TCREUR_Public/060110.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, January 10, 2006, Vol. 7, No. 7

                            Headlines

B E L G I U M

TELENET COMMUNICATIONS: Earns Upgrade after IPO, Debt Redemption


B U L G A R I A

NOVA PLAMA: Faces Two Insolvency Petitions


C Y P R U S

CYPRUS AIRWAYS: Unions Relent, Okay Restructuring Plan


C Z E C H   R E P U B L I C

CZECH AIRLINES: New President Tasked to Privatize Carrier
SANTY KLATOVY: Succumbs to Bankruptcy
VSEOBECNA ZDRAVOTNI: Rath Raps Bonuses for Employees


F R A N C E

FRANCE SOIR: Bids Deadline Extended to Thursday


G E R M A N Y

ALLGEMEINE HYPOTHEKENBANK: Fitch Clarifies Dec. Rating Actions
AMP VERWALTUNG: Court to Verify Claims April
CHRISTOPH PALME: Creditors' Claims Due Next Month
DAIMLERCHRYSLER AG: Chrysler to Recall 265,000 Sedans
DAIMLERCHRYSLER AG: Worldwide Passenger Car Sales Up 3.8%

FASTENRATH HOLDING: Under Bankruptcy Administration
HTL HOCH: Court Names Anwaltskanzlei Siemon Administrator
ITELKOM GMBH: Bochum Business Goes Bankrupt
PATERNO STUCK: Under Bankruptcy Administration
STEIN TEC: Court to Verify Claims May

ST STRASSEN: Proofs of Claim Due February
VIVANCO GRUPPE: Expects Negative Pre-tax Results for 2005
W.& J. HONNE: Duesseldorf Company Falls into Bankruptcy
ZENTARA GMBH: Essen Court Appoints Administrator

* More Insolvencies Seen this Year


H U N G A R Y

NABI RT: Financiers Extends Debt Waiver


I T A L Y

BANCA POPOLARE: Takeover Interests Buoy Shares
PARMALAT U.S.A.: Pineros May Pursue Tort Claim in Kings County


K A Z A K H S T A N

BANK TURANALEM: Upcoming Tier 1 Issue Gets Expected B+ Rating


N E T H E R L A N D S

ROYAL SHELL: Buys back 600,000 'A' Shares
ROYAL SHELL: To Trade New Shares on Euronext Amsterdam, LSE


R U S S I A

AGRO-PROM-MONTAGE: Succumbs to Bankruptcy
BALT-INVEST: Declared Insolvent
INFORMATIONAL AND ECONOMICAL: Insolvency Manager Takes over Firm
KANSKOYE CARGO: Krasnoyarsk Court Opens Bankruptcy Proceedings
KRASNOCHETAYSKIY DAIRY: Bankruptcy Hearing Set Thursday

LADOZHSKOYE: Kareliya Court Brings in Insolvency Manager
TETYUSHESKOYE: Bankruptcy Hearing Set Next Week
TRANSPORT COMPANY: Declared Insolvent
WOO-PROM-KHOZ AFANASYEVSKIY: Bankruptcy Supervision Begins
YUKOS OIL: Boosting Investment this Year
YUNGA: Bankruptcy Hearing Set Later this Month


T U R K E Y

DOGUS HOLDING: Upgraded to BB- on Completion of Stake Sale


U K R A I N E

AUTO TRANSPORT 11801: Files for Bankruptcy
BUILDING ENTERPRISE 34: Bankruptcy Supervision Starts
KOMOD: Temporary Insolvency Manager Takes over Helm
PROGRES-EXIM: Under Bankruptcy Supervision
PROPANGAZSERVICE: Declared Insolvent
SUMI MACHINE: Court Appoints Temporary Insolvency Manager


U N I T E D   K I N G D O M

ACE ARC: Calls in Liquidator from Elwell Watchorn
AVECIA GROUP: Won't Pay Dividend for FY2005
AVECIA GROUP: Sells Inkjet, Electrophotography Biz to Fujifilm
BCOM LIMITED: Names Till Morris Liquidator
BERKEFELD (UK): BDO Stoy Hayward Liquidator Enters Firm

BF MUNSLOW: Calls in Liquidator from Bishop Fleming
BROADBRIDGE LTD.: Liquidator from David Rubin Moves in
CATERVEND SERVICES: Files for Liquidation
CENTER PARCS: Search for New Finance Director Ongoing
DESTINY MARKETING: Appoints Sanderlings Liquidator

EARLSNOTE LIMITED: Calls in Liquidator from Bishop Fleming
EASYNET GROUP: BSkyB Offer Declared Unconditional
FEDERAL-MOGUL: Cutting 10% of Workforce as part of Restructuring
FMATS LTD.: Files for Liquidation
GENERAL TYRE: Calls in Liquidator from Haines Watts

GLOBAL OCEANIC: Reaches New Debt Payment Terms with Bank
GREENS SUPERSTORES: Business for Sale
LABORATOIRE FLORIDE: Appoints Liquidator
LOWER PENN: Hires Sale Smith & Co. as Liquidator
MARKS & SPENCER: Brandes Cuts Stake

MERITLIGHT LIMITED: Liquidators Take over Firm
M & J LOWE: Hires Haines Watts to Liquidate Assets
OBJECT 1: Files for Liquidation
PST (DISTRIBUTION): Hires Tenon Recovery Liquidator
Q FACTOR: Calls in Liquidator from Fergusson & Co.

RANGEWAY INTERIORS: Liquidator Enters Firm
RICHMOND BUILDING: Calls in Liquidator
R L SERVICES: EGM Passes Winding-up Resolution
ROOFTECH INSTALLATIONS: Files for Liquidation
SAMDALE SOLUTIONS: Names Barbie Harding & Co. Liquidator

SERAI LIMITED: Liquidator from Bennett Verby Moves in
SPOOL MULTI: Calls in Liquidator from R. W. Keating & Co.
STEAM DIRECT: Seller of Steam Boiler Folds up
STILEBRIDGE FURNITURE: Names Vantis Business Recovery Liquidator
SYNERGY COMPONENTS: Hamilton Liquidator Enters Firm
TARA AMAN: Calls in Liquidator from Bridgers

* Large Companies with Insolvent Balance Sheets


                            *********


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


TELENET COMMUNICATIONS: Earns Upgrade after IPO, Debt Redemption
----------------------------------------------------------------
Fitch Ratings has upgraded Belgium-based Telenet Communications
N.V.'s (Telenet) ratings and removed them from Rating Watch
Positive.  A Stable Outlook has been assigned.  The rating action
follows the completion of its initial public offering (IPO) in
October 2005 and part redemption of its outstanding debt.

The ratings affected are: Telenet's issuer rating upgraded to
'B+' from 'B'; Telenet Bidco N.V.'s senior secured debt upgraded
to 'BB' from 'BB-'; Telenet Communications' N.V. 9% senior notes
due 2013 upgraded to 'BB' from 'B-'; Telenet Group Holding N.V.'s
11.5% senior discount notes due 2014 upgraded to 'B+' from
'CCC+'.

Telenet raised gross primary IPO proceeds of EUR280 million in
October 2005 and has already reduced its outstanding senior
discount notes to US$254 million (EUR210 million equivalent at
Q305 exchange rates).  Proceeds will be applied on January 9 to
reduce the outstanding senior notes to approximately EUR368
million.  Pro-forma Q305 total debt is therefore reduced to
EUR1,337 million from EUR1,582 million, and pro-forma total
leverage is reduced to 4.2x from 5.0x.

Michelle De Angelis, Director in Fitch's Leveraged Finance Group,
said: "Telenet's rating had previously been constrained by a
number of factors, including the group's high financial leverage.
With the debt redemption and reduction in cash interest payments
going forward, Telenet has a financial profile that justifies a
'B+' issuer rating."

"In Fitch's view, further growth opportunities for Telenet's iDTV
product, as well as cross-selling of products to increase revenue
generating units per customer, are counterbalanced at this time
by a potential for increased price competition in the Belgian
Internet and telephony markets and ongoing investment in digital
TV and other technologies, which is reflected in the Stable
Outlook," she adds.  Telenet's ratings reflect the company's
strong market positions in cable television, Internet and
telephony services and, in particular, the stability of the cable
television business.

The upgrades of Telenet Communications' N.V. 9% 2013 senior
notes, and the Telenet Group Holding N.V.'s 11.5% 2014 senior
discount notes reflect both the reduced senior debt in Telenet's
capital structure following prepayments during 2005 and the
reduced pro-forma amount of the senior notes and the senior
discount notes following prepayments from IPO proceeds.  Fitch's
notching methodology now allows for upward notching of junior
instruments in structured financings if supported by the recovery
analysis.  Fitch's notching methodology is based on expected
recoveries from a distressed sale as a going concern.  The
current low level of debt, combined with Fitch's estimated
enterprise value of the company in a distressed scenario, implies
substantially improved recoveries for the senior discount notes
as well as strong recoveries for the senior notes.  Upward
notching for Belgium is capped at two notches. Telenet is a cable
operator in Belgium providing cable television, broadband
Internet and telephony services to 1.8 million unique customers,
or 2.7 million revenue-generating units, in the Flanders region.
In the three quarters to September 2005, Telenet generated
revenues of EUR544m and EBITDA of EUR251 million.

CONTACT:  TELENET COMMUNICATIONS N.V.
          Liersesteenweg 4
          2800 Mechelen
          Phone: +32 15 333 000
          Fax: +32 15 333 999

          FITCH RATINGS
          Michelle De Angelis, London
          Phone: +44 (0) 20 7417 3499
          Stuart Reid
          Phone: +44 (0) 20 7417 4323

          Media Relations
          Alex Clelland, London
          Phone: +44 20 7862 4084
          Web site: http://www.fitchratings.com


===============
B U L G A R I A
===============


NOVA PLAMA: Faces Two Insolvency Petitions
------------------------------------------
Yorset Holding and DZI Bank has filed separate insolvency
petitions against oil refinery Nova Plama JSC, Dnevnik a.m. says.

Yorset failed last week to have Nova Plama declared insolvent,
after the Supreme Cassation Court stayed the proceedings against
the oil refinery.  The Court said Yorset does not own enough
credit percentage to ask for an insolvency ruling.  Court records
show that Yorset and DZI Bank own 14.83% and 7.9% respectively of
Nova Plama's BGL241 million debt.

Nova Plama is Bulgaria's No.2 refinery with annual processing
capacity of 1,200,000 metric tons of crude oil.

CONTACT:  NOVA PLAMA JSC
          5800 Pleven
          Bulgaria Industrial zone
          Phone: +359 (64) 83 41 88
                           82 21 37
          Fax: +359 (64) 83 35 76
                         83 24 71
          Web site: http://www.plama.bg


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


CYPRUS AIRWAYS: Unions Relent, Okay Restructuring Plan
------------------------------------------------------
The restructuring plan of troubled national carrier Cyprus
Airways (CAIR) finally got the nod of its trade unions, the
Financial Mirror says.

CAIR had been trying to persuade its unions to approve the plan,
which calls for 500 voluntary redundancies and aims to save over
CYP20 million in costs.  Unions had been critical of the plan,
saying it was unfavorable to employees as 80% of the cost-saving
measures focuses on job reduction while only 20% is devoted to
revenue generation.

Andreas Pierides, Secretary General of the CYNIKA union, said no
matter how painful the plan is, "it must be accepted since there
is no other alternative."

As part of the plan, pilots (PASIPY union) and cabin crew (SYPKA
union) will have to shelve EUR2.4 million and EUR3.3 million in
savings.  SYPKA President Costas Constantinou, said, "We are
trying to support the plan because the union has made a
commitment to the company's board that it would do so."

Mr. Constantinou revealed CAIR had asked the cabin crew to accept
cutback in salary, changes in the terms of employment, reduced
numbers on flights and an end to company transport to and from
the airports.

CAIR needs union endorsement to get the Commission's nod on the
rehab plan and a needed CYP58 million government-guaranteed loan
to repay CYP30 million in maturing debt, cover CYP10 million in
redundancy cost and finance the restructuring.  The carrier had
warned it would revert to the original plan to dismiss 385
employees; slash the salaries and benefits of those retained; and
get rid of 22 chief steward positions.

The government recently promised to acquire CAIR charter unit
Eurocypria as a backup plan should the carrier's restructuring
fail.  Communications Minister Haris Thrassou said the takeover
would proceed regardless of the results of the restructuring.

