TCREUR_Public/051226.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, December 26, 2005, Vol. 6, No. 255

                            Headlines

D E N M A R K

LEGO GROUP: Loses Intellectual Rights Case vs. Mega Bloks


F I N L A N D

COMPONENTA ALVESTA: Goes into Liquidation


G E R M A N Y

ELEKTRO-WODZAK: Succumbs to Bankruptcy
FLEISCHEREI FRIEDRICH: Creditors' Claims Due Next Month
GETRANKEFACHGROSSHANDLUNG WALTHER: Court Hires Administrator
INTERTAINMENT AG: May Fall into Insolvency After Losing HVB Case
I.V.T. PROJEKT: Creditors to Meet February

KARSTADTQUELLE AG: Warehousing Unit Attracts Big-named Bidders
KROPSTADTER BAU: Dessau Company Goes Bust
OPTIMAL VERWALTUNGSGESELLSCHAFT: Court Appoints Administrator
SYBAC-METALLBAU: Calls in Administrator from Schultze & Braun
THOMAS COOK: Sells TCIL Interest to Dubai Group
UNIQUE CLEANING: Dr. Junker & Kollegen Takes over Firm


I R E L A N D

ELAN CORPORATION: To Make Presentation at JP Morgan Conference


I T A L Y

IMPREGILO SPA: Messina Bridge Contract Challenged in Court
IT HOLDING: Extends Proxy Term by Another Two Years


K A Z A K H S T A N

PETROKAZAKHSTAN INC.: S&P Halts Rating Assessment


N E T H E R L A N D S

ROYAL NUMICO: Secures Financing for EAC Nutrition Purchase
ROYAL SHELL: Sells Downstream Assets to Petrobras
ROYAL SHELL: Disposes of Retail Business in Ecuador
VERSATEL TELECOM: Appeals Court Affirms 3 Appointments to Board
VERSATEL TELECOM: Agrees to Pay EUR130 Million in Tax Arrears


R O M A N I A

CFR MARFA: Foreign Currency Rating Raised to Ba2


R U S S I A

ARMAVIRSKIY BRICKWORKS: Bankruptcy Hearing Set Today
BAYKAL-MAL: Declared Insolvent
BREAD: Insolvency Manager Takes over Firm
FRUNZENSKIY WOOD-PROM-KHOZ: Succumbs to Bankruptcy
IVANOVSKOYE: Undergoes Bankruptcy Supervision Procedure

KINESHEMSKAYA: Sewing Company Appoints Insolvency Manager
LOCKO-BANK: Fitch Affirms Low-B Ratings; Outlook Stable
NYAGAN-GAS: Deadline for Proofs of Claim January 8
RAEVSKIY: Declared Insolvent
RENAISSANCE CAPITAL: Vulnerable to Industry Shocks, Says S&P

SHIPYARD: Claims Filing Period Ends January 8
TUVINSKIY: Tyva Court Opens Bankruptcy Proceedings
ZAPORIZHSTAL OJSC: Moody's Assigns Maiden B3 Corporate Rating


S P A I N

ONO FINANCE: Corporate Family Rating Improves to B1


S W I T Z E R L A N D

ABB LTD.: Delists from Frankfurt Stock Exchange


T U R K E Y

ANADOLU EFES: Fitch Affirms Ratings; Maintains Stable Outlook


U K R A I N E

NEDRIGAJLIVSKE: Under Bankruptcy Supervision
OBRIJ-2000: Succumbs to Insolvency
ROVAL: Temporary Insolvency Manager Enters Company
TRUBNIK: Goes into Liquidation


U N I T E D   K I N G D O M

ALEXANDER'S OF KENSINGTON: Appoints Administrator
ARC CONSTRUCTION: In Liquidation
ARC RISK: Loan Notes Offering Raises GBP275,000
AWCO LTD.: Files for Liquidation
BEAU-LIT (UK): Calls in Administrator from Begbies Traynor

BERKELEY ALLIANCE: Appoints Liquidator
BOOTHFIELDS (HOWDEN): Names Begbies Traynor Liquidator
BREEZEFAST LIMITED: Administrators Enter Firm
BRITISH SMALLER: PKF Liquidators Move in
CANTERBURY FOODS: Shareholders Okay Sale of Meat Products Biz

CAPITAL VISION: Liquidator Moves in
CARPACCIO (STOCKTON): Hires David Horner as Administrator
C & C INSTRUMENTATION: Liquidators from Moore Stephens Move in
CHEMHIRE WASTE: Hires P&A Partnership to Liquidate Business
CLASSIC IMPROVEMENTS: Succumbs to Liquidation

CLOVER (U.K.): Joint Liquidators Move in
COMPASS GROUP: Mulls Cutting Pension Benefits
EASTGATE MOTOR: In Administrative Receivership
EQUITABLE LIFE: SFO Drops Criminal Investigation
FALLOWS ROAD: Hires Redman Nichols Liquidator

FSEC LTD.: Poppleton & Appleby to Liquidate Business
GATE GOURMET: Vulture Funds Taking Majority Control Next Year
HCE LIMITED: Catering Company Calls in Administrator
INEOS GROUP: S&P Cuts Corporate Credit Rating to B+
INTERTEK GROUP: Buys Systems Certification Business in India

JUST CONSULTANCY: Calls in Liquidator
K&F MANUFACTURING: Clydesdale Bank Appoints Receiver
LDV LIMITED: Sold to LDV Group for Undisclosed Sum
PROBUS ESTATES: Interim Results Show EUR2.5 Mln Half-year Loss
SADDLEWORTH YARN: Hires X L Business Solutions as Administrator

SCRAPBOOKHOUSE LIMITED: Calls in Begbies Traynor Administrator
SOLAR DESIGNS: Hires PricewaterhouseCoopers Administrator
SURFACE INSPECTION: Lloyds TSB Bank Appoints Receivers
UK SPORTS: Calls in Joint Liquidators
ULSTER WEAVERS: 200-year-old Textile Manufacturer Folds up

UNWINS WINE: Administrators Close 95 Stores, Lay off Workers
WRG FINANCE: S&P Changes Outlook to Negative on Weaker Cash flow
ZENERGY UK: Files for Liquidation


                            *********


=============
D E N M A R K
=============


LEGO GROUP: Loses Intellectual Rights Case vs. Mega Bloks
---------------------------------------------------------
The Supreme Court of Canada has ruled against Lego Group on its
case seeking exclusivity to manufacture toy building blocks, The
London Free Press reports.

Lego had filed a case against its major rival Mega Bloks,
seeking either an injunction permanently preventing Mega Bloks
from producing the blocks, or Mega Bloks' declaration that it
would no longer manufacture and sell the toys.

Mega Bloks' products are identical in size to that of Lego and
use the same pattern of stubs on top, making them
interchangeable.  Lego argued that the design was a trademark,
and subject to trademark protection.

A trademark indicates the distinctive feature of the product
that makes its source identifiable to consumers.  There is no
time limit to trademark protection.

Patents, on the other hand, protect new products and processes
after their nature are publicly disclosed.  It gives the
patentee a limited timeframe to use and market the subject of
the patent.  Lego had enjoyed monopoly of the toy block market
for more than 50 years.  Its patent on the toy expired in 1998.

In its ruling, the court defined that trademarks are used to
identify the source of a product, not to define or limit a
product -- that trademarks relate to brand awareness, not
function.  Since its patent has already expired, only its name
whether on the product, its packaging or in its advertising
remains protected.

                        About the Company

The LEGO Group -- http://www.lego.com/-- is a privately held,
family-owned company, based in Billund, Denmark.  It was founded
in 1932, employing approximately 7,400 worldwide.  LEGO Holding
A/S is the parent of both the Danish and the Swiss parts of the
Group.  In July, it sold four of its family theme parks in
England, Germany, California and Denmark to The Blackstone Group
for EUR375 million to consolidate its business.

Lego is implementing an Action Plan launched in 2004 to mitigate
a serious earnings crisis in the company.  The plan envisages a
leaner but financially stronger and more focused group.  Lego
had total assets of DKK8,089 million in 2004.

CONTACT:  LEGO GROUP
          Charlotte Simonsen, Head of Corporate Communications
          Jorgen Vig Knudstorp, CEO
          Phone: +(45) 79 50 65 79


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


COMPONENTA ALVESTA: Goes into Liquidation
-----------------------------------------
The General Meeting of Shareholders of Componenta Industri AB,
the Swedish subsidiary of Componenta Oyj, on 22 December 2005,
passed the resolution to place its subsidiary Componenta Alvesta
AB into liquidation.  Componenta Alvesta AB does not have
business activity or employees.

CONTACT:  COMPONENTA CORPORATION
          Heikki Lehtonen, President and CEO
          Phone: +358 10 403 00

          Kimmo Virtanen, CFO
          Phone: +358 10 403 00
          Hantverkarg. 3, Box 196, 68124
          Kristinehamn
          Phone: 0550-41 05 90


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


ELEKTRO-WODZAK: Succumbs to Bankruptcy
--------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Elektro-Wodzak GmbH on December 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 13, 2006 to register their
claims with court-appointed provisional administrator Dr. Petra
Mork.

Creditors and other interested parties are encouraged to attend
the meeting on February 22, 2006, 9:20 a.m. at the district
court of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund,
II. Etage, Saal 3.201, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  ELEKTRO-WODZAK GmbH
          Westerfilder Str. 20, 44357 Dortmund
          Contact:
          Lothar Wodzak, Manager
          Leveringhauser Str. 125, 45731 Waltrop

          Dr. Petra Mork, Administrator
          Arndtstr. 28, 44135 Dortmund
          Phone: 0231-952063-0
          Fax: 0231-95206316


FLEISCHEREI FRIEDRICH: Creditors' Claims Due Next Month
-------------------------------------------------------
The district court of Detmold opened bankruptcy proceedings
against Fleischerei Friedrich Plassmeier Verwaltungs-GmbH on
December 5.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
January 17, 2006 to register their claims with court-appointed
provisional administrator Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting on February 17, 2006, 10:00 a.m. at the district
court of Detmold, Nebengebaude, Gerichtsstr. 6, 32756 Detmold,
EG, Saal 12, 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:  FLEISCHEREI FRIEDRICH PLASSMEIER VERWALTUNGS-GmbH
          Oerlinghauser Str. 42, 32108 Bad Salzuflen
          Contact:
          Friedrich Plassmeier, Manager
          Oerlinghauser Str. 42, 32108 Bad Salzuflen

          Hans-Peter Burghardt, Administrator
          Bunsenstr. 3, 32052 Herford
          Phone: 05221/6930732
          Fax: 05221/6930690


GETRANKEFACHGROSSHANDLUNG WALTHER: Court Hires Administrator
------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Getrankefachgrosshandlung Walther GmbH on November 30.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 16,
2006 to register their claims with court-appointed provisional
administrator Albert Wolff.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2006, 9:00 a.m. at the district court of
Dresden, Saal D131, Amtsgericht Dresden, 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:  GETRANKEFACHGROSSHANDLUNG WALTHER GmbH
          Heidebergstrasse 2 in 01587 Riesa

          Albert Wolff, Administrator
          Wolff-Rapp Rechtsanwalte
          Weisseritzstrasse 3, 01067 Dresden
          Web site: http://www.WORAKO.de


INTERTAINMENT AG: May Fall into Insolvency After Losing HVB Case
----------------------------------------------------------------
In the proceeding for documentary evidence filed against
Intertainment Licensing GmbH and Intertainment AG by
HypoVereinsbank AG, the presiding judge at the Regional Court
Munich I (Landgericht Muenchen I) on Dec. 22 handed down the
judgment.  In the oral rendition of the judgment, she confirmed
the claim of HVB for payment of the EUR10 million demanded by
the company and granted HVB the right to enforce the judgment.

Intertainment Licensing GmbH and Intertainment AG are subject to
a high risk of insolvency as a result of the judgment.  In order
to address this issue, the Supervisory Board of Intertainment AG
set an extraordinary meeting on Dec. 23.

                        *   *   *

As reported by TCR-Europe on Sep. 19, HypoVereinsbank filed a
partial claim for payment of EUR10 million against Intertainment
AG and Intertainment Licensing GmbH in a proceeding for
documentary evidence before the regional court (Landgericht)
Muenchen I.  The suit was served on Intertainment AG on the
afternoon of September 13, 2005.  The regional court scheduled a
date for an oral hearing on October 7, 2005.

