TCREUR_Public/051222.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, December 22, 2005, Vol. 6, No. 253

                            Headlines

C Z E C H   R E P U B L I C

PRAGA COMPANY: Falls into Bankruptcy Anew


G E R M A N Y

ACTION IT: Claims Verification Set April
ALLGEMEINE HYPOTHEKENBANK: Appoints Karsten von Koller Chairman
ARENA PROJECT: Darmstadt Business Goes Bust
AUTOHAUS RAPE: Proofs of Claim Due Next Month
B&P BISTRO: Creditors to Meet February

FRESENIUS MEDICAL: Share Conversion Offer to Start January
GAIA ADVANCED: Under Bankruptcy Administration
GTI TOURS: Claims Filing Period Ends January 26
JENOPTIK AG: Completes Sale of 72.89% Stake in M+W Zander
JENOPTIK AG: On Rating Watch Negative Following Stake Sale

JENOPTIK AG: Period for Offering DEWB Shares Expires
MARKER BAUPLANUNGSGESELLSCHAFT: Court Names CMS Administrator
MAXDATA AG: Founder Agrees to Sell Stake
PROSIEBENSAT.1 MEDIA: Springer to Seek Ministerial Approval
SANDWICH FARM: Succumbs to Bankruptcy
UNI-BUCH: Frankfurt Court Appoints Provisional Administrator
WOLFGANG WILHELM: HWW Administrator Takes over Firm


G R E E C E

OLYMPIC AIRLINES: New Rescue Plan Out January


K A Z A K H S T A N

* Fitch Upgrades Ratings of 7 Kazakhstani Banks


I T A L Y

ALITALIA SPA: Pays back EUR400 Million Bridging Loan
PARMALAT SPA: BofA Allowed to Participate in Civil Lawsuit


L A T V I A

PAREX BANKA: Ratings Affirmed at BB+/B; Outlook Stable


N E T H E R L A N D S

ROYAL SHELL: Returns US$5 Billion to Shareholders in 2005
TELEPLAN INTERNATIONAL: Restructures Unprofitable Business Unit


P O L A N D

ELEKTRIM SA: Bankruptcy Hearing Postponed Indefinitely


R U S S I A

ALIKOVO MILK: Chuvashiya Court Opens Bankruptcy Proceedings
CAPITAL HOLDING: Insolvency Manager Enters Firm
MINYARSKIY: Succumbs to Bankruptcy
MIS: Insolvency Manager Takes over Firm
NIZHEVOLZHSKAYA: Undergoes Bankruptcy Supervision Procedure

PIKET: Bankruptcy Supervision Procedure Begins
PLESETSKIY: Claims Filing Period Ends Dec. 29
TAT-GAS-SERVICE: Hires P. Ryabichev Insolvency Manager
UYUT: Under Bankruptcy Supervision
YOSHKAR-OLINSKIY: Declared Insolvent
YUKOS OIL: Ruling on Seized Assets Delayed
YUKOS OIL: Analysts Expect Additional Disposals


S W E D E N

SKANDIA INSURANCE: Shareholders Support Old Mutual Merger


S W I T Z E R L A N D

ABB LTD.: U.S. Court Confirms Unit's Revised Bankruptcy Plan
REFCO INC.: Geneva Court Lifts Injunction on ACM Shares


T U R K E Y

TURKISH BANKS: Moody's Ups Currency Deposit Ratings to B1


U K R A I N E

AGROSVIT: Bankruptcy Supervision Begins
KOMSOMOLSKE' BREAD: Succumbs to Bankruptcy
LUGANSK' FISHING: Sanction Proceedings Start
PROGRES: Under Bankruptcy Supervision
SHPILI: Declared Insolvent
SKIF: Insolvency Manager Takes over Helm
UKRAINIAN ENERGY: Succumbs to Bankruptcy


U N I T E D   K I N G D O M

AQUADREAMS LTD.: Clothing Retailer Liquidates
BEETIES GALLERY: Creditors Meeting Set Tomorrow
BESTWAY FORWARD: Names SPW Poppleton Liquidator
BLADEZ EUROPE: Files for Liquidation
CAD-CAM PROJECTS: Creditors Meeting Set January

CANTERBURY FOODS: Selling Loss-making Meat Products Business
CENPLAS LIMITED: Hires Administrators from Geoffrey Martin
CENTER PARCS: Seals Contract to Operate Les Jardins Estate
CHRISTINA LEES: Interior Designer Winds up
COATING TECHNIQUES: Hires Administrators from Elwell Watchorn

CONCEPT COMMUNICATIONS: Calls in Joint Liquidators
DECLAN DALY: Horse Trainer Falls to Administration
DEEP OCEAN: Names David Rubin Liquidator
EUROSPRAY SYSTEMS: Appoints Administrator
FLEETWOOD MANAGEMENT: Calls in Liquidator from SPW Poppleton

FURNISHING DREAMS: Creditors Meeting Today
GW 745: KPMG Administrators Enter Firm
IMPACT BUSINESS: Appoints Joint Liquidators
INDUSTRIAL FINISHING: Names Elwell Watchorn Administrator
JACOBY PARTNERSHIP: Administrators Enter Firm

JESSOPS PLC: To Release Christmas Update January
LATIMER MARKETING: Goes into Liquidation
MARCONI CORPORATION: European Commission Okays Ericsson Takeover
MISYS PLC: Misys Banking Chief Steps down
MISYS PLC: Core Businesses Show 'Encouraging' Progress

NTL INC.: Unit's US$5.7 Bln Credit Facility Rated BB-
PROBUS ESTATES: Reports EUR17.4 Mln After-tax Loss for 2004
RAMCO ENERGY: Completes Disposal of Oil Services Unit
RAW GLASS: Administrators from Vantis Redhead Enter Firm
SANCTUARY GROUP: Outlines Steps to Address Capital Loss

SPAFORM LIMITED: Spa Maker Goes Belly-up
STYLACATS LIMITED: Names BDO Stoy Hayward Administrator
TECHNICAL AQUATIC: Appoints Administrator from P&A Partnership
TWO WHEELS: Administrators from BDO Stoy Hayward Move in
WM MORRISON: Inks Deal to Sell Former Safeway Stores


                            *********


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


PRAGA COMPANY: Falls into Bankruptcy Anew
-----------------------------------------
The Regional Court in Usti nad Labem declared engineering group
Praga Company bankrupt on December 12, 2005, Czech News Agency
says.

This is the second bankruptcy petition of Praga in six months.
The same court declared the company insolvent in July and
appointed Josef Cermak receiver.  On November 1, it appointed a
liquidator to wind up production and sell assets, but the Prague
High Court reversed the decision.

In 2004, Praga Company absorbed bankrupt engineering group Praga.
Together they employ 130 workers and manufacture car parts --
conic and front gears and gearboxes.  Its clients include J.B.
Trade, TOS Znojmo, Daewoo Avia Cz, Tatra Kopoivnice, Gama Kladno
and AVC Eadca.  Praga Company earned CZK61.4 million in 2003.

CONTACT:  PRAGA COMPANY s.r.o.
          Louena 241
          463 34 Hradek nad Nisou
          Phone: +420 485 140 220
          Fax: +420 485 140 213
          E-mail: praga.mark@tiscali.cz


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


ACTION IT: Claims Verification Set April
----------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against ACTION IT-Service GmbH on December 1.
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 Dr. Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting on January 18, 2006, 10:25 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 April 26,
2006, 10:15 a.m. at the same venue.

CONTACT:  ACTION IT-SERVICE GmbH
          Sachsendamm 68-70,10829 Berlin

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


ALLGEMEINE HYPOTHEKENBANK: Appoints Karsten von Koller Chairman
---------------------------------------------------------------
The Supervisory Board of Allgemeine HypothekenBank Rheinboden AG
(AHBR) has, in the course of completing the sale of the majority
of its shares, appointed Dr. Karsten von Koller as the new
Chairman of the Management Board with immediate effect.

Dr. Matthias Danne had stepped down from his responsibilities as
Member of the Supervisory Board and as Joint Spokesman of the
Management Board.  He had been appointed by the Supervisory Board
to the Management Board effective 8 August 2005.

Dr. Dirk Hoffmann, the other Spokesman of the Management Board,
and Michael Mueller, Member of the Management Board, have also
left their positions.

                        About the Company

AHBR incurred huge debt after suffering from the effects of poor
interest rate management four years ago.  Its impending collapse
threatens to break the record set by Herstatt Bank in 1974.  It
has assets of more than EUR80 billion.  It is owned directly and
indirectly -- through BHW -- by the trade union private equity
holding group BGAG.  BGAG has provided it EUR1.2 billion in
financing, and guaranteed it under a EUR1.2 billion risk
protection scheme.  It recently sold the company to U.S.
investment group Lone Star for EUR400 million.

                            Ratings

Following the sale, Standard & Poor's Ratings Services removed
its 'BB+' counterparty credit ratings on AHBR from CreditWatch,
where they were first placed on Oct. 25, 2005.  In addition,
Standard & Poor's affirmed its 'BB+/B' counterparty credit and
senior unsecured ratings on AHBR, and raised the ratings on
subordinated debt issued by AHBR to 'BB-' from 'B'.  The outlook
is negative.  At the same time, the 'AAA' ratings on senior
secured Offentliche Pfandbriefe and Hypothekenpfandbriefe issued
by AHBR were affirmed.

Fitch Ratings downgraded AHBR to Long-term 'BBB-' from
'BBB' and removed it from Rating Watch Evolving (RWE).  A
Negative Outlook has been assigned.  The Long-term rating applies
to all AHBR's senior unsecured obligations.
Furthermore, the agency has affirmed its Short-term rating at
'F3' and Support at '2', and removed them from RWE.  AHBR's
Individual rating of 'E' has been placed on Rating Watch Positive
(RWP).  In addition, Fitch has affirmed AHBR's outstanding public
sector Pfandbriefe at 'AAA' and the mortgage
Pfandbriefe at 'AA+'.

At the same time, the bank's subordinated obligations have been
upgraded to 'BB+' from 'BB-' and removed from Rating Watch
Negative (RWN).  The agency has downgraded AHBR's participation
rights (Genussscheine) to 'CC' from 'B+' and keeps them on RWN.

The company's ratings from Moody's are: financial strength: E;
unsecured long-term: Baa3, outlook negative; short-term: P-3,
outlook negative; and subordinated debt: 'Ba1', under review for
possible downgrade.

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


ARENA PROJECT: Darmstadt Business Goes Bust
-------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Arena Project GmbH on December 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 2, 2006 to register their
claims with court-appointed provisional administrator Dr. Jan
Roth.

Creditors and other interested parties are encouraged to attend
the meeting on February 1, 2006, 10:15 a.m. at the district court
of Darmstadt, Zimmer 1, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  ARENA PROJECT GmbH
          Rathausstr. 52, 68519 Viernheim
          Contact:
          Coley Bradley, Manager
          Saalbachstr. 2, 76689 Karlsdorf

          Dr. Jan Roth, Administrator
          Pfingstweidstrasse 3, 60316 Frankfurt
          Phone: 069/2097390
          Fax: 069/20973929


AUTOHAUS RAPE: Proofs of Claim Due Next Month
---------------------------------------------
The district court of Aurich opened bankruptcy proceedings
against AUTOHAUS RAPE GmbH on December 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 2, 2006 to register their
claims with court-appointed provisional administrator Heiko
Janssen.

Creditors and other interested parties are encouraged to attend
the meeting on January 12, 2006, 10:10 a.m. at the district court
of Aurich, Saal 115, Schlossplatz 2, 26603 Aurich, 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:  AUTOHAUS RAPE GmbH
          Gartenweg 27, 26506 Norden
          Contact:
          Ottmar Rape, Manager
          Rena Grone, Manager
          Ditmarscher Strasse 32 a, 26723 Emden

          Heiko Janssen, Administrator
          Julianenburger Str. 19, D-26603 Aurich
          Phone: 04941/97440
          Fax: 04941/974420


B&P BISTRO: Creditors to Meet February
--------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against B&P Bistro Steilshoop Betreibergesellschaft mbH & Co. KG
on November 30.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have until
January 6, 2006 to register their claims with court-appointed
provisional administrator Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting on February 7, 2006, 11:20 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:  B&P BISTRO STEILSHOOP BETREIBERGESELLSCHAFT mbH
          & Co. KG
          Schreyerring 26, 22309 Hamburg
          Contact:
          Abdeslam Bahri, Manager
          Wagnerkoppel 13 a, 22159 Hamburg
          Georgios Papadopulos, Manager
          Erich-Ziegel-Ring 5, 22309 Hamburg

          Stephan Neubauer, Administrator
          Spitalerstrasse 4, 20095 Hamburg
          Phone: 334010
          Fax: 33401521


FRESENIUS MEDICAL: Share Conversion Offer to Start January
----------------------------------------------------------
Fresenius Medical Care said on Dec. 20 that its share conversion
offer is scheduled to start in January 2006 following the
settlement of pending disputes initiated by minority
shareholders.  It is anticipated to offer all preference
shareholders in a period of four weeks the opportunity to convert
their preference shares into ordinary shares on a 1:1 basis
accompanied by payment of a conversion premium of EUR9.75 per
preference share to the Company.  The share conversion and
transformation of the legal form into a KGaA is expected to be
completed during February 2006.

                            *   *   *

The Company has been named in some civil actions by a small
number of shareholders contesting the resolutions of the
Extraordinary General Meeting.  The EGM was held August 30, 2005
to transform the Company's legal form into a partnership limited
by shares (KGaA) and to convert the preference shares into
ordinary shares to move to one share class.

Fresenius Medical Care AG -- http://www.fmc-ag.com-- is the
world's largest, integrated provider of products and services for
individuals undergoing dialysis because of chronic kidney
failure, a condition that affects more than 1,300,000 individuals
worldwide.  Through its network of approximately 1,645 dialysis
clinics in North America, Europe, Latin America, Asia-Pacific and
Africa, Fresenius Medical Care provides dialysis treatment to
approximately 128,200 patients around the globe.  Fresenius
Medical Care is also the world's leading provider of dialysis
products such as hemodialysis machines, dialyzers and related
disposable products.

CONTACT:  FRESENIUS MEDICAL CARE AG
          Investor Relations
          Oliver Maier
          Phone: + 49 6172 609 2601
          E-mail: ir-fms@fmc-ag.com

          Heinz Schmidt (North America)
          Phone: + 1 781 402 9000
          Ext.: 4518
          E-mail: ir-fmcna@fmc-ag.com
          Web site: http://www.fmc-ag.com


GAIA ADVANCED: Under Bankruptcy Administration
----------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against GAIA Advanced Lithium Battery Systems Europe
GmbH on November 25.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until January 18, 2006 to register their claims with
court-appointed provisional administrator Dr. Stephan Schlegel.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2006, 9:00 a.m. at the district court of
Frankfurt am Main, Saal 1, Geb. F, Klingerstr. 20, 60313
Frankfurt, 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:  GAIA ADVANCED LITHIUM BATTERY SYSTEMS EUROPE GmbH
          Bettinastrasse 30, 60325 Frankfurt

          Dr. Stephan Schlegel, Administrator
          Hauptstrasse 336, 65760 Eschborn
          Phone: 06173/93940
          Fax: 06173/939420


GTI TOURS: Claims Filing Period Ends January 26
-----------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against GTI Tours GmbH on December 7.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until January 26, 2006 to
register their claims with court-appointed provisional
administrator Anika Leffler.

