TCREUR_Public/060105.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, January 5, 2006, Vol. 7, No. 4

                            Headlines

B E L G I U M

SPA-FRANCORCHAMPS: Belgian Grand Prix Still a Go


F I N L A N D

BENEFON OYJ: To Call EGM to Approve New Share Offering
COMPONENTA OYJ: EC Orders Return of EUR2.4 Million State Aid


G E R M A N Y

ALBRECHT KARG: Heilbronn Firm Succumbs to Bankruptcy
ARNOLD BEDACHUNGS: Creditors Meeting Set March
AUTO SIEBERT: Proofs of Claim Due Next Month
BAU INTACT: Under Bankruptcy Administration
BLK PRODUKTIONS: Court Calls in Administrator

CORROBOREE BOCHUM: Claims Verification Set February
FLEISCHEREI NEIDHARDT: Appoints Provisional Administrator
F&W ELEKTROANLAGEN: Bonn Business Goes into Administration
HELIOS KLINIKEN: S&P Rating Withdrawn After Sale to Fresenius
HOCKENHEIM-RING GMBH: Faces Insolvency

KARSTADTQUELLE AG: To Resume Paying Dividend in 2007
KMB BAUTRAGER: Falls into Bankruptcy
LEBENSRAUME HAUSBAU: Creditors to Meet March
PRO COVER: Creditors' Claims Due Later this Month
RD GROSSKUECHENTECHNIK: HWW Administrator Takes over Firm

RIM S.L.: Claims Filing Period Ends January 24
SHARR GERUESTBAU: Hamburg Company Goes Bust
VOLKSWAGEN AG: Plans to Build Plant in Russia
WCM AG: Aiming to Cut Inter-company Debt by EUR500 Million
WCM AG: Ups MATERNUS-Kliniken Shareholding to 76%


I T A L Y

ALITALIA SPA: November Net Debt Up
ALITALIA SPA: Two Other Private Investors Reveal Shareholding
PARMALAT SPA: Parma Prosecutors Have one more Case vs. Tanzi


K A Z A K H S T A N

CARTEL INC: Succumbs to Insolvency
DOROJNIK: Files for Bankruptcy
GAP SERVICE: Creditors' Claims Due Today
NEW AGE: Declared Insolvent
STAR WAY: Deadline for Proofs of Claim February 6
YER-NUR STROI: Succumbs to Insolvency


K Y R G Y Z S T A N

AMANAT: Creditors' Claims Due Next Month
KURCHLO: Creditors to Meet Later this Month
MOSTRANSPROEKT: Gives Creditors Until February to File Claim


L U X E M B O U R G

STOLT-NIELSEN: Korea's Cartel Office Drops Probe on Subsidiary


N E T H E R L A N D S

ROYAL SHELL: Resumes Share Buyback
ROYAL SHELL: Announces First Crude Oil Shipment from Bonga Field


P O L A N D

CLOETTA FAZER: Concludes Sale of Polish Subsidiary
ELEKTRIM S.A.: Viennese Court Vacates Ruling on PTC Shares
KOMPANIA WEGLOWA: Predicts Smaller Profit this Year


R U S S I A

BELGOROD-PROJECT-STROY - 96: Bankruptcy Hearing Set Next Month
DALNEGORSKAYA: Succumbs to Bankruptcy
DALNEVOSTOCHNAYA BUILDING: Under Bankruptcy Supervision
GAGARIN-AGRO-TEKH-SERVICE: Declared Insolvent
KUTUYSKOYE: Insolvency Manager Enters Firm

MIX-OIL: Bankruptcy Court Sets Hearing January 24
NARTKALINSKIY DISTILLERY: Under Bankruptcy Supervision
PSEBAYSKOYE: Insolvency Manager Takes over Firm
TYUMENSKAYA COMPLEX: Names External Insolvency Manager
VERDEEVSKIY DISTILLERY: Undergoes External Management Procedure


U K R A I N E

KONOTOP' REPAIR-MECHANICAL: Collapses into Bankruptcy
SLAVIYA-AUTO: Declared Insolvent
SPECPROEKT: Under Bankruptcy Supervision
STEP: Zaporizhya Court Opens Bankruptcy Proceedings
TRANZIT: Appoints Temporary Insolvency Manager

* Row with Russia Poses No Urgent Threat to Ratings, Fitch Says


U N I T E D   K I N G D O M

ALENOY LIMITED: Appoints DTE Leonard Curtis Administrator
ANGLO AMERICAN: Sets Final Substantive Closure Distribution Date
APEX PITCHMASTIC: Administrators Take over Firm
AUTOCUE INTERNATIONAL: Names Ernst & Young Administrator
BAR YAHOO: Brings in Begbies Traynor Administrators

BEACON RECRUITMENT: Hires Liquidator
BERNHARD METALS: Aluminum Alloy Maker Folds up
BRITISH NUCLEAR: Sells Westinghouse Rights to Washington Group
BSA CASTINGS: Creditors Meeting Set Next Week
CAPITAL EMPLOYMENT: Creditors to Meet Today

CAPITAL GLASS: Hires Liquidator from Begbies Traynor
CHELSFIELD UPHOLSTERY: Goes into Liquidation
CORNISH FRUIT: Files for Liquidation
CREATIVE CONCEPTS: Calls in Liquidator
ELITE CONSERVATORY: In Liquidation

ELVEDEN PRINTERS: Hires Administrators from Pridie Brewster
ESSENTIS LIMITED: Back-office Services Provider Folds up
FAIRHAVEN TEXTILES: BWC Liquidators Move in
GALLAHER GROUP: Completes Takeover of CITA Tabacos
GOSHAWK INSURANCE: Rosemont Ups Reserve for Hurricane Katrina

HAUTIN LTD.: Appoints Liquidator from Fergusson
IN WWW: Liquidator from Jeffreys Henry Moves in
KOOKAI: Fashion Chain Goes into Administration
LDV LIMITED: Automaker Hires Administrator
MERLIN BIOSCIENCES: Investors Demand Swift End to SFO Probe

MINSTER HEALTH: Appoints Liquidator
P.D. TECHNOLOGIES: Meeting of Creditors Set Next Week
PHILLIPS NEWMAN: Falls into Administration
RANVIC LIMITED: Upholsterer Calls in Administrator
SEA CONTAINERS: Sells Remaining Properties in Newhaven Port
WARWICKSHIRE SURFACING: Administrators Enter Firm
XSITE (UK): Names KPMG Administrator


                            *********


=============
B E L G I U M
=============


SPA-FRANCORCHAMPS: Belgian Grand Prix Still a Go
------------------------------------------------
The Belgian Grand Prix will remain on the 2006 Formula One
calendar, this after the Wallonian government agreed to continue
subsidizing the race for another three years.

Promoters of the Spa-Francorchamps had filed for bankruptcy late
last year citing declining ticket sales and the regional
government's decision to cut funding.  Under its contract with
Formula One, the government is obligated to subsidize the races
until 2010.

Xinhua News, citing Belgian newspaper La Libre, says Formula One
top honcho Bernie Ecclestone and Wallonia have agreed to shorten
the contract to three years.  In exchange, the regional
government will raise EUR6 million as operating funds for the
races and spend EUR15 million to upgrade the circuit to
international standards.

The Belgian Grand Prix has been tentatively scheduled for Sept.
17 on the 2006 race calendar.  It is one of only two circuits
marked conditional; the other, Brazil, is subject to contract
approval.  The Spa-Francorchamps circuit is well known for its
changing weather conditions.

CONTACT:  CIRCUIT OF SPA FRANCORCHAMPS
          Route du Circuit, 55
          B-4970, Francorchamps
          Phone: ++ 32 87 27 51 38
          Fax: ++ 32 87 27 52 96
          E-mails: pbrelation@spa-francorchamps.be
          (Infos Grand Prix F1)info@spa-francorchamps.be
          Web site: http://www.spa-francorchamps.be/


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


BENEFON OYJ: To Call EGM to Approve New Share Offering
------------------------------------------------------
As reported earlier in the interim report issued on Nov. 10,
2005, Benefon Oyj has continued evaluating the funding
alternatives for its long-term financing solution.  As this
evaluation work is getting closer to a conclusion, the company
has decided to start immediate preparations for calling up an
Extraordinary General Meeting to decide on the directed share
issue to institutional investors and the company's existing
shareholders.

According to the preliminary plan the issue will be organized as
a book building mechanism.  It is estimated that the book
building process and the Extraordinary General Meeting would take
place in late January 2006.  Due to reasons attributable to the
planned issue structure, the authorization granted to the Board
of Directors by the Extraordinary General Meeting of Sept. 5,
2005 to issue at maximum 100,000,000 new investment series shares
would not be used in the financing alternatives, but instead the
decision to be made by the upcoming Extraordinary General Meeting
shall be utilized for the planned financing.

During the fundraising process, especially in the U.S., the
company has been required to disclose its current business plan
and the projected financial numbers the plan is based on.  The
same information has also been disclosed to markets by the
company.

As reported, securing of sufficient long-term financing is a
precondition for the company to be able to meet the projected
revenue and net income numbers as previously disclosed.
Additionally, delays in product development have also caused
updated information to be released, with the most recent update
being on Oct. 26, 2005.  The company has continuously updated
information regarding development in the financing plan and
outlooks for 2005 during the course of the year to keep the
markets well informed.

According to latest updated projected financial information
available, net revenue for 2005 will be at a level of EUR7.5
million and a net loss of EUR3.0 million for the full year.
Corresponding figures for Q4/2005 would be sales of EUR1.7
million and a net loss of EUR0.7 million.  The company believes
that if sufficient long-term financing of EUR11.0 million is
closed by the end of January, then it will be able to introduce
and start deliveries of its new product during Q1/2006 and meet
the revenue and net income projections for 2006 of EUR66.5
million and EUR7.5 million respectively as published on Oct. 26,
2005.  As communicated on several occasions the projections for
2006 are highly dependent on securing the sufficient long-term
financing.  There are no changes in company's business outlooks.

                        About the Company

Headquartered in Salo, Finland, Benefon provides mobile
telematics solutions for saving lives, securing assets and
improving field management.  It applied for statutory corporate
reorganization with the court of first instance in Turku on April
24, 2003 after failing to get funding on time.  In June this
year, Benefon decided to end the reorganization program ahead of
schedule.  The decision of the Turku District Court became
legally enforceable on June 20, 2005 and the Company reported
after the end of the period on July 4, 2005 that in accordance
with the approved program amendment it had paid off all
non-collateralized debt.

At the same time, the Company also paid to non-collateralized
creditors of the Company additional payments, which more than
doubled the payments to the non-collateralized creditors
determined in the reorganization program.

Benefon is facing a patent suit filed against it by Magi.tel in
Rome, Italy.

CONTACT:  BENEFON OYJ
          Jonathan Bate, CEO
          Phone: +44 1753 752 464
          E-mail: jonathan.bate@benefon.fi
          Web site: http://www.benefon.com


COMPONENTA OYJ: EC Orders Return of EUR2.4 Million State Aid
------------------------------------------------------------
The European Commission has decided that a transaction between
the city of Karkkila, Finland, and Componenta Corporation
violates EC Treaty rules that forbid state aids liable to distort
competition within the Single Market (Article 87).

In December 2003, Componenta sold its 50% stake in a real estate
company to the city of Karkkila for EUR2.4 million, a sum higher
than a private investor would have paid.  The payment was
conditional on Componenta moving some production from Sweden to
Finland to create 50-70 new jobs there.  The aid distorted
competition because it provided Componenta with funds it would
not have received under normal market terms.  The aid of EUR2.4
million was granted without prior Commission approval and must be
recovered from Componenta with interest.

"This Commission is firmly committed to tackling distortions of
competition where state aid does not contribute to the public
good, but merely distorts the Single Market.  This is clearly the
case when aid is provided to a specific company in order to give
it an incentive to invest in one place and close its facilities
in another," Competition Commissioner Neelie Kroes said.

Componenta Corporation, based in Karkkila in Finland, is a
producer of ready-to-install cast, geared and machined
components.  Componenta has production plants in Sweden, The
Netherlands and Finland and employs about 2,200 people.

In 2004, the Commission received a complaint alleging that the
city of Karkkila's purchase of Componenta's stake in the real
estate company Karkkilan Keskustakiinteistot Oy constituted state
aid (see IP/04/1370).  The city already owned the other 50% in
the company, which has since been put into liquidation.  The
complainant also alleged that the hidden subsidy was intended to
compensate Componenta for the cost of moving part of its
production facilities from Sweden to Finland.

                            *   *   *

Componenta Oyj is engaged in the development, manufacturing and
marketing of cast, forged, geared and other components and
industrial power transmission gear units.  Customers include
Northern European manufacturers of heavy trucks, mechanical
engineering companies and the off-road industry.

