TCREUR_Public/060116.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, January 16, 2006, Vol. 7, No. 11

                            Headlines

C Z E C H   R E P U B L I C

CZECH AIRLINES: Tvrdik to Blame for Airline's Woes, Say Unions


F I N L A N D

BENEFON OYJ: Annual Net Loss Amounts to EUR3.1 Mln Under IFRS
M-REAL OYJ: Fourth-quarter Result Weaker than Expected


F R A N C E

EUROTUNNEL S.A.: To Leave Euronext's Deferred Settlement Service
GOLDENBERG: Bankruptcy Imminent


G E R M A N Y

BAUTRANS GMBH: Dresden Court Names White & Case Administrator
BG BOWLING: Court to Verify Claims May
BONALUX F. KALTHOFF: Creditors' Claims Due Next Month
CARNIFEX CARS: Berlin Company Falls into Bankruptcy
ELEXSO VISION: Creditors to Meet March

OFFSET-DRUCKEREI: Under Bankruptcy Administration
PADUS INDUSTRIELLE: Proofs of Claim Due February
REINICKENDORFER STRASSE: Court Calls in Administrator


I T A L Y

RENO DE MEDICI: Calls Special Meeting to Discuss Demerger
RENO DE MEDICI: Board Member Leaves


N E T H E R L A N D S

GETRONICS N.V.: Expands Data Services Activities
KONINKLIJKE AHOLD: Consolidated Q4 Net Sales Flat
ROYAL SHELL: Cancels 600,000 'A' Shares
ROYAL SHELL: Unveils 2006 Dividend Timetable


N O R W A Y

PETROLEUM GEO-SERVICES: Acquires Tanker for FPSO Conversion


R U S S I A

KIROVSKIY MEAT: Kaluga Court Opens Bankruptcy Proceedings
KRASNOBORSKOYE: Proofs of Claim Deadline Nears
MACHINE TOOL: Bankruptcy Hearing Set Thursday
METAL-WORKING: Last Day for Filing Claims January 26
MOKOVSKIY BRICKWORKS: Kursk Court Brings in Insolvency Manager

NORTH SEA: Sausage Factory Hires Insolvency Manager
ORSKOYE: Orenburg Court Opens Bankruptcy Proceedings
PETROZAVODSKIY: Insolvency Manager Takes over Firm
SEL-KHOZ-TEKH-PROM: Undergoes Bankruptcy Supervision Procedure
TELMINSKAYA: Sewing Factory Goes Bankrupt
YUKOS OIL: To Use Sibneft Dividend to pay Tax Liability
YUKOS OIL: Court Reverses Ruling; Orders Return of RUB1.5B Award


U K R A I N E

CJSC PRIVATBANK: Fitch Affirms B Rating; Outlook Stable
PROCREDIT BANK: Outlook Changed to Stable; BB- Rating Affirmed
UKREXIMBANK: Fitch Revises Outlook to Stable


U N I T E D   K I N G D O M

ACTIVELAND (FAR EAST): Administrators from S F Plant Move in
ACTIVE LIFE: Beauty Center Hires Administrator
ADJUSTBETTER LIMITED: Clothing Retailer Appoints Administrator
CARA FRIZZINI: Hires S F Plant & Co. to Liquidate Business
CURETON LIMITED: Names Administrators from Cooper Parry

EASYNET GROUP: BSkyB Receives 96% Valid Acceptances for Offer
ESCAPE LEISURE: Names Atherton Bailey Administrator
FAIR ORGANICS: Calls in Tenon Recovery Administrator
JAMES WATT: Files for Administration
LASER 2: Direct Mailing Firm Falls into Bankruptcy

LESLIE GROUP: Administrators form Tenon Recovery Move in
PHILEAS FOGG: Names Leonard Curtis Liquidator
PILLANS & WADDIES: Fate Known in Days
R.A. FITTERS: Goes into Liquidation
SCