TCREUR_Public/060103.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, January 3, 2006, Vol. 7, No. 2

                            Headlines

C Y P R U S

CYPRUS AIRWAYS: Govt to Buy Eurocypria as 'Insurance Policy'


F R A N C E

EURO DISNEY: Workers Strike over Unpaid Yearend Bonuses


G E R M A N Y

CB-SYSTEMS: Proofs of Claim Due Later this Month
DAVID GESCHAFTSSYSTEM: Bonn Company Goes Bust
DELI GMBH: Kempten Court Appoints Administrator
EM.TV AG: Plazamedia Extends Premiere Contract
ERNST PACK: Creditors Meeting Set March

EURO-GRUPPE AG: Follows Subsidiaries to Bankruptcy Court
K13 SYSTEMS: Under Bankruptcy Administration
KATEP GMBH: Creditors' Claims Due Next Month
KIENOW GROSSHANDEL: Falls into Bankruptcy
REISEBUERO VOLLACK: Court Sets Claims Verification May

SCENA AGENTUR: Interim Administrator Enters Firm
SIEKMANN GMBH: Court to Verify Claims April
SONNENHOHE WOHNUNGSBAU: Claims Filing Period Ends February 3
TSP TRANSPORT: Creditors to Meet March
WCM AG: Supervisory Board Chairman Stepping down at Month's end
WESTFALISCHES METALLKONTOR: Dortmund Venture Goes under


K Y R G Y Z S T A N

AYDAKUN: Gives Creditors until February to File Claims
KOSMOS UNIVERSAL: Creditors' Claims Due Next Month
NAIVAT: Under Bankruptcy Supervision


N E T H E R L A N D S

KONINKLIJKE AHOLD: Announces Restructuring for U.S. Foodservice
ROYAL SHELL: Nigerian Operation Still Hampered by December Blast
VERSATEL TELECOM: Managing Director Steps down


R U S S I A

BAKALINSKIY: Cheese maker Declares Bankruptcy
CAOUTCHOUC: Undergoes Bankruptcy Supervision Procedure
DUBROVKA-MOL-PROM: Claims Filing Period Ends January 8
EAR: Nizhniy Novgorod Court Opens Bankruptcy Proceedings
INZHAVINO-AGRO-PROM-SNAB: Names V. Pivovarov Insolvency Manager

KORKINSKAYA: Confectionery Retailer Files for Bankruptcy
MAGADANSKAYA: Succumbs to Bankruptcy
MASTER-HOLDING: Declared Insolvent
PROM-NEFTE-KHIM-AGRO-SNAB: Bankruptcy Hearing Set Jan. 27
VOZNESENSKOYE: Claims Filing Period Ends Next Week


S W I T Z E R L A N D

SWISS INTERNATIONAL: Lifts Ultimatum to Pilots; Extends Talks


U K R A I N E

BOBRITSKE: Liquidator Takes over Helm
FIRST UKRAINIAN: Fitch Affirms Long-term B- Rating
LUGASNK DRY-CLEANING: Court Appoints Liquidator
MERKATOL-PODIL: Goes into Liquidation
MTS-SERVICE: Succumbs to Insolvency
PROGRESS: Declared Insolvent
ZINAL: Insolvency Manager Takes over Helm


U N I T E D   K I N G D O M

ACETRAIN LIMITED: Liquidator from J W Lewis Enters Firm
ALLSPORTS LTD.: No more Money for Unsecured Creditors
ASSOCIATED BUILDING: Creditors Meeting Set Next Week
A.S.T.E. RAIL: Calls in Administrators from Chantrey Vellacott
CHARACTER GROUP: Begins Trading on AIM

CHESHIRE LEASING: Hires PricewaterhouseCoopers Liquidator
CHURCHILLS STAIRLIFTS: Appoints Tomlinsons Administrator
CIARAS LIMITED: Names Tait Walker Administrator
CITILINK LIMITED: Appoints Liquidator from Kroll Limited
COMPASS GROUP: Ex-BPB Exec Floated as Possible CEO Replacement

CROWN EUROPEAN: Liquidators from Ernst & Young Move in
EMERALD RECRUITMENT: Names Pridie Brewster Administrator
FREAKYSTEAKY LIMITED: Appoints Administrator
GREENS SUPERSTORES: Names Deloitte & Touche Administrator
HENRY NEWBOULD: Deloitte & Touche Administrators Enter Firm

K2 ENTERPRISE: Retailer Hires Pridie Brewster as Administrator
MARKS & SPENCER: Fitch Affirms BBB+ Ratings; Outlook Negative
OAKLAND FENCING: Calls in Fanshawe Lofts Administrator
PASSPORT 2 SPORT: Crashes into Administration
RANK GROUP: Rumors of GBP300-million Share Buyback Swirl
SWAN PLANT: Administrators Enter Firm

* Large Companies with Insolvent Balance Sheets


                            *********


===========
C Y P R U S
===========


CYPRUS AIRWAYS: Govt to Buy Eurocypria as 'Insurance Policy'
------------------------------------------------------------
The government will acquire Cyprus Airways' (CAIR) charter unit
to create a new debt-free carrier, Reuters says.

Communications Minister Haris Thrassou confirmed the plan to
spin off Eurocypria from CAIR and transform it into an
independent carrier.  "Eurocypria, as an asset of Cyprus
Airways, will be sold to the government because we want to have
another independent air carrier," he said.

Reuters has learned that the initial plan was to take over the
unit to serve as a backup should CAIR's restructuring fails.
Mr. Thrassou said the takeover will proceed regardless of the
results of the restructuring.  The cabinet approved the plan at
an emergency session Saturday.

A source privy to the matter said, "If Cyprus Airways goes under
then its subsidiaries will too.  But if Eurocypria is bought as
a separate entity the assets and slots of the group can be
transferred into [a] new entity."

The government had given unions until Dec. 30 to say yes or no
to the restructuring plan.  CAIR needs union endorsement to get
the European Commission's nod on the plan and a needed CYP58
million government-backed loan to repay CYP30 million in
maturing debt, cover CYP10 million in redundancy cost and
finance the restructuring.

External consultants have warned the carrier might incur CYP28
million in losses for 2005 and badly needs the loan to remain
afloat.  The government has warned it may shut down the carrier
if it fails to lay off 500 employees.

CONTACT:  CYPRUS AIRWAYS LIMITED
          21 Alkeou Str.
          2404 Engomi
          P.O. Box 21903
          1514 Nicosia, Nicosia
          Phone: 22663054
          Fax: 22663167
          E-mail: webcentre@cyprusair.com.cy
          Web site: http://www.cyprusairways.com


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


EURO DISNEY: Workers Strike over Unpaid Yearend Bonuses
-------------------------------------------------------
Up to 400 Euro Disney employees held a demonstration outside the
theme park Thursday to protest the withholding of their yearend
bonus and demand better working conditions, Le Monde says.

Euro Disney had decided not to release the EUR100 performance-
related bonuses due to expectations of another annual loss.  It
said the bonuses were not meant to be a yearly payout; adding
previous bonuses were tied to special occasions that demanded so
much from the employees.  It said the 2003 bonus was related to
the opening of a second pack that year, while the bonus 2004 was
handed out after the launch of the Lion Parade.

Employees, meanwhile, protest management's demand for them to be
flexible with their working schedules.  They object to last-
minute changes to the length of their shifts that are not
compensated.

The group posted EUR80.9 million in net losses in the first half
of 2005, compared to EUR108.9 million the year before,
reflecting an increased allocation of losses to minority
interests, reduced net financial charges and exceptional
expenses, and growth in (EBITDA).

CONTACT:  EURO DISNEY S.C.A.
          Corporate Communication
          Pieter Boterman
          Phone: +331 64 74 59 50
          Fax: +331 64 74 59 69
          E-mail: pieter.boterman@disney.com

          Investor Relations
          Fiona Lord Duarte
          Phone: +331 64 74 58 55
          Fax: +331 64 74 56 36
          E-mail: fiona.lord.duarte@disney.com


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


CB-SYSTEMS: Proofs of Claim Due Later this Month
------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against CB-Systems GmbH on December 14.  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 Katrin
Bringezu.

