TCREUR_Public/060109.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, January 9, 2006, Vol. 7, No. 6

                            Headlines

F R A N C E

RHODIA S.A.: Selling Pharmaceutical Custom Synthesis Unit


G E R M A N Y

AGFAPHOTO GMBH: Court Cancels Self-administration Order
ARNOLD VERPACKUNGSTECHNIK: Files for Bankruptcy
AUTOZENTRUM ADALBERT: Calls in Provisional Administrator
BAUART BAUTRAGER: Proofs of Claim Due Next Month
BE-TRANS: Under Bankruptcy Administration

DAIMLERCHRYSLER AG: 5,000 Mercedes Workers Voluntarily Retire
DAIMLERCHRYSLER AG: Chrysler-VW Minivans Out 2008
DOPPING & MEISTROWITZ: Creditors to Meet February
DTRANSLOGISTIK AG: Aachen Court Calls in Administrator
EGON ROHWER: Kiel Business Succumbs to Bankruptcy

ERICH WIPPERMANN: Creditors' Claims Due Next Week
FUN4U SPORTS: Claims Verification Set March
G&P GMBH: Dortmund Company Goes Bankrupt
KLAUS DIETER: Claims Filing Period Ends February 3
MOBILCOM AG: Demands EUR7.2 Billion from France Telecom
S.A.T. STRASSEN: Court to Verify Claims May


G R E E C E

FANCO SA: Shareholders Okay Convertible Bond Offering


H U N G A R Y

PANNONPLAST PLC: PVL Takes over Technical Plastic Facility


I T A L Y

FIAT AUTO: Forges Partnership with Russia's Severstal Auto


L U X E M B O U R G

MILLICOM INTERNATIONAL: Delisting from Luxembourg Bourse


N E T H E R L A N D S

ROYAL SHELL: Has 3.9 Billion Remaining 'A' Shares


R U S S I A

ARKHANGELSKIY SUDORAZDELOCHNYJ: Bankruptcy Hearing Set March
AUTO-TRANSPORT ENTERPRISE: Proofs of Claim Deadline January 12
BALAKHNINSKIY: Declared Insolvent
BASH-ZAURAL-STROY: Succumbs to Bankruptcy
BUILDING ASSEMBLY: Names O. Ivanov Insolvency Manager

FLAX: Deadline for Proofs of Claim Thursday
GAS-PROM-STROY: Bankruptcy Supervision Procedure Begins
KOVYLKINSKIY: Claims Filing Period Ends January 12
KULEBYAKINSKAYA: Sewing Factory Goes Under
POBEDA: Krasnodar Court Opens Bankruptcy Proceedings


S W E D E N

SKANDIA INSURANCE: Opposition to Old Mutual's Bid Intensifies


U K R A I N E

AGRO-SLAV: Under Bankruptcy Supervision
KYIV SECURITIES: Succumbs to Bankruptcy
MAYAK: Under Bankruptcy Supervision
REIN: Insolvency Manager Takes over Operations
SPETSTAMPONAZHGEOLOGIYA: Declared Insolvent

SVITANOK: Lviv Court Opens Bankruptcy Proceedings
VODOPAD: Appoints Temporary Insolvency Manager
ZASTAVA: Goes into Liquidation
ZOLOCHIV' KOMBI-PROVENDER: Files for Bankruptcy


U N I T E D   K I N G D O M

BAMFORD ROOFING: Hires DTE Leonard Curtis as Administrator
BREATHE INTERNET: Administrators Enter Firm
CAWSTON ORGANS: Names Houghton Stone Administrator
C D EVOLUTIONS: CD Retailer Folds up
CEIS (UK): In Administrative Receivership

CLEMENT DOHERTY: Files for Liquidation
CMHYT PLC: Liquidators from KPMG Enter Firm
COLYFIELD LIMITED: Claims Filing Period Ends Later this Month
CO-OPERATIVE INSURANCE: Changing Employees' Pension Scheme
DEMENI CATERING: Administrators Take over Firm

EFM DISTRIBUTION: Calls in Liquidator
ELEDOR LIMITED: Names Administrators from Hurst Morrison
FORD CREDIT: Rating Cut to BB-/B-2 on U.S. Woes
GUMPA ROOFING: Appoints Begbies Traynor Liquidator
INGLEBY PRINT: Goes into Liquidation

INTERACT SOUND: Names Liquidator from Benedict Mackenzie
INTERIOR MANAGEMENT: Begbies Traynor Liquidator Moves in
KENTON DISPLAY: Screen Printer Hires Administrator
KINYSYS LTD.: Joint Liquidators Enter Firm
LEVEL 1 SECURITY: Names P&A Partnership Liquidator

LILLA HUS: Interior Designer Winds up
MVC ENTERTAINMENT: Music Zone Buys Outlets
NOV-EX3: Food Retailer Calls in Administrator
ONLINE IT: Administrators from Menzies Corporate Move in
PROJECT DEVELOPMENT: Files for Administration

ROYAL MAIL: Rival Threatens to Block GBP2 Bln Fundraising
ROYAL MAIL: Names Managing Director for Post Office
WASIM LIMITED: Hires Administrators from Cooper Parry
WHITEHEAD MANN: Assigns Lease to Mills Global Services
WM MORRISON: Post-Christmas Trading Update Out Wednesday
ZHM ABATTOIR: Names Jones Lowndes Dwyer Administrator

* Corporate Failures Up 11% in 2005


                            *********


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


RHODIA S.A.: Selling Pharmaceutical Custom Synthesis Unit
---------------------------------------------------------
Rhodia S.A. has signed a letter of intent with Shasun Chemicals
& Drugs Ltd. for the sale of its pharmaceutical custom synthesis
business.

Rhodia CEO Jean-Pierre Clamadieu said: "This transaction is in
line with our announced strategy to refocus the Group's business
portfolio and to find a solution for RPS (Rhodia Pharma
Solutions).  The transfer to Shasun will allow these activities
to be pursued under optimum conditions for our customers.  We
expect the transaction to be completed by the end of the 1st
quarter of 2006, with the signature of the final contract, as
well as the necessary official authorizations."

Shasun Chemicals & Drugs Ltd. is a front-ranking supplier of the
pharmaceutical industry.  Founded in 1976, Shasun offers an
integrated industrial model ranging from research & development
to the manufacture of active ingredients and intermediates for
the pharmaceutical industry in facilities certified compliant
with cGMP standards.  Based in Chennai (in India's Tamil Nadu
region), Shasun generated sales of US$73 million in 2004,
employs a total of 1,300 people and boasts the major players in
the pharmaceutical industry as its customers.  Shasun Chemicals
& Drugs Ltd. is listed on the Bombay stock exchange.

                        About the Company

Rhodia S.A., based in France, is a global specialty chemicals
company partnering with major players in the automotive,
electronics, fibers, pharmaceuticals, agrochemicals, consumer
care, tires and paints & coatings markets to offer tailor-made
solutions combining original molecules and technologies to
respond to customers' needs.

It generated net sales of EUR5.3 billion in 2004 and employs
20,000 people worldwide.  It is listed on the Paris and New York
stock exchanges.  Its full-year results swung into the red in
2001 with a net loss of EUR213 million (US$183.5 million) after
three profits warning.  The company's stock has deteriorated
since its flotation in 1998.

                        Restructuring Plan

Due to depressed economic environment, continued high
petrochemical raw material prices, persistent weak demand and a
negative effect from the value of the dollar, Rhodia launched
structural action programs designed to improve long-term
profitability.

In 2003, it unveiled a plan of action to refocus business
portfolio, reduce cost and improve financial structure.  A key
part of this plan is a EUR600 million divestiture program aimed
at reducing debt by EUR500 million.  Consolidation of operations
resulted to the closure of 19 production units worldwide.

In December 2003, Rhodia concluded an agreement with 23 creditor
banks for the maintenance of a EUR970 million existing lines of
credit, and an adjustment of covenants to June 30, 2004;
establishment of a EUR758 million new syndicated medium-term
credit line; and a capital increase of approximately EUR300
million.

                         Status to date

The company's net loss after amortization of goodwill for 2004
was reduced more than 50% from EUR1,351 million to EUR625
million.  Its overall net loss for the period came to EUR197
million, compared with a net loss of EUR132 million in the
second quarter 2004 (before the taking into account EUR187
million of results from discontinued operations).

CONTACT:  RHODIA S.A.
          26, quai Alphonse Le Gallo
          92512 Boulogne-Billancourt Cedex, France
          Phone: +33-1-55-38-40-00
          Fax: +33-1-55-38-44-71
          Web site: http://www.rhodia.com

          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25

          SHASUN CHEMICALS & DRUGS LTD.
          Shasun House
          3 Doraiswamy Road
          T. Nagar, Chennai - 600017,
          Tamil Nadu, India
          Phone: 91-44-24316700
          Fax: 91-44-24348924
          E-mail: shasun@shasun.com


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


AGFAPHOTO GMBH: Court Cancels Self-administration Order
-------------------------------------------------------
The Cologne Local Court has terminated the insolvency
proceedings in self-administration for AgfaPhoto GmbH and
instead ordered statutory insolvency proceedings to be
initiated.

A decision to that effect had been taken by the creditors'
meeting in October 2005.  The administration of the insolvent
estate has now been served with the appropriate insolvency court
order.

Consequently, the previous solicitor for the creditors, Dr.
Andreas Ringstmeier, a Cologne-based lawyer, has now been named
as the insolvency administrator of AgfaPhoto GmbH.  As agreed,
Hans-Gerd Jauch, the insolvency expert who had been appointed as
a member of the Board of Directors of AgfaPhoto GmbH as at 1
June 2005, has resigned his seat on termination of the self-
administration.

Despite successful efforts of the Board of Directors and the
solicitor to quickly stabilize and continue AgfaPhoto GmbH after
filing for insolvency, the negotiations with investors about a
continuation of the whole company failed in October 2005.  As a
result, productions at the sites in Munich and Leverkusen were
discontinued on November 2005, after investors took over
sections in Peiting and Vaihingen/Enz.

Mr. Ringstmeier said: "We will have sold the produced goods with
a workforce of around 100 by summer 2006 and will then gradually
have to liquidate AgraPhoto.  The final liquidation, however,
will most likely take a few years."

AgfaPhoto GmbH filed a petition for insolvency in May 2005; the
insolvency proceedings in self-administration were opened on 1
August 2005.

Headquartered in Leverkusen, AgfaPhoto manufactures photographic
film, papers, chemicals and disposable cameras.  It also offers
online print service, on-site processing, kiosk systems and
wholesale finishing.  It has 32 subsidiaries outside Germany not
affected by its insolvency.  The company owes suppliers and
pension security body Pensionssicherungsverein.

CONTACT:  AGFAPHOTO GERMANY GmbH
          Im Media park 5
          D-50670 Cologne
          Phone: +49 221 98544-3723
          Fax: +49 221 98544-3805
          Web site: http://www.agfaphoto.com


ARNOLD VERPACKUNGSTECHNIK: Files for Bankruptcy
-----------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Arnold Verpackungstechnik Vertriebs-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 Klaus W. Gerling.

Creditors and other interested parties are encouraged to attend
the meeting on March 22, 2006, 9:15 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:  ARNOLD VERPACKUNGSTECHNIK VERTRIEBS-GmbH
          Hermann-Lons-Str. 132, 51469 Bergisch Gladbach
          Contact:
          Paul Arnold, Manager
          Jahnstr. 2, 51515 Kuerten

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


AUTOZENTRUM ADALBERT: Calls in Provisional Administrator
--------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Autozentrum Adalbert Kuempel GmbH on December 28.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until February 17, 2006 to
register their claims with court-appointed provisional
administrator Dr. Andreas Schulte-Beckhausen.

Creditors and other interested parties are encouraged to attend
the meeting on March 26, 2006, 9:00 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:  AUTOZENTRUM ADALBERT KUEMPEL GmbH
          Siegstrasse 146-151, 53757 Sankt Augustin
          Contact:
          Adalbert Kuempel jun., Manager

          Dr. Andreas Schulte-Beckhausen, Administrator
          Oxfordstr. 2, 53111 Bonn
          Phone: 0228 / 98 52 10
          Fax: 0228 / 98 52 122


BAUART BAUTRAGER: Proofs of Claim Due Next Month
------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
BAUART Bautrager Verwaltungs-GmbH on December 22.  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, 10:05 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:  BAUART BAUTRAGER VERWALTUNGS-GmbH
          Quettinger Str. 187, 51381 Leverkusen
          Contact:
          Peter Brandeis, Manager
          Hans-Peter Oehm, Manager
          Carrer de S'Almonia, E-07690
          Cala Llombards, S'Almonia
          Mallorca

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


BE-TRANS: Under Bankruptcy Administration
-----------------------------------------
The district court of Hagen opened bankruptcy proceedings
against BE-Trans GmbH on December 27.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until February 2, 2006 to register their claims
with court-appointed provisional administrator Andreas Schoss.

Creditors and other interested parties are encouraged to attend
the meeting on February 23, 2006, 9:00 a.m. at the district
court of Hagen, Haupthaus (Neubau), Heinitzstrasse 42, 58097
Hagen, Etage 2, Raum 283, 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:  BE-TRANS GmbH
          Hans-Bockler-Str. 15, 58638 Iserlohn
          Contact:
          Klaus Dicke, Manager
          Kampstr. 22, 58256 Ennepetal

          Andreas Schoss, Administrator
          Alter Markt 9 - 13, 42275 Wuppertal
          Phone: 0202/493880
          Fax: +49202451939


DAIMLERCHRYSLER AG: 5,000 Mercedes Workers Voluntarily Retire
-------------------------------------------------------------
DaimlerChrysler AG has already sent home 5,000 workers from its
Mercedes venture through voluntary retirements, says the
Associated Press.

In September, the company unveiled redundancy plans affecting
8,500 jobs to cut cost at the luxury car unit.  "This means that
around 60% of the twelve-month target has been achieved just
three months after starting the voluntary program," the company
revealed in a statement.

Earlier, German newspapers reported DaimlerChrysler was
considering further job reductions.  Stuttgarter Nachrichten
said the management committee headed by outgoing Chief Executive
Juergen Schrempp has recommended additional cuts at a meeting of
the board of directors.  The paper added the company was eyeing
to cut by 6,000 its global workforce of 390,000 through
attrition or voluntary retirement.  Stuttgarter Zeitung, in
another report, said the company's board has agreed to cut 7,500
workers over the next two years.

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


DAIMLERCHRYSLER AG: Chrysler-VW Minivans Out 2008
-------------------------------------------------
Chrysler Group President and CEO Tom LaSorda has said that the
recently inked partnership with Volkswagen AG is a win-win deal
for both firms.

The DaimlerChrysler AG unit and Volkswagen have reached a formal
agreement to produce minivans for the U.S. market.  Mr. LaSorda
said: "With our manufacturing and platform engineering
flexibility, we can deliver a high-quality product specifically
tailored to Volkswagen's customers' tastes with little or no
substitution effect on the current Chrysler and Dodge minivan
lineup."

The deal will see Chrysler produce a unique line of VW minivans
via its production facility to be released for the North
American market in 2008.  Between 35,000 and 45,000 minivans are
expected to be produced annually.

Wolfgang Bernhard, chairman of the VW Brand Board of Management,
said: "Although the Volkswagen minivan shares its basic
architecture with upcoming Chrysler and Dodge vehicles, this
will be an all new product."

He added they're working on a "design that will be uniquely
Volkswagen's because we believe there's tremendous opportunity
in this market for a vehicle of this type."

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

          VOLKSWAGEN AG
          Brieffach 1848-2
          38436 Wolfsburg, Germany
          Phone: +49 53 61 90
          Fax: +49 53 61 92 82 82
          Web site: http://www.volkswagen.de


DOPPING & MEISTROWITZ: Creditors to Meet February
-------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Dopping & Meistrowitz GmbH on December 27.
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 Werner F. Muehlenbrock.

Creditors and other interested parties are encouraged to attend
the meeting on February 14, 2006, 9:00 a.m. at the district
court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2.
OG, gelber Bereich, Saal 291, 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:  DOPPING & MEISTROWITZ GmbH
          Hertastr. 37, 45888 Gelsenkirchen
          Contact:
          Gerald Dopping, Manager
          Stefan Meistrowitz, Manager
          Sommerdellenstr. 137, 44866 Bochum


DTRANSLOGISTIK AG: Aachen Court Calls in Administrator
------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against DtransLOGISTIK AG on December 22.  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 Heinrich
C. Friedhoff.

Creditors and other interested parties are encouraged to attend
the meeting on March 13, 2006, 9:00 a.m. at the district court
of Aachen, Augustastrasse 78-80, 52070 Aachen, 1. Etage,
Sitzungssaal 14, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  DTRANSLOGISTIK AG
          Alexanderstrasse 37, 52062 Aachen
          Contact:
          Mostafa and Pouyan Dardashti
          Bruesseler Ring 61d, 52074 Aachen

          Heinrich C. Friedhoff, Administrator
          Viktoriastrasse 73-75, 52066 Aachen


EGON ROHWER: Kiel Business Succumbs to Bankruptcy
-------------------------------------------------
The district court of Kiel opened bankruptcy proceedings against
Egon Rohwer GmbH & Co. KG 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
Jens-Soren Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on March 7, 2006, 9:30 a.m. at the district court of
Kiel, Saal 17, 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:  EGON ROHWER GmbH & Co. KG
          Konigsweg 49, 24114 Kiel

          Jens-Soren Schroder, Administrator
          Raboisen 38, 20095 Hamburg


ERICH WIPPERMANN: Creditors' Claims Due Next Week
-------------------------------------------------
The district court of Hagen opened bankruptcy proceedings
against Erich Wippermann GmbH on December 28.  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 Dr.
Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on February 6, 2006, 11:00 a.m. at the district
court of Hagen, Haupthaus (Neubau), Heinitzstrasse 42, 58097
Hagen, Etage 2, Raum 283, 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:  ERICH WIPPERMANN GmbH
          Frankfurter Str. 52, 58553 Halver
          Contact:
          Nils Schroeder, Manager
          Im Dahl 69, 58579 Schalksmuehle

          Dr. Winfrid Andres, Administrator
          Grabenstr. 28, 58095 Hagen
          Phone: 02331/39 76 56
          Fax: +4923313976570


FUN4U SPORTS: Claims Verification Set March
-------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
fun4u sports & Internet GmbH on December 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until February 17, 2006 to register
their claims with court-appointed provisional administrator Dirk
Obermueller.