Creditors and other interested parties are encouraged to attend
the meeting on March 2, 2006, 10:15 a.m. at the district court of
Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt (Oder),
Saal 401, 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:  GTI TOURS GmbH
          Carenaallee 5, 15366 Dahlwitz-Hoppegarten

          Anika Leffler, Administrator
          Gross-Berliner Damm 73 c, 12487 Berlin


JENOPTIK AG: Completes Sale of 72.89% Stake in M+W Zander
---------------------------------------------------------
Jenoptik AG and Springwater Capital (SWC) of Geneva/London have
signed a contract for the sale of the entire stake in M+W Zander
Holding AG held by Jenoptik AG and thus the entire Clean Systems
business division.  Jenoptik AG has owned 72.89% of shares of the
Stuttgart-based facility engineering and facility management
company, the remaining 27.11% are in the hands of a family.

The contract between Jenoptik AG and SWC was signed in
Frankfurt/Main on December 19, 2005 subsequent to a bidding
process that spanned several months and was managed by the
international corporate finance provider Altium Capital of
Zurich/Munich.  The purchase price for the shares of Jenoptik AG
was calculated on the basis of an enterprise value of about
EUR350 million for 100% of the company before adjustments for
financial debt, pension liabilities and cash, which will be
assumed by the purchaser.  The guarantee lines of up to EUR150
million which Jenoptik AG currently provides will, at first, be
maintained and then gradually be reduced over a period of five
years.  The closing of the contract will generate a cash inflow
for Jenoptik AG in the low three-figure million-euro range.

The sale depends on various closing conditions.  These include in
particular the approval from the antitrust Commission, the
purchaser being exempted from making a takeover offer to the
outside shareholders of the listed subsidiary caatoosee ag, the
final granting of financing by the debt capital provider, and a
final agreement with the family shareholders.  The Jenoptik AG
Supervisory Board unanimously approved of the sale to Springwater
Capital at an extraordinary meeting on December 15, 2005 subject
to the signing of the contract.

The Springwater Capital investment group, with European
registered offices in Geneva and London, takes a long-term view
of investments and already has investment holdings in a number of
German companies.

Martin Gruschka, Founding Partner of Springwater Capital, said:
"The total facility solutions strategy of M+W Zander, combined
with our strong financing capability, offers excellent
opportunities for the company's growth."  For this transaction
the purchaser is assisted and advised by Nomura, a global
financial services provider.

By signing this contract Jenoptik is taking a major step forward
in the group's reorganization.  In the Spring of this year
Jenoptik initiated a comprehensive restructuring of the group,
since the two business divisions, Photonics and Clean Systems,
are today based on entirely different business models.  Over
recent years both sub-groups have reported strong growth under
the Jenoptik umbrella.

"It would have been virtually impossible for us to continue
financing this growth in the future for both parts on an equal
basis," says the Chairman of the Executive Board of Jenoptik AG,
Alexander von Witzleben.

The Annual General Meeting at the beginning of June 2005 had
approved the proposal of the Jenoptik Executive and Supervisory
Boards to separate M+W Zander from the Jenoptik Group within two
years.  Jenoptik subsequently introduced a multistage bidding
process for the M+W Zander Group, from which SWC came off as
purchaser.

M+W Zander Board Welcomes Decision for Springwater Capital

"With this solution we can continue expanding our strengths for
our clients around the world and consequently to achieve further
growth," said Juergen Giessmann, Chairman of the Board of
Directors of M+W Zander Holding AG.  The M+W Zander Board
welcomes the decision for Springwater Capital.

M+W Zander Holding AG, its subsidiaries and joint ventures
deliver total facility solutions worldwide covering all aspects
of corporate buildings, high-tech production plants and
industrial complexes.  The company is a market leader in key
business sectors: Worldwide for electronics engineering and
construction, and in Europe for facility management.

Under the Jenoptik AG umbrella M+W Zander's business volume has
increased by more than tenfold between 1994 and the present.  The
target sales volume for 2005 is between EUR1.5 billion and EUR1.7
billion.  In the next fiscal year the group of companies, with
its global operations and headquarters in Stuttgart, aims to
achieve increases in all the key indicators.  The latest major
orders, both in Facility Engineering and Facility Management,
support this trend.  Just a few days ago M+W Zander won the
largest order in the company's history valued at more than EUR700
million.  In the Facility Management area M+W Zander was recently
awarded a European-wide framework agreement from an international
telecommunications company.

The 2005 Group results will be negative due to a deconsolidation
loss.

With the contract closing, Jenoptik AG will receive a cash inflow
in the low three-figure million-euro range.  The purchaser will,
furthermore, assume the net financial debt of the Clean Systems
business division (bank and pension liabilities as well as cash).

Following the required accounting method (IFRS 5), as at December
31, 2005, the Jenoptik Group will categorize M+W Zander as
"assets held for sale" which are valued at the current market
prices.  Therefore, the company's assets and liabilities are
shown separately in the balance sheet at their present value less
sales costs.  This will lead to a projected difference within the
middle two-figure million-euro range, with a negative impact on
the group annual results for 2005.  Jenoptik therefore projects
negative earnings after tax for 2005, which will presumably be
within a middle two-figure million-euro range.

The market valuation includes, among other things, the
devaluation of the project with delays which was mentioned in the
third quarter of 2005 due to delays in completion, and the full
depreciation of the at-equity share in M+W Zander Gebaudetechnik,
which were chiefly responsible for the difference in value.

Since the deconsolidation of M+W Zander will affect all positions
of the Jenoptik Group consolidated statement of income, the 2005
results from operating activities for M+W Zander and the Jenoptik
Group cannot be definitely assessed at this point in time.  The
Photonics business division's operating income is not affected,
and will remain within the expected range.

The closing of the sale is expected to be completed in the first
half of 2006.  The Jenoptik Group will then comprise the existing
Photonics business division.  High growth rates are expected of
photonic technologies as these are seen as key and
cross-sectional technologies and are used in all modern areas of
life, for example in biotechnology, traffic engineering or
medical technology.

In 2005 the Jenoptik Photonics business division will generate
sales of between EUR385 million and EUR400 million and an EBIT
margin, as in the previous years, of between 9% and 10%.
Specializing in the use of light as an industrial tool, within
what will then be its three pillars of laser and optics, sensor
systems and mechatronics, Jenoptik will master the entire
Photonics chain - from light generation (laser) to capture and
manipulation (optics) through to utilization (sensor systems).
Since 1998 the Photonics business division has produced an
average growth rate of 13% in sales and 31% in income.  This
growth is expected to continue in the subsequent years, boosted
by additional cooperation arrangements and acquisitions, which
strengthen and expand the existing technologies and also
complement the production network and distribution channels.

About Springwater Capital

Springwater Capital is a private equity investment firm managed
by Martin Gruschka and Manilo Marocco.  SWC invests in public and
private companies as well as real estate where there is a clear
proposition for value creation.  Its strategy is to invest
primarily in "champions" characterized by proven business models
and strong management teams that are uniquely positioned to
restructure/grow with the support of growth and acquisition
capital.  In particular, SWC will seek to invest in situations
where value creation initiatives (including restructuring and
acquisitions) can be introduced rapidly and effectively.

To execute its strategy SWC has a multi-talented team with a
strong investment track record.  The partners have extensive
experience in private equity, investment management and
industrial operations.  SWC partners and associated partners show
a strong "hands on" approach in their support of portfolio
companies. .

About M+W Zander

M+W Zander Holding AG, its subsidiaries and joint ventures
deliver total facility solutions worldwide covering all aspects
of corporate buildings, high-tech production plants and
industrial complexes.  The Group supports the value chain for
real estate and production plants on a one-stop basis with
services ranging from consulting, design, and construction to
operation and modernization.

The M+W Zander Group focuses on cleanroom technology for the
electronics, solar, pharmaceutical, chemical and food-processing
industries, and for research institutes.  In the same way it
focuses on technical facility systems, facility management and
the manufacture of cleanrooms components.  As an engineering
prime contractor, M+W Zander manages the construction of
production plants from the planning stage to turnkey transfer.
M+W Zander is a market leader in key business sectors: Worldwide
for electronics engineering and construction, in Europe for
facility management and in Germany for technical facility
systems.  A workforce of some 8,000 people at more than 40
locations worldwide generated revenues of EUR2.15 billion in
2004.

CONTACT:  JENOPTIK AG
          Carl-Zeiss-Strasse 1
          D-07739 Jena
          Phone: +49 3641 65-0
          Fax: +49 3641 42 45 14
          E-mail: info@jenoptik.com


JENOPTIK AG: On Rating Watch Negative Following Stake Sale
----------------------------------------------------------
Fitch Ratings has placed Jenoptik AG's (Jenoptik) Senior
Unsecured 'B' rating on Rating Watch Negative.  The Short-term
'B' rating is affirmed.  Jenoptik's EUR150 million senior notes
(rated 'B') have also been placed on Rating Watch Negative.  The
rating actions follow the announcement by the company that it has
agreed to sell its 72.89% stake in M+W Zander Holding AG (Zander)
on the basis of an enterprise value of approximately EUR350
million.

In 2004, Zander accounted for around 85% of reported consolidated
revenues and 52% of consolidated EBITDA at Jenoptik.  While Fitch
believes that the sale of the Zander business means that going
forward Jenoptik will not be exposed to risks related to this
business, except for a reported EUR150 million of outstanding
guarantee lines, Jenoptik will be a much smaller business going
forward and in the near term is likely to see its leverage
increase as a result of the disposal.

Fitch intends to meet with management in early 2006 to review the
implications of this transaction on the Jenoptik credit profile
and hopes to resolve the Rating Watch shortly thereafter.

CONTACT:  JENOPTIK AG
          Carl-Zeiss-Strasse 1
          D-07739 Jena
          Phone: +49 3641 65-0
          Fax: +49 3641 42 45 14
          E-mail: info@jenoptik.com

          FITCH RATINGS
          Raymond Hill, London
          Phone: +44 (0)20 7417 4314
          E-mail: raymond.hill@fitchratings.com
          Karsten Frankfurth, Frankfurt
          Phone: +0049-69-7680-76170
          E-mail: karsten.frankfurth@fitchratings.com

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


JENOPTIK AG: Period for Offering DEWB Shares Expires
----------------------------------------------------
In October 2005 the Oberlandesgericht Frankfurt/Main (Superior
Court of Frankfurt/Main) rendered a final order in the DEWB
appraisal proceedings, which lasted more than twelve years.  The
statutory two-month period which followed the announcement of the
ruling in the electronic Bundesanzeiger (Federal
Journal) on October 18, 2005, during which the shareholders of
DEWB AG were able to offer their shares to Jenoptik AG, expired
on Dec. 19.

Up to Friday last week, almost 2,750 persons had registered with
Jenoptik AG alleging to be entitled to compensation in respect of
a total of approximately 5.9 million shares of DEWB AG.  The
volume tendered will have no effect on the 2005 Group result.

As at the date of the termination of the control agreement
between Jenoptik AG and DEWB AG, approximately 70,000 shares were
owned by outside shareholders.  Jenoptik takes the view that only
those shares held by outside shareholders qualify for
compensation.  Since that date, compensation has been paid in
respect of approximately 13,000 shares.

The burden of proof with regard to the entitlement to
compensation on the part of one shareholder who presumably
acquired his shares after the termination of the control
agreement, is the subject of a particular case (11,025 shares)
pending before the Bundesgerichtshof (Federal Supreme Court)
against a ruling by the OLG Jena (Superior Court of Jena) dated
December 2004.

                            *   *   *

In June, Fitch Ratings downgraded Jenoptik AG's Senior Unsecured
rating and EUR150 million senior notes to 'B' from 'B+'.  The
Short-term rating is affirmed at 'B'.  The Senior Unsecured
rating Outlook remains Stable.

The downgrade is based on Fitch's concerns over Jenoptik's
corporate governance practices.  In October 2004, Fitch put
Jenoptik on Rating Watch Negative, following the announcement to
integrate caatoosee ag, an IT company with a poor operating track
record and significant liquidity problems.  After discussions
with Jenoptik's management, the Rating Watch was removed and the
ratings affirmed, since it was deemed unlikely that the
transaction would progress.

CONTACT:  JENOPTIK AG
          Carl-Zeiss-Strasse 1
          07739 Jena
          Deutschland

          Investor Relations
          Cornelia Todt
          Phone/Fax: ++49(0) 3641-652290/2484

          PR
          Markus Wild
          Phone/Fax: +49(0) 3641-652255/2484
          Web site: http://www.jenoptik.com


MARKER BAUPLANUNGSGESELLSCHAFT: Court Names CMS Administrator
-------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Marker Bauplanungsgesellschaft mbH on December 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 25, 2006
to register their claims with court-appointed provisional
administrator Dr. Helmut Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting on February 22, 2006, 9:30 a.m. at the district court
of Dresden, Saal D131, Olbrichtplatz 1, 01099 Dresden, at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  MARKER BAUPLANUNGSGESELLSCHAFT mbH
          Bertolt-Brecht-Allee 4 in 01309 Dresden

          Dr. Helmut Schwarz, Administrator
          CMS HASCHE SIGLE
          An der Dreikonigskirche 10, 01097 Dresden
          Web site: http://www.cmslegal.de


MAXDATA AG: Founder Agrees to Sell Stake
----------------------------------------
Holger Lampatz, founder of Maxdata AG, will sell his 21% stake in
the loss-making PC maker to attract a new strategic partner,
Frankfurter Allgemeine Zeitung says.

Mr. Lampatz said he will help major shareholder Fomax, owned by
Maxdata supervisory board member Siegfried Kaske, in locating a
new investor.  He said a new partner will allow the group to
overcome its problem of "insufficient speed" and lack of
operations abroad.

Despite improvement in turnover, Maxdata's financial condition
has turned from bad to worse, as losses in the first nine months
tripled.  The group posted -EUR18.7 million in EBIT for the nine
months to September, despite a turnover increase of 0.6% to
EUR458.8 million.  For the third quarter alone, EBIT was -EUR9.1
million.

The company, whose operating result returned to black last year,
had predicted a single-digit loss at year's end, but revised it
to a high single-digit or low double-digit figure.  It still
maintains its EUR700 million turnover forecast for the year.  For
2006, Maxdata aims to boost its distribution operations and
create 100 new jobs.

CONTACT:  MAXDATA AG
          Elbestrasse 12-16
          45768 Marl, Germany
          Phone: +49 (0) 2365 952-2122
          Fax: +49 (0) 2365 952-2125
          E-mail: ir@maxdata.com
          Web site: http://www.maxdata.com


PROSIEBENSAT.1 MEDIA: Springer to Seek Ministerial Approval
-----------------------------------------------------------
Publishing group Axel Springer Verlag does not expect the Cartel
Office (Bundeskartellamt) to approve its takeover of
ProSiebenSat.1 Media, Frankfurter Allgemeine Zeitung says.

This after Cartel Office chief Ulf Boege, in an interview with
the Frankfurter, admitted he is unconvinced of Springer's
arguments.  He believes the takeover will fortify Springer's
dominance in the media market.  His office will rule on the
matter on Dec. 27.

In the event of a negative ruling, insiders say Springer will
seek approval from Economic Affairs Minister Michael Glos and
challenge the Cartel Office's decision in court.  But getting
ministerial approval takes about four months, according to the
paper.  The question now is, will the group of investors led by
Haim Saban be willing to wait that long?