Creditors and other interested parties are encouraged to attend
the meeting on March 7, 2006, 9:15 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:  CB-SYSTEMS GmbH
          Dresdner Strasse 78b in 01445 Radebeul

          Katrin Bringezu, Administrator
          Obergraben 10, 01097 Dresden


DAVID GESCHAFTSSYSTEM: Bonn Company Goes Bust
---------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
David Geschaftssystem GmbH & Co. KG on December 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until February 3,
2006 to register their claims with court-appointed provisional
administrator Ingrid Trompertz.

Creditors and other interested parties are encouraged to attend
the meeting on March 10, 2006, 9:20 a.m. at the district court
of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 2.
Stock, Saal S 2.22, 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:  DAVID GESCHAFTSSYSTEM GmbH & Co. KG
          Rheinweg 24, 53113 Bonn

          Ingrid Trompertz, Administrator
          Sternstr. 79, 53111 Bonn
          Phone: 94 59 820
          Fax: 94 59 729


DELI GMBH: Kempten Court Appoints Administrator
-----------------------------------------------
The district court of Kempten opened bankruptcy proceedings
against DELI GmbH Spenglerei und Edelstahlverarbeitung on
December 15.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
February 3, 2006 to register their claims with court-appointed
provisional administrator Peter M. Hoffmann.

Creditors and other interested parties are encouraged to attend
the meeting on February 21, 2006, 10:30 a.m. at the district
court of Kempten, SS 157/I, 87435 Kempten, Residenzplatz 4-6, 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:  DELI GmbH SPENGLEREI UND EDELSTAHLVERARBEITUNG
          Aitranger Strasse 20 in 87640 Ebenhofen

          Peter M. Hoffmann, Administrator
          Donaustr. 64, 87700 Memmingen
          Phone: (08331) 924597-0
          Fax: (08331) 924597-99


EM.TV AG: Plazamedia Extends Premiere Contract
----------------------------------------------
Plazamedia GmbH TV & Film Produktion, a 100% subsidiary of EM.TV
group, has agreed to an extension of its long-term strategic
partnership with Premiere Fernsehen GmbH & Co. KG effective
January 1, 2007.

Within the terms of the partnership, PLAZAMEDIA will provide
PREMIERE with extensive in-house and outside production
services.  Within the sports segment, in-house production
services (agreed timescale until June 30, 2011) will also in
future encompass, inter alia, full program management of
Premiere's sports programming, including the HD offer by
Premiere, and post production, studio production or production
of the conference channel for the Champions League matches.  In
terms of outside production, PLAZAMEDIA will continue to handle
production of the Champions League, as well as multi-channel
broadcast of Formula 1 for a term of three years starting
January 1, 2007 until December 31, 2009.

Over its entire period, the agreement guarantees PLAZAMEDIA a
contract income of a lower triple-digit million-euro amount.

Furthermore, as of December 31, 2005, PLAZAMEDIA will take over
from Premiere the 100% ownership of the Premiere subsidiary
Creation Club (CC) GmbH.

Creation Club, which previously operated as Creative Services
within the Premiere Fernsehen GmbH & Co. KG, and has been a
subsidiary of Premiere since 2004, is positioned on the market
as an independent and innovative audio visual services company,
specializing in promotion, on and off-air design, advertising
and TV formats.

In 2005, Creation Club forecasts a turnover of around EUR16
million and will be profitable.  The company currently has some
120 permanent employees. Its main customer is Premiere.

Creation Club and Premiere have agreed an extensive production
framework contract that has three years to run and can be
extended by a further two years.  The new PLAZAMEDIA subsidiary
expects to see from this an annual contract income in a low
double-digit million-euro range.

Management of Creation Club will continue under the leadership
of Zeljko Karajica, who has been managing the company from the
beginning.  He has a long-term commitment to Creation Club and
will also be joining the PLAZAMEDIA management team.

CONTACT:  EM.TV AG
          Beta-Strasse 11
          85744 Unterföhring
          Deutschland

          Press Relation:
          Sabine Lais
          Phone: +49 (0) 89 - 99 500 461,
          Fax: +49 (0) 89 - 99 500 466

          Kommunikation für Unternehmen GmbH
          Frank Elsner
          Phone: +49 (0) 5404 - 91 92 0,
          Fax: +49 (0) 5404 - 91 92 29

          Investor Relation:
          Jens Stahmann
          Phone: +49 (0) 89 - 99 500 436,
          Fax: +49 (0) 89 - 99 500 433


ERNST PACK: Creditors Meeting Set March
---------------------------------------
The district court of Koln opened bankruptcy proceedings against
Ernst Pack Bauunternehmung GmbH on December 16.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until February 10, 2006 to
register their claims with court-appointed provisional
administrator Dr. Ruediger Werres.

Creditors and other interested parties are encouraged to attend
the meeting on March 14, 2006, 11:00 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.
Etage, Saal 142, 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:  ERNST PACK BAUUNTERNEHMUNG GmbH
          Hammermuehle 40, 51491 Overath/Marialinden
          Contact:
          Ralf Vierkotter, Manager
          Grossoderscheid 20, 51491 Overath/Marialinden

          Dr. Ruediger Werres, Administrator
          Friesenplatz 17 a, 50672 Koln
          Phone: 0221/95 14 46 - 20
          Fax: +4922195144690


EURO-GRUPPE AG: Follows Subsidiaries to Bankruptcy Court
--------------------------------------------------------
Approximately 40,000 investors may have been hoodwinked by Euro-
Gruppe AG, a consumer centre in Bremen told Handelsblatt last
week.

The center confirmed on December 29 that the group has filed for
insolvency weeks after its operations unraveled with the
successive bankruptcy filing of its subsidiaries.  AVB
Allgemeine Vermogensberatun was the first to file on November
25, followed by Ibeka on December 9.  The remainder, identified
by Handelsblatt as Schober and Euro-Pool AG, filed for
insolvency on December 13.

According to the report, Euro-Gruppe operated on the 'grey'
market, notorious for its lack of transparency.  Following its
fall, experts will be appointed to examine the assets of all the
companies within the group and an insolvency administrator will
be assigned.

"The consumer centre doubts that investors will receive any
money," Handelsblatt says.

CONTACT:  EURO-GRUPPE AG
          Worthstr. 13-15, 97082 Wurzburg
          Phone: 0931-40404
          Fax: 0931 4040500
          Web site: http://www.euro-gruppe.de/


K13 SYSTEMS: Under Bankruptcy Administration
--------------------------------------------
The district court of Koln opened bankruptcy proceedings against
K13 Systems GmbH on December 7.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until January 16, 2006 to register their claims
with court-appointed provisional administrator Ulrich Forster.

Creditors and other interested parties are encouraged to attend
the meeting on February 16, 2006, 8:44 a.m. at the district
court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  K13 SYSTEMS GmbH
          Peter-Michels-Str. 13, 50827 Koln
          Contact:
          Boris Godo, Manager
          Kamekestrasse 14, 50672 Koln

          Ulrich Forster, Administrator
          Martinstr. 22 - 24, 50667 Koln
          Phone: 9257000
          Fax: +4922192570050


KATEP GMBH: Creditors' Claims Due Next Month
--------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against KATEP GmbH on December 20.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until February 12, 2006 to register their claims
with court-appointed provisional administrator Axel Schwentker.

Creditors and other interested parties are encouraged to attend
the meeting on March 9, 2006, 11:00 a.m. at the district court
of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg, III. Etage, Raum 315, 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:  KATEP GmbH
          Rembrandtweg 48, 46539 Dinslaken
          Contact:
          Fred Keller, Manager
          Hontroper Str. 104, 44869 Bochum

          Axel Schwentker, Administrator
          Lindnerstrasse 165, 46149 Oberhausen


KIENOW GROSSHANDEL: Falls into Bankruptcy
-----------------------------------------
The district court of Koln opened bankruptcy proceedings against
Kienow Grosshandel fuer Heimtierbedarf und Pflanzenschutz GmbH
on December 8.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until February 16, 2006 to register their claims with court-
appointed provisional administrator Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2006, 11:56 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  KIENOW GROSSHANDEL FUER HEIMTIERBEDARF und
          PFLANZENSCHUTZ GmbH
          Siegburger Str. 453, 51083 Koln
          Contact:
          Franz Schmitz, Manager

          Jana Dettmer, Administrator
          Weyerstr. 54, 50676 Koln
          Phone: 0221/92 12 17 - 0
          Fax: +4922192121720


REISEBUERO VOLLACK: Court Sets Claims Verification May
------------------------------------------------------
The district court of Krefeld opened bankruptcy proceedings
against Reisebuero Vollack GmbH on December 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 10, 2006 to
register their claims with court-appointed provisional
administrator Eberhard Stock.