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


===========================
C Z E C H   R E P U B L I C
===========================


CZECH AIRLINES: New President Tasked to Privatize Carrier
---------------------------------------------------------
Radomir Lasak, as Czech Airlines' incoming president, inherits
the task of preparing the state-controlled firm for
privatization.

"If the situation on the market is suitable, he should prepare
Czech Airlines for sale," Prime Minister Jiri Paroubek told the
press.

Mr. Lasak previously helped privatize Czech bank Komercni banka.
His appointment underscores the state's intention to speed up the
company's transformation, incumbent CSA president Jaroslav Tvrdik
says.  According to Czech Happenings, the goal is to ready the
firm for privatization by the end of this year, in line with
CSA's development strategy.

As of 2004, CSA's accumulated losses amounted to CZK1.2 billion.
It expects to post another loss, amounting to CZK329 million, in
2005, compared to last year's profit of CZK324 million.  Under
IFRS, however, the figure will appear positive, but lower than
last year's CZK570 million.  The discrepancy is due to a
different method in accounting for financial leasing.  The report
said that, in line with CSA's strategy, the firm should settle
the loss by yearend.

"CSA economic results are not bad.  If considered by
international standards, CSA would be in the black even after the
huge increase in fuel prices," Mr. Paroubek said.

Analyst Jan Schiesser values the firm at around CZK12 billion at
the beginning of 2004.  He said one of the issues to be decided
in relation to the privatization is whether it is better to find
a strategic partner or sell part of the firm on the capital
market.

The Finance Ministry holds more than 56% of CSA; the bailout
agency CKA holds the remaining 34%.

CONTACT:  CESKE AEROLINIE A.S.
          Prague Ruzyni Airport
          160 08 Prague, 6, Czech Republic
          Phone: +42 220 104 310
          Fax: +42 224 81 04 26
          Web site: http://www.csa.cz


SANTY KLATOVY: Succumbs to Bankruptcy
-------------------------------------
A regional court has declared female RTW clothes company Santy
Klatovy s.r.o. bankrupt, Czech News Agency says.

According to receiver Ladislav Michalek, Santy has been incurring
large losses due to China's pricing policy.  He aims to continue
production.  Set up 14 years ago, Santy produces women's suits,
ensembles, jackets, blazers, dresses, skirts, trousers, breeches
and shorts for the German market.  Employing around 150, the
group has an annual turnover of CZK30 million.

CONTACT:  SANTY KLATOVY s.r.o.
          Koldinova 14
          Klatovy 33901
          E-mail: santy@ahoj.cz


VSEOBECNA ZDRAVOTNI: Rath Raps Bonuses for Employees
----------------------------------------------------
Health Minister David Rath has condemned the plan by bankrupt
Vseobecna zdravotni Pojistovna Ceske Republiky (The General
Health Insurance Company, VZP) to pay 13th and 14th extra monthly
salaries to employees.

At Friday's issue of Pravo, Mr. Rath blamed VZP director Jirina
Musilkova for approving the payouts in a collective agreement.
Ms. Musilkova will receive the extra salaries as well, according
to him.

He finds the payouts inappropriate considering VZP has a budget
deficit of CZK14 billion and it even reluctantly covered the
health-care cost of some patients before.

Ms. Musilkova was supposed to resign by Jan. 1, but she decided
against it pending her dismissal and the election of a new
director.  Under the law, the VZP head is elected by the Chamber
of Deputies.  The Health Ministry placed VZP under forced
administration on Nov. 10 and appointed Antonin Pecenka
administrator.

CONTACT:  VSEOBECNA ZDRAVOTNI POJISTOVNA CESKE REPUBLIKY
          Orlicka 4/2020
          130 00 Praha 3
          Phone: 221 751 111
          E-mail: info@vzp.cz
          Web site: http://www.vzp.cz


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


FRANCE SOIR: Bids Deadline Extended to Thursday
-----------------------------------------------
The commercial court in Bobigny has extended the deadline for
takeover offers for ailing daily France Soir from Dec. 30 to Jan.
12, Les Echos says.

The ruling came after 70% owner Raymond Lakah questioned the
court chairman's impartiality.  So far, three offers have been
received.  Paris prosecutors recently launched a preliminary
inquiry into parent Presse Alliance.  The probe will focus on the
12-month period after Mr. Raymond Lakah took over Press Alliance
in October 2004.

France Soir declared bankruptcy on Oct. 27, 2005 after failing to
pay a EUR6 million debt.  Prior to this, it asked the court to
freeze debt payments, citing insufficient resources.  At the
time, the company's assets had dwindled to EUR350,000.  A few
days later, the Commercial Court in Bobigny placed France Soir in
compulsory administration and imposed a six-month observation
period.

Chief Executive Jacques Lefranc hopes to present a rehab plan
before the end of the observation period.  France Soir posted
EUR4 million in losses in the first half and expects it to double
by the end of 2005.  It forecasts EUR20 million in turnover for
2005.

CONTACT:  PRESSE ALLIANCE
          45 Avenue Victor Hugo
          93300 Aubervilliers

          FRANCE-SOIR
          45 Avenue Victor Hugo
          93300 Aubervilliers
          Web site: http://www.francesoir.fr


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


ALLGEMEINE HYPOTHEKENBANK: Fitch Clarifies Dec. Rating Actions
--------------------------------------------------------------
Fitch Ratings has revealed that Germany-based Allgemeine
Hypothekenbank Rheinboden AG's (AHBR) recent announcement that it
expects to report a net loss for the financial year 2005 is in
line with the agency's expectations.  The information contained
in the mortgage bank's ad-hoc statement has already been factored
into Fitch's rating actions on 9 December 2005.

The bank's current ratings are:

(a) Long-term rating: 'BBB-' with Negative Outlook.  The Long-
    term rating applies to all AHBR's senior unsecured
    obligations;

(b) short-term rating: 'F3';

(c) support rating: '2';

(d) individual rating: 'E' on Positive Rating Watch;

(e) subordinated obligations: 'BB+'; and

(f) profit participation rights (Genussscheine): 'CC' on
    Negative Rating Watch.

AHBR expects to report a loss in the range of EUR1.1 billion to
1.3 billion due to the crystallization of losses on interest rate
positions and further impairment charges in the bank's loan book.
The bank envisages not to pay the coupon of the profit
participation rights for 2005 and to write down their face value
in line with the respective documentation.

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

          FITCH RATINGS
          Michael Steinbarth, London
          Phone: +44 20 7862 4068
          Thomas von Luepke, Frankfurt
          Phone: +49 69 7680 76150

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


AMP VERWALTUNG: Court to Verify Claims April
--------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against AMP Verwaltung GmbH on December 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 28, 2006 to register their
claims with court-appointed provisional administrator Dr.
Christian Strauss.

Creditors and other interested parties are encouraged to attend
the meeting on February 16, 2006, 9:20 a.m. at the district court
of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on April
20, 2006, 9:30 a.m. at the same venue.

CONTACT:  AMP VERWALTUNG GmbH
          Baumstr. 40-42, 28217 Bremen
          Contact:
          Frank Wengler, Manager
          Heiligenbergstr. 33, 28307 Bremen
          Ralf Vogel, Manager
          Struckbergstr. 24 C, 27721 Ritterhude

          Dr. Christian Strauss, Administrator
          Friedrich-Missler-Str. 42, 28211 Bremen
          Phone: 0421/7926260
          Fax: 0421/7926285


CHRISTOPH PALME: Creditors' Claims Due Next Month
-------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Christoph Palme GmbH on December 29.  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 Michael Plossner.

Creditors and other interested parties are encouraged to attend
the meeting on February 17, 2006, 10:00 a.m. at the district
court of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn,
1. Stock, Saal W126, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report on
March 17, 2006, 9:40 a.m. at the same venue.

CONTACT:  CHRISTOPH PALME GmbH
          Koblenzer Str. 44, 53359 Rheinbach
          Contact:
          Marliese and Dr. Gerd Hickisch, Managers

          Michael Plossner, Administrator
          Hausdorffstrasse 11, 53129 Bonn
          Phone: 0228 / 911 51 11
          Fax: 9115199


DAIMLERCHRYSLER AG: Chrysler to Recall 265,000 Sedans
-----------------------------------------------------
DaimlerChrysler AG's Chrysler unit is recalling around 265,000
sedans after receiving complaints about engine fires, says the
Associated Press.

Spokesman Max Gates has noted 168 reports of fires, including one
minor injury, through November 2005, prompting the recall that
involves 1999-2000 Dodge Stratus, Plymouth Breeze and Chrysler
Cirrus sedans equipped with the 2.4-liter engine.

According to Chrysler, the high-pressure power steering hose may
encounter premature aging due to heat.  This could leak power
steering fluid that may result to engine fires.  The hose will be
replaced as part of the recall.

About 210,000 vehicles in the United States and around 55,000
vehicles in Mexico and Canada are affected by the recall.

In October, the Associated Press said Chrysler was recalling
around 300,000 vehicles due to potential transmission defects.
It involved 2005 model year Jeep Liberty, Jeep Wrangler, Chrysler
300 and Dodge Magnum, Dodge Dakota/Mitsubishi Raider pickups and
Dodge Durango vehicles equipped with some six-cylinder engines
and automatic transmissions.

Chrysler was also recalling another 283,000 units to correct
possible inadvertent movement of the vehicles, although no defect
has been discovered.  It involved Dodge Ram pickups from the
2003-2005 model years equipped with diesel engines and automatic
transmissions.

In September, it announced that it will recall 100,000 Jeep Grand
Cherokee sport utility vehicles due to transmission fluid-
related troubles.

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


DAIMLERCHRYSLER AG: Worldwide Passenger Car Sales Up 3.8%
---------------------------------------------------------
Worldwide sales of DaimlerChrysler passenger cars rose by 3.8% to
4,046,700 units in 2005 (2004: 3,897,800), surpassing the mark of
4 million for the first time.

The Chrysler Group was once again very successful in the highly
competitive U.S. market, where the company's sales grew faster
than the market overall.  Worldwide sales for the Chrysler Group
were up 4.7% to 2,826,100 units in 2005 (2004: 2,697,300).  The
Mercedes Car Group increased worldwide deliveries of
Mercedes-Benz, Maybach, and smart brand cars by 1.7% to 1,220,600
units (2004: 1,200,500).

Dr. Dieter Zetsche, chairman of DaimlerChrysler and head of
Mercedes Car Group, said: "Both the Chrysler Group and the
Mercedes Car Group recorded sales growth around the world in
2005, despite the difficult market environment in the auto motive
industry.  Our young and attractive product portfolio provides a
solid foundation for sustainable profitable growth in the
future."

Chrysler Group increased global vehicle sales by 4.7% in 2005,
posting sales of 2,826,131 units (2004: 2,697,280 units).  Sales
were up across all Chrysler Group global regions (U.S., Canada,
Mexico and International).  In the United States, the world's
most competitive automotive market, sales advanced 5% to
2,304,833 units (2004: 2,206,024 units).

Sales in Canada increased 3% this year, totaling 216,857 units
(2004: 210,866 units) and propelling DaimlerChrysler Canada into
the second largest seller of vehicles in Canada for the first
time in the company's history.

Sales in Mexico rose by 7% to 124,353 units (2004: 115,744 units)
and achieving its best sales performance since 2001.  Products
sold under the Chrysler, Jeep and Dodge brands posted significant
sales gains during 2005 and products in key segments such as
minivans, sport utility vehicles and trucks posted strong gains.

International sales made a significant impact with a 9% increase
to 180,088 units (2004: 164,646 units) making 2005 the best sales
year since 2001.  Top international sales markets by volume for
the Chrysler Group were Italy, China and Germany.

Global sales for the Chrysler Group were boosted by the worldwide
appeal of products in key segments such as minivans, sport
utility vehicles and passenger sedans.

The Chrysler 300/300C continued its strong appeal to consumers
and maintained its position as the leader in the luxury full-size
car segment by posting a record total of worldwide sales of
165,411 units, an increase of 40% compared to 2004 sales of
120,857.  In the United States the Chrysler 300 continues to be
the flagship vehicle for the Chrysler Group, posting sales of
144,068 units, an increase of 28% over 2004 totals of 112,930
units.  The Chrysler 300 is the leader of the luxury full-size
car segment with a commanding 28% share, eclipsing the closest
competitor by a two to one margin.