Springer already controls a majority stake in ProsiebenSat.1,
which it acquired for EUR3.5 billion from Haim Saban's group.
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


SANDWICH FARM: Succumbs to Bankruptcy
-------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against The Sandwich Farm GmbH on December 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 12, 2006 to register their
claims with court-appointed provisional administrator Dr. Jan
Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting on February 23, 2006, 10:00 a.m. at the district
court of Darmstadt, Zimmer 109, Gebaude E, Landwehrstrasse 48,
64293 Darmstadt, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  THE SANDWICH FARM GmbH
          Rheinstr. 42, 64367 Muehltal
          Contact:
          Barbara M. T. Yoshida, Manager

          Dr. Jan Markus Plathner, Administrator
          Lyoner Strasse 14, 60528 Frankfurt
          Phone: 069/962334-0
          Fax: 069/962334-22


UNI-BUCH: Frankfurt Court Appoints Provisional Administrator
------------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against UNI-Buch GmbH on December 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until January 24, 2006 to
register their claims with court-appointed provisional
administrator Dr. Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting on February 21, 2006, 9:05 a.m. at the district court
of Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313
Frankfurt am Main, 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:  UNI-BUCH GmbH
          Juegelstr. 1, 60325 Frankfurt am Main
          Contact:
          Giselher Ruediger, Manager

          Dr. Jan Markus Plathner, Administrator
          Lyoner Strasse 14, 60528 Frankfurt am Main
          Phone: 069/9623340
          Fax: 069/96233422


WOLFGANG WILHELM: HWW Administrator Takes over Firm
---------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Wolfgang Wilhelm GmbH on November 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 3, 2006 to register their
claims with court-appointed provisional administrator Ulrich
Kraft.

Creditors and other interested parties are encouraged to attend
the meeting on February 7, 2006, 10:15 a.m. at the district court
of Dresden, Saal D132, Olbrichtplatz 1, 01099 Dresden, at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  WOLFGANG WILHELM GmbH
          Wildenhainer Str. 67 in 01558 Grossenhain

          Ulrich Kraft, Administrator
          HWW Wienberg Wilhelm
          Wasastrasse 15, 01219 Dresden
          Web site: http://www.hww-kanzlei.de


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


OLYMPIC AIRLINES: New Rescue Plan Out January
---------------------------------------------
The new rescue plan for ailing national carrier Olympic Airlines
(OA) is expected in mid-January, The Associated Press says,
citing Deputy Finance Minister Petros Doukas.

Mr. Doukas added the plan will be submitted to the European
Commission for approval.  "The latest plan intends for private
investors to have well over majority control of the airline --
not just slightly over 50%."

On November 18, Greece forwarded to the parliament a draft
legislation to relaunch OA.  The bill will pave the way for a new
airline built from scratch without "repeating the statist
interventions of the past."

TCR-Europe said on Nov. 23 that private investors -- both local
and foreign -- will control and manage the new airline while the
government will drastically cut its stake.  Transport Minister
Michalis Liapi had said OA would be relaunched in April 2006,
bearing the same logo and a similar name.  Greece has named
travel service provider Sabre Holdings consultant and retained
investment bank Lazard as adviser for the privatization plan.

Greece declared on Nov. 15 its latest attempt to sell OA to
preferred bidder Olympic Investors-York Capital a failure.  At
the same time the European Commission ordered the carrier to
repay EUR150 million of the EUR700 million in illegal state aid
it and predecessor Olympic Airways had received.

This is the second relaunch of the flag carrier.  In December
2002, the Commission ruled illegal an aid granted to Olympic
Airways and ordered Greece to recover EUR160 million.  In 2003,
Greece set up Olympic Airlines to take over the flight operations
and most of the assets of Olympic Airways, leaving behind almost
all of its debts and circumventing the obligation to recover the
aid.

CONTACT:  OLYMPIC AIRLINES S.A.
          96 Sygrou Ave.
          11741 Athens
          Phone: +30 1 9267221
          Fax: +30 1 9267858
          E-mail: olyair10@otenet.gr
          Web site: http://www.olympicairlines.com

          SABRE HOLDINGS CORPORATION
          3150 Sabre Drive
          Southlake, TX 76092
          Phone: 682 605 1000
          Web site: http://www.sabreholdings.com


===================
K A Z A K H S T A N
===================


* Fitch Upgrades Ratings of 7 Kazakhstani Banks
-----------------------------------------------
Fitch Ratings has upgraded seven Kazakhstani banks, following its
upgrade of Kazakhstan's foreign currency Issuer Default Rating to
'BBB' from 'BBB-' and local currency Issuer Default Rating to
'BBB+' from 'BBB'.

Development Bank of Kazakhstan (DBK):

Upgraded to Long-term foreign currency 'BBB' from 'BBB-' and to
Long-term local currency 'BBB+' from 'BBB'.  All outstanding
rated senior unsecured foreign currency debt also upgraded to
Long-term 'BBB' from 'BBB-'.  Short-term local currency rating
assigned at 'F2'.  Short-term foreign currency and Support
ratings affirmed at 'F3' and '2', respectively.  Outlooks on the
Long-term ratings remain Stable.

Kazkommertsbank (KKB), Bank TuranAlem (BTA), Halyk Bank (Halyk):

Upgraded to Long-term foreign currency 'BB+' from 'BB' and to
Long-term local currency 'BBB-' from 'BB+'.  All outstanding
rated senior unsecured foreign currency debt issues also upgraded
to Long-term 'BB+' from 'BB'.  Short-term local currency rating
assigned at 'F3'.  Short-term foreign currency and Support
ratings affirmed at 'B' and '3', respectively.  Individual
ratings are at 'C/D'. Outlooks on the Long-term ratings are
Stable.

KKB's US$200 million subordinated loan participation notes due
2014 are upgraded to Long-term 'BB' from 'BB-'.  KKB's US$100
million limited recourse perpetual loan participation notes are
affirmed at Long-term 'B+'.

ATF Bank (ATF), Alliance Bank (Alliance), Bank CenterCredit
(BCC):

Upgraded to Long-term 'BB-' from 'B+' and to Support '3' from
'4'.  All outstanding rated senior unsecured foreign currency
debt issues also upgraded to Long-term 'BB-' from 'B+'.
Short-term foreign currency ratings affirmed at 'B'.  Individual
ratings are at 'D'.  Outlooks on the Long-term ratings are
Stable.

The rating actions reflect Fitch's view of the Kazakhstani
authorities' improved capacity and moderate to very strong
propensity to support these banks, if required.  The improved
capacity is reflected in the upgrade of the sovereign Issuer
Default Ratings.

DBK's Long-term, Short-term and Support ratings reflect Fitch's
view of the very strong propensity of the Kazakhstani authorities
to provide support to the bank in case of need, based on its
status, state ownership and the bank's objective to promote the
development of the local economy.

The ratings of KKB, BTA and Halyk reflect Fitch's view of the
strong propensity of the Kazakhstani authorities to provide
support to these banks in case of need, based on their importance
to the country's banking system and considerable market shares.
At the same time, Fitch notes that, given its current view of the
authorities' propensity to provide support to these banks, upward
potential for the support floors of their Long-term ratings is
capped at 'BBB-'.

The ratings of ATF, Alliance and BCC reflect Fitch's view of the
moderate propensity of the Kazakhstani authorities to provide
support to the banks in case of need, based on their growing
market shares.  At the same time, Fitch notes that, given its
current view of the authorities' propensity to provide support to
these banks, upward potential for the support floors of their
Long-term ratings is capped at 'BB-'.

DBK was established in 2001 as a 100% state-owned company with
the objective to foster Kazakhstan's economic development by
providing medium- to long-term financing for infrastructure and
production sector projects, and by issuing pre-export loans and
guarantees.  At 1 July 2005, approximately 87% of the bank's
shares were held by the government of Kazakhstan, with 13%
equally distributed among the local government bodies of 14
regions and the cities of Almaty and Astana.

KKB, BTA and Halyk were the three largest commercial banks in
Kazakhstan by assets at end-H105 (market shares of around 22%,
21% and 15%, respectively) and have top three positions in all
major market segments.  ATF, Alliance and BCC were the three next
largest commercial banks in Kazakhstan by assets at end-H105
(market shares of around 8%, 7% and 7%, respectively).

CONTACT:  FITCH RATINGS
          James Watson
          Alexei Kechko
          Dmitriy Piskulov, Moscow
          Phone: +7 095 956 9901

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


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


ALITALIA SPA: Pays back EUR400 Million Bridging Loan
----------------------------------------------------
Troubled national carrier Alitalia S.p.A. has repaid its EUR400
million state-backed bridging loan acquired in 2004 from Dresdner
Kleinwort Wasserstein, AFX News says.

The European Commission approved the loan in July last year to
help the airline finance its restructuring.  In April this year,
Alitalia said it had fully consumed the loan.

Recently, Alitalia took a US$445 million loan from GE Corporate
Banking, as part of its 2005-2008 turnaround plan.  The loan is
payable in eight years and secured by the carrier's 38 aircraft.
The carrier has just completed its much-needed capital hike,
which raised over EUR1 billion.

                        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, group 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 in deep financial crisis.
Alitalia has posted annual profit only four times in the last 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


PARMALAT SPA: BofA Allowed to Participate in Civil Lawsuit
----------------------------------------------------------
A Milan court has admitted Bank of America (BofA) as a civil
plaintiff against former Parmalat managers and financial
partners, reports Reuters.

BofA's inclusion as plaintiff would allow the bank to claim
damages against Parmalat.  In a statement Monday, BofA said, "The
decision, indeed, restores what is Bank of America's real role of
damaged party in the Parmalat case."

In January, a Milan judge refused to heed BofA's request to be
named a plaintiff in the same trial.  Milan magistrates had
launched a probe into the bank's local office, but have yet to
implicate it for any administrative responsibility.  Parmalat's
current CEO and former bankruptcy administrator Enrico Bondi has
accused BofA of playing a major role in the dairy giant's
collapse.

Stock market regulator CONSOB recently banned two Deloitte &
Touche S.p.A. auditors who reviewed Parmalat S.p.A.'s accounts in
2001 and 2002.  Parmalat collapsed in December 2003 after
revealing a EUR14 billion hole on its accounts.  It recently
returned to the stock market following a EUR20 billion
debt-to-equity swap.

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

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


===========
L A T V I A
===========


PAREX BANKA: Ratings Affirmed at BB+/B; Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed the ratings of Latvia's Parex banka
(Parex) at Long-term 'BB+', Short-term 'B', Individual 'C/D' and
Support '3'.  The Outlook is Stable.

The Long-term, Short-term and Individual ratings reflect Parex's
adequate profitability, decent capitalization and its leading
position in its niche market.  They also take into account
weaknesses in Parex's corporate governance (arising from the
involvement of the two major shareholders in the running of the
bank), the small absolute size of the bank by international
standards and the bank's exposure to the more volatile CIS
markets.

Parex is the second largest bank in Latvia, with a share of 17%
of total system assets at end-June 2005.  Parex's share of
domestic lending is lower than this at 10%.  Parex also offers
insurance products through a sister company.  The bank is
majority owned by two individuals.

CONTACT:  PAREX BANKA
          3 Smilsu Str.
          Riga, LV-1522
          Latvia
          Phone: +371 701-00-00
          Fax: +371 701-00-01
          E-mail: info@parexgroup.com

          FITCH RATINGS
          Tim Beck, London
          Phone: +44 20 7417 3460
          Mark Young
          Phone: +44 20 7417 4268

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


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


ROYAL SHELL: Returns US$5 Billion to Shareholders in 2005
---------------------------------------------------------
Royal Dutch Shell plc has completed the program to return
US$5 billion to shareholders in 2005 via market purchases of
shares.  This target included shares purchased for cancellation
by The Shell Transport and Trading Company plc and Royal Dutch
Petroleum Company prior to the Group unification of US$0.5
billion.

Royal Dutch Shell plc will now commence an irrevocable,
non-discretionary program to purchase `A' Shares, for
cancellation, during its fourth quarter results close period,
which commences on January 1, 2006 and ends on February 2, 2006.

Any purchases will be effected within certain pre-set parameters
and in accordance with the Company's general authority to
repurchase shares and Chapter 12 of the U.K. Listing Rules.  The
maximum price paid per share will be limited to 5% above the
average market value of the Company's equity shares for the 5
business days prior to the day any purchase is made.

The Company expects to continue its buyback program in 2006 and
will provide an update on the 2006 buy back program with the full
year results announcement on February 2, 2006.

                            *   *   *

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


TELEPLAN INTERNATIONAL: Restructures Unprofitable Business Unit
---------------------------------------------------------------
After a major turnaround in 2005 with an EBITDA improvement of
EUR49 million for the first 9 months, Teleplan International N.V.
have decided to organize into Business Units along their product
lines in 2006.  This change together with the ongoing effort to
move to lower cost locations is expected to further improve the
profitability going forward.  As part of this change the company
said it will recognize an impairment loss in its 2005 financial
statements as a result of the re-evaluation of one of their North
American operations.  Write-off of Goodwill is expected to amount
to EUR11 million, with an additional amount of approximately EUR5
million resulting from costs related to the redeployment of
business activities and personnel.

The latter will have an impact on EBITDA with the impairment
recognition leading to a respective additional decline on the
EBIT level.  Shareholders' equity is expected to be reduced by
approximately EUR16 million through these measures.  The
remaining Goodwill on Teleplan's balance sheet is related to
profitable businesses.  In addition, cash provided by operations
on group level is running on a positive trend during the current
year.  Teleplan will publish its 2005 results on March 31, 2006.

CONTACT:  TELEPLAN N.V.
          Mr. Gotthard Haug, CFO
          Phone: + 31 79 330 44 55
          Fax: + 31 79 330 44 66
          Web site: http://www.teleplan.com

          FRENZEL & CO. GMBH UNTERNEHMENSBERATUNG FUER
          KAPITALMARKTFRAGEN
          Charlotte Frenzel
          Phone: +49 6171 50 80 171


===========
P O L A N D
===========


ELEKTRIM SA: Bankruptcy Hearing Postponed Indefinitely
------------------------------------------------------
The Warsaw District Court on Monday postponed the trial to review
an application by Elektrim S.A.'s bondholders to declare the firm
bankrupt.  The court gave Elektrim and the bondholders three days
to find a common expert to evaluate whether the company is indeed
insolvent.  The next trial date has not been set, according to
Polish News Bulletin.

An English court previously rejected Elektrim's appeal on a
decision declaring it in breach of bond conditions.  Elektrim was
ordered on Sept. 14 to immediately buy back EUR471.4 million of
bonds for having broken a restructuring agreement signed in 2002.
The court said its bonds were due since the beginning of the
year.  Holders had demanded immediate buyout of their bonds,
which are now worth EUR470 million.  Elektrim was due to redeem
the bonds on Dec. 15, 2005.

Elektrim S.A. is a public holding company quoted on the Warsaw
Stock Exchange.  Its most valuable assets are Elektrim
Telekomunikacja Sp. z o.o. and Elektrownia Patnow-Adamow-Konin
S.A.  Since 1999 Elektrim has implemented a far-reaching
restructuring program to improve its operational efficiency and
strengthen its position in the market.  It plans to concentrate
in two industries -- telecommunications and power.