CONTACT:  COMPONENTA OYJ
          Nuijamiestentie 3 C
          P.O. BOX 1132
          00400 Helsinki 00101
          Phone: +358 9 225 021
          Fax: +358 9 2250 2721
          Web site: http://www.componenta.com


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


ALBRECHT KARG: Heilbronn Firm Succumbs to Bankruptcy
----------------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against Albrecht Karg GmbH on December 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 20, 2006 to register their
claims with court-appointed provisional administrator Dr. jur.
Marcus Egner.

Creditors and other interested parties are encouraged to attend
the meeting on February 20, 2006, 10:30 a.m. at the district
court of Heilbronn, Erdgeschoss, Saal 4, Insolvenzgericht,
Rollwagstr. 10a, 74072 Heilbronn, 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:  ALBRECHT KARG GmbH
          Obere Zeilstrasse 25, 74343 Sachsenheim
          Contact:
          Gerhard Karg, Manager
          Besigheimer Weg 94, 74343 Sachsenheim

          Dr. jur. Marcus Egner, Administrator
          Moltkestrasse 40, 74072 Heilbronn
          Phone: 07131/60990
          Fax: 07131/609962


ARNOLD BEDACHUNGS: Creditors Meeting Set March
----------------------------------------------
The district court of Hanau opened bankruptcy proceedings against
Arnold Bedachungs-GmbH on December 9.  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 Bahman
Yadegardjam.

Creditors and other interested parties are encouraged to attend
the meeting on March 7, 2006, 9:00 a.m. at the district court of
Hanau, Raum E03, Aussenstelle, Insolvenzgericht, Engelhardstrasse
21, 63450 Hanau, 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:  ARNOLD BEDACHUNGS-GmbH
          Bogenstr. 11, 63589 Linsengericht/OT Altenhasslau
          Contact:
          Elke Arnold-Urbach, Manager

          Bahman Yadegardjam, Administrator
          Hanauer Landstr. 287-289, D-60314 Frankfurt/M.
          Phone: 069/15051-300
          Fax: 069/15051-400


AUTO SIEBERT: Proofs of Claim Due Next Month
--------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Auto Siebert Service Center GmbH & Co. KG on December 20.
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 Klaus W. Gerling.

Creditors and other interested parties are encouraged to attend
the meeting on March 3, 2006, 9:45 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:  AUTO SIEBERT SERVICE CENTER GmbH & Co. KG
          Gruener Weg 6, 50825 Koln
          Contact:
          Karl Josef Siebert, Manager
          Marienstr. 1 d, 50825 Koln

          Klaus W. Gerling, Administrator
          Im Mediapark 6 B, 50670 Koln
          Phone: 57 43 - 71 40
          Fax: +4922157437149


BAU INTACT: Under Bankruptcy Administration
-------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against BAU INTACT Bauwerksdiagnose und -sanierung GmbH on
December 15.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
February 6, 2006 to register their claims with court-appointed
provisional administrator Jochen Horch.

Creditors and other interested parties are encouraged to attend
the meeting on March 7, 2006, 10:30 a.m. at the district court of
Heilbronn, Erdgeschoss, Saal 4, Insolvenzgericht, Rollwagstr.
10a, 74072 Heilbronn, 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:  BAU INTACT BAUWERKSDIAGNOSE UND -SANIERUNG GmbH
          Otto-Konz-Strasse 7, 74321 Bietigheim-Bissingen
          Contact:
          Bettina Plambeck-Fischer, Manager
          Heinzelberger Weg 51, 74343 Sachsenheim

          Jochen Horch, Administrator
          Wilhelmstrasse 23, 74072 Heilbronn
          Phone: 07131/7801-33
          Fax: 07131/7801-11


BLK PRODUKTIONS: Court Calls in Administrator
---------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against BLK Produktions GmbH on December 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 8, 2006 to register their
claims with court-appointed provisional administrator Jochen
Horch.

Creditors and other interested parties are encouraged to attend
the meeting on February 8, 2006, 10:45 a.m. at the district court
of Heilbronn, Erdgeschoss, Saal 4, Insolvenzgericht, Rollwagstr.
10a, 74072 Heilbronn, 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:  BLK PRODUKTIONS GmbH
          Weststrasse 2, 74193 Schwaigern
          Contact:
          Harald Betz, Manager
          Meisenweg 8, 74193 Schwaigern
          Andreas Obliers, Manager
          Bergstrasse 1, 56412 Gackenbach

          Jochen Horch, Administrator
          Wilhelmstrasse 23, 74072 Heilbronn
          Phone: 07131/7801-33
          Fax: 07131/7801-11


CORROBOREE BOCHUM: Claims Verification Set February
---------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Corroboree Bochum Betriebs GmbH on December 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 30, 2006
to register their claims with court-appointed provisional
administrator Dr. Onno Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on February 20, 2006, 9:00 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, 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:  CORROBOREE BOCHUM BETRIEBS GmbH
          Geibelstr. 45, 40235 Duesseldorf
          Contact:
          Manfred Josef Schumacher, Manager

          Dr. Onno Klopp, Administrator
          Sternstrasse 58, 40479 Duesseldorf


FLEISCHEREI NEIDHARDT: Appoints Provisional Administrator
---------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Fleischerei Neidhardt GmbH on December 15.  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 Bernward Widera.

Creditors and other interested parties are encouraged to attend
the meeting on March 8, 2006, 9:15 a.m. at the district court of
Chemnitz, Saal 28, im Gerichtsgebaude, Fuerstenstrasse 21,
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  FLEISCHEREI NEIDHARDT GmbH
          Bonhoefferstrasse 152, 08525 Plauen
          Contact:
          Christine Neidhardt and Hardy Pilk, Managers

          Bernward Widera, Administrator
          Buettenstrasse 4, 08058 Zwickau


F&W ELEKTROANLAGEN: Bonn Business Goes into Administration
----------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
F&W Elektroanlagen GmbH on December 20.  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 Johannes
Gather.

Creditors and other interested parties are encouraged to attend
the meeting on March 17, 2006, 9:10 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:  F&W ELEKTROANLAGEN GmbH
          Kotthausener Str. 59, 53639 Konigswinter
          Contact:
          Bernd Friedrichs, Manager

          Johannes Gather, Administrator
          Hausdorffstr. 11, 53129 Bonn
          Phone: 911 51 11
          Fax: 9115199


HELIOS KLINIKEN: S&P Rating Withdrawn After Sale to Fresenius
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB+' long-term
issuer credit rating on Germany-based hospital operator Helios
Kliniken GmbH at the issuer's request.  This follows its
acquisition by Germany-based Fresenius AG (BB+/Watch Neg/--).
The rating on Helios had been aligned to that of Fresenius since
Oct. 14, 2005, when Fresenius announced its acquisition plan.

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 these
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:  HELIOS KLINIKEN GMBH
          Schlossstrasse 2
          D-36037 Fulda
          Phone: +49 6 61 83 39-5 00
          Fax: +49 6 61 83 39-5 99
          E-mail: postmaster@fulda.helios-kliniken.de
          Web site: http://www.helios-kliniken.de/


HOCKENHEIM-RING GMBH: Faces Insolvency
--------------------------------------
Another Formula 1 race venue is on the skids, according to the
Guardian.

The Hockenheim-Ring, home of the German Grand Prix, is facing
insolvency, Hockenheim Mayor Dieter Gummer announced recently.
He said the circuit faces an operating loss of US$1.78 million
this year and may file for insolvency in April.

The fate of Hockenheim-Ring and Spa-Francorchamps, the host of
the Belgian Grand Prix, which filed for bankruptcy two months
ago; is the clearest indication that European races are no longer
making money, the paper said.  Promoters have long complained
that the current contract with Formula One leaves them not enough
room to make a profit.  The contract pegs the cost of staging a
grand prix at US$14 million a year.

A possible solution being considered, according to The Guardian,
is to schedule only one race per country.  Germany currently
hosts the German and European championships at Hockenheim-Ring
and Nurburgring, while Italy hosts the Monza and San Marino
races.  F1 supremo Bernie Ecclestone favors the idea since it
will open opportunities to bring races to other areas like China,
Bahrain and Turkey, all recent additions to the race calendar.

Mayor Gummer guarantees that the German championship will be
staged this year.  He hopes to get the State of Baden Wurttemberg
involved in the debt restructuring of Hockenheim-Ring GmbH.

"I expect that the 2006, 2007 and 2008 Grand Prix will take place
as planned," he told The Guardian.

Hockenheim-Ring GmbH circuit is located in the pine forests near
Heidelberg.  The German Grand Prix is scheduled for July 30.

CONTACT:  HOCKENHEIM-RING GMBH
          Postfach 1106
          D-68754 Hockenheim
          Phone: +49 (0) 6205 / 950-0
          Fax: +49 (0) 6205 / 950-299
          E-mail: info@hockenheimring.de
          Web site: http://www.hockenheimring.de


KARSTADTQUELLE AG: To Resume Paying Dividend in 2007
----------------------------------------------------
Troubled department store and mail order group KarstadtQuelle may
distribute dividends next year after the group fully recovers,
AFX News says.

In an interview with Euro am Sonntag, Chief Financial Officer
Harald Pinger said, "If we pay [a dividend], it will be in 2007
at the earliest."  He added, "It would be more likely [that we
pay a dividend] if we sell our real estate assets, but we can
definitely rule it out for 2006."

Mr. Pinger said KarstadtQuelle would be able to reach its 2005
EUR350 million EBITDA target since "[the group's] holiday
business was better than expected."  He expects the mail order
division to post an EBITDA of EUR35 million and a net loss.
KarstadtQuelle will release its 2005 results on January 9.

For this year, Mr. Pinger expects a turnaround for its department
store division but another bleak performance from Quelle and
Neckermann, which form its mail division.  He forecasts a
full-year EBITDA of more than EUR350 million.

                            *   *   *

Based in Theodor-Althoff-Str. 2, D-45133 Essen, KarstadtQuelle
AG -- http://www.karstadtquelle.com-- is Germany's largest
department store and mail order group.  It has annual sales of
EUR13.5 billion and employs around 90,000.  The retailer has been
suffering from sluggish consumption and high unemployment rate in
Germany.  KarstadtQuelle posted an EBITDA of -EUR428 million in
2004.  The group is currently restructuring operations by selling
off non-core assets and implementing cost-saving measures.

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


KMB BAUTRAGER: Falls into Bankruptcy
------------------------------------
The district court of Aschaffenburg opened bankruptcy proceedings
against KMB Bautrager GmbH on December 12.  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 Franz X.
Kerber.

Creditors and other interested parties are encouraged to attend
the meeting on March 14, 2006, 10:00 a.m. at the district court
of Aschaffenburg, Schlossplatz 5, 63739 Aschaffenburg, 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:  KMB BAUTRAGER GmbH
          Schillerstr. 71, 63741 Aschaffenburg

          Franz X. Kerber, Administrator
          Kleberstr. 4, 63739 Aschaffenburg
          Phone: 06021/22150
          Fax: 06021/24620


LEBENSRAUME HAUSBAU: Creditors to Meet March
--------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Lebensraume Hausbau & Bautrager GmbH on December 22.
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 Udo Claes-Hellmich.

Creditors and other interested parties are encouraged to attend
the meeting on March 14, 2006, 9:00 a.m. at the district court of
Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, 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:  LEBENSRAUME HAUSBAU & BAUTRAGER GmbH
          Fockenkamp 9, 45699 Herten
          Contact:
          Bernhard Tenberg, Manager
          Johann-Brinck-Strasse 32, 50827 Koln

          Udo Claes-Hellmich, Administrator
          Bahnhofstrasse 46, 45879 Gelsenkirchen
          Phone: (0209) 1 55 34 90
          Fax: (02 09) 177952988


PRO COVER: Creditors' Claims Due Later this Month
-------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Pro Cover GmbH on December 16.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until January 26, 2006 to register their claims
with court-appointed provisional administrator Olaf Suehrer.

