/raid1/www/Hosts/bankrupt/TCREUR_Public/051227.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, December 27, 2005, Vol. 6, No. 256

                            Headlines

F R A N C E

ALSTOM SA: Corners EUR200 Million Contracts in Nigeria
EUTELSAT SA: S&P Upgrades Short-term Rating to BB+


G E R M A N Y

ALLGEMEINE HYPOTHENKENBANK: Sues Ex-Managers for EUR250 Million
DAIMLERCHRYSLER AG: Reaches US$94 Mln Settlement with U.S. DOJ
ELAN GMBH: Falls into Bankruptcy
ELG ELEKTROANLAGENBAU: Creditors Meeting Set February
HEIDELBERGCEMENT AG: Fortifies Ukrainian Operations

IAM INSTITUT: Koln Court Calls in Administrator
INTERTAINMENT AG: Court Sustains HVB's Claim
KAYSERI DIENSTLEISTUNGS: Proofs of Claim Due Next Month
KUNAD & KUNATH: Court Names Wolff-Rapp Administrator
MATEC HOLDING: Under Bankruptcy Administration

NEFTECHIMEXPORT (DEUTSCHLAND): Creditors' Claims Due January
NOLDEN & UEKERMANN: Detmold Company Goes Bust
RAB GMBH: Court Appoints Administrator
SAUERWEIN & SCHAEFER: Court to Verify Claims March


I R E L A N D

NKNK FINANCE: Fitch Rates Loan Participation Notes B+


I T A L Y

BANCA POPOLARE: Sells EUR92 Mln Loans Portfolio to Pirelli
IMPREGILO SPA: Sells Costanera Norte Stake for US$220 Million
TISCALI SPA: Dutch Unit Has New Managing Director


K Y R G Y Z S T A N

ANIKA-AUDIT: Sets Proofs of Claim Deadline
LINEKST: Gives Creditors Until February to File Claims
TESTINGS AND CERTIFICATIONS: Creditors' Claims Due February


L U X E M B O U R G

ORIFLAME COSMETICS: PDG Takes over U.K., Ireland Operations


R U S S I A

AGRO-WORLD: Bryansk Court Brings in Insolvency Manager
AZHUR: Bankruptcy Hearing Set on New Year's Day
KAMENSKOYE: Succumbs to Bankruptcy
NIVA-KORSAKOVO: Declared Insolvent
NOVONIKOLAEVSKIY AGRO-PROM-SNAB: Falls into Bankruptcy

ORENBURG-SHVEY-MEKH: Bankruptcy Hearing Set Jan. 17
RAZVITIE: Orel Court Opens Bankruptcy Proceedings
ROSTVERK: Undergoes Bankruptcy Supervision Procedure
SMOLENSK-GRAIN-PRODUCT: Bankruptcy Supervision Begins
YUKOS OIL: U.K. Court Throws out Request to Extradite Ex-Veep
YUZH-URAL-GAS-STROY-CENTRE: Under Bankruptcy Supervision


U K R A I N E

BEREZEN: Bankruptcy Supervision Begins
OPORYADBUD: Declared Insolvent
PETROLEUM AND GAZ: Falls into Insolvency
SENS: Zaporizhya Court Opens Bankruptcy Proceedings
STRUM-ZAPORIZHYA: Insolvency Manager Takes over Helm


U N I T E D   K I N G D O M

ALLIED DOMECQ: Senior Debt Ratings Still on CreditWatch Negative
B & G HOMES: Calls in Liquidators from Smith & Williamson
BOWKER & KING: Liquidator Takes over Firms
CANTERBURY FOODS: Concludes Sale of Meat Products Business
CASTING BOOK: Appoints Harris Lipman Administrator

CLEVELAND CABLE: Hires Taylor Rowlands as Liquidator
DRS DATA: Calls in KPMG Liquidator
DUST EXTRACTION: Creditors Meeting Set January 10
ELECTRONIC TRACKING: Appoints Houghton Stone Administrator
INQUAM (UK): Claims Deadline January 31

LUTON TRANSPORT: Hires Moore Stephens to Liquidate Business
MG ROVER: Nanjing to Build Rover Plant in China
MOLBRO FORGINGS: Appoints KPMG Administrator
MVC ENTERTAINMENT: 700 Jobs at Risk as Retailer Goes Bust
NORTHERN FOODS: Trading Update Out Next Month

PROTEX (UK): Tyre Distributor Contacts Administrator
STABLE INVESTMENTS: Names Gilderthorps Liquidator
STOURTON LTD.: Administrators from Grant Thornton Enter Firm
TREASURE TRADERS: Goes under Following DTI Probe
UNWINS WINE: Threshers Group Buys 200 Stores
WEST BROTHERS: Appoints Liquidator
ZENA DRIVING: Liquidator from Bennett Verby Moves in

* 15,000 SMEs Predicted to Fail Next Year

* Large Companies with Insolvent Balance Sheets


                            *********


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


ALSTOM SA: Corners EUR200 Million Contracts in Nigeria
------------------------------------------------------
ALSTOM has won contracts worth over EUR200 million for the
supply of equipment and services for the Afam VI combined cycle
power plant project at Port Harcourt, Nigeria.

ALSTOM will supply 3 GT13E2 gas turbines (167 MW each) and
auxiliary equipment to the Korean firm Daewoo E&C Co. Ltd., in
charge of the engineering, procurement and construction, for the
end customer Shell Petroleum Development Company (SPDC).

Under a separate agreement signed with SPDC, ALSTOM will provide
long-term operation support and maintenance services for the gas
turbines and generators.  It will also provide initial technical
support to help set up a service organization at the site.

The order brings the total of GT13E2 machines sold by ALSTOM to
109 units.  The fleet has now accumulated more than 2,700,000
operating hours.

                            *   *   *

Headquartered in 25 Avenue Kleber, 75795 Paris Cedex 16, Alstom
S.A. -- http://www.alstom.com-- is a leading maker of power-
generation systems and constructs power plants, rail equipment,
luxury passenger ships, naval vessels, and natural gas tankers.
Other businesses include electrical drives, motors, and
generators.  The group generates around EUR13 billion in annual
revenue and employs more than 70,000 people worldwide.  As of
March 2005, the group has EUR865 million in net loss and EUR1.4
billion in net debt.

CONTACT:  ALSTOM S.A.
          25 Avenue Kleber
          75795 Paris Cedex 16
          Phone: +33-1-47-55-20-00
          Fax: +33-1-47-55-25-99
          Web site: http://www.alstom.com

          Press Relations
          G. Tourvieille
          S. Gagneraud
          Phone: +33 1 41 49 27 13 / 27 40
          E-mail: press@chq.alstom.com

          Investor Relations
          E. Chatelain
          Phone: +33 1 41 49 37 38
          E-mail: Investor.relations@chq.alstom.com


EUTELSAT SA: S&P Upgrades Short-term Rating to BB+
--------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit ratings on France-based leading satellite
capacity provider Eutelsat S.A. and related entity SatBirds
Finance Sarl to 'BB+' from 'BB', and affirmed its 'B' short-term
corporate credit rating on Eutelsat.

At the same time, Standard & Poor's raised its long-term debt
ratings on Eutelsat's EUR1.3 billion senior unsecured bank loan
to 'BBB-' from 'BB+', and on SatBirds Finance's EUR1.78 billion
senior secured facilities to 'BB' from 'BB-'.  The latter
facility's '3' recovery rating -- which indicates our
expectation of meaningful (50%-80%) recovery of principal for
secured lenders in the event of a payment default -- was
affirmed.

All of the above ratings were removed from CreditWatch, where
they had been placed with positive implications on Nov. 30,
2005, following the reactivation of the IPO of the holding
company, Eutelsat Communications S.A.  The outlook on each
entity is stable.

In addition, following the redemption of related entity SatBirds
Capital Participations SCA's EUR300 million payment-in-kind
(PIK) notes and SatBird Finance's EUR475 million second-lien
loan, Standard & Poor's removed from CreditWatch positive and
withdrew its 'B+' long-term debt ratings on these facilities, as
well as its 'BB' long-term corporate credit rating on SatBirds
Capital Participations SCA.

"The rating actions reflect the group's significantly lower
leverage following the repayment of the two junior loans with
the EUR860 million gross proceeds from the IPO," said Standard &
Poor's credit analyst Melvyn Cooke.

"The one notch upgrade also reflects our expectations that
leverage will remain high following significant capital
investments and dividend distribution of about EUR100 million-
EUR120 million in fiscal 2007, ending June 30."