CONTACT:  ELEKTRIM S.A.
          Panska 77/79
          00-834 Warszawa

          Public relations:
          Ewa Bojar
          Company Spokesman
          Phone: (+48 22) 432 89 55
          Fax:   (+48 22) 432 87 99
          E-mail: ewa_bojar@elektrim.pl

          Investor relations:
          Phone: (+48 22) 432 87 75
          Fax:   (+48 22) 432 87 99


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


ALIKOVO MILK: Chuvashiya Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Chuvashiya republic commenced bankruptcy
proceedings against Alikovo Milk after finding the limited
liability company insolvent.  The case is docketed as
A-79-7070/2005.  Mr. N. Smyshlyaev has been appointed insolvency
manager.  Creditors have until December 29, 2005 to submit their
proofs of claim to 424007, Russia, Chuvashiya republic,
Yoshkar-Ola, Post User Box 75.

CONTACT:  ALIKOVO MILK
          Russia, Chuvashiya republic,
          Alikovo, Pushkina Str. 13

          N. SMYSHLYAEV
          Insolvency Manager
          424007, Russia, Chuvashiya republic,
          Yoshkar-Ola, Post User Box 75


CAPITAL HOLDING: Insolvency Manager Enters Firm
-----------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on limited liability company
Capital Holding.  The case is docketed as A79-8144/2005.  Mr. V.
Emelyanov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 428022, Russia,
Chuvashiya republic, Cheboksary, P. Lulumby Str. 8, Office 117.

CONTACT:  CAPITAL HOLDING
          Russia, Chuvashiya republic, Cheboksary

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


MINYARSKIY: Succumbs to Bankruptcy
----------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Minyarskiy after finding the hardware metal
plant insolvent.  The case is docketed as A76-4878/05-55-3.  Mr.
P. Vagin has been appointed insolvency manager.  Creditors have
until December 29, 2005 to submit their proofs of claim to
454010, Russia, Chelyabinsk region, Kopeynoye Shosse, 38.

CONTACT:  MINYARSKIY
          456007, Russia, Chelyabinsk region,
          Minyar, Sovetskaya Str. 10

          P. VAGIN
          Insolvency Manager
          454010, Russia, Chelyabinsk region,
          Kopeynoye Shosse, 38
          Phone/Fax: (351) 253-68-25


MIS: Insolvency Manager Takes over Firm
---------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Mis after finding the close joint stock
company insolvent.  The case is docketed as A76-20461/05-55-106.
Mr. M. Enukashvili has been appointed insolvency manager.
Creditors have until December 29, 2005 to submit their proofs of
claim to 191015, Russia, St-Petersburg, Kavalergardskaya Str. 6.

CONTACT:  MIS
          455000, Russia, Chelyabinsk region,
          Magnitogorsk, K. Marksa Str. 151-69

          M. ENUKASHVILI
          Insolvency Manager
          191015, Russia, St-Petersburg,
          Kavalergardskaya Str. 6


NIZHEVOLZHSKAYA: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on agro-industrial group
Nizhevolzhskaya (TIN 3443037855).  The case is docketed as
A12-24445/05-s58.  Mr. P. Bashmakov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 400005, Russia,
Volgograd, Post User Box 251.  A hearing will take place on
February 2, 2006.

CONTACT:  NIZHEVOLZHSKAYA
          Russia, Volgograd region,
          Zhigulevskaya Str. 14

          P. BASHMAKOV
          Temporary Insolvency Manager
          400005, Russia, Volgograd region,
          Post User Box 251


PIKET: Bankruptcy Supervision Procedure Begins
----------------------------------------------
The Arbitration Court of Pskov region has commenced bankruptcy
supervision procedure on close joint stock company Piket (TIN
601600141).  The case is docketed as A52-3855/2005/4.  Mr. V.
Bychenkov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 181000, Russia,
Pskov region, Plyusskiy region, Plyussa, Molodyezhnaya Str. 19.
A hearing will take place on January 16, 2006, 10:00 a.m.

CONTACT:  PIKET
          181000, Russia, Pskov region, Plyusskiy region,
          Plyussa, Molodyezhnaya Str. 19

          V. BYCHENKOV
          Temporary Insolvency Manager
          181000, Russia, Pskov region, Plyusskiy region,
          Plyussa, Molodyezhnaya Str. 19


PLESETSKIY: Claims Filing Period Ends Dec. 29
---------------------------------------------
The Arbitration Court of Arkhangelsk region commenced bankruptcy
proceedings against Plesetskiy after finding the timber mill
insolvent.  The case is docketed as A05-12000/05-8.  Ms. N.
Eliseeva has been appointed insolvency manager.  Creditors have
until December 29, 2005 to submit their proofs of claim to
163061, Russia, Arkhangelsk region, K. Marksa Str. 31/1, Office
29.

CONTACT:  PLESETSKIY TIMBER MILL
          Russia, Arkhangelsk region,
          Plesetsk, Udarnikov Str. 1

          N. ELISEEVA
          Insolvency Manager
          163061, Russia, Arkhangelsk region,
          K. Marksa Str. 31/1, Office 29


TAT-GAS-SERVICE: Hires P. Ryabichev Insolvency Manager
------------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Tat-Gas-Service after finding the limited
liability company insolvent.  The case is docketed as
A65-22466/2005-SG4-35.  Mr. P. Ryabichev has been appointed
insolvency manager.  Creditors have until December 29, 2005 to
submit their proofs of claim to 420081, Russia, Tatarstan
republic, Kazan, Post User Box 229.

CONTACT:  TAT-GAS-SERVICE
          422010, Russia, Tatarstan republic,
          Arsk, Sibirskiy Trakt, 9

          P. RYABICHEV
          Insolvency Manager
          420081, Russia, Tatarstan republic,
          Kazan, Post User Box 229


UYUT: Under Bankruptcy Supervision
----------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on unitary municipal enterprise
Uyut (TIN/KPP 1804006068/180401001).  The case is docketed as
A71-70/2005-G26.  Mr. V. Kuzhelev has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to:

(a) UYUT
    427430, Russia, Udmurtiya republic,
    Votkinskiy region, Kukui

(b) V. KUZHELEV
    Temporary Insolvency Manager
    426008, Russia, Udmurtiya republic,
    Izhevsk, Post User Box 5481

(c) THE ARBITRATION COURT OF UDMURTIYA REPUBLIC
    426057, Russia, Izhevsk region,
    Lomonosova Str. 5


YOSHKAR-OLINSKIY: Declared Insolvent
------------------------------------
The Arbitration Court of Mariy El republic commenced bankruptcy
proceedings against Yoshkar-Olinskiy after finding the factory of
forest engineering insolvent.  The case is docketed as
A-38-4884-11/133-2005.  Mr. N. Senchenko has been appointed
insolvency manager.  Creditors have until December 29, 2005 to
submit their proofs of claim to 424000, Russia, Mariy El
republic, Yoshkar-Ola, Suvorova Str. 7

CONTACT:  YOSHKAR-OLINSKIY
          424000, Russia, Mariy El republic,
          Yoshkar-Ola, Suvorova Str. 7

          N. SENCHENKO
          Insolvency Manager
          424000, Russia, Mariy El republic,
          Yoshkar-Ola, Suvorova Str. 7


YUKOS OIL: Ruling on Seized Assets Delayed
------------------------------------------
The Amsterdam tribunal is seeking expert opinion to help it rule
on the legality of the sale of shares in Yukos Oil assets seized
in the Netherlands, reports say.  The two experts approached are
due to give their conclusions in May next year, and the court's
ruling is expected to be delayed for a number of months.

Yukos has a subsidiary in the Netherlands -- Yukos Finance
B.V. -- that manages its oil refinery in Lithuania and a pipeline
in Slovakia.  In April, Yukos Finance transferred shares in the
overseas assets to a newly founded firm Yukos B.V. without
notifying Yukos Oil's banks.  The banks considered the
transaction illegal, and had the shares seized.

The banks are claiming US$475.28 million against Yukos Oil.  The
debt is what remains of a US$1 billion loan granted in 2003 by
the banks led by France's Societe Generale, Citigroup Inc.,
Deutsche Bank AG, Commerzbank AG, BNP Paribas S.A., ING Bank
N.V., Credit Lyonnais, and HSBC.  Yukos availed of the loan to
pre-finance sale of oil and for general corporate purposes.  It
includes a three-year US$500 million loan facility and a
five-year US$500 million loan facility.  The lenders claim Yukos
missed interest payments due in March and April 2005.  In July,
Yukos admitted receiving a notification of default.  The loan was
secured against Yukos' production subsidiaries, including
Yugansk, which is now owned by state-owned company Rosneft.

The banks' lawyer is Duco Oranje.

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

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

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


YUKOS OIL: Analysts Expect Additional Disposals
-----------------------------------------------
Yukos Oil may be forced to sell more domestic assets early next
year due to pressure from authorities, according to Kommersant.
The likely candidate for disposal is its Syzran refinery, which
the report said might be put up for sale in late January or early
February.  Kommersant said the head of oil firm Tatneft is
interested in buying the asset.

Meanwhile, analysts at United Financial Group in Moscow predict
Yukos may sell more assets, possibly one or both of its remaining
production units, Tomskneft and Samaraneftegaz.

"Given that the bailiffs were given enforcement lists worth US$5
billion by the tax authorities in October, we believe that they
will not limit themselves to just one relatively small
refinery..." UFG said in a research note.

Yukos has four more refineries in Russia, at Angarsk,
Novokuibyshev, Kuibyshev and Achinsk.

Yukos plans to sell about US$10 billion worth of non-core assets,
CEO Steven Theede announced recently.  The company has US$7.5
billion in outstanding tax liabilities and US$1.3 billion in debt
to banks.  Mr. Theede said reducing the debt will enable the
company to gain enough stability to operate as an independent
entity.  The disposals will leave Yukos with US$10 billion to
US$13 billion of oil exploration and refining assets.

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


SKANDIA INSURANCE: Shareholders Support Old Mutual Merger
---------------------------------------------------------
Old Mutual plc has disclosed that acceptances have been validated
representing 62.5% of the total number of shares and votes in
Forsakringsaktiebolaget Skandia, on a fully diluted basis.

Other acceptances are in the process of calculation and
validation and a further announcement shall have been made on
Wednesday, 21 December 2005.  The elections made under the Mix
and Match Facility will be announced at the same time.

The Offer for Skandia has been extended and will remain open for
acceptance until 12 January 2006.  The Mix and Match Facility,
including the cash guarantee for shareholders with not more than
1,000 Skandia shares, is not available for acceptances during the
extended acceptance period.

Jim Sutcliffe, chief executive of Old Mutual, said: "I am
delighted that holders of a majority of shares in Skandia have
recognized the exciting potential of combining our two companies
and I look forward to welcoming every member of Skandia's staff
around the world to the Old Mutual family.

"Together we will be able to provide our customers with the best
asset management and retirement solutions the world can offer.
The intermediaries with whom we work have even wider product
ranges available from which to make their choice.

"We are totally committed to ensuring that this exciting
combination delivers excellent results to our shareholders and
customers in the coming months and years."

The regulatory approval processes are continuing to progress
well.  The Offer will be declared unconditional as soon as
possible after all approvals have been received, with settlement
anticipated during January 2006.

Unless already satisfied, fulfilled or waived, all the terms and
conditions of the Offer continue to apply during the extended
acceptance period.  However, if all conditions of the Offer have
been satisfied, fulfilled or, at the end of the extended
acceptance period, waived, Old Mutual reserves the right to
declare the Offer wholly unconditional at that time, terminate
any withdrawal rights and/or not to extend the acceptance period
any further and to close the Offer for acceptance.  Once the
Offer is closed for acceptance, shareholders will no longer be
able to tender any Skandia shares.  Old Mutual reserves the right
to extend the Offer beyond 12 January 2006.

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


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


ABB LTD.: U.S. Court Confirms Unit's Revised Bankruptcy Plan
------------------------------------------------------------
ABB Ltd. said that the U.S. Bankruptcy Court in Pittsburgh,
Pennsylvania has issued an order

(a) confirming the revised plan of reorganization for Combustion
    Engineering (CE), an ABB subsidiary in the U.S; and

(b) recommending the affirmation of the plan to the District
    Court.

Fred Kindle, ABB president and CEO, said: "We are very pleased
with this decision.  The court ruling is a further vital step
towards a final resolution of the asbestos issue."

The Bankruptcy Court's confirmation and recommendation for
affirmation to the District Court follows a vote by asbestos
claimants, which was completed in September 2005, in which they
overwhelmingly approved the plan of reorganization, and a
confirmation hearing by the Bankruptcy Court at which all
objections to the plan were withdrawn.  The parties have ten days
in which to appeal against the judge's order.

The plan's channeling injunction, which will protect ABB and its
subsidiaries against current and future claims, still has to be
affirmed by the District Court.  ABB expects the District Court
hearing to be held soon.  If the District Court approves the
plan, there will be a 30-day appeals period.  If no appeals are
lodged, the plan is final.

Under the plan, ABB has committed US$1.43 billion for a trust
fund for claims against CE.

The ABB Lummus Global pre-packaged plan of reorganization, which
received a 96% favorable vote in a pre-filing solicitation, is
still pending.

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 US$100
million in assets and debt.

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


REFCO INC.: Geneva Court Lifts Injunction on ACM Shares
-------------------------------------------------------
Refco Inc. (OTC: RFXCQ) reported on Dec. 15, 2005, that a court
in Geneva, Switzerland, removed the preliminary injunction
previously granted by the court to prohibit the issuance of new
ACM shares to the non-Refco shareholders of ACM.

Although the court has acknowledged the breach alleged by Refco
(in particular, that the 20-day notice for calling a general
meeting was not provided), the court nevertheless decided to lift
the injunction against issuance of the shares on various grounds,
including an assumption that the shares had already been issued
and based on the minority shareholders' statement that they did
not intend to transfer the shares.

The U.S. Bankruptcy Court for the Southern District of New York
had previously issued a temporary restraining order enjoining the
issuance of the ACM shares to the non-Refco shareholders.

Refco intends to evaluate all its alternatives to protect its
investment in ACM, including further action in the bankruptcy
court and Switzerland as necessary or warranted.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debt to
the Bankruptcy Court on the first day of its chapter 11 cases.

CONTACT:  REFCO INC.
          One World Financial Center
          200 Liberty Street, Tower A
          New York, New York 10281
          Web site: http://www.refco.com


===========
T U R K E Y
===========


TURKISH BANKS: Moody's Ups Currency Deposit Ratings to B1
---------------------------------------------------------
Moody's Investors Service has upgraded the long-term foreign
currency deposit ratings of sixteen Turkish banks to B1 with a
stable outlook, from B2.

This action mirrors last Wednesday's upgrade of Turkey's ceiling
for long-term foreign currency deposit ratings to B1.  Moody's
has also upgraded the ratings of six Turkish banks to reflect the
lower probability of a payments moratorium in Turkey, in line
with the recently assigned A3 local currency deposit ceiling.

The decision to upgrade the long-term foreign currency deposit
ratings of the sixteen Turkish banks is based on the fact that
these ratings were capped by the sovereign ceiling at the B2
level.  This means that on a standalone basis, all rated Turkish
banks would have attained at least a B1 foreign currency deposit
rating in an unconstrained environment.

Local currency deposit ratings express a bank's overall
creditworthiness in domestic currency and incorporate the
possibility of external support.  The highest long-term local
currency rating that a bank can currently attain in Turkey is A3,
reflecting the level of systemic risks facing the Turkish banking
sector.  Moody's believes that the possibility of a government
rescheduling event is consistent with the government's Ba3 global
local currency rating (with a stable outlook), but the
expectation is that the severity of loss associated with such an
event would be low.  Banks that are likely to be supported by the
government or by a controlling shareholder with a high credit
rating could have their local currency ratings pushed to the A3
ceiling.  Not all rated Turkish banks have been assigned local
currency ratings.