Global sales of Chrysler Group minivans with the exclusive Stow
'n Go(TM) seating and storage system rose by 5% in 2005 to
543,201 units, further solidifying Chrysler Group's position as
the 22-year leading seller of minivans in the automotive market.
In the U.S., Chrysler Group minivans hold a commanding 35% share
of the minivan market and leading the closest competitor by a
2-to-1 margin.

The Jeep name continues to have global appeal as evidenced by its
12% increase in sales during 2005 to 608,419 units worldwide.
Sales in 2004 were 543,441.  The launch of important new products
in the United States such as the all-new, 7-passenger, Jeep
Commander and the successful global reception to other Jeep
products, such as the Jeep Wrangler, Jeep Liberty and Jeep Grand
Cherokee, contributed to the successful performance in 2005.

Mercedes-Benz Posts Record Sales in the U.S. and Asia

With record sales in December (116,100 units; up 10%) worldwide
deliveries of Mercedes-Benz passenger cars increased in 2005 by
1.6% to 1,077,600 units (2004: 060,900 units).  In the U.S., the
brand with the star sold 224,400 passenger cars and recorded its
twelfth consecutive annual sales increase in that market.  In the
Asia-Pacific region, DaimlerChrysler delivered 97,200
Mercedes-Benz passenger cars, 10% more than in 2004.  The biggest
increases in Asia were achieved in the Chinese growth market
including Hong Kong (15,800 units, up 38%) and in Japan (43,000
units, up 11%).  With 661,500 units, sales in Western Europe
almost reached last years result (2004: 666,900 units).  In the
European core markets U.K., Italy, France and Spain Mercedes-Benz
outperformed the market as a whole.  In Germany, Mercedes-Benz
delivered 319,900 passenger cars to customers (2004: 338,100),
thus maintaining its position as the leading premium brand in
that country.

In 2005, the model changeovers for the M- and S-Class, the debut
of the R- and B-Class, as well as the launch of the new, powerful
V6 and V8 engine generations laid the foundation for further
sales growth at Mercedes-Benz.

The new S-Class recaptured its position as the best-selling
luxury sedan in the world immediately after its market launch in
September.  Sales of S-Class sedans reached the record level of
9,000 units in December.  Although the new Mercedes-Benz flagship
model won't be available in its key U.S. market and in right-hand
drive markets until early 2006, the brand still managed to sell
49,900 S-Class sedans last year (2004: 53,200).

Mercedes-Benz also remained the international market leader in
the upper-range E-Class segment, with sales of 261,900 units
worldwide (2004: 287,100 units).  The CLS has been a particularly
big success as a new vehicle concept, and more than 50,000 units
of the four-door coupe have been delivered since market launch in
October 2004.

A total of 402,400 units of the C-Class family were sold in 2005
(2004: 470,300).  Whereas sales of the SLK roadster increased to
the record level of 57,000 units last year, sales of the C-Class
sedan, station wagon and sports coupe were below the prior year's
high level, due to lifecycle effects.

Mercedes-Benz has achieved excellent results with the second
generation of the A-Class: In the first full year of sales,
deliveries of A-Class vehicles rose by 37% to 194,100 units,
making the highly versatile series from Mercedes-Benz by far the
number one model in the premium compact segment.

The new M-Class also recorded sharp sales growth last year, with
all major markets contributing to a 15% increase in sales to
80,400 units in 2005.

At 5,100 units (2004: 6,700), sales of the Mercedes-Benz
G-Class -- the classic among all-terrain vehicles -- remained
high 26 years after production began.

Demand is also growing for the two sports tourers that
Mercedes-Benz launched last year as a completely new vehicle
concept.  A total of 57,200 customers have already purchased the
B-Class, which was introduced to the European market in June.
Sales of R-Class vehicles have been increasing continually since
that model was launched on the U.S. market approximately three
months ago.  Additional sales potential is expected to be
generated in 2006 by the European market launch of short- and
long-wheelbase versions and diesel variants.

Mercedes-AMG, which builds exclusive high-performance
automobiles, remained very successful in 2005 as well, delivering
more than 20,000 AMG vehicles once again, half of which were sold
in the U.S.

In 2005, the Mercedes-Benz SLR McLaren established itself among
sports car enthusiasts around the world as a fascinating
synthesis that combines cutting-edge innovation with the mystique
of an automotive legend.  More than 500 units were delivered to
customers during the super sports car's first full year of
production.

Maybach Expands Product Range

The Maybach high-end luxury brand further expanded its range of
models in 2005, thereby further boosting brand appeal.  Along
with the Type 62 limousine and the shorter-wheelbase Type 57, the
Maybach 57 S delivers even higher performance and has been
supplementing the exclusive portfolio of the luxury manufacturer
since the end of 2005.  Since the brand was revived in 2002,
Maybach has delivered some 1,500 limousines to customers around
the world in an economic environment that has been challenging
for the entire luxury car sector.  More than 300 of these
limousines were delivered in 2005.

Smart Boosts Sales to 143,000 units

Sales of DaimlerChrysler's Smart brand increased for the seventh
year in a row, with worldwide customer deliveries rising to
143,000 units in 2005.  As a result, Smart achieved the sales
target for 2005 and the implementation of its new business model
is on track.  This achievement was especially due to the "Smart
forward" sales offensive, which not only enhanced the dealership
network's performance, but also led to a more than 20% increase
in the number of retailers in Europe.

With sales of 39,800 units (up 23%), Italy remains the brand's
most important market.  Demand also increased particularly
strongly in the Netherlands (4,400 units, up 13%) and Spain
(7,400 units, up 1%).  In Germany, Austria and Switzerland Smart
did not match the previous year's sales level because of a weak
market environment and a stagnating small-car segment.  With
deliveries of 4,100 Smart fortwo cdi vehicles, Smart was able to
substantially exceed its sales target in Canada, its North
American test market.

Sales of the fuel-efficient diesel variants continue to be brisk.
More than 140,000 units of the Smart fortwo cdi have been
delivered to customers since the vehicle's market launch in
December 1999, making it the most successful "three-liter" car in
the world.  An increasing proportion of smart forfours are
equipped with diesel engines, as this share amounted to over 40%
last year.  Smart responded to the increased customer demand for
exclusivity by introducing the high-quality, sporty Brabus
variant last spring, selling more than 1,000 units of this
vehicle since May.

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


FASTENRATH HOLDING: Under Bankruptcy Administration
---------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Fastenrath Holding-GmbH on December 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 1, 2006 to register their
claims with court-appointed provisional administrator Dr. Jorg
Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting on March 22, 2006, 11:00 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  FASTENRATH HOLDING-GmbH
          Elbringhausen 1, 42929 Wermelskirchen
          Contact:
          Renate Fastenrath, Manager

          Dr. Jorg Bornheimer, Administrator
          Sporergasse 7, 50667 Koln
          Phone: 0221 - 27 26 12 0
          Fax: +4922127261299


HTL HOCH: Court Names Anwaltskanzlei Siemon Administrator
---------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against HTL Hoch-Tief-Landschaftsbau GmbH on December 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 24, 2006
to register their claims with court-appointed provisional
administrator Klaus Siemon.

Creditors and other interested parties are encouraged to attend
the meeting on March 7, 2006, 11:15 a.m. at the district court of
Chemnitz, Saal 24, im Gerichtsgebaude Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  HTL HOCH-TIEF-LANDSCHAFTSBAU GmbH
          Contact:
          Andreas Meischner, Manager
          Schulstrasse 38, 09125 Chemnitz

          Klaus Siemon, Administrator
          Anwaltskanzlei Siemon
          Strasse der Nationen 51, 09111 Chemnitz
          Web site: http://www.kanzlei-siemon.de


ITELKOM GMBH: Bochum Business Goes Bankrupt
-------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Itelkom GmbH on December 28.  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 Bernd Depping.

Creditors and other interested parties are encouraged to attend
the meeting on March 14, 2006, 10:00 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  ITELKOM GmbH
          Eickeler Markt 7, 44651 Herne
          Contact:
          Thorsten Weller, Manager
          Im Mailand 94, 44797 Bochum
          Martin Schulz, Manager
          Bickernstr. 65 a, 44649 Herne

          Bernd Depping, Administrator
          Kunibertistrasse 9, 45657 Recklinghausen
          Phone: 02361/58208-88
          Fax: 02361/5821591


PATERNO STUCK: Under Bankruptcy Administration
----------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Paterno Stuck- Putz GmbH on December 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 6, 2006 to register their
claims with court-appointed provisional administrator Dr.
Ruediger Werres.

Creditors and other interested parties are encouraged to attend
the meeting on April 6, 2006, 12:40 p.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  PATERNO STUCK- PUTZ GmbH
          Moltkestrasse 131, 50674 Koln
          Contact:
          Olga Vinarskaja, Manager
          Dietrich-Bonhoeffer-Strasse 34, 40595 Duesseldorf
          Guiseppe Paterno, Manager

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


STEIN TEC: Court to Verify Claims May
-------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Stein Tec Beratung & Verwaltung GmbH on
December 22.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 24, 2006 to register their claims with court-appointed
provisional administrator Knut Rebholz.

Creditors and other interested parties are encouraged to attend
the meeting on February 8, 2006, 9:05 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on May 17, 2006,
9:00 a.m. at the same venue.

CONTACT:  STEIN TEC BERATUNG & VERWALTUNG GmbH
          Siegfriedstrasse 46-48,10365 Berlin

          Knut Rebholz, Administrator
          Cicerostr. 22, 10709 Berlin


ST STRASSEN: Proofs of Claim Due February
-----------------------------------------
The district court of Gera opened bankruptcy proceedings against
ST Strassen- und Tiefbau GmbH Dieter Ihde on December 21.
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. D. Herzig.

Creditors and other interested parties are encouraged to attend
the meeting on March 14, 2006, 2:00 p.m. at the district court of
Gera, Rudolf-Diener-Str. 1, Zimmer 317, 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:  ST STRASSEN- UND TIEFBAU GmbH DIETER IHDE
          Leutra 5A, 07751 Maua

          Dr. D. Herzig, Administrator
          Promenadenstr. 3, 09111 Chemnitz


VIVANCO GRUPPE: Expects Negative Pre-tax Results for 2005
---------------------------------------------------------
The management board estimates that Vivanco Gruppe AG, in its
2005 fiscal year, achieved an EBIT of about EUR2 million, which,
after interest and extraordinary charges, should result in
earnings before tax (EBT) to be negative.  These figures are
below the market expectations as may prevail following previous
disclosures.

Vivanco Gruppe AG's interim annual results for the business year
2005 show a significant increase in net sales (these now
amounting to about EUR120 million) compared to the previous year
(EUR108.6 million).  Therewith the ambitious sales budget for the
business year 2005 (EUR117.1 million) has been exceeded by EUR2.9
million.

About 70 percent of the increase in sales compared to the
previous year result from the business of Vivanco's subsidiaries
in the foreign countries in Europe (+ EUR7.8 million), about 30
percent of the increase in sales (+ EUR3.6 million) were achieved
on the home market.

This success was achieved by consequent marketing of innovative
products in the company's Accessories and Lifestyle Products
segments.  In its traditional core business, the Connections
segment, Vivanco was subject to intense competitive pressure and
was unable to meet its own expectations.  The changes seen
against the previous year as to both the product mix and the
distribution channels led to lesser margins.  As a consequence
the management board estimates the EBIT and EBT figures shown in
the ad hoc disclosure.

In general important European key accounts were acquired in 2005,
which provide significant potential for future sales and
earnings.

                            *   *   *

Vivanco Gruppe AG, headquartered in Ahrensburg, Germany, is one
of Europe's leading accessory specialists in the segments
Consumer Electronics, Information Technology, Telecommunications
and Access Technology.

CONTACT:  VIVANCO GRUPPE AKTIENGESELLSCAHFT
          Ewige Weide 15
          22926 Ahrensburg
          Phone: +49 4102 2310
          Fax: +49 4102 231207
          Web site: http://www.vivanco.com


W.& J. HONNE: Duesseldorf Company Falls into Bankruptcy
-------------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against W.&J. Honne GmbH Tiefbau-Fernmeldebau-Starkstromanlagen &
Co. KG on December 27.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until January 24, 2006 to register their claims with
court-appointed provisional administrator Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on February 3, 2006, 8:15 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report on February 24, 2006, 8:15 a.m. at the
same venue.