The partial claim relates to a loan amounting to around EUR14
million taken out by Intertainment Licensing GmbH from HVB, for
which Intertainment AG had given a surety.  The legal
representatives of Intertainment are continuing to assume on the
basis of the ongoing settlement negotiations that the matter
will be included in a mutually agreed, concluding arrangement.

Intertainment maintains the legal position defined in the Annual
Report 2004 and presented at the Annual General Meeting.  It is
assuming that HVB and Intertainment had reached a new
arrangement in relation to the settlement of the residual debt.
The new arrangement provides for HVB issuing a debt waiver on a
deferred debt basis.  Within the scope of this deferred debt,
the loan originally due on June 30, 2004 was written down in the
balance sheet for the fiscal year ending 2003 in the amount of
EUR13,583 million and reported under reserves in accordance with
the debt waiver.  A legal opinion was obtained for an appraisal
of the facts.  This formed the basis for the assessment by the
management of Intertainment.

HVB had called in the loan a number of times, including June 30,
2004, despite the new arrangement.  In the opinion of
Intertainment, this was no longer possible on account of the new
arrangement.

                        About the Company

Intertainment has specialized in acquiring theatrical, video and
television film rights with large commercial potential, which it
markets in Germany and in other European countries (including
Eastern Europe).  Among its customers are the most important
media enterprises.  At the same time Intertainment also acquires
the rights to commercialize very viable films for the People's
Republic of China, as this huge market (with about 1.3 billion
people) is currently practically untapped but in the medium term
will realize its big potential.  Through its subsidiary
Intertainment Animation & Merchandising GmbH, it markets
interesting cartoons as well as commercially viable
merchandising rights.

At the end of September, Intertainment only had EUR0.1 million
in liquid funds, down from EUR1.7 million at the end of 2004.
The group also saw nine-month turnover drop drastically from
EUR17.4 million in 2004 to EUR1 million this year, mainly due to
legal disputes in the U.S.  For the third quarter of 2005,
Intertainment posted EUR1 million in losses but had EUR66.7
million in receivables.

CONTACT:  INTERTAINMENT AG
          Investor Relations
          Frauenplatz 7, 80331 Munich, Germany
          Phone: +49 (0) 89 21699-0
          Fax: +49 (0) 89 21699-11
          E-mail: investor@intertainment.de
          Web site: http://www.intertainment.de


I.V.T. PROJEKT: Creditors to Meet February
------------------------------------------
The district court of Dessau opened bankruptcy proceedings
against I.V.T. Projekt GmbH on December 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 17, 2006 to register their
claims with court-appointed provisional administrator Dr.
Volkhard Frenzel.

Creditors and other interested parties are encouraged to attend
the meeting on February 14, 2006, 1:40 p.m. at the district
court of Dessau, Willy-Lohmann-Str. 33, Saal 123, 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:  I.V.T. PROJEKT GmbH
          Hallesche Strasse 18, 06749 Bitterfeld
          Contact:
          Mario Wunsch, Manager
          Walther-Rathenau-Strasse 6, 06749 Bitterfeld

          Dr. Volkhard Frenzel, Administrator
          Magdeburger Strasse 23, 06112 Halle
          Phone: 0345/2311111
          Fax: 0345/2311199


KARSTADTQUELLE AG: Warehousing Unit Attracts Big-named Bidders
--------------------------------------------------------------
Around 20 potential buyers are hovering over KarstadtQuelle's
warehouse real estate operations, Westdeutschen Allgemeinen
Zeitung says.

The group aims to gain EUR3 billion from the sale of 122
properties, including the warehouse real estate activities.
According to a source close to the matter, "all the big names in
the business are showing interest."

The retail giant recently sold a substantial logistics and
ancillary office portfolio and a major development land bank to
Slough Estates International in a sale and leaseback transaction
valued EUR163.2 million.  KarstadtQuelle AG and its subsidiary
companies have entered into long-term leases on those assets
currently being occupied for their operations.

                            *   *   *

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

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

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


KROPSTADTER BAU: Dessau Company Goes Bust
-----------------------------------------
The district court of Dessau opened bankruptcy proceedings
against Kropstadter Bau- und Ausbau GmbH on December 6.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 7, 2006
to register their claims with court-appointed provisional
administrator Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting on February 1, 2006, 11:10 a.m. at the district
court of Dessau, Willy-Lohmann-Str. 33, Saal 121, 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:  KROPSTADTER BAU- UND AUSBAU GmbH
          Berliner Str. 1, 06895 Kropstadt
          Contact:
          Lutz Paul, Manager
          Kuh-Damm 3, 06895 Bossdorf

          Dr. Stephan Thiemann, Administrator
          Schorlemmerstrasse 2, 04155 Leipzig
          Phone: 0341/4903650
          Fax: 0341/4903699


OPTIMAL VERWALTUNGSGESELLSCHAFT: Court Appoints Administrator
-------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Optimal Verwaltungsgesellschaft mbH on December 2.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 9, 2006
to register their claims with court-appointed provisional
administrator Prof. Dr. Rolf-Dieter Monning.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2006, 10:00 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:  OPTIMAL VERWALTUNGSGESELLSCHAFT mbH
          Grossenhainer Str. 132 in 01129 Dresden

          Prof. Dr. Rolf-Dieter Monning, Administrator
          Insolnet GmbH
          Heideparkstrasse 4, 01099 Dresden
          Web site: http://www.insolnet.de


SYBAC-METALLBAU: Calls in Administrator from Schultze & Braun
-------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against SYBAC-Metallbau GmbH on December 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 30, 2005 to register
their claims with court-appointed provisional administrator Dr.
Dirk Herzig.

Creditors and other interested parties are encouraged to attend
the meeting on January 24, 2006, 9:00 a.m. at the district court
of Chemnitz, Saal 27, im Gerichtsgebaude, Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  SYBAC-METALLBAU GmbH
          Am Lehmteich 2, 08606 Oelsnitz
          Contact:
          Christian Rautenberg, Manager

          Dr. Dirk Herzig, Administrator
          Schultze & Braun
          Promenadenstr. 3, 09111 Chemnitz
          Web site: http://www.schubra.de


THOMAS COOK: Sells TCIL Interest to Dubai Group
-----------------------------------------------
Ailing tour operator Thomas Cook has sold its 60% stake in
Thomas Cook India Limited (TCIL) to Dubai Financial (DF) for
US$92 million.

DF, a subsidiary of Dubai Investment Group (DIG), will take over
Thomas Cook International Markets (TCIM), a newly floated Thomas
Cook unit that holds the stake in TCIL.  DF will also acquire
another 20% held by the public for US$35 million as required
under Indian takeover laws.  Other TCIL shareholders are FIIs
(11.7%) and SBI (8.3%).

The sale surprised analysts since the Indian tourism market is
currently posting high growth and attracting international tour
operators.  TCIL, Cox & Kings, SOTC and TCI are the leading tour
operators in India.

Ludger Heuberg, a management board member and finance head at
Thomas Cook, said the group decided to look for a partner that
has a clear vision of how the unit should develop in the future.

Mohammed Al Gergawi, DF's CEO and DIG's chairman, said the
acquisition marks the group's entry into a new market.  He said,
"For our group, this represents a promising opportunity of
entering the strong-growth Indian leisure travel market."

DIG holds stakes in real estate, financial services, industrials
and securities.  The group manages private funds of the crown
prince of Dubai and the minister of defense for the UAE, HH
Sheikh Mohammed bin Rashid Al Maktoum.  The group also holds
stakes in international companies.  Boston Consulting Group
acted as the sale's facilitator.

CONTACT:  THOMAS COOK AG
          Zimmersmuehlenweg 55
          61440 Oberursel
          Phone: +49-6171-6500
          Fax: +49-6171-652-125
          Web site: http://www.thomascook.de

          THE BOSTON CONSULTING GROUP INC.
          Exchange Place, 31st Fl.
          Boston, MA 02109
          Phone: 617-973-1200
          Fax: 617-973-1399
          Web site: http://www.bcg.com

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

          DEUTSCHE LUFTHANSA AG
          Von-Gablenz-Strasse 2-6
          D-50679 Cologne, 21
          Phone: +49-69-696-0
          Fax: +49-69-696-6818
          Web site: http://www.lufthansa.com


UNIQUE CLEANING: Dr. Junker & Kollegen Takes over Firm
------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against unique cleaning systems GmbH on November 29.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 17,
2006 to register their claims with court-appointed provisional
administrator Dr. Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting on February 15, 2006, 9:00 a.m. at the district
court of Chemnitz, Saal 24, im Gerichtsgebaude, Fuerstenstrasse
21, in Chemnitz, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  UNIQUE CLEANING SYSTEMS GmbH
          Contact:
          Hans-Joachim Smolinski, Manager
          Im Innenring 9, 09468 Geyer

          Dr. Christoph Junker, Administrator
          Dr. Junker & Kollegen
          Horst-Menzel-Str. 12-22, 09112 Chemnitz
          Web site: http://www.junker-kollegen.de


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I R E L A N D
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ELAN CORPORATION: To Make Presentation at JP Morgan Conference
--------------------------------------------------------------
On January 5, 2006, Elan will present at the Morgan Stanley
Pharmaceutical CEO's Unplugged Conference in New York at 8:00
a.m. Eastern Standard Time (EST), 1:00 p.m. Greenwich Mean Time
(GMT).  On January 10, 2006, Elan will present at the JP Morgan
24th Annual Healthcare Conference in San Francisco at 3:00 p.m.
Pacific Standard Time, 6:00 p.m. EST and 11:00 p.m. GMT.

Interested parties may access a live audio Webcast at
http://www.elan.comand clicking on the Investor Relations
section, then on the event icon.  Following the live Webcasts,
an archived version of the presentations will be available at
the site.

About Elan

Elan Corporation plc (NYSE: ELN) -- http://www.elan.com-- is a
neuroscience-based biotechnology company.  Elan shares trade on
the New York, London and Dublin Stock Exchanges.

CONTACT:  ELAN CORPORATION PLC
          Lincoln House
          Lincoln Place
          Dublin2
          Ireland
          Phone: +353 1 709 4000
          Fax: +353 1 709 4108
          Web site: http://www.elan.com


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I T A L Y
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IMPREGILO SPA: Messina Bridge Contract Challenged in Court
----------------------------------------------------------
Ailing construction group Impregilo S.p.A. might lose a EUR3.88
billion contract to build a bridge over the Straits of Messina,
AFX News says.

Local rival Astaldi S.p.A. has filed a lawsuit with the Lazio
Region Administrative Court, questioning the awarding of the
contract to the Impregilo-led consortium, whose offer was EUR500
million below those of rival bidders.

Impregilo holds a 45% share in the vehicle formed for the
project, whose other investors are Sacyr S.A. (18.70%), Societa
Italiana Condotte (15%), Cooperativa CMC (13%), Ishikawajma-
Harima Heavy Industries Co. (6.30%) and Aci Consorzio Stabile of
the Gavio group (2%).  The project engineer is Cowi.  Impregilo,
acting as General Contractor, has arranged a pre-financing for
an amount equivalent to 15% of the project with Banca Intesa,
CARIGE, Banca Popolare Italiana.

With a length of 3,666 meters, the bridge over the Straits of
Messina will be the longest bridge in the world, with a central
span of 3,300 meters and a deck of 60.4 meters.  The bridge will
feature six traffic lanes, two service lanes and two railway
lines.

                            *   *   *

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

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

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


IT HOLDING: Extends Proxy Term by Another Two Years
---------------------------------------------------
In the extraordinary shareholders' meeting of IT Holding S.p.A.,
it was resolved to extend to December 31, 2007 the term of the
proxy granted to increase the share capital at the same terms
authorized in the proxy granted on April 20, 2005, for a maximum
countervalue of EUR100 million.

In addition, in the ordinary shareholders' meeting it was
resolved to appoint Reconta Ernst & Young S.p.A. as auditors for
the three-year period 2006-2008.

                            *   *   *

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

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

In November, the company revealed the nine months ended
September 30, 2005 recorded a net loss of EUR10.5 million, after
tax of EUR13.4 million, compared to a net profit of EUR7.3
million in the corresponding period of the previous year, which
was, however, positively influenced by a gain on disposal of the
fragrance business of EUR25.8 million.

Net debt as at September 30, 2005 amounted to EUR374.5 million
(of which EUR138.3 million due to securitization and factoring),
and is significantly lower than net debt at September 30, 2004,
which amounted to EUR427.5 million.