Affected ratings:

(a) Akbank TAS:

Long-term foreign currency deposit ratings are upgraded to B1
from B2, in line with the rise in the ceiling for such deposits
in Turkey; outlook stable.

The bank's long-term local currency deposit ratings are upgraded
to A3 from Baa2; outlook stable.  Through this action Moody's
continues to reflect the view that financial authorities will
support the bank if assistance is required.  Moody's considers
that due to its size and significant involvement in the domestic
financial system Akbank is 'too important to fail'.

(b) Anadolubank A.S.:

Long-term foreign currency deposit ratings are upgraded to B1
from B2, in line with the rise in the ceiling for such deposits
in Turkey; outlook stable.

(c) Denizbank A.S.:

Long-term foreign currency deposit ratings are upgraded to B1
from B2, in line with the rise in the ceiling for such deposits
in Turkey; outlook stable.

(d) Finansbank A.S.:

Long-term foreign currency deposit ratings are upgraded to B1
from B2, in line with the rise in the ceiling for such deposits
in Turkey; outlook stable.

(e) Fortis Bank A.S.:

Long-term foreign currency deposit ratings are upgraded to B1
from B2, in line with the rise in the ceiling for such deposits
in Turkey; outlook stable.

(f) HSBC Bank A.S.  (Turkey):

Long-term foreign currency deposit ratings are upgraded to B1
from B2, in line with the rise in the ceiling for such deposits
in Turkey; outlook stable.

The bank's local currency deposit ratings are upgraded to A3 from
Baa2; outlook stable.  Through this action, Moody's continues to
reflect the view that the bank enjoys a high likelihood of
support from its controlling shareholder, HSBC Bank Plc (rated
Aa2/Prime-1/B+ by Moody's).

(g) Kocbank A.S.:

Long-term foreign currency deposit ratings are upgraded to B1
from B2, in line with the rise in the ceiling for such deposits
in Turkey; outlook stable.

(h) Oyak Bank A.S.:

Long-term foreign currency deposit ratings are upgraded to B1
from B2, in line with the rise in the ceiling for such deposits
in Turkey; outlook stable.

(i) Tekfenbank A.S.:

Long-term foreign currency deposit ratings are upgraded to B1
from B2, in line with the rise in the ceiling for such deposits
in Turkey; outlook stable.

(j) Turk Ekonomi Bankasi A.S.:

Long-term foreign currency deposit ratings are upgraded to B1
from B2, in line with the rise in the ceiling for such deposits
in Turkey; outlook stable.

(k) Turkiye Garanti Bankasi A.S.:

Long-term foreign currency deposit ratings are upgraded to B1
from B2, in line with the rise in the ceiling for such deposits
in Turkey; outlook stable.

The bank's long-term local currency deposit rating is upgraded to
A3 from Baa2; outlook stable.  Through this action Moody's
continues to reflect the view that financial authorities will
support the bank if assistance is required.  Moody's considers
that due to its size and significant involvement in the domestic
financial system Garanti Bank is 'too important to fail'.

(l) Turkiye Is Bankasi A.S.:

Long-term foreign currency deposit ratings are upgraded to B1
from B2, in line with the rise in the ceiling for such deposits
in Turkey; outlook stable.

The bank's long-term local currency deposit rating is upgraded to
A3 from Baa2; outlook stable.  Through this action Moody's
continues to reflect the view that financial authorities will
support the bank if assistance is required.  Moody's considers
that due to its size and involvement in the domestic financial
system Isbank is 'too important to fail'.

(m) Turkiye Sinai Kalkinma Bankasi A.S.:

Long-term foreign currency deposit ratings are upgraded to B1
from B2, in line with the rise in the ceiling for such deposits
in Turkey; outlook stable.

(n) Turkiye Vakiflar Bankasi TAO:

Long-term foreign currency deposit ratings are upgraded to B1
from B2, in line with the rise in the ceiling for such deposits
in Turkey; outlook stable.

The bank's long-term local currency deposit rating is upgraded to
Baa1 from Baa2; outlook stable.  Through this action Moody's
continues to reflect the view that the bank is likely to be
supported by the financial authorities if assistance is required.
Moody's recognizes the bank's growing importance to the banking
system but continues to make a distinction with the 'too
important to fail' banks, rated A3.

(o) Yapi Ve Kredi Bankasi A.S.:

Long-term foreign currency deposit ratings are upgraded to B1
from B2, in line with the rise in the ceiling for such deposits
in Turkey; outlook stable.

The bank's long-term local currency deposit rating is upgraded to
Baa1 from Baa2; outlook stable.  Through this action Moody's
continues to reflect the view that the bank is likely to receive
some support by the financial authorities, if assistance is
required and also by its new shareholders, the Koc Group and
Unicredito Italiano (rated A1/Prime-1/B- by Moody's).  Moody's
recognizes the bank's growing importance to the banking system
but continues to make a distinction with the other 'too important
to fail' banks, rated A3.

(o) T.C. Ziraat Bankasi:

Long-term foreign currency deposit ratings are upgraded to B1
from B2, in line with the rise in the ceiling for such deposits
in Turkey; outlook stable.

CONTACT:  MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL)
          George Chrysaphinis, Asst Vice President - Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Boyd Anderson, Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


AGROSVIT: Bankruptcy Supervision Begins
---------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on CJSC Machine-Technological Station
Agrosvit (code EDRPOU 30395118) on November 3, 2005.  The case is
docketed as 7/84 'B'.  Mr. Igor Fedorov (License Number AB
176115) has been appointed temporary insolvency manager.

Creditors have until December 24, 2005 to submit their proofs of
claim to:

(a) AGROSVIT
    12300, Ukraine, Zhitomir region,
    Chernyahiv, Industrialna Str. 42

(b) IGOR FEDOROV
    Temporary Insolvency Manager
    03141, Ukraine, Kyiv region,
    Amosov Str. 4/85

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


KOMSOMOLSKE' BREAD: Succumbs to Bankruptcy
------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Komsomolske' Bread Plant (code
EDRPOU 00382007) on October 25, 2005.  The case is docketed as
B-19/92-05.  Mr. Tsimberov Dmitro (License Number AA 779208) has
been appointed temporary insolvency manager.  The company holds
account number 26005301730001 at Privatbank, Komsomolske branch,
MFO 351210.

Creditors have until December 24, 2005 to submit their proofs of
claim to:

(a) KOMSOMOLSKE' BREAD PLANT
    63460, Ukraine, Harkiv region,
    Zmiyivskij district, Komsomolske

(b) TSIMBEROV DMITRO
    Temporary Insolvency Manager
    Ukraine, Harkiv region, Bakulin Str. 9/13-52

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


LUGANSK' FISHING: Sanction Proceedings Start
--------------------------------------------
The Economic Court of Lugansk region commenced sanction procedure
on OJSC Lugansk' Regional Production Agricultural
Fishing Enterprise (code EDRPOU 00476599) on September 16, 2005.
The case is docketed as 9/135 b.  Ms. Mariya Sidorenko (License
Number AA 783072) has been appointed sanction manager.

Creditors have until December 24, 2005 to submit their proofs of
claim to:

(a) LUGANSK' REGIONAL PRODUCTION AGRICULTURAL FISHING ENTERPRISE
    93650, Ukraine, Lugansk region,
    Stanichno-Luganskij district, Valujske,
    Molodizhnij Quarter 10

(b) MARIYA SIDORENKO
    Sanction Manager
    91024, Ukraine, Lugansk region,
    Chernigivska Str. 12

(c) ECONOMIC COURT OF LUGANSK REGION
    91000, Ukraine, Lugansk region,
    Geroiv VVV Square 3a


PROGRES: Under Bankruptcy Supervision
-------------------------------------
The Economic Court of Volinska region commenced bankruptcy
supervision procedure on Agricultural LLC Progres (code EDRPOU
05440488) on October 7, 2005.  The case is docketed as 7/101-B.
Mr. Igor Hamishin (License Number AB 116117) has been appointed
temporary insolvency manager.  The company holds account number
260031395 at JSPPB Aval, Volinska regional branch.

Creditors have until December 24, 2005 to submit their proofs of
claim to:

(a) PROGRES
    45607, Ukraine, Volinska region,
    Lutsk district, Girka Polonka

(b) ECONOMIC COURT OF VOLINSKA REGION
    43010, Ukraine, region,
    Lutsk district, Voli Avenue 54-a


SHPILI: Declared Insolvent
--------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Shpili (code EDRPOU 30880074) after finding
the limited liability company insolvent.  The case is docketed as
12/137-04.  Mr. Andrij Petrov (License Number AA 779254) has been
appointed liquidator/insolvency manager.  The company holds
account number 26002301703396 at Prominvestbank, Sumi central
branch, MFO 337278.

Creditors have until December 24, 2005 to submit their proofs of
claim to:

(a) SHPILI
    42354, Ukraine, Sumi region,
    Sumi district, Shpilivka, Molodizhna Str. 16

(b) ANDRIJ PETROV
    Liquidator/Insolvency Manager
    40007, Ukraine, Sumi region, Bogun Str. 2/1-32

(c) ECONOMIC COURT OF SUMI REGION
    40030, Ukraine, Sumi region,
    Shevchenko Avenue 18/1


SKIF: Insolvency Manager Takes over Helm
----------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against LLC AGROFIRM 'SKIF' (code EDRPOU 31037795)
after finding the limited liability company insolvent.  The case
is docketed as 5/93 B.  Mr. N. Druk (License Number AB 116054)
has been appointed liquidator/insolvency manager.

Creditors have until December 24, 2005 to submit their proofs of
claim to:

(a) SKIF
    84330, Ukraine, Donetsk region,
    Kramatorsk, Illich Str. 153

(b) N. DRUK
    Liquidator/Insolvency Manager
    84300, Ukraine, Donetsk region,
    Kramatorsk, Yuzhna Str. 21

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


UKRAINIAN ENERGY: Succumbs to Bankruptcy
----------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Engineering-Technical Company
Ukrainian Energy Industry (code EDRPOU 32422635).  The case is
docketed as 15/747-b.  Mr. O. Sherban (License Number AB 116282)
has been appointed temporary insolvency manager.

Creditors have until December 24, 2005 to submit their proofs of
claim to:

(a) O. SHERBAN
    Temporary Insolvency Manager
    01030, Ukraine, Kyiv region, a/b 157

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


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


AQUADREAMS LTD.: Clothing Retailer Liquidates
---------------------------------------------
G. M. Hughes, director of Aquadreams Limited (t/a Jumping Jacks),
informs that resolutions to wind up the company were passed at an
EGM held on Nov. 11 at Menzies Barons Court Hotel, Walsall Wood,
Walsall Road, Walsall, West Midlands WS9 9AH.  Peter Anthony
Jackson of Jackson Gregory & Co, 14 Wood Street, Bolton BL1 1DZ
was appointed liquidator.

CONTACT:  JACKSON GREGORY & CO.
          14 Wood Street, Bolton
          Lancashire BL1 1DY
          Phone: 01204397973


BEETIES GALLERY: Creditors Meeting Set Tomorrow
-----------------------------------------------
Creditors of Beeties Gallery Restaurant Ltd. (Company No 4764562)
will meet on December 23, 2005, 12 noon at Begbies Traynor
Limited, 36 Clare Road, Halifax HX1 2HX.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Peter Sargent, administrator of Begbies Traynor,
36 Clare Road, Halifax HX1 2HX not later than 12 noon, December
22, 2005.

CONTACT:  BEETIES GALLERY
          7 Victoria Road
          Saltire Village
          Shipley
          West Yorkshire BD18 3LA
          Phone: +44 (0) 1274 595988
          Fax: +44 (0) 1274 582118

          SARGENT & CO.
          36 Clare Road
          Halifax
          West Yorkshire HX1 2HX
          Phone: 01422 348448
          Fax: 01422 360748
          E-mail: peter@sargentcompany.com


BESTWAY FORWARD: Names SPW Poppleton Liquidator
-----------------------------------------------
Resolutions to wind up these companies were held on Nov. 17 at
Gable House, 239 Regents Park Road, Finchley, London N3 3LF:

-- Bestway Forward Limited
-- Garland Solutions Limited
-- Grovedale Management Limited
-- Heathbrook Limited
-- Homedale Management Limited
-- Ivydale UK Limited
-- Journal Management Limited
-- Kingsway Systems Limited
-- Steltron Limited

H.J. Sorsky of SPW Poppleton & Appleby, Gable House, 239 Regents
Park Road, London N3 3LF was appointed liquidator.

CONTACT:  SPW POPPLETON & APPLEBY
          Gable House
          239 Regents Park Road
          London N3 3LF
          Phone: 020 8371 5000
          Fax: 020 8346 8588
          E-mail: mike@spwca.com


BLADEZ EUROPE: Files for Liquidation
------------------------------------
J. Muir, chairman of Bladez Europe Limited, informs that
resolutions to wind up the company was passed at an EGM held on
Nov. 21 at 105 St Peters Street, St Albans, Hertfordshire AL1
3EJ.  Ian Mark Defty of Kingston Smith & Partners LLP, 105 St
Peters Street, St. Albans, Hertfordshire AL1 3EJ was appointed
liquidator.

CONTACT:  KINGSTON SMITH & PARTNERS LLP
          105 St Peter's Street
          St Albans
          Hertfordshire AL1 3EJ
          Phone: 01727 896000
          Fax: 01727 896028
          E-mail: tbramston@kingstonsmith.co.uk


CAD-CAM PROJECTS: Creditors Meeting Set January
-----------------------------------------------
Creditors of Cad-Cam Projects Limited (Company No 03931535) will
meet on January 4, 2006, 12 noon at 39 Hatton Garden, London EC1N
8EH.  Creditors who want to be represented at the meeting may
appoint proxies.  Proxy forms must be submitted together with
written debt claims to Stephen John Evans, joint administrators
of Pure Recovery LLP, 39 Hatton Garden, London EC1N 8EH not later
than 12 noon, January 3, 2006.

CONTACT:  PURE RECOVERY LLP
          39 Hatton Garden,
          London EC1N 8EH
          E-mail: tim.brown@purerecovery.com


CANTERBURY FOODS: Selling Loss-making Meat Products Business
------------------------------------------------------------
Canterbury Foods Group plc on Dec. 6 announced the proposed
disposal of its Meat Products Business, a frozen burger and
sausage businesses operated out of the Group's sites at Hull and
Stoke.

Because of the size relative to Group Turnover of the Meat
Products Business, the AIM Rules require the Meat Products
Disposal to be approved by Shareholders and a circular has been
sent to Shareholders, which provides further information on the
Meat Products Disposal and includes a notice of an extraordinary
general meeting of the Company to be held at 10:00 on 22 December
2005 at the offices of Clyde & Co, 51 Eastcheap, London, EC3 1JP.

Background and Reasons for the Meat Disposal

The Executive Directors were appointed in July 2003 with the
intention of increasing the operational efficiencies and sales
volume of the Group in order for the Group to be able to continue
to service its high level of bank indebtedness and create
long-term value for shareholders.  The first significant act of
the Executive Directors was to dispose of the Group's meat
trading business to Angliss International in September 2003.
Subsequently, the Group raised GBP5.8 million, net of costs, in
May 2004 in order to rationalize a number of the Group's
factories and invest in additional capacity in those areas of the
business, which the Directors believed were growing, in
particular the Group's pastry and food ingredients businesses.