Creditors and other interested parties are encouraged to attend
the meeting on March 24, 2006, 9:30 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:  FUN4U SPORTS & INTERNET GmbH
          Rheinstr. 29c, 53844 Troisdorf
          Contact:
          Petra Hadjinicolaou, Manager
          Auf dem Liemerich 20, 53773 Hennef

          Dirk Obermueller, Administrator
          Godesberger Allee 125-127, 53175 Bonn
          Phone: 81 000 45
          Fax: 81000820


G&P GMBH: Dortmund Company Goes Bankrupt
----------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against G&P GmbH on December 28.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until February 3, 2006 to register their claims
with court-appointed provisional administrator Achim Thomas
Thiele.

Creditors and other interested parties are encouraged to attend
the meeting on March 15, 2006, 8:55 a.m. at the district court
of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  G&P GmbH
          Alstedder Str. 46, 44534 Luenen
          Contact:
          Andreas Grave, Manager

          Achim Thomas Thiele, Administrator
          Bronnerstrasse 7, 44141 Dortmund
          Phone: 54110
          Fax: 5411266


KLAUS DIETER: Claims Filing Period Ends February 3
--------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Klaus Dieter Girnt GmbH on December 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until February 3, 2006 to
register their claims with court-appointed provisional
administrator Klaus Dippel.

Creditors and other interested parties are encouraged to attend
the meeting on March 17, 2006, 8:35 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:  KLAUS DIETER GIRNT GmbH
          Sperlingsgasse 6, 44807 Bochum
          Contact:
          Klaus Dieter Girnt, Manager
          Ernst-Reuter-Str. 10, 45739 Oer-Erkenschwick

          Klaus Dippel, Administrator
          Werner Hellweg 477, 44894 Bochum
          Phone: 0234-26624
          Fax: 0234-234077


MOBILCOM AG: Demands EUR7.2 Billion from France Telecom
-------------------------------------------------------
MobilCom is seeking a higher cash settlement from France
Telecom, reports Telecom Asia Daily.

Administrator Gerhard Schmid upped his damage claim to EUR7.2
billion from EUR4.25 billion, arguing the French telecom giant
should answer for lost profit opportunities suffered by
MobilCom.

France Telecom, which held a 28.5% stake in MobilCom, allegedly
financed only a small portion of a UMTS network project,
contrary to agreement.  This network ultimately became a thorn
on its side that at one point MobilCom offered to sell it for
only EUR1.

KPN's fully owned mobile subsidiary, E-Plus, eventually acquired
the company's 3,723 UMTS sites for EUR20 million in May 2003.
It cost MobilCom EUR8 billion to acquire its UMTS license in
2000.  It filed for private bankruptcy in 2003.

CONTACT:  MOBILCOM AG
          Hollerstrabe 126
          D-24782 Budelsdorf, Germany
          Phone: +49 43 31 69 11 73
          Fax:   +49 43 31 69 28 88
          Web site: http://www.mobilcom.de


S.A.T. STRASSEN: Court to Verify Claims May
-------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against S.A.T. Strassen- u. Tiefbau GmbH on December
21.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until March 21,
2006 to register their claims with court-appointed provisional
administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on February 8, 2006 at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on May
17, 2006, 9:05 a.m. at the same venue.

CONTACT:  S.A.T. STRASSEN- U. TIEFBAU GmbH
          Bluecherstr. 29,10961 Berlin

          Hartwig Albers, Administrator
          Luetzowstr. 100, 10785 Berlin


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


FANCO SA: Shareholders Okay Convertible Bond Offering
-----------------------------------------------------
The Shareholders' Extraordinary General Meeting of Fanco S.A. on
20 April 2005 decided, inter alia, on the issue of up to EUR21
million convertible bond loan with a seven-year duration,
partially or in its entirety in favor, among others, third
parties, shareholders, creditors, suppliers.

In addition, the General Meeting authorized the board of
directors of the company to determine the special terms of the
issue in question.  The Board of Directors of the company,
during its session on 28 December 2005, decided to advance with
the first series of the bond loan issue.

More specifically, it determined that the first series will
comprise ten titles of 109,900 bonds, convertible into an equal
number of shares, of total value of EUR329,700.00, with an
interest-rate of 6% annually (Date of issue: Dec. 28, 2005; Date
of settlement: Dec. 28, 2006; and exercise date for the
conversion right: each day that follows the monthly anniversary
of the issue, with the issue date also included).

The first series of the bond loan will be covered with the
capitalization of receivables of the Shareholder-Company Naoussa
Spinning Mills S.A. and specifically, from the sales of threads
to the Company.  According to the statement of the Shareholder
Naoussa Spinning Mills S.A., its aim is to proceed immediately
with the exercise of the conversion right.  After the exercise
of the particular right, the shares of the company will be
increased from 10,990,500 to 12,089,500, i.e. by 9.99%.

                            *   *   *

Early in March, Fanco S.A. reported losses of EUR15 million for
2004 as turnover dived to EUR48.5 million.  Last year's loss was
EUR8.2 million on turnover of EUR92.4 million, according to
Troubled Company Reporter-Europe on March 4.

Fanco's parent, Klonatex, doubled its losses to EUR13.9 million
from EUR6.6 million in 2003.  Turnover dropped to EUR43.6
million from EUR49.3 million.  Last year, Fanco closed Naoussa
Spinning Mills S.A., its factory in Macedonia, due to continued
losses.  The Klonatex group also operates Rodopis Spinning
Mills.

CONTACT:  FANCO S.A.
          Kifissou & Constantinoupoleos 1, 121-32 Peristeri
          Athens
          Phone: +30-210-5708185
          Fax: +30-210-5708200
          Web site: http://www.fanco.gr


=============
H U N G A R Y
=============


PANNONPLAST PLC: PVL Takes over Technical Plastic Facility
----------------------------------------------------------
Pannonplast plc's subsidiary signed a pre-contract about the
transfer of technical plastic production in Szekesfehervar.
As earlier announced, Pannonplast's new strategic approach was
to seek a strategic investor for its engineering plastic
division.  As a result of this process, French company PVL
(Plastiques Du Val De Loire) will take over Pannonplast's
technical plastic production in Szekesfehervar, Hungary.

As a part of the transaction, Pannonplast Technical Plastics Co.
(PMM) will sell all of its manufacturing machineries and
equipment used at the Szekesfehervar plant.  With regard to the
real estate owned by PMM, a long-term lease agreement was signed
with PVL's call option to purchase the real estate.  The
financial result (IFRS) on the transaction of selling the assets
will be around -HUF430 million, which will be accounted for in
the fourth quarter 2005.

                        About the Company

Pannonplast, which manufactures a wide range of plastic finished
products, reported its third straight losses in 2004 due to
dropping demand for its products in the sluggish western
European market.  Although 2004 revenues amounted to HUF26.5
billion, the company still booked losses of HUF1.8 billion.  CEO
Balazs Szabo, which took over the helm in September 2004, has
been cutting costs and selling units to restore the company's
profitability.

CONTACT:  PANNONPLAST MUANYAGIPARI RT.
          Nagytetenyi ut 216-218
          1225 Budapest,
          Phone: +36 1 207 1936
          Fax: +36 1 207 1525
          Web site: http://www.pannonplast.hu


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


FIAT AUTO: Forges Partnership with Russia's Severstal Auto
----------------------------------------------------------
Fiat Auto and Severstal Auto signed an industrial agreement that
calls for the assembly of Fiat Palio and Albea models based on
CKDs produced by Tofas in Turkey, the joint venture between Fiat
Auto and the Koc Group.

The assembly will start in 2007 in the Severstal Auto plant of
Naberejniye Chelni near Kazan in the Volga region.  This will be
the first step in industrial cooperation between Fiat Auto and
Severstal Auto, which will now study opportunities to deepen
industrial cooperation and to start production in Russia of
other Fiat Auto models including Fiat Doblo.

Recently, Fiat Auto and Severstal also signed a CBU Supply
Agreement for import and distribution in Russia of the full
product range of Fiat branded cars and light commercial
vehicles.  The two companies are investigating further areas of
cooperation.

About Fiat

One of the pioneer companies in the automobile industry, Fiat
has produced more than 85 million passenger cars and light
commercial vehicles, including no less than 400 models, since
1899, when the company was founded in Turin, Italy.

Some of them have represented milestones in the automotive
industry.  The Fiat Group's Automobiles Sector operates
worldwide with the following brands: Fiat, celebrated for value,
economy, and innovation and whose mass produced cars are
distributed over almost the entire price class spectrum; Lancia
(acquired in 1969) means prestige cars noted for their elegant
styling, and comfort; Alfa Romeo (acquired in 1986) is famous as
a maker of sport and luxury vehicles of style and distinction;
Maserati (acquired in 1992) represents a landmark in the history
of the automobile; Ferrari (acquired in 1969), well renowned for
unsurpassed design, performance, and luxury, is a legendary
automobile that imparts special cachet to its owner.

About Severstal Auto

OAO Severstal Auto -- http://www.severstalauto.ru-- is one of
the biggest Russian automotive companies, which represents the
famous Russian automotive brands UAZ and OKA and enjoys
leadership positions in the Russian automotive market.  The
Company produces four-wheel drive vehicles - the UAZ SUVs, light
trucks and minivans- and A segment cars.  Severstal Auto is also
the Russian largest manufacturer of 4- and 8-cylinder petrol
engines with displacements ranging from 2.2 to 4.7 liters.

About the Company

Fiat Auto manufactures automobiles, buses, industrial and
special vehicles, and agricultural tractors.  Earlier this year,
Fiat Auto was able to achieve its objective of breaking even at
the operating level.  Its net financial position as at the end
of 2004, however, remained negative at -EUR5 billion.  S&P had
said the automotive activities will gradually recover although
they will remain loss making in 2005.

CONTACT:  FIAT AUTO S.P.A.
          Corso G. Agnelli, 200 - 10135 Torino
          Phone: +39 011 003 11 11
          Fax: +39 011 003 75 91
          Web site: http://www.fiat.com
          Contact:
          H. Demel, C.E.O


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


MILLICOM INTERNATIONAL: Delisting from Luxembourg Bourse
--------------------------------------------------------
The Board of Directors of Millicom International S.A. has
decided to request the delisting of Millicom's equity shares
from the Luxembourg Stock Exchange due to the fact that the
trading of the Millicom shares on the Luxembourg Stock Exchange
was insufficiently liquid.  The Millicom shares will continue to
be listed on NASDAQ (trading symbol: MICC) and on the Stockholm
Stock Exchange (OMX Stockholm) in the form of Swedish Depositary
Receipts.

The Luxembourg Stock Exchange has delivered its approval of the
delisting of the Millicom shares, which will become effective on
January 16, 2006.  A notice to this effect will be posted
starting on January 5 on the Web site of the Luxembourg Stock
Exchange (http://www.bourse.lu/notices).

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa.  It currently has cellular operations
and licenses in 16 countries.  The Group's cellular operations
have a combined population under license of approximately 391
million people.

CONTACT:  MILLICOM INTERNATIONAL CELLULAR S.A.,
          Luxembourg
          Marc Beuls
          President and Chief Executive Officer
          Phone: +352 27 759 327
          Web site: http://www.millicom.com

          Investor Relations
          Andrew Best
          Phone: +44 20 7321 5022


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


ROYAL SHELL: Has 3.9 Billion Remaining 'A' Shares
-------------------------------------------------
On 5 January 2006, Royal Dutch Shell plc purchased for
cancellation 550,000 'A' Shares at a price of 26.66 euros per
share.  It further purchased for cancellation 150,000 'A' Shares
at a price of 1,839.39 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,933,800,000.

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


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


ARKHANGELSKIY SUDORAZDELOCHNYJ: Bankruptcy Hearing Set March
------------------------------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
bankruptcy supervision procedure on close joint stock company
Arkhangelskiy Sudorazdelochnyj.  The case is docketed as A05-
11400/05-27.  Mr. E. Sunko has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 194064, Russia, St-Petersburg, Tikhoretskiy Pr. 1, Building
2, 45.  A hearing will take place on March 3, 2006, 2:00 p.m.

CONTACT:  ARKHANGELSKIY SUDORAZDELOCHNYJ
          163048, Russia, Arkhangelsk region,
          Tsentralnaya Str. 2

          E. SUNKO
          Temporary Insolvency Manager
          194064, Russia, St-Petersburg,
          Tikhoretskiy Pr. 1, Building 2, 45


AUTO-TRANSPORT ENTERPRISE: Proofs of Claim Deadline January 12
--------------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Auto-Transport Enterprise #2 after finding
the open joint stock company insolvent.  The case is docketed as
A27-9857/2005-4.  Mr. O. Fokin has been appointed insolvency
manager.

Creditors have until January 12, 2006 to submit their proofs of
claim to 654066, Russia, Kemerovo region, Novokuznetsk, Grdiny
Str. 7, Post User Box 1409.  A hearing will take place on
October 11, 2006, 2:00 p.m.

CONTACT:  AUTO-TRANSPORT ENTERPRISE #2
          Russia, Kemerovo region,
          Osinniki, Lomonosova Str. 1

          O. FOKIN
          Insolvency Manager
          654066, Russia, Kemerovo region, Novokuznetsk,
          Grdiny Str. 7, Post User Box 1409


BALAKHNINSKIY: Declared Insolvent
---------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Balakhninskiy after finding the
company insolvent.  The case is docketed as A43-22869/2005-18.
Mr. V. Pyatykh has been appointed insolvency manager.  Creditors
have until January 12, 2006 to submit their proofs of claim to
603003, Russia, Nizhniy Novgorod region, Post User Box 4.

CONTACT:  BALAKHNINSKIY
          Russia, Nizhniy Novgorod region,
          Balakhna, Pervomayskaya Str. 1

          V. PYATYKH
          Insolvency Manager
          603003, Russia, Nizhniy Novgorod region,
          Post User Box 4


BASH-ZAURAL-STROY: Succumbs to Bankruptcy
-----------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Bash-Zaural-Stroy after finding
the company insolvent.  The case is docketed as A07-21749/04-G-
ADM.  Mr. G. Monetov has been appointed insolvency manager.
Creditors may submit their proofs of claim to 455000, Russia,
Chelyabinsk region, Magnitogorsk, Metallurgov Pr. 2a, Apartment
7.

CONTACT:  BASH-ZAURAL-STROY
          Russia, Bashkortostan republic

          G. MONETOV
          Insolvency Manager
          455000, Russia, Chelyabinsk region, Magnitogorsk,
          Metallurgov Pr. 2a, Apartment 7


BUILDING ASSEMBLY: Names O. Ivanov Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Kirov region commenced bankruptcy
proceedings against Building Assembly Enterprise #5 after
finding the open joint stock company insolvent.  The case is
docketed as A28-267/05-285/10.  Mr. O. Ivanov has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 610000, Russia, Kirov region, Bolshevikov Str. 89a, Office
26.

CONTACT:  BUILDING ASSEMBLY ENTERPRISE #5
          Russia, Kirov region,
          B. SKopino, 2a

          O. IVANOV
          Insolvency Manager
          610000, Russia, Kirov region,
          Bolshevikov Str. 89a, Office 26


FLAX: Deadline for Proofs of Claim Thursday
-------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Flax (TIN 5239000062, OKPO
05134892, KPP 523901001) after finding the open joint stock
company insolvent.  The case is docketed as A43-5361/99-24-68.
Ms. T. Kapgapoltseva has been appointed insolvency manager.
Creditors have until January 12, 2006 to submit their proofs of
claim to 606927, Russia, Nizhniy Novgorod region, Shakhunskiy
region, Severnyj, Tsentralnaya Str. 27.

CONTACT:  FLAX
          Russia, Nizhniy Novgorod region,
          Shakhunskiy region, Severnyj

          T. KAPGAPOLTSEVA
          Insolvency Manager
          606927, Russia, Nizhniy Novgorod region,
          Shakhunskiy region, Severnyj, Tsentralnaya Str. 27


GAS-PROM-STROY: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region has commenced bankruptcy supervision procedure on close
joint stock company Gas-Prom-Stroy.  The case is docketed as
A56-34766/2005.  Mr. S. Chashin has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 191024, Russia, Saint-Petersburg, Post User Box 15.  A
hearing will take place on March 15, 2006.

CONTACT:  GAS-PROM-STROY
          198320, Russia, Saint-Petersburg,
          Vosstanovleniya Str. 66/2

          S. CHASHIN
          Temporary Insolvency Manager
          191024, Russia, Saint-Petersburg,
          Post User Box 15


KOVYLKINSKIY: Claims Filing Period Ends January 12
--------------------------------------------------
The Arbitration Court of Mordoviya republic commenced bankruptcy
proceedings against Kovylkinskiy after finding the factory of
silicate bricks insolvent.  The case is docketed as A 39-
1475/05-102/7.  Ms. E. Murashkina has been appointed insolvency
manager.  Creditors have until January 12, 2006 to submit their
proofs of claim to Russia, Mordoviya republic, Saransk, Krupskoy
Str. 29.

CONTACT:  KOVYLKINSKIY
          Russia, Mordoviya republic,
          Kovylkino, Silikatnyj

          E. MURASHKINA
          Insolvency Manager
          Russia, Mordoviya republic,
          Saransk, Krupskoy Str. 29


KULEBYAKINSKAYA: Sewing Factory Goes Under
------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Kulebyakinskaya (TIN 5251006663)
after finding the sewing company insolvent.  The case is
docketed as A43-4990/2005, 18-172.  Mr. A. Kirichek has been
appointed insolvency manager.

Creditors have until January 12, 2006 to submit their proofs of
claim to:

(a) KULEBYAKINSKAYA
    607010, Russia, Nizhniy Novgorod region,
    Kulebyaki, Kolkhoznaya Str. 2A

(b) A. KIRICHEK
    Insolvency Manager
    603000, Russia, Nizhniy Novgorod region,
    Main Post Office, Post User Box 246


POBEDA: Krasnodar Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Pobeda after finding the agro company
insolvent.  The case is docketed as A-32-20614/2004-37/161-B.
Mr. O. Ryabich has been appointed insolvency manager.  A hearing
will take place on April 17, 2006, 2:00 p.m.

CONTACT:  POBEDA
          Russia, Krasnodar region,
          Dinskoy region, Pervorechenskoye

          O. RYABICH
          Insolvency Manager
          350080, Russia, Krasnodar region,
          Post User Box 1884


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


SKANDIA INSURANCE: Opposition to Old Mutual's Bid Intensifies
-------------------------------------------------------------
A group of shareholders is pushing for tougher conditions for
Old Mutual plc's bid for Skandia Insurance.