CONTACT:  W.&J. HONNE GmbH TIEFBAU-FERNMELDEBAU-
          STARKSTROMANLAGEN & Co. KG
          Posener Strasse 222, 40231 Duesseldorf
          Contact:
          Henning Endler, Manager
          Hasselstrasse 12, 41564 Kaarst

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


ZENTARA GMBH: Essen Court Appoints Administrator
------------------------------------------------
The district court of Essen opened bankruptcy proceedings against
Zentara GmbH on December 28.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until February 7, 2006 to register their claims
with court-appointed provisional administrator Joseph Albers.

Creditors and other interested parties are encouraged to attend
the meeting on February 22, 2006, 9:30 a.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, I.OG, gelber
Bereich, Saal 185, 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:  ZENTARA GmbH
          Horster Str. 280, 46238 Bottrop
          Contact:
          Gerhard Zentara
          Hans-Bockler-Str. 29, 46236 Bottrop

          Joseph Albers, Administrator
          Von-der-Recke-Str. 5-7, 45879 Gelsenkirchen
          Phone: 0209/179890
          Fax: +492091485096


* More Insolvencies Seen this Year
----------------------------------
Insolvencies will rise by 3.6% to 40,000 from 38,600 this year,
global credit insurance group Euler Hermes says.

Medium-sized construction companies, service providers and
manufacturing groups would most likely succumb to insolvency this
year, as local companies would report around EUR27 billion in
collective losses, a rise of 8%.

Euler Hermes said the rise in insolvency would be partly due to
banks' stringent credit policy.  The group added banks has
granted only EUR240 billion in short-term credits to businesses
in 2005, EUR60 billion less than it allowed in 2001.

CONTACT:  EULER HERMES
          1, rue Euler
          75008 Paris
          Phone: +33 (0)1 40 70 50 50
          Fax: +33 (0)1 40 70 50 17
          Web site: http://www.eulerhermes.com


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


NABI RT: Financiers Extends Debt Waiver
---------------------------------------
Referring to NABI Rt's announcement dated January 2, 2006, NABI
Autobuszipari Rt (NABI Rt.) confirms that NABI Rt., its wholly
owned subsidiary NABI Inc. and its Financiers have agreed to
extend the expiry date of the Master Support Agreement (MSA) from
December 31, 2005 to January 17, 2006.

                            *   *   *

Nabi Rt. in May 2005 agreed in principle with financiers to
restructure approximately US$103 million short-term debt and
other banking facilities.

Under the agreement, the financiers agreed to reduce their debt
to US$60 million, with a portion of such reduction converted to
90% equity in NABI Inc. (NABI Rt.'s main operating subsidiary)
and up to 33% equity interest in NABI Rt.  The reduced debt will
be classified as long term and will have maturities of 5 to 8
years.  All warrants formerly issued by NABI Rt. to the
financiers will also be cancelled.

On completion of the restructuring, NABI Inc. will be the sole
borrower of US$60 million reduced debt.  NABI Rt. will be free of
debt, but will guarantee repayment of up to US$6.5 million of
NABI Inc.'s debt, secured by a first lien on all of NABI Rt.'s
real estate assets.

Nabi will ensure the continued supply of steel shells, chassis,
parts and service from Hungary to the U.S. business.  It will
sell assets and businesses, with the proceeds to be used to
reduce debt.

CONTACT:  NABI RT
          Ujszasz utca 45
          Budapest 1165 Hungary
          Phone: +36 1 401 7100
          Fax: +36 1 407 2931
          E-mail: corporate.office@nabi.hu
          Contact:
          Rita Szalay, Corporate Affairs Manager
          Phone: +36 1 401 7100
          E-mail: szalayr@nabi.hu


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


BANCA POPOLARE: Takeover Interests Buoy Shares
----------------------------------------------
Four banks are interested in taking over financial group Banca
Popolare di Intra, according to daily La Repubblica.  The
potential buyers are Banca Popolare di Milano, Banca Popolare
Vicentina, Banca Popolare dell'Emilia, and Banco di Desio.

Popolare di Intra shares had risen 30% in the last two months as
rumors of a potential merger overshadow concerns about its bad
loans portfolio.

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

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

Banca Popolare is a small cooperative bank based in Piedmont in
northeast Italy with a net asset of EUR279 million at the end of
September.  The bank operates through a network of 80 branches
and employs around 1,100 staff.

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

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


PARMALAT U.S.A.: Pineros May Pursue Tort Claim in Kings County
--------------------------------------------------------------
On Oct. 2, 2002, Anibal Pinero and Olga Pinero filed a verified
complaint against Parmalat U.S.A. Corp. in the Supreme
Court of the State of New York in Kings County.

The Complaint alleges that on Jan. 23, 2002, Mr. Pinero suffered
personal injuries when he slipped and fell while loading,
stacking and securing milk and other dairy products in a trailer
owned by Derle Farms and operated by Parmalat U.S.A.

The Pineros were precluded from continued prosecution of the
Complaint following the Petition Date.

Subsequently, on Mar. 30, 2005, the Pineros filed Claim Nos.
1008 and 1009 against Farmland Dairies LLC and Parmalat U.S.A.,
asserting unsecured non-priority personal injury claims for
US$3,000,000.

On April 13, 2005, the Pineros were further enjoined from
continued prosecution of the Complaint pursuant to the Plan
Injunction.

At the time of the Accident, Farmland maintained a general
liability insurance policy with XL Insurance America, Inc., to
cover personal injury claims.

The Farmland Dairies LLC Unsecured Creditors' Trust and Parmalat
U.S.A. have separately objected to the Pinero Claims, asserting
that Farmland and Parmalat U.S.A.'s books and records reflect no
amount due and owing in connection with the Pinero Claim.

To resolve the dispute, the parties agree that:

   (1) The Plan Injunction will be modified to permit the
       parties to prosecute and defend against the Litigation.
       However, the Pineros will not be entitled to recover any
       of the property of the Debtors or their estates,
       Reorganized Farmland, or the Trust, and will instead have
       Recourse solely against the available insurance proceeds.

   (2) The Pineros will not have an allowed claim against any
       of the Debtors and will have no right to share in any
       distribution from any of the Debtors' estates,
       Reorganized Farmland, or the Trust.

   (3) The Pinero Claims will be deemed satisfied and expunged,
       without the need for any further action on Parmalat
       U.S.A.'s or the Trust's part.

   (4) The Plan Injunction provisions will remain in full force
       and effect, and neither Mr. Pinero nor any of his agents
       will execute any judgment from the Debtors, Reorganized
       Farmland, or the Trust.

   (5) Payment of any judgment awarded against the insurance
       company will be reduced by the lesser of the payment or
       $5,000, which is the amount of the Policy's deductible
       that the Debtors, Reorganized Farmland or the Trust
       might otherwise be liable for.

   (6) The Pineros release the Debtors, Reorganized Farmland,
       and the Trust from any claims.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more than
EUR7 billion in annual revenue.  The Parmalat Group's 40- some
brand product line includes milk, yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.  The company employs over 36,000 workers in 139
plants located in 31 countries on six continents.  It filed for
chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case
No. 04-11139).  Gary Holtzer, Esq., and Marcia L. Goldstein,
Esq., at Weil Gotshal & Manges LLP, represent the Debtors.  When
the U.S. Debtors filed for bankruptcy protection, they reported
more than $200 million in assets and debts.  The U.S. Debtors
emerged from bankruptcy on April 13, 2005. (Parmalat Bankruptcy
News, Issue No. 67; Bankruptcy Creditors' Service, Inc.,
215/945-7000)


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


BANK TURANALEM: Upcoming Tier 1 Issue Gets Expected B+ Rating
-------------------------------------------------------------
Fitch Ratings has assigned BTA Finance Luxembourg S.A.'s (the
Issuer) upcoming issue of perpetual preferred securities an
expected Long-term 'B+' rating.  The notes are to be used solely
for financing a subordinated loan from the Issuer to TuranAlem
Finance B.V., Netherlands, which will in turn make a further
subordinated loan to Kazakhstan's Bank TuranAlem (BTA).  The
Securities are intended to qualify as Tier I capital under
Kazakhstani banking regulations.  The assignment of the final
rating is contingent on receipt of final documentation conforming
materially to information already received.

The difference between the rating of the notes and BTA's 'BB+'
Long-term foreign currency rating reflects Fitch's notching
policy for senior and more junior obligations, indicating the
higher expected loss for the latter.  It also takes into account
the fact that BTA's Long-term rating is driven by the possibility
of support being made available by the Kazakhstani authorities in
case of need. In Fitch's opinion such support would be less
likely to be given in order to prevent the triggering of dividend
cancellation provisions on the Securities.

Non-cumulative dividends will be paid on the Securities semi
annually at a fixed rate for the first ten years after issuance.
Subsequently, dividends will be paid semi-annually at a floating
rate, based on six-month LIBOR.  The Issuer will be required to
pay dividends unless such payment (together with payment on any
other outstanding non-cumulative debt obligations of BTA) would
cause a breach of Kazakhstani capital adequacy regulations by BTA
or BTA's Board has notified the Kazakhstani regulator that such a
breach is expected to occur in the near term.  Notwithstanding
this, the Issuer will still be required to pay dividends if BTA
or any of its subsidiaries has recently paid dividends on (or
repurchased) ordinary shares or perpetual non-cumulative debt
obligations.

A support agreement between the Issuer and BTA obliges BTA to
make sufficient funds available to the Issuer to meet its
obligations in respect to the Securities.  BTA's obligations
under the support agreement will rank pari passu with all
perpetual non-cumulative debt obligations of the bank, and senior
to its ordinary and preferred shares.  If BTA fails to perform on
its obligations under the support agreement, or is subject to
bankruptcy proceedings, the holders of the Securities can enforce
BTA's obligations under the support agreement on behalf of the
Issuer.

The Issuer can redeem the Securities after ten years, and
thereafter on any semi-annual dividend payment date.  If the
Securities cease to qualify as Tier I capital, then they can be
redeemed beginning from the fifth anniversary of their placement.

BTA (rated Long-term Foreign Currency 'BB+'/Stable, Short-term
Foreign Currency 'B', Long-term Local Currency 'BBB-'/Stable,
Short-term Local Currency 'F3', Individual 'C/D', Support '3')
was the second largest commercial bank in Kazakhstan by IFRS
assets at end-H105, and has top three positions in all major
market segments.  The bank's common stock is owned primarily by a
number of Kazakh investors, but Raiffeisen Zentralbank, the
European Bank for Reconstruction and Development, the
International Finance Corporation and Nederlandse Financierings -
Maatschappij Voor Ontwikkelingslanden own convertible preferred
shares, resulting in a 17.1% equity ownership in the bank.

CONTACT:  BANK TURANALEM
          Almaty, md Samal-2
          Dzholdasbekov str. 97#
          050051 Kazakhstan
          Phone: +7 (3272) 500111 or 500222
          Fax: +7 (3272) 500224
          Web site: http://bta.kz

          FITCH RATINGS
          James Watson
          Alexei Kechko, Moscow
          Phone: +7 095 956 9901

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


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


ROYAL SHELL: Buys back 600,000 'A' Shares
-----------------------------------------
On 6 January 2006, Royal Dutch Shell plc purchased for
cancellation 450,000 'A' Shares at a price of EUR26.72 per share.
It further purchased for cancellation 150,000 'A' Shares at a
price of 1,839.95 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,938,027,974.

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

                            *   *   *

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

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

                        About the Company

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

                           The Trouble

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

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


ROYAL SHELL: To Trade New Shares on Euronext Amsterdam, LSE
-----------------------------------------------------------
Royal Dutch Shell plc has issued 4,827,974 new Royal Dutch Shell
plc A ordinary shares with a nominal value of EUR0.07 each
following the exchange of all outstanding floating rate unsecured
loan notes 2009 of Shell Petroleum N.V.

The loan notes were issued to certain former holders of Royal
Dutch Petroleum Company ordinary shares upon the merger of Royal
Dutch Petroleum Company and Shell Petroleum N.V. on 21 December
2005.

Following the new issue, a total of 3,938,627,974 A Shares will
now be in issue.  Applications for admission of the new A Shares
to listing and to trading have been made in Amsterdam to Euronext
Amsterdam N.V. and in London to the Financial Services Authority
and the London Stock Exchange.