Creditors and other interested parties are encouraged to attend
the meeting on February 24, 2006, 10:15 a.m. at the district
court of Krefeld, Nordwall 131, 47798 Krefeld, 1. Etage,
Sitzungssaal H 131, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report on
May 12, 2006, 9:00 a.m. at the same venue.

CONTACT:  REISEBUERO VOLLACK GmbH
          Moerser Landstr. 387, 47802 Krefeld
          Contact:
          Horst-Werner Vollack, Manager
          Moerser Str. 447, 47803 Krefeld

          Eberhard Stock, Administrator
          Wilhelmshofallee 75, 47800 Krefeld


SCENA AGENTUR: Interim Administrator Enters Firm
------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Scena Agentur fuer PR & Eventmarketing GmbH
on December 19.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until March 17, 2006 to register their claims with court-
appointed provisional administrator Dr. Bjorn Gehde.

Creditors and other interested parties are encouraged to attend
the meeting on February 8, 2006, 9:00 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on May
10, 2006, 9:05 a.m. at the same venue.

CONTACT:  SCENA AGENTUR FUER PR & EVENTMARKETING GmbH
          Sophienstrasse 28-29,10178 Berlin

          Dr. Bjorn Gehde, Administrator
          Goethestr. 85, 10623 Berlin


SIEKMANN GMBH: Court to Verify Claims April
-------------------------------------------
The district court of Neumuenster opened bankruptcy proceedings
against Siekmann GmbH on December 5.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until February 1, 2006 to register their claims
with court-appointed provisional administrator Thorsten Schnoor.

Creditors and other interested parties are encouraged to attend
the meeting on April 28, 2006, 11:30 a.m. at the district court
of Neumuenster, Raum B. 126, im Gerichtsgebaude Boostedter
Strasse 26, 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:  SIEKMANN GmbH
          Uferstrasse 39, 24536 Neumuenster
          Contact:
          Manfred Siekmann, Manager

          Thorsten Schnoor, Administrator
          Wendenstrasse 4, 20097 Hamburg


SONNENHOHE WOHNUNGSBAU: Claims Filing Period Ends February 3
------------------------------------------------------------
The district court of Kempten opened bankruptcy proceedings
against Sonnenhohe Wohnungsbau GmbH & Co. KG on December 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until February 3,
2006 to register their claims with court-appointed provisional
administrator Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting on February 23, 2006, 9:30 a.m. at the district
court of Kempten, SS 157/I. 87435 Kempten, Residenzplatz 4-6, 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:  SONNENHOHE WOHNUNGSBAU GmbH & Co. KG
          Georg-Riedel-Str. 55 in 87600 Kaufbeuren

          Michael Pluta, Administrator
          Karlstr. 31-33, 89073 Ulm
          Phone: 0731/96880-0
          Fax: 0731/96880-50


TSP TRANSPORT: Creditors to Meet March
--------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against TSP Transport Service Podelwitz GmbH on December 19.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until February 14,
2006 to register their claims with court-appointed provisional
administrator Katrin Bringezu.

Creditors and other interested parties are encouraged to attend
the meeting on March 14, 2006, 9:10 a.m. at the district court
of Leipzig, Saal 145, 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:  TSP TRANSPORT SERVICE PODELWITZ GmbH
          Contact:
          Ullrich Telle, Manager
          Kossaer Str. 2, 04356 Leipzig

          Katrin Bringezu, Administrator
          Nonnenstr. 37, 04229 Leipzig


WCM AG: Supervisory Board Chairman Stepping down at Month's end
---------------------------------------------------------------
WCM Beteiligungs- und Grundbesitz-AG (WCM) announces that it
intends to implement these measures within a short period in
order to discharge the predominant share of group liabilities to
Klockner-Werke AG (Klockner) and RSE Grundbesitz und
Beteiligungs-AG (RSE):

(a) The 100% WCM subsidiary, WCM Beteiligungs- und
    Verwaltungs GmbH & Co. KG, sells 14,652,000 shares of
    Klockner-Werke AG, that is approximately 32% of the Klockner
    share capital, to RSE at a price of approximately EUR264
    million.  This is equivalent to a price per share of
    EUR18.00.  In line with the corresponding agreement, the
    purchase price claim of WCM Beteiligungs- und Verwaltungs
    GmbH & Co. KG from this sale will be offset against existing
    liabilities of WCM to RSE of EUR262 million.

(b) The option agreement between Klockner and WCM according to
    which Klockner has the right to sell WCM 10.7 million RSE
    shares (put option) is terminated.  Klockner is not
    exercising the put option and receives a claim against WCM
    for the payment of a lump sum at the level of the difference
    between the purchase price Klockner would have obtained when
    exercising the put option and the value of the RSE shares of
    EUR8.30.  The lump sum amount totals EUR175 million.

(c) Klockner acquires from WCM RSE shares amounting to
    approximately 70.7% of the RSE share capital at a price of
    EUR236 million.  This is equivalent to a price per RSE share
    of EUR8.30.  The purchase price payment is made by
    offsetting existing claims of Klockner against WCM,
    including the claim for the payment of a lump sum in line
    with Paragraph 2 (a total of EUR287 million).

(d) After implementing the measures described under Paragraphs 1
    to 3, WCM has a remaining liability to Klockner totaling
    approximately EUR50 million.

(e) At a later point in time, it is intended to transfer the
    14,652,000 Klockner shares acquired by RSE in line with
    Paragraph 1 to Klockner and to propose withdrawing these
    shares at the Klockner Annual General Meeting in 2006.
    After the withdrawal, the Klockner free float will increase
    to 32%, with the WCM stake in Klockner thus declining from
    the current level of roughly 78% to approximately 68%.

The implementation of the whole range of measures in the WCM
Group results a simplified group structure after unbundling the
cross-shareholdings.

Furthermore, agreement has been reached in principle on
extending the loan due at the end of January 2006 to July 31,
2007.  Financing has been secured in principle.

The group also declared a change in the composition of the WCM
Beteiligungs- und Grundbesitz-AG Supervisory Board:

Prof. Dr.  Dieter Vogel informed the Management Board and
Supervisory Board that he is terminating his mandate as of
January 31, 2006.

As reasons for his move, Prof. Vogel cites other professional
burdens.  Since October 9, 2003, Prof. Vogel has headed the
Supervisory Board.  Since then, WCM has reduced its debt levels
by approximately EUR3 billion and largely implemented the focus
to an industrial group.  With bank financing in principle for
the remaining liabilities of approximately EUR200 million for
WCM AG recently being secured and with the elimination of the
internal cross-shareholdings, Prof. Vogel is of the opinion that
a large part of WCM's road to recovery has already been
traveled.  The Management Board would like to thank Prof. Vogel
for his valuable assistance in restructuring the corporation.
The Supervisory Board will elect a new Chairman on the occasion
of the next Supervisory Board meeting on February 2, 2006.

                            *   *   *

Headquartered in Frankfurt, Germany, WCM Beteiligungs- und
Grundbesitz-AG was founded in 1766 as a textile company, but has
since then transformed into a real estate investment group.  Its
fortunes slumped dramatically in 2003 when it reported an EUR861
million loss after being forced to write down the value of many
of its shareholdings amidst a slump in the stock market.  It is
now trying to pay debt and sell assets.

WCM achieved pre-tax earnings for the Group of -EUR18.7 million
(previous year: -EUR25.4 million) with sales of EUR225 million
in Q3 (previous year: EUR204 million).  Consolidated sales
totaled EUR677 million (previous year: EUR655 million) in the
first nine months of the 2005 financial year, with pre-tax
earnings at -EUR9.3 million (previous year: -EUR31.4 million).

CONTACT:  WCM BETEILIGUNGS- UND GRUNDBESITZ-AKTIENGESELLSCHAFT
          Opernplatz 2
          60313 Frankfurt
          Phone: +49 (0) 69 90026-0
          Fax: +49 (0) 69 90026-110
          E-mail: info@wcm.de
          Web site: http://www.wcm.de


WESTFALISCHES METALLKONTOR: Dortmund Venture Goes under
-------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Westfalisches Metallkontor GmbH on December 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 7, 2006
to register their claims with court-appointed provisional
administrator Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on January 31, 2006, 10:00 a.m. at the district
court of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund,
II. Etage, Saal 3.201, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report on April 4, 2006, 9:00 a.m. at the same venue.