CONTACT:  IT HOLDING S.p.A.
          Corso Monforte, 30
          20122 Milan
          Phone: +39 02763039.1
          Fax: +39 02780016
          Web site: http://www.itholding.it


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


PETROKAZAKHSTAN INC.: S&P Halts Rating Assessment
-------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B+'
ratings on PetroKazakhstan Inc., a vertically integrated oil
company operating in Kazakhstan, because the information
provided by the company is too limited to maintain surveillance.

At the time of the rating withdrawal, the ratings were on
CreditWatch with positive implications where they had been
placed on Aug. 23, 2005, following a takeover bid by China
National Petroleum Corp.  After the takeover was completed in
October 2005, PKZ's securities listing was terminated and
reporting stopped.  PKZ's debt is subject to prepayment in the
course of the change-of-control and tender price offers.

The rating withdrawal does not indicate a deterioration in PKZ's
credit quality.  Rather, it reflects the fact that Standard &
Poor's does not have enough information on the company's current
financial profile, CNPC's strategy with regard to PKZ, the
extent to which PKZ's operations and financials will be
integrated into the broader group structure, and any changes to
PKZ's financial policy after the takeover. As a result of the
withdrawal, PKZ will no longer be subject to Standard & Poor's
review.

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

CONTACT:  PETRO KAZAKHSTAN INC.
          Sun Life Plaza, North Tower
          #1460, 140 4th Avenue S.W. Calgary,
          Alberta, Canada T2P 3N3
          Phone: (403) 221-8435
          Fax: (403) 221-8425
          Web site: http://www.petrokazakhstan.com


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


ROYAL NUMICO: Secures Financing for EAC Nutrition Purchase
----------------------------------------------------------
Royal Numico N.V. has completed the financing of the EAC
Nutrition acquisition through a new senior bank loan facility
and private placement of senior notes in the United States of
America.

On 14 November 2005, Numico announced the intention to acquire
EAC Nutrition - a leading Asian Baby Food company - for a total
consideration of EUR1.2 billion in cash.  To finance part of the
consideration, Numico issued 16.6 million new ordinary shares
for a total value of EUR550 million on the day of the
announcement.  The remaining part of the financing will be
funded by the proceeds of EUR168 million raised through a
private placement of senior notes in the U.S. and EUR482 million
that will be drawn from the new bank loan facility of EUR1,250
million.

The new bank loan facility consists of a committed unsecured
revolving multi-currency credit facility amounting to EUR1,250
million, maturing on 16 December 2010, which has been syndicated
to a large group of well-reputed banks.  The new facility - of
which approx. EUR1 billion will initially be drawn - will be
used to (i) replace the existing bank loan facility, (ii) pay a
portion of the acquisition consideration for EAC Nutrition and
(iii) use for general purposes.  The interest margin, which is
linked to a leverage ratio grid, will vary from 0.90% to 0.25%
over EURIBOR, compared to 0.60% to 0.30% over EURIBOR under the
existing facility.  Numico is confident that the applicable
interest margin will return to the level that prevailed prior to
this refinancing before the end of 2006.  The existing EUR1.0
billion credit facility -- arranged in December 2004 -- will be
cancelled.  The write-down of the related accrued costs of
EUR(2) million will subsequently be taken in the fourth quarter
of 2005.

Numico has also successfully completed the issuance of US$198
million (EUR168 million) in senior notes through a private
placement in the U.S.  The senior notes consist of three
tranches with maturities of 3 years (US$108 million), 4 years
(US$20 million) and 5 years (US$70 million) and provide Numico
with an excellent opportunity to lower interest costs and
further diversify the company's overall debt maturity profile.
The notes have been placed with the same high quality investor
base that subscribed to Numico's senior notes private placement
of US$425 million that was completed on 23 June 2005.  The
related dollar exposure has been hedged by a dollar/euro cross
currency swap.

The acquisition of EAC Nutrition is expected to be completed on
Monday 2 January 2006.

Royal Numico is a high-growth, high-margin, specialist baby food
and clinical nutrition company.  Acknowledged as the European
market leader in infant nutrition and medical nutrition, its
products range from infant milk formula to specialized nutrition
for babies with specific needs and for breastfeeding mothers.
For people with specific nutritional requirements, Numico offers
a complete range of enteral clinical nutrition, diet products
and disease-specific nutrition.

CONTACT:  ROYAL NUMICO N.V.
          Web site: http://www.numico.com
          Corporate Communications
          Phone: +31 20 456 9077

          Investor Relations
          Phone: +31 20 456 9003


ROYAL SHELL: Sells Downstream Assets to Petrobras
-------------------------------------------------
Royal Dutch Shell plc has signed Sale and Purchase agreements
with Petroleo Brasileiro S.A. (Petrobras) relating to the
divestment of its Downstream businesses in Uruguay and Paraguay
as well as certain assets in Colombia.

The agreements relate to all businesses in Uruguay and Paraguay
and include a combined network of 223 Retail service stations as
well as Commercial Fuels, Lubricants, Aviation, Marine, LPG and
Supply & Distribution businesses.  Shell will continue to supply
selected specialist Aviation Lubricants products and Liquefied
Petroleum Gas for sale in Paraguay after the sale.  In addition,
Shell will supply selected specialist Aviation and Marine
Lubricants products to Petrobras in Uruguay as well as sell
Bitumen into Uruguay.

In Colombia, the agreement with Petrobras specifically relates
to the divestment of 38 retail service stations and the
commercial fuels business, a lubricants blending facility in
Puente Aranda and the Santa Marta base oil depot.  Shell's
Lubricants marketing business, Greases, Marine, Chemicals
businesses and Shell Global Solutions, Shell's technical service
provider, will continue to operate in Colombia and will not be
impacted by this announcement.  Additionally, Shell continues to
explore potential opportunities in Exploration and Production in
Colombia.

The businesses are being sold as going concerns with nearly all
staff transferring with these businesses to Petrobras.  As a
result, Shell does not envisage any significant impact on
employment or on the national economies arising from these
transactions.

The divestment is consistent with Shell's strategy of managing
its portfolio to deliver maximum value to its shareholders.

The sales are subject to the relevant regulatory approval and
are expected to be completed by mid-2006.

                        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

          PETROLEO BRASILEIRO S.A.
          Phone: (0XX21) 3224-1540 / 3224-1524 / 3224-4914
          Fax: (55 21) 2262-3678
          E-mail: acionistas@petrobras.com.br


ROYAL SHELL: Disposes of Retail Business in Ecuador
---------------------------------------------------
Royal Dutch Shell plc has signed a Sale and Purchase agreement
with Primax S.A. (Primax) relating to the divestment of its
Retail business in Ecuador.

The agreement relates to Shell's retail business and includes a
network of 60 retail service stations geographically spread
across the country.  The sale is expected to be completed early
2006.

Primax is wholly owned by Enap Refinerias S.A., a subsidiary of
Empresa Nacional del Petroleo (Enap), the national oil company
in Chile and by Romero Trading S.A., the trading division of the
Romero Group in Peru.  These two groups also acquired Shell's
fuels business in Peru in 2004, positioning Primax as one of the
key players in the Peruvian oil market.

The Lubricants and Bitumen businesses are not part of the
transaction and will continue to operate in the country under
control of Shell as well as we will continue considering other
opportunities in the country in relation with the oil business
other than retailing.

Shell Ecuador Chairman, Marcelo Rivadeneira, said: "I am pleased
to inform that we have reached an agreement with Primax,
previously the buyer of our fuels businesses in Peru, that is
expanding its fuels retail activities to Ecuador.  The
divestment is consistent with Shell's strategy of managing its
portfolio to deliver maximum value to customers and
shareholders.  Our priority now is to work with our staff,
customers and other stakeholders to ensure a smooth transition
and transfer the business early next 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

          ENAP REFINERIAS S.A.
          Camino a Lenga 2001
          Talcahuano, Chile
          Phone: (56) (41) 506000
          Fax: (56) (41) 410775

          ROMERO TRADING S.A.
          Cuzco 801 Piura
          Peru
          Phone: 074-326310
          Fax: 074-327020
          E-mail: rtrading@mail.udep.edu.pe


VERSATEL TELECOM: Appeals Court Affirms 3 Appointments to Board
---------------------------------------------------------------
The Enterprise Chamber of the Amsterdam Court of Appeals
designated Messrs. Bouma, Eschauzier and Wortel as members of
the supervisory board of Versatel Telecom International N.V.  In
its ruling of 14 December 2005, the Enterprise Chamber appointed
three members to VTI's supervisory board, but at that time their
identities were not yet known.

Versatel Telecom International N.V. (Euronext: VRSA) --
http://www.versatel.comor http://www.tele2.com-- based in
Amsterdam, is a competitive communications network operator and
a leading alternative to the former monopoly telecommunications
carriers in its target market of Benelux.  Founded in October
1995, the Company has approximately 1,100 employees and holds
full telecommunication licenses in The Netherlands and Belgium.
Versatel operates a facilities-based local access broadband
network that uses the latest network technologies to provide
business customers with high bandwidth voice, data and Internet
services.  Versatel is a publicly traded company on
Euronext Amsterdam under the symbol "VRSA".

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


VERSATEL TELECOM: Agrees to Pay EUR130 Million in Tax Arrears
-------------------------------------------------------------
Versatel Telecom N.V. reached an agreement with the tax
authorities regarding fiscal years up to and including 2002.
This agreement provides certainty on several issues -- among
which the application of article 12 Corporate Income Tax Act
1969 -- that had still been outstanding.  In particular, the
agreement lifts any uncertainty that may have remained about the
status of the deferred tax liability: the agreement confirms its
release (also see press release of Versatel dated November 30,
2005).  In addition, the agreement also provides guidance on the
first year and tempo of amortization of certain fixed assets,
which had been depreciated in 2002 for commercial purposes.  As
a result, for tax purposes a total of EUR130 million will be
amortized over a period of 5 years beginning in 2003.

Versatel Telecom International N.V. (Euronext: VRSA) --
http://www.versatel.comor http://www.tele2.com-- based in
Amsterdam, is a communications network operator and a leading
alternative to the former monopoly telecommunications carriers
in its target market of Benelux.  Founded in October 1995, the
Company has approximately 1,100 employees and holds full
telecommunication licenses in The Netherlands and Belgium.
Versatel operates a facilities-based local access broadband
network that uses the latest network technologies to provide
business customers with high bandwidth voice, data and Internet
services.  Versatel is a publicly traded company on Euronext
Amsterdam under the symbol "VRSA".

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


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


CFR MARFA: Foreign Currency Rating Raised to Ba2
------------------------------------------------
Moody's Investors Service upgraded the senior unsecured foreign
currency rating of CFR Marfa S.A. to Ba2 from B2.  This upgrade
concludes the review for possible upgrade initiated on June 23,
2005 as part of the application of Joint-Default Analysis to
Government-Related Issuers in accordance with Moody's new rating
methodology.  The rating outlook is negative.

Based on this methodology, CFR Marfa's rating incorporates these
inputs:

(a) A Baseline Credit Assessment of 6 on a scale from 1 to 6, 1
    representing the lowest credit risk;

(b) The default risk of the supporting government reflected in
    the Government of Romania's local currency rating at Ba1;

(c) The high expected level of support from the Romanian
    Government to the company; and

(d) The high dependence between the default probability of CFR
    Marfa and the Government of Romania.

Moody's said that CFR Marfa's Baseline Credit Assessment of 6
reflects:

(a) Its dominant market position in domestic rail freight in
    Romania, operating traffic on the core transportation
    Corridors;

(b) The importance of natural resources for the country's
    economy which requires a functioning rail freight operator,
    which is also reflected in political support for its
    performance improvement program;

(c) An improving operating performance reflecting internal cost
    cutting and efficiency enhancement programs as well as the
    sell-off of unprofitable services to smaller, regional
    competitors; and

(d) Improving credit metrics despite an increase in leverage.

However, the Baseline Credit Assessment also incorporates:

(a) The company's ageing asset base, which is largely at the end
    of its technically useful life.  Without substantial
    investments, the company's asset base is likely to
    significantly weaken the company's efficiency and financial
    performance of freight transport operation over the coming
    years;

(b) The increasingly competitive domestic rail freight market;

(c) Refinancing concerns given that the company will need to
    make timely arrangements to address its maturing bond in
    2007; and

(d) The weak transparency with respect to the disclosure of
    operational and financial information.