Creditors and other interested parties are encouraged to attend
the meeting on March 9, 2006, 9:30 a.m. at the district court of
Darmstadt, Zimmer 109, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  PRO COVER GmbH
          Donnersbergring 14, 64295 Darmstadt
          Contact:
          Christopher Robin Vogel, Manager

          Olaf Suehrer, Administrator
          Steubenplatz 12, 64293 Darmstadt
          Phone: 06151/136270
          Fax: 06151/1362729


RD GROSSKUECHENTECHNIK: HWW Administrator Takes over Firm
---------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against RD Grosskuechentechnik Vertriebs GmbH on December 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 19, 2006
to register their claims with court-appointed provisional
administrator Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on March 2, 2006, 9:15 a.m. at the district court of
Chemnitz, Saal 28, im Gerichtsgebaude, Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  RD GROSSKUECHENTECHNIK VERTRIEBS GmbH
          Hofer Strasse 2, 08606 Oelsnitz
          und Hammerstrasse 60, 08523 Plauen
          Contact:
          Marcel Noack
          c/o Juricon GmbH
          Kurfuerstenstrasse 79, 10787 Berlin

          Ruediger Wienberg, Administrator
          HWW Wienberg Wilhelm
          Michaelstr. 71, 09116 Chemnitz
          Web site: http://www.hww-kanzlei.de


RIM S.L.: Claims Filing Period Ends January 24
----------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against RIM S.L. SRL Niederlassung Deutschland on December 23.
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. Onno Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on February 17, 2006, 9:00 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:  RIM S.L. SRL NIEDERLASSUNG DEUTSCHLAND
          Hauptstrasse 13, 40597 Duesseldorf
          Contact:
          Ladislau Mathe, Manager
          Beckhauser Strasse 31, 40699 Erkrath

          Dr. Onno Klopp, Administrator
          Sternstrasse 58, 40479 Duesseldorf


SHARR GERUESTBAU: Hamburg Company Goes Bust
-------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Sharr Geruestbau GmbH on December 16.  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 Joachim
Buettner.

Creditors and other interested parties are encouraged to attend
the meeting on February 20, 2006, 10:40 a.m. at the district
court of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355
Hamburg, 4. Etage, Anbau, Saal B 405, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  SHARR GERUESTBAU GmbH
          Am Gleise 6, 20539 Hamburg
          Contact:
          Emin Bektesi, Manager

          Joachim Buettner, Administrator
          Osdorfer Landstrasse 230, 22549 Hamburg
          Phone: 8078810
          Fax: 807881-20


VOLKSWAGEN AG: Plans to Build Plant in Russia
---------------------------------------------
Volkswagen AG has confirmed its plan to put up a plant in Russia,
according to Worldwide Projects.

However, Russia's Ministry of Industry & Energy has said the fate
of the project depends on the outcome of ongoing talks. It added
that Volkswagen is eyeing to build a full-scale production
complex, not just an assembly site, about 100 kilometers south of
Moscow.

The carmaker would reportedly invest around US$390,000,000 to
establish the plant with an estimated 80,000 to 150,000 annual
production capacity.  It plans to manufacture VW Pointer cars
that will cost no more than US$10,000 each.

CONTACT:  VOLKSWAGEN AG
          Brieffach 1848-2
          38436 Wolfsburg, Germany
          Phone: +49 53 61 90
          Fax: +49 53 61 92 82 82
          E-mail: info@Volkswagen.ru (Russia)
          Web site: http://www.volkswagen.de

          Key Project Contacts:

          Dr. Bernd Pischetsrieder, Chairman
          Quality Assurance, R&D, Revision, Sales & Marketing
          Communications & Chairman (Volkswagen Brand) & Europe
          Remaining Markets

          Francisco Javier Garcia Sanz, Director (Procurement)

          Dr. Jens Newmann, Director (Strategy, Treasurer, Law &
          Organization)

          Hans Dieter Potsch, Director (Controlling &
          Accounting)

          Dr. Folker Weissberger, Director (Production) &
          Regional Responsibility for China

          Dr. Martin Winterkon, Chairman (Audi AG) & Responsible
          for Technical Development

          Helmuth Schuster, Head (India Operations)

          Dick Grosse-Leege, Group Communications
          Phone: 011 + (49) + (5361) + 923-155
          Fax: 011 + (49) + (5361) + 921-473
          E-mail: dirk.grosse-leege@volkswagen.de

          Thomas Mickleit, Head (Corporate Communications)

          Hans-Gerd Bode, Brand Communications
          Phone: 011 + (49) + (5361) + 926-655
          Fax: 011 + (49) + (5361) + 921-473
          E-mail: reinhold.kopp@volkswagen.de

          Online Assistance Contacts:

          World Governments
          Web site: http:///www.gksoft.com/govt/en

          American Chambers of Commerce Abroad
          Web site:
          http://www.uschamber.com/international/directory/

          Foreign Embassies in Washington D.C.
          Web site: http:///www.embassy.org/embassies

          U.S. Embassies & Consulates
          Web site: http://usembassy.state.gov

          U.S. Export-Import Bank (EximBank)
          Web site: http:///www.exim.gov


WCM AG: Aiming to Cut Inter-company Debt by EUR500 Million
----------------------------------------------------------
In addition to the familiar economic problems of the past, the
complex group structure and the internal cross-shareholdings were
key points of issue the capital market had in respect to WCM AG.

With a jointly drafted package of measures, the executive bodies
with responsibility at WCM AG (WCM) and the subsidiaries
Klockner-Werke AG (Klockner) and RSE AG (RSE) have created the
conditions for increasing transparency, while at the same time
significantly reducing group receivables and liabilities.

The individual steps are:

(a) Bundling all RSE shares (over 97%) at Klockner with the
    option of a subsequent merger, squeeze-out or a disposal of
    RSE;

(b) Termination of the option transaction for RSE shares between
    WCM and Klockner;

(c) Increase of Klockner-Werke AG free float to approximately
    32% (previously 22%) -- this results in the WCM holding in
    Klockner moving down from the current level of 78% to 68%;

(d) Before restructuring, the equity ratio at Klockner is 92% --
    after restructuring 83%; and

(e) Reduction of internal indebtedness of the WCM holding at RSE
    and Klockner from approximately EUR550 million to only
    roughly EUR50 million to Klockner.

To appreciate these measures, it is necessary to take the current
economic starting positions at WCM, RSE and Klockner into
account, together with the potential ways forward.

As of November 30, 2005, WCM has obligations of EUR264 million to
RSE and EUR287 million to Klockner.  The obligations to RSE are
settled by the sale of Klockner shares at the book value of
EUR264 million.  With the acquisition of RSE shares at book value
from WCM, Klockner can realize claims of EUR236 million.

As a result of these measures, Klockner then indirectly receives
its own shares, which can be withdrawn at the next Klockner-Werke
AG annual general meeting in 2006.

The executive bodies of the companies named approved the
necessary measures.  Key transactions will be made over the next
few days.  Further steps are to be implemented by the middle of
2006.

In addition to these internal steps, we would like to state that
agreement has been reached with our main bank in principle on the
extension of the loan due to the end of January 2006 to July 31,
2007.  In principle, WCM AG has thus been secured to July 31,
2007.

"With the steps described above, we have achieved key milestones
on the road to the final stabilization of WCM AG and created the
higher levels of transparency expected from the capital market,"
stated Roland Flach, Chairman of the WCM Beteiligungs- und
Grundbesitz-AG Management Board.

A similar result could also have been achieved by the planned
merger of WCM and Klockner.  Due to the tax issue, this merger is
not currently possible.  With the restructuring concept
presented, major steps have been realized which would otherwise
have been attained by means of a merger.  Irrespective of this, a
merger is still scheduled once the tax position has been
clarified.

With the far-reaching elimination of internal debt, an important
step has been taken in respect of the targeted strategic
alignment of the WCM Group.

The strategic alignment calls for a concentration of the WCM
Group on operating business at Klockner.  To achieve this,
further steps were initiated or implemented in 2005:

(a) Capital increase at MATERNUS-Kliniken AG, resulting in the
    company being more competitive and making disposal easier;

(b) Capital increase of EUR75 million at KHS AG, the most
    important Klockner subsidiary;

(c) Taking advantage of significant growth options at KHS AG in
    the international business of filling and packaging
    technology systems.  These include the construction of a new
    KHS plant in India and the planned acquisition of suitable
    Companies;

(d) The target is to achieve a sales volume of approximately
    EUR1 billion at KHS AG in the medium term, generating
    profitability levels, which are above the industry average;
    and

(e) Settlements made with REBON and IG Farben, thus definitively
    managing material risks for the WCM Group.

The members of the Management Boards of the companies involved
are confident that the measures described will be beneficial to
the business of the Group and take account of the interests of
all shareholders concerned.

                        About the Company

Headquartered in Frankfurt, Germany, WCM Beteiligungs- und
Grundbesitz-AG was founded in 1766 as a textile company, but has
since transformed itself 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).

The company employs 3,749 people.  Its auditor is Hansa Partner
GmbH.

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
          Contact:
          Dieter H. Vogel, Chairman of Supervisory Board
          Roland Flach, Chairman of the Executive Board
          Valentin Reisgen, Chief Financial Officer

          Investor Contact:
          Marina E. Konig
          Phone: +49 (0)69 900 26 110
          Fax: +49 (0)69 900 26 555
          E-mail: ir@wcm.de


WCM AG: Ups MATERNUS-Kliniken Shareholding to 76%
-------------------------------------------------
By subscribing to further shares in line with the capital
increase resolved at the extraordinary general meeting of
MATERNUS-Kliniken AG, Langenhangen, WCM Beteiligungs- und
Grundbesitz-AG (WCM) has considerably increased its holding.

Subscription of the shares will be binding after being entered
into the commercial register.  After the capital increase is
entered into the commercial register, WCM AG will hold a stake of
approximately 76% in MATERNUS-Kliniken AG.

                        About the Company

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).

The company employs 3,749 people.  Its auditor is Hansa Partner
GmbH.

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
          Contact:
          Dieter H. Vogel, Chairman of Supervisory Board
          Roland Flach, Chairman of the Executive Board
          Valentin Reisgen, Chief Financial Officer

          Investor Contact:
          Marina E. Konig
          Phone: +49 (0)69 900 26 110
          Fax: +49 (0)69 900 26 555
          E-mail: ir@wcm.de


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


ALITALIA SPA: November Net Debt Up
----------------------------------
Troubled national carrier Alitalia revealed Thursday a 2.7% rise
on its net debt for November, The Associated Press says.

Alitalia posted a EUR1.77 billion net debt in November, up from
EUR1.72 billion in October.  The carrier also revealed its
short-term debt rose from EUR291 million in October to EUR302
million in November.

Due to it financial fix, Alitalia has been required by stock
market regulator CONSOB to provide monthly net debt data.

                        About the Company

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

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


ALITALIA SPA: Two Other Private Investors Reveal Shareholding
-------------------------------------------------------------
Two other investors have acquired stakes in Alitalia S.p.A.,
Bloomberg News says.

Newton Investment Management Ltd., a unit of Mellon Financial
Corp.; and Norges Bank, the Norwegian central bank, bought their
respective 4.2% and 2.04% stakes during the carrier's EUR1
billion capital hike late last year.

Barclay's Plc, U.K.'s third-largest bank, acquired around 7% of
Alitalia in November, but reduced its stake to less than 2% on
Dec. 9.  Walter Capital Management LLP (WCM), which bought an
8.187% stake, is now Alitalia's largest private shareholder.  The
government still owns a large chunk of Alitalia at 49.9%, down
from 62%.

                        About the Company

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

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

          NORGES BANK
          Postboks 1179, Sentrum,
          0107 Oslo
          Phone: + 47 22 31 60 00
          Fax: + 47 22 41 31 05
          E-mail: central.bank@norges-bank.no

          NEWTON INVESTMENT MANAGEMENT LIMITED
          Mellon Financial Centre
          160 Queen Victoria Street
          London EC4V 4LA
          Web site: http://www.newton.co.uk

          WALTER CAPITAL MANAGEMENT LLP
          Boston House
          63-64 New Broad Street
          London EC2M 1JJ


PARMALAT SPA: Parma Prosecutors Have one more Case vs. Tanzi
------------------------------------------------------------
Parmalat S.p.A. founder Calisto Tanzi and three other executives
face additional charges for giving illegal contributions to
political parties, ANSA says.

Parma prosecutors has requested a lower court judge to try Mr.
Tanzi, brother Pier Giovanni Tanzi, former Parmalat treasurer
Francesco Gorreri and former travel unit head Romano Bernardoni.
The four allegedly spent EUR12 million of Parmalat money for
"sponsorship actions" for members of parliament, councilors,
presidents, secretaries and political and administrative leaders
of political parties.

The prosecutors allege the accused set up a "system of
protection" by lavishing political figures and others involved in
banking and finance perks like free travel.

Parma prosecutors are also preparing fraud charges against Mr.
Tanzi and 63 others.  Chief prosecutor Gerardo Laguardia will
forward the papers to a preliminary hearing judge shortly. A
Milan court is also trying Mr. Tanzi and 15 others on charges of
market rigging, false auditing, misleading investors and
hindering the regulatory activities of Consob.

Parmalat collapsed in December 2003 after revealing a EUR14
billion hole in its accounts.  Its collapse left around 150,000
investors scurrying for their money and hoping that current legal
actions would bring some investments back.  It recently returned
to the stock market following a EUR20 billion debt-to-equity
swap.