                        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
===========


AGRO-PROM-MONTAGE: Succumbs to Bankruptcy
-----------------------------------------
The Arbitration Court of Kareliya republic commenced bankruptcy
proceedings against Agro-Prom-Montage after finding the open
joint stock company insolvent.  The case is docketed as
A26-8775/2005-183.  Mr. S. Zhovkovskiy has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 190103, Russia, St-Petersburg, Obvodnogo Kanala Quay, 181.

CONTACT:  AGRO-PROM-MONTAGE
          185000, Russia, Kareliya republic,
          Petrozavodsk, Zavodskaya Str. 16

          S. ZHOVKOVSKIY
          Insolvency Manager
          190103, Russia, St-Petersburg,
          Obvodnogo Kanala Quay, 181


BALT-INVEST: Declared Insolvent
-------------------------------
The Arbitration Court of Pskov region commenced bankruptcy
proceedings against Balt-Invest after finding the close joint
stock company insolvent.  The case is docketed as
A52-3782/2005/4.  Mr. A. Kirichek has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 190103,
Russia, Saint-Petersburg, Obvodnogo Kanala Quay, 181.

CONTACT:  BALT-INVEST
          180016, Russia, Pskov region,
          Chekhova Str. 6a, Apartment 52

          A. KIRICHEK
          Insolvency Manager
          190103, Russia, Saint-Petersburg,
          Obvodnogo Kanala Quay, 181


INFORMATIONAL AND ECONOMICAL: Insolvency Manager Takes over Firm
----------------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on close joint stock company
Informational And Economical Systems (TIN/KPP
1654022565/165501001).  The case is docketed as
A65-30313/2005-SG4-26.  Mr. V. Mikhaylov has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to Russia, Tatarstan
republic, Kazan, Post User Box 17.  A hearing will take place on
February 6, 2006, 10:30 a.m. at the Arbitration Court of
Tatarstan republic at Russia, Kazan, Kremlin, Building 1,
Entrance 2, Room 12.

CONTACT:  INFORMATIONAL AND ECONOMICAL SYSTEMS
          Russia, Tatarstan republic,
          Kazan, Mekhovshikov Str. 75

          V. MIKHAYLOV
          Temporary Insolvency Manager
          Russia, Tatarstan republic,
          Kazan, Post User Box 17


KANSKOYE CARGO: Krasnoyarsk Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Kanskoye Cargo after finding the auto
transport enterprise insolvent.  The case is docketed as
A33-5943/2005.  Mr. M. Deev has been appointed insolvency
manager.
Creditors have until January 12, 2006 to submit their proofs of
claim to 663600, Russia, Krasnoyarsk region, Kansk, Post User Box
46.

CONTACT:  KANSKOYE CARGO
          663616, Russia, Krasnoyarsk region,
          Kansk, Zalesnaya Str. 2

          M. DEEV
          Insolvency Manager
          663600, Russia, Krasnoyarsk region,
          Kansk, Post User Box 46


KRASNOCHETAYSKIY DAIRY: Bankruptcy Hearing Set Thursday
-------------------------------------------------------
The Arbitration Court of Chuvashiya republic commenced bankruptcy
proceedings against Krasnochetayskiy Dairy (TIN 2110051636, OGRN
1042136000488) after finding the limited liability company
insolvent.  The case is docketed as A79-5176/2005.  Mr. N.
Fedotov has been appointed insolvency manager.  Creditors have
until January 12, 2006 to submit their proofs of claim to 428018,
Chuvashiya republic, Cheboksary, Pirogova Str. 4, Office 3.

CONTACT:  KRASNOCHETAYSKIY DAIRY
          429040, Russia, Chuvashiya republic,
          Krasnochetayskiy region, Krasnye Chetai, Novaya Str.

          N. FEDOTOV
          Insolvency Manager
          428018, Chuvashiya republic, Cheboksary,
          Pirogova Str. 4, Office 3

          ARBITRATION COURT OF CHUVASHIYA REPUBLIC
          Russia, Chuvashiya republic,
          Cheboksary, Lenina Pr. 4


LADOZHSKOYE: Kareliya Court Brings in Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Kareliya republic commenced bankruptcy
proceedings against Ladozhskoye (TIN 1005060220) after finding
the open joint stock company insolvent.  The case is docketed as
A26-6926/2005-183.  Ms. I. Malilen has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 185000,
Russia, Kareliya republic, Petrozavodsk, Kuybysheva Str. 13,
Apartment 11.

CONTACT:  LADOZHSKOYE
          Russia, Kareliya republic,
          Pitkyarna, Yanis, Polevaya Str.

          I. MALILEN
          Insolvency Manager
          185000, Russia, Kareliya republic, Petrozavodsk,
          Kuybysheva Str. 13, Apartment 11


TETYUSHESKOYE: Bankruptcy Hearing Set Next Week
-----------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on grain receiving enterprise
Tetyusheskoye.  The case is docketed as A65-29096/2005-SG4-35.
Mr. L. Safin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 420039, Russia,
Tatarstan republic, Kazan, Post User Box 143.  A hearing will
take place on January 16, 2006.

CONTACT:  TETYUSHESKOYE
          422370, Russia, Tatarstan republic,
          Tetyushi, Gorkogo Str. 41

          L. SAFIN
          Temporary Insolvency Manager
          420039, Russia, Tatarstan republic,
          Kazan, Post User Box 143


TRANSPORT COMPANY: Declared Insolvent
-------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Transport Company after finding the limited
liability company insolvent.  The case is docketed as
A33-8602/2005.  Mr. I. Nozdrin has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 660020,
Russia, Krasnoyarsk, Diksona Str. 1, Post User Box 15854.

CONTACT:  TRANSPORT COMPANY
          Russia, Krasnoyarsk region

          I. NOZDRIN
          Insolvency Manager
          660020, Russia, Krasnoyarsk region,
          Diksona Str. 1, Post User Box 15854


WOO-PROM-KHOZ AFANASYEVSKIY: Bankruptcy Supervision Begins
----------------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision procedure on close joint stock company
Woo-Prom-Khoz Afanasyevskiy.  The case is docketed as
A60-27707/05-S11.  Ms. U. Nikulina has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 620039, Russia, Sverdlovsk region, Ekaterinburg, Post User Box
57.

CONTACT:  WOO-PROM-KHOZ AFANASYEVSKIY
          Russia, Sverdlovsk region,
          Nzihniye Sergii

          U. NIKULINA
          Temporary Insolvency Manager
          620039, Russia, Sverdlovsk region,
          Ekaterinburg, Post User Box 57


YUKOS OIL: Boosting Investment this Year
----------------------------------------
Yukos Oil plans to invest RUB16.9 billion (US$600 million) in
production and marketing in 2006 -- triple that of last year --
as it seeks to recover after nearly being crippled by tax
arrears.

Business Online says the amount will enable the company to
maintain oil production levels, which fell from 86 million tons
in 2004 to 24 million tons in 2005.

Yukos filed for chapter 11 protection in the U.S. in December
2004 after being served with a US$27.5 billion tax bill for
2000-2003, but the case was dismissed in February 2005.  A few
days after this filing, Yugansknefegaz, its main production unit,
was sold by the state to a little-known firm Baikalfinansgroup.
Yugansk eventually was bought by state-owned Rosneft.

"Yukos is looking in better shape than it was a year ago, but it
is still a long way from being out of the woods," says Kim
Iskyan, head of research at MDM Bank.

It reported a loss of RUB417.5 billion in 2005, and unpaid taxes
and penalties of more than US$7 billion.  Yukos' remaining
significant asset is a 20% share in Sibneft, out of which it
received a US$460 million dividend payment at the end of
December.  It still owns 23.2% of Yuganskneftegaz, worth an
estimated US$2.7 billion.

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru\


YUNGA: Bankruptcy Hearing Set Later this Month
----------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on agro company Yunga (TIN/KPP
2112003236/211201001).  The case is docketed as
A79-8508/2005-SK1.  Mr. N. Fedotov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 428018, Russia,
Chuvashiya republic, Cheboksary, Pirogova Str. 4, Office 3.  A
hearing will take place on January 20, 2006, 10:00 a.m.

CONTACT:  YUNGA
          Russia, Chuvashiya republic,
          Morgaushskiy region, Yunga

          N. FEDOTOV
          Temporary Insolvency Manager
          428018, Russia, Chuvashiya republic,
          Cheboksary, Pirogova Str. 4, Office 3


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


DOGUS HOLDING: Upgraded to BB- on Completion of Stake Sale
----------------------------------------------------------
Fitch Ratings has upgraded Turkey-based Dogus Holding A.S.'s
(Dogus) Senior Unsecured foreign and local currency ratings to
'BB-' from 'B+' and removed them from Rating Watch Positive
(RWP).  A Stable Outlook has been assigned.

The RWP removal follows the completion of Dogus' sale of its
entire 78.1% stake in the Tansas food retail chain and 25.5% out
of its controlling 56.5% interest in Garanti Bankasi.  The
transactions, which closed on 10 November and 22 December 2005
respectively, raised a total of US$2.0 billion cash for Dogus.

The upgrade reflects Dogus' plans to de-leverage by applying the
cash proceeds primarily from the Garanti Bankasi sale.  Fitch
expects Dogus to more than halve its gross debt to around US$500
million and to report in excess of US$800 million net cash at
end-FY05, bringing Dogus to a net cash position.

In addition, Garanti Bankasi's business profile will benefit from
the strong new joint owner, General Electric Consumer Finance
(GECF).  This is a positive factor for Dogus, for which Garanti
Bankasi remains a core holding.  Dogus' future cash flows remain
dependent on asset sales, although Fitch acknowledges that the
substantial net liquidity position should provide financial
flexibility for the next 2-3 years.

Dogus' future strategy focuses on expanding Garanti Bankasi
jointly with GECF and possible new investments in Turkey.  Such
investments are likely to be financed from existing resources and
are not expected to result in substantial re-leveraging.

CONTACT:  DOGUS HOLDING A.S.
          Buyukdere Cad. No: 65, 34398 Maslak
          Phone: (0212) 335 32 32
          Fax: (0212) 335 30 90
          E-mail: dmail@dogusholding.com.tr

          FITCH RATINGS
          Oguz Bardak, London
          Phone: +44 20 7417 4294
          Karsten Frankfurth, Frankfurt
          Phone: +49 69 7860 76170

          Media Relations
          Alex Clelland, London
          Phone: +44 20 7862 4084
          Web site: http://www.fitchratings.com


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


AUTO TRANSPORT 11801: Files for Bankruptcy
------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on OJSC Auto Transport Enterprise 11801
(code EDRPOU 03116594) on August 15, 2005.  The case is docketed
as 7/90 b.  Mr. M. Kinalevskij (License Number AB 116195) has
been appointed temporary insolvency manager.  The company holds
account number 000425253 at JSCB Prominvestbank, Zhitomir branch,
MFO 311335.

CONTACT:  AUTO TRANSPORT ENTERPRISE 11801
          10001, Ukraine, Zhitomir region,
          Baranov Str. 60

          M. KINALEVSKIJ
          Temporary Insolvency Manager
          10003, Ukraine, Zhitomir region,
          Vojkov Str. 3
          Phone: 8 (0412) 22-36-56

          ECONOMIC COURT OF ZHITOMIR REGION
          10002, Ukraine, Zhitomir region,
          Putyatinski Square 3/65


BUILDING ENTERPRISE 34: Bankruptcy Supervision Starts
-----------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Building Enterprise 34 (code EDRPOU
31246447).  The case is docketed as 15/775-b.

CONTACT:  BUILDING ENTERPRISE 34
          02094, Ukraine, Kyiv region,
          Chervonogvardijska Str. 7


KOMOD: Temporary Insolvency Manager Takes over Helm
---------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Production-Commercial Firm Komod
(code EDRPOU 21947436) on November 29, 2005.  The case is
docketed as B 24/244/05.  Mr. Igor Morozov (License Number AA
419481) has been appointed temporary insolvency manager.  The
company holds account number 26001013000085 at OJSC Inprombank,
Dnipropetrovsk branch, MFO 306986.

(a) KOMOD
    49033, Ukraine, Dnipropetrovsk region,
    Geroiv Stalingradu Str. 118-A

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


PROGRES-EXIM: Under Bankruptcy Supervision
------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Progres-Exim (code EDRPOU 32591247).
The case is docketed as 15/774-b.