Eutelsat is one of Europe's leading providers of satellite
capacity for the video segment.  Its credit profile benefits
from strong asset infrastructure, which constitutes a high
barrier to entry; its long-term contracts; and a robust
contracted revenue backlog of EUR4.1 billion at June 30, 2005 --
pro forma for a large, recently signed contract -- which
provides good sales and cash flow visibility and sound
profitability. The company operates on a smaller scale and with
a significantly lower presence in the North American market than
its main peers, however, and has increasing exposure to new
services and emerging markets.  These aspects somewhat moderate
Eutelsat 's overall business profile.  Eutelsat's total debt
(including satellite performance incentives, capital leases, and
service purchase commitments) was about EUR2.4 billion at Aug.
31, 2005, pro forma for the post-IPO junior debt repayments made
in December 2005.

"We expect Eutelsat to continue to post sound operating
performance in the medium term, including moderate annual
revenue growth, EBITDA margins in the mid-to-high 70% range, and
moderate capital investments of about EUR200 million after
fiscal 2006," said Mr. Cooke.

The stable outlook also reflects our anticipations of still-high
leverage on the back of a financial policy primarily driven by
shareholder value, including the continuation of significant
dividend payments after fiscal 2007, and/or potential small to
midsize acquisitions over the medium term.  Finally, the outlook
takes into account the financial constraints and risks
associated with the holding company's reliance on dividends
upstreamed from the operating company for improvements in debt
service coverage and debt-reduction potential at the holding
level.

Evidence of a more credit-friendly financial policy -- notably
regarding dividend payments and acquisitions -- that could
result in a significantly lower leverage in the medium term, may
positively affect the ratings over the next few years.
Conversely, any material deterioration in the group's free cash
flow generation or a substantial increase in shareholder returns
and/or debt-financed acquisition activity in the medium term
would result in rating pressure.

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:  EUTELSAT S.A.
          70 rue Balard
          F-75502 Paris Cedex 15
          France
          Phone: +33 (1) 53 98 47 47
          Web site: http://www.eutelsat.com/


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


ALLGEMEINE HYPOTHENKENBANK: Sues Ex-Managers for EUR250 Million
---------------------------------------------------------------
Ailing mortgage bank Allgemeine Hypothenkenbank Rheinboden
(AHBR) is demanding EUR250 million in damages from five former
executives for losses incurred since 2001, AFX News says.

In a "serious breach of duty" suit filed with the Frankfurt
regional court, AHBR claims the ex-managers, including former
chief executive Horst Alexander Spitzkopf, failed to assess
interest rate movements following the September 11 attacks in
the U.S.

The presiding judge recently recommended a EUR25-50 million out-
of-court settlement.  According to Financial Times Deutschland,
citing sources, Lone Star, AHBR's new owner, might agree to a
settlement.  The court will start trial on Jan. 25 if both
parties fail to strike a deal.

                        About the Company

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

                            Ratings

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

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

At the same time, the bank's subordinated obligations have been
upgraded to 'BB+' from 'BB-' and removed from Rating Watch
Negative (RWN).  The agency has downgraded AHBR's participation
rights (Genussscheine) to 'CC' from 'B+' and keeps them on RWN.
The company's ratings from Moody's are: financial strength: E;
unsecured long-term: Baa3, outlook negative; short-term: P-3,
outlook negative; and subordinated debt: 'Ba1', under review for
possible downgrade.

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


DAIMLERCHRYSLER AG: Reaches US$94 Mln Settlement with U.S. DOJ
--------------------------------------------------------------
DaimlerChrysler AG has agreed on a US$94 million settlement with
the U.S. government to fix faulty emission controls on nearly
1.5 million Jeep and Dodge vehicles, said the Associated Press.

According to the Justice Department and Environmental Protection
Agency, the deal settles claims against the automaker for
breaching the Clean Air Act by failing to properly report
defective catalytic converters installed in the units.

Sue Ellen Wooldridge, an Assistant Attorney General with the
Justice Department, said: "Automakers' prompt and full
disclosure of emission-system defects to EPA is critical to
ensuring that vehicles on the road comply with the Clean Air
Act."

Meanwhile, federal officials said the agreement is the largest
among emission-related defect reporting cases.  The government
estimated the total settlement cost at US$90 million plus
penalties of US$1 million and a US$3 million pledge for
reduction emission projects.

The proposed settlement, which is subject to final court
approval, will also see DaimlerChrysler recall around 494,000
vehicles to repair a separate malfunction in the onboard
diagnostic system and check the catalytic converters.

The recall involves 1996 Jeep Cherokees and Grand Cherokees with
4-liter engines; 1997 Cherokees and Dodge Dakotas with 2.5-liter
engines; and 1997 Jeep Wranglers with 2.5-liter engines built
after July 1996.  Also included are 1998 Wranglers, Cherokees
and Dakotas with 2.5-liter engines.

DaimlerChrysler, however, said it did not violate the law,
stressing that both the EPA and California officials "have
acknowledged that DaimlerChrysler has acted in good faith in
resolving this matter."  According to the company, warranties on
catalytic converters on around 700,000 vehicles will be
extended, while another 300,000 unit owners will be notified of
the problem.

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


ELAN GMBH: Falls into Bankruptcy
--------------------------------
The district court of Aurich opened bankruptcy proceedings
against Elan GmbH on December 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until January 23, 2006 to register their claims
with court-appointed provisional administrator Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting on February 22, 2006, 10:15 a.m. at the district
court of Aurich, Zimmer 018, Schlossplatz 2, 26603 Aurich, at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  ELAN GMBH
          Wacholderweg 6, 26736 Krummhorn
          Contact:
          Judith Rumland, Manager

          Stefan Hinrichs, Administrator
          Heiligengeiststr. 29, 26121 Oldenburg
          Phone: 0441/21891-0
          Fax: 0441/21891-39


ELG ELEKTROANLAGENBAU: Creditors Meeting Set February
-----------------------------------------------------
The district court of Bamberg opened bankruptcy proceedings
against ELG Elektroanlagenbau GmbH on December 6.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors had until December 23, 2005 to
register their claims with court-appointed provisional
administrator Matthias Ernst.

Creditors and other interested parties are encouraged to attend
the meeting on February 7, 2006, 9:30 a.m. at the district court
of Bamberg, Sitzungssaal 317, Synagogenplatz 1, 96047 Bamberg,
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:  ELG ELEKTROANLAGENBAU GmbH
          Hafenstrasse 5 in 96052 Bamberg
          Contact:
          Hilmar Zang, Manager

          Matthias Ernst, Administrator
          Geisfelder Str. 14, 96050 Bamberg
          Phone: 0951/91787-0
          Fax: 0951/917872


HEIDELBERGCEMENT AG: Fortifies Ukrainian Operations
---------------------------------------------------
HeidelbergCement acquired the Ukrainian cement producer
Doncement via its Dutch subsidiary CBR Portland B.V.  The
acquisition is still subject to the approval of the antimonopoly
authorities.

The wet process cement plant with a current production capacity
of 1.6 million tons of cement per year is located in the town of
Amvrosijevka, in the Donetsk industrial region in eastern
Ukraine.  The plant produces Portland and slag cements.

Doncement supplies the market of the Donetsk area and has good
access to the neighboring Russian market.  With this acquisition
HeidelbergCement strengthens its position in Ukraine where the
company has been already operating two cement plants since 2001.

CONTACT:  HEIDELBERGCEMENT AG
          Berliner Strasse 6
          69120 Heidelberg
          Phone: +49-6221-481-227
          Fax: +49-6221-481-217
          Web site: http://www.heidelbergcement.com


IAM INSTITUT: Koln Court Calls in Administrator
-----------------------------------------------
The district court of Koln opened bankruptcy proceedings against
IAM Institut fuer Alternative Medizin GmbH & Co.
Kommanditgesellschaft on November 28.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until January 2, 2006 to register their claims
with court-appointed provisional administrator Dr. Jorg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on February 2, 2006, 9:05 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 12.
Etage, Raum 1240, 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:  IAM INSTITUT FUER ALTERNATIVE MEDIZIN GmbH
          & CO. KOMMANDITGESELLSCHAFT
          Neumarkt 1 c, 50667 Koln

          Prof. Dr. med. Klaus Joachim Schlueter, Administrator
          Worthstrasse 7, 50668 Koln


INTERTAINMENT AG: Court Sustains HVB's Claim
--------------------------------------------
A Munich court has ordered film rights trader Intertainment AG
to pay EUR10 million to local bank HypoVereinsbank (HVB), Die
Welt says.