According to The Guardian, the group, headed by the Second
Swedish National Pension Fund (SSNPF)/Andra AP-fonden, is
demanding three seats on Skandia's board.  SSNPF is coordinating
their efforts to oppose the proposed takeover unless the bid is
raised.

The Wall Street Journal, in another report, quoted the group as
saying: "If the amount of the current offer is not increased,
the proportion of minority shareholders in Skandia (should be)
significant."  The rebels also lobbied that they be allowed
access to all data relating to company transactions.

Investors have until Thursday (January 12) to accept Old
Mutual's GBP3.4 billion bid for Skandia, after which the offer
will become unconditional.  Old Mutual has said: "We welcome the
acknowledgement by the SSNPF that ownership of Skandia is
changing, and we are looking forward to fruitful discussions in
the future with all Skandia stakeholders."

The Second Swedish National Pension Fund started operations on
January 1, 2001.  Its board is appointed by the Swedish
Government.  It aims to ensure that the Swedish pension assets
for which the Fund is responsible are invested to generate
maximum long-term return at minimum risk, supported by efficient
and professional asset management techniques.

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080
          Web site: http://www.skandia.com

          Bjorn Bjornsson
          Vice Chairman
          Phone: +46-8-788 25 00

          Jan-Mikael Bexhed
          General Counsel
          Phone: +46-8-788 25 00

          OLD MUTUAL PLC
          Investor Relations
          Andrew Parkins
          Phone: +44 (0) 20 7002 7264
          Media Relations
          Miranda Bellord
          Phone: +44 (0) 20 7002 7133
          Web site: http://www.oldmutual.com

          SECOND SWEDISH NATIONAL PENSION FUND
          Box 111 55, SE-404 24 Goteborg
          Sweden
          Phone: +46 31-704 29 00
          Web site: http://www.ap2.se


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


AGRO-SLAV: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
supervision procedure on LLC Agro-Slav (code EDRPOU 32283474) on
October 19, 2005.  The case is docketed as 2/167/05.  Mr.
Volodimir Shamshur (License Number AA 719889) has been appointed
temporary insolvency manager.  The company holds account number
26002558047001 at CB Privatbank, Mikolaiv branch, MFO 326610.

CONTACT:  AGRO-SLAV
          54042, Ukraine, Mikolaiv region,
          Olejnikov Str. 28/14

          VOLODIMIR SHAMSHUR
          Temporary Insolvency Manager
          54025, Ukraine, Mikolaiv region,
          Geroiv Stalingradu Avenue 17/47

          ECONOMIC COURT OF MIKOLAIV REGION
          54009, Ukraine, Mikolaiv region,
          Admiralska Str. 22


KYIV SECURITIES: Succumbs to Bankruptcy
---------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on Kyiv Securities (code EDRPOU 23155739)
on October 25, 2005.  The case is docketed as 15/720-b.
Mr. O. Sherban (License Number AB 116282) has been appointed
temporary insolvency manager.  The company holds account number
26005200000510 at JSCB Ukrsocbank, Minska branch, MFO 322131.

CONTACT:  KYIV SECURITIES
          04210, Ukraine, Kyiv region,
          Geroiv Stalingradu Avenue 16

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

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


MAYAK: Under Bankruptcy Supervision
-----------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on Mayak (code EDRPOU 14168536) on October
21, 2005.  The case is docketed as 4/267-B.  Mr. Sinishin Oleg
(License Number AA 484194) has been appointed temporary
insolvency manager.

CONTACT:  MAYAK
          31300, Ukraine, Hmelnitskij region,
          Hmelnitskij district, Gvardijske

          SINISHIN OLEG
          Temporary Insolvency Manager
          01103, Ukraine, Kyiv region,
          Dragomirov 10-a/29

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


REIN: Insolvency Manager Takes over Operations
----------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Rein (code EDRPOU 3280001) on November 25,
2005 after finding the limited liability company insolvent.  The
case is docketed as 2/189/05.  Mr. O. Tomashevskij (License
Number AA 669672) has been appointed liquidator/insolvency
manager.

CONTACT:  REIN
          Ukraine, Mikolaiv region,
          P. Morozov Str. 1-A

          O. TOMASHEVSKIJ
          Liquidator/Insolvency Manager
          54029, Ukraine, Mikolaiv region, Robocha Str. 7
          Phone: (0512) 36-72-27

          ECONOMIC COURT OF MIKOLAIV REGION
          54009, Ukraine, Mikolaiv region,
          Admiralska Str. 22


SPETSTAMPONAZHGEOLOGIYA: Declared Insolvent
-------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Spetstamponazhgeologiya (code EDRPOU
32011359) on October 24, 2005 after finding the limited
liability company insolvent.  The case is docketed as 5/85 B.
Ms. Ludmila Karpachova (License Number AA 668300) has been
appointed liquidator/insolvency manager.

CONTACT:  SPETSTAMPONAZHGEOLOGIYA
          83003, Ukraine, Donetsk region,
          Kapitan Ratnikov Str. 4-A/32

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


SVITANOK: Lviv Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Svitanok (code EDRPOU 23956793) on October
18, 2005 after finding the open joint stock company insolvent.
The case is docketed as 6/36-4/19.  Mr. Volodimir Mashevskij
(License Number AB 116211) has been appointed
liquidator/insolvency manager.  The company holds account
numbers 26006301413610/980 and 26006301413610/840 at
Prominvestbank, Lviv central branch, MFO 385048.

CONTACT:  SVITANOK
          Ukraine, Lviv region,
          Promislova Str. 53

          VOLODIMIR MASHEVSKIJ
          Liquidator/Insolvency Manager
          Ukraine, Lviv region,
          I. Lukich Str. 3/1

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


VODOPAD: Appoints Temporary Insolvency Manager
----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Vodopad (code EDRPOU 23154993) on
October 12, 2005.  The case is docketed as 43/717.  Mr. O.
Sherban (License Number AB 116282) has been appointed temporary
insolvency manager.

CONTACT:  VODOPAD
          04213, Ukraine, Kyiv region,
          Geroiv Stalingradu Avenue 44/254

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

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


ZASTAVA: Goes into Liquidation
------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Zastava (code EDRPOU 30468149) after finding
the limited liability company insolvent.  The case is docketed
as 44/483-b.  Mr. Logvinenko Kostyantin (License Number AA
779264) has been appointed liquidator/insolvency manager.

CONTACT:  ZASTAVA
          Ukraine, Kyiv region,
          Chervonozoryanij Avenue 123

          LOGVINENKO KOSTYANTIN
          Liquidator/Insolvency Manager
          03150, Ukraine, Kyiv region, a/b 288

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


ZOLOCHIV' KOMBI-PROVENDER: Files for Bankruptcy
-----------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Zolochiv' Kombi-Provender Plant (code EDRPOU
00688887) on October 11, 2005 after finding the limited
liability company insolvent.  The case is docketed as 6/54-8/33.
Mr. Kolyada Volodimir (License Number AA 719896) has been
appointed liquidator/insolvency manager.  The company holds
account number 260085031 at JSPPB Aval, Lviv regional branch,
MFO 325570.

CONTACT:  ZOLOCHIV' KOMBI-PROVENDER PLANT
          80714, Ukraine, Lviv region,
          Zolochiv district, Hilchitsi

          KOLYADA VOLODIMIR
          Liquidator/Insolvency Manager
          79049, Ukraine, Lviv region,
          Chervonoyi Kalini Avenue 51/51

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


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


BAMFORD ROOFING: Hires DTE Leonard Curtis as Administrator
----------------------------------------------------------
Company Names: BAMFORD ROOFING LIMITED
               (Company No 4223166)

               C. L. LEES LIMITED
               (Company No 01423311)

A. Poxon and J. M. Titley (IP Nos 8620, 8617) of DTE Leonard
Curtis were appointed joint administrators of these companies on
Dec. 19.  Its registered office is at 15 Warwick Road, Stratford
upon Avon, Warwickshire CV37 6YW.  Bamford Roofing offers
roofing and construction services.  C. L. Lees Limited is
engaged in erecting roof and frames.

CONTACT:  BAMFORD ROOFING LTD.
          Bridge Road, Woolston,
          Warrington, Cheshire WA1 4AU
          Phone: 01925 828877

          C L LEES LTD.
          60 Cato Street,
          Birmingham, West Midlands B7 4TS
          Phone: 01213776272

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


BREATHE INTERNET: Administrators Enter Firm
-------------------------------------------
Barry David Lewis and Martin John Atkins (IP Nos 2048, 9020) of
Harris Lipman LLP were appointed joint administrators of Breathe
Internet Limited (Company No 04685199) on Dec. 8.  The company
is an Internet service provider.

CONTACT:  BREATHE INTERNET LTD.
          64 Paul Street
          London EC2A 4NA
          United Kingdom
          Phone: +44 1619298776
          Fax: +44 1619415246

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


CAWSTON ORGANS: Names Houghton Stone Administrator
--------------------------------------------------
Simon Thornton (IP No 9031) of Houghton Stone Business Recovery
was appointed administrator of Cawston Organs Limited (Company
No 04722575) on Dec. 16.  The company manufactures musical
instruments.