CONTACT:  PROGRES-EXIM
          02094, Ukraine, Kyiv region,
          Magnitogorska Str. 1

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


PROPANGAZSERVICE: Declared Insolvent
------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Propangazservice (code EDRPOU 3194627) on
August 16, 2005 after finding the subsidiary of OJSC Mikolaivgaz
insolvent.  The case is docketed as 14/137.  Mr. Anton Hanenko
(License Number AB 116228) has been appointed
liquidator/insolvency manager.

CONTACT:  PROPANGAZSERVICE
          54050, Ukraine, Mikolaiv region,
          Olshantsiv Str. 301

          ANTON HANENKO
          Liquidator/Insolvency Manager
          54010, Ukraine, Mikolaiv region,
          6 Poperechna Str. 32/2

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


SUMI MACHINE: Court Appoints Temporary Insolvency Manager
---------------------------------------------------------
The Economic Court of Sumi region has commenced bankruptcy
supervision procedure on Sumi State Machine Technological Station
(code EDRPOU 30268119).  The case is docketed as 6/104-05.  Mr.
Roman Korobka (License Number AA 779130) has been appointed
temporary insolvency manager.  The company holds account number
26000010429 at JSCB Slobozhanshina, MFO 337535.

CONTACT:  SUMI STATE MACHINE-TECHNOLOGICAL STATION
          40022, Ukraine, Sumi region,
          Privokzalna Str. 25

          ROMAN KOROBKA
          Temporary Insolvency Manager
          40030, Ukraine, Sumi region,
          Kozatskij val Str. 2a, Office 4

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


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


ACE ARC: Calls in Liquidator from Elwell Watchorn
-------------------------------------------------
F. R. Fairbrother, director of Ace Arc Hydraulic Engineering
Limited, informs that a resolution to wind up the company was
passed at an EGM held on Nov. 25 at Holiday Inn Express, Dartford
Bridge, University Way, Dartford DA1 5PA.

David John Watchorn of Elwell Watchorn & Saxton LLP, 109 Swan
Street, Sileby, Leicestershire LE12 7NN was appointed liquidator.

Ace Arc Hydraulic Engineering -- http://www.aahe.co.uk/-- has
more than 40 years combined experience in hydraulic fault
diagnosis and rectification on any system.

CONTACT:  ACE ARC HYDRAULIC ENGINEERING LIMITED
          Transport Workshop Church Hill
          Wilmington Kent UK DA2 7DZ
          Phone: +44 (0) 1322 394927
          Fax: +44 (0) 1322 394919
          E-mail: sales@aahe.co.uk

          ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


AVECIA GROUP: Won't Pay Dividend for FY2005
-------------------------------------------
In accordance with the company's Articles of Association, Avecia
Group Plc is due to pay a fixed dividend of US$2 (in cash) on
each of the Preference Shares issued by the company, the dividend
being calculated in accordance with the terms of the Articles at
the rate of 16% per annum on US$25, the dividend relating to the
six month period to 31 December 2005.

Whilst Avecia, as a whole, has a cash reserve of over GBP40
million to meet the dividend payment, under the terms of section
263 of the U.K. Companies Act 1985, a U.K. company can only make
a distribution to share holders if it has sufficient
distributable reserves at the time of the payment.  As at 31
December 2005, Avecia Group Plc had no distributable reserves as
defined under the Companies Act 1985 and is, therefore, legally
prevented from making a dividend payment.

To address this situation Avecia proposes to undertake a form of
corporate restructuring in 2006 to improve the distributable
reserves position in Avecia Group plc.  In the meantime, unpaid
dividends will attract interest at 18% per annum until the
dividend is paid in full.  At this time, the company is unable to
give a precise indication as to when the dividend will be paid.

Completion of the transaction announced on 26 December 2005 to
sell Avecia's Inkjet and Electrophotography businesses will be
taken into account in plans being formulated to enable payment of
the outstanding dividend.

CONTACT:  AVECIA GROUP PLC
          Investor
          Phone: +44 (0) 161 721 1228


AVECIA GROUP: Sells Inkjet, Electrophotography Biz to Fujifilm
--------------------------------------------------------------
Fujifilm is to acquire Avecia Group's Inkjet and
Electrophotography (EP) businesses for GBP150 million
(approximately JPY30.75 billion).  The transaction, which is
subject to regulatory and other customary closing conditions, is
expected to be completed in February 2006.

The acquisition includes all Avecia Inkjet and EP development and
manufacturing assets in Manchester, England, Grangemouth,
Scotland and New Castle, Delaware, U.S.A.  All 340 employees will
transfer with the business, which will operate as a 100%
subsidiary of Fujifilm.

Avecia Inkjet is a global innovator and manufacturer of dyes and
inks for the home and office ink jet printing sector.  Avecia's
EP business is focused on the development and manufacture of
Chemically Produced Toners (CPTs) for laser printers and
photocopiers, and Infrared Absorbers used in high value markings.

Fujifilm Group has accumulated sophisticated know-how in
materials development and synthesis over many years of R&D in
fields such as silver halide photography, printing and medical
X-ray films.  It has also applied this technical expertise to the
development and commercialization of various functional materials
such as FUJITAC(TM) products, WV film, DVD dye and colour resist
of Liquid Crystal Displays.

David Greensmith, Managing Director of Avecia's Chemicals
Division said: "I am delighted that we have reached agreement for
the sale of these business units to Fujifilm.  Both companies
have a long and successful track record of innovation in the
electronics sector.  Through our combined strengths we will be
able to capitalize on growth opportunities through the innovation
, development and introduction of new products."

Avecia will make an announcement regarding the use of proceeds
from this transaction nearer the time of completion.

CONTACT:  AVECIA GROUP
          Media Enquiries
          Phone: +44 (0) 7802 773604
          E-mail: inkjet@avecia.com
                  electrophotography@avecia.com


BCOM LIMITED: Names Till Morris Liquidator
------------------------------------------
D. Marsh, chairman of Bcom Limited, informs that resolutions to
wind up the company were passed at an EGM held on Nov. 16 at 2
Church Street, Warwick CV34 4AB.  Duncan Roderick Morris of The
Till Morris Partnership, 2 Church Street, Warwick CV34 4AB was
appointed liquidator.

CONTACT:  BCOM LTD.
          Unit 5, Shaw House, Two Woods Lane,
          Brierley Hill, West Midlands, DY5 1TA
          Phone: 01384 472400


BERKEFELD (UK): BDO Stoy Hayward Liquidator Enters Firm
-------------------------------------------------------
P. A. Bull, chairman of Berkefeld (UK) Limited, informs that the
subjoined extraordinary resolution to wind up the firm was passed
at an EGM held on Nov. 23 at Commercial Buildings, 11-15 Cross
Street, Manchester M2 1BD.  Dermot Justin Power and Matthew
Dunham of BDO Stoy Hayward LLP, Commercial Buildings, 11-15 Cross
Street, Manchester M2 1BD were appointed joint liquidators.

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


BF MUNSLOW: Calls in Liquidator from Bishop Fleming
---------------------------------------------------
R. Jones, chairman of BF Munslow Limited, informs that the
extraordinary and ordinary resolutions to wind up the firm were
passed at an EGM held on Nov. 24 at Priest House, 1624-1628 High
Street, Knowle, Solihull, West Midlands B93 0JU.  Jeremiah
Anthony O'Sullivan of Bishop Fleming, Priest House, 1624-1628
High Street, Knowle, Solihull, West Midlands B93 0JU was
appointed liquidator.

CONTACT:  BISHOP FLEMING
          Priest House, 1624-1628 High Street,
          Knowle, Solihull,
          West Midlands B93 0JU
          Web site: http://www.bishopfleming.co.uk


BROADBRIDGE LTD.: Liquidator from David Rubin Moves in
------------------------------------------------------
I. Mandel, chairman of Broadbridge Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 24 at David Rubin & Partners, Pearl Assurance House, 319
Ballards Lane, London N12 8LY.  Lane Bednash of David Rubin &
Partners, Pearl Assurance House, 319 Ballards Lane, London N12
8LY was appointed liquidator.

CONTACT:  BROADBRIDGE LTD.
          Agriculture House
          5 Barker Street
          Shrewsbury, Shropshire SY1 1QJ
          Phone: 01743357000

          DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Phone: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com


CATERVEND SERVICES: Files for Liquidation
-----------------------------------------
G. Summers, chairman of Catervend Services Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 25 at Salisbury House, Station Road, Cambridge CB1 2LA.
Shay Lettice was appointed liquidator.

CONTACT:  CATERVEND SERVICES LIMITED
          Unit 7, Carrington Street
          Kettering, Northamptonshire NN16 0BY
          Phone: 01604497767


CENTER PARCS: Search for New Finance Director Ongoing
-----------------------------------------------------
As previously announced on 15 December 2005, Finance Director
Simon Lane will be leaving Center Parcs (U.K.) Group plc in the
first quarter of 2006.  His departure date has now been agreed as
1 March 2006.  The process to recruit Mr. Lane's successor is
proceeding and a further announcement will be made once the
appointment has been finalized.

                        About the Company

Based in the United Kingdom, Center Parcs operates short break
holiday villages in Sherwood Forest (Nottinghamshire), Longleat
Forest (Wiltshire), Elveden Forest (Suffolk) and Whinfell Forest
(Cumbria).  It has more than 5,000 employees and an annual
turnover of GBP229.64 million.

In July, the company revealed underlying trading for the year was
robust, but was impacted by a number of specific factors
including a weaker than expected first quarter; Christmas
scheduling issues; and higher than expected energy cost
inflation.

Action has been taken to minimize these impacts in the future.
Work was underway on two key aspects of funding for the Group:

(a) GBP52.5 million loan notes: these have a fixed coupon of
    6.5% until January 2007 and an amortization payment schedule
    beginning in FY07 with a sum of GBP7.5 million.  The Board
    has been reviewing the refinancing options for this part
    of the funding structure; and

(b) funding for the 5th site: a range of funding models were
    under review.  The preferred funding route will be developed
    in due course to meet the likely timetable for the planning
    process and further updates will be provided as appropriate.

CONTACT:  CENTER PARCS (U.K.) GROUP PLC
          One Edison Rise
          New Ollerton
          Newark, Nottinghamshire
          NG22 9DP
          United Kingdom
          Phone: 0870 067 3000
          Fax: 0870 067 3099
          E-mail: shareholderservices@centerparcs.co.uk


DESTINY MARKETING: Appoints Sanderlings Liquidator
--------------------------------------------------
D. Green, chairman of Destiny Marketing Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 24 at Sanderling House, 1071 Warwick Road, Acocks Green,
Birmingham B27 6QT.  Andrew Fender of Sanderlings LLP, Sanderling
House, 1071 Warwick Road, Acocks Green, Birmingham B27 6QT was
appointed liquidator.

CONTACT:  DESTINY MARKETING LTD.
          Burage Walk, Nuneaton, Warwickshire CV11 5AE
          Phone: 024-7634-9333


EARLSNOTE LIMITED: Calls in Liquidator from Bishop Fleming
----------------------------------------------------------
R. Rana, chairman of Earlsnote Limited (t/a Itihaas), informs
that the extraordinary and ordinary resolutions to wind up the
firm were passed at an EGM held on Nov. 24 at Priest House,
1624-1628 High Street, Knowle, Solihull, West Midlands B93 0JU.
Jeremiah Anthony O'Sullivan of Bishop Fleming, Priest House,
1624-1628 High Street, Knowle, Solihull, West Midlands B93 0JU
was appointed liquidator.

CONTACT:  BISHOP FLEMING
          Priest House, 1624-1628 High Street,
          Knowle, Solihull,
          West Midlands B93 0JU
          Web site: http://www.bishopfleming.co.uk


EASYNET GROUP: BSkyB Offer Declared Unconditional
-------------------------------------------------
On 21 October 2005, Lazard & Co., Limited and Morgan Stanley &
Co. Limited made a recommended cash offer on behalf of Sky
Broadband Services Limited (the Offeror), a wholly owned
subsidiary of British Sky Broadcasting Group plc (BSkyB), for the
entire issued and to be issued share capital of Easynet Group
plc.

On 19 December 2005, the Offer was declared unconditional as to
acceptances.

On 30 December 2005, the Office of Fair Trading announced its
decision not to refer the Offer to the Competition Commission.

The directors of BSkyB have revealed that all of the conditions
of the Offer have now been satisfied or waived.  Accordingly, the
Offer has been declared unconditional in all respects.