Moody's view on the high level of expected support is based on:

(a) The 100% State ownership and no plans for a privatization in
    the near future;

(b) The government's track record of support for other
    industries within the country; and

(c) The importance of CFR Marfa for the domestic economy.  In
    the context of the high level of support CFR Marfa does not
    receive any subsidies from the Government and there is no
    formal commitment by the Romanian government to support CFR
    Marfa's obligations in a timely manner.

The high level of dependence underlines the company's strong
dependence on the Romanian economy as the main rail freight
transporter in the country and for imports and exports.

Upgrades:

CFR Marfa S.A.: Senior Unsecured Regular Bond/Debenture,
    Upgraded to Ba2 from B2

Outlook Actions:

CFR Marfa S.A.: Outlook, Changed to Negative From Rating Under
    Review

CFR Marfa's outlook is negative, reflecting the negative outlook
on the Baseline Credit Assessment, primarily driven by the
company's high refinancing risk and operational concerns due to
the low level of capital investment.  The negative outlook on
the BCA could have a negative impact on the Ba2 rating level,
whereas a positive rating development of the Romanian Government
ratings (which is indicated by the positive outlook on the
Government's local currency rating) by one notch would not
change the Ba2 senior unsecured rating.

CFR Marfa S.A., headquartered in Bucarest, is the national
company for freight railway transport of Romania.  In 2003 the
company had total revenues of ROL18,827 billion (US$458 million)
and recorded a net loss of ROL89 billion.

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

          MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Johannes Wassenberg, VP - Senior Credit Officer
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


ARMAVIRSKIY BRICKWORKS: Bankruptcy Hearing Set Today
----------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on limited liability company
Armavirskiy Brickworks 1.  The case is docketed as #A32-
29961/2005-46/424-B.  Mr. A. Khutornoy has been appointed
temporary insolvency manager.  A hearing will take place on
December 26, 2005, 4:15 p.m.

CONTACT:  ARMAVIRSKIY BRICKWORKS #1
          Russia, Krasnodar region,
          Armavir, Shosseynya Str. 57

          A. KHUTORNOY
          Temporary Insolvency Manager
          352913, Russia, Krasnodar region,
          Armavir, Post User Box 957


BAYKAL-MAL: Declared Insolvent
------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Baykal-Mal after finding the open joint
stock company insolvent.  The case is docketed as A19-22522/05-
29.  Mr. V. Pulyaevskiy has been appointed insolvency manager.

CONTACT:  BAYKAL-MAL
          664009, Russia, Irkutsk region,
          Shiryamova Str. 8

          V. PULYAEVSKIY
          Insolvency Manager
          664081, Russia, Irkutsk-81,
          Post User Box 5604
          Phone/Fax: (3952) 541-189


BREAD: Insolvency Manager Takes over Firm
-----------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Bread after finding the open
joint stock company insolvent.  The case is docketed as A10-
1148/05.  Mr. S. Balkhaev has been appointed insolvency manager.
Creditors have until January 8, 2006 to submit their proofs of
claim to 670002, Russia, Bashkortostan republic, Ulan-Ude,
Limonova Str. 3.

CONTACT:  BREAD
          670002, Russia, Bashkortostan republic,
          Ulan-Ude, Limonova Str. 3

          S. BALKHAEV
          Insolvency Manager
          670002, Russia, Bashkortostan republic,
          Ulan-Ude, Limonova Str. 3


FRUNZENSKIY WOOD-PROM-KHOZ: Succumbs to Bankruptcy
--------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Frunzenskiy Wood-Prom-Khoz after finding the
open joint stock company insolvent.  The case is docketed as
A19-29186/04-29.  Mr. V. Pulyaevskiy has been appointed
insolvency manager.  Creditors have until January 8, 2006 to
submit their proofs of claim to 664081, Russia, Irkutsk-81, Post
User Box 5604.

CONTACT:  FRUNZENSKIY WOOD-PROM-KHOZ
          665525, Russia, Irkutsk region, Chunskiy region,
          Targiz, Pionerskaya Str. 3

          V. PULYAEVSKIY
          Insolvency Manager
          664081, Russia, Irkutsk-81,
          Post User Box 5604
          Phone/Fax: (3952) 541-189


IVANOVSKOYE: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on open joint stock company
Ivanovskoye (TIN 3405009543).  The case is docketed as A12-
21213/05-s24.  Mr. A. Kharlanov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 400087, Russia,
Volgograd, Post User Box 1100.  A hearing will take place on
January 17, 2006.

CONTACT:  IVANOVSKOYE
          404023, Russia, Volgograd region,
          Dubovskiy region, Malaya Ivanovka

          A. KHARLANOV
          Temporary Insolvency Manager
          400087, Russia, Volgograd region,
          Post User Box 1100


KINESHEMSKAYA: Sewing Company Appoints Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Ivanovo region commenced bankruptcy
proceedings against Kineshemskaya after finding the sewing
company insolvent.  The case is docketed as A17-1280/05-14-B.
Ms. E. Pukhova has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 153034, Russia, Ivanovo,
Karyernaya Str. 2-22.

CONTACT:  E. PUKHOVA
          Insolvency Manager
          153034, Russia, Ivanovo region,
          Karyernaya Str. 2-22


LOCKO-BANK: Fitch Affirms Low-B Ratings; Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Russia-based Locko-bank (Locko)
ratings at Long-term 'B-', Short-term 'B', Individual 'D',
Support '5' and National Long-term 'BB+(rus)'.  The Outlooks for
the Long-term and National Long-term ratings remain Stable.

Locko's Long-term, Short-term and Individual ratings reflect the
small size of the bank by international standards, limited
franchise, business concentrations, modest core profitability
and basic risk management tools, as well as certain weaknesses
in the operating environment.  However, Fitch also notes the
bank's reasonable capitalization, asset quality and liquidity
position to date.

Upside potential for the bank's ratings lies in substantial
growth in size and franchise, improved customer diversification
and stronger performance, but is limited in the near term.
Locko is also negotiating the possible participation of the
International Finance Corporation in the bank's equity, which
could support the bank's strategy, improve corporate governance
standards and increase its ability to offer longer-term loans.
Downward pressure could arise from a deterioration in
capitalization or liquidity.

Locko was established in 1994 by a group of Russian businessmen
to serve their industrial undertakings; none of them have a
stake of over 20%.  Currently it is a Moscow-based bank ranking
within the top 100 Russian banks by total equity with four
outlets in Moscow and one in St. Petersburg, serving small and
medium-sized entities (mainly unrelated to shareholders) and
high-net-worth individuals.  In 2006 Locko plans to establish at
least four regional branches to complement its strategic focus
on lending to SMEs, which it ventured into in 2003.

CONTACT:  LOCKO-BANK
          14, bld.1 Gospitalnaya Str.
          Moscow, 111250
          Russia
          Phone: (007-095) 232-28-01
                 or 232-28-02
          E-mail: info@lockobank.ru

          FITCH RATINGS
          Olga Budovnits
          Alexei Kechko
          James Watson, Moscow
          Phone: +7 095 956 99 01
          Alla Izmailova, Moscow
          Phone: + 7 095 956 9901/03
          E-mail: alla.izmailova@fitchratings.com

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


NYAGAN-GAS: Deadline for Proofs of Claim January 8
--------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against Nyagan-Gas after
finding the open joint stock company insolvent.  The case is
docketed as A75-4694/2005.  Mr. A. Bergman has been appointed
insolvency manager.  Creditors have until January 8, 2006 to
submit their proofs of claim to 625000, Russia, Tyumen,
Chelyuskintsev Str. 40.

CONTACT:  NYAGAN-GAS
          628183, Russia, Tyumen region,
          Nyagan, 7th Proezd, 4

          A. BERGMAN
          Insolvency Manager
          625000, Russia, Tyumen region,
          Chelyuskintsev Str. 40


RAEVSKIY: Declared Insolvent
----------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Raevskiy after finding the
refining company insolvent.  The case is docketed as A07-
309333/04-G-MOG.  Mr. A. Lobanov has been appointed insolvency
manager.

CONTACT:  RAEVSKIY REFINERY
          Russia, Bashkortostan republic, Raevskiy

          A. LOBANOV
          Insolvency Manager
          Russia, Bashkortostan republic, Alsheevskiy region,
          Raevskiy, Magistralnaya Str. 2
          Phone: 3-32-08
          Fax: 3-34-88 (9:00 a.m. to 6:00 p.m.)


RENAISSANCE CAPITAL: Vulnerable to Industry Shocks, Says S&P
------------------------------------------------------------
Standard & Poor's Ratings Services raised its counterparty
credit ratings on the Russia-based securities firm Renaissance
Capital Holdings Ltd. (RCHL) to 'B+/B' from 'B/C'.  The outlook
is stable.

"The upgrade reflects RCHL's continued consistent financial
performance, sustained good capital adequacy, and leading
franchise in securities brokerage, and investment advisory
services and asset management," said Standard & Poor's credit
analyst Irina Penkina.

The ratings remain constrained by RCHL's vulnerability to the
high economic and industry risks that prevail in the Russian
financial markets, and high single-name concentrations in the
securities markets.

The stable outlook reflects expectations that RenCap will
maintain its adequate financial profile over the medium term,
and that its stronger capital base and increased revenue
diversification will enable the company to absorb potential
shocks to its business from the significant volatility of the
Russian capital markets.

"The ratings on RenCap will largely be sensitive to the future
development of the Russian securities markets, and the company's
ability to generate recurrent revenue flow in an unpredictable
environment.  The Russian equity and bond markets remain highly
concentrated, volatile, and subject to political risk," added
Ms. Penkina.

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

CONTACT:  RENAISSANCE CAPITAL
          22 Voznesensky pereulok
          125009 Moscow
          Phone: +7 (501) 258-7777
          Fax: +7 (501) 258-7778
          E-mail: info@rencap.com
          Web site: http://www.rencap.com/


SHIPYARD: Claims Filing Period Ends January 8
---------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Shipyard after finding the close joint stock
company insolvent.  The case is docketed as A70-953/3-2005.  Mr.
V. Vinogradov has been appointed insolvency manager.  Creditors
have until January 8, 2006 to submit their proofs of claim to
644065, Russia, Omsk region, 50 Let Profsoyuzov Str. 61.

CONTACT:  SHIPYARD
          626155, Russia, Tyumen region,
          Tobolsk-5, Sudostroiteley

          V. VINOGRADOV
          Insolvency Manager
          644065, Russia, Omsk region,
          50 Let Profsoyuzov Str. 61


TUVINSKIY: Tyva Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Arbitration Court of Tyva republic commenced bankruptcy
proceedings against Tuvinskiy after finding the engineering
plant insolvent.  The case is docketed as A69-464/05-3.  Mr. Ch.
Ondar has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 667001, Russia, Tyva republic,
Kyzyl, Zvezdnaya Str. 65, Apartment 1.

CONTACT:  CH. ONDAR
          Insolvency Manager
          667001, Russia, Tyva republic,
          Kyzyl, Zvezdnaya Str. 65, Apartment 1


ZAPORIZHSTAL OJSC: Moody's Assigns Maiden B3 Corporate Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a B3 Corporate Family
Rating to VAT Zaporizhstal, one of the leading Ukrainian steel
producers.  The rating outlook is stable.  This is the first
time Moody's has assigned ratings to VAT Zaporizhstal.

The B3 Corporate Family Rating reflects:

(a) The cyclical nature of the steel industry and the
    sensitivity of financial results to rising raw material and
    energy prices;

(b) The relatively modest size of the company (ranked as the
    world's 56th steelmaker in terms of tonnage) relative to
    other rated steel companies;

(c) Exposure to the iron ore prices and need to secure raw
    material supply;

(d) The significant share of exports and the company's reliance
    on trading entities (Midland Industries Limited and Airol)
    owned by the same shareholders as Zaporizhstal for such
    exports;

(e) The company's low margins, compared to other rated Russian
    peers, as a result of the current export distribution
    structure;

(f) The company's exposure to protectionist barriers in the
    export markets;

(g) Zaporizhstal's heavy capital expenditure needs, as the
    company relies on nine open hearth furnaces;

(h) The limited level of shareholder transparency and risk of
    significant cash outflows to shareholders;

(i) The evolving and unpredictable Ukrainian business, fiscal
    and legal environment.