CONTACT:  WESTFALISCHES METALLKONTOR GmbH
          Feldmark 2, 44267 Dortmund
          Contact:
          Karl Holzer, Manager

          Dr. Winfrid Andres, Administrator
          Neuer Zollhof 3, 40221 Duesseldorf
          Phone: 0211/69076969
          Fax: 69 07 69-70


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


AYDAKUN: Gives Creditors until February to File Claims
------------------------------------------------------
LLC Aydakun, which recently became insolvent, will accept proofs
of claim at Bishkek, 8th Micro District 31b until February 20,
2006.


KOSMOS UNIVERSAL: Creditors' Claims Due Next Month
--------------------------------------------------
LLC KOSMOS UNIVERSAL INK, which recently became insolvent, will
accept proofs of claim at Bishkek, Maldybayeva Str. 8 until
February 16, 2006.  Call (0-312) 57-29-48 for more information.


NAIVAT: Under Bankruptcy Supervision
------------------------------------
The Inter-Regional Court of Osh region commenced bankruptcy
supervision procedure on LLC Naivat on November 8, 2005.  The
case is docketed as ED-000/94/-05-MO.  Mr. Yrysbai Sagynbayev
has been appointed temporary insolvency manager.

Creditors will meet at Osh, Privokzalnaya Str. on January 25,
2006 at 10:00 a.m.  Creditors must submit their proofs of claim
and register within seven days before the meeting with the
temporary insolvency manager.

CONTACT:  YRYSBAI SAGYNBAYEV
          Temporary Insolvency Manager
          Phone: +996 (3222) 5-93-87
                 +996 (502) 83-64-45


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


KONINKLIJKE AHOLD: Announces Restructuring for U.S. Foodservice
---------------------------------------------------------------
Ahold on Dec. 30, 2005 announced the amount of restructuring and
related charges that it expects to record in the fourth quarter
of 2005 at its U.S. Foodservice subsidiary, related to the long-
term strategy for U.S. Foodservice as announced on November 29,
2005.

The charges are expected to range between US$50 million and
US$60 million and reflect expenses associated with planned
workforce reduction, asset impairments, lease expenses related
to facilities to be exited, termination of contractual
obligations and other miscellaneous charges. The workforce
reduction initiative will result in the elimination, on a net
basis, of nearly 700 positions at the company's facilities
across the United States, including approximately 500
administrative positions.

The amounts above are preliminary and may be subject to change.

                        About the Company

Ahold got in trouble in 2003 when it admitted a US$500 million
overstatement of EBITA at its U.S. foodservice distribution arm,
requiring restatement of financial accounts for 2002 and
previous years.  In November that year, it announced a 3-year
'Road to Recovery' program that includes a EUR2.5 billion rights
issue, EUR300 million and US$1.45 billion backup credit
facilities, and at least EUR2.5 billion in asset sales.  The
program is aimed at returning the company to investment grade by
end of 2005.

                         Status to Date

In August, Standard & Poor's Ratings Services raised its long-
term corporate credit ratings on Ahold to 'BB+' from 'BB' with a
stable outlook to reflect substantial improvement of the group's
financial profile in the past 18 months.  This follows the
completion of a significant disposal program, to date exceeding
the stated EUR2.5 billion (US$3.1 billion) target.

Standard & Poor's said it would consider an upgrade to
investment grade level only if:

(a) The challenging environment currently prevailing in the
    group's core U.S. and Dutch retail markets improves; and

(b) The ratio of FFO to fully adjusted net debt and the EBITDAR
    coverage of net fixed charges improve beyond 25% and 2.5x,
    respectively.

Despite the group's deleveraging target and the completion of
remaining disposals in 2005, S&P said these conditions might not
be achieved in the near term, given the very challenging trading
conditions that are prevailing in the group's core markets.

CONTACT:  ROYAL AHOLD
          Albert Heijnweg 1
          1507 EH Zaandam, The Netherlands
          Phone: +31 (0) 75 659 9111
          Web site: http://www.ahold.com

          Investor Relations
          E-mail: investor.relations@ahold.com
          Phone: +31 (0) 75 659 58 28


ROYAL SHELL: Nigerian Operation Still Hampered by December Blast
----------------------------------------------------------------
Royal Dutch Shell plc is reportedly still losing around 15,000
barrels of oil production per day following a fire at its
Nigerian pipeline last month.

According to Neftegaz, the oil company also could not yet honor
oil supply deals from the country's Bonny Terminal.  A spokesman
said: "The force majeure is still in place."

In December, Shell closed two oilfields in Niger Delta after an
unidentified gunman caused a blast on a pipeline it operates.
The attack, which resulted in a major spill and fire, forced the
company to declare a force majeure, a measure allowing oil
companies to breach their supply deals due to uncontrollable
circumstances.

AFX News, in another report, said the motive behind the
explosion has not yet been determined.  Investigators suspect
the pipeline was intentionally blown up with dynamite.

Shell is the biggest player in Nigerian oil, operating two of
the country's six export terminals and supplying almost half of
its daily exports of 2.5 million barrels.

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


VERSATEL TELECOM: Managing Director Steps down
----------------------------------------------
With reference to the Offer Memorandum, dated 14 September 2005,
Versatel Telecom International N.V. has disclosed that R.M.
Raithatha will resign from his positions as Managing Director
and Chief Executive Officer of Versatel, effective 31 December
2005.

Mr. Raithatha, who will remain available to Versatel as a
consultant until 30 June 2006, is succeeded by P.G. Borgklint.
Mr. Borgklint, who has resigned from the management boards of
Tele2 Finance B.V. and Tele2 Netherlands Holdings B.V., was
appointed as Managing Director of Versatel at the extraordinary
shareholders meeting held on 29 September 2005 subject, among
others, to Mr. Raithatha's resignation.

                        About the Company

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

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


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


BAKALINSKIY: Cheese maker Declares Bankruptcy
---------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Bakalinskiy after finding the
cheese making plant insolvent.  The case is docketed as A07-
39066/05-G-MOG.  Mr. I. Sayfutdinov has been appointed
insolvency manager.

CONTACT:  BAKALINSKIY
          Russia, Bashkortostan republic,
          Bakalinskiy region, Bakaly, Lenina Str. 22

          I. SAYFUTDINOV
          Insolvency Manager
          450000, Russia, Bashkortostan republic,
          Ufa, Post User Box 1174


CAOUTCHOUC: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on close joint stock company
Caoutchouc (TIN 0268010429).  The case is docketed as A07-
26627/05-G-PAV.  Mr. E. Lysov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 450077, Russia,
Bashkortostan republic, Ufa, Engelsa Str. 1/1.  A hearing will
take place on February 8, 2006.

CONTACT:  CAOUTCHOUC
          452110, Russia, Bashkortostan republic,
          Sterlitamak, Tekhnicheskaya Str. 14

          E. LYSOV
          Temporary Insolvency Manager
          450077, Russia, Bashkortostan republic,
          Ufa, Engelsa Str. 1/1


DUBROVKA-MOL-PROM: Claims Filing Period Ends January 8
------------------------------------------------------
The Arbitration Court of Bryansk region commenced bankruptcy
proceedings against Dubrovka-Mol-Prom after finding the open
joint stock company insolvent.  The case is docketed as A09-
1498/05-26.  Mr. I. Vyshegorodtsev has been appointed insolvency
manager.  Creditors have until January 8, 2006 to submit their
proofs of claim to 394018, Russia, Bryansk region, Kirova Str.
9, Office #30.

CONTACT:  DUBROVKA-MOL-PROM
          Russia, Bryansk region,
          Dubrovka, Pobedy Str. 21

          I. VYSHEGORODTSEV
          Insolvency Manager
          394018, Russia, Bryansk region,
          Kirova Str. 9, Office #30


EAR: Nizhniy Novgorod Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Ear (TIN 5216001334) after
finding the open joint stock company insolvent.  The case is
docketed as A43-4134/05-21-115.  Mr. A. Vershinin has been
appointed insolvency manager.