In September, HVB filed a partial claim for payment of EUR10
million against the group and unit Intertainment Licensing GmbH.
The partial claim relates to a loan amounting to around EUR14
million taken out by Intertainment Licensing from HVB,
guaranteed by Intertainment.  Earlier this month, Intertainment
threatened to file for insolvency if it loses its lawsuit
against HVB.

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.

Intertainment recently won a US$122 million case against U.S.
film producer Franchise Pictures.  Franchise Pictures, however,
declared bankruptcy shortly afterwards, making it unclear how
much money Intertainment could recover.

                        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.

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


KAYSERI DIENSTLEISTUNGS: Proofs of Claim Due Next Month
-------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Kayseri Dienstleistungs und Verpackungs GmbH on December
8.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until January
23, 2006 to register their claims with court-appointed
provisional administrator Andreas Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting on February 13, 2006, 10:00 a.m. at the district
court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene,
Saal 4065, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  KAYSERI DIENSTLEISTUNGS UND VERPACKUNGS GmbH
          Almestrasse 7, 33649 Bielefeld
          Contact:
          Wolfrad Michael, Manager
          Queller Strasse 57, 33803 Steinhagen

          Andreas Stratenwerth, Administrator
          Lemgoer Str. 4, 33604 Bielefeld


KUNAD & KUNATH: Court Names Wolff-Rapp Administrator
----------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Kunad & Kunath GmbH on December 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 25, 2006 to register their
claims with court-appointed provisional administrator Jan
Gartner.

Creditors and other interested parties are encouraged to attend
the meeting on February 22, 2006, 9:45 a.m. at the district
court of Dresden, Saal D131, Olbrichtplatz 1, 01099 Dresden, at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  KUNAD & KUNATH GmbH
          Ulbersdorfer Weg 6 in 01855 Lichtenhain

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


MATEC HOLDING: Under Bankruptcy Administration
----------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Matec Holding AG on December 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 24, 2006 to register their
claims with court-appointed provisional administrator Dr. Klaus
Pannen.

Creditors and other interested parties are encouraged to attend
the meeting on February 21, 2006, 9:45 a.m. at the district
court of Hamburg, Sievekingplatz 1, 20355 Hamburg, 4. Etage,
Anbau, Saal B 405, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  MATEC HOLDING AG
          Heselstuecken 24, 22453 Hamburg
          Contact:
          Hans-Juergen Massong
          Mattentwiete 5, 20457 Hamburg

          Dr. Klaus Pannen, Administrator
          Jungfernstieg 51, 20354 Hamburg
          Phone: 35005266
          Fax: 35005119


NEFTECHIMEXPORT (DEUTSCHLAND): Creditors' Claims Due January
------------------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Neftechimexport (Deutschland) GmbH on December 9.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 25,
2006 to register their claims with court-appointed provisional
administrator Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on February 15, 2006, 10:15 a.m. at the district
court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 3. OG Altbau, A 341, 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:  NEFTECHIMEXPORT (DEUTSCHLAND) GmbH
          Schadowplatz 12, 40212 Duesseldorf
          Contact:
          Valentine Oukrainskij, Manager

          Dr. Winfrid Andres, Administrator
          Neuer Zollhof 3, 40221 Duesseldorf


NOLDEN & UEKERMANN: Detmold Company Goes Bust
---------------------------------------------
The district court of Detmold opened bankruptcy proceedings
against Nolden & Uekermann Isoliertechnik GmbH on December 8.
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 Cornelia Monert.

Creditors and other interested parties are encouraged to attend
the meeting on February 17, 2006, 8:30 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:  NOLDEN & UEKERMANN ISOLIERTECHNIK GmbH
          Industriestr. 6, 33813 Oerlinghausen
          Contact:
          Uwe Uekermann, Manager
          Breitenkamp 22, 33813 Oerlinghausen
          Wolf-Jorg Nolden, Manager

          Cornelia Monert, Administrator
          Lise-Meitner-Str. 13, 33605 Bielefeld
          Phone: 05 21 / 938410
          Fax: 05 21 / 9384130


RAB GMBH: Court Appoints Administrator
--------------------------------------
The district court of Koln opened bankruptcy proceedings against
RAB GmbH & Co. KG on December 6.  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 Siegfried
Mueller.

Creditors and other interested parties are encouraged to attend
the meeting on February 20, 2006, 10:10 a.m. at the district
court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
12. Etage, Raum 1240, 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:  RAB GmbH & Co. KG
          Orrer Strasse 8, 50259 Pulheim
          Contact:
          Yamile Gonzales, Manager

          Siegfried Mueller, Administrator
          Kolner Str. 197, 50226 Frechen
          Phone: 02234/96788-0
          Fax: +4922349678820


SAUERWEIN & SCHAEFER: Court to Verify Claims March
--------------------------------------------------
The district court of Kassel opened bankruptcy proceedings
against Sauerwein & Schaefer GmbH Stahlbeton-, Hoch- und Tiefbau
on December 1.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until January 31, 2006 to register their claims with court-
appointed provisional administrator Juergen Pflug.

Creditors and other interested parties are encouraged to attend
the meeting on February 6, 2006, 8:30 a.m. at the district court
of Kassel, Saal 234, Friedrichsstrasse 32-34, 34117 Kassel, at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report on March 13, 2006,
9:00 a.m. at the same venue.

CONTACT:  SAUERWEIN & SCHAEFER GMBH STAHLBETON-, HOCH-
          UND TIEFBAU
          Glockenbruchweg 117, 34134 Kassel
          Contact:
          Volker Schirmer, Manager

          Juergen Pflug, Administrator
          Wilhelmshoher Allee 169, D-34121 Kassel
          Phone: 0561/9324444
          Fax: 0561/9324445


=============
I R E L A N D
=============


NKNK FINANCE: Fitch Rates Loan Participation Notes B+
-----------------------------------------------------
Fitch Ratings has assigned NKNK Finance plc's (NKNK-F) issue of
US$200 million 8.5% loan participation notes a final Senior
Unsecured 'B+' rating.  This rating action follows a review of
the final offer documents confirming information already
received when Fitch assigned the expected rating of 'B+' on 8
December 2005.  The notes have a maturity of 10 years but
contain a five-year put option and will be repaid in equal
installments from 2010 in a straight-line amortization.

NKNK-F is a public limited liability company incorporated under
the laws of Ireland.  The company's purpose is to issue the
notes and lend, under a loan agreement, the proceeds to
Nizhnekamskneftekhim Inc., also named OAO Nizhnekamskneftekhim
(NKNK, rated Senior Unsecured 'B+'/Stable/Short-term 'B').  NKNK
will use the proceeds of the loan from NKNK-F for general
corporate purposes, including improving its balance sheet
structure and financing its capital expenditure.

The loan agreement, the trust deed and other related documents
are governed by English law.  To secure payments to noteholders,
NKNK-F will charge in favor of a trustee, by way of first fixed
charge, all rights to principal, interest and other amounts paid
by NKNK and the right to receive all sums, which may be paid by
NKNK under any claim, award or judgment relating to the loan
agreement.  Covenants in the loan agreement include, among
others, a pari passu ranking of the loan with present or future
unsecured creditors of NKNK and negative pledge.  NKNK also has
a total consolidated debt-to-consolidated EBITDA ceiling of 3:1.
Events of default include a cross default clause with a US$10
million threshold.

NKNK is based in the Republic of Tatarstan and is the largest
petrochemicals producer in Russia.

CONTACT:  FITCH RATINGS
          Elisabetta Zorzi, Milan
          Phone: +39 02 87 90 87213
          Jeffrey Woodruff, Moscow
          Phone: +7 095 956 9986

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


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


BANCA POPOLARE: Sells EUR92 Mln Loans Portfolio to Pirelli
----------------------------------------------------------
Debt-laden financial group Banca Popolare di Intra will sell a
portfolio of outstanding credits worth EUR92.8 million to
Pirelli RE, Agenzia Giornalistica Italia (AGI) says.

Banca Popolare will receive EUR27.7 million as payment.
Included in the portfolio are non-strategic stakes and real
estate, which could yield EUR11-12 million at year's end.  The
amount has been partly included in Banca Popolare's balance
sheet.

On Dec. 19, 2005, TCR-Europe said Banca Popolare might need
extra capital to take care of its bad loans portfolio, estimated
to be as high as EUR828 million.  In September, Fitch Ratings
changed its Outlook on the bank's Long-term rating to Negative
from Stable.  At the same time it affirmed the bank's ratings at
Long-term 'BBB+', Short-term 'F2', Individual 'C' and Support
'3'.