More positively the B3 Corporate Family Rating reflects:

(a) Zaporizhstal's established position in the Ukrainian steel
    market, in particular with respect to higher value-added
    flat steel products;

(b) Its ability to compete on the international markets as a
    result of its low fixed cost base;

(c) The company's current low debt levels and track record of
    cash flow generation;

(d) Zaporizhstal's proximity to its raw materials;

(e) The benefits of its strategic location close to major steel
    consuming markets (Turkey, EU, Russia); and

(f) Its continuous focus on cost reductions as proven by the
    company's contemplated investments aimed at improving its
    products mix and efficiency.

Liquidity

VAT Zaporizhstal maintains sufficient liquidity.  At the end of
3Q 2005, the Company reported cash balances of UAH357 million
(US$71 million equivalent).

In addition, Zaporizhstal had further US$178 million available
under US$200 million three-year working capital facility
provided by a Latvian bank in 2004.

Rating Outlook

Whilst the company is weakly positioned within its rating
category, Moody's stable outlook reflects the expectation that
Zaporizhstal's cash flow profile would, in a downturn, be
positively impacted by the company's capital expenditure plans
and the efficiency gains derived from the forthcoming capital
investments.

Whilst Moody's understands that the Ukrainian government is
currently investigating practices in place in the metals and
mining sector, we have assumed that the revision of the current
legislation would not have any negative financial impact for
Zaporizhstal's creditors as these measures would likely focus
upon dividend payments and cash outflows out of Ukraine.  In its
assessment, Moody's has not factored any fine or litigation
arising from such investigation.  The rating also does not
incorporate material debt financed acquisitions.

Ratings could be raised if the company consistently generates
free cash flows driven by high margins generated from the
efficiency gains derived from its forthcoming capital
investments.  Ratings could also be raised should the Company
succeed in integrating raw material (iron ore and coke).  An
increase in leverage above 1.5x EBITDA could trigger a revision
of the rating downwards.

Company Summary

Zaporizhstal is the 4th largest Ukrainian steel producer (by
volume) and world 52nd with a steel production capacity of 4.45
million tones of steel in 2004.  For 2004, Zaporizhstal
generated Revenues of approximately UAH7,101 million or US$1,335
million equivalent; and EBITDA of approximately UAH1,208 million
or US$227 million equivalent.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Elena Nadtotchi, Vice President - Senior Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

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


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


ONO FINANCE: Corporate Family Rating Improves to B1
---------------------------------------------------
Moody's Investors Service has upgraded the ratings of Ono
Finance plc following the acquisition of Auna Telecomunicaciones
S.A.U. in November 2005 and the re-capitalization of the
combined group.

Concurrently, the rating agency has withdrawn the B3 rating
assigned to the senior secured bank facility following its re-
financing and the Caa3 Senior Unsecured issuer rating.  The
outlook on the ratings is stable.

Affected ratings:

Ono Finance Plc:

(a) Corporate Family rating upgraded to B1 from B3;

(b) Senior Unsecured issuer rating Caa3 withdrawn;

(c) Existing bond ratings upgraded to B3 from Caa2;

Cableuropa S.A.: Senior secured bank facility rating B3
withdrawn

The upgrade reflects

(a) The increased scale of the combined group with the
    nationwide population coverage of approximately 84%;

(b) The removal of the event risk previously factored in the
    rating;

(c) Ono's demonstrated track record in growing its revenue and
    EBITDA and achieving high EBITDA margins as well as its
    successful de-leveraging relative to its cash flow on a
    standalone basis;

(d) Ono's proven ability of business integration; e.g. Retecal
    acquisition in 2004; and

(e) The opportunity to increase the combined group's efficiency
    by aiming to increase Auna's operating and capital
    expenditure efficiency close to the levels currently enjoyed
    by Ono.

At the same time, the B1 rating takes into account:

(a) Significant integration and business plan execution risks;

(b) The highly competitive environment of the Spanish market;

(c) The sizeable capital expenditures and negative free cash
    flow generation of the combined group;

(d) A continued increase in an absolute level of debt to finance
    capital expenditures and the deferred acquisition payment
    (EUR215 million) with the peak in 2008; and

(e) the group's high leverage over the medium term.

The stable outlook on the ratings reflects Moody's expectations
of the combined group's ability to maintain its growth momentum
and deleverage rapidly over the medium term.

The combination of Grupo Corporativo ONO S.A, the holding
company of Cableuropa S.A., and Auna Telecomunicaciones S.A.U.
creates the second largest operator in Spain with approximately
1.6 million customers as of 30 September 2005.  As a result of
this significant increase in scale, Moody's believes that the
combined group will be better positioned to compete in the
Spanish telecommunications market.  Furthermore, with the 84%
population coverage, the group will continue its network build-
out on a selective basis thus making its capital expenditure
program discretionary to a certain degree.

Moody's recognizes significant integration and execution risks
associated with this business combination.  However, the rating
agency also notes Ono's demonstrated track record in growing its
revenue and EBITDA and achieving high EBITDA margins as well as
deleveraging relative to its cash flow.  Ono's standalone
revenues more than doubled since 2002 with EBITDA margins
improving from 6.2% in 2002 to above 40% in 2005.  Total Debt to
EBITDA improved from 10.4x in 2003 to 5.5x as of 30 September
2005 on an LQA basis.

Furthermore, Ono has demonstrated its ability to successfully
integrate an acquired business (Retecal acquired in 2004)
through its profitability improvement.  For example, Retecal's
EBITDA increased from 19.6% at the end of 2004 to 30.8% at the
end of Q2 2005.

Given that Auna is significantly less efficient on an operating
and capital expenditure per subscribers basis; e.g. its EBITDA
margin was 20% for Q3 2005 versus 44% for Ono, Moody's believes
that Ono, through its own operating history and strong
management team, is well positioned to increase efficiency of
the combined group, albeit this is associated with integration
risk.

The B1 rating also takes into account the highly competitive
nature of the Spanish telecommunications market.  The company
competes in its telephony, Internet and recently Pay TV business
with the incumbent telecoms provider, Telefonica S.A., which has
over 80% market share in telephony and almost 40% market share
in broadband Internet offerings.  In addition to Telefonica, Ono
also competes with Wanadoo and Ya.com among others for the
provision of Internet and telephony services.  In its cable
offering, the competition mainly comes from the satellite
provider, Sogecable, which has approximately a 65% market share
in Pay TV.

The combined group will continue to selectively build out its
network.  As a result, the group is expected to increase its
absolute debt levels with the peak in 2008 since it is likely to
remain free cash flow negative over this period.  The increase
in debt will also finance the deferred acquisition payment of
EUR215 million.  Although, Moody's acknowledges the increase in
absolute debt levels, the rating agency expects the company to
deleverage on a relative to its cash flow basis.

However, the leverage will remain high over the medium term.  On
a pro-forma 2005 LTM basis, the group's leverage is expected at
6.10x Total Debt to EBITDA while 5.70x on an LQA basis.  Moody's
expects the company to maintain its strong growth in the near
term thus deleveraging rapidly.

Headquartered in Madrid, Spain, ONO owns and operates a number
of cable communications franchises.  The combined group of Ono
and Auna is the second largest operator in Spain with 1.6
million customers.  For the nine months 2005, the combined group
generated on a pro-forma basis EUR1.3 billion in revenue and
EUR332 million in EBITDA.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Jenya Brown, Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          David G. Staples, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


ABB LTD.: Delists from Frankfurt Stock Exchange
-----------------------------------------------
ABB Ltd. has completed the process of delisting its shares from
the Frankfurt Stock Exchange.

ABB announced on August 4, 2005 it would delist its shares from
the London and Frankfurt stock exchanges because the average
daily trading volume there had become insignificant over the
past three years.

The listing of the following securities (ordinary shares with a
par value of CHF2.50 each fully paid with ISIN number
CH0012221716) had been canceled from trading on the Frankfurt
Stock Exchange with immediate effect.

ABB announced on September 5, 2005 that it had completed the
delisting of its shares from trading on the London Stock
Exchange.  ABB shares will continue to be listed on the SWX
Swiss Exchange (traded on virt-x), the Stockholm Stock Exchange
and the New York Stock Exchange.

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


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


ANADOLU EFES: Fitch Affirms Ratings; Maintains Stable Outlook
-------------------------------------------------------------
Fitch Ratings has upgraded Anadolu Efes' (Efes) International
Senior Unsecured local currency rating to 'BBB-' from 'BB+'.
The National Senior Unsecured rating is also upgraded to
'AA+(tur)' from 'AA(tur)'.  The rating Outlooks on both ratings
remain Stable.  At the same time the Senior Unsecured foreign
currency rating is affirmed at 'BB-' (BB minus) with a Positive
Outlook.  Efes is the largest Turkish brewer with a growing
international presence and has soft drinks interests through a
51% stake in the Turkish Coca-Cola franchise, Coca-Cola Icecek
A.S. (CCI).

Frederic Gits, Director in Fitch's European Corporate
Department, said: "The upgrade reflects the continuously good
performance of Efes' Turkish operations, its resilience to
difficult economic conditions and unfavorable regulatory
environment, as well as its ability to reduce debt quickly
through internally generated cash flow."

Notwithstanding several special consumption tax increases, Efes
has managed to continuously grow its beer sales volumes in
Turkey (5% in FY04 and 2% in 9M05).  Although some time was
needed to pass on the tax increase to customers during 2004,
sales price per liter net of taxes and discounts has now
returned to the same level in real terms as before the
introduction of the taxes.  Efes has reached an all-time high
79% market share FYE04 and its 27% FY04 operating margin is
comparable with the top international peers in their home
markets.  EBI, Efes' international beer subsidiary, continues to
grow strongly in Russia in volume terms but margins have come
under some pressure in 9M05 due to stiffening competition.

Fitch analyses Efes' capacity to service its unsecured debt in
Turkey without the benefit of EBI's contribution as the latter's
cash flows are required to finance its expansion in the strongly
growing Russian market.  Similarly, given that Efes does not
fully control the cash flows generated by CCI, as the Coca-Cola
Corporation maintains veto rights on important business and
financial decisions, in line with its policy with its bottlers
worldwide, Fitch excludes from Efes' leverage ratio its share of
CCI's borrowings and profits.  It is unlikely that either EBI or
CCI will need cash support from Efes (besides for major
acquisitions, which the agency treats as event risk) as the
former still has more than US$100 million available in cash for
investments after a recent capital increase and CCI generates
significant free cash flow.  However, should EBI's or CCI's
leverage increase to a level that would be unsustainable on a
stand alone basis, Fitch will consider including EBI's or CCI's
debt in Efes' leverage ratios.

CONTACT:  ANADOLU EFES
          Esentepe Mah. Anadolu Cad.
          1 Kartal 34870
          Istanbul, Turkey
          Phone: (90 216) 586 80 00
          Fax: (90 216) 389 58 63
          E-mail: info@efespilsen.com.tr

          FITCH RATINGS
          Frederic Gits, Paris
          Phone: +33 (1) 44 29 91 34
          Oguz Bardak, London
          Phone: +44 20 7417 4294

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


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


NEDRIGAJLIVSKE: Under Bankruptcy Supervision
---------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on Agricultural CJSC Nedrigajlivske (code
EDRPOU 05529372) on October 20, 2005.  The case is docketed as
6/103-05.  Mr. Sergij Volovik has been appointed temporary
insolvency manager.

CONTACT:  NEDRIGAJLIVSKE
          42100, Ukraine, Sumi region,
          Nedrigajliv, Shevchenko Str. 15

          SERGIJ VOLOVIK
          Temporary Insolvency Manager
          40030, Ukraine, Sumi region,
          Proletarska Str. 69, 2nd floor

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


OBRIJ-2000: Succumbs to Insolvency
----------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Obrij-2000 (code EDRPOU 31507445) on July
21, 2005 after finding the limited liability company insolvent.
The case is docketed as 01/3786.  Mr. Oleksandr Yuditskij
(License Number AB 176122) has been appointed
liquidator/insolvency manager.  The company holds account number
260084505 at JSPPB Aval, Cherkassy regional branch, MFO 354411.