Creditors have until January 8, 2006 to submit their proofs of
claim to:

(a) EAR
    607320, Russia, Nizhniy Novgorod region,
    Diveevo, Chkalova Str. 2

(b) A. VERSHININ
    Insolvency Manager
    607220, Russia, Nizhniy Novgorod region,
    Arzamas, Post User Box 38V

(c) ARBITRATION COURT OF NIZHNIY NOVGOROD REGION
    603082, Russia, Nizhniy Novgorod region,
    Kremlin, Building 9


INZHAVINO-AGRO-PROM-SNAB: Names V. Pivovarov Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
proceedings against Inzhavino-Agro-Prom-Snab after finding the
open joint stock company insolvent.  The case is docketed as
A64-1786/05-21.  Mr. V. Pivovarov has been appointed insolvency
manager.

CONTACT:  INZHAVINO-AGRO-PROM-SNAB
          393310, Russia, Tambov region,
          Inzhavino, Mayakovskogo Str. 26

          V. PIVOVAROV
          Insolvency Manager
          398036, Russia, Lipetsk,
          Khorshavina Str. 13-84


KORKINSKAYA: Confectionery Retailer Files for Bankruptcy
--------------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Korkinskaya after finding the confectionery
shop insolvent.  The case is docketed as A76-16899/05-36-91.
Mr. S. Anisimov has been appointed insolvency manager.
Creditors may submit their proofs of claim to 454048, Russia,
Chelyabinsk, Fedorova Str. 1a, 2nd floor.

CONTACT:  KORKINSKAYA
          Russia, Chelyabinsk region,
          Korkino, 30 Let VLKSM

          S. ANISIMOV
          Insolvency Manager
          454048, Russia, Chelyabinsk region,
          Fedorova Str. 1a, 2nd floor
          Phone: (351) 260-40-66


MAGADANSKAYA: Succumbs to Bankruptcy
------------------------------------
The Arbitration Court of Magadan region commenced bankruptcy
proceedings against Magadanskaya after finding the sausage
factory insolvent.  The case is docketed as A37-2450/05-5b.  Mr.
E. Baturin has been appointed insolvency manager.

CONTACT:  MAGADANSKAYA
          685000, Russia, Magadan region,
          Koltsevaya Str. 3

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


MASTER-HOLDING: Declared Insolvent
----------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Master-Holding after finding the
close joint stock company insolvent.  The case is docketed as
A43-6293/05-33-189.  Mr. I. Zolin has been appointed insolvency
manager.  Creditors have until January 8, 2006 to submit their
proofs of claim to 603043, Russia, Nizhniy Novgorod, Post User
Box 166.

CONTACT:  MASTER-HOLDING
          Russia, Nizhniy Novgorod region,
          Moskovskoye Shosse, 213a

          I. ZOLIN
          Insolvency Manager
          603043, Russia, Nizhniy Novgorod region,
          Post User Box 166


PROM-NEFTE-KHIM-AGRO-SNAB: Bankruptcy Hearing Set Jan. 27
---------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on limited liability company
Prom-Nefte-Khim-Agro-Snab.  The case is docketed as A-32-
24399/2005-2/368-B.  Mr. N. Kurochkin has been appointed
temporary insolvency manager.  A hearing will take place on
January 27, 2006, 2:30 p.m. at Russia, Krasnodar, Krasnaya Str.
6, Room 16A.

CONTACT:  PROM-NEFTE-KHIM-AGRO-SNAB
          Russia, Krasnodar region, PRK Str. 79

          N. KUROCHKIN
          Temporary Insolvency Manager
          350004, Russia, Krasnodar region,
          Kozhevennaya Str. 18


VOZNESENSKOYE: Claims Filing Period Ends Next Week
--------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Voznesenskoye after finding the
repair-technical enterprise insolvent.  The case is docketed as
A43-7627/05-33-200.  Mr. I. Zolin has been appointed insolvency
manager.  Creditors have until January 8, 2006 to submit their
proofs of claim to 603043, Russia, Nizhniy Novgorod region, Post
User Box 166.

CONTACT:  VOZNESENSKOYE
          Russia, Nizhniy Novgorod region,
          Voznesenskoye, Industrialnaya Str. 19

          I. ZOLIN
          Insolvency Manager
          603043, Russia, Nizhniy Novgorod region,
          Post User Box 166


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


SWISS INTERNATIONAL: Lifts Ultimatum to Pilots; Extends Talks
-------------------------------------------------------------
Pilots of Swiss International Air Lines have agreed to defer
their strike and return to the negotiating table, Reuters
reported Sunday citing Swiss dailies.

They earlier threatened to ground flights in response to
Lufthansa's threat to sack them if they fail to sign new
employment contracts.  The German airline, Swiss' new parent,
had given them until the end of December to do so.

"We have signed a joint declaration which opens the prospect for
a collective labor agreement," a spokesman for the pilots' union
said on Swiss television, according to Reuters.

Under the ceasefire agreement, discussions on the new employment
conditions will continue through February, to be finished at the
end of March.  The new contracts should be in place from April
1, Reuters says.

Lufthansa, which took over Swiss in July 2005 for around EUR310
million (US$366.9 million), is planning to reduce cost by
cutting back its fleet.  It aims to bring the new subsidiary to
break even by 2007.

CONTACT:  DEUTSCHE LUFTHANSA AG
          Corporate Communications
          Phone: +49 69 696 51014
          Fax: +49 69 696 95428
          Web site: http://media.lufthansa.com

          SWISS INTERNATIONAL AIR LINES LTD.
          Corporate Communications
          Phone: +41 848 773 773
          Fax: +41 44 564 2127
          E-mail: communications@swiss.com


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


BOBRITSKE: Liquidator Takes over Helm
-------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against LLC Bobritske (code EDRPOU 30915080) on
November 14, 2005 after finding the limited liability company
insolvent.  The case is docketed as 12/44-05.  Ms. Tetyana
Atamanova (License Number AB 216921) has been appointed
liquidator/insolvency manager.

CONTACT:  TETYANA ATAMANOVA
          Liquidator/Insolvency Manager
          40004, Ukraine, Sumi region,
          Suprun Str. 3/2

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


FIRST UKRAINIAN: Fitch Affirms Long-term B- Rating
--------------------------------------------------
Fitch Ratings has affirmed First Ukrainian International Bank's
(FUIB) ratings at Long-term 'B-', Short-term 'B', Individual 'D'
and Support '5'.  The Outlook for the Long-term rating remains
Stable.

The ratings of FUIB reflect its high risk operating environment,
concentrated loan book, potentially vulnerable liquidity and the
risks associated with rapid loan growth.  However, the ratings
also take into account the bank's reasonable (for Ukraine) risk
management systems, relatively high capital ratios, acceptable
profitability, reasonable asset quality and modest market risk.

An expansion of FUIB's franchise and a proven track record in
managing the risks associated with rapid growth could result in
upward pressure on the bank's ratings.  A deterioration in the
bank's liquidity position, resulting in a need for shareholder
support, a significant decline in the quality or strength of
FUIB's capital or a marked deterioration in asset quality could
contribute to downward pressure on the bank's ratings.

FUIB was founded in 1991.  It is 99%-owned by System Capital
Management (SCM), a holding company, which increased its stake
in FUIB to 99% from 49% in February 2005 following the departure
of FUIB's Western and International Financial Institution
shareholders.  SCM provided liquidity support to FUIB during the
political instability in Ukraine in Q404, which resulted in an
outflow of customer deposits from the bank.

SCM incorporates interests in a broad range of sectors,
including Donghorbank, a medium-sized bank based in Donetsk.
SCM is ultimately controlled by Rinat Akhmetov, a leading
Ukrainian businessman.  To date FUIB has positioned itself
primarily as a corporate bank, in addition to having a
reasonable retail deposit base.  Its strategy is also to develop
lending to smaller corporates and retail customers.  FUIB is
ranked among the 15 largest banks in Ukraine by assets.

CONTACT:  FIRST UKRAINIAN INTERNATIONAL BANK
          2a Universytetska Str.,
          Donetsk, 83000, Ukraine
          Phone: (380) (62) 332 4500
                 or 332 4501
          Fax: (380) (62) 332 4700
          E-mail: info@fuib.com

          FITCH RATINGS
          Lindsey Liddell, London
          Phone: +44 20 7417 3495
          James Watson
          Phone: +7 095 956 9901

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


LUGASNK DRY-CLEANING: Court Appoints Liquidator
-----------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Lugasnk Regional Dry-Cleaning and Painting
Factory (code EDRPOU 03052776) on November 18, 2005 after
finding the limited liability company insolvent.  The case is
docketed as 19/142 b.  Mr. Kulik Viktor has been appointed
liquidator/insolvency manager.  The company holds account number
26004197303002 at CB Privatbank, Lugansk branch, MFO 304795.