James Murdoch, CEO of BSkyB, said: "We are delighted that our
offer for Easynet is now unconditional; we are looking forward to
working with our new colleagues to bring exciting new
entertainment and communication services to our customers."

As at 3:00 p.m. (London time) on 5 January 2006, the Offeror has
acquired or received valid acceptances under the Offer in respect
of a total of 107,461,700 Easynet Shares, representing
approximately 89.3% of the existing issued share capital of
Easynet.

The Offer will remain open for acceptance until further notice
and remains subject to the terms set out in the Offer Document.

Easynet Shareholders who have not yet accepted the Offer and who
hold Easynet Shares in certificated form are urged to complete,
sign and return the Form(s) of Acceptance by hand (during normal
business hours) or by post as soon as possible, to the receiving
agents to the Offer, Capita Registrars at Capita Registrars,
Corporate Actions, P.O. Box 166, The Registry, 34 Beckenham Road,
Beckenham, Kent BR3 4TH.  Additional Forms of Acceptance are
available from Capita Registrars, by telephoning 0870 162 3121,
or if calling from outside the U.K., on +44 20 8639 2157.  If you
hold your Easynet Shares in uncertificated form (that is, in
CREST) you are urged to accept the Offer by TTE instructions as
soon as possible.

Settlement of the consideration due under the Offer will be
effected on or before 20 January 2006 for Easynet Shareholders
who have already validly accepted the Offer.  Settlement for
Easynet Shareholders who validly accept the Offer from Friday
(January 6) onwards will be effected within 14 days of receipt of
their valid acceptance.

BSkyB intends, as soon as practicable once sufficient acceptances
have been received, to apply the provisions of sections 428 to
430F (inclusive) of the Companies Act 1985 to acquire
compulsorily any outstanding Easynet Shares to which the Offer
relates.

BSkyB also intends, when practicable, to procure that Easynet
applies to the U.K.L.A. for the cancellation of the listing of
Easynet Shares on the Official List and to the London Stock
Exchange for the cancellation of admission to trading of Easynet
Shares on the London Stock Exchange's market for listed
securities.

All terms defined in the Offer Document have the same meaning in
this announcement, unless the context requires otherwise.

CONTACT:  EASYNET GROUP PLC
          44-46 Whitfield St.
          London
          W1P 5RF, United Kingdom
          Phone: +44-20-7900-4700
          Fax: +44-20-7900-4701
          Web site: http://www.easynet.com

          BRITISH SKY BROADCASTING GROUP PLC
          Grant Way, Isleworth
          London TW7 5QD
          United Kingdom
          Phone: +44-20-7705-3000
          Fax: +44-20-7705-3453
          Web site: http://www.sky.com

          LAZARD & CO., LIMITED
          Joint Financial Adviser to BSkyB
          Trevor Nash
          Peter Warner
          Sarah Carter
          Phone: +44 (0) 20 7187 2000

          MORGAN STANLEY & CO. LIMITED
          Joint Financial Adviser to BSkyB
          Scott Matlock
          Daniel Bailey
          Hugo Baring
          Phone: +44 (0) 20 7425 5000

          DEUTSCHE BANK AG LONDON
          Joint Corporate Broker to BSkyB
          Charlie Foreman
          Bill Frith
          Phone: +44 (0) 20 7545 8000

          GOLDMAN SACHS INTERNATIONAL
          Joint Corporate Broker to BSkyB
          Matthew Westerman
          Neil Chugani
          Phone: +44 (0) 20 7774 1000

          ABN AMRO CORPORATE FINANCE LIMITED
          Financial Adviser to Easynet
          Tom Willett
          Phone: +44 (0) 20 7678 8000

          HOARE GOVETT LIMITED
          Corporate Broker to Easynet
          Ranald McGregor Smith
          Lee Morton
          Phone: +44 (0) 20 7678 8000
          Hudson Sandler
          Andrew Hayes
          Sandrine Gallien
          Wendy Baker
          Phone: +44 (0) 20 7796 4133


FEDERAL-MOGUL: Cutting 10% of Workforce as part of Restructuring
----------------------------------------------------------------
As part of Federal-Mogul Corporation's (OTCBB:FDMLQ) global
profitable growth strategy designed to satisfy customer and
market expectations while improving corporate performance and
expanding in key growth markets, the Company announced a
three-year restructuring plan.  The restructuring could affect
about 25 facilities and reduce the Company's workforce by
approximately 10% by December 2008.  Details of the plan have not
been finalized.

The Company anticipates recording charges for costs and expenses
related to this restructuring plan in the current quarter and
future periods.  Costs likely to be incurred are generally
expected to include certain severance costs, retention costs,
benefits costs and impairment of the facilities and equipment
involved.  Preliminary cost estimates range from US$125,000,000
to US$150,000,000.

"Our focus for the future will be on improving our performance in
mature markets and expanding in key growth markets to be better
positioned to serve our customers with our leading technology and
world-class portfolio of quality products and services," said
Chairman, President and Chief Executive Officer Jose Maria
Alapont.  "While these decisions are difficult, our drive for
global profitable growth is dependent on implementing strategies
that continue to strengthen our competitiveness and profitability
in this market environment."

During the fourth quarter of 2005, Federal-Mogul continued to
make significant advancement toward emergence from Chapter 11 in
the U.S. and Administration in the U.K.

"We are pleased with the progress in our emergence proceedings
and implementation of our global profitable growth strategy as we
continue to develop best cost manufacturing, service and
engineering operations," Mr. Alapont said.

About Federal-Mogul

Federal-Mogul is a global supplier of automotive components,
systems and modules serving the world's original equipment
manufacturers and the global aftermarket.  The company utilizes
its engineering and materials expertise, proprietary technology,
manufacturing skill, distribution flexibility and marketing power
to deliver products, brands and services of value to its
customers.  Federal-Mogul is focused on global profitable growth
to create value for and bring greater satisfaction to its
customers, employees, and stakeholders.

Headquartered in Southfield, Michigan, Federal-Mogul was founded
in Detroit in 1899.  On Oct. 1, 2001, Federal-Mogul decided to
separate its asbestos liabilities from its true operating
potential by voluntarily filing for financial restructuring under
Chapter 11 of the Bankruptcy Code in the United States and
Administration in the United Kingdom.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.

CONTACT:  KROLL BUCHLER PHILLIPS
          Liquidator of Federal-Mogul Corp. in the U.K.
          84 Grosvenor Street
          W1X 9DF
          Phone: +44 (0)20 7493 2550
          Contact:
          Simon Freakley


FMATS LTD.: Files for Liquidation
---------------------------------
P. Caunce, chairman of FMATS Limited, informs that resolutions to
wind up the company were passed at an EGM held at Premier Travel
Inn, Sheffield Road, Meadowhall, Sheffield S9 2YL.  Martin Andrew
Shaw and Charles Michael Brook were appointed Joint Liquidators.

CONTACT:  FMATS LTD.
          Grange Lane Works, Ecclesfield Road
          Sheffield, South Yorkshire S5 0DJ
          Phone: 01142576004


GENERAL TYRE: Calls in Liquidator from Haines Watts
---------------------------------------------------
M. Rothwell, director of General Tyre Service Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 22 at The Centre, Farnham Road, Slough, Berkshire
SL1 4UT.  Stephen Harfitt of Haines Watts, Sterling House,
177-181 Farnham Road, Slough, Berkshire SL1 4XP was appointed
liquidator.

CONTACT:  GENERAL TYRE SERVICE LTD.
          436-438 Staines Road, Hounslow
          Middlesex TW4 5AU
          Phone: 02085701650


GLOBAL OCEANIC: Reaches New Debt Payment Terms with Bank
--------------------------------------------------------
Global Oceanic Carriers has adjusted its debt repayment schedule
with Bayerische Hypo-und Vereinsbank in line with changes to its
planned investment, Lloyds List reports.

The dry bulk shipping company has dropped plans to purchase a
fourth vessel from an affiliate of John Rigos Marine Enterprises.
Since it was paying the bank based on terms calculated on owning
four vessels, the company re-aligned its debt payment terms on
having only three ships.  The move would reduce repayments from
February 1 by US$3.7 million in the year ahead, and by US$1.5
million next year, the firm said.

"With a repayment structure based on the actual fleet size, we
will have a greater opportunity to maximize our position within
the marketplace, which we feel is strengthening," Chief executive
Vassilis Vintiadis said.

According to the report, the company's shares have been out of
favor with investors and are languishing at 48.5p, down from last
May's listing strike price of 140p.

GO Carriers expects outstanding debt to be US$20 million, and
cash in the bank to be US$3.5 million at the end of January.  Its
fleet is worth about more than US$40 million.  The company is
listed on London's Alternative Investment Market.

GO Carriers non-executive chairman Konstantinos Dimitriou
recently became one of the firm's shareholders.

CONTACT:  GLOBAL OCEANIC CARRIERS LTD.
          6 Britannia Place, Bath Street
          St Helier
          Jersey
          JE2 4SU
          Channel Islands

          2nd Floor, Vintners Place
          68 Upper Thames Street
          London
          EC4V 3BJ
          Phone: (020) 7920 0010
          Fax: (020) 7920 0120


GREENS SUPERSTORES: Business for Sale
-------------------------------------
C. J. Farrington and D. L. Z. Wong offer for sale the business
and assets of Greens Superstores Limited (trading as Toymaster)

Features:

(a) Long established children's toys retailer;

(b) GBP8 million annual turnover;

(c) 17 leasehold shops, prime locations on M62 and A1 corridors;

(d) Excellent modular shop-fittings;

(e) HQ and national distribution center in Gainsborough, Lincs;

(f) Fully computerized stock distribution & replenishment;

(g) Around 180 full & part-time staff.

CONTACT:  GREENS SUPERSTORES LIMITED
          The State Building
          Church Street
          Gainsborough
          Lincs DN21 2JN
          Web site: http://www.toysdirect.co.uk

          DELOITTE & TOUCHE LLP
          Web site: http://www.deloitte.com

          Chris Farrington
          Phone: 0776 9935692
          E-mail: cfarrington@deloitte.co.uk

          Claire Gambles
          E-mail: cgambles@deloitte.co.uk


LABORATOIRE FLORIDE: Appoints Liquidator
----------------------------------------
D. Reiner, chairman of Laboratoire Floride Limited, informs that
the extraordinary resolution to wind up the company was passed at
an EGM held on Nov. 21 at 29-30 Fitzroy Square, London W1T 6ET.
Phillip Anthony Roberts of Phillip A. Roberts, 29-30 Fitzroy
Square, London W1T 6ET was appointed liquidator.

CONTACT:  PHILLIP A. ROBERTS
          29-30 Fitzroy Square
          London W1P 6LQ
          Phone: 020 7388 7828
          Fax: 020 7387 0207


LOWER PENN: Hires Sale Smith & Co. as Liquidator
------------------------------------------------
M. Scarratt, director of Lower Penn Corporate Consultancy
Limited, informs that the extraordinary resolution to wind up the
company was passed at an EGM held on Nov. 17 at Carmella House, 3
and 4 Grove Terrace, Walsall, West Midlands WS1 2NE.  Eileen T.
F. Sale of Sale Smith & Co. Limited, Carmella House, 3 and 4
Grove Terrace, Walsall, West Midlands WS1 2NE was appointed
liquidator.

CONTACT:  SALE SMITH & CO.
          Carmella House,
          3 & 4 Grove Terrace,
          Walsall, West Midlands WS1 2NE
          Phone: 01922 624777
          Fax: 01922 720528
          E-mail: etfs@salesmith.demon.co.uk


MARKS & SPENCER: Brandes Cuts Stake
-----------------------------------
Brandes Investment Partners has reduced its shareholding in Marks
& Spencer Group plc from 15.3% to 13.3%, said The Guardian.

The U.S.-based fund manager remains M&S' biggest single investor.
Deutsche Bank has placed the 2% stake -- representing 32 million
shares worth GBP160 million -- in the market at 500 pence apiece
on a "first come, first served" basis.

The sale did not come as a surprise, according to M&S.  A
spokesman said: "They have done well out of their shares and are
still a big investor."

Brandes, which has held shares in M&S for the past six years, is
said to be taking advantage of the recent hike in the retailer's
share price following the recovery scheme initiated by Chief
Executive Stuart Rose.

News of the placing came as Mr. Rose was getting ready to update
the market today (January 10), with analysts hoping for an
improved Christmas performance.  Rival retailer Next has posted
better-than-expected sales over the holidays and expects annual
profits to beat expectations by up to GBP30 million.