CONTACT:  OBRIJ-2000
          19425, Ukraine, Cherkassy region,
          Korsun-Shevchenkivskij district, Nabutiv

          OLEKSANDR YUDITSKIJ
          Liquidator/Insolvency Manager
          18018, Ukraine, Cherkassy region,
          Himikiv Avenue 60/9

          ECONOMIC COURT OF CHERKASSY REGION
          18005, Ukraine, Cherkassy region,
          Shevchenko Avenue 307


ROVAL: Temporary Insolvency Manager Enters Company
--------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on LLC Roval (code EDRPOU 32435382) on
August 8, 2005.  The case is docketed as 6/186-8/175.  Mr.
Solskij Volodimir (License Number AA 719827) has been appointed
temporary insolvency manager.  The company holds account number
26008600917061 at JSCB UkrSibBank, Lviv regional branch, MFO
325019.

CONTACT:  ROVAL
          81083, Ukraine, Lviv region,
          Yavorivskij district, Zhorniska, Promislova Str. 2

          SOLSKIJ VOLODIMIR
          Temporary Insolvency Manager
          Ukraine, Lviv region, Velichkovskij Str. 44/24

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


TRUBNIK: Goes into Liquidation
------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Trubnik (code EDRPOU 30505929) on November
7, 2005 after finding the company insolvent.  The case is
docketed as 19/215.  Mr. Volodimir Zhitnik (License Number AA
779177) has been appointed liquidator/insolvency manager.  The
company holds account number 26007302629099 at CB Privatbank,
Zaporizhya branch, MFO 313399.

CONTACT:  TRUBNIK
          69037, Ukraine, Zaporizhya region,
          40 Rokiv Radyanskoyi Ukraini Str. 42 A

          VOLODIMIR ZHITNIK
          Liquidator/Insolvency Manager
          69001, Ukraine, Zaporizhya region,
          Gvardejskij Boulevard 30/85

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


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


ALEXANDER'S OF KENSINGTON: Appoints Administrator
-------------------------------------------------
Christopher Herron and Paul Michael Davis (IP Nos 8755, 7805) of
Begbies Traynor were appointed administrators of Alexander's of
Kensington Limited (Company No 4374004) on Dec. 14.  Its
registered office is at Carolyn House, 22-26 Dingwall Road,
Croydon CR0 9XF.

CONTACT:  BEGBIES TRAYNOR
          Carolyn House,
          22-26 Dingwall Road,
          Croydon CR0 9XF


ARC CONSTRUCTION: In Liquidation
--------------------------------
M. R. Ansell, chairperson of Arc Construction (Grays) Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Nov. 21 at S F Plant & Co, Lutomer House, 100
Prestons Road, London E14 9SB.  Simon Franklin Plant of S. F.
Plant & Co., Lutomer House, 100 Prestons Road, London E14 9SB
was appointed liquidator.

CONTACT:  ARC CONSTRUCTION (GRAYS) LTD.
          Unit 3/Translink House/Askew Farm La
          Grays, RM175XR
          Phone: 01375 375937

          S. F. PLANT & CO.
          Lutomer House Business Centre
          100 Prestons Road
          London E14 9SB
          Phone: 0207 538 2222
          Fax: 0207 538 3322


ARC RISK: Loan Notes Offering Raises GBP275,000
-----------------------------------------------
ARC Risk Management Group plc has completed a fundraising to
raise GBP275,000 through the issue of unsecured loan notes of
GBP1 each.  The loan notes will carry interest at 12% per annum
and are repayable, together with the accumulated interest, on 30
September 2006.  The Company has the option of early repayment.
The holders of the loan notes will receive warrants, which are
exercisable at any time until 30 June 2007, to subscribe for 100
ordinary shares at 1 pence each for every GBP1 loan note.

Sidebell Limited, which currently holds 53,692,500 ordinary
shares in the Company, representing 17.71% of the issued
ordinary share capital, will subscribe for GBP200,000 of loan
notes.  That transaction is classed as a related party
transaction under the AIM Rules and the independent directors,
having consulted with the Company's nominated adviser, consider
that the terms of the transaction are fair and reasonable
insofar as its shareholders are concerned.

Simon Richards, the executive chairman of the Company, who is
also a director of Sidebell Limited, and John Mocatta, a non-
executive director of the Company, will each subscribe for
GBP5,000 of loan notes.

                            *   *   *

In June, ARC Risk Management Group plc noted an increase in
full-year loss despite a rise in sales.  In the full year to
March, the company registered pretax loss of GBP1.153 million
from GBP925,246 a year earlier, while sales jumped to GBP1.122
million from GBP971,427 in 2004.

CONTACT:  ARC RISK MANAGEMENT GROUP PLC
          73 Watling St., 4th Fl.
          London
          EC4M 9BL, United Kingdom
          Phone: +44-207-332-5600
          Fax: +44-207-236-3918
          Web site: http://www.arcrisk.com


AWCO LTD.: Files for Liquidation
--------------------------------
D. C. Hogan, director of AWCO Limited, informs that a resolution
to wind up the company was passed at an EGM held on Nov. 22 at
St. Marks House, 3 Gold Tops, Newport, South Wales NP20 4PG.
Michelle Williams of Purnells, St. Marks House, 3 Gold Tops,
Newport NP20 4PG was appointed liquidator.

CONTACT:  AWCO LTD.
          Moor Road
          Baglan Industrial Park
          Port Talbot
          SA12 7BJ
          West Glamorgan
          Phone: 01656 644667
          Fax: 01639 825447
          Web site: http://www.awco.co.uk

          PURNELLS
          St Marks House
          3 Gold Tops
          Newport
          Gwent NP 20 4PG
          Phone: 01633 214712
          Fax: 01633 246599
          E-mail: ray@purnells.co.uk


BEAU-LIT (UK): Calls in Administrator from Begbies Traynor
----------------------------------------------------------
Michael E. G. Saville and Rob Sadler (IP Nos 7250, 9172) of
Begbies Traynor were appointed administrators of Beau-Lit (UK)
Limited (Company No 05466375) on Dec. 9.  Its registered office
is at 24 Rayner Drive, Brighouse, West Yorkshire HD6 2DG.

The company manufactures mattresses.  It trades as Star Beds.

CONTACT:  BEAU LIT
          Winterbeck House, Orston Lane
          Bottesford, Nottingham NG13 0AU
          Nottinghamshire
          Phone: 01949 844266
          Fax: 01949 844634

          BEGBIES TRAYNOR
          30 Park Cross Street,
          Leeds LS1 2QH
          Web site: http://www.begbies.com


BERKELEY ALLIANCE: Appoints Liquidator
--------------------------------------
At the extraordinary general meeting of Berkeley Alliance
Limited informs that the subjoined special resolution to wind up
the company was passed on Dec. 2 held at Bedford House, 21A John
Street, London WC1N 2BL.  S. T. Bennett of Berg Kaprow Lewis
LLP, 35 Ballards Lane, London N3 1XW was appointed liquidator.

Creditors are required on or before February 17, 2006, to send
in their names and addresses with particulars of debt or claims,
and the names and addresses of Solicitors (if any), to S. T.
Bennett.

CONTACT:  BERG KAPROW LEWIS LLP
          35 Ballards Lane,
          London N3 1XW
          Phone: 020 8922 9222
          Fax:   020 8922 9223
          Enquiry Line: 020 8922 9121


BOOTHFIELDS (HOWDEN): Names Begbies Traynor Liquidator
------------------------------------------------------
Resolutions to wind up these companies were passed at an EGM
held on Nov. 14 at Elliot House, 151 Deansgate, Manchester M3
3BP:

-- Boothfields (Howden) Limited,
-- Charter Row (MPG) Limited,
-- High Street (Hull) Limited,
-- Ladysmith Road (Grimsby) Limited,
-- Lincolnfields (Leisure) Limited,
-- Manor Developments Limited,
-- Manor Land Limited,
-- Manor Leisure Limited,
-- Stamford (London Road) Limited

S. L. Conn of Begbies Traynor, Elliot House, 151 Deansgate,
Manchester M3 3BP, was appointed Liquidator of the Companies for
the purpose of the voluntary windings-up.

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


BREEZEFAST LIMITED: Administrators Enter Firm
---------------------------------------------
Lynn Gibson and Robert D. Hewitt (IP Nos 6708, 6725) of Gibson
Hewitt were appointed administrators of Breezefast Limited
(Company No 3704200) on Dec. 12.  Its registered office is at
842-850 Coronation Road, Park Royal, London NW10 7QJ.  The
company sells flatbreads.

CONTACT:  GIBSON HEWITT & CO
          5 Park Court
          Pyrford Road
          West Byfleet
          Surrey KT14 6SD
          Phone: 01932 336149
          Fax: 01932 336150
          E-mail: robert@gibsonhewitt.co.uk


BRITISH SMALLER: PKF Liquidators Move in
----------------------------------------
At the extraordinary general meeting of the British Smaller
Technology Companies Vct Plc held on Dec. 8, the special
resolutions to wind up the company were passed and William
Duncan and Ian Schofield of PKF, Knowle House, 4 Norfolk Park
Road, Sheffield S2 3QE were appointed liquidators.

Creditors are required on or before January 28, 2006, to send in
their full forenames and surnames, addresses and descriptions,
full particulars of debt or claims, and the names and addresses
of Solicitors (if any), to William Duncan.

CONTACT:  PKF
          Knowle House
          4 Norfolk Park Road
          Sheffield
          South Yorkshire S2 3QE
          Phone: 0114 276 7991
          Fax: 0114 275 3538


CANTERBURY FOODS: Shareholders Okay Sale of Meat Products Biz
-------------------------------------------------------------
Further to Canterbury Foods Group plc's announcement on 6
December 2005, the disposal of the Meat Products Business was
approved by shareholders at an EGM held at the office of Clyde &
Co, 51 Eastcheap, London, EC3M 1JP, 10:00 a.m. on 22 December
2005.

                            *   *   *

On December 6, Canterbury Foods unveiled 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.

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.

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


CAPITAL VISION: Liquidator Moves in
-----------------------------------
D. Beaumont, chairman of Capital Vision Limited, informs that
resolutions to wind up the companies were passed at an EGM held
on Nov. 18 at Wilkins Kennedy, 1 Nelson Street, Southend-on-Sea,
Essex SS1 1EU.  D. W. Tann of Norton Practice, 1 Wesley Gate, 70
Queens Road, Reading RG1 4HP was appointed liquidator.

CONTACT:  CAPITAL VISION LTD.
          Unit 12/14, Brittania Court
          Basildon, Essex SS13 1EU
          Phone: 01268590787

          THE NORTON PRACTICE (INSOLVENCY SERVICES) LTD.
          Mr. David William Tann
          1 Wesley Gate
          70 Queens Road
          Reading
          Berkshire
          E-mail d.tann@nortonp.co.uk
          Phone: 0118 957 6464


CARPACCIO (STOCKTON): Hires David Horner as Administrator
---------------------------------------------------------
David Anthony Horner (IP No 008956) of David Horner & Co. were
appointed administrators of Carpaccio (Stockton) Limited
(Company No 0429 7963) on Dec. 7.

CONTACT:  CARPACCIO
          41 Dovecote St,
          Stockton-On-Tees
          Cleveland TS18 1LJ
          Phone: 01642 351277

          DAVID HORNER & CO.
          11 Clifton Moor Business Village
          James Nicolson Link,
          York YO30 4XG
          Phone: 01904 479801
          Web site: http://www.davidhornerandco.co.uk


C & C INSTRUMENTATION: Liquidators from Moore Stephens Move in
--------------------------------------------------------------
I.B. Clarke, chairman of C & C Instrumentation Limited, informs
that resolutions to wind up the companies were passed at an EGM
held on Nov. 8 at Moore Stephens LLP, Beaufort House, 94-96
Newhall Street, Birmingham B3 1PB.

Mark Elijah Thomas Bowen and Nigel Price of Moore Stephens LLP,
Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB were
appointed Joint Liquidators.

CONTACT:  C & C INSTRUMENTATION LTD.
          Hobart Road, Tipton, West Midlands DY4 9LD
          Phone: 01215576441

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


CHEMHIRE WASTE: Hires P&A Partnership to Liquidate Business
-----------------------------------------------------------
S. Boot, chairman of Chemhire Waste Management Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 22 at 93 Queen Street, Sheffield S1 1WF.

Derek Leslie Woolley and Andrew Philip Wood of The P&A
Partnership, 93 Queen Street, Sheffield S1 1WF were appointed
Joint Liquidators.

CONTACT:  CHEMHIRE WASTE MANAGEMENT LTD.
          91 Shirebrook Rd, Sheffield, S8 9RF
          Phone: 0114-258 9472

          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


CLASSIC IMPROVEMENTS: Succumbs to Liquidation
---------------------------------------------
L. Marcus, director of Classic Improvements Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Nov. 23 at Ansers!, Suite 3, Warren House, 10-20 Main
Road, Hockley, Essex SS5 4QS.  A. J. D. Bakonyvari of Ansers!,
Suite 3, Warren House, 10-20 Main Road, Hockley, Essex SS5 4QS
was appointed liquidator.