CONTACT:  LUGASNK REGIONAL DRY-CLEANING AND PAINTING FACTORY
          91017, Ukraine, Lugansk region,
          Tsimlyanska Str. 1

          KULIK VIKTOR
          Liquidator/Insolvency Manager
          Ukraine, Lugansk region,
          Shelkovij Str. 35
          Phone: (0642) 53-21-21

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


MERKATOL-PODIL: Goes into Liquidation
-------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Merkatol-Podil (code EDRPOU 22869595) on
November 10, 2005 after finding the limited liability company
insolvent.  The case is docketed as 43/789.  Mr. Slavnij E. has
been appointed liquidator/insolvency manager.

CONTACT:  MERKATOL-PODIL
          Ukraine, Kyiv region,
          Sgajdachnij Str. 41

          SLAVNIJ E.
          Liquidator/Insolvency Manager
          01010, Ukraine, Kyiv region,
          Anishenko Str. 12, Office 12

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


MTS-SERVICE: Succumbs to Insolvency
-----------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against MTS-Service (code EDRPOU 23571946) on
November 22, 2005 after finding the limited liability company
insolvent.  The case is docketed as 68/11 b-05.  Mr. T. Kushnir
(License Number AA 719818) has been appointed
liquidator/insolvency manager.  The company holds account number
26002142 at JSPPB Aval, Bila Tserkva branch, MFO 321121.

CONTACT:  MTS-SERVICE
          Ukraine, Kyiv region,
          Bila Tserkva, Tomilivka, Lenin Str. TI

          T. KUSHNIR
          Liquidator/Insolvency Manager
          04208, Ukraine, Kyiv region,
          Pravdi Avenue 96/17

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


PROGRESS: Declared Insolvent
----------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against Progress (code EDRPOU 03374273) after
finding the limited liability company insolvent.  The case is
docketed as 7/283-05-10362.  Viktor Dariyenko (License Number AA
485256) has been appointed liquidator/insolvency manager.

CONTACT:  PROGRESS
          Ukraine, Odessa region,
          Kodimskij district, Ivashkiv

          VIKTOR DARIYENKO
          Liquidator/Insolvency Manager
          Phone: 8 (050) 316-82-18

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


ZINAL: Insolvency Manager Takes over Helm
-----------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Zinal (code EDRPOU 21355533) on November 17,
2005 after finding the limited liability company insolvent.  The
case is docketed as 14/4827.  Mr. Oleg Bilera (License Number AA
783030) has been appointed liquidator/insolvency manager.  The
company holds account number 26006201942001 at CB Proekonombank,
Cherkassy branch, MFO 354875.

CONTACT:  ZINAL
          Ukraine, Cherkassy region,
          Rizdvyana Str. 90/99

          OLEG BILERA
          Liquidator/Insolvency Manager
          18005, Ukraine, Cherkassy region,
          Volkov Str. 59/35
          Phone: (0472) 76-79-77, 41-67-64

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


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


ACETRAIN LIMITED: Liquidator from J W Lewis Enters Firm
-------------------------------------------------------
N. McEwen, director of Acetrain Limited, informs that the
special resolution to wind up the firm was passed at an EGM held
on Dec. 12 at Suite B1, White House Business Centre, Forest
Road, Kingswood, Bristol BS15 8NH.  John William Lewis was
appointed liquidator.

Creditors are required on or before January 31, 2006 to send in
their full forenames and surnames, addresses and descriptions,
full particulars of debts or claims and the names and addresses
of Solicitors (if any), to John William Lewis.

CONTACT:  J W LEWIS & CO
          Suite B1
          White Business Centre
          Forest Road
          Kingswood
          Bristol
          Avon BS15 8NH
          Phone: 0117 947 5747
          Fax: 0117 947 5745


ALLSPORTS LTD.: No more Money for Unsecured Creditors
-----------------------------------------------------
Unsecured creditors owed over GBP4 million may not be paid by
Allsports Ltd., according to administrators.

In their report sent to shareholders and creditors late
December, BDO Stoy Hayward administrators said there is not
enough money to pay these creditors, which include the Office of
Fair Trading (OFT).

The OFT had fined the sportswear retailer GBP1.4 million for
price-fixing, but failed to collect the amount since August
2003.  Allsports' total debt is almost GBP30 million, the
administrator's report stated.

Leading the unsecured creditors, which may not receive a penny,
is 3i, The Sunday Times said.  The company, which invested GBP15
million in the retailer in 1997 and owns a 30% stake, is owed
GBP2.5 million.  Trade creditors Adidas and Puma are owed GBP1.2
million and GBP762,000 respectively.  Charlton Athletic, the
Premiership football club sponsored by Allsports, is owed
GBP117,500.

According to administrator Dermot Power, Allsports collapsed as
the company's sales tumbled by 21% and its bank debt soared.
The situation turned for the worse in September when the company
had insufficient capital to buy its Christmas stock.

David Hughes founded Allsports in 1976.

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

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


ASSOCIATED BUILDING: Creditors Meeting Set Next Week
----------------------------------------------------
Creditors of Associated Building Solutions Limited (Company No
04887750) will meet on Jan. 12, 2005, 11 a.m. at Merrion Hotel,
Wade Lane, Leeds LS2 8NH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to G. M. Krasner, joint administrator of Bartfields
(UK) Limited, Burley House, 12 Clarendon Road, Leeds LS2 9NF not
later than 12 noon, Jan. 11, 2005.

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


A.S.T.E. RAIL: Calls in Administrators from Chantrey Vellacott
--------------------------------------------------------------
Kevin Anthony Murphy and Richard Howard Toone (IP Nos 8349,
9146) of Chantrey Vellacott DFK LLP were appointed
administrators of A.S.T.E. Rail UK Limited (Company No 03796386)
on Dec. 13.  The company recruits workers for rail contractors.

CONTACT:  ASTE RAIL U.K. LTD.
          Unit 11, Arc Progress
          Mill Lane, Stotfold
          Bedfordshire SG5 4NY
          Phone: 0870 770 4567
          Fax: 0870 770 4568

          CHANTREY VELLACOTT DFK
          Russell Square House,
          10-12 Russell Square,
          London WC1B 5LF
          Phone: 020 7509 9000
          Fax: 020 7436 8884
          Web site: http://www.cvdfk.com


CHARACTER GROUP: Begins Trading on AIM
--------------------------------------
Following the passing of a special resolution of The Character
Group plc approving the cancellation of the admission of the
Group's issued Ordinary Shares of 5 pence each to the Official
List of the U.K. Listing Authority at the EGM held on 29
November 2005, the Cancellation has now become effective and
dealings in the issued Ordinary Shares may no longer be effected
on the London Stock Exchange's market for listed securities.
Trading in the issued Ordinary Shares on the London Stock
Exchange's AIM market commenced Friday.

                            *   *   *

The company behind Christmas 2004's best-selling toy,
Robosapien, incurred a loss of GBP1.93 million in the first
half.  Executive chairman Richard King said: "Business just
dropped off a precipice in January.  It just turned into a
disaster area."

Mr. King attributed the figure to tough market conditions and
price cuts from rival high street retailers like Argos, which
have prevented the group from carrying out any price increases.
The fall of The Gadget Shop, which distributes the robots and
the company's wide range of talking key rings, didn't help
either.

CONTACT:  CHARACTER GROUP PLC
          2nd Floor
          86-88 Coombe Road
          New Malden
          Surrey, KT3 4QS
          Registered No: 3033333
          Phone: 44 (0) 20 8949 5898
          Fax: 44 (0) 20 8336 2585
          Web site: http://www.charactergroup.plc.uk


CHESHIRE LEASING: Hires PricewaterhouseCoopers Liquidator
---------------------------------------------------------
P. Gittins, chairman of Cheshire Leasing Limited, informs that
the special and ordinary resolutions to wind up the firm were
passed at an EGM held on Dec. 15.  Tim Walsh and Jonathan Sisson
of PricewaterhouseCoopers LLP, Benson House, 33 Wellington
Street, Leeds LS1 4JP were appointed joint liquidators.

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


CHURCHILLS STAIRLIFTS: Appoints Tomlinsons Administrator
--------------------------------------------------------
A. H. Tomlinson (IP No 006585) of Tomlinsons was appointed joint
administrator of Churchill's Stairlifts Plc (Company No 3102898)
on Dec. 13.