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

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

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

          PIRELLI RE
          Viale Sarca, 222
          20126 Milan
          Web site: http://www.pirellire.com


IMPREGILO SPA: Sells Costanera Norte Stake for US$220 Million
-------------------------------------------------------------
Costanera Norte is to be sold to Autostrade S.p.A. and Sias
S.p.A. for US$282 million, its book value.  Of the amount,
US$277 million will be paid at closing and US$5 million as a
guaranteed minimum earn-out over four years.  Additional earn-
outs totaling a maximum of US$28 million are possible.

For the Impregilo Group, which holds 77.9% of Costanera Norte,
the transaction will bring proceeds of approximately US$220
million.  At the current exchange rate, the Impregilo Group will
have a gross capital gain of approximately EUR130 million; in
financial terms, the sale involves a net debt deconsolidation of
approximately EUR235 million as well as a net cash inflow of
around EUR165 million.  The effect will be an improvement of
around EUR400 million in the net financial position.

Closing is expected to take place by end of March 2006.

The agreement also takes account of the significant prospects
for infrastructure development in Chile.  It includes a co-
operation clause for joint development of new motorway projects
in Chile by Impregilo, Autostrade and Sias, and an option for
Impregilo to repurchase an interest of up to 10% in the Chilean
vehicle through which the Costanera Norte acquisition will be
made.

These are the main heads of the agreement signed on December 23
by Impregilo International Infrastructure, Autostrade S.p.A. and
Sias S.p.A. and approved on the same day by the Board of
Directors of Impregilo S.p.A. as parent company.  ABN Amro acted
as financial advisors to Impregilo.

More specifically, the agreement establishes an initial sale
price for 100% of the capital of the Chilean concession holder
of US$277.1 million, to be paid at closing.  Under the terms of
the earn-out clause, the seller will receive an additional
maximum amount of US$33.0 million, including a guaranteed
minimum of US$5.0 million, over four years.  The earn-out is
linked to additional toll revenues obtained over the period in
respect of the projections used to determine the initial price.

Autostrade and Sias will also acquire the full UF604,000
subordinated loan (approximately US$21 million) granted to
Costanera by its present owners.

At current exchange rates, the transaction will produce a gross
capital gain of approximately EUR130 million.  After local tax
and costs to sell, Impregilo will report a net gain of
approximately EUR100 million, as well as a net inflow of more
than EUR165 million.  The sale will also generate debt
deconsolidation of about EUR235 million.

Costanera Norte's share capital is currently held by Impregilo
International Infrastuctures N.V. - Impregilo Group (77.9%),
Empresa Constructora Tecsa S.A. (10.0%), Empresa Constructora Fe
Grande S.A (10.0%) and Simest S.p.A. (2.1%).  The Chilean
minority shareholders have already accepted the terms of the
sale.

Impregilo also has an agreement with Simest S.p.A. regarding the
latter's 2.1% share in Costanera Norte, under which Simest has
undertaken to sell its interest to Impregilo by 31 December
2007; In turn, Impregilo will simultaneously sell the interest
to Autostrade and Sias.

The transfer of the shareholding is subject to approval by the
two guarantors (Banco Interamericano di Sviluppo and AMBAC
Assurance Corporation) of the bond issued by the Chilean
concession holder and by the Chilean Ministry of Public Works.

Authorization by the market and competition authorities is not
required.

                            *   *   *

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

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

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

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

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


TISCALI SPA: Dutch Unit Has New Managing Director
-------------------------------------------------
Tiscali S.p.A. has appointed Luca Scano as Managing Director of
Tiscali B.V., the Dutch subsidiary of the Group.

Since 2000, Luca Scano has held different offices in the Parent
Company.  In particular, he has headed the M&A activities and,
until 2003, he has also been the Investor Relations Officer of
the Group.

                        About the Company

Headquartered in Cagliari, Italy, Tiscali has more than 7
million subscribers, of which over 1.5 million are broadband
users.  It has sold non-core assets to raise money to cover a
EUR250 million bond that matured in July.

As of March 31, Tiscali's financial assets totaled EUR180.2
million while debt amounted to EUR381.7 million.  Pre-tax loss
in the first-quarter amounted to EUR17.9 million.  Fitch gives
the company a short-term rating of 'B' and rates its senior
unsecured debt 'CCC+'.  Tiscali Finance S.A.'s EUR250 million
guaranteed floating-rate notes, which fell due in July, and its
EUR209.5 million guaranteed equity-linked bonds due in September
2006 are rated 'CCC+'.

CONTACT:  TISCALI S.p.A.
          Sa Illetta
          09122 Cagliari
          Phone: +39 02 309011
          E-mail: ir@tiscali.com
          Web site: http://www.tiscali.com


===================
K Y R G Y Z S T A N
===================


ANIKA-AUDIT: Sets Proofs of Claim Deadline
------------------------------------------
LLC Anika-Audit, which recently became insolvent, will accept
proofs of claim at Bishkek, Micro-district Tunguch 61/37 until
February 6, 2006.  Call (0-502) 40-73-04 for more information.


LINEKST: Gives Creditors Until February to File Claims
------------------------------------------------------
LLC Linekst, which recently became insolvent, will accept proofs
of claim at Bishkek Abdrahmanova Str. 145 until February 9,
2006.

CONTACT:  LINEKST
          Bishkek, Abdrahmanova Str. 145


TESTINGS AND CERTIFICATIONS: Creditors' Claims Due February
-----------------------------------------------------------
State Enterprise Kyrgyz Center of Testings and Certifications,
which recently became insolvent, will accept proofs of claim at
Bishkek, Panfilov Str. 197 until February 9, 2006.

CONTACT:  KYRGYZ CENTER OF TESTINGS AND CERTIFICATIONS
          Bishkek, Panfilov Str. 197


===================
L U X E M B O U R G
===================


ORIFLAME COSMETICS: PDG Takes over U.K., Ireland Operations
-----------------------------------------------------------
Oriflame Cosmetics S.A. has signed a Heads of Agreement to sell
Oriflame U.K. Ltd. (OUK), the company in which the Group
conducts all its U.K. and Ireland sales operations, to Premier
Direct Group plc (PDG).  PDG will continue Oriflame sales
operations in these countries.  Under the terms of the contract,
Oriflame shall be liable for all costs associated with the
transfer and assume the outstanding pension liabilities.  The
cost of this to Oriflame will be approximately EUR4 million,
which will be recognized in the results for 2005.

As previously reported, Oriflame's U.K. operation has been loss
making for many years.  Oriflame had operating losses of EUR1.8
million on sales of EUR4.9 million in 2004 and expect to make a
loss of EUR1.8 million on sales of EUR4.3 million for 2005.

The agreement stipulates that PDG will operate OUK on a
franchise basis effective from 1st January 2006 and will thus
market and sell products and catalogues supplied by Oriflame
through direct sales.  Oriflame expect this arrangement to
result in a breakeven for itself for the following three years.

PDG is a leading nationwide shopping-at-work provider based in
Newcastle.  Products are sold directly to its customers by
independent distributors.

                        About the Company

Oriflame Cosmetics is a direct-selling international cosmetics
company, with presence in 56 countries.  Oriflame offers a
complete range of high quality skincare, fragrances and color
cosmetics, marketed through a sales force of independent Sales
Consultants.  Oriflame is a co-founder of World Childhood
Foundation.  Oriflame Cosmetics is listed on the Stockholm
Exchange.

For the year ended December 31, 2004, the company posted an
operating profit of EUR109.5 million as operating cash flow
almost doubled to EUR90.5 million.  Net interest bearing debt
also improved to EUR57.5 million, down from EUR189.8 million.
Shareholders' equity remained negative, however, at -EUR34.99
million, as liabilities exceeded total assets of EUR300.8
million.

CONTACT:  ORIFLAME COSMETICS S.A.
          20 rue Philippe II
          L-2340
          Luxembourg
          Web site: http://www.oriflame.com

          Magnus Brannstrom, Chief Executive Officer
          Phone: +32 2 357 5529

          Kevin Kenny, Chief Financial Officer
          Phone: +32 2 357 5544

          Patrik Linzenbold, Investor Relations
          Phone: +32 2 357 5675


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


AGRO-WORLD: Bryansk Court Brings in Insolvency Manager
------------------------------------------------------
The Arbitration Court of Bryansk region has commenced bankruptcy
supervision procedure on close joint stock company Agro-World.
The case is docketed as A09-11092/05-8.  Mr. M. Panteleev has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 241012, Russia,
Bryansk, Post User Box 66.  A hearing will take place on March
13, 2006, 11:00 a.m. at the Arbitration Court of Bryansk region
at Russia, Bryansk region, Trudovoy Per. 6, Room 602.