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

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


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


CARTEL INC: Succumbs to Insolvency
----------------------------------
LLC Cartel Inc. (RNN 150100236602) was declared insolvent on
December 1, 2005.  Creditors may submit their proofs of claim to
Atyrau, Baitursynova Str. 47 on or before February 3, 2006.  Call
or fax 8 (3122) 32-66-96 for more information.


DOROJNIK: Files for Bankruptcy
------------------------------
LLC Dorojnik has declared insolvency.  Creditors may file their
proofs of claim by calling 8 (3142) 41-05-26.


GAP SERVICE: Creditors' Claims Due Today
----------------------------------------
LLC Gap Service has declared insolvency.  Creditors may submit
their proofs of claim to Almaty, Micro District Shkolnyi-2, House
199 until January 5, 2006.


NEW AGE: Declared Insolvent
--------------------------------------------
LLC New Age Media Experts (RNN 600700536156) has declared
insolvency.  Creditors may submit their proofs of claim to
Almaty, Muratbayeva Str. 160-33 until January 24, 2006.  Call 8
(3272) 68-65-67 for more information.


STAR WAY: Deadline for Proofs of Claim February 6
-------------------------------------------------
LLC S.A. Star Way has declared insolvency.  Creditors may submit
their proofs of claim to Almaty, Abylai-Han Ave. 1a until
February 6, 2006.  Call 8 (3272) 96-58-06 for more information.


YER-NUR STROI: Succumbs to Insolvency
-------------------------------------
LLC YER-NUR STROI has declared insolvency.  Creditors may submit
their proofs of claim to Almaty, Abay Str. House 52b until
February 6, 2006.  Call 8 (3272) 71-91-49 for more information.


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


AMANAT: Creditors' Claims Due Next Month
----------------------------------------
CJSC Amanat, which recently became insolvent, will accept proofs
of claim until February 20, 2006.  Call +996 (312) 41-47-50 for
more information.


KURCHLO: Creditors to Meet Later this Month
-------------------------------------------
Creditors of Private Firm Kurchlo will meet on January 24, 2006,
3:00 p.m. at Bishkek, Chui Ave. House 4, Room 211.

Agenda:

(a) Presentation of the bankruptcy supervision report;

(b) Approval of temporary insolvency manager's report;

(c) Others

Proxies must have authorization to vote.  Creditors may submit
their proofs of claim to Bishkek, Chui Ave. House 4, (room 211).

CONTACT:  STATE TAXATION INSPECTION OF SVERDLOVSK DITRICT
          Bishkek, Chui Ave.
          House 4, Room 211


MOSTRANSPROEKT: Gives Creditors Until February to File Claim
------------------------------------------------------------
LLC Mostransproekt, which recently became insolvent, will accept
proofs of claim until February 20, 2006.  Call +996 (312)
68-32-28 for more information.


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


STOLT-NIELSEN: Korea's Cartel Office Drops Probe on Subsidiary
--------------------------------------------------------------
Stolt-Nielsen Transportation Group, a wholly owned subsidiary of
Stolt-Nielsen S.A., said it received a letter from the Korean
Fair Trade Commission (KFTC) informing the Company that the
Commission had ceased its deliberations in an investigation of
cartel activity in the parcel tanker industry.  The Company
understands that the letter constitutes formal notice that the
Commission has voted to close its investigation.  The Company is
pleased with the Commission's decision.

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) is
one of the world's leading providers of transportation services
for bulk liquid chemicals, edible oils, acids, and other
specialty liquids.  The Company, through the parcel tanker, tank
container, terminal, rail and barge services of its wholly owned
subsidiary Stolt-Nielsen Transportation Group, provides
integrated transportation for its customers.  Stolt Sea Farm,
wholly owned by the Company, produces and markets high quality
turbot and Southern bluefin tuna.  The Company also owns 25% of
Marine Harvest, the world's largest aquaculture company.

CONTACT:  STOLT-NIELSEN S.A.
          Richard M. Lemanski
          Phone: (U.S.A.) 1 203 625 3604
          E-mail: rlemanski@stolt.com

          Jan Chr. Engelhardtsen
          Phone: (U.K.) 44 20 7611 8972
          E-mail: jengelhardtsen@stolt.com


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


ROYAL SHELL: Resumes Share Buyback
----------------------------------
On 3 January 2006, Royal Dutch Shell plc purchased for
cancellation 400,000 'A' Shares at a price of EUR26.30 per share.
It further purchased for cancellation 125,000 'A' Shares at a
price of 1,809.51 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,935,100,000.

As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell
plc were in issue.

                            *   *   *

In 2005, Shell returned US$5 billion to shareholders in 2005 via
market purchases of shares.  This target included shares
purchased for cancellation by The Shell Transport and Trading
Company plc and Royal Dutch Petroleum Company prior to the Group
unification of US$0.5 billion.  The Company expects to continue
its buyback program in 2006 and will provide an update on the
2006 buy back program with the full year results announcement on
February 2, 2006.

Shell's buyback scheme is aimed at reviving shareholders' and
investors' confidence.  The buyback program follows a damaging
reserves overestimation scandal last year.

                        About the Company

Royal Dutch Shell plc, incorporated in England and Wales, is
headquartered in The Hague and listed on the London, Amsterdam,
and New York stock exchanges.  Shell companies have operations in
more than 145 countries with businesses including oil and gas
exploration and production; production and marketing of
Liquefied Natural Gas and Gas to Liquids; manufacturing,
marketing and shipping of oil products and chemicals and
renewable energy projects including wind and solar power.

                           The Trouble

Shell admitted overstating proved reserves by almost 6 billion
barrels between January 2004 and February last year.  This led to
the ouster of three top executives, including former Chairman
Philip Watts.  The company was fined EUR150 million in total
after investigations launched by U.S. and British regulators.
Shell has since revised the method by which it calculates
reserves to comply with U.S. regulations.  Shell's proved
reserves stood at 10.2 billion barrels at the end of
2004.

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


ROYAL SHELL: Announces First Crude Oil Shipment from Bonga Field
----------------------------------------------------------------
Shell Nigeria Exploration and Production Company (SNEPCO) has
disclosed the first crude oil shipment from the Bonga deepwater
oil and gas field offshore Nigeria.

The landmark shipment from Nigeria's first deepwater oil
discovery involved the pressurized transfer of crude from the
Bonga Floating Production Storage and Offloading (FPSO) vessel
via a nearly two and a half kilometer long dynamic flexible pipe,
to the offshore loading buoy and onto the ocean going tanker.

Some 200,000 barrels of crude were loaded onboard the vessel
ARION, which completed off-take at about 1:30 p.m. on December
29, 2005 before departing the field.

SNEPCO Managing Director Chima Ibeneche said: "We are delighted
to be exporting crude from Bonga, following the start-up of
production on November 25, 2005.  It is a technological triumph
that Shell is successfully producing oil and gas from Nigeria's
deepwater frontier and we have capped that achievement with the
first shipment.  It demonstrates Shell's commitment to Nigeria,
as one of the world's key energy sources and marks a major
milestone for a project which will deliver long term benefits to
Nigeria, to Shell and to our partners."

Oil production at the Bonga facility is expected to ramp up to
some 200,000 barrels per day in 2006.

It is significant that shipment was achieved using Bonga's
offshore loading buoy -- the world's first, largest and most
technologically advanced polyester moored deepwater buoy -- which
was built in Nigeria by Nigerdock.

                            *   *   *

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


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


CLOETTA FAZER: Concludes Sale of Polish Subsidiary
--------------------------------------------------
In March this year, Cloetta Fazer decided to close its Polish
subsidiary due to market conditions that have not allowed
operation of a profitable production and sales company in Poland.

In September an agreement was signed to transfer the subsidiary's
property, machinery and local brands to the local confectionary
company Bomilla, a sale that will have no effect on earnings.
The transaction has been finalized after receiving the approval
of the Polish competition authority.

"We are satisfied to have found a solution that will provide new
jobs for some of the staff in our wound-up Polish subsidiary,"
says CEO Karsten Slotte.  Of the 320 people who worked for
Cloetta Fazer's Polish subsidiary, 80 have been employed by
Bomilla.

Cloetta Fazer's future strategy in Poland will be to focus on the
Group's strongest brands, and has established a sales force that
is part of the Group's export organization.

"The task of this 40-man sales force will be to continue
marketing and selling our prioritized brands on the Polish
market.  Some employees from the wound-up Polish subsidiary have
also been given jobs in the new organization.  We are pleased
with what has been accomplished in the first few months and see
favorable opportunities to strengthen our position in the Polish
market," says Karsten Slotte.

Cloetta Fazer has been active in Poland for several years.  The
most popular Cloetta Fazer brands on this market are Dumle,
Geisha, Fazer Liqueur Fills and Fazer Blue.

About Cloetta Fazer

The Cloetta Fazer Group is the Nordic region's leading
confectionery company, with a market share of around 22%.  The
company has production facilities in Sweden and Finland.  Cloetta
Fazer's strength lies in its many popular brands, such as Fazer
Blue, Kexchoklad, Dumle, Geisha, Polly and Center.  Its employees
number around 1,800 and annual sales in 2004 amounted to
approximately SEK3 billion

CONTACT:  CLOETTA FAZER
          Karsten Slotte, Managing Director and CEO
          Mobile: +46 (0)70-687 9922
          Curt Petri, CFO
          Mobile: +46 (0)70-593 2169
          Web site: http://www.cloettafazer.com


ELEKTRIM S.A.: Viennese Court Vacates Ruling on PTC Shares
----------------------------------------------------------
On Dec. 20, 2005, the Vienna Commercial Court (Austria), ruling
on the basis of an application filed by Elektrim Telekomunikacja
(Telco), cancelled the first holding of the arbitral award issued
in Vienna on Nov. 26, 2004 in the dispute opposing Deutsche
Telekom to Elektrim and Telco concerning the PTC shares.  This
first holding deemed that the transfer of PTC shares by Elektrim
to Telco in 1999 was "ineffective" and that the PTC shares
subject of such transfer had never left Elektrim.  All the other
holdings of the arbitral award remain unchanged, including the
one concerning the tribunal's lack of jurisdiction over Telco.

The Commercial Court determined that the arbitral tribunal, while
declaring that it had no jurisdiction over Telco, nonetheless
issued an award that was likely to affect Telco's rights.

The ruling of the Vienna Commercial Court, which remains
appealable, fully confirms Vivendi Universal's (Paris Bourse: EX
FP; NYSE: V) position that this award is unenforceable against
Telco and does not affect Telco's right of ownership to the PTC
shares.

In addition, in December 2005 Vivendi Universal acquired from
Ymer an additional 2% shareholding in Telco and an additional 1%
shareholding in Carcom.  As a result, Vivendi Universal now owns
51% of Telco and Carcom.

Vivendi Universal also notes that despite the ruling of the
Warsaw Court on November 15, 2005 to re-register Telco as a
shareholder in PTC and its representatives as members of PTC's
corporate bodies in the Register of Commerce, they are still to
date refused access to PTC's premises on the instructions of
Deutsche Telekom and Elektrim.

We also note that Vivendi Universal has commenced proceedings
against Deutsche Telekom before the Paris Commercial Court for
damages currently estimated at EUR2.2 billion.

Vivendi Universal is a leader in media and telecommunications
with activities in television and film (Canal+ Group), music
(Universal Music Group), interactive games (VU Games) and fixed
and mobile telecommunications (SFR Cegetel Group and Maroc
Telecom).

Elektrim S.A. is a public holding company quoted on the Warsaw
Stock Exchange since 1992.  Its most valuable assets are
Elektrim Telekomunikacja Sp. z o.o., and Elektrownia Patnow-
Adamow-Konin S.A.  Since 1999 Elektrim has implemented a
far-reaching restructuring program to improve its operational
efficiency and strengthen its position in the market.  It plans
to concentrate in two industries -- telecommunications and power.
Recently, an English court rejected its appeal of a local court
decision declaring it in breach of bond conditions.
A public court in September ruled that its bonds were due since
the beginning of the year.  The company has more than EUR470
million in debt.

PTC owns Era, a leading mobile telephone operator.

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

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

          Investor Relations
          Phone: (+48 22) 432 87 75
          Fax:   (+48 22) 432 87 99
          Web site: http://www.elektrim.pl


KOMPANIA WEGLOWA: Predicts Smaller Profit this Year
---------------------------------------------------
Europe's largest coal producer Kompania Weglowa expects net
income of PLN236 million this year, according to Puls Biznesu.
It reported losses of PLN599.9 million in 2003, but was able to
reverse it to a PLN430 million profit in 2004.  For 2006, Chief
Executive Maksymilian Klank said net income will only be PLN160
million.

The company increased its investment last year by PLN163 million
to PLN651 million.  It will sell coal via the Internet for the
first time this year.  It expects the scheme to bring in
additional sales of PLN10 billion.