Churchill's Stairlifts Plc -- http://www.churchills-
stairlifts.co.uk/ -- began trading in 1995, selling straight and
curved stairlifts to customers throughout the UK.

CONTACT:  CHURCHILLS STAIRLIFTS PLC
          Churchill's House
          15 Beeston Court, Manor Park
          Runcorn, Cheshire WA7 1SS
          Phone: 0800 371 982

          TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


CIARAS LIMITED: Names Tait Walker Administrator
-----------------------------------------------
Gordon S. Goldie and Allan D. Kelly (IP Nos 5799, 9156) of Tait
Walker were appointed administrators of restaurant company
Ciaras Limited (Company No 04081658) on Dec. 12.

CONTACT:  TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Phone: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk


CITILINK LIMITED: Appoints Liquidator from Kroll Limited
--------------------------------------------------------
Vinci Park Holdings U.K. Ltd., shareholder of Citilink Limited,
informs that the special and ordinary resolutions to wind up the
firm were passed at a general meeting.  N. H. Sinclair and G. P.
Squires of Kroll Limited, 10 Fleet Place, London EC4M 7RB were
appointed joint liquidators.

Creditors are required on or before January 18, 2006 to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debts or claims and the
names and addresses of their Solicitors (if any) to N. H.
Sinclair.

CONTACT:  KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com


COMPASS GROUP: Ex-BPB Exec Floated as Possible CEO Replacement
--------------------------------------------------------------
Headhunter Korn/Ferry International has reportedly approached
ex-BPB CEO Richard Cousins to become the new chief executive of
Compass Group plc.

Mr. Cousins is understood to have been among several candidates
interviewed for the position.  He left BPB, which manufactures
plasterboards, following the takeover by France-based Saint
Gobain.

According to the Sunday Telegraph, Compass Chairman-elect Roy
Gardner has been coordinating with Korn/Ferry on Mike Bailey's
successor.  Mr. Bailey is stepping down as CEO after 40 years of
service in the catering industry.  According to the Sunday
Times, there was no certainty that Mr. Cousins would be
appointed to succeed him.

Mr. Bailey's exit came following a year that saw Compass get
entangled in the U.N. procurement scandal amidst a string of
profit warnings.

In September, Mr. Bailey said: "In my time at Compass, we have
built a truly international business with scale and market
leadership.  While in the short term the Company has been
through a challenging period, particularly in the U.K., I am
satisfied that we have taken the necessary action and that a
platform has been established from where the Company can move
forward again.  I remain fully committed to implementing our
plan through this period of turnaround."

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

          KORN/FERRY INTERNATIONAL
          1900 Avenue of the Stars, Suite 2600
          Los Angeles, CA 90067
          Phone: +1 310 552 1834
          Web site: http://www.kornferry.com


CROWN EUROPEAN: Liquidators from Ernst & Young Move in
------------------------------------------------------
P. C. Walker, shareholder of Crown European Holdings Limited,
informs that the special resolution to wind up the firm was
passed at a general meeting recently.  Thomas Merchant Burton
and Patrick Joseph Brazzill of Ernst & Young LLP, Ten George
Street, Edinburgh EH2 2DZ were appointed liquidators.

CONTACT:  ERNST & YOUNG LLP
          Ten George Street
          Edinburgh EH2 2DZ
          Phone: +44 [0] 131 777 2000
          Fax: +44 [0] 131 777 2001
          Web site: http://www.ey.com


EMERALD RECRUITMENT: Names Pridie Brewster Administrator
--------------------------------------------------------
Hasan Imam Mirza (IP No 1308) of P B Recovery Limited was
appointed joint administrators of Emerald Recruitment Limited
(Company No 03924528) on Dec. 12.  Its registered office is at
the First Floor, Newbury House, 890 Eastern Avenue, Newbury
Park, Ilford, Essex IG2 7HY.

Emerald Recruitment Ltd. -- http://www.emeraldrec.co.uk/-- is
an independent recruitment agency dedicated solely to meeting
the recruitment needs of the Qualified Social Work Sector.  Its
clients include social service departments, private charities
and NHS Trusts throughout the UK.

CONTACT:  EMERALD RECRUITMENT LIMITED
          1st Floor, Newbury House,
          890 Eastern Avenue
          Newbury Park, Ilford Essex IG2 7HY
          United Kingdom
          Phone: +44 (0) 20 8262 8000
          Fax: +44 (0) 20 8262 8001

          PRIDIE BREWSTER
          St Andrew's House
          18-20 St. Andrew Street
          London EC4A 3AJ
          Phone: 020 7282 5900
          Fax: 020 282 5901
          E-mail: chammond@bridie.brewster.com


FREAKYSTEAKY LIMITED: Appoints Administrator
--------------------------------------------
Ian Brown and Adrian Peter Berry (IP Nos 007236, 008601) of
Deloitte & Touche LLP were appointed administrators of holding
company Freakysteaky Limited (Company No 04919874) on Dec. 12.

CONTACT:  DELOITTE & TOUCHE
          1 City Square
          Leeds
          West Yorkshire LS1 2AL
          Phone: 0113 292 1748
          Fax: 0113 244 8942


GREENS SUPERSTORES: Names Deloitte & Touche Administrator
---------------------------------------------------------
Christopher James Farrington (IP No 008751) and Dominic Lee
Zoong Wong (IP No 009232) of Deloitte & Touche LLP were
appointed joint administrators of Greens Superstores Limited
(Company No 929966) on Dec. 16.  Its registered office is at the
State Building, Church Street, Gainsborough DN21 2JN.  Greens
Superstores is the second largest independent toy retailer in
the UK.

CONTACT:  GREENS SUPERSTORES LTD.
          43-45 Stodman Street,
          Newark, Nottinghamshire NG24 1AW
          Phone: 01636611211

          DELOITTE & TOUCHE LLP
          1 Woodborough Road,
          Nottingham NG1 3FG
          Phone: +44 (0) 115 950 0511
          Fax:   +44 (0) 115 959 0060
          Web site: http://www.deloitte.com

          DELOITTE & TOUCHE LLP
          Four Brindleyplace
          Birmingham B1 2HZ,
          United Kingdom
          Phone: +44 (0) 121 632 6000
          Fax: +44 (0) 121 695 5678
          Web site: http://www.deloitte.com


HENRY NEWBOULD: Deloitte & Touche Administrators Enter Firm
-----------------------------------------------------------
Ian Brown and Adrian Peter Berry (IP Nos 007236, 008601) of
Deloitte & Touche LLP were appointed administrators of Henry
Newbould Limited (Company No 0333083) on Dec. 12.  The company
processes meat and produces bakery products.

CONTACT:  HENRY NEWBOULD LIMITED
          2 Startforth Rd
          Riverside Park
          Middlesbrough
          Cleveland TS2 1PT

          DELOITTE & TOUCHE
          1 City Square
          Leeds
          West Yorkshire LS1 2AL
          Phone: 0113 292 1748
          Fax: 0113 244 8942


K2 ENTERPRISE: Retailer Hires Pridie Brewster as Administrator
--------------------------------------------------------------
Hasan Imam Mirza and Clive Robert Hammond (IP Nos 1308, 4052) of
PB Recovery Limited were appointed joint administrators of K2
Enterprise LLP (Company No OC 300842) on Nov. 25.  Its
registered office is at 71-73 Church Street, Croydon, Surrey CR0
1RH.  The company sells ladies wear.

CONTACT:  K2 ENTERPRISE LLP
          71-73, Church St
          Croydon, Surrey CR0 1RH
          Phone: 020 8760 0333

          PRIDIE BREWSTER
          St Andrew's House
          18-20 St. Andrew Street
          London EC4A 3AJ
          Phone: 020 7282 5900
          Fax: 020 282 5901
          E-mail: chammond@bridie.brewster.com


MARKS & SPENCER: Fitch Affirms BBB+ Ratings; Outlook Negative
-------------------------------------------------------------
Fitch Ratings has affirmed U.K.-based retailer Marks & Spencer
Group plc's (M&S) ratings at Senior Unsecured 'BBB+' and Short-
term 'F2'.  The Rating Outlook remains Negative.

Jonathan Pitkanen, Senior Director in Fitch's Corporates Group
based in London, said: "While some signs of recovery are
evident, they are against soft comparables with sustainable
material improvement still not evident for M&S."