CONTACT:  AGRO-WORLD
          242220, Russia, Bryansk region,
          Trubchevsk, Uritskogo Str. 14

          M. PANTELEEV
          Temporary Insolvency Manager
          241012, Russia, Bryansk region,
          Post User Box 66


AZHUR: Bankruptcy Hearing Set on New Year's Day
-----------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on industrial trade association company
Azhur (TIN 5031008584).  The case is docketed as A41-K2-
19680/05.  Mr. A. Koryakin has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 101000, Russia,
Moscow, Post User Box 936.  A hearing will take place on January
1, 2006.

CONTACT:  AZHUR
          142400, Russia, Moscow region,
          Kuznetsk, Rabochaya Str. 60

          A. KORYAKIN
          Temporary Insolvency Manager
          101000, Russia, Moscow region,
          Post User Box 936


KAMENSKOYE: Succumbs to Bankruptcy
----------------------------------
The Arbitration Court of Mordoviya republic commenced bankruptcy
proceedings against Kamenskoye after finding the close joint
stock company insolvent.  The case is docketed as A39-5885/05-
234/6.  Mr. V. Pustakin has been appointed insolvency manager.

CONTACT:  KAMENSKOYE
          Russia, Mordoviya republic, Kamenki

          V. PUSTAKIN
          Insolvency Manager
          430000, Russia, Mordoviya republic,
          Saransk, Kutuzova Str. 2A

          ARBITRATION COURT OF MORDOVIYA REPUBLIC
          430000, Russia, Mordoviya republic, Saransk,
          Kommunisticheskaya Str. 33, Room 112


NIVA-KORSAKOVO: Declared Insolvent
----------------------------------
The Arbitration Court of Orel region commenced bankruptcy
proceedings against Niva-Korsakovo (TIN 5712002014) after
finding the company insolvent.  The case is docketed as A48-
1194/05-17B.  Ms. O. Zinina has been appointed insolvency
manager.  Creditors have until January 8, 2006 to submit their
proofs of claim to 302004, Russia, Orel region, 5th Avgusta Str.
54, Post User Box 56.

CONTACT:  NIVA-KORSAKOVO
          Russia, Orel region, Korsokavksiy region,
          Korsakovo, Mira Str.

          O. ZININA
          Insolvency Manager
          302004, Russia, Orel region,
          5th Avgusta Str. 54, Post User Box 56


NOVONIKOLAEVSKIY AGRO-PROM-SNAB: Falls into Bankruptcy
------------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
proceedings against Novonikolaevskiy Agro-Prom-Snab after
finding the open joint stock company insolvent.  The case is
docketed as A12-19706/05-s49.  Ms. O. Ospanova has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to 400005, Russia, Volgograd region, 7th Gvardeyskaya
Str. 2a, Office 400.

CONTACT:  NOVONIKOLAEVSKIY AGRO-PROM-SNAB
          Russia, Volgograd region,
          Novonikolaevskiy, Stepnaya Str. 194

          O. OSPANOVA
          Insolvency Manager
          400005, Russia, Volgograd region,
          7th Gvardeyskaya Str. 2a, Office 400


ORENBURG-SHVEY-MEKH: Bankruptcy Hearing Set Jan. 17
---------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy supervision procedure on open joint stock company
Orenburg-Shvey-Mekh.  The case is docketed as A47-12368/05-14GK.
Mr. M. Belozertsev has been appointed temporary insolvency
manager.  A hearing will take place on January 17, 2006, 9:30
a.m. at the Arbitration Court of Orenburg region at 460046,
Russia, Orenburg region, 9th January Str. 64.

CONTACT:  ORENBURG-SHVEY-MEKH
          460000, Russia, Orenburg region,
          Skornyazhnyj Per. 12

          M. BELOZERTSEV
          Temporary Insolvency Manager
          460000, Russia, Orenburg region,
          Gaya Str. 23A
          Phone/Fax: (3532) 78-38-44


RAZVITIE: Orel Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Arbitration Court of Orel region commenced bankruptcy
proceedings against Razvitie (TIN 5753017193) after finding the
trading house insolvent.  The case is docketed as A48-1595/05-
16b.  Mr. A. Dezhin has been appointed insolvency manager.
Creditors have until January 8, 2006 to submit their proofs of
claim to 302010, Russia, Orel region, Avaitsionnaya Str. 5.

CONTACT:  RAZVITIE
          Russia, Orel region, Pobedy Avenue, 5

          A. DEZHIN
          Insolvency Manager
          302010, Russia, Orel region,
          Avaitsionnaya Str. 5


ROSTVERK: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on industrial building enterprise Rostverk
(TIN 3835020098, KPP 383501001).  The case is docketed as A19-
14480/05-49.  Mr. A. Melnik has been appointed temporary
insolvency manager.  A hearing will take place on February 8,
2006.

CONTACT:  ROSTVERK
          665106, Russia, Irkutsk region,
          Nizhneudinsk, Military Town, Post Office 7

          A. MELNIK
          Temporary Insolvency Manager
          664007, Russia, Irkutsk region,
          Polenova Str. 37-49


SMOLENSK-GRAIN-PRODUCT: Bankruptcy Supervision Begins
-----------------------------------------------------
The Arbitration Court of Smolensk region has commenced
bankruptcy supervision procedure on open joint stock company
Smolensk-Grain-Product.  The case is docketed as A62-705-N/2005.
Ms. S. Lavrentyeva has been appointed temporary insolvency
manager.  Creditors may submit their proofs of claim to 214014,
Russia, Smolensk, Engelsa Str. 21/, Lean House, 4th Floor.

CONTACT:  SMOLENSK-GRAIN-PRODUCT
          214000, Russia, Smolensk region,
          K. Marksa Str. 12

          S. LAVRENTYEVA
          Temporary Insolvency Manager
          214014, Russia, Smolensk, Engelsa Str. 21/,
          Lean House, 4th Floor
          Phone/Fax: (0812) 38-66-92


YUKOS OIL: U.K. Court Throws out Request to Extradite Ex-Veep
-------------------------------------------------------------
A U.K. court barred Friday the extradition to Russia of
Alexander Temerko, former senior vice president of Yukos Oil,
The Associated Press says.

Russia had sought to extradite Mr. Temerko to face charges of
"conspiring to defraud state oil company Rosneft of its shares
in Yeniseineftegaz" and "perverting the course of justice by
providing false evidence about the allegations."

Mr. Temerko, a close associate of jailed Yukos Chief Executive
Mikhail Khodorkovsky, had claimed the extradition request was
politically motivated and he would not receive a fair trial if
he returns to Russia.  Several expert witnesses supported Mr.
Temerko's argument.

Russian Federation lawyers had argued the charges against him
were unrelated to Mr. Khodorkovsky's case.  A Russian court
earlier found Mr. Khodorkovsky guilty of tax evasion and fraud,
charges widely seen as Kremlin-orchestrated to punish him for
financing the opposition in 2003.

Judge Timothy Workman was not convinced.  In his ruling, he said
the extradition request was for "prosecuting or punishing [Mr.
Temerko] for his political opinions."

"The witnesses before me have all concluded it is highly
unlikely if not impossible for Mr. Temerko to receive a fair
trial.  I have found their evidence accurate and compelling,"
Judge Workman said.

Mr. Temerko was elected to Yukos' board of directors in October
2003 following Mr. Khodorkovsky's arrest.  He flew to London
after Russian authorities grilled him in October 2004.

CONTACT:  OAO NK YUKOS
          31A, Dubininskaya St.
          115054 Moscow, Russia
          Phone: +7-95-232-3161
          Fax: +7-95-232-3160
          Web site: http://www.yukos.com


YUZH-URAL-GAS-STROY-CENTRE: Under Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy supervision procedure on limited liability company
Yuzh-Ural-Gas-Stroy-Centre.  The case is docketed as A47-
10303/2005-14GK.  Mr. A. Kuzminov has been appointed temporary
insolvency manager.  A hearing will take place on January 24,
2006, 1:30 p.m. at the Arbitration Court of Orenburg region at
460046, Russia, Orenburg region, 9th January Str. 64.

CONTACT:  YUZH-URAL-GAS-STROY-CENTRE
          460027, Russia, Orenburg region,
          Belyaevskaya Str. 44

          A. KUZMINOV
          Temporary Insolvency Manager
          460000, Russia, Orenburg region,
          Gaya Str. 23a
          Phone/Fax: (3532) 78-38-17


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


BEREZEN: Bankruptcy Supervision Begins
--------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on limited liability company Agrofirm
Berezen (code EDRPOU 00708420) on November 7, 2005.  The case is
docketed as B-24/103-05.  Mr. T. Chagovets (License Number AB
116164) has been appointed temporary insolvency manager.