CONTACT:  CLASSIC IMPROVEMENTS LTD.
          27 Grange Av, Wickford, SS12 0LY
          Phone: 01268 764260


CLOVER (U.K.): Joint Liquidators Move in
----------------------------------------
T. Lee, chairman of Clover (U.K.) Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 18 at Parkin S. Booth & Co., 44 Old Hall Street, Liverpool
L3 9EB.  Claire L. Dwyer and Jonathan R. Booth were appointed
Joint Liquidators.

CONTACT:  CLOVER (U.K.) LTD.
          Valiant Way, Lairdside Technology Park
          Birkenhead, Merseyside CH49 2QD
          Phone: 0151 6501551
                 0151 6501213


COMPASS GROUP: Mulls Cutting Pension Benefits
---------------------------------------------
Compass Group plans to reduce benefits to its final salary
pension schemes, The Guardian reports.  It is considering
changing its current system of giving workers one-sixtieth of
their final salary for each year of membership to an accrual
rate of one-eightieth of their final salary.  For an employee
with 40 years of service that means instead of getting two-
thirds of final pay upon retirement, he would get only half.

Compass has two U.K. final salary schemes with about 5,000
members.  It said weeks ago its pension deficit under the FRS 17
accounting standard is now GBP532 million, up from GBP426
million a year earlier.  This summer it was named in a survey as
one of the five Footsie companies with the worst ratio of assets
to liabilities on their occupational schemes, the report stated.

CONTACT:  COMPASS GROUP PLC
          Compass House
          Guildford Street
          Chertsey
          Surrey
          United Kingdom
          KT16 9BQ
          Phone: +44 1932 573 000
          Fax: +44 1932 569 956
          Web site: http://www.compass-group.com


EASTGATE MOTOR: In Administrative Receivership
----------------------------------------------
Lloyds TSB Bank Plc appointed Andrew M. Sheridan and Bruce A.
Mackay (Office Holder Nos 8839, 8296) of Baker Tilly joint
administrative receivers of Eastgate Motor Company Limited (Reg
No 2103033) on Dec. 13.  The company sells motorcar.

CONTACT:  EASTGATE MOTOR COMPANY LTD.
          115 Glenfrome Road,
          Eastville Bristol BS2 9UY
          Phone: 0117 9550011
          Fax: 0117 9412643

          BAKER TILLY
          1 Georges Square
          Bristol BS1 6BP
          Phone: 0117 945 2000
          Fax: 0117 945 2001
          Web site: http://www.bakertilley.co.uk


EQUITABLE LIFE: SFO Drops Criminal Investigation
------------------------------------------------
Following careful consideration of the available evidence,
including the Penrose Report and material held by the Society
and following the result of the Society's case against its
previous auditors and some of its former directors, the Serious
Fraud Office confirms that nothing has emerged which would
justify a full criminal investigation in to the affairs of the
Equitable Life Assurance Society.

                        *   *   *

The events leading up to the Society's closure to new business
were investigated by Lord Penrose and his report was published
in March 2004.  The Penrose Inquiry team provided considerable
assistance to the SFO and the Society has co-operated with the
SFO during its work.

The SFO had postponed making or publicizing a final decision
while the Society was taking civil legal action against its
former auditors and some of its former directors.  This legal
action has now ended.

The SFO considers cases referred to it so that the Director is
able to take a decision whether to commence an investigation.
In making this decision the Director takes a number of factors
in to account including whether there are likely to be realistic
prospects of obtaining convictions should the investigation
discover evidence of criminal offences having been committed.

CONTACT:  SERIOUS FRAUD OFFICE
          Elm House, 10-16 Elm Street,
          London WC1X 0BJ
          Phone: +44 (0)20 7239 7001,
          Fax: 44 (0)20 7837 1173,
          Web site: http://www.sfo.gov.uk


FALLOWS ROAD: Hires Redman Nichols Liquidator
---------------------------------------------
Professor G. Leff, chairman of Fallows Road Investments, informs
that the special and ordinary resolutions to wind up the company
were passed at an EGM held on Dec. 9 at Arabesque House, Monks
Cross Drive, Huntingdon, York YO32 9GW.  Andrew James Nichols of
Redman Nichols was appointed liquidator.

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


FSEC LTD.: Poppleton & Appleby to Liquidate Business
----------------------------------------------------
FSEC Limited informs that a resolution was passed at an EGM held
on Nov. 23 at 32 High Street, Manchester M4 1QD.  Stephen James
Wainwright and Stephen Lord of Poppleton & Appleby, 32 High
Street, Manchester M4 1QD were appointed Joint Liquidators.

CONTACT:  FSEC LIMITED
          607 Manchester Old Road
          Middleton, Manchester
          Lancashire M24 4PN
          Phone: 01616534780

          POPPLETON & APPLEBY
          32 High Street
          Manchester
          Greater Manchester M4 1QD
          Phone: 0161 834 7025
          Fax: 0161 833 1548
          E-mail: insol@pandamanchester.co.uk


GATE GOURMET: Vulture Funds Taking Majority Control Next Year
-------------------------------------------------------------
U.S. vulture funds are to take over airline caterer Gate Gourmet
next year, Reuters reports citing company insiders.

The report said the distressed debt specialists will take 45% of
the company, and possibly 20% more depending on 2006
performance, in return for canceling the firm's debt.  Present
owner Texas Pacific Group will be left with 35%.

The funds had bought the company's junior CHF270 million
(GBP118.3 million) mezzanine debt from original creditors.
Junior creditors, including U.S. distressed debt specialists
Deephaven and Angelo Gordon, will also get CHF100 million, the
sources said.  About 70% of the junior creditors have to approve
the proposal.  The plan is expected to be completed by the New
Year.

"The deal's been done but needs to be documented," a source
close to the less secured creditors said.

The senior creditors, who are owed CHF400 million, are expected
to be bought out in a refinancing arranged by Goldman Sachs.

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

The firm's restructuring adviser is Weil Gotshal & Manges
partners Chris Mallon in London and Steve Karotkin in the U.S.
Clarks Legal Services, of which Michael Sippitt is managing
partner, is advising the company on employment issues.

Latham & Watkins London is advising mezzanine debtors.  The
Latham team is composed of John Houghton, together with
corporate partners Ian Clark and Charles Fuller, employment
partner Stephen Brown and New York restructuring partner
Mitchell Seider.  The senior creditors are advised by Bingham
McCutchen partner Barry Russell.

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

          BINGHAM MCCUTCHEN
          99 Gresham Street
          London, England EC2V 7HG
          Web site: http://www.bingham.com/bingham/default.asp

          LATHAM & WATKINS
          99 Bishopsgate
          London EC2M 3XF
          England
          Phone: +44-20-7710-1000
          Fax: +44-20-7374-4460
          Web site: http://www.lw.com/

          WEIL GOTSHAL & MANGES
          One South Place
          London EC2M 2WG, England
          Phone: +44 20 7903 1000
          Fax: +44 20 7903 0990
          Web site: http://www.weil.com/

          CLARKS LEGAL SERVICES
          12 Henrietta Street
          Covent Garden
          London
          WC2E 8LH
          England
          Phone: 020 7 539 8000
          Fax: 020 7 539 8001
          Web site: http://www.clarkslegal.com/


HCE LIMITED: Catering Company Calls in Administrator
----------------------------------------------------
Robert William Birchall and Michael John Andrew Jervis (IP Nos
6623, 8689) of PricewaterhouseCoopers LLP were appointed
administrators of HCE Limited (Company No 02613427) on Dec. 12.
Its registered office is at Unit 16 Solent Trading Estate, Hedge
End, Southampton, Hampshire SO32 2FQ.

HCE Ltd.-- http://www.hce-catering.co.uk/-- was established in
1985.  It is based in Southampton.  The company is the largest
independent catering equipment distributors in the UK.

CONTACT:  HCE LIMITED
          Unit 16
          Solent Trading Est
          Shamblehurst Lane South
          Hedge End, Southampton SO30 2FQ
          Phone: 01489 789494
          Fax: 01489 786662
          E-mail: sales@hce-catering.co.uk

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


INEOS GROUP: S&P Cuts Corporate Credit Rating to B+
---------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit ratings on U.K.-based chemicals group Ineos
Group Holdings PLC and subsidiary Ineos Holdings Ltd. to 'B+'
from 'BB-'.  At the same time, the ratings were removed from
CreditWatch where they had been placed with negative
implications on Oct. 7, 2005, following the announcement that
Ineos planned to acquire Innovene, for US$9 billion.  The
outlook is stable.

Standard & Poor's also assigned its 'B+' long-term debt rating--
the same as the corporate credit rating -- and '2' recovery
rating to Ineos Holdings' EUR6.77 billion senior secured
facilities.  The '2' recovery rating indicates that lenders can
expect substantial (80%-100%) recovery of principal in the event
of a payment default.

At the same time, the 'BB-' rating on Ineos Holdings' EUR825
million senior secured bank loan was taken off CreditWatch
negative and withdrawn following redemption.

"The ratings reflect the Ineos group's aggressive financial
policy, marked by substantial debt-funded external growth and
resulting weak cash flow coverage; cyclical markets; and free
operating cash flow (FOCF) that is vulnerable to potentially
higher capital expenditures, higher restructuring costs, or
lower savings than anticipated in the business plan for
Innovene," said Standard & Poor's credit analyst Khaled Zitouni.

These factors are partially offset by fair diversification, the
group's management's track record in acquiring and boosting
assets, and positive cycle prospects for the next few years.

The Innovene acquisition -- Ineos' biggest ever -- has created
one of the world's largest chemical companies. Pro forma 2005
sales, estimated at EUR23 billion (US$27 billion), were fuelled
mainly by petrochemicals, other chemicals, and refining.

Standard & Poor's expects currently good market cycles to
continue in the next two years, albeit at lower levels than in
2005.  Refining benefited from very good conditions in 2005, but
these are not expected to last.

The stable outlook also factors in likely adverse cycles between
2008 and 2010, mirroring, in particular, significant new Middle
East production capacity gains affecting part of the group's
operations.  However, we expect Ineos to generate positive FOCF
in the next few years.  We also expect significant fixed cost
savings at Innovene.

The ratings could come under pressure if FOCF becomes
significantly negative, major issues arise at one of the group's
main plants, or if the next cyclical downturn is more pronounced
than anticipated.

"If the Innovene business plan fully delivers--notably on
savings, which are expected to be meaningful-- currently good
cycles persist longer than expected, or if the next cyclical
slump is more modest than anticipated, the ratings could be
positively affected," said Mr. Zitouni.

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

CONTACT:  INEOS GROUP
          Richard Longden
          Phone: 0238 0287081
          Web site: http://www.ineos.com


INTERTEK GROUP: Buys Systems Certification Business in India
------------------------------------------------------------
Intertek Group plc has disclosed the acquisition of KPMG Quality
Registrars in India and the Middle East for GBP4.5 million in
cash.

Quality Registrars was founded in 1994 and following rapid
growth has become one of the top three providers of systems
certification in India, and market leader for systems
certification in the IT industry in India.  Quality Registrars
also has a strong position in the smaller Middle Eastern market.

This acquisition will strengthen Intertek's position as a global
provider of systems certification by expanding the geographic
footprint and adding to the product offering.

                        About the Group

Intertek is an international testing, inspection and
certification organization, which assesses customers' products
and commodities against a wide range of safety, regulatory,
quality and performance standards and certifies the management
systems of customers.  Intertek has 294 laboratories and over
13,500 people around the world and is increasingly undertaking
outsourced testing work for its customers.

At the end of 2004, Intertek's shareholders' funds remained
negative at GBP3.6 million, but down from -GBP43.1 million at 31
December 2003.  The deficit stems principally from the write-off
of goodwill in 1996 when the Group was purchased from its former
owners.  This amounted to GBP229.9 million at 31 December 2004.
The Group's net debt at 31 December 2004 was GBP112.4 million
compared to GBP132.2 million.

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


JUST CONSULTANCY: Calls in Liquidator
-------------------------------------
J. Kenny, director of Just Consultancy Limited, informs that the
special resolution to wind up the company was passed at an EGM
held on Dec. 14 at Enterprise House, 21 Buckle Street, London E1
8NN.  Melvyn Julian Carter and John Alfred George Alexander were
appointed joint liquidators.