CONTACT:  CAWSTON ORGANS LTD.
          2 Willow Close, St. Mary's Park,
          Portishead, Bristol BS20 6XW
          Phone/Fax: 01275 848911

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


C D EVOLUTIONS: CD Retailer Folds up
------------------------------------
M. Fisher, chairman of C D Evolutions Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 23 at 6C Church Street, Reading RG1 2SB.  Peter Bridger of
Bridgers, 6C Church Street, Reading RG1 2SB was appointed
liquidator.

CONTACT:  C D EVOLUTIONS LIMITED
          Woodlands Barn, Whyteladyes La
          Cookham, Maidenhead, Berkshire SL69
          Phone: 01628522662
          Web site: http://www.cdevolutions.co.uk/


CEIS (UK): In Administrative Receivership
-----------------------------------------
Company Names: CEIS (UK) LIMITED
               (Reg No 3337890)

               CROSS GROUP HOLDINGS PLC
               (Reg No 4192181)

               CROSS SERVICES GROUP LIMITED
               (Reg No 3715415)

               CROSS SERVICES LIMITED
               (Reg No 2397030)

The Royal Bank of Scotland Plc appointed Simon Allport and
Robert Hunter Kelly (Office Holder Nos 8763 and 8582), of Ernst
& Young LLP, joint administrative receivers of these companies
on Dec. 15.  The firms provide electrical services.

CONTACT:  CROSS GROUP HOLDINGS PLC
          Cross House, Sutton Road
          St. Helens, Merseyside WA9 3DR

          ERNST & YOUNG LLP
          100 Barbirolli Square,
          Manchester M2 3EY
          Phone: +44 [0] 161 333 3000
          Fax:   +44 [0] 161 333 3001
          Web site: http://www.ey.com


CLEMENT DOHERTY: Files for Liquidation
--------------------------------------
E. N. Doherty, director of Clement Doherty & Co. Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Nov. 24 at Devonshire House, 1 Devonshire Street,
London W1W 5DR.  Mark Richard Phillips and Murzban Khurshed
Mehta of Citroen Wells, Devonshire House, 1 Devonshire Street,
London W1W 6DR were appointed Joint Liquidators.

CONTACT:  CLEMENT DOHERTY & CO. LTD.
          420 London Fruit Exchange
          Brushfield Street
          London
          E1 6EL
          Phone: 020 7337 1244

          CITROEN WELLS
          Devonshire House,
          1 Devonshire Street, London W1W 5DR
          Phone: +44 (0) 20 7304 2000
          Fax: +44 (0) 20 7304 2020
          Web site: http://www.citroenwells.co.uk


CMHYT PLC: Liquidators from KPMG Enter Firm
-------------------------------------------
P. O'Connor, chairman of Cmhyt Plc, informs that the special and
ordinary resolutions to wind up the firm were passed at an EGM
held on Dec. 20 at 30 Finsbury Square, London EC2A 1AG.  Jeremy
Simon Spratt and Finbarr Thomas O'Connell of KPMG LLP, 8
Salisbury Square, London EC4Y 8BB were appointed joint
liquidators.

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


COLYFIELD LIMITED: Claims Filing Period Ends Later this Month
-------------------------------------------------------------
J. H. Evans, chairman of Colyfield Limited, informs that the
special resolutions to wind up the firm were passed at an EGM
held on Dec. 16 at Baker Tilly, 1st Floor, 46 Clarendon Road,
Watford, Hertfordshire WD17 1JJ.  Mark John Wilson and Tracey
Elizabeth Callaghan of Baker Tilly, 1st Floor, 46 Clarendon
Road, Watford, Hertfordshire WD17 1JJ were appointed joint
liquidators.

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

CONTACT:  BAKER TILLY
          1st Floor,
          46 Clarendon Road, Watford,
          Hertfordshire WD1 1JJ
          Phone: 01923 816400
          Fax:   01923 253402
          Web site: http://www.bakertilly.co.uk


CO-OPERATIVE INSURANCE: Changing Employees' Pension Scheme
----------------------------------------------------------
Employees of the Co-operative Insurance Society will have to
face cuts in their pension payouts after the Co-operative Group
announced Wednesday it is closing its final salary pension
scheme to existing workers.

The group wants all current and future workers to pay into a
"career average" scheme -- not into a money purchase scheme like
other major companies.  The new scheme, which calculates an
employee's pension on earnings throughout his career, will
replace the three existing final salary schemes for employees,
according to a spokesman.  It will be applicable to any pension
built up after April this year, and benefits accrued within the
current schemes will continue to be linked to final salary.

Some staff could benefit from the system, but most will have to
suffer lower payouts.  Also affected are scheme members working
on both the retail side and employees of the Co-operative Bank.

The current salary schemes have 98,000 members, about 21,800 of
which are active.  The rest are former staff, who have not
transferred their pensions, and retired workers.  The plan still
requires the approval of scheme trustees.

Labor union T&G warned of a possible industrial action.  Ron
Webb, the union's national secretary for transport, said: "We do
not accept the closure of the final salary scheme as a foregone
conclusion.  We see [Wednesday's] announcement as a first step
in a consultation process."

Established in 1867, CIS prides itself as the only co-operative
insurance company in the United Kingdom.  In 2004, the company
unveiled plans to drop 2,000 jobs in two years as part of its
restructuring scheme following a business review.  It is
operating in an increasingly competitive market.

CONTACT:  CO-OPERATIVE INSURANCE SOCIETY LTD.
          Miller Street
          Manchester
          M60 0AL
          Phone: 08457 46 46 46
          E-mail cis@cis.co.uk
          Web site: http://www.cis.co.uk


DEMENI CATERING: Administrators Take over Firm
----------------------------------------------
Christopher Herron and Paul Michael Davis (IP Nos 8755, 7805) of
Begbies Traynor (South) LLP were appointed administrators of
Demeni Catering Limited (Company No 4702767) on Dec. 20.

CONTACT:  DEMENI CATERING LTD.
          1 Fullers Way South,
          Chessington, Surrey KT9 1HF
          Phone: 020 89742095
          Fax: 020 89742333
          E-mail: info@demenicatering.com
          Web site: http://www.demenicatering.com

          BEGBIES TRAYNOR (SOUTH) LLP
          Carolyn House,
          22-26 Dingwall Road,
          Croydon CR0 9XF
          Web site: http://www.begbies.com


EFM DISTRIBUTION: Calls in Liquidator
-------------------------------------
S. Sheibani, director of EFM Distribution Limited, informs that
a resolution to wind up the company was passed at an EGM held on
Nov. 25 at 47-49 Green Lane, Northwood, Middlesex HA6 3AE.
Ashok K. Bhardwaj, 47-49 Green Lane, Northwood, Middlesex HA6
3AE was appointed liquidator.

CONTACT:  EFM DISTRIBUTION LTD.
          7 Parr Rd
          Stanmore
          HA7 1LE
          020 8381 3747


ELEDOR LIMITED: Names Administrators from Hurst Morrison
--------------------------------------------------------
Gareth Wyn Roberts and Paul William Ellison (IP Nos 1162, 7254)
of Hurst Morrison Thomson Corporate Recovery LLP were appointed
administrators of Eledor Limited (Company No 04337040) on Dec.
16.

CONTACT:  ELEDOR LTD.
          Richmond House, Richmond Hill,
          Bournemouth, Dorset BH2 6EQ
          Phone: 01202298421

          HURST MORRISON THOMSON CORPORATE RECOVERY LLP
          5 Fairmile, Henley on Thames,
          Oxfordshire RG9 2JR
          Phone: +44 (0) 1491 579866
          Fax:   +44 (0) 1491 573397
          E-mail: hmt@hmtgroup.co.uk


FORD CREDIT: Rating Cut to BB-/B-2 on U.S. Woes
-----------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
ratings on Ford Motor Co., Ford Motor Credit Co., and all
related entities to 'BB-/B-2' from 'BB+/B-1' and removed them
from CreditWatch, where they were placed on Oct. 3, 2005, with
negative implications.  The outlook is negative.  Consolidated
debt outstanding totaled US$141.7 billion at Sept. 30, 2005.

"The downgrade reflects our increased skepticism about Ford's
ability to turn around the performance of its North American
automotive operations -- a process that will require, at best, a
number of years," said Standard & Poor's credit analyst Robert
Schulz.  Even so, Ford's still-substantial liquidity will
continue to provide considerable protection against the risk of
financial distress for the next few years, but Ford is highly
subject to the pricing actions of competitor General Motors
Corp. (B/Negative/B-3) and could suffer from further turmoil at
GM.

Ford suffered substantial market share erosion in the U.S.
during 2005, despite earlier concerted efforts to improve the
appeal of its product offerings and minimize the use of
incentives.  At the same time, the company has experienced
marked deterioration of its product mix, given the precipitous
weakening of sales of its midsize and large SUVs, products that
had been highly disproportionate contributors to Ford's
earnings.  This product mix deterioration has occurred despite
the launch of some refreshed SUV models such as the Explorer.
With SUV demand having plummeted industry-wide, particularly
during the second half of 2005, it is now dubious whether even
additional new models can be counted on to help restore the
company's North American operations to profitability.