CONTACT:  BEREZEN
          Ukraine, Harkiv region,
          Bogoduhivskij district, Polkova Mikitivka,
          Telman Str.

          T. CHAGOVETS
          Temporary Insolvency Manager
          61045, Ukraine, Harkiv region,
          Shakespeare Str. 12-A/5-A
          Phone: 773-01-30

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


OPORYADBUD: Declared Insolvent
------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Building Department Oporyadbud (code EDRPOU
01271132) on September 27, 2005 after finding the close joint
stock company insolvent.  The case is docketed as 01/957.  Mr.
Viktor Lagutin (License Number AB 116139) has been appointed
liquidator/insolvency manager.

CONTACT:  OPORYADBUD
          18000, Ukraine, Cherkassy region,
          Himikiv Lane 1

          VIKTOR LAGUTIN
          Liquidator/Insolvency Manager
          18000, Ukraine, Cherkassy region,
          Gajdar Str. 14/121
          Phone: 8 (0472) 64-84-88
                 8 (050) 464-04-34

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


PETROLEUM AND GAZ: Falls into Insolvency
----------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against Petroleum and Gaz Machine-Building Plant
(code EDRPOU 00218638) on October 25, 2005 after finding the
open joint stock company insolvent.  The case is docketed as
5/269 B (9/62B/68B).  Mr. O. Zavora (License Number AA 216786)
has been appointed liquidator/insolvency manager.  The company
holds account number 260053052801 at JSB Regional Development
Bank, MFO 300540.

CONTACT:  PETROLEUM AND GAZ MACHINE-BUILDING PLANT
          16500, Ukraine, Chernigiv region,
          Bahmach, Chernigivska Str. 60

          O. ZAVORA
          Liquidator/Insolvency Manager
          Phone: 8 (050) 443-09-89

          ECONOMIC COURT OF CHERNIGIV REGION
          14000, Ukraine, Chernigiv region,
          Miru Avenue 20


SENS: Zaporizhya Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Sens (code EDRPOU 24907740) on October 21,
2005 after finding the private enterprise insolvent.  The case
is docketed as 25/225.  Mr. O. Serebryakov (License Number AB
216759) has been appointed liquidator/insolvency manager.

CONTACT:  SENS
          69006, Ukraine, Zaporizhya region,
          Istorichna Str. 61

          O. SEREBRYAKOV
          Liquidator/Insolvency Manager
          69035, Ukraine, Zaporizhya region,
          Mayakovskij Avenue 11
          Phone: 8 (0612) 26-06-21, 12-74-35

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


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

CONTACT:  STRUM-ZAPORIZHYA
          69057, Ukraine, Zaporizhya region,
          Lenin Avenue 158

          O. SEREBRYAKOV
          Liquidator/Insolvency Manager
          69035, Ukraine, Zaporizhya region,
          Mayakovskij Avenue 11
          Phone: 8 (0612) 26-06-21, 12-74-35

          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
===========================


ALLIED DOMECQ: Senior Debt Ratings Still on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said its 'BB' senior
unsecured debt ratings on U.K.-based wines and spirits
manufacturer Allied Domecq Ltd. (BB/Positive/B), formerly Allied
Domecq PLC, and related entities remain on CreditWatch with
negative implications.

The senior unsecured debt ratings were originally placed on
CreditWatch with negative implications on April 21, 2005,
pending the possible resolution of subordination issues
following the takeover of Allied by France-based spirits
manufacturer and marketer Pernod Ricard S.A. (Pernod;
BB/Positive/B).

The 'BB/B' corporate credit ratings on Allied remain aligned
with those on its parent, Pernod.

"We expect Pernod's management to decide on the implementation
of a valid remedy to the current structural subordination
situation within one month," said Standard & Poor's credit
analyst Vincent Allilaire.  "This could be reached, for example,
through the granting of a Pernod Ricard guarantee to Allied's
remaining bondholders.  Should no valid remedy be provided,
Standard & Poor's will reflect the structural subordination of
Allied's senior debt through a one notch downgrade, to 'BB-'."

The structural subordination is caused by lenders' uneven access
to the group's assets.  In particular, bank lenders at the
Pernod level benefit from a guarantee from most of the
substantial entities of the combined group, including Allied
Domecq Ltd., resulting in enhanced access to the group's assets.
In contrast, holders of outstanding bonds issued by Allied
Domecq Financial Services Ltd. (formerly Allied Domecq Financial
Services PLC), and guaranteed by Allied Domecq Ltd., have to
share the benefit of their guarantor's assets with the Pernod
lenders, and do not benefit from a guarantee from any other
company of the Pernod group.

None of the Allied bonds includes any change-of-control clauses.
Only three outstanding bonds, however, maturing in or beyond
2009, are expected not to be refinanced through the Pernod
group's multi-year multi-tranche EUR9.4 billion acquisition
facility:

(a) EUR600 million maturing in 2009;

(b) GBP450 million (EUR666 million) maturing in 2011; and

(c) GBP250 million (EUR370 million) maturing in 2014.

The ratings on Pernod continue to reflect the highly leveraged
capital structure of the group and potential integration issues
following the acquisition of Allied, as well as the group's
aggressive financial policy.  The ratings benefit, however, from
Pernod's superior business profile as one of the leading
manufacturers in the stable and cash-generative spirits
industry, the excellent brand diversification of the group's
spirit and wine portfolio, its balanced geographical
diversification, and the group's expected immediate focus on
deleveraging.

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:  ALLIED DOMECQ
          The Pavilions, Bridgwater Road,
          Bedminster Down, Bristol, BS13 8AR
          United Kingdom
          Phone: +44-117-978-5000
          Fax: +44-117-978-5300


B & G HOMES: Calls in Liquidators from Smith & Williamson
---------------------------------------------------------
R. E. Frith, chairman of B & G Homes Limited, informs that the
subjoined special resolution to wind up the company was passed
at an EGM held on Dec. 13 at 7A Oak Tree Parade, Bransgore BH23
8AB.  Gregory Andrew Palfrey (licensed by the Institute of
Chartered Accountants in England and Wales, Licence No 9060) and
Kevin James Wilson Weir (licensed by the Insolvency
Practitioners Association, Licence No 9332) of Smith &
Williamson Limited were appointed joint liquidators.

Creditors are required on or before January 26, 2006 to send in
their names, addresses and proofs of claim to Gregory Andrew
Palfrey and if so required in writing their debt or claims.

CONTACT:  SMITH & WILLIAMSON LIMITED
          Imperial House,
          18-21 Kings Park Road,
          Southampton SO15 2AT
          E-mail: GP4@smith.williamson.co.uk


BOWKER & KING: Liquidator Takes over Firms
------------------------------------------
Company Names: BOWKER & KING LTD.
               COMPUTER TEAM GROUP LIMITED
               CORPORATE MAIL HOLDINGS LIMITED
               CORPORATE MAIL SERVICES LTD.
               DAVID GUTTERIDGE (HERTS) LTD.
               DI LIMITED
               ENHAM ARCH LIMITED
               HS MANAGED INSOURCING LIMITED
               HUTCHINSON SMITH RECRUITMENT LIMITED
               MACLEOD GROUP LIMITED
               NORTHERN DOCUMENT EXCHANGE LIMITED
               PARCEL LINK LIMITED
               PSG HOLDINGS LTD.
               ROCKALL DATA SERVICES LIMITED
               TRANSALARCH DATA MANAGEMENT LIMITED
               TRANSALARCH SEGURIDAD LIMITED
               UNITED KINGDOM COLD STORAGE LIMITED
               WEYSIDE FIFTEEN LIMITED
               WEYSIDE MARINE HOLDINGS LIMITED
               WEYSIDE SPECIALIST DISTRIBUTION LIMITED
               WEYSIDE SPECIALIST HOLDINGS LIMITED
               WEYSIDE STORAGE SERVICES LIMITED
               WEYSIDE TWENTY-TWO LIMITED

S. Bort, chairman of these companies, informs that the special
resolution to wind up the firms was passed at an EGM held on
Dec. 8 at 141 Moorgate, London EC2M 6TX.  Ian Sykes of Begbies
Traynor, 2-3 Pavilion Buildings, Brighton, East Sussex BN1 1EE
was appointed liquidator.

CONTACT:  BEGBIES TRAYNOR
          2-3 Pavilion Buildings
          Brighton
          Sussex BN1 1EE
          Phone: 01273 747847
          Fax: 01273 747743
          E-mail: geoff.rhodes@begbies-traynor.com


CANTERBURY FOODS: Concludes Sale of Meat Products Business
----------------------------------------------------------
The disposal of the Meat Products Business to Transfield Foods
Limited has now been completed.