Creditors are required on or before January 31, 2006, to send in
their full forenames and surnames, addresses and descriptions,
full particulars of debt or claims and the names and addresses
of Solicitors (if any), to Melvyn Carter of Enterprise House, 21
Buckle Street, London E1 8NN, Liquidator of the Company, and, if
so required by notice in writing their debt or claims.

CONTACT:  CARTER BACKER WINTER
          Enterprise House, 21 Buckle Street,
          London E1 8NN
          Phone: + 44 (0) 20 7309 3800
          Fax:   + 44 (0) 20 7309 3801
          E-mail: info@cbw.co.uk
          Web site: http://www.cbw.co.uk


K&F MANUFACTURING: Clydesdale Bank Appoints Receiver
----------------------------------------------------
Clydesdale Bank Plc appointed Malcolm Edward Fergusson (Office
Holder No 6766) of Fergusson & Co. Ltd. administrative receivers
of K&F Manufacturing & Trading Co Limited (Reg No 4152787) on
Dec. 8.

CONTACT:  FERGUSSON & CO. LTD.
          5-7 Northgate, Cleckheaton,
          West Yorkshire BD19 3HH


LDV LIMITED: Sold to LDV Group for Undisclosed Sum
--------------------------------------------------
Following their appointment as joint administrators to LDV
Limited on 16 December, Rob Hunt, Mark Hopkins and Tony Lomas of
PricewaterhouseCoopers have reported the immediate sale of the
business and assets to LDV Group Limited, a newly formed company
advised by Sun European partners LLP and backed by an affiliate
of Sun Capital Partners, Inc. and European Acquisition Capital.

Operating from a base in Drews Lane in Birmingham, LDV Limited
designs, manufactures and distributes a wide range of commercial
vehicles across Europe, with an annual turnover of circa GBP160
million.

Rob Hunt said: "The company has been loss making for the last
three years and recent refinancings have proven insufficient to
complete the development of the 'Maxus' range, resulting in a
severe cash shortage, cessation of production and staff lay-
offs.

"A new investor had expressed a willingness to join forces with
one of the existing shareholders to acquire the business and
assets of the company, and we are pleased to be able to announce
that a sale was completed immediately following our appointment
as administrators to the company, which should lead to
manufacturing recommencing, safeguarding many jobs and providing
a seamless continuation of service to LDV's customers and
suppliers.

"If we had not been able to complete this transaction it is very
unlikely that manufacturing would have been able to restart at
the company."

CONTACT:  LDV GROUP LIMITED
          Smithfield
          Noemie de Andia
          Phone: 020 7360 4900

          SUN CAPITAL PARTNERS, INC.
          Maitland
          Martin Leeburn
          Phone: 020 7379 5151

          PRICEWATERHOUSECOOPERS
          Jenny Britton
          Business Recovery Services PR Manager
          Phone: 020 7212 2970
          Mobile: 07855 522485

          Rob Hunt
          Phone: 0121 265 5660


PROBUS ESTATES: Interim Results Show EUR2.5 Mln Half-year Loss
--------------------------------------------------------------
Probus Estates plc has reported interim results for six months
ended 30 June 2005.

Results

Turnover for the six months to 30 June 2005 was EUR2.0 million
(2004: EUR5.6 million).  The Group's operating profit for the
period was EUR0.4 million (2004: EUR1.1 million).  The overall
Group loss after tax was EUR2.5 million (2004: EUR10.6 million).

The final results for the year ended 31 December 2004 were
announced on 19 December 2005.

A copy of the financial results is available free of charge at
http://bankrupt.com/misc/ProbusEstates(H12005).mht

                Statement of Chairman Hans Junge

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


SADDLEWORTH YARN: Hires X L Business Solutions as Administrator
---------------------------------------------------------------
Jeremy Nicholas Bleazard (IP No 9354) of XL Business Solutions
Limited was appointed administrator of Saddleworth Yarn Dyers
Limited (Company No 02063139) on Dec. 13.

Saddleworth Yarn -- http://www.saddleworthyarndyers.co.uk/--  
sells colored, package dyed yarns 100% cotton in various counts,
and flame retardant mod-acrylic yarns in coarser counts for the
furnishing trade.

CONTACT:  SADDLEWORTH YARN DYERS LTD.
          Gatehead Mill
          Delph, Oldham OL3 5DB
          Lancashire
          Phone: 01457 874832
          Fax: 01457 871862

          X L BUSINESS SOLUTIONS LTD.
          46 Moorlands Business Centre
          Balme Road
          Cleckheaton BD19 4EW
          West Yorkshire
          Phone: 01274 870 101
          Fax: 01274 870 606
          E-mail: jbleazard@XLBS.co.uk


SCRAPBOOKHOUSE LIMITED: Calls in Begbies Traynor Administrator
--------------------------------------------------------------
G. N. Lee and D. Bailey (IP Nos 009204, 006739) of Begbies
Traynor were appointed joint administrators of The
Scrapbookhouse Limited (Company No 04319984) on Dec. 9.  Its
registered office is at Unit 9, Astley House, Cromwell Business
Park, Chipping Norton, Oxfordshire OX5 7SR.

Scrapbookhouse -- http://www.thescrapbookhouse.com-- supplies
and manufactures all types of scrapbooking and card making
products for retail and trade, as well as cards, books,
stickers, albums, embellishments, adhesives, vellums, tools,
cardstocks and printed papers.

CONTACT:  THE SCRAPBOOKHOUSE LTD.
          Unit 9 Cromwell Business Park, Chipping
          Norton, Oxon OX7 5SR
          Phone: 08707 707717
          Fax: 01608 643430
          E-mail: sales@thescrapbookhouse.com

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


SOLAR DESIGNS: Hires PricewaterhouseCoopers Administrator
---------------------------------------------------------
Matthew Hammond and Robert Hunt (IP Nos 9355, 8597) of
PricewaterhouseCoopers LLP were appointed joint administrators
of Solar Designs Limited (Company No 05333723) on Dec. 12.  Its
registered office is at Solar House, 1 Worcester Road Estate,
Chipping Norton, Oxfordshire OX7 5XW.  The company manufactures
and sells pieces of jewelry.

CONTACT:  SOLAR DESIGNS LTD. (OLDBURY)
          Phone: 0121 552 2941
          Fax: 0121 511 1401

          PRICEWATERHOUSECOOPERS LLP
          Cornwall Court, 19 Cornwall Street,
          Birmingham B3 2DT
          Phone: [44] (121) 200 3000
          Fax:   [44] (121) 200 2464
          Web site: http://www.pwc.com


SURFACE INSPECTION: Lloyds TSB Bank Appoints Receivers
------------------------------------------------------
Company Names: SURFACE INSPECTION GROUP LIMITED
               (Reg No 4252534)

               SURFACE INSPECTION LIMITED
               (Reg No 2092144)

Lloyds TSB Bank Plc appointed Robin David Allen and Andrew
Philip Peters (Office Holder Nos 009014, 004468) of Deloitte &
Touche LLP joint administrative receivers of these companies on
Dec. 8.  The company manufactures tile inspection machinery.

Surface Inspection -- http://www.surface-inspection.it/--  
develops and supplies systems for the automatic inspection of
ceramic tiles.  Formed in 1987, it has sales and support offices
in Italy, Spain, Germany and the U.K.

CONTACT:  DELOITTE & TOUCHE LLP
          3 Rivergate,
          Temple Quay,
          Bristol BS1 6GD
          Web site: http://www.deloitte.com


UK SPORTS: Calls in Joint Liquidators
-------------------------------------
M. Allen, director of UK Sports & Leisure Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 18 at Cresta Court Hotel, Church Street, Altrincham,
Cheshire WA14 4DP.  Neil Henry and Michael Simister of Lines
Henry, 27 The Downs, Altrincham WA14 2QD were appointed Joint
Liquidators.

CONTACT:  UK SPORTS & LEISURE LTD.
          Unit 4, Storage World Brindley Road
          Old Trafford
          Manchester
          M16 9HQ
          Phone: 0161 8723050
          Web site: http://www.exerciseathome.co.uk

          LINES HENRY
          27 The Downs
          Altrincham
          Cheshire WA14 2QD
          Phone: 0161 929 1905
          Fax: 0161 929 1977
          E-mail: nola@lineshenry.co.uk


ULSTER WEAVERS: 200-year-old Textile Manufacturer Folds up
----------------------------------------------------------
Approximately 60 workers will be laid off as Ulster Weavers
shuts down its plant in Dungannon, Co Tyrone, Business world
reports.

Ulster Weaver has produced and procured an extensive range of
woven, bleached, dyed, and finished linens, cottons and
synthetic blends for the apparel, furnishings and household
textile markets for the past 230 years.   The company has been
accredited as a Class A manufacturer and recognized as a leading
Irish linen manufacturer.

CONTACT:  ULSTER WEAVERS APPAREL LTD.
          245 Castlewellan Road
          Banbridge
          Co. Down BT32 3SG
          Northern Ireland
          Phone: +44 (0) 28 4062 4490
          Fax: +44 (0) 28 4062 1100
          E-mail: sales@ulster-weavers.com
          Web site: http://www.ulster-weavers.com


UNWINS WINE: Administrators Close 95 Stores, Lay off Workers
------------------------------------------------------------
Blair Nimmo, Myles Halley and Jane Moriarty of KPMG Corporate
Recovery have been appointed Joint Administrators of the Unwins
Wine Group Ltd.

Prior to this appointment, the Companies had closed all but 95
of the 350 stores and made 400 staff redundant (on Monday 12th
December 2005).  The administrators have closed the remaining
stores and made 1,400 employees (including part and full-time
staff) redundant with immediate effect.  A core team of around
20 employees will be retained to assist the administrators in
the short term.

Myles Halley said: "Unwins has suffered, like other off-license
chains, from increased competition from supermarkets and tight
margins.  The directors have tried unsuccessfully to restructure
or sell the business and it is evident that this company is
making excessive losses and has no stock to continue to trade.
I appreciate it is a particularly difficult time of year to
announce such news but we have no alternative but to cease
trading and make these redundancies."

The administrators are actively seeking buyers for the Companies
leasehold and freehold stores together with its freehold head
office in Dartford, Kent.  The administrators are in early
discussions with a number of interested parties.

The 162-year-old Unwins Wine Group operates 380 Unwins shops and
wholesale drinks business.  It employs 2,000 mostly part-time
staff.  The company was sold by controlling Wetz family to
Australian businessman Philipp Cook's DM Private Equity for
GBP32 million in March.

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

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

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


WRG FINANCE: S&P Changes Outlook to Negative on Weaker Cash flow
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based waste management company WRG Finance PLC (BB-/--) and
related entity WRG Acquisitions PLC (BB-/--; holding companies
in the Waste Recycling Group) to negative from stable.  At the
same time, all ratings on WRG Finance and WRG Acquisitions were
affirmed.

"The outlook revision reflects weaker than expected operating
cash flows owing to lower volumes both from the landfill
disposal and waste-to-energy businesses," said Standard & Poor's
credit analyst Alf Stenqvist.  This has also prevented expected
improvements in credit measures, with net cash pay debt to
EBITDA expected to remain at about 4.5x in the near term.

"As volumes in landfill disposal from municipalities are
expected to continue to decline in the near term, WRG is
challenged with continuing to implement price increases and
expand its waste-to-energy business to improve cash flows and
credit measures," added Mr. Stenqvist.

At Sept. 30, 2005, WRG had total cash pay debt of about GBP653
million ($1.2 billion).

Ratings could be lowered in the near term if the prospects for
improvements remain weak. To revise the outlook back to stable,
Standard & Poor's would need to feel comfortable that WRG would
be able to reach and maintain the longer-term expectations for
the ratings.

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


ZENERGY UK: Files for Liquidation
---------------------------------
P. N. Hoskings, chairman of Zenergy UK Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 15 at Valentine & Co., 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS.  Robert Valentine and Mark Reynolds of
Valentine & Co, 4 Dancastle Court, 14 Arcadia Avenue, London N3
2HS were appointed Joint Liquidators.

CONTACT:  ZENERGY UK LTD.
          1a The Hermitage, High Street
          Ascot, Berkshire SL5 7HD
          Phone: 01344-625761
                 01344 625761

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


                            *********


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
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