Kompania Weglowa has 17 mines and 69,000 employees.  It produces
about 55 million tons of coal a year.  It owes creditors nearly
PLN4 billion.

CONTACT:  KOMPANIA WEGLOWA
          Powstancow 30,
          40-039 Katowice
          slaskie
          katowickie
          m. Katowice
          Phone: 0048. 32 7572211
          Fax: 0048. 32 2555453
          Web site: http://www.kwsa.pl


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


BELGOROD-PROJECT-STROY - 96: Bankruptcy Hearing Set Next Month
--------------------------------------------------------------
The Arbitration Court of Belgorod region has commenced bankruptcy
supervision procedure on open joint stock company
Belgorod-Project-Stroy - 96 (TIN 3123033844).  The case is
docketed as A08-8310/05-11.  Mr. V. Petrochenko has been
appointed temporary insolvency manager.  A hearing will take
place on February 7, 2006, 2:30 p.m. at the Arbitration Court of
Belgorod region at 308610, Russia, Belgorod region, Narodnyj
Avenue, 135, Room 18.

CONTACT:  BELGOROD-PROJECT-STROY - 96
          308002, Russia, Belgorod region,
          B. Khmelnitskogo Str. 133 "zh"

          V. PETROCHENKO
          Temporary Insolvency Manager
          308002, Russia, Belgorod region,
          B. Khmelnitskogo Str. 133 "zh", Office 509
          Phone/Fax: 8(0722) 26-17-98


DALNEGORSKAYA: Succumbs to Bankruptcy
-------------------------------------
The Arbitration Court of Primorye region commenced bankruptcy
proceedings against Dalnegorskaya after finding the agro company
insolvent.  The case is docketed as A51-14918/05 26-218 B.  Mr.
A. Krasovskiy has been appointed insolvency manager.

CONTACT:  A. KRASOVSKIY
          Insolvency Manager
          692443, Russia, Primorye region,
          Dalnegorsk, 8th Marta Str. 2, Apartment 32


DALNEVOSTOCHNAYA BUILDING: Under Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on open joint stock company
Dalnevostochnaya Building Corporation.  The case is docketed as
A73-11331/05-38.  Mr. A. Mikhaylovskiy has been appointed
temporary insolvency manager.

CONTACT:  DALNEVOSTOCHNAYA BUILDING CORPORATION
          Russia, Khabarovsk region,
          Promyshlennaya Str. 12

          A. MIKHAYLOVSKIY
          Temporary Insolvency Manager
          680013, Russia, Khabarovsk region,
          Leningradskaya Str. 28, ABK #8, Office 318


GAGARIN-AGRO-TEKH-SERVICE: Declared Insolvent
---------------------------------------------
The Arbitration Court of Smolensk region commenced bankruptcy
proceedings against Gagarin-Agro-Tekh-Service after finding the
open joint stock company insolvent.  The case is docketed as
A-62-1175/2005 (627-N/05).  Mr. P. Protsenko has been appointed
insolvency manager.  Creditors have until January 12, 2006 to
submit their proofs of claim to 215010, Russia, Smolensk region,
Gagarin, Selkhoztekhniki Proezd, 5.

CONTACT:  GAGARIN-AGRO-TEKH-SERVICE
          Russia, Smolensk region,
          Gagarin, Selkhoztekhniki Proezd, 5

          P. PROTSENKO
          Insolvency Manager
          215010, Russia, Smolensk region,
          Gagarin, Selkhoztekhniki Proezd, 5


KUTUYSKOYE: Insolvency Manager Enters Firm
------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on limited liability company
Kutuyskoye.  The case is docketed as A73-11338/2005-38.  Mr. E.
Pak has been appointed temporary insolvency manager.

CONTACT:  KUTUYSKOYE
          Russia, Khabarovsk region,
          Okhotsk, Zavodskaya Str. 1

          E. PAK
          Temporary Insolvency Manager
          680009, Russia, Khabarovsk region,
          Promyshlennaya Str. 20


MIX-OIL: Bankruptcy Court Sets Hearing January 24
-------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on limited liability company Mix-Oil.  The
case is docketed as A-70-6471/3-05.  Creditors may submit their
proofs of claim to 625046, Russia, Tyumen region, Motostroiteley
Str. 14, Building 1, Office 1.  A hearing will take place on
January 24, 2006, 9:20 a.m. at Russia, Tyumen region,
Khokhryakova Str. 77.

CONTACT:  T. ISAEVA
          Temporary Insolvency Manager
          625046, Russia, Tyumen region,
          Motostroiteley Str. 14, Building 1, Office 1


NARTKALINSKIY DISTILLERY: Under Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy supervision procedure on open joint stock
company Nartkalinskiy Distillery.  The case is docketed as
A20-7802/2005.  Ms. Y. Chernikova has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 129110, Russia, Moscow region, M. Ekaterininskaya Str. 17/21.
A hearing will take place on February 27, 2006.

CONTACT:  NARTKALINSKIY DISTILLERY
          Russia, Kabardino Balkariya republic,
          Nartkala, Oshnokova Str. 1

          Y. CHERNIKOVA
          Temporary Insolvency Manager
          129110, Russia, Moscow region,
          M. Ekaterininskaya Str. 17/21


PSEBAYSKOYE: Insolvency Manager Takes over Firm
-----------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Psebayskoye.  The case is docketed as A-32-37006/05-37/489-B.
Mr. A. Mavrov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 350075, Russia,
Krasnodar region, Stasova Str. 180.

CONTACT:  PSEBAYSKOYE
          352570, Russia, Krasnodar region, Mostovskiy region,
          Psebay, Sovetskaya Str. 276

          A. MAVROV
          Temporary Insolvency Manager
          350075, Russia, Krasnodar region,
          Stasova Str. 180


TYUMENSKAYA COMPLEX: Names External Insolvency Manager
------------------------------------------------------
The Arbitration Court of Tyumen region has commenced external
management bankruptcy procedure on close joint stock company
Tyumenskaya Complex Geological Exploration Expedition (TIN
7202054072).  The case is docketed as A-70-4114/3-2005.  Mr. V.
Korchemkin has been appointed external insolvency manager.

CONTACT:  TYUMENSKAYA COMPLEX GEOLOGICAL EXPLORATION EXPEDITION
          625031, Russia, Tyumen region,
          Druzhby Str. 128

          V. KORCHEMKIN
          External Insolvency Manager
          625000, Russia, Tyumen region,
          Post User Box 3569

          ARBITRATION COURT OF TYUMEN REGION
          625000, Russia, Tyumen region,
          Khokhryakova Str. 77


VERDEEVSKIY DISTILLERY: Undergoes External Management Procedure
---------------------------------------------------------------
The Arbitration Court of Ryazan region has commenced external
management bankruptcy procedure on open joint stock company
Verdeevskiy Distillery.  The case is docketed as A54-1306/05-S6.
Mr. E. Porkhunov has been appointed external insolvency manager.

CONTACT:  VERDEEVSKIY DISTILLERY
          391824, Russia, Ryazan region,
          Skopinskiy region, Verderevo

          E. PORKHUNOV
          External Insolvency Manager
          390013, Russia, Ryazan region,
          Zavrazhnova Pr. 5, Office 14


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


KONOTOP' REPAIR-MECHANICAL: Collapses into Bankruptcy
-----------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on OJSC Konotop' Repair-Mechanical Plant
(code EDRPOU 30640200) on October 31, 2005.  The case is docketed
as 6/108-05.  Mr. Dmitro Kozin (License Number AA 487785) has
been appointed temporary insolvency manager.  The company holds
account number 26006001524001 at JSCB Nadra, Konotop branch, MFO
337212.

Creditors have until January 6, 2005 to submit their proofs of
claim to:

(a) KONOTOP' REPAIR-MECHANICAL PLANT
    Ukraine, Sumi region,
    Konotop, Parkivska Str. 18

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

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


SLAVIYA-AUTO: Declared Insolvent
--------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Slaviya-Auto (code EDRPOU 32297534) on
November 8, 2005 after finding the limited liability company
insolvent.  The case is docketed as 19/231 (05).  Mr. Sergij
Bagmet has been appointed liquidator/insolvency manager.

Creditors have until January 6, 2005 to submit their proofs of
claim to:

(a) SLAVIYA-AUTO
    69120, Ukraine, Zaporizhya region,
    Avramenko Str. 2

(b) SERGIJ BAGMET
    Liquidator/Insolvency Manager
    69104, Ukraine, Zaporizhya region,
    Avramenko Str. 2

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


SPECPROEKT: Under Bankruptcy Supervision
----------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on LLC Specproekt (code EDRPOU 22766263) on
October 31, 2005.  The case is docketed as 2/289-B.  Mr. Oleg
Barabash (License Number AB 176168) has been appointed temporary
insolvency manager.  The company holds account number
26004170248001 at JSB Privatinvest, Hmelnitskij branch, MFO
315717.

Creditors have until January 6, 2005 to submit their proofs of
claim to:

(a) SPECPROEKT
    29000, Ukraine, Hmelnitskij region,
    Ternopilska Str. 34/166

(b) OLEG BARABASH
    Temporary Insolvency Manager
    29000, Ukraine, Hmelnitskij region,
    Tiha Str. 25

(c) ECONOMIC COURT OF HMELNITSKIJ REGION
    29000, Ukraine, Hmelnitskij region,
    Nezalezhnosti Square 1


STEP: Zaporizhya Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Step (code EDRPOU 22142692) on October 20,
2005 after finding the limited liability company insolvent.  The
case is docketed as 19/223.  Ms. Oleksandra Mitrofanova (License
Number AB 216986) has been appointed liquidator/insolvency
manager.  The company holds account number 2600930012042 at JSCB
Ukrsocbank, MFO 313452.

Creditors have until January 6, 2005 to submit their proofs of
claim to:

(a) STEP
    71100, Ukraine, Zaporizhya region,
    Berdyansk, 12 Grudnya Str. 15

(b) OLEKSANDRA MITROFANOVA
    Liquidator/Insolvency Manager
    Phone: (06153) 2-56-21

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


TRANZIT: Appoints Temporary Insolvency Manager
----------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on Private Enterprise Tranzit (code EDRPOU
30010327) on November 22, 2005.  The case is docketed as B
29/237/05.  Mr. Bojko Mikola (License Number AA 669630) has been
appointed temporary insolvency manager.

Creditors have until January 6, 2005 to submit their proofs of
claim to:

(a) TRANZIT
    52700, Ukraine, Dnipropetrovsk region,
    Petropavlivka, Zhovtneva Str. 104

(b) ECONOMIC COURT OF DNIPROPETROVSK REGION
    49600, Ukraine, Dnipropetrovsk region,
    Kujbishev Str. 1a


* Row with Russia Poses No Urgent Threat to Ratings, Fitch Says
---------------------------------------------------------------
Fitch Ratings has said that the escalation of tensions in the
ongoing gas price dispute between Russia and Ukraine is a serious
concern, although the situation remains fluid.  Both sides are
under considerable pressure from the European Union to resolve
the dispute and, while Fitch will continue to monitor
developments closely, it would be premature to take any sovereign
rating action at the present time.  Ukraine's foreign and local
Issuer Default Ratings (IDR) are both 'BB-' with Positive
Outlooks.

Fitch notes that a fourfold increase in the price that Ukraine
pays for its gas imports from Russia would represent a serious
external shock for the Ukrainian economy.  However, while it
would boost the import bill significantly, the final net effect
on the current account could be contained by a concurrent
increase in transit fees for the transport of Russian gas to the
E.U.  More significantly, the higher energy prices would increase
near-term inflationary pressures while having a negative impact
on domestic industrial production.

Ukraine's economy is already in a weak position with GDP growth
having slowed sharply over the last year.  After showing some
initial signs of recovery during the autumn, real GDP contracted
by 2.7% in November compared to a year earlier, resulting in
growth for the first 11 months of 2005 of just 2.2%, and more
than a third of Ukrainian firms continue to run at a loss.
Against this background, it seems likely that sharply higher
domestic energy prices would force a large part of the industrial
base into a period of rapid and painful restructuring.
Nonetheless, a lasting and severe physical shortage of energy is
unlikely since, with 80% of Russian exports to Western Europe
passing through Ukraine, Russia would be unable to cut off
supplies to Ukraine without simultaneously affecting its major
European trading partners.

Despite the challenging economic outlook, Ukraine's IDRs remain
supported by low general government and net external debt ratios,
which are far below those of its rated peers.  In addition,
near-term support to the external position is provided by
official foreign exchange reserves of over US$19 billion.
Fitch's willingness to convert the Positive Outlook on the IDR
into an upgrade of Ukraine's sovereign ratings will be determined
by political developments, how well macroeconomic management
responds to this, or other shocks and concrete progress with
structural reforms.