As mentioned in the circular of 6 December 2005 to shareholders,
the Directors consider that the best prospects for the Group are
to retain one or more of the remaining businesses and agree a
restructuring of the remaining bank debt.  A proposal to
restructure the debt has now been submitted and the Directors
anticipate a response from the bank at the beginning of January
2006.  However there is no certainty that a restructuring can be
agreed and, in the event that terms for the restructuring cannot
be agreed, there is no prospect of the Group continuing to trade
in its current form or that there will be any residual value for
shareholders.

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


CASTING BOOK: Appoints Harris Lipman Administrator
--------------------------------------------------
Barry David Lewis and Michaela Joy Hall (IP Nos 2048, 9081) of
Harris Lipman LLP were appointed administrators of Casting Book
Limited (t/a "Independent Posters" - Company No 04341623) on
Dec. 14.

CONTACT:  HARRIS LIPMAN
          2 Mountview Court,
          310 Friern Barnet Lane,
          Whetstone, London N20 0YZ
          Phone: (020) 8446 9000
          Fax:   (020) 8446 9537
          Web site: http://www.harris-lipman.co.uk


CLEVELAND CABLE: Hires Taylor Rowlands as Liquidator
----------------------------------------------------
At the meeting of Cleveland Cable Company Limited (in the course
of changing its name to Endeavour 100 Limited), the special
resolutions to wind up the company were passed.  John Harvey
Madden of Taylor Rowlands, 8 High Street, Yarm, Stockton on Tees
TS15 9AE was appointed liquidator.

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


DRS DATA: Calls in KPMG Liquidator
----------------------------------
P. R. Stanford and P. H. Hurst, directors of DRS Data Systems
(Europe) Limited, informs that the special, ordinary and
extraordinary resolutions to wind up the company were passed and
David John Crawshaw and Richard John Hill of KPMG LLP, Arlington
Business Park, Theale RG7 4SD were appointed joint liquidators

CONTACT:  KPMG
          Corporate Recovery, Arlington Business Park,
          Theale, Reading RG7 4SD
          Phone: (0118) 9642000
          Fax:   (0118) 9642222
          Web site: http://www.kpmg.co.uk


DUST EXTRACTION: Creditors Meeting Set January 10
-------------------------------------------------
Creditors of Dust Extraction (International) Limited (Company No
01164041) will meet on January 10, 2006, 11 a.m. at Alder House
Hotel, Towngate Road, Healey Lane, Batley, West Yorkshire WF17
7HR.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to J. M. Titley and A. Poxon, joint administrators
of DTE Leonard Curtis, DTE House, Hollins Mount, Hollins Lane,
Bury BL9 8AT not later than 12 noon, January 9, 2006.

Dust Extraction Ltd. -- http://www.dustx.co.uk/-- commenced
trading in 1974 to respond to the increasing dust control needs
of the industry.  The company has continued to grow and develop
to dust extraction solutions, centralized vacuum cleaning
systems and filter units (to the end user & reseller) as well as
after sales care to its valued customers.

CONTACT:  DUST EXTRACTION LTD.
          Town Street
          Stanningley
          Pudsey, Leeds LS28 6ES
          England
          Phone: +44 (0) 113 236 1041
          Fax: +44(0) 113 236 0562
          E-mail: postmaster@dustx.co.uk

          DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


ELECTRONIC TRACKING: Appoints Houghton Stone Administrator
----------------------------------------------------------
Simon Thornton (IP No 9031) of Houghton Stone Business Recovery
was appointed administrator of Electronic Tracking Systems
Limited (Company No 04196943) on Dec. 7.  The company
manufactures electrical equipment.

CONTACT:  ELECTRONIC TRACKING SYSTEMS
          The Old Forge Lodway Business Centre
          Pill, Bristol BS20 0DH
          United Kingdom
          Phone: +44 1275 371133

          HOUGHTON STONE BUSINESS RECOVERY
          The Conifers, Filton Road,
          Hambrook, Bristol BS16 1QG
          Phone: 0117 957 9009


INQUAM (UK): Claims Deadline January 31
---------------------------------------
C. Bataillard, chairman of Inquam (UK) Limited, informs that the
special, ordinary and extraordinary resolutions to wind up the
company were passed at an EGM held on Dec. 13 at 265 Strand,
London WC2R 1BH.  Norman Cowan and Mark Pearce Riley of Wilder
Coe were appointed joint liquidators.

Creditors are required on or before January 31, 2006, to send in
their full names, addresses and descriptions, full particulars
of debts or claims, and the names and addresses of Solicitors
(if any), to Norman Cowan and Mark Pearce Riley and if so
required by notice in writing their debt or claims.

CONTACT:  WILDER COE
          12th Floor
          Southgate House
          St. George's Way
          Stevenage
          Hertfordshire SG1 1HG
          Phone: 01438 847 200
          Fax: 01438 847 150
          E-mail: insol@wildercoe.co.uk


LUTON TRANSPORT: Hires Moore Stephens to Liquidate Business
-----------------------------------------------------------
C. Morley, chairman of Luton Transport and Machinery
Installation Company Ltd., informs that the resolutions to wind
up the company were passed at an EGM on Nov. 28 at 3-5
Rickmansworth Road, Watford, Hertfordshire WD18 0GX.  Steven
Draine and David Rolph of Moore Stephens Corporate Recovery were
appointed joint liquidators.

Creditors are required on or before January 4, 2006, to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of debts or claims and the names
and addresses of Solicitors (if any), to Steven Draine and if so
required by notice in writing their debt or claims.

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


MG ROVER: Nanjing to Build Rover Plant in China
-----------------------------------------------
MG Rover's new owner will start building a new plant in China
later this month to realize its revival plans for the Rover
brand, said Shanghai Daily.

Nanjing Automobile (Group) Corp., which has scheduled a
foundation-laying rite on December 28, will invest CNY2.8
billion (US$346.9 million) on the Jiangning-based site.  The
factory is expected to manufacture 200,000 cars, 250,000 engines
and 100,000 gearboxes annually, with production expected to
begin within 18 months.

The Chinese firm has also named Zhang Xin, former president of
Nanjing Iveco Automobile Corp., as general manager of the new
company.  The search for 200 engineers and new staff started in
October.

Nanjing paid GBP50 million for the business and assets of MG
Rover in July, beating Shanghai Automotive Industry Corp.  SAIC,
however, has bought manufacturing rights to the Rover 25 and 75
models for US$116.7 million.

CONTACT:  MG ROVER GROUP LIMITED
          Longbridge, Bickenhill
          Birmingham
          B31 2TB, United Kingdom
          Phone: +44-121-475-2101
          Fax: +44-121-482-2403
          Web site: http://www1.mg-rover.com

          NANJING AUTOMOBILE (GROUP) CORPORATION
          General Management Division
          Phone: 86-25-3432671
          Fax: 86-25-3111295 3417873
          E-mail: bnj3111037@jlonline.com
          Web site: http://www.nanqi.com.cn


MOLBRO FORGINGS: Appoints KPMG Administrator
--------------------------------------------
Allan Watson Graham and Andrew Stephen McGill (IP Nos 8719,
9350) of KPMG LLP were appointed administrators of Molbro
Forgings Limited (Company No 04517026) on Dec. 14.

Molbro Forgings Limited -- http://www.molbro.com/-- is engaged
in forging, pressing, stamping and roll forming of metal. It is
100% owned by Molbro A/S, a Danish company owned by the Moller
family.

CONTACT:  MOLBRO FORGINGS LIMITED
          Macarthur Road, Cradley Heath
          West Midlands B64 7RP, England
          Phone: 01384 566986
          Fax: 01384 412107
          E-mail: molbro@molbroforgings.com

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


MVC ENTERTAINMENT: 700 Jobs at Risk as Retailer Goes Bust
---------------------------------------------------------
Some 700 jobs are in danger after MVC Entertainment filed for
bankruptcy and called in administrators from Kroll, said
Reuters.

A Kroll spokesman said the DVD and CD retailer will continue
trading over Christmas.  He said: "The firm has suffered
changing market dynamics, (including) facing competition from
supermarkets, increased piracy and Internet (music) downloads."

He ruled out any job cuts for now, stressing the administrators
are looking at several options for MVC, which operates 70 stores
and has annual turnover of more than GBP100 million.  Its
collapse comes amid consumer spending slowdown and rising fixed
costs in the U.K.

The company's joint administrators are Andrew Pepper, Peter
Saville and Gurpal Johal.

