
(Company No 04912715) on Dec. 6.

Sanity -- http://www.sanity.co.uk/-- is a hygiene services
company.  It provides a full range of washroom services from the
collection and disposal of sanitary waste to the replenishment
of soap dispensers and air fresheners to the provision of water
management systems and the supply of hand dryers and vending
machines.

CONTACT:  SANITY GROUP LIMITED
          Phone: 0800 458 4596
          E-mail: info@sanity.co.uk

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


SIMRON CONSTRUCTION: Calls in Liquidator
----------------------------------------
R. J. French, chairman of Simron Construction Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 18 at 24 Conduit Place, London W2 1EP.  Ian Franses
of Ian Franses Associates, 24 Conduit Place, London W2 1EP was
appointed liquidator.

CONTACT:  SIMRON CONSTUCTON LTD.
          Modern House
          Eltham High Street
          Eltham, London
          SE9 1DA
          Phone: 020 8 850 1118
          Fax: 020 8 850 5888
          E-mail: simron@simronuk.co.uk
          Web site: http://www.simronuk.co.uk/

          IAN FRANSES ASSOCIATES
          24 Conduit Place
          London W2 1EP
          Phone: 020 7262 1199
          Fax: 020 7262 2662
          E-mail: if@ianfranses.co.uk


SWEDISH WINDOW: Creditors Meeting Set Thursday
----------------------------------------------
Creditors of Swedish Window Company Limited will meet on
December 22, 2005, 12 noon at Baker Tilly, Friars Courtyard, 30
Princes Street, Ipswich IP1 1RJ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to N. Millar, joint administrative receiver of Baker
Tilly, Friars Courtyard, Princes Street, Ipswich IP1 1RJ not
later than 12 noon, December 21, 2005.

CONTACT:  SWEDISH WINDOW COMPANY LTD.
          Old Maltings House
          Hall Street
          Long Melford
          Suffolk CO10 9JB
          E-mail: info@swedishwindows.com
          Web site: http://www.swedishwindows.com/

          BAKER TILLY
          30 Princes Street,
          Ipswich IP1 1RJ
          Web site: http://www.bakertilly.co.uk


THIEFBEATERS LIMITED: Appoints Cooper Parry Administrator
---------------------------------------------------------
Tyrone Shaun Courtman and Shaun Neil Adams (IP Nos 7237, 8568)
of Cooper Parry LLP were appointed administrators of
Thiefbeaters Limited (Company No 03774576) on Dec. 7.

Thiefbeaters Limited -- http://www.caravan-
sitefinder.co.uk/suppliers/37/ offers security services.

CONTACT:  THIEFBEATERS LIMITED
          P.O. Box 5789, Towcester,
          Northamptonshire, Towcester, NN12 8ZJ
          Phone: 0870 794 0111

          COOPER PARRY LLP
          14 Park Row, Nottingham NG1 6GR
          Phone: +44 (0) 1332 295544
          Fax: +44 (0) 1332 295600
          Web site: http://www.cooperparry.com


UNICORN DESIGN: Succumbs to Liquidation
---------------------------------------
M. Itzler, director of Unicorn Design & Build Services Ltd. (t/a
Unicorn Decorating Services), informs that resolutions to wind
up the company were passed at an EGM held on Nov. 18 at
Mountview Court, 1148 High Road, Whetstone, London N20 0RA.
Kikis Kallis of Kallis & Co., Mountview Court, 1148 High Road,
Whetstone, London N20 0RA was appointed liquidator.

CONTACT:  UNICORN DESIGN & BUILD SERVICES LTD.
          51 Park Avenue
          London N22 7EY
          Phone: (020 8881 5586)

          KALLIS & CO.
          Mountview Court
          1148 High Road
          Whetstone
          London N20 0RA
          Phone: 020 8446 6699
          Fax: 020 8492 6099


UNWINS WINE: Bank Brings in Administrator
-----------------------------------------
HBOS, the banker of high-street retailer Unwins Wine Group, has
called in Myles Halley of KPMG as administrator for the off-
license chain, according to The Telegraph.  Recent accounts of
Unwins filed at the Companies House, showed debt of GBP35.5
million, including GBP9.5 million in bank loans and overdrafts
and GBP19.5 million to trade creditors, the report said.  KPMG
is now assessing the possible sale of parts of the company as a
going concern.  Interested parties include:

-- Wine Cellar, the rival off-license business owned by Sir
   David Alliance;

-- Castel, the French owner of the Oddbins; and

-- Nicolas chains Raj Chatha, who owns Whittals Wines.

Meanwhile, Friends Provident, Unwins pension scheme manager, is
investigating where the pension contributions of the staff at
Unwins went.  Staff said that their pensions contribution for
October and November have been deducted but not paid to the
scheme.

Under the current pensions regulations, the contributions in one
month should be remitted by the 19th day of the following month.
Should the company fail to do so, it has 90 days to explain to
the regulator.  Authorities have the power to force the company
to pay if it has not gone into administration, or else the
amount will be paid by a back-stop insurance fund.

The 162-year-old Unwins Wind Group operates 380 Unwins shops and
wholesale drinks business.  It employs 2,000 mostly part-time
staff.  The company was sold by controlling Wetz family to
Australian businessman Philipp Cook's DM Private Equity for
GBP32 million in March.  The deal included the sell-off of the
group's freehold assets for GBP25 million.

CONTACT:  THE UNWINS WINE GROUP LTD.
          Birchwood House
          Victoria Road
          Dartford
          Kent
          DA1 5AJ
          Phone: 013 2227 2711
          E-mail: jturner@unwins.co.uk
          Web site: http://www.unwins.co.uk

          KPMG
          Aquis Court,
          31 Fishpool Street,
          St Albans, AL3 4RF
          Phone: 0500 644665
          Web site: http://www.kpmg.co.uk

          FRIENDS PROVIDENT
          P.O. Box 1550
          Milford
          Salisbury
          Wiltshire
          Web site: http://www.friendsprovident.co.uk/


VALCO UK: Appoints Liquidator from Begbies Traynor
--------------------------------------------------
Valco UK Limited informs that a resolution to wind up the
company was passed at an EGM held on Nov. 18 at The Old
Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG.
Jamie Taylor of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG was appointed
liquidator.

CONTACT:  VALCO UK LIMITED
          Head Office and Electronics Division
          18 Redhills Road
          Eastern Industrial Estate
          South Woodham Ferrers
          Chelmsford, Essex CM3 5UL

          Engineering Division
          14 Redhills Road
          Eastern industrial Estate
          South Woodham Ferrers
          Chelmsford, Essex CM3 5UL
          Web site: http://www.valcouk.com/

          E-mail: carolines@valcouk.com
          Phone: 44 (0)1245 328888
          Fax: 44 (0)1245 329198

          BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


WALSALL PRINT: Administrators from PKF Move in
----------------------------------------------
Ian J. Gould and Brian J. Hamblin (IP Nos 7866, 2085) of PKF
(UK) LLP were appointed joint administrators of The Walsall
Print Company Limited (Company No 00844239) on Nov. 30.  Its
registered office is Midland Road, Walsall, West Midlands WS1
3QL.

CONTACT:  WALSALL PRINT CO. LTD.
          Midland Road
          Walsall WS1 3QL
          West Midlands
          Phone: 01922 721272
          Fax: 01922 625950
          Web site: http://www.walsallprintgroup.com/

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


                             *********


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
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