The possibility of a united and strong government emerging after
the March 2006 Rada election that is capable of delivering in
these key policy areas now hinges on how the main political
players react to the domestic political arguments of the past
year and the external foreign policy pressures created by the
current dispute with Russia.  Even with a strong government,
institutional weaknesses and opposition from powerful vested
interests will be working against rapid progress.

CONTACT:  FITCH RATINGS
          Sharon Raj, London
          Phone: +44 (0) 20 7417 6341
          Paul Rawkins
          Phone: +44 (0) 20 7417 4239

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


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


ALENOY LIMITED: Appoints DTE Leonard Curtis Administrator
---------------------------------------------------------
J. M. Titley, N. Bennett and A. Poxon (IP Nos 8617, 9083 and
8620) of DTE Leonard Curtis were appointed administrators of
Alenoy Limited (Company No 02958244) on Dec. 9.

CONTACT:  ALENOY LTD.
          Bowling Back Lane
          Bradford BD4 8SS
          West Yorkshire
          Phone: 01274 726767
          Fax: 01274 307010

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


ANGLO AMERICAN: Sets Final Substantive Closure Distribution Date
----------------------------------------------------------------
Notice of Final Substantive Closure Distribution

The Scheme Administrators of Anglo American Insurance Company
Limited have set the Final Substantive Closure Distribution as
set out below, and subject to the cap of 100% on aggregate Scheme
and Amending Payments applicable under Clause 8.6.2 of the
Amending Scheme of Arrangement, the increased payments due will
be paid to creditors on the Final Substantive Closure
Distribution on Jan. 27, 2006.

              Existing Payment   Final Substantive Closure
                Percentage       Distribution Percentage
Anglo               90%                   100%

A.J. MCMAHON AND J.M. WARDROP
Scheme Administrators

CONTACT:  CMGL, Ibex House
          42-47 Minories
          London EC3N 1HN
          Phone: +44 (0) 20 7680 6600
          Fax: +44 (0) 20 7680 0202
          E-mail: angloamericaninsurance@kpmg.co.uk


APEX PITCHMASTIC: Administrators Take over Firm
-----------------------------------------------
A. Poxon and J. M. Titley (IP Nos 8620, 8617) of DTE Leonard
Curtis were appointed administrators of Apex Pitchmastic Limited
(Company No 01269382) on Dec. 19.  The company offers roofing and
construction services.  Its registered office is at 15 Warwick
Road, Stratford-upon-Avon, Warwickshire CV37 9YW.

CONTACT:  APEX PITCHMASTIC LTD.
          Spartan House/20 Carlisle St
          Sheffield, S4 7LJ
          Phone: 0114-272 8724

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


AUTOCUE INTERNATIONAL: Names Ernst & Young Administrator
--------------------------------------------------------
Alan Michael Hudson and Michael David Rollings (IP Nos 9200,
8107) of Ernst & Young were appointed joint administrators of
Autocue International Limited (Company No 03906331) on Dec. 16.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


BAR YAHOO: Brings in Begbies Traynor Administrators
---------------------------------------------------
Steven Williams and David Acland (IP Nos 8887, 8894) of Begbies
Traynor were appointed administrators of Bar Yahoo Limited
(Company No 03816906) on Dec. 13.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street
          Preston PR1 8BU
          Phone: 01772 202000
          Fax: 01772 200099
          E-mail: preston@begbies-traynor.com
          Web site: http://www.begbies.com


BEACON RECRUITMENT: Hires Liquidator
------------------------------------
M. Phillips, chairman of Beacon Recruitment Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 22 at Start Business Centre, 25 Barnes Wallis Road, Fareham,
Hampshire.  Barry P. Knights of Knights & Company, Milford House,
43-55 Milford Street, Salisbury, Wiltshire SP1 2BP was appointed
liquidator.

CONTACT:  BEACON RECRUITMENT LTD.
          25 Hampden Way, Eynesbury
          St. Neots, Cambridgeshire PE19 2JQ
          Phone: 01480356188

          KNIGHTS & CO.
          1st Floor
          Milford House
          43-45 Milford Street
          Salisbury
          Wiltshire SP1 2BP
          Phone: 01722 330688
          Fax: 01722 414546


BERNHARD METALS: Aluminum Alloy Maker Folds up
----------------------------------------------
J. M. Titley, A. Poxon and N. Bennett (IP Nos 8617, 8620, 9083)
of DTE Leonard Curtis were appointed administrators of Bernhard
Metals (UK) Limited (Company No 1581522) on Dec. 9.

Bernhard Metals Group -- http://www.bernhardmetals.co.uk/--  
produces secondary aluminum alloy.  It has manufacturing
facilities at Derby and Bradford with a combined capacity of
60,000 tons p.a.

CONTACT:  BERNHARD METALS (UK) LIMITED
          Litchurch Lane
          Derby DE24 8AA
          United Kingdom
          Phone: +44 (0) 1332 297 788
          Fax: +44 (0) 1332 253 156
          E-mail: inquiries@bernhardmetals.com

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


BRITISH NUCLEAR: Sells Westinghouse Rights to Washington Group
--------------------------------------------------------------
Washington Group International (Nasdaq: WGII) disclosed on Dec.
29, 2005 an agreement completing the acquisition of British
Nuclear Fuels plc's rights to future profits of Westinghouse
Government Services Company and Westinghouse Government
Environmental Services Company, the former Westinghouse
government services businesses that Washington Group and BNFL
jointly purchased six years ago from CBS Corporation.

Pursuant to the agreement, Washington Group paid BNFL
US$36.2 million in cash, and BNFL is no longer responsible for
obligations of these entities, including certain pension and
retiree medical plans.  The total consideration of approximately
US$42 million (which includes certain working capital and other
liability adjustments) is expected to approximate the fair value
of assets acquired, including amounts allocated to current
contracts.

Under a previous agreement announced in August 2004, Washington
Group agreed to pay BNFL 40% of the profits from the existing
legacy contracts of the two businesses, 40% of the profits on
future Washington Group contracts at certain U.S. Department of
Energy sites and one Department of Defense operation, and 10
percent of the profits from all other contracts Washington Group
holds with DOE sites through September 30, 2012.

In exchange, Washington Group controlled the Westinghouse
Government Services Company and the Westinghouse Government
Environmental Services Company.

The company is proceeding with an independent valuation of the
current contracts and other acquired assets in order to finalize
the purchase price allocation for accounting purposes.  The
transaction is expected to be accretive to future earnings after
deducting amortization related to acquired assets.  The company
is not changing guidance for 2006 earnings at this time.

Washington Group leads in providing engineering, construction,
management and risk assessment services to manage national
security and laboratory infrastructure; destroy or stabilize
weapons of mass destruction, nuclear waste and other hazardous
materials; and operate, manage and/or close high-hazard
facilities.  Washington Group's service to the DOE and its
predecessor agencies dates back to the Manhattan Project where
the company was one of six original contractors recruited to help
the government in that critical research and national defense
project.

Washington Group's current projects include helping to manage the
Los Alamos National Laboratory, Idaho National Laboratory and
Savannah River National Laboratory; performing environmental
cleanup and closure of high-hazard facilities in Washington,
Idaho, Ohio, Tennessee, South Carolina, and New York; and
operating the nation's only licensed deep geological repository
for nuclear waste.  The company is also under contract to destroy
nearly 80 percent of the chemical weapons stockpiled by the
United States.  Through its operation and management of six
facilities, the company has already destroyed more than 600,000
chemical weapons and almost 6 million pounds of chemical agent.

About Washington Group International

Washington Group International (http://www.wgint.com)provides
the talent, innovation, and proven performance to deliver
integrated engineering, construction, and management solutions
for businesses and governments worldwide.  With approximately
25,000 employees at work in more than 30 countries, Washington
Group provides professional, scientific, management, and
development services in more than two dozen major markets
including power generation, transmission and distribution, and
clean-air solutions; environmental remediation; heavy civil
construction; mining; nuclear services; defense, homeland
security, and global threat reduction; industrial, chemical, and
pharmaceutical processing; manufacturing; facilities operations
and management; transportation; and water resources.

About BNFL

BNFL is selling assets to make itself more attractive to
potential participants in Britain's nuclear decommissioning
industry.  The program is expected to attract contractors like
Halliburton, Bechtel and Fluor.

BNFL has been performing badly in the past several years.  It
recently reported larger annual losses totaling GBP303 million.
It said that the cost of running its operations has increased.
The British Government has appointed the U.K. law firm Herbert
Smith and New York-based Davis Polk & Wardwell to oversee
Westinghouse's sale.

CONTACT:  BRITISH NUCLEAR FUELS PLC
          1100 Daresbury Park
          Warrington
          WA4 4GB, United Kingdom
          Phone: +44-1925-832-000
          Fax: +44-1925-822-711
          Web site: http://www.bnfl.com

          WESTINGHOUSE ELECTRIC COMPANY LLC
          4350 Northern Pike
          Monroeville, PA 15146-2886
          Phone: 412-374-4111
          Fax: 412-374-3272
          Web site: http://www.westinghousenuclear.com

          DEPARTMENT OF TRADE AND INDUSTRY
          1 Victoria Street
          London SW1H OET
          E-mail: dti.enquiries@dti.gsi.gov.uk
          Web site: http://www.dti.gov.uk

          BANQUE PRIVEE EDMOND DE ROTHSCHILD S.A.
          11 rue de Morat
          1700 Fribourg
          Suisse
          Phone: + 41 26 347 26 00
          Fax: + 41 26 347 26 15
          E-mail: pzurkinden@bper.ch
          Web site: http://www.lcf-rothschild.com


BSA CASTINGS: Creditors Meeting Set Next Week
---------------------------------------------
Company Names: BSA CASTINGS LIMITED
               BSA HOLDINGS LIMITED
               BSA METAL POWDERS LIMITED
               BSA (REDDITCH PROPERTY) LIMITED
               DEANS SYSTEMS LIMITED

Creditors of these companies will meet on January 10, 2006
commencing at 10:15 a.m. and a 15-minute interval thereafter. It
will be held at Great Eastern Hotel, Liverpool Street, London
EC2M 7QN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A. M. Hudson, joint administrative receiver of
Ernst & Young, George House, 50 George Square, Glasgow G2 1RR

BSA Castings -- http://www.bsaprecision.co.uk/-- produce
castings in a wide variety of materials including aluminium,
copper and steel across a vast number of general engineering
market sectors.

CONTACT:  BSA PRECISION CASTINGS
          Shawbank Road
          Lakeside
          Redditch
          Worcestershire B98 8YN
          United Kingdom
          Phone: 00 (44) 01527 527 501
          Fax: 00 (44) 01527 502 533
          E-mail: sales@bsaprecision.co.uk

          ERNST & YOUNG LLP
          George House
          50 George Square
          Glasgow G2 1RR
          Phone: +44 [0] 141 626 5000
          Fax: +44 [0] 141 626 5001
          Web site: http://www.ey.com


CAPITAL EMPLOYMENT: Creditors to Meet Today
-------------------------------------------
Company Names: CAPITAL EMPLOYMENT LIMITED
               COMPLEMENTARY CARE SERVICES LIMITED
               CORINTH HEALTHCARE LIMITED
               CORINTH HEALTHCARE SERVICES LIMITED
               CORINTH MEDICAL SERVICES LIMITED
               CORINTH MEDISTAFF LIMITED
               JPM SERVICES LIMITED

Creditors of these companies will meet on January 5, 2006, 11
a.m. at The New Connaught Rooms, 61-65 Great Queen Street, Covent
Garden, London WC2B 5DA.  Creditors who want to be represented at
the meeting may appoint proxies.  Proxy forms must be submitted
together with written debt claims to M. E. Mills, joint
administrative receiver from Ernst & Young, 1 More London Place,
London SE1 2AF.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


CAPITAL GLASS: Hires Liquidator from Begbies Traynor
----------------------------------------------------
S. Bennett, chairman of Capital Glass Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 18 at 5th Floor, Riverside House, 31 Cathedral Road,
Cardiff.  David Hill and John W. Davies of Begbies Traynor, 5th
Floor, Riverside House, 31 Cathedral Road, Cardiff were appointed
Joint Liquidators.

CONTACT:  CAPITAL GLASS LTD.
          616 Kingsway Avenue SE
          Medicine Hat
          Phone: 527-3331

          BEGBIES TRAYNOR
          4th Floor, Riverside House,
          31 Cathedral Road, Cardiff CF11 9HB
          Phone: 029 2022 5022
          Fax: 029 2022 4523
          E-mail: cardiff@begbies-traynor.com
          Web site: http://www.begbies.com


CHELSFIELD UPHOLSTERY: Goes into Liquidation
--------------------------------------------
P. Finch, chairman of Chelsfield Upholstery Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 18 at Taunton House, Waterside Court, Medway City Estate,
Rochester, Kent ME2 4NZ.