CONTACT:  MVC ENTERTAINMENT
          242-246 Marylebone Road
          London NW1 6JL
          Web site: http://www.mvc.co.uk

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


NORTHERN FOODS: Trading Update Out Next Month
---------------------------------------------
Northern Foods plc confirms that it will be issuing a trading
update at 7:00 a.m. on Tuesday, 17 January 2006.

                        *   *   *

Leeds-based Northern Foods plc is one of U.K.'s leading food
producers with a turnover of GBP1.5 billion and over 22,000
employees based in sites across the U.K. and Ireland.

Northern Foods began restructuring and refocusing its business
in Autumn 2003.  It has launched a comprehensive strategic
review of the business, established a new management team, and
simplified its business structure and factory organization.

CONTACT:  NORTHERN FOODS PLC
          2180 Century Way, Thorpe Park
          Leeds
          LS15 8ZB, United Kingdom
          Phone: +44-113-390-0110
          Fax: +44-113-390-0211
          Web site: http://www.northern-foods.co.uk


PROTEX (UK): Tyre Distributor Contacts Administrator
----------------------------------------------------
Jeremy Charles Frost (IP No 9091) of Frost Business Recovery
Limited was appointed administrator of Protex (UK) Sales Limited
(Company No 04761991) on Dec. 13.  Its registered office is at
The Pines, Boars Head, Crowborough, East Sussex TN6 3DH.  The
company distributes tyre products through franchise agreements.

CONTACT:  PROTEX UK SALES LTD.
          Walkford Farm Offices
          Walkford Lane
          New Milton BH25 5NH
          Hampshire
          Phone: 0845 658 2820

          FROST BUSINESS RECOVERY LIMITED
          Square Root Business Centre
          102 Windmill Road
          Croydon, Surrey CR0 2XQ
          Phone: 020 8665 4284
          Fax: 020 8665 4201
          E-mail: JeremyF@frostbr.co.uk


STABLE INVESTMENTS: Names Gilderthorps Liquidator
-------------------------------------------------
J. Hanna, chairman of Stable Investments Limited, informs that
the special resolutions to wind up the company were passed at an
EGM held on Dec. 13 at Tenon, Number One, Goldcroft, Yeovil,
Somerset BA21 4DX.  Robert Stanley Gilderthorp of Gilderthorps,
22 Paul Street, Shepton Mallet, Somerset BA4 5LA was appointed
liquidator.

CONTACT:  GILDERTHORPS
          22 Paul Street, Shepton Mallet,
          Somerset BA4 5LA
          Web site: http://www.gilderthorps.co.uk


STOURTON LTD.: Administrators from Grant Thornton Enter Firm
------------------------------------------------------------
Nigel Morrison and Richard Hawes (IP Nos 8939, 8954) of Grant
Thornton UK LLP were appointed administrators of heating and
electrical contractor Stourton Ltd. (Company No 02881426) on
Dec. 13.  Its registered office is at Stourton Yard, Claverton
Down Road, Bath, Somerset BA2 7AE.

CONTACT:  STOURTON LTD.
          Stourton View
          Claverton Down Road
          Bath, Avon BA2 7AE
          Phone: 01225833241

          GRANT THORNTON U.K. LLP
          43 Queen Square
          Bristol BS1 4QR
          Phone: 0117 926 8901
          Fax: 0117 926 5458
          Web site: http://www.grant-thornton.co.uk


TREASURE TRADERS: Goes under Following DTI Probe
------------------------------------------------
Treasure Traders Corp. Ltd. has been wound up following an
investigation by the Department of Trade and Industry, says
Creditman.

The firm, through its "Pirate Ship" themed pyramid selling
scheme, allegedly fooled investors into signing up with a
GBP1,200 fee, and recruiting more members to form a ship "crew."
Once the "crew" is complete, members were told to "sail the high
seas searching for gold" by taking a profit share of additional
investments.  However, several members did not receive any
return on their investment.

According to the DTI probe, Treasure Traders had over 40
captains and 232 other members in May, who had already paid
deposits.  The company was found to have violated the Fair
Trading Act 1973 after it offered potential members the prospect
of receiving benefit through a pyramid selling scheme officially
known as Money Circulation Scheme.  It also breached the
Lotteries and Amusements Act 1976.

On October 31, DTI filed a petition to wind up Treasure Traders
after the investigation carried out by the department's
Companies Investigation Branch (CIB) under section 447 of the
Companies Act 1985.

CONTACT:  TREASURE TRADERS CORPORATION LTD.
          1 Broadway, Hammersmith
          London W6 9DL

          THE OFFICIAL RECEIVER
          The Insolvency Service
          Public Interest Unit
          21 Bloomsbury Street
          London WC1B 3SS
          Phone: 0207 637 1110

          COMPANIES INVESTIGATION BRANCH
          Web site: http://www.dti.gov.uk/cld/comp_inv.htm


UNWINS WINE: Threshers Group Buys 200 Stores
--------------------------------------------
The Threshers Group has purchased 200 of the Unwins stores from
administrators Blair Nimmo, Myles Halley and Jane Moriarty of
KPMG Corporate Recovery for an undisclosed sum.

The deal comes less than four days after the administrators were
appointed to the Unwins Group and means that these 200 stores
will re-open soon after the Christmas break.  Some of the staff
at Unwins, who were made redundant earlier this month, will be
offered positions by the new owners.

Myles Halley said: "This is a good outcome for all concerned.
We appreciate it has been a very difficult and uncertain time
for staff particularly in the run up to Christmas.  It is too
early to say how many people could be offered new contracts to
work for Threshers but it is hoped that approximately 1,200 jobs
will be available.

Roger Whiteside, CEO of the Thresher Group said: "This is a
great opportunity for the Threshers Group to reinforce its
market position in the South East of England.  We will be
working very hard to staff and stock the 200 stores and begin
trading as soon as is practical."

The deal is for the stores only and does not include the Unwins
freehold head office in Dartford, Kent.  Administrators are
actively seeking buyers for the remaining 150 properties.

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


WEST BROTHERS: Appoints Liquidator
----------------------------------
Company Names:  WEST BROTHERS (BIRMINGHAM) LIMITED
                WEST BROS (HOLDINGS) LIMITED

At the extraordinary general meeting of these companies on Nov.
23 held at 1688 High Street, Knowle, West Midlands B93 0LY, the
subjoined special resolution to wind up the firms were passed
and Frank Anthony Hatch of F A Hatch & Co, "Castle View", 48
Salop Street, Dudley, West Midlands DY1 3AY was appointed
liquidator.

CONTACT:  F A HATCH & CO
          48 Salop Street
          Dudley
          West Midlands DY1 3AY
          Phone: 01384 458262


ZENA DRIVING: Liquidator from Bennett Verby Moves in
----------------------------------------------------
M. J. Edwards, chairman of Zena Driving Ltd. (formerly Atlas
Driving Agency Ltd.), informs that the special resolution to
wind up the company was passed at an EGM held on Nov. 29 at R9
Verdin Exchange, High Street, Winsford, Cheshire CW7 2AN.
Vincent A. Simmons was appointed liquidator.

CONTACT:  BENNETT VERBY
          7 St Petersgate
          Stockport
          Cheshire SK1 1EB
          Phone: 0161 477 9345
          Fax: 0161 429 7224
          E-mail: v.simmons@bennettverby.co.uk


* 15,000 SMEs Predicted to Fail Next Year
-----------------------------------------
Around 15,000 small- and medium-sized enterprises (SMEs) in the
U.K. are expected to collapse in 2006, says Creditman.

According to Close Credit Management, cash flow problems will be
a key reason for their downfall.  The agency said SMEs are
failing to recover up to a staggering GBP50 billion a month in
outstanding debts, which means they are wasting at least GBP2.7
billion annually in interest payments.

Close Credit also noted that over 4.3 million SMEs have an
average outstanding monthly debt of GBP12,000 that are at least
30 days overdue.

Paul Butt, sales director at Close Credit, said: "These figures
demonstrate that small businesses must be more proactive with
regard to debt recovery.  Too many firms wait for three months
or more before instructing a debt management specialist.  They
are not only losing interest on that money, more importantly
they may be putting unnecessary strain on their cash flow which
can prove fatal for the business."

CONTACT:  CLOSE CREDIT MANAGEMENT LTD.
          2 Jessops Riverside
          800 Brightside Lane
          Sheffield S9 2RX
          Phone: 0114 242 6628
          E-mail: info@closecreditmanagement.com
          Web site: http://www.closecreditmanagement.co.uk


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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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


                            *********


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

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

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

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

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

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


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