Brandes has also arranged a "lock-up" with Deutsche Bank,
preventing it from selling the rest of its stake for 30 days
unless share price rises by 10%.

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


MERITLIGHT LIMITED: Liquidators Take over Firm
----------------------------------------------
G. Martin-Laval, chairman of Meritlight Limited, informs that the
extraordinary resolution to wind up the firm was passed at an EGM
held on Nov. 24 at BWC Business Solutions, 8 Park Place, Leeds
LS1 2RU.  Gary E. Blackburn of the firm BWC Business Solutions,
and Ian C. Schofield of PFK, Pannell House, 6 Queen Street, Leeds
LS1 2TW were appointed joint liquidators.

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

          PKF
          Pannell House
          6 Queen Street
          Leeds
          West Yorkshire LS1 2TW
          Phone: 0113 228 0000
          Fax: 0113 228 4242
          E-mail: ian.schofield@uk.pkf.com


M & J LOWE: Hires Haines Watts to Liquidate Assets
--------------------------------------------------
M. Lowe, director of M & J Lowe Limited, informs that the
extraordinary and ordinary resolutions to wind up the firm were
passed at an EGM held on Nov. 24 at 17 Elkin Road, Morecambe,
Lancashire LA4 5RN.  Thomas Dixon of Haines Watts, York House,
York Street, Manchester M2 3BB was appointed liquidator.

CONTACT:  HAINES WATTS BUSINESS RECOVERY & INSOLVENCY
          6th Floor
          York House, York Street
          Manchester M2 3BB
          Phone: 0161 200 6080
          Fax: 0161 200 6081
          E-mail: tdixon@hwca.com


OBJECT 1: Files for Liquidation
-------------------------------
A. Gale, chairman of Object 1 Limited, informs that resolutions
to wind up the company were passed at an EGM held on Nov. 25 at
Smith & Williamson Limited, 25 Moorgate, London EC2R 6AY.

Anthony Spicer and Iain Allan of Smith & Williamson Limited, 25
Moorgate, London EC2R 6AY were appointed Joint Liquidators.  The
appointment was confirmed at a creditors meeting held the same
day.

Object 1 has annual turnover of between GBP1 million and GBP5
million.  It is a technical services company providing
consulting, design and implementation of enterprise content
management solutions.  Its clients include Oxford University
Press, Stockton-on-Tees Borough Council, Food Standards Agency,
Bracknell Forest Borough Council, DfES, Wood Mackenzie, Dresdner
Kleinwort Wasserstein, Investis Ltd., Chrysalis Group plc,
Pearson plc, Reuters, and Central Office of Communications.

CONTACT:  OBJECT 1 LTD.
          Address 6-8 Standard Place
          Rivington Street
          London
          EC2A 3BE


PST (DISTRIBUTION): Hires Tenon Recovery Liquidator
---------------------------------------------------
A. May, chairman of PST (Distribution) Limited, informs that the
subjoined extraordinary resolution to wind up the firm was passed
at an EGM held on Nov. 14 at 73 Baker Street, London W1U 6RD.  S.
R. Thomas and S. J. Parker of Tenon Recovery, 73 Baker Street,
London W1U 6RD were appointed joint liquidators.

CONTACT:  PST DISTRIBUTION LTD.
          Priors Way
          Maidenhead
          Berkshire SL6 2HP
          Phone: 01628 - 782233
          Fax: 01628 - 781555
          E-mail: sguyot@pst.co.uk
          Web site: http://.pst.co.uk

          TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


Q FACTOR: Calls in Liquidator from Fergusson & Co.
--------------------------------------------------
C. R. Crampton, director of Q Factor Limited, informs that the
extraordinary and ordinary resolutions to wind up the firm were
passed at an EGM held on Nov. 28 at 1st Floor, 5-7 Northgate,
Cleckheaton, West Yorkshire BD19 3HH.  Malcolm Edward Fergusson
of Fergusson & Co Ltd., 1st Floor, 5-7 Northgate, Cleckheaton,
West Yorkshire BD19 3HH was appointed liquidator.

CONTACT:  Q FACTOR LTD.
          Phone: 0113 263 4449

          FERGUSSON & CO. LTD.
          1st Floor, 5-7 Northgate,
          Cleckheaton, West Yorkshire BD19 3HH


RANGEWAY INTERIORS: Liquidator Enters Firm
------------------------------------------
D. M. Heaton, chairman of Rangeway Interiors Limited, informs
that the subjoined resolutions to wind up the firm were passed at
an EGM held on Nov. 25 at The Hilton Hotel, North Promenade,
Blackpool, Lancshire FY1 2JQ.  Richard Ian Williamson of Campbell
Crossley and Davis, 348-350 Lytham Road, Blackpool Fy4 1DW was
appointed liquidator.

CONTACT:  CAMPBELL CROSSLEY & DAVIS
          348-350 Lytham Road
          Blackpool
          Lancashire FY4 1DW
          Phone: 01253 349331
          Fax: 01253 349435
          E-mail: ian.williamson@crossleyd.co.uk


RICHMOND BUILDING: Calls in Liquidator
--------------------------------------
S. Hunter, director of Richmond Building Services Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Nov. 25 at Oury Clark, Herschel House, 58 Herschel
Street, Slough, Berkshire SL1 1PG.  Derrick Arthur Smith of Oury
Clark, Herschel House, 58 Herschel Street, Slough, Berkshire SL1
1PG was appointed liquidator.

CONTACT:  RICHMOND BUILDING SERVICES LTD.
          10 Algar Close, Isleworth, Middlesex TW7 7AQ
          Phone: 02088475551

          OURY CLARK
          PO Box 150
          Herschel House
          58 Herschel Street
          Slough
          Berkshire SL1 1HD
          Phone: 01753 551111
          Fax: 01753 550544
          E-mail: elliot.green@ouryclark.com


R L SERVICES: EGM Passes Winding-up Resolution
----------------------------------------------
RL Services Ltd. informs that a resolution to wind up the company
was passed at an EGM held on Nov. 24 at 21 St Andrews Crescent,
Cardiff.  Brendan Eric Doyle of 21 St Andrews Crescent, Cardiff
was appointed liquidator.

CONTACT:  RL SERVICES LTD.
          Units 9-16, Queen's Court
          Bridgend Industrial Estate
          Bridgend
          CF31 3TQ
          Phone: 01656 655677
          Fax: 01656 652453
          E-mail: mail@rlservices.co.uk
          Web site: http://www.rlservices.co.uk/


ROOFTECH INSTALLATIONS: Files for Liquidation
---------------------------------------------
Rooftech Installations Limited informs that a resolution to wind
up the company was passed at an EGM held on Nov. 28 at Elwell
Watchorn & Saxton LLP, 109 Swan Street, Sileby, Leicestershire
LE12 7NN.  Paul Anthony Saxton of Elwell Watchorn & Saxton LLP,
109 Swan Street, Sileby, Leicestershire LE12 7NN was appointed
liquidator.

CONTACT:  ROOFTECH INSTALLATIONS LTD.
          Newton Road,
          Hinckley
          Leicestershire LE10 3DS
          Phone: 01455 610635
          Fax: 01455 610635

          ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


SAMDALE SOLUTIONS: Names Barbie Harding & Co. Liquidator
--------------------------------------------------------
P. J. Durham, director of Samdale Solutions Limited, informs that
the extraordinary and ordinary resolutions to wind up the firm
were passed at an EGM held on Nov. 22 at ICS House, Hall Road,
Maldon, Essex CM9 4LA.  Barrie Dunkin Harding of Barrie Harding &
Co., Hollyoak House, Mead Pastures, Woodham Walter, Essex CM9 6PY
was appointed liquidator.

CONTACT:  BARRIE HARDING & CO.
          Hollyoak House
          Mead Pastures
          Woodham Walter
          Maldon, Essex CM9 6PY
          Phone: 01245 226 468
          Fax: 020 7831 6073
          E-mail: bdh@barrieharding.co.uk


SERAI LIMITED: Liquidator from Bennett Verby Moves in
-----------------------------------------------------
K. Kumaran, chairman of Serai Limited, informs that the
extraordinary and ordinary resolutions to wind up the firm were
passed at an EGM held on Nov. 23 at 7 St Petersgate, Stockport,
Cheshire SK1 1EB.  Vincent A. Simmons of Bennett Verby was
appointed liquidator.

CONTACT:  SERAI LTD.
          Bilton Dene, Harrogate,
          North Yorkshire HG1 4DH

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


SPOOL MULTI: Calls in Liquidator from R. W. Keating & Co.
---------------------------------------------------------
R. Varley, director of Spool Multi Media (CD) Limited, informs
that the extraordinary resolution to wind up the firm was passed
at an EGM held on Nov. 25 at 20 Winmarleigh Street, Warrington,
Cheshire WA1 1JY.  Robert W. Keating of R W Keating & Co, 20
Winmarleigh Street, Warrington, Cheshire WA1 1JY was nominated
liquidator.

CONTACT:  R. W. KEATING & CO.
          2nd Floor
          20 Winmarleigh Street
          Warrington
          Cheshire WA1 1JY
          Phone: 01925 245004
          Fax: 01925 245357
          E-mail: robert@rwkeating.fsnet.co.uk


STEAM DIRECT: Seller of Steam Boiler Folds up
---------------------------------------------
The Bristol District Registry issued a winding-up order against
Steam Direct (International) Ltd. on Dec. 14, 2005.  The
winding-up petition was filed Oct. 20, 2005.

Steam Direct (International) Ltd. is a company specializing in
steam boiler repair and sales.

CONTACT:  STEAM DIRECT (INTERNATIONAL) LTD.
          Chester House
          11-13 Saint Peters Street
          Ashton Under Lyne OL6 7TG
          Phone: 0161-628 7144
          Fax: 0161-626 5493

          Official Receiver
          1st Floor, Boulton House,
          17-21 Chorlton Street,
          Manchester, M1 3HY
          Phone: 0161 934 5400
          Fax: 0161 934 5450


STILEBRIDGE FURNITURE: Names Vantis Business Recovery Liquidator
----------------------------------------------------------------
J. D. Peskett, chairman of Stilebridge Furniture Limited, informs
that the extraordinary and ordinary resolutions to wind up the
firm were passed at an EGM held on Nov. 24 at Bridgewood Manor,
Bridgewood Roundabout, Chatham, Kent ME5 9AX.  Mark Newman of
Vantis Business Recovery, Judd House, East Street, Tonbridge,
Kent TN9 1HG was appointed liquidator.

CONTACT:  STILEBRIDGE FURNITURE LTD.
          7 Crusader Close
          Gillingham, Kent ME8 0PR
          Phone: 01634 377802
          Web site: http://www.stilebridge.co.uk/

          VANTIS BUSINESS RECOVERY
          Judd House
          East Street
          Tonbridge
          Kent TN9 1HG
          Phone: 01732 378680
          Fax: 07917260099
          E-mail: mark.newman@vantisplc.com


SYNERGY COMPONENTS: Hamilton Liquidator Enters Firm
---------------------------------------------------
Darren Hall, chairman of Synergy Components Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 25 at the Country Town, The Chesterfield, Malkin Street,
Chesterfield, Derbyshire S41 7UA.

A. Graham of Hamilton Insolvency Practitioners Limited, Omega
Court, 368 Cemetery Road, Sheffield S11 8FT was appointed
liquidator.  The appointment was confirmed at a creditors meeting
held the same day.

CONTACT:  SYNERGY COMPONENTS LTD.
          6 Intake Road
          Bolsover Business Park
          Chesterfield
          S44 6BB
          Derbyshire
          Phone: 01246 241414
          Fax: 01246 240490
          Web site: http://www.syncom.co.uk


TARA AMAN: Calls in Liquidator from Bridgers
--------------------------------------------
S. Gill, chairman of Tara Aman Limited, informs that the
extraordinary and ordinary resolutions to wind up the firm were
passed at an EGM held on Nov. 22 at 6C Church Street, Reading RG1
2SB.  Peter Bridger of Bridgers was appointed liquidator.

CONTACT:  BRIDGERS
          6C Church Street,
          Reading, Berkshire RG1 2SB
          Phone: 0118 9512131
          Fax: 0118 9512161
          E-mail: john.kirkpatrick@bridgers.co.uk


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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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


                            *********


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

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

Copyright 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 * * *