Adelle Firestone, certified accountant from Firestones, Taunton
House, Waterside Court, Medway City Estate, Rochester, Kent ME2
4NZ, was appointed liquidator.  The appointment was confirmed at
a creditors meeting held the same day.

CONTACT:  CHELSFIELD UPHOLSTERY LIMITED
          Peter Finch FAMU
          Unit 3, Little Caring Farm
          Maidstone, Kent, ME17 1TH
          Phone: 01622 863069
          Fax: 01622 862066
          E-mail: finch.p@btinternet.com


CORNISH FRUIT: Files for Liquidation
------------------------------------
A. Gillam, chairman of Cornish Fruit Company Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 24 at The Brookdale Hotel, Tregolls Road, Truro,
Cornwall TR1 1JZ.  Giles Richard Frampton of Richard J Smith &
Co, 53 Fore Street, Ivybridge, Devon PL21 9AE was appointed
liquidator.

Cornish Fruit -- http://cornishfruit.co.uk/about.html-- is a
small fruit growing business specializing in strawberry and
raspberry production.  It grows the fruits in five different
sites.  Brothers Andy and Tom Gillam manage the business with
support from their father Alan Gillam.

CONTACT:  RICHARD J. SMITH & CO.
          Norfolk House
          16 Lemon St.
          Truro
          Cornwall
          TR1 2LS
          UK
          Phone: 01872 261132
          Fax: 01872 261134


CREATIVE CONCEPTS: Calls in Liquidator
--------------------------------------
P. Harber, chairman of Creative Concepts & Exhibitions Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Nov. 24 at Torrington House, 47 Holywell Hill, St
Albans, Hertfordshire AL1 1HD.

Michael W. Young of Vantis Business Recovery, Torrington House,
47 Holywell Hill, St Albans, Hertfordshire AL1 1HD was appointed
liquidator.

CONTACT:  CREATIVE CONCEPTS & EXHIBITIONS LIMITED
          Unit 11 Windmill Trading Estate
          Thistle Road
          Luton
          LU1 3XJ
          United Kingdom
          Phone: (01582) 722480
          Fax: (01582) 457817
          Web site: http://www.creativeconcepts.co.uk

          VANTIS BUSINESS RECOVERY
          Torrington House,
          47 Holywell Hill, St Albans,
          Hertfordshire AL1 1HD
          Phone: 01727 811111
          Fax: 01727 810057
          E-mail: nhamiltons@aol.com
          Web site: http://www.vantismt.com


ELITE CONSERVATORY: In Liquidation
----------------------------------
S. Kirk, chairman of Elite Conservatory Roofing Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 18 at Fernwood House, Fernwood Road, Jesmond,
Newcastle upon Tyne NE2 1TJ.  William Paxton of Robson Laidler
LLP, Fernwood House, Fernwood Road, Jesmond, Newcastle upon Tyne
NE1 1TJ was appointed liquidator.

CONTACT:  ELITE CONSERVATORY ROOFING LTD.
          Washington
          Tyne and Wear
          NE37 1PP
          Phone: 0191 4155558

          ROBSON LAIDLER LLP
          Fernwood House,
          Fernwood Road, Jesmond,
          Newscastle upon Tyne
          Liquidator:
          W Paxton
          Phone: 0191 281 8191
          Fax:   0191 281 6279
          Web site: http://www.robson-laidler.co.uk


ELVEDEN PRINTERS: Hires Administrators from Pridie Brewster
-----------------------------------------------------------
Hasan Imam Mirza and Clive Robert Hammond (IP Nos 8970, 4052) of
PB Recovery Limited were appointed administrators of Elveden
Printers Limited (Company No 02933961) on Dec. 14.  The company
manufactures and distributes illuminated signs.

CONTACT:  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


ESSENTIS LIMITED: Back-office Services Provider Folds up
--------------------------------------------------------
William John Turner and Kevin Anthony Murphy (IP Nos 9049, 8349)
of Chantrey Vellacott DFK were appointed administrator of
Essentis Limited (Company No 04779364) on Dec. 20.

Established in 1986, Essentis Limited --
http://www.essentis.com/aboutus.html-- specializes in
back-office card management systems.  Its clients include ABN
Amro, Union Bank of Switzerland, PKO Bank Polski, Barclays Bank,
GZS, Bank of China and Bank of Communications.

CONTACT:  ESSENTIS LTD.
          4th floor, Edward Hyde Building
          38 Clarendon Road
          Watford WD17 1SG
          United Kingdom
          Phone: +44 (0) 1923 422510
          Fax: +44 (0) 1923 422555
          E-mail: info@essentis.com

          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


FAIRHAVEN TEXTILES: BWC Liquidators Move in
-------------------------------------------
C. H. Scaife, chairman of Fairhaven Textiles Limited (t/a
Fairhaven Machinery), informs that resolutions to wind up the
company were passed at an EGM held on Nov. 22 at BWC Business
Solutions, 8 Park Place, Leeds LS1 2RU.  Gary E. Blackburn and
Paul A. Whitwam of BWC Business Solutions, 8 Park Place, Leeds
LS1 2RU were appointed Joint Liquidators.

CONTACT:  FAIRHAVEN TEXTILES LTD.
          Thornton Road
          Bradford
          BD8 9RE
          West Yorkshire
          Phone: 01274 362000
          Fax: 01274 362001
          Web site: http:/www.fairhavenltd.com

          BWC BUSINESS SOLUTIONS
          8 Park Place
          Leeds
          West Yorkshire LS1 2RU
          Phone: 0113 243 3434
          Fax: 0113 243 5049
          E-mail: bwc@bwc-solutions.com


GALLAHER GROUP: Completes Takeover of CITA Tabacos
--------------------------------------------------
Gallaher Group plc has revealed that, following receipt of
regulatory clearances from competition authorities, it completed
the acquisition of CITA Tabacos de Canarias SL and its group
companies (CITA) on 2 January 2006.  As part of the transaction,
Gallaher has acquired Tabacos Canary Islands S.A. and Tabacos La
Nubia SL.

                           About CITA

In 2004, CITA sold some 5.4 billion cigarettes (2003: some 5.6
billion) and 124.9 million cigars (2003: 117.1 million).  TACISA
manufactured 4.1 billion cigarettes in 2004 (2003: 4.9 billion)
and LA NUBIA manufactured 6.7 million cigars (2003: 5.8 million).

In the first half of 2005, led by its main cigarette brand
Coronas Blond, CITA held cigarette market shares of: 4.2% in the
Spanish Peninsula; 18.2% in the Canary Islands; and, 1.4% in
Portugal.  In the same period, Gallaher's cigarette market shares
were: 1.9% in the Spanish Peninsula, 7.8% in the Canary Islands,
and 1.4% in Portugal.

The approximate sizes of the cigarette markets in the Spanish
Peninsula, Canary Islands and Portugal are 91 billion, 5.7
billion and 16.4 billion, respectively.

In 2005 H1, mainly through its core cigar brands Victoria,
Alvaro, Rex and Coronas Reserva, CITA had 9.6% of the cigar
market in the Spanish Peninsula.

                    About Gallaher Group plc

The Gallaher Group Plc, an international tobacco manufacturing
and wholesale company with headquarters in the U.K., has leading
positions in Austria, Germany, Kazakhstan, Republic of
Ireland, Russia, Sweden and the U.K.

Gallaher's comprehensive brand portfolio includes Benson &
Hedges, Silk Cut, Mayfair, Sovereign, Sobranie, Dorchester,
Troika, LD, Memphis, Meine Sorte, Ronson, Blend, Hamlet, Old
Holborn, Amber Leaf and Condor.

The Gallaher Group employs over 11,000 people, with manufacturing
plants in Austria, Kazakhstan, Poland, Romania,
Russia, South Africa, Sweden, Ukraine and the U.K.  Gallaher's
shares are listed on the London Stock Exchange and its ADRs are
traded on the New York Stock Exchange.

In July, Gallaher completed the employee consultation process in
relation to its proposals for further restructuring of its
European operations.  The plans will result in the loss of some
250 operational jobs in Europe.  The Group's previous operational
and administrative restructuring programs were expected to incur
exceptional charges in the region of
GBP65 million (of which, a total of GBP56 million had been
charged in 2003 and 2004) and result in annualized savings of at
least GBP20 million by the end of 2005.  Including this recent
initiative, the total restructuring costs are now expected to be
around GBP95 million, resulting in annualized savings of at least
GBP30 million by the end of 2007.

CONTACT:  GALLAHER GROUP PLC  (NYSE: GLH [ADR])
          Members Hill, Brooklands Road
          Weybridge
          Surrey KT13 0QU, United Kingdom
          Phone: +44-1932-859777
          Fax: +44-1932-832792
          Web site: http://www.gallaher-group.com
          Contact:
          Claire Jenkins
          Director, Investor relations
          Phone: 01932 859 777

          CARDEW GROUP
          Anthony Cardew
          Phone: 020 7930 0777


GOSHAWK INSURANCE: Rosemont Ups Reserve for Hurricane Katrina
-------------------------------------------------------------
Following their appointment on 18 November 2005, the new Board
and management of Goshawk Insurance Holdings plc and its
subsidiary Rosemont Re Ltd. have undertaken a review of the loss
provisions that have been established in the light of the 2005
hurricanes and some of the legacy issues arising from business in
earlier years.

Rosemont Re is taking a more conservative approach to catastrophe
loss escalation, which will result in additional reserves in the
region of US$25 million (leading to an aggregate estimated
reserve of US$130 million net) being established for hurricanes
Katrina, Rita and Wilma.  Further reserves are also likely to be
established for some of the legacy (non-catastrophe) business
underwritten in prior years.

In addition, the previously announced breaches of certain banking
covenants by the Group have resulted in Rosemont Re being
required to recognize in its accounts a GBP15 million liability
to the Group's Banks (although this will have no effect in the
Group's consolidated accounts which already include the liability
as part of the Group's outstanding debt).

As a result of the increased loss provisions and liability
recognition (offset to an extent by the proceeds of the recent
disposal and premiums earned during the period to 31st December
2005), Rosemont Re's statutory solvency is below the minimum
level required under the license granted to it by the Bermuda
Monetary Authority (BMA).  The BMA has substantial powers in
relation to the entities it regulates and Rosemont Re will now be
required to receive BMA consent to any distribution made by
Rosemont Re to its parent company.  In addition, the Group
continues to be in breach of various covenants and undertakings
to its Banks.

The Directors are continuing to explore with the BMA and the
Group's Banks possible options regarding the current working
capital position of the Group (which was set out in detail in the
circular to shareholders dated 28 November 2005) including a
possible equity issue, although there can be no certainty at this
stage that this will lead to a resolution of these matters.

This announcement contains statements that are forward-looking in
nature.  Such statements are based on currently available
information.  Forward-looking statements involve known and
unknown risks, uncertainties and other factors, which may cause
the actual results or outcome to differ materially from
projections made in forward-looking statements made by the
Company.

                        About the Company

GoshawK Insurance Holdings plc is a London-based holding company
which, through its subsidiary Rosemont Reinsurance Limited,
underwrites specialist reinsurance business for its clients
internationally.

For the year ended 31 December 2004, it reported loss after tax
of US$3 million compared to a loss after tax of US$108 million a
year earlier.  Together with reserve movements of US$4 million,
this represented a decrease of US$7 million in net assets, which
stand at US$172 million.

On September 6, GoshawK announced its preliminary net loss
estimate.  Since then, market loss estimates have nearly doubled
causing the company to increase its gross loss estimate by 30%
from US$99 million to US$130 million.  This resulted in an
increased net loss estimate for Katrina from a range of US$25
million to US$30 million to a revised total of US$60 million.

CONTACT:  GOSHAWK INSURANCE HOLDINGS PLC
          52 Jermyn Street
          London SW1Y 6LX
          Phone: +44 (0) 20 7499 2355
          Fax: +44 (0) 20 7491 7247
          Web site: http://www.goshawk.co.uk


HAUTIN LTD.: Appoints Liquidator from Fergusson
-----------------------------------------------
Brian Whitfield, director of Hautin Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 22 at Fergusson & Co. Ltd., Shackleton House, Falcon Court,
Preston Farm Industrial Estate, Stockton on Tees TS18 3TS.
Malcolm Edward Fergusson of Fergusson & Co. Ltd., Shackleton
House, Falcon Court, Preston Farm Industrial Estate, Stockton on
Tees TS18 3TS was appointed liquidator.