Despite earlier downsizing, Ford is expected to announce later
this month that it will undertake yet another costly and
extensive round of production capacity cuts and workforce
rationalization.  But the benefits of such measures could be
undermined unless its market share stabilizes without the
company's having to resort again to ruinous price discounting.
Despite robust industry demand, Ford's financial performance
declined sharply in 2005 compared with 2004 and initial
expectations for 2005.  In light of the $1.4 billion loss
through the first nine months of 2005, we believe the full-year
pretax loss of Ford's North American operations could approach
$2 billion -- before substantial impairment and restructuring
charges -- although Ford is still expected to be profitable on a
net basis in 2005 (before special items) thanks to earnings from
its finance unit.

The rating outlook on Ford and Ford Credit is negative.
Prospects for Ford's automotive operations are clouded.  The
ratings could be lowered further if we came to expect that
Ford's cash generation would worsen due to further setbacks,
whether Ford-specific or stemming from market conditions.  Ford
would need to reverse its current financial and operational
trends, and sustain such a reversal, before we would revise its
outlook to stable.

CONTACT:  STANDARD & POOR'S RATING SERVICES
          Web site: http://www2.standardandpoors.com/

          FORD MOTOR CREDIT CO.
          One American Rd.
          Dearborn, MI 48126
          Phone: 313-322-3000
          Fax: 313-323-2959
          Web site: http://www.fordcredit.com/


GUMPA ROOFING: Appoints Begbies Traynor Liquidator
--------------------------------------------------
J. E. Lane, chairman of Gumpa Roofing Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 22 at Elliot House, 151 Deansgate, Manchester M3 3BP.
Stephen L. Conn of Begbies Traynor, Elliot House, 151 Deansgate,
Manchester M3 3BP was appointed liquidator.

CONTACT:  GUMPA ROOFING LTD.
          31 Moss Lane, Worsley, Manchester
          Lancashire M28 3WD
          Phone: 01617901666

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


INGLEBY PRINT: Goes into Liquidation
------------------------------------
R. Arnold, director of Ingleby Print Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 25 at 2 Nelson Street, Southend on Sea, Essex SS1 1EF.  K.
B. Stout of KSA, 2 Nelson Street, Southend-on-Sea, Essex SS1 1EF
was appointed liquidator.

CONTACT:  INGLEBY PRINT LTD.
          Units 2-3 13-19 Lower Road
          Sutton
          SM1 4QJ
          Surrey
          Phone: 020 8770 7679
          Fax: 020 8770 7671


INTERACT SOUND: Names Liquidator from Benedict Mackenzie
--------------------------------------------------------
A. V. B. Wirtz, chairman of Interact Sound Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 24 at 160 Barlby Road, London W10 6BS.  Graham P. Petersen
and Julie P Vahey of Benedict Mackenzie, 5-6 The Courtyard, East
Park, Crawley, West Sussex were appointed Joint Liquidators.

Interact Sound Limited -- http://www.interact-sound.co.uk/-- is
located in West London, in the Notting Hill area.  The company
was established ten years ago and was initially set up by four
people, all actively involved in the various aspects of the film
industry.  Tony Martin is its studio manager.

CONTACT:  Tony Martin
          E-mail: tony@interact-sound.co.uk

          BENEDICT MACKENZIE
          4 The Courtyard
          East Park
          Crawley
          West Sussex RH10 6AG
          Phone: 01293 410333
          Fax: 01293 428530
          E-mail: m.fillmore@benemack.com


INTERIOR MANAGEMENT: Begbies Traynor Liquidator Moves in
--------------------------------------------------------
R. S. Griffin, director of Interior Management Contracts Ltd.,
informs that a resolution to wind up the company was passed at
an EGM held on Nov. 24 at Thistle Hotel Westminster, Buckingham
Palace Road, London SW1W 0QT.  G. W. Rhodes of Begbies Traynor,
2-3 Pavilion Buildings, Brighton, East Sussex BN1 1EE was
appointed liquidator.

Interior Management -- http://www.interiormanagement.co.uk/--  
specializes in the design, fitting out and refurbishment of
office corporate interiors.

CONTACT:  INTERIOR MANAGEMENT CONTRACTS LTD.
          Highlight House
          57 Margaret Street
          London
          W1W 8SJ
          United Kingdom
          Phone: +44 (0)20 7580 0820
          Fax: +44 (0)20 7580 2768

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


KENTON DISPLAY: Screen Printer Hires Administrator
--------------------------------------------------
Dilip K. Dattani (IP No 007915) and Patrick B. Ellward (IP No
008702) of Tenon Recovery were appointed administrators of
Kenton Display Limited (Company No 00511545) on Dec. 13.

CONTACT:  KENTON DISPLAY LTD.
          21-27 Bissell Street
          Birmingham B5 7HT
          West Midlands
          Phone: 0121 622 3071
          Fax: 0121 622 5767
          Web site: http://www.kentondisplay.co.uk/

          TENON RECOVERY
          1 Bede Island Road
          Bede Island Business Park
          Leicester LE2 7EA
          Phone: 0116 222 1101
          Fax: 0116 222 1102
          E-mail: leicester@tenongroup.com
          Web site: http://www.tenongroup.com

          TENON RECOVERY
          Charnwood House,
          Gregory Boulevard,
          Nottingham NG7 6NX
          Phone: 0115 955 2000
          Fax: 0115 918 4500
          Web site: http://www.tenongroup.com


KINYSYS LTD.: Joint Liquidators Enter Firm
------------------------------------------
A. Ashwood, director of Kinysys Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 25 at Elwell Watchorn & Saxton LLP, 2 Axon, Commerce Road,
Lynchwood, Peterborough PE2 6LR.  Graham Stuart Wolloff and
Richard John Elwell of Elwell Watchorn & Saxton LLP, 2 Axon,
Commerce Road, Lynchwood, Peterborough PE2 6LR were appointed
Joint Liquidators.

CONTACT:  KINYSYS LTD.
          Little End Road
          Eaton Socon
          St. Neots
          Cambs
          PE19 8JH
          Phone: 01480 408530
                 01480 218111
          Web site: http://www.kinysys.com

          ELWELL WATCHORN & SAXTON
          2 Axon, Commerce Road,
          Lynchwood, Peterborough PE2 6LR
          Phone: (+44) 01733 235253
          Fax: (+44) 01733 236391
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


LEVEL 1 SECURITY: Names P&A Partnership Liquidator
--------------------------------------------------
G. F. Fordham, chairman of Level 1 Security (Lincoln) Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Nov. 24 at 93 Queen Street, Sheffield S1 1WF.
John Russell and Allan Cooper of The P&A Partnership, 93 Queen
Street, Sheffield S1 1WF were appointed Joint Liquidators.  The
resolutions and appointment were confirmed at a subsequent
creditors meeting.

CONTACT:  LEVEL 1 SECURITY LTD.
          Level 1 (Lincoln) Ltd,
          Hillcroft House,
          Hillcroft Business Park,
          Whisby Road,
          Lincoln
          LN6 3QT
          E-mail: info@level1security.co.uk
          Phone: (01522) 697774
          Fax: (01522) 697773
          Web site: http://www.level1security.co.uk/

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


LILLA HUS: Interior Designer Winds up
-------------------------------------
D. K. Brunner, director of Lilla Hus Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 22 at Mountview Court, 1148 High Road, Whetstone, London
N20 0RA.  Kikis Kallis, Kallis & Co., Mountview Court, 1148 High
Road, Whetstone, London N20 0RA was appointed liquidator.

CONTACT:  LILLA HUS LTD.
          The Lilla Studio
          Foundation House
          4 Percy Road
          London
          N12 8QD
          Phone: +44 (0)208 369 5530
          Fax: +44 (0)208 492 1719
          E-mail: queries@lillahus.com

          KALLIS & CO.
          Mountview Court
          1148 High Road
          Whetstone
          London N20 0RA
          Phone: 020 8446 6699
          Fax: 020 8492 6099


MVC ENTERTAINMENT: Music Zone Buys Outlets
------------------------------------------
Administrators from Kroll have sold 41 stores of MVC
Entertainment to music retailer Music Zone for an undisclosed
sum, according to Reuters.

The deal saved 437 jobs at the DVD and CD retailer.  MVC's
remaining 23 stores continue to trade while administrators
review options for the business.  The company's joint
administrators are Andrew Pepper, Peter Saville and Gurpal
Johal.  It filed for bankruptcy on Dec. 21.

MVC Entertainment -- http://www.mvc.co.uk/-- a subsidiary of
Woolworths, sells music, DVDs, videos, games, and other
entertainment products at more than 80 stores in England, Wales,
and Scotland.  Previously called The Music & Video Club, MVC
Entertainment also provides home delivery service.  It has
annual turnover of more than GBP100 million.

CONTACT:  MVC ENTERTAINMENT LIMITED
          242-246 Marylebone Rd.
          London NW1 6JL, United Kingdom
          Phone: +44-20-7724-0727
          Fax: +44-20-7258-3200

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


NOV-EX3: Food Retailer Calls in Administrator
---------------------------------------------
Tyrone Shaun Courtman and Shaun Neil Adams (IP Nos 7237, 8568)
of Cooper Parry LLP were appointed administrators of food
retailer Nov-Ex3 Limited (Company No 05417356) on Dec. 16.