The first stage of the Group's factory rationalization program
has been successful, with the consolidation of the frozen sausage
business from Group's old, leased, site at Hackney into Hull.  An
investment has been made in Hull to manufacture fresh chilled
sausages and additional land at Bridgend has been purchased to
allow for the further potential expansion of the Food Ingredients
Business.  Finally, an investment was made at Sheppey to increase
the capacity and efficiencies of the Pastry Products Business.

The Group's overall focus on efficiencies resulted in the Company
reporting its first profit after interest (but before exceptional
items and goodwill) for 4 years of GBP295,000 for the 12 months
ended 31 December 2004.  At the time the
Group reported these results in April 2005 this gave warning of
the significant rise in raw material costs incurred in the Meat
Products Business and that burger sales in that period had
declined by 10%.  These trends continued through the middle of
this year and, in the trading statement released on 13 July
2005, it was announced that trading in the first half of the year
in the Meat Products Business had suffered significantly; so that
results over the full-year would be substantially below market
expectations.

It was explained that the market for burgers had continued to
contract and that the Group had suffered a net loss of contracts,
price deflation for its products through competitive pressures,
yet continued to experience severe price inflation for its raw
materials.  As a consequence of current trading, the Group had
breached its banking covenants and it was announced that the
Board had instituted a strategic review of the Group's operating
divisions.  The Directors had hoped, at that time, to announce
the disposal of the Meat Products Business and the subsequent
acquisition of a retail-focused chilled pastry products business,
which would have significantly developed the Group's strategy of
focusing on the pastry products and food ingredient sectors.

Unfortunately, very late in the process, the Meat Products
Business sale fell through.  This meant that we were unable to
complete the acquisition, which in any event was subsequently
lost to the Group as a result of reasons outside its control.

In the Interim Results announced on 22 September, it was stated
that the Directors were undertaking a complete review of the
strategic options with a view to determining the best route to
provide a sustainable future.  The Chairman stated that this
might include the sale of a number of the Group's businesses and
that it was clear that the Group needed significantly to reduce
its level of debt.  In support of this strategy the Bank agreed
to a temporary increase of GBP500,000 to the Group's overdraft
facility.

The Board appointed Cavendish to conduct the sale of the Meat
Products Business and this process has led to the successful sale
of this business.  This is the first disposal under this
strategic review and the Board is considering the possibility of
at least one further disposal, with a view to reducing the debt
burden going forward.

Summary Financial Information on the Meat Products Business
Shareholders should read the whole of this document and not rely
upon the summary financial information set out below.

The financial information on the Meat Products Business has been
extracted, without material adjustment, from schedules to the
audited accounts of the Group for the two years ended 31 December
2004 and the unaudited management accounts of the Group for the
six months ended 30 June 2005.

                             12 months    12 months     6 months
                             ended        ended         ended
                             31December   31December    30 June
                             2003         2004          2005
                          GBP'000        GBP'000        GBP'000

Turnover                     28,817       28,017        11,756
Gross Margin                 6,567        5,014         1,637
EBITDA (pre-exceptional      3,391        2,243         451
items and
pre-central overheads)
EBITDA (pre-central          3,406        1,503         451
overheads)
EBIT (post exceptional       1,783        10            (242)
items)

Sales during the years 2003 and 2004 remained constant but during
the first half of 2004 the wholesale prices of beef and pork rose
by approximately 40% in eight weeks resulting in significantly
reduced margins in 2004.  Beef and pork prices have subsided from
their peak in 2004 but are still some 20% higher than at the
beginning of 2004.  During 2005 the Meat Products Business
suffered a loss of contracts and also reduced demand generally
for burger and sausage products.  The Directors expect the
results for the second half of 2005 to be broadly in line with
those of the first half.

Details on the Meat Products Disposal

The Meat Products Disposal Agreement provides for the sale by
Canterbury Foods Limited to the Purchaser, a wholly owned
subsidiary of J&J Tranfield Limited, of the business and assets
of the Meat Products Business situated at Hull and Stoke-on-Trent
in consideration of the total payment of GBP4.5 million payable
as to GBP4.2 million on Completion and GBP300,000 payable 24
months following Completion.  This deferred payment will be
secured by a second charge over the assets of the purchaser.  The
Meat Business is being sold free of all debt (other than hire
purchase obligations) and on the basis of a minimum value stock
of GBP2.3 million at Completion.  If the value of the stock is
less than GBP2.3 million at Completion, the amount to be payable
on Completion will be reduced on a GBP for GBP basis.  After an
extensive marketing campaign, Cavendish has advised the Board
that it believes the Purchaser's offer to be the best offer
currently available in the market for the Meat Products Business.

J&J Tranfield is a privately owned company, which has significant
existing interests in the meat products sector and can bring the
scale and focus required to ensure the future of the business.

J&J Tranfield has guaranteed the obligations of the Purchaser
under the Meat Disposal Agreement and the Company has likewise
guaranteed the obligations of Canterbury Foods Limited under the
Meat Disposal Agreement.

Further details of the Meat Products Disposal Agreement are set
out in the Circular being sent to shareholders. Completion is
conditional upon:

(a) shareholders approving the Resolution set out in the Notice
    of EGM; and

(b) no event, that is outside the control of the parties,
    occurring between the date of the Meat Disposal Agreement
    and the date upon which Shareholders approve the Meat
    Products Disposal, which is reasonably likely to have a
    material adverse effect on the Meat Products Business, or
    any other event the net effect of which (after taking into
    account orders or new customers of the Meat Products
    Business) would be reasonably likely to reduce the turnover
    of the Meat Products Business by GBP3 million in the 12
    months following Completion (excluding, in either case, any
    loss of certain customer agreements and arrangements); and

(c) clearance being obtained from the Pensions Regulator, unless
    the Directors waive such condition.

Use of Proceeds and Financial Effects of the Meat Products
Disposal

The net initial proceeds of the Meat Products Disposal (after
expenses) are expected to be approximately GBP3.9 million and
will be applied in reducing the indebtedness of the Group.  The
assets being transferred under the Meat Disposal Agreement had an
aggregate value in the Group's consolidated accounts as at 30
June 2005 of GBP9.2 million.

Current Trading and Prospects

Trading in the second-half year has continued the trend seen in
the first-half.  The Food Ingredients Business is recovering from
the sluggish start to the year caused by the Sudan 1.  The Pastry
Products Business did not see the traditional uplift with the
return to schools in sausage roll sales but the overall business
remains buoyant and the Group continues to have good prospects in
the growing 'bake off' market.  The outlook for Christmas trading
remains in line with management's expectations.

Whilst the Group's bankers have continued to support the Group
through its recent trading difficulties, their continued support
is predicated upon a reduction in the Group's indebtedness.  If
Shareholders do not approve the Meat Products Disposal the
Directors consider that, in the absence of a substantial
injection of new capital, the Group is unlikely to be able to
continue in its current form.

The Company is currently in discussions with third parties and
certain of its divisional management teams, which may lead to the
sale of one or more of the Remaining Businesses.  These
discussions have lead to offers being made for the Remaining
Businesses.  The aggregate value of these offers is materially
below the current indebtedness of the Group. The marketing of the
Remaining Businesses has been extensive so that the Directors do
not consider it likely that significantly higher offers will now
be received.  Consequently, if all the
Remaining Businesses were sold and the Group's debt discharged
there is almost no prospect of a surplus for shareholders.

The Directors have sought to refinance the Bank debt with
additional finance from other sources without success.

Therefore, the Directors consider that the best prospects for the
Group are to retain one or more of the Remaining Businesses and
agree a restructuring of the remaining Bank debt.  The Bank has
indicated that it will consider a proposal to restructure the
Bank debt following completion.  However there is no certainty
that a restructuring can be agreed. In the event that terms for
the restructuring of the Bank debt cannot be agreed there is
almost no prospect of the Group continuing to trade in its
current form or that there will be any residual value for
shareholders.

Change of Registered Office

Before Completion of the Meat Products Disposal, the Company
intends to change the location of its registered office from
Liverpool Street, Hull, East Yorkshire HU3 4HW to 182 John Wilson
Business Park, Whitstable, Kent CT5 3RB.

Extraordinary General Meeting

As stated above, the Meat Products Disposal is conditional, inter
alia, upon the passing of the Resolution.  Accordingly, you will
find set out at the end of this document a Notice convening an
Extraordinary General Meeting of the Company to be held at the
offices of Clyde & Co, 51 Eastcheap, London EC3M 1JP at 10.00
a.m. on 22 December 2005 for the purposes of passing a resolution
to approve the disposal of the Meat Products Business.

Recommendation

The Directors consider, having taken into account the advice of
Cavendish, that the Meat Products Disposal is in the best
interest of the Company and its Shareholders taken as a whole and
the Directors unanimously recommend Shareholders to vote in favor
of the Resolution.

The Directors have undertaken to vote in favor of the Resolutions
in respect of their own beneficial holdings, which in aggregate
amount to 404,954 Ordinary Shares, representing approximately
1.1% of the Ordinary Shares in issue at the date of this
document.

CONTACT:  CANTERBURY FOODS GROUP PLC
          Paul Ainsworth, Chief Executive
          Phone: 01482 326 234
          Alison Everatt, Finance Director
          Phone: 01482 326 234

          TEATHER & GREENWOOD LIMITED
          Jeff Keating/Stephen Austin
          Phone: 020 7426 9000

          CUBITT CONSULTING
          Brian Coleman-Smith/Nia Thomas
          Phone: 020 7367 5100


CENPLAS LIMITED: Hires Administrators from Geoffrey Martin
----------------------------------------------------------
John Twizell and Geoffrey Martin (IP Nos 0/007822/01,
0/002207/01) of Geoffrey Martin & Co. were appointed
administrators of Cenplas Limited (Company No 05256593) on Dec.
6.  The company manufactures plastic products.

CONTACT:  CENPLAS LTD.
          Chartwell House 3, Chartwell Drive,
          Wigston, Leicestershire LE18 2FL
          Phone: 0116 212 1212

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


CENTER PARCS: Seals Contract to Operate Les Jardins Estate
----------------------------------------------------------
Center Parcs (U.K.) Group plc has signed a heads of terms
agreement with Les Jardins Leisure Limited and Les Jardins
Residential Limited (LJL) for the operating contract of Les
Jardins de la Mer, a new luxury waterfront apartment and leisure
complex to be built on Jersey.

The development comprises approximately 5.7 acres of prime
waterfront land in St. Helier.  LJL is constructing 90 beachfront
residential apartments and 70 leisure apartments, which will be
available for short break holidays.  The commercial areas will
include a luxury spa complex, restaurant, delicatessen, a 6,000
square feet general leisure activity area and extensive public
and private gardens.  All of the commercial areas will be
available to both the leisure apartment guests and the general
public.

The project is part of an overall re-development of the St.
Helier waterfront, one of the largest development projects in
Jersey's history.  It is situated in a new area of town
comprising seafront residential accommodation, prime office space
and retail and leisure developments.

Under the agreement, Center Parcs will have an operating lease
for a period of 21 years over the leisure apartments, spa,
restaurant, delicatessen, leisure area, indoor pool and car
parking facilities.  Center Parcs' investment, to be incurred
toward the end of the construction phase of the project, will
comprise approximately GBP2 million to fund the fit out of these
facilities.

Planning permission for the project is anticipated in the first
half of 2006.  Once approval has been granted, construction work
will commence and is expected to take approximately two years.
The complex is scheduled to open in 2008, subject to planning
permission.  Subject to terms, Center Parcs expects to sign an
arrangement to lease at the time that planning consent is
granted.

Martin Dalby, chief executive, said: "The Jardins de la Mer
project draws on and complements the significant expertise Center
Parcs holds in the short break market and enables us further to
exploit our proven sales, marketing and operational expertise.
Center Parcs sees this agreement as a low cost opportunity to
expand our portfolio of businesses in line with our strategy to
seek growth options complementary to our core offer."

David Crossland, Chairman of Les Jardins Leisure Limited and Les
Jardins Residential Limited (LJL), said: "We want Jersey to be
the number one short break destination in the British Isles, a
place where families and individuals love to visit.  Attracting
the market leader in U.K. short break holidays as our operator is
a pivotal part of that plan.  We are confident that our knowledge
of Jersey and Center Parcs' skills as an operator will attract a
substantial number of regular and new tourists to Jersey each
year."

Les Jardins Leisure Limited is wholly owned by Jersey residents
David and Anne Crossland.  David Crossland has 40 years travel
and tour experience and prior to his retirement was founder and
Chairman of Airtours plc.

                        About the Company

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

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

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

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

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

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

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


CHRISTINA LEES: Interior Designer Winds up
------------------------------------------
L. D. Allmark, chairman of Christina Lees Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 9 at Walletts Insolvency Services, Adventure Place, Hanley,
Stoke-on-Trent, Staffordshire ST1 3AF.  Michael Francis McCarthy
of Walletts Insolvency Services, 2-6 Adventure Place, Hanley,
Stoke-on-Trent, Staffordshire ST1 3AF was appointed liquidator.

CONTACT:  CHRISTINA LEES LIMITED
          Cocoa Court, 21a Pillory Street
          Nantwich, Cheshire CW5 5BZ
          Phone: 01270611142

          WALLETTS INSOLVENCY SERVICES
          Adventure Place
          Hanley
          Stoke On Trent
          Staffordshire ST1 3AF
          Phone: 01782 212326
          Fax: 01782 683904
          E-mail: mike@walletts.co.uk


COATING TECHNIQUES: Hires Administrators from Elwell Watchorn
-------------------------------------------------------------
Graham Stuart Wolloff and Paul Anthony Saxton (IP Nos 8879, 6680)
of Elwell Watchorn & Saxton LLP were appointed administrators of
Coating Techniques Limited (Company No 02641026) on Dec. 9.  Its
registered office is at 76-80 Sherlock Street, Birmingham B5 6LT.

CONTACT:  COATING TECHNIQUES LTD.
          Unit 15 Drewitt Indust. EstRingwood Rd.,
          Bournemouth BH11 8LW
          Phone: 01202 594 394

          ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


CONCEPT COMMUNICATIONS: Calls in Joint Liquidators
--------------------------------------------------
R. Brown, chairman of Concept Communications (Services) Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Nov. 18 at Concept House, Brooke Street, Cleckheaton,
West Yorkshire BD19 3RY.  Andrew T. Clay of Andrew Michaels & Co
Ltd., Concept House, Brooke Street, Cleckheaton, West Yorkshire
BD19 3RY was appointed liquidator.

CONTACT:  CONCEPT COMMUNICATIONS SERVICES LTD.
          458 Bordesley Green
          Birmingham West Midlands B9 5NS
          Phone: (0121 687 7808)

          ANDREW MICHAELS & CO. LTD.
          Concept House
          Brooke Street
          Cleckheaton
          Bradford BD19 3RY
          West Yorkshire
          Phone: 0870 750 5411
          Fax: 0870 750 5412
          E-mail: info@andrew-michaels.com


DECLAN DALY: Horse Trainer Falls to Administration
--------------------------------------------------
James Douglas Ernle Money and Richard James Philpott (IP Nos
8999, 9226) of KPMG were appointed administrators of Declan Daly
Racing Limited (Company No 05351460) on Dec. 9.  The company
trains racehorses.

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


DEEP OCEAN: Names David Rubin Liquidator
----------------------------------------
A. H. Zouita, chairman of Deep Ocean Seafood Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Nov. 16 at David Rubin & Partners, Pearl Assurance House,
319 Ballards Lane, London N12 8LY.  Henry Lan of David Rubin &
Partners, Pearl Assurance House, 319 Ballards Lane, London N12
8LY was appointed liquidator.