CONTACT:  HAUTIN LTD.
          Unit 8b
          Royce Avenue
          Billingham
          TS23 4BX
          Cleveland
          Phone: 01642 370094
          Fax: 01642 563813
          Web site: http://www.hautintarpaulins.co.uk
          Contact:
          Brian Whitfield, Managing Director

          FERGUSSON & CO LIMITED
          Shackleton House
          Falcon Court
          Preston Farm
          Stockton On Tees
          North Yorkshire TS18 3TS
          Phone: 01642 669 155
          Fax: 01642 613 535


IN WWW: Liquidator from Jeffreys Henry Moves in
-----------------------------------------------
I. Giumba, chairman of In WWW Ltd., informs that a resolution to
wind up the company was passed at an EGM held on Nov. 23 at
Fergusson House, 124-128 City Road, London EC1V 2NJ.  C. M.
Iacovides of Jeffreys Henry Jacobs, 124-128 City Road, London
EC1V 2NJ was appointed liquidator.

CONTACT:  IN WWW LTD.
          283 Archway Road
          Highgate
          London
          N6 5AA
          E-mail: mircea@inwww.ltd.uk
          Phone: +44 020 8347 0202
          Fax: +44 020 8374 7478
          Web site: http://www.inwww.ltd.uk

          JEFFREYS HENRY JACOBS
          124-128 City Road, London EC1V 2NJ
          Phone: 020 7670 9010
          Fax: 020 7670 9011
          Web site: http://www.jhj.co.uk


KOOKAI: Fashion Chain Goes into Administration
----------------------------------------------
Neville Kahn, Nick Dargan and Lee Manning of Deloitte have been
appointed administrators of Adjustbetter Limited, which carries
out the U.K. trade of Kookai from 55 outlets across the country.

The administrators are carrying out a rapid review of the
business and in the meantime the business continues to trade
until a buyer for some or all of the business as a going concern
is found.

Neville Kahn said: "Kookai is a very strong retail brand.  For
some time there has been uncertainty over the franchise
arrangements with Kookai SA and this administration enables more
stability to be brought into the business.  The operations will
continue to trade and I am very confident that with the support
of staff, customers and suppliers we will be able to conclude a
sale of some or all of the business as a going concern."

Kookai trades from 25 stores and 30 concessions.  It employs 600
people.  Adjustbetter Limited is a wholly owned subsidiary of
Forminster Plc whose shares were suspended on 22 December 2005.

                            *   *   *

The administration came after Forminster, the U.K. franchise
holder for the Kookai brand, failed to renegotiate brand
licensing contract with the latter's French parent Vivarte last
month.  Trading in Forminster shares on the AIM market were
suspended Dec. 22, 2005.

According to The Telegraph, Kookai owes GBP8 million to
creditors, mostly landlords and suppliers, principally Vivarte.

CONTACT:  DELOITTE
          Stonecutter Court
          1 Stonecutter Street
          London
          United Kingdom
          EC4A 4TR
          Phone: +44 (0)20 7936 3000
          Fax: +44 (0)20 7583 1198
          Web site: http://www.deloitte.com/
          Contact:
          Emma Thorogood, Public Relations
          Phone: +44 207 303 6264

          KOOKAI
          Web site: http://www.kookai.co.uk/


LDV LIMITED: Automaker Hires Administrator
------------------------------------------
Anthony Victor Lomas, Robert Jonathan Hunt and Mark David Charles
Hopkins (IP Nos 7240, 8597, 8365) of PricewaterhouseCoopers LLP
were appointed administrators of
LDV Limited (Company No 02774680) on Dec. 16.

LDV Group Limited -- http://www.ldv.co.uk/-- designs,
manufactures and distributes light commercial vehicles in Europe.
It is the maker of MAXUS, Convoy and Pilot models.

CONTACT:  LDV LTD.
          Bromford House, Drews Lane
          Birmingham B8 2QP
          West Midlands
          Phone: 0121 322 2000
          Fax: 0121 327 4487

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


MERLIN BIOSCIENCES: Investors Demand Swift End to SFO Probe
-----------------------------------------------------------
International private equity groups with investments in Merlin
Biosciences Ltd. have asked the Serious Fraud Office to speed up
its inquiry into the firm, according to The Observer.

The Serious Fraud Office launched the investigation in the summer
to look into Merlin's third fund after receiving a tip from an
unnamed complainant.  Accordingly, the company had
misappropriated investors' money by investing in Energist, a
fledging healthcare company that makes a range of pulsed light
systems used by beauty salons to remove unwanted hair.  Former
managing director Andrew Greene has alleged that the company
misappropriated GBP2.5 million of company funds.  Merlin and
founder Sir Christopher have denied the accusation.

So far, internal and independent audits commissioned by Merlin
appear to clear the venture capitalist of any wrongdoing.

In their letter to the SFO, the Merlin shareholders said: "We
understand the need to investigate but this should be a fairly
clear-cut issue and one that should not take an inordinate amount
of time.  An independent assessment has given an excellent
report."

Shareholders fear that a lengthy investigation might threaten
their investments and negatively affect the performance of the
whole British biotech industry.

CONTACT:  MERLIN BIOSCIENCES LIMITED
          33 King Street
          St. James's
          London, SW1Y 6RJ
          United Kingdom
          Phone: + 44 (0) 20 7811 4000
          Fax: + 44 (0) 20 7811 4001
          E-mail: enquiry@merlin-biosciences.com
          Web site: http://www.merlin-biosciences.com/


MINSTER HEALTH: Appoints Liquidator
-----------------------------------
D. O'Connor, director of Minster Health & Fitness Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Nov. 22 at Geoffrey Martin & Co, St James's House, 28
Park Place, Leeds LS1 2SP.  Stephen Hull of Geoffrey Martin &
Co., St. James's House, 28 Park Place, Leeds LS1 2SP was
appointed liquidator.

CONTACT:  MINSTER HEALTH & FITNESS CLUB
          Priory Road Industrial Estate
          Beverley North Humberside HU170EW
          Phone: 01482 864116
          Fax: 01482 871876

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


P.D. TECHNOLOGIES: Meeting of Creditors Set Next Week
-----------------------------------------------------
Creditors of P.D. Technologies UK Limited (Company No 4280045)
will meet on January 11, 2006, 12 noon at 25 Harley Street,
London W1G 9BR.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Bernard Hoffman and Ian Douglas Yerrill, joint
administrators of Gerald Edelman, Kent House, Station Road,
Ashford, Kent TN23 1PP not later than 12 noon, January 10, 2006.

PD Technologies Corp. Ltd. -- http://www.pdtechnologies.co.uk/--  
was formed as part of an ongoing project to capture and maintain
core business in the Electronics Industry not only by supplying
Printed Circuit Boards but by being a single source supplier of
all associated products and services such as components, complete
assembly, cable and wiring, etc.

CONTACT:  PD TECHNOLOGIES UK LTD.
          Columbia House
          Columbia Drive
          Worthing BN13 3HD
          West Sussex
          Phone: 01903 691415
          Fax: 01903 690839

          GERALD EDELMAN
          Suite 2
          Kent House
          Station Road
          Ashford, Kent
          TN23 1PP
          Phone: 01233 666 280
          Fax: 01233 666 281
          E-mail: gemail@geraldedelman.com
          Web site: http://www.geraldedelman.com/


PHILLIPS NEWMAN: Falls into Administration
------------------------------------------
Company Names: PHILLIPS NEWMAN & COMPANY LIMITED
               (Company No 00462548)

               THE UNWINS WINE GROUP LIMITED
               (Company No 01160260)

               UW ACQUISITIONS LIMITED
               (Company No 05234331)

               UNWINS GROUP MANAGEMENT LIMITED
               (Company No 02911096)

               UNWINS LIMITED
               (Company No 00087690)

Jane Bronwen Moriarty, Myles Antony Halley (IP Nos 9095, 6658)
and Blair Carnegie Nimmo (IP No 8208) of KPMG LLP were appointed
administrators of these companies on Dec. 19.  Its registered
office is at 1 Great Cumberland Place, London W1H 7AL.

The Unwins Wine Group Limited is the ultimate parent company of
the firms while Unwins Limited handles operation of off-licenses.
Phillips Newman & Company Limited sells wines, spirits, beers and
soft drinks.  Unwins Group Management Limited is a non-trading
entity.

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 LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk

          KPMG LLP
          191 West George Street,
          Glasgow G2 2LJ
          Web site: http://www.kpmg.co.uk


RANVIC LIMITED: Upholsterer Calls in Administrator
--------------------------------------------------
Roderick Graham Butcher (IP No 8834) of Butcher Woods Limited was
appointed administrator of furniture upholsterer Ranvic Limited
(t/a Luxi Upholstery - Company No 04026752) on Dec. 13.

CONTACT:  RANVIC LTD.
          Unit 5 Providence Street
          Peacocks Estate
          Cradley Heath B64 5DG
          West Midlands
          Phone: 01384 413111
          Fax: 01384 413377

          BUTCHER WOODS
          79 Caroline Street
          Birmingham
          West Midlands B3 1UP
          Phone: 0121 236 6001
          Fax: 0121 236 5702
          E-mail: rod.butcher@butcher-woods.co.uk


SEA CONTAINERS: Sells Remaining Properties in Newhaven Port
-----------------------------------------------------------
Sea Containers Ltd. has completed the sale of Newhaven Marina,
West Quay and Railway Quay in Newhaven, East Sussex, England to
Oakdene Homes PLC for US$20.7 million (GBP11.25 million) in cash.
Sea Containers will report a profit on the transaction of US$10.4
million in the fourth quarter of 2005 and proceeds from the sale
will be used to reduce company debt.

Ian C. Durant, Chief Executive, commented: "Because Sea
Containers is no longer involved in ferry operations in Newhaven,
our investment there was no longer appropriate.  We are pleased
that the purchaser will continue the work we began for the
benefit of the town."

Sea Containers (NYSE SCRA and SCRB) has now sold almost all of
its port property interests in the U.K.  The recent sale forms
part of Sea Containers' ongoing strategy to focus on its core
businesses.

Sea Containers -- http://www.seacontainers.com-- (NYSE: SCRA and
SCRB) is a marine container lessor, railways and ferries
operator.

                          Restructuring Plan

Sea Containers is restructuring its loss-making ferries division,
which consists of Finnish-based Silja Oy Ab (the largest), a
car-carrying ferries business with 9 ships, and New York-based
commuter ferry service SeaStreak.  It has hired Societe Generale
to sell Silja.  Further, it is selling cruise ship MV Walrus,
Swedish flag cruise ship MV Silja Opera, and MV Finnjet.  It is
also taking out one of its three SuperSeaCat fast ferries, and
investing US$12 million to upgrade its flagship vessels Silja
Serenade and Silja Symphony.  The funding for the modernization
will be raised through asset sales.  It is reducing staff and
offices in Finland, Sweden and Germany to save up to US$18
million.

The company reported a third-quarter net loss of US$34.4 million
on revenue of US$456 million, and a nine-month net loss of
US$58.5 million on revenue of US$1.3 billion.

CONTACT:  SEA CONTAINERS LTD.
          Media and general enquiries:
          Lisa Barnard, Director of Communications
          Phone: +44 20 7805 5850
          E-mail: lisa.barnard@seacontainers.com

          Investor Relations enquiries:
          William W. Galvin III, The Galvin Partnership
          Phone: +1 (203) 618-9800
          E-mail: wwg@galvinpartners.com


WARWICKSHIRE SURFACING: Administrators Enter Firm
-------------------------------------------------
A. Poxon and J. M. Titley (IP Nos 8620, 8617) of DTE Leonard
Curtis were appointed administrators of Warwickshire Surfacing
Limited (Company No 01405002) on Dec. 19.  Its registered office
is at 15 Warwick Road, Stratford upon Avon, Warwickshire CV37
6YW.

CONTACT:  WARWICKSHIRE SURFACING & CONSTRUCTION
          Warwick House, Tame Road,
          Birmingham, West Midlands B6 7DT
          Phone: 01213272002

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


XSITE (UK): Names KPMG Administrator
------------------------------------
Francis Graham Newton and Brian Green (IP Nos 9310, 8709) of KPMG
LLP were appointed administrators of Xsite (UK) Limited (Company
No 5216725) on Dec. 15.

Xsite -- http://www.xsite.ltd.uk/-- provides connectivity
options, connecting the user to the Internet either on an
occasional or permanent basis.  It also provides Web services
from domains to e-commerce as well as applications and tools.

CONTACT:  XSITE LTD.
          Genesys House
          Sandbeck Way
          Sandbeck Industrial Estate
          Wetherby LS22 7DN
          Phone: 08707 547546
          Fax: 08707 547555
          E-mail: support@xsite.ltd.uk

          KPMG LLP
          1 The Embankment
          Neville Street
          Leeds
          West Yorkshire LS1 4DW
          Phone: 0113 231 3332
          Fax: 0113 231 3183
          E-mail: richard.fleming@kpmg.co.uk


                            *********


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

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

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

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