The Negative Outlook continues to reflect the agency's concerns
about the sustainability and material nature of M&S's
improvement, particularly in a tough U.K. consumer environment.
While M&S provided positive news at its interim results with
operating profit up some 27%, like-for-like (lfl) sales declined
2.3% for the group and 6.1% for general merchandise in
particular.  This is somewhat disappointing given the soft
comparable period sales data, although a number of M&S's
competitors have also posted lfl sales declines but against
better prior period sales.  Some comfort has been taken from the
lack of heavy promotional activity in the run-up to Christmas
2005 compared to last year, further supporting M&S's
management's statements that stock commitments had been
substantially reduced and were under better control.  While this
should ensure that the markdowns evident in FY05 are not
repeated, it is likely that total sales may suffer.

M&S continued to lose market share in clothing during FY05, with
losses in womenswear, lingerie and menswear, although its market
shares are still ahead of its competitors.  In order to
stabilize its market share the initiatives taken by the group to
offer products at better opening price points is reliant on
improving the group's bought-in margin.  At H106 M&S was able to
demonstrate improved profitability through better supplier terms
and stock commitment which resulted in gross margins increasing
3.6 percentage points.

Mr. Pitkanen added: "However with little sign of improving
consumer confidence in the U.K., it may be necessary for M&S to
pass these margin gains to customers through lower prices."

Mixed progress has been made to date on M&S's operational
savings which it announced at its July 2004 review.  While a
third of the improvement in supplier terms (GBP 40 million) was
delivered in FY05, clothing markdowns increased resulting in
some GBP100 million of markdown improvement to be seen in FY06
in order for the group to meet plans.  This target may be
ambitious.

The group managed to reduce pre-exceptional operating costs in
FY05 marginally, with savings made in IT and not-for-resale
purchasing being offset by increased occupancy costs which
included a 28% increase in property-related lease costs.  This
large increase is primarily due to its greater presence in
retail parks as well as the expansion of the Simply Food
convenience store format.  Fitch would expect that lease growth
will slow but will still outpace turnover growth.

M&S continues to benefit from its prime high street locations
with predominantly freehold ownership.  M&S's property portfolio
has been revalued at GBP3.6 billion, some GBP1.4 billion above
book value and only around 10% of the portfolio is encumbered
(see credit-linked Amethyst Finance transaction at
http://www.fitchratings.com).  Capital expenditure to fund
store refurbishments and new retail park stores is likely to
result in capex increasing from the FY05 level of GBP220 million

to closer to GBP400 million in FY06 and GBP500 million in FY07.
This increased commitment coupled with the likelihood of further
additional pension contributions to reduce the net post
retirement liability of GBP778 million at H106, is expected to
negatively impact the group's net cash flow generation.

Following the GBP2.3 billion return of cash to shareholders,
poor trading in FY05 and significant exceptional costs, M&S's
key credit metrics weakened somewhat.  Fitch does not expect
further deterioration in its lease-adjusted net debt/Operating
EBITDAR above 3.0x (FY05: 2.9x) or Operating EBITDAR/Fixed
Charges below 4.4x (FY05: 4.6x).

CONTACT:  MARKS & SPENCER GROUP PLC
          Michael House
          47-67 Baker Street
          London
          England
          W1U 8EP
          Phone: +44 20 7935 4422
          Fax: +44 20 7487 2679
          Web site: http://www.marksandspencer.com

          FITCH RATINGS
          Jonathan Pitkanen, London
          Phone: + 44 20 7417 4201
          Frederic Gits, Paris
          Phone: + 33 1 44 29 91 34

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


OAKLAND FENCING: Calls in Fanshawe Lofts Administrator
------------------------------------------------------
Antony Robert Fanshawe (IP No 005944) and Susan Jane Stockley
(IP No 007889) of Fanshawe Lofts were appointed joint
administrators of Oakland Fencing Limited (Company No 03176500)
on Dec. 13.  Its registered office is at The George Business
Centre, Christchurch Road, New Milton, Hamtonshire BH25 6QJ.

Oakland Fencing Ltd. -- http://www.newforest-
online.co.uk/oakland/ -- has 20 years experience in the fencing
industry.

CONTACT:  OAKLAND FENCING LTD.
          Broadmead Cottage Silver Street
          Sway, Lymington SO41 6DG
          Hampshire
          Phone: 01590 681591
          Fax: 01590 681592
          E-mail: info@oaklandfencing.co.uk

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

          FANSHAWE LOFTS
          Universal House
          1-2 Queens Parade Street
          Bath, Avon BA1 2NN
          Phone: 01225 316 040
          Fax: 01225 315 150
          E-mail: sue.stockley@fanshawelofts.co.uk


PASSPORT 2 SPORT: Crashes into Administration
---------------------------------------------
Hundreds of people who bought sports experience vouchers may not
be able to enjoy them after all, the Daily Telegraph says.

Passport 2 Sport Vouchers, which sold the vouchers, fell into
administration shortly before Christmas after negotiations with
a rescuer fell through.  According to the report, the company
encountered financial difficulties after heavily investing in
the 2005 British Grand Prix, which was nearly cancelled.

The company provides Formula 1 vouchers, football tickets and
other sporting experiences.  The vouchers go for as low as GBP50
and could be redeemed for days driving Ferraris, sports
memorabilia and other items.

Mr. Mark Tailby, of CBA Insolvency Practitioners, Leicester,
says buyers should contact their credit card issuers to try to
get a refund since these voucher are valid up to three years
from purchase.

CONTACT:  PASSPORT 2 SPORT VOUCHER
          Web site: http://www.passport2sport.co.uk/


RANK GROUP: Rumors of GBP300-million Share Buyback Swirl
--------------------------------------------------------
Rank Group plans to return to shareholders a portion of the
proceeds from the sale of Deluxe Film through a share buyback,
The Guardian reported yesterday.

As much as GBP300 million will be set aside for the buyback, or
nearly 70% of the proceeds, according to the paper.  The film-
processing unit, sold to Ron Perelman's MacAndrews & Forbes late
last month, fetched GBP437 million.

The transaction is expected to dilute dividend for the year by
as much as 30% from 14.6p last year.  The sale of Deluxe Film,
which along with Deluxe Media accounts for a third of group
sale, is expected to lower pre-tax profit for 2006 to GBP134
million from GBP173 million, Investec Securities says.

Rank is expected to announce its new dividend policy and capital
structure in March, when full-year results come out.

The sale, meanwhile, has made Rank a takeover target, according
to The Guardian.  Already one had shown interest in the group
last year -- bookmaker William Hill, whose GBP4 billion offer
was rejected.  Merrill Lynch sees any takeover approach a
positive development, considering the low growth in Rank's bingo
operations and overcapacity in the casino market.  The group
owns Mecca Bingo, Grosvenor Casinos, Blue Square online gaming
and the Hard Rock Cafe chains.

                            *   *   *

S&P placed in October its 'BBB-' long-term and 'A-3' short-term
corporate credit ratings on Rank Group PLC on CreditWatch with
negative implications.  It cited the planned sale of Deluxe
Film, a decision made after Rank reported weak first-half 2005
results.  The sale, according to S&P, increases the probability
of a more aggressive financial profile for Rank.

"Rank needs to show stable profitability to maintain its current
ratings.  The company would also be expected to apply a large
proportion of sale proceeds from Deluxe to debt reduction, in
order to meet the financial targets and thereby retain its
current investment-grade status," S&P's Olli Rouhiainen said.
He hinted of a downgrade, which will likely be more than one
notch.

CONTACT:  THE RANK GROUP PLC
          Investor Relations
          6 Connaught Place
          London W2 2EZ
          Phone: +44 (0) 20 7706 1111
          Fax: +44 (0) 20 7706 1092
          Web site: http://www.rank.com


SWAN PLANT: Administrators Enter Firm
-------------------------------------
J. M. Titley and A. Poxon (IP Nos 8617, 8620) of DTE Leonard
Curtis were appointed administrators of Swan Plant Services
Limited (Company No 02651425) on Dec. 15.

Swan Plant Services -- http://www.swan-services.co.uk/-- is the
largest supplier of grounds maintenance equipment in the UK.

CONTACT:  SWAN PLANT SERVICES LTD.
          Haig Road
          Parkgate Industrial Estate
          Knutsford, Cheshire WA16 8DX
          United Kingdom
          Phone: (01565) 650567
          Fax: (01565) 650567
          E-mail: enquiries@swan-services.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


* 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 2006.  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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