CONTACT:  DEEP OCEAN SEAFOOD LTD.
          Shop 43a Stockland Mall
          Jesmond NSW 2299
          Phone: (02) 4965 6928

          DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Phone: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com


EUROSPRAY SYSTEMS: Appoints Administrator
-----------------------------------------
Graham Stuart Wolloff and Paul Anthony Saxton (IP Nos 8879, 6680)
of Elwell Watchorn & Saxton LLP were appointed administrators of
Eurospray Systems Limited (Company No 01500461) on Dec. 9.  The
company manufactures pumps and compressors.

CONTACT:  EUROSPRAY SYSTEMS LTD.
          Unit 31 C/D, Gelders Hall Road Trading Estate
          Shepshed
          Loughborough LE12 9NH
          Leicestershire
          Phone: 01509 502545
          Fax: 01509 505100

          ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


FLEETWOOD MANAGEMENT: Calls in Liquidator from SPW Poppleton
----------------------------------------------- ------------
Resolutions to wind up these companies were passed at an EGM held
on Nov. 17 at Gable House, 239 Regents Park Road, Finchley,
London N3 3LF:

-- Fleetwood Management Limited
-- Grangewood Design Limited
-- Grovedale Services Limited
-- Hilldale Management Limited
-- Instant Management Limited
-- Jadex UK Limited
-- Kindred Management Limited
-- Linkwood Enterprises Limited

H. J. Sorsky of SPW Poppleton & Appleby, Gable House, 239 Regents
Park Road, London N3 3LF was appointed liquidator.

CONTACT:  SPW POPPLETON & APPLEBY
          Gable House
          239 Regents Park Road
          London N3 3LF
          Phone: 020 8371 5000
          Fax: 020 8346 8588
          E-mail: mike@spwca.com


FURNISHING DREAMS: Creditors Meeting Today
------------------------------------------
Creditors of Furnishing Dreams Limited (t/a The Pine Village,
Factory Pine Outlet & Junior Bedrooms - Company No 4634412) will
meet on December 22, 2005, 10 a.m. at BDO Stoy Hayward LLP, Park
House, 102-108 Above Bar, Southampton, Hampshire SO14 7NH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A. H. Beckingham, joint administrator from BDO
Stoy Hayward LLP, Park House, 102-108 Above Bar, Southampton,
Hampshire SO14 7NH.

CONTACT:  BDO STOY HAYWARD LLP
          Park House, 102-108 Above Bar,
          Southampton, Hampshire SO14 7NH
          Phone: 023 8035 6000
          Fax: 023 8035 6111
          E-mail: southampton@bdo.co.uk
          Web site: http://www.bdo.co.uk


GW 745: KPMG Administrators Enter Firm
--------------------------------------
Anthony Flynn (IP No 8619) and Samantha Keen (IP No 9250) of
Grant Thornton were appointed administrators of GW 745 Limited
(Company No 1709154) on Dec. 8.  Its registered office is at Spa
House, Walton Road, Portsmouth PO6 1TB.

CONTACT:  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

          GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


IMPACT BUSINESS: Appoints Joint Liquidators
-------------------------------------------
N. Delaney, director of Impact Business Services Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 18 at The Old Golf House Hotel, New Hey Road,
Outlane, Huddersfield HD3 3YP.  Andrew J. Maybery and Christopher
J. Brown of Hart Shaw were appointed Joint Liquidators.

CONTACT:  IMPACT BUSINESS SERVICES LTD.
          Dyehouse Drive Cleckheaton
          West Yorks BD19 4TY
          Phone: 0870 0433 796

          HART SHAW
          Europa Link
          Sheffield Business Park
          Sheffield S9 1XU
          Phone: 0114 251 8850 or 01709 362001
          Fax: 0114 251 8851 or 01709 368590
          E-mails: chris.brown@hartshaw.co.uk
                   andrew.maybery@hartshaw.co.uk


INDUSTRIAL FINISHING: Names Elwell Watchorn Administrator
---------------------------------------------------------
Graham Stuart Wolloff and Paul Anthony Saxton (IP Nos 8879, 6680)
of Elwell Watchorn & Saxton LLP were appointed administrators of
Industrial Finishing Plant Limited (Company No 05191854) on Dec.
9.  Its registered office is at 76-80 Sherlock Street, Birmingham
B5 6LT.

CONTACT:  INDUSTRIAL FINISHING PLANT LTD.
          Regent Street
          Rochdale OL12 0HQ
          Lancashire
          Phone: 01706 759341
          Fax: 01706 759342
          Web site: http://www.industrialfinishingplant.com/

          ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


JACOBY PARTNERSHIP: Administrators Enter Firm
---------------------------------------------
David Harry Gilbert and Antony David Nygate (IP Nos 2376/01,
9237) of BDO Stoy Hayward LLP were appointed administrators of
The Jacoby Partnership Limited (Company No 03694218) on Dec. 6.
The company distributes ladies fashion.

CONTACT:  THE JACOBY PARTNERSHIP LIMITED
          7 The Courtyards, Phoenix Square Wyncolls Road,
          Colchester, Essex CO4 9PE
          Phone: 01206-766431

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


JESSOPS PLC: To Release Christmas Update January
------------------------------------------------
Jessops plc will be announcing its Christmas Trading Statement on
Thursday, 19 January 2006.

                        About the Company

With a complete database of over 16,000 product lines, Jessops
plc is one of the most comprehensive retail Web sites in the
U.K.  The site generates circa 7 million page impressions per
month.

Jessops also operates a wholesale and commercial sales business
from its head office in Leicester.  The wholesale distribution
business, trading as Photoline, was formed in 1986.  Jessops'
business-to-business sales are primarily to the Government,
quasi-governmental organizations, schools, colleges and local
councils and Insurance companies.  It also sells photographic
equipment to professional photographers under the trading name
Jessops Professional.

In May, Jessops plc reported that earnings before interest, tax
and amortization ('EBITA') for the 26 weeks to 27 March 2005 were
18% down at GBP5.7 million.  Profits on ordinary activities
before tax for the period, which included a higher interest
charge for October under the group's former financing structure,
were GBP1.3 million.  Net debt was reduced to GBP42.8 million
(2003: GBP126 million).

The positive start to the company's life as a listed company was
in contrast to the Group's trading in February and early March,
which saw an unprecedented decline in digital camera sales and
the toughest trading conditions seen at Jessops at least since
digital cameras were launched onto the market in the mid-1990s.

The impact of the sales shortfall in February and early March not
only had a material impact on profits for the period, but caused
the company to reconsider projections for the second half of the
year.  In response to these difficult market conditions, the
company has set in motion a number of projects to drive sales and
deliver efficiency savings.

CONTACT:  JESSOPS PLC
          Jessop House, Scudamore Rd.
          Leicester
          LE3 1TZ, United Kingdom
          Phone: +44-116-232-6000
          Web site: http://www.jessops.com


LATIMER MARKETING: Goes into Liquidation
----------------------------------------
Latimer Marketing Group Limited informs that resolutions to wind
up the company were passed at an EGM held on Nov. 17 at Platinum
House, North Second Street Central, Milton Keynes MK9 1BZ.  Clive
Everitt of Shaw & Company, 195 Banbury Road, Oxford OX2 7AR was
appointed liquidator.

CONTACT:  LATIMER MARKETING GROUP LIMITED
          High St North, Dunstable, Bedfordshire LU6 1BY
          Phone: 01582404433


MARCONI CORPORATION: European Commission Okays Ericsson Takeover
----------------------------------------------------------------
LM Ericsson has received the necessary clearances from a number
of competition authorities, including the European Commission for
the acquisition of key assets of Marconi Corporation plc's
telecommunications business, which was announced on October 25,
2005.

The acquisition of key assets remains conditional on the approval
of Marconi shareholders at an extraordinary general meeting on
December 21, 2005 and on current consultations with trade unions.
Subject to Marconi shareholders approving the transaction and
trade union consultations being finalized, the transaction is
expected to be completed in January 2006.

Ericsson is shaping the future of Mobile and Broadband Internet
communications through its continuous technology leadership.
Providing innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communication
companies in the world.

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

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


MISYS PLC: Misys Banking Chief Steps down
-----------------------------------------
Misys plc has revealed that Ivan Martin, chief executive officer
of Misys Banking Systems, is to leave the company.  Kevin Lomax,
chief executive of Misys plc, will take on his responsibilities
until a successor is appointed.

Mr. Lomax said: "We are encouraged by the good progress of our
banking division but we recognize there is more to do to deliver
increased value to our shareholders.  I am working closely with
the banking senior management team to ensure we continue the good
momentum.

"I should like to thank Ivan for the significant contribution he
has made to Misys over the last 10 years.  He has played a key
role in the development of our financial services businesses and
in building our banking business into one of the world's leading
players in this major software market.  I wish him every success
for the future."

                            *   *   *

In October, The Guardian reported Misys shareholders want a
speedy change in leadership at the software group, following an
unexpected profit warning in September.

The company has admitted that first-half performance at the
banking division will be adversely affected by two factors: a
delay in revenue recognition and the increased investment in the
business.  As a result, the company's earnings per share in the
first half are likely to fall below last year.  It also said that
any profit shortfall in the first half may not be fully recovered
in the second.

Following the profit warning, the Association of British
Insurers investment committee summoned Executive Chairman Kevin
Lomax and Sir Dominic to explain the company's situation and to
know the chairman's succession plans.  Mr. Lomax has expressed
his intentions to resign as executive chairman to serve as part-
time non-executive by 2008.

CONTACT:  MISYS PLC
          Burleigh House, Chapel Oak, Salford Priors,
          Evesham, WR11 8SP, United Kingdom
          Phone: 44 (0) 1386 871373
                 44 (0) 1386 871045
          E-mail: group.secretariat@misys.co.uk
          Web site: http://www.misys.com


MISYS PLC: Core Businesses Show 'Encouraging' Progress
------------------------------------------------------
Misys plc has released a trading update for the six months ended
30 November 2005.  The interim results will be announced on 26
January 2006.

CEO Kevin Lomax said: "The lead indicators in our core businesses
of banking and healthcare demonstrate encouraging progress.  Our
efforts to position the business for sustained growth are showing
positive results.  While we are encouraged by this, we recognize
that there is more to do in order to deliver increased value to
our shareholders."

The figures in this trading update are unaudited and have been
prepared in accordance with IFRS.

Financial and Business Highlights

(a) Adjusted basic EPS* expected in the range of 6.0 pence to
    6.5 pence per share compared with 6.8 pence last year;

(b) Banking (like for like**): ILF order intake up 27% at GBP36
    million, closing ILF order book up 9% at GBP31 million,
    total revenues up 10%;

(c) Healthcare (like for like**): ILF order intake up 10% at
    GBP28 million, closing ILF order book up 2% at GBP31
    million, total revenues up 5%;

(d) General Insurance: good underlying performance; and

(e) Sesame: strong revenue performance.  Disposal process on
    schedule.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Adjusted basic EPS is calculated pre exceptional items, gains
and losses on embedded derivatives and amortization of acquired
intangible assets and is based on an average number of shares in
issue of 485 million.

[**] Where like for like data is provided, it is at constant
exchange rates and excludes non-comparable periods in respect of
acquisitions and disposals.

Further information on the results for the period under review on
both an as reported and like for like basis is contained in the
Notes to this trading update.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Banking Division

ILF order intake increased by 27% with some encouraging new
business wins.  The closing ILF order book was GPB31 million, up
9% on the prior year comparable period.

Total revenues were up 10%.  On a reported basis revenues were up
12%.  ILF revenues rose 35% against a relatively weak comparable
period.  Professional Services revenues fell by 2%, reflecting
the impact of the contract deferrals highlighted in the trading
update given at the AGM.  We expect both the contracts concerned
to make a material contribution to Professional Services revenues
in future periods.  Maintenance revenues were up 2%, again
demonstrating the stability of our large customer base.

Principally as a result of the contract deferrals referred to
above, the operating margin is expected to be around 12%, in
comparison with 17% in the prior year.

Healthcare Division

ILF order intake increased by 10%.  The closing ILF order book
was GBP31 million, up 2% on the prior year comparable period.

Total revenues were up 5%.  On a reported basis revenues were up
8%.  ILF revenues rose 2%.  As we have previously indicated,
Professional Services are becoming more significant in our sales
mix as the shift in demand to clinical products continues.  This
contributed to total order intake being materially ahead of ILF
order intake for the period. Professional Services revenues
showed the strongest growth of all the revenue streams, up 15%.
Maintenance revenues were up 7%.

Transaction processing revenues fell 2%, reflecting continued
market pressure on pricing.  We continue to look for new avenues
of growth for this business.

Operating margin is expected to be slightly ahead of the 14%
achieved in the prior year.

General Insurance

This market leading business has continued to deliver good
underlying performance.  Revenues and operating margin are in
line with last year.

We have appointed Lexicon Partners to assist the Board with the
review of options to realize value from this business.

Sesame

Revenues in Sesame are 13% higher than in the prior year.  This
reflects a significant increase in RI productivity.  We have seen
an encouraging take-up in our new multi-tie proposition, Sesame
Select, which was launched in July 2005.  Around 600 financial
advisers have been recruited into Sesame Select.

Operating profit is expected to be ahead of expectations, partly
due to favorable timing effects and a stronger underlying trading
performance.

Based on current revenue trends, our expectations for the full
year are that Sesame's operating profit will be around that
achieved in the full year results for 2005.

CONTACT:  MISYS PLC
          Burleigh House, Chapel Oak, Salford Priors,
          Evesham, WR11 8SP, United Kingdom
          Phone: 44 (0) 1386 871373
                 44 (0) 1386 871045
          E-mail: group.secretariat@misys.co.uk
          Web site: http://www.misys.com


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

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

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

The developing CreditWatch implications indicate that the ratings
on NTL and related entities could be raised, lowered, or affirmed
following Standard & Poor's review of the Virgin Mobile
transaction.  Potential for a negative action exists considering
the cumulative risks that NTL would have to manage in integrating
a business with a different customer base, product, and culture,
as well as in developing a compelling quadruple-play offering.

In addition, the company has shown an appetite for a potential
further increase in debt.  Conversely, the developing CreditWatch
implications also recognize the potential upside for the NTL
rating, as Virgin is a strong consumer brand, the combined entity
might be better positioned over the longer term, and Virgin
Mobile is presently a cash-generative, dividend-paying business.

The ratings on NTL are constrained by the group's:

     * competitive operating environment,
     * significant gross leverage and
     * modest cash generation.

The group benefits, however, from:

     * a high bandwidth,
     * two-way network,
     * an established residential customer base, and
     * gradual operational improvements.

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

The senior secured facilities are presently expected to comprise:

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

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

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

     -- Lower-than-expected sales growth;

     -- Pressure on costs;

     -- Increased capital expenditure spend as a percentage of
        sales; and

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

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

Ratings information is available to subscribers of RatingsDirect,
Standard & Poor's Web-based credit analysis system, at
http://www.ratingsdirect.com/ It can also be found on Standard &
Poor's public Web site at http://www.standardandpoors.com/under
Credit Ratings in the left navigation bar, select Find a Rating,
then Credit Ratings Search.  Alternatively, call one of the
following Standard & Poor's numbers:

     * Client Support Europe (44) 20-7176-7176;
     * London Press Office Hotline (44) 20-7176-3605;
     * Paris (33) 1-4420-6708;
     * Frankfurt (49) 69-33-999-225;
     * Stockholm (46) 8-440-5916; or
     * Moscow (7) 095-783-4017.

Members of the media may also contact the European Press Office
via e-mail: media_europe@standardandpoors.com.

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


PROBUS ESTATES: Reports EUR17.4 Mln After-tax Loss for 2004
-----------------------------------------------------------
      Statement of Hans Junge, chairman of Probus Estates plc

Results: Turnover for the year was EUR7.3 million, including
sales of EUR3.4 million at Casino de Mallorca in the period up
until its sale in April 2004.  The remaining turnover represents
rental income in the Netherlands and sales of units at Santa
Ponsa in Mallorca.

The Group incurred an operating loss of EUR2.0 million (2003
EUR44.7 million loss).  The overall Group loss after tax was
EUR17.4 million (2003 EUR54.6 million loss).

Review of Major Events: The sale of Casino de Mallorca in April
2004 was reported in the Chairman's Statement in the Annual
Report for 2003.  Since then there have continued to be
occasional sales of units at Santa Ponsa.  There has been no
progress on the development of Can Vinyes and various discussions
have taken place concerning its sale, but no binding contract has
yet been agreed.

Financial Position: The Company's financial position continues to
be extremely difficult.  The Company's shares have been suspended
from trading since 23 June 2005 due to the Company's inability to
issue its annual accounts within the timescale set out in the AIM
Rules.

As I reported last year, the Group is able to service its bank
debt in the Netherlands using rental income from its Dutch
properties, and its bank debt in Spain using sale proceeds from
the retail development at Santa Ponsa.  The Group is not
currently in a position to repay its debt to Uni-Invest, the
major creditor, on which it is in default.

The Directors are aware of possible third-party interest in an
acquisition of Uni-Invest's position of debt and equity in the
Company, but they are also aware that Uni-Invest is entitled to
enforce the charges it has on the Group's properties and that
Uni-Invest will not wait indefinitely to recover the debt due to
it.  As previously reported, the Standstill Agreement, which was
entered into with Uni-Invest expired on 30 June 2004.  Since then
the Company has relied on Uni-Invest's forbearance, but recently
the Board has been under increasing pressure from Uni-Invest to
conclude sales of the Group's assets.

The Directors have no control over any discussions that
Uni-Invest may have with third parties and cannot therefore
predict the timing, or the likely outcome, of such discussions.
If Uni-Invest's position was taken over by a third party, it
would be the expectation of the Directors that the Company would
be
recapitalized  and its financing structured on a more long term
basis.  However, if these, or any other, discussions do not have
a favorable outcome, and if and when sales of the remaining
assets are concluded, any proceeds after satisfaction of secured
bank borrowings will be paid to Uni-Invest, and the Company and
its subsidiaries are likely to be placed in liquidation.  For
this reason, the Directors have written down all assets to the
value which they believe is recoverable in the near future, but
they recognize that the valuation of the development land at Can
Vinyes is dependent on future cooperation with the local
authority, and that is difficult to assess.

Under the AIM Rules, the interim results of the company for the
six months ended 30 June 2005 were due to be released by 30
September 2005.  The Directors expect that the annual report and
accounts will be posted to shareholders on 22 December 2005 and
that the interim results will be released before the end of this
week.  On announcement of the interim results, the Directors will
request that the suspension of the shares from trading on AIM is
lifted.

CONTACT:  PROBUS ESTATES PLC
          Fifth Floor
          17 Hanover Square
          London
          W1S 1HU
          United Kingdom
          Phone: (020) 7917 8500
          Fax: (020) 7917 8555


RAMCO ENERGY: Completes Disposal of Oil Services Unit
-----------------------------------------------------
Ramco Energy plc has concluded the sale of its Oil Services
division for GBP14.1 million to a management buyout team led by
the Managing Director of that business, Stewart Cumming.

The sale process for the division commenced earlier in the year
and was led by Ernst & Young as part of a waiver agreement with
Ramco's lenders.  The management buyout team supported by
Edinburgh based Teasses Capital Limited, was the successful
bidder in a competitive tender process.  The proceeds of the sale
after costs has enabled Ramco to repay the entire GBP12 million
recourse loan it had secured against this business as a part of
the finance package for the development of the Seven Heads Gas
Field.

A similar sales process for the disposal of Ramco's interest in
the Seven Heads Gas Field continues and it is now expected that
this transaction will not close until next year.

Stephen Remp, Ramco's executive chairman, said: "We wish Stewart
and his team every success in the future and thank all of the
employees at Oil Services for their loyalty and hard work over
the 28 years they have been a part of the Group.  I am pleased
that Stewart has agreed to remain on the Ramco board as a
Non-Executive Director."

Ramco Oil Services, which is headquartered at Badentoy Park in
Aberdeen, was founded in 1977.  The company, has an annual
turnover of GBP14 million, also has operations in Norway and
Japan and a joint venture with Corus (BSR) in Hartlepool.  Its
customer base includes Shell Expro, BP, Chevron Texaco, Exxon
Mobil, Tenaris, Itochu, Conoco Phillips and Statoil.

Employing around 180 staff worldwide, the company operates in two
business.

Tubular Services

This highly successful division of the business retains 80% of
the North Sea market share for corrosion engineering and tubular
maintenance.  Its patented mobile pipe care units are located in
Stavanger and Floro in Norway and Handa City, Japan.

Ramco Oil Services is a partner in the world class "One Stop
Shop" facility at Badentoy in alliance with Tuboscope Vetco and
Hunting Oilfield Services.  This involves adjacent cleaning,
coating, inspection, threading and storage facilities, which are
unique to the North Sea.

Ramco Oil Services manages Shell Expro's Offshore Tubular
Services activities and, as lead contractor, is responsible for
the handling, storage, cleaning, coating, inspection, repair and
maintenance of all Shell's new and refurbished tubulars.

Ramco Oil Services is also a partner in the joint venture company
Badentoy Tubular Services in association with Hunting Oilfield
Services (U.K.) and Sumitomo Corporation Europe plc.  This
company was created following the award of a five year,
multi-million pound tubular management service deal by BP in
1999, which was recently extended until 2007.

Pipeline Services

BSR (British Steel Ramco) Pipeline Services (in which Ramco holds
a 50% interest) has been operating from within Corus' pipe
manufacturing mill in Hartlepool since 1988.  BSR specializes in
providing multi-layer pipe coatings, including polyethylene and
polypropylene, as well as FBE (Fusion Bonded Epoxy Coatings),
internal coatings and other pipeline services.

CONTACT:  RAMCO ENERGY PLC
          62 Queen's Road
          Aberdeen
          AB15 4YE
          United Kingdom
          Phone: +44 1224 352 200
          Fax: +44 1224 352 211


RAW GLASS: Administrators from Vantis Redhead Enter Firm
--------------------------------------------------------
G. Mummery and J. S. French (IP Nos 100898, 003862) of Vantis
Redhead French Limited were appointed administrators of
Raw Glass Recycling Limited (Company No 04947740) on Dec. 2.

CONTACT:  RAW GLASS RECYCLING
          Brentwood Road
          Bulphan
          Upminster, Essex RM143TJ
          Fax: (01375) 892900

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


SANCTUARY GROUP: Outlines Steps to Address Capital Loss
-------------------------------------------------------
The Sanctuary Group plc held two Extraordinary General Meetings
on Tuesday, 20 December 2005.

At the EGM to discuss the Serious Loss of Capital, the Board of
the Company outlined to shareholders the steps it has undertaken
to address the issue.  There were no resolutions put to this
meeting.

At the EGM to discuss the Company's Borrowing Limits, the Board
resolved that:

(a) the existence and continued existence of the borrowings and
    indebtedness in the nature of borrowings, and any guarantee,
    indemnity, mortgage and/or charge in respect thereof,
    currently outstanding and undischarged in respect of the
    Company (including its GBP30 million Convertible Loan Notes
    due 2008 and the various facilities provided on or before
    the date hereof to the Company by the Governor and Company
    of the Bank of Scotland), including borrowings which are
    repaid and redrawn pursuant to the terms thereof be and are
    hereby ratified;

(b) the Board be and is hereby authorized, subject as provided
    below, to exercise all the powers of the Company to borrow
    money, to guarantee, to indemnify and to mortgage or charge
    its undertaking, property, assets (present and future) and
    uncalled capital and to issue debentures and other
    securities whether outright or as collateral security for
    any debt, liability or obligation of the Company or of any
    third party, so that the aggregate amount for the time
    being remaining undischarged of all moneys borrowed by the
    Company and/or any of its subsidiaries (exclusive of moneys
    borrowed by the Company from and for the time being owing to
    any such subsidiary or by any such subsidiary from and for
    the time being owing to the Company or another such
    subsidiary) will not exceed GBP490,020,000 in principal
    amount (plus any interest, fees or expenses in
    connection therewith) notwithstanding that the aggregate
    amount for the time being remaining undischarged of all
    moneys borrowed by the Company and/or any of its
    subsidiaries (exclusive of moneys borrowed by the Company
    from and for the time being owing to any such subsidiary or
    by any such subsidiary from and for the time being owing to
    the Company or another such subsidiary) will exceed the
    limit set out in Article 114.1 of the Company's Articles of
    Association; provided that such borrowing shall be
    authorized only  until the conclusion of the Company's next
    Annual General Meeting; and

(c) the Board be authorized to agree to such amendments to the
    terms of any of its existing borrowings or indebtedness in
    the nature of borrowings as the Board may in its absolute
    discretion think fit and the Board be authorized to execute
    and do all such acts, deeds, documents, certificates and
    notices as it may consider expedient in connection with such
    borrowings or indebtedness in the nature of borrowings.

                        About the Company

The Sanctuary Group plc is one of the world's leading developers
of music intellectual property rights (IPR), with offices in
London, New York, Berlin, Houston and Los Angeles.  In 2004,

Sanctuary recorded a turnover of GBP221 million and a group
profit of GBP16.1 million.

The Artist Management arm of Sanctuary consists of Music World
Entertainment (part of Sanctuary Urban) based in Houston;
Trinifold Management based in London; Sanctuary Artist Management
(London, Los Angeles, New York and Berlin) and Sanctuary
Entertainment (London).

Sanctuary's visual rights licensing and merchandising operations,
Bravado and World Online, are part of the Artist
Services division and have clients ranging from Elton John,
Robbie Williams and Simon and Garfunkel to Eminem, Christina
Aguilera, 50 Cent and Hilary Duff.

On September 21, due to a number of operational and trading
problems, the company said it is likely to generate a loss at
EBITDA level before exceptional items such as restructuring costs
and provisions.  The Group has also suffered from recent negative
commentary as a result of poor trading in 2005 and this has had
an adverse impact in particular in the Records division.

It would be looking at disposals of a number of non-core
businesses, following the completion of the sale of its Book
Publishing division to Music Sales.

CONTACT:  THE SANCTUARY GROUP PLC
          Sanctuary House
          45 - 53 Sinclair Road
          London W14 0NS
          Phone: +44 (0) 20 7602 6351
          Fax: +44 (0) 20 7603 5941
          E-mail: info@sanctuarygroup.com
          Web site: http://www.sanctuarygroup.com


SPAFORM LIMITED: Spa Maker Goes Belly-up
----------------------------------------
Anthony Flynn (IP No 8619) and Samantha Keen (IP No 9250) of KPMG
were appointed administrators of Spaform Limited (Company No
4834166) on Dec. 8.  Its registered office is at Spa House,
Walton Road, Portsmouth PO6 1TB.

Hampshire-based Spaform -- http://www.spaform.co.uk/-- has
designed and manufactured portable spas in the U.K. for over 20
years.

CONTACT:  SPAFORM LIMITED
          Spa House, Walton Road,
          Farlington, Portsmouth,
          Hampshire PO6 1TB
          United Kingdom
          Phone: 0800 772700
          Fax: +44 (0) 2392 377597
          E-mail: info@spaform.co.uk

          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

          GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


STYLACATS LIMITED: Names BDO Stoy Hayward Administrator
-------------------------------------------------------
Dermot Justin Power and Matthew Dunham (IP Nos 6006/01, 8376) of
BDO Stoy Hayward LLP were appointed administrators of Stylacats
Limited (Company No 03710631) on Dec. 8.  The company is engaged
in processing pharmaceutical products.

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


TECHNICAL AQUATIC: Appoints Administrator from P&A Partnership
--------------------------------------------------------------
Andrew Philip Wood and Philip Andrew Revil (IP Nos 9148, 6421) of
The P&A Partnership were appointed administrators of Technical
Aquatic Products Limited (Company No 02528211) on Dec. 7.

CONTACT:  TECHNICAL AQUATIC PRODUCTS
          Blackfriars Rd
          Bristol BS48 4DJ
          Phone: 01275 810522

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


TWO WHEELS: Administrators from BDO Stoy Hayward Move in
--------------------------------------------------------
Simon Edward Jex Girling (IP No 9283) and Martha H. Thompson (IP
No 8768) were appointed administrators of Two Wheels Limited
(Company No 04309907) on Dec. 7.  The company sells motorbike.

CONTACT:  BDO STOY HAYWARD
          Fourth Floor
          One Victoria Street
          Bristol BS1 6AA
          Phone: 0117 934 2800
          Fax: 0117 922 5191
          E-mail: graham.randall@numerica.biz

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


WM MORRISON: Inks Deal to Sell Former Safeway Stores
----------------------------------------------------
Wm Morrison Supermarkets plc has exchanged contracts with
Somerfield Stores Limited (Somerfield) to sell the former Safeway
stores at Comely Bank, Burnside, East Craigs and Kings Heath,
which are now trading under the Morrisons fascia.

The aggregate value of the gross assets attributable to the
stores is GBP15,220,206.

The sale is subject to Office of Fair Trading approval with the
sale of the Burnside and Kings Heath stores also subject to
landlords' consents.  All of the stores will continue to trade as
usual until further notice.

All staff will transfer to Somerfield on completion on their
current terms and conditions of employment.  USDAW has been
informed of these developments.

                        About the Company

Founded in 1899 by William Morrison, the company has grown from a
single egg and butter stall in Bradford market to become the
U.K.'s fourth largest, and rapidly growing supermarket chain.
With over 150,000 people working in stores, factories,
distribution centers and its head office, the company serves more
than 10 million customers weekly.

Morrison is experiencing difficulty integrating Safeway, the
US$3 billion business it acquired last year.  Since the
acquisition, it has issued five profits warning in over a year.
In September, it unveiled plans to shut down three distribution
depots, confirming fears of job cuts.  The decision, which would
affect sites in Aylesford, Bristol and Warrington, could leave
2,500 workers jobless.

In May, the company stated clearly that it was not in a position
to provide reliable guidance on the level of profitability for
the year as a whole.  Since that time, the market has produced a
wide range of profit estimates for the year 2005/6.  While
detailed forecasting work was underway, the Board believed the
guidance for profit before tax, exceptionals and goodwill for the
current year will fall within the range GBP50 million to
GBP150 million.

The Board reiterated that in 2006/7 there remains every
indication that financial performance will improve significantly
following completion of the conversion process and as the
benefits of the actions taken to normalize the cost structure of
the business are reflected in improving margins.

CONTACT:  WM MORRISON SUPERMARKETS PLC
          Hilmore House
          Thornton Road
          Bradford
          West Yorkshire
          England
          BD8 9AX
          Phone: +44 1274 494166
          Fax: +44 1274 494831
          Web site: http://www.morereasons.co.uk


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter
co-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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Information contained herein is obtained from sources believed to
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