CONTACT:  COOPER PARRY LLP
          14 Park Row, Nottingham NG1 6GR
          Phone: +44 (0) 1332 295544
          Fax: +44 (0) 1332 295600
          Web site: http://www.cooperparry.com


ONLINE IT: Administrators from Menzies Corporate Move in
--------------------------------------------------------
Paul David Williams and Andrew Gordon Stoneman (IP Nos 9294,
8728) of Menzies Corporate Restructuring were appointed joint
administrators of Online IT Accounting Limited (Company No
04044000) on Dec. 15.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          43/45 Portman Square
          London W1H 6LY
          Phone: 020 7487 7240


PROJECT DEVELOPMENT: Files for Administration
---------------------------------------------
Andrew Fender (IP No 6898) of Sanderlings LLP was appointed
administrator of Project Development Services (UK) Limited
(Company No 04477620) on Dec. 19.  Its registered office is at
1st Floor, 43 Pottery Street, Llanelli, Carmarthenshire SA15
1SU.  The company offers technical consultancy service.

CONTACT:  SANDERLINGS LLP
          Sanderling House,
          1071 Warwick Road,
          Acocks Green, Birmingham B27 6QT


ROYAL MAIL: Rival Threatens to Block GBP2 Bln Fundraising
---------------------------------------------------------
TNT, Royal Mail's archrival in the U.K., warns it will go to
Brussels if the government grants the company financial aid, The
Observer says.

Britain, the sole shareholder of Royal Mail, is considering a
loan or an equity investment via a rights issue.  TNT considers
either move anti-competitive and violative of E.U. state aid
laws.  According to TNT's legal adviser, Angus Russell, the
government will be forced to subscribe to all shares offered.
He also fears Royal Mail will not be able to pay a loan.

As reported last month, the Department of Trade and Industry is
in talks with HSBC, Lazard and Merrill Lynch regarding a
possible GBP2 billion rights issue.  Royal Mail has appointed
Morgan Stanley and NM Rothschild to advise it on the
fundraising.  It intends to draw up detailed proposals by the
middle of the month, the report said.

The company needs cash to automate its postal system to better
play in the sector, which opened for competition at the start of
the year.  It also needs cash to fill a GBP4.25 billion pension
fund deficit that threatens to balloon to GBP6.2 billion.

The firm generates about GBP500 million in revenues a year and
pays about GBP450 million to the fund.  In a worse case
scenario, this contribution could increase to as much as GBP1
billion a year, says The Guardian.

CONTACT:  ROYAL MAIL
          148 Old Street
          London
          EC1V 9HQ
          Web site: http://www.royalmail.com

          MORGAN STANLEY
          1585 Broadway
          New York, NY 10036
          Phone: (212) 761-4000
          Web site: http://www.morganstanley.com/

          NM ROTHSCHILD
          Web site: http://www.nmrothschild.com/home/


ROYAL MAIL: Names Managing Director for Post Office
---------------------------------------------------
Alan Cook, the Chief Executive of National Savings and
Investments (NS&I), has been appointed to the new post of
Managing Director of Post Office Ltd.

Reporting to Adam Crozier, Royal Mail's Group Chief Executive,
Mr. Cook will develop the Post Office(R) network in its key role
of providing products and services to 28 million customers each
week in communities nationwide.

Mr. Crozier said he was delighted Mr. Cook had accepted the
role.  "Alan has a fantastic track record in growing business at
NS&I where investments in Premium Bonds and other savings and
investment products have grown by an impressive GBP10 billion in
the last three years.

"The Post Office(R) has had a long and productive relationship
with NS&I.  In Alan, we are fortunate to have a business
director who understands our business and its customers.  He is
bringing to the Post Office(R) huge experience in successfully
leading a major organization in growing its revenues strongly in
a changing market.  He'll be a great asset for the Post
Office(R), our people and customers," said Mr. Crozier.

Mr. Cook will join the company in March 2006.  He said: "The
Post Office(R) has a unique and cherished place in communities
everywhere.  I'm very much looking forward to developing and
growing its business while ensuring it continues to serve its
customers with the products and services they rely on."

Mr. Cook will be a member of the Royal Mail Board.

Royal Mail Group plc is a public limited company wholly owned by
the Government, with annual sales in excess of GBP8 billion and
more than 200,000 employees.

CONTACT:  ROYAL MAIL
          148 Old Street
          London
          EC1V 9HQ
          Web site: http://www.royalmail.com


WASIM LIMITED: Hires Administrators from Cooper Parry
-----------------------------------------------------
Tyrone Shaun Courtman and Shaun Neil Adams (IP Nos 7237, 8568)
of Cooper Parry LLP were appointed administrators of Wasim
Limited (Company No 05452706) on Dec. 16.

CONTACT:  COOPER PARRY LLP
          14 Park Row, Nottingham NG1 6GR
          Phone: +44 (0) 1332 295544
          Fax: +44 (0) 1332 295600
          Web site: http://www.cooperparry.com


WHITEHEAD MANN: Assigns Lease to Mills Global Services
------------------------------------------------------
Whitehead Mann Group plc has completed the assignment of its 4th
Floor, Queensberry House lease to Mills Global Services of U.K.
Ltd. (part of The Mills Limited Partnership).

4th Floor, Queensberry House, an office of 12,500 square feet,
was occupied by the Financial Services search practice until
August 2005 when the entire London office of Whitehead Mann
moved to a single location at Ryder Court in St. James.

Chris Merry, chief executive, said: "Completing the assignment
of this lease is a major step forward and is the last
significant outstanding U.K. property lease to be assigned under
the strategic plan.  Co-locating our London consultants into a
single building at Ryder Court has significantly improved
teamwork and communication."

                        *   *   *

The U.S.-based unit of Whitehead Mann Group Plc -- the sixth
largest executive search firm in the world -- filed a
prepackaged chapter 11 plan of liquidation in the U.S.
Bankruptcy Court for the Southern District of New York on March
31, 2005.  This came after Whitehead Mann warned it is likely to
reveal a GBP20 million annual loss.  The company is implementing
a Strategic Plan to take the business forward.

Group turnover for the year to 31 March 2005, from continuing
operations, was GBP47.2 million (2004: GBP55.0 million).
Operating profit from continuing operations before exceptionals
was GBP2.0 million (2004: GBP9.1 million).  Exceptional
operating costs of GBP9.1 million resulted in an operating loss
after exceptionals for the year of GBP9.0 million (2004:
operating profit GBP4.8 million).

CONTACT:  WHITEHEAD MANN GROUP PLC
          14 Hay's Mews
          London
          United Kingdom
          W1J 5PT
          Phone: +44 20 7290 2000
          Fax: +44 20 7290 2050
          Web site: http://www.wmann.com


WM MORRISON: Post-Christmas Trading Update Out Wednesday
--------------------------------------------------------
Wm Morrison Supermarkets plc will be issuing a post-Christmas
trading statement for the six-week period to 8 January 2006 on
11 January 2006.

                        About the Company

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

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

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

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

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


ZHM ABATTOIR: Names Jones Lowndes Dwyer Administrator
-----------------------------------------------------
Claire L. Dwyer (IP No 9329) of Jones Lowndes Dwyer LLP was
appointed administrator of ZHM Abattoir Corporations Limited
(Company No 05492816) on Dec. 19.  Its registered office is at
28 St Thomas Road, Chorley, Lancashire PR7 1HX.

CONTACT:  JONES LOWNDES DWYER LLP
          John Swift Building
          19 Mason Street
          Manchester
          Greater Manchester M4 5FT
          Phone: 0161 832 9454
          Fax: 0161 832 9455
          E-mail: clairedwyer@joneslowndesdwyer.co.uk


* Corporate Failures Up 11% in 2005
-----------------------------------
Corporate failures in the U.K. rose 11% in 2005 to 18,122, with
the Retail and Business Services sectors seriously hit, global
information solutions company Experian reported.

Experian added the number is the highest since 2002, and the
increasing trend is likely to continue this year.  In the last
three months of 2005, corporate failures jumped 7% to 4,501 from
4,193 in the fourth quarter of 2004.

Richard Lloyd, managing director of Experian's Business
Information division, said: "The financial landscape for U.K.
companies had already begun to change by the start of 2005 as
rising interest rates and the consumer slowdown all took their
toll."

He also attributed the crisis to the rapid rise in energy
prices, citing high profile failures such as Unwins, LDV, Tiles
R Us and MVC, all in December.  He encouraged companies to "make
the necessary checks on their customers, prospects and suppliers
to ensure they are forewarned about any experiencing cash flow
difficulties and possible failure."

Voluntary liquidations and compulsory liquidations also went up
7.4% to 9,083 and 14.4% to 5,493, respectively, last year.
Administration orders continued to rise in 2005 with 2,356
cases, up 44.3%.  However, the number of companies entering
receivership plunged 31.7% to 621 as well as voluntary
arrangements with a 1% drop to 569.

Among the industries surveyed by Experian, Non-food Retailing
(up 40%), Business Services (up 12%), Media (up 15%),
Diversified Industrials (up 19%) and Building & Construction (up
8%) recorded the highest increases.  These five sectors
accounted for more than a third of all failures.

Regionally, the North East posted the highest annual increase
with 59%, followed by the West Midlands (up 19%), North West (up
11.1%) and Yorkshire & Humberside (up 12.7%).

CONTACT: PETER BROOKER
         Public Affairs Director, Experian
         Phone: (+44) 115 934 4548
         E-mail: peter.brooker@uk.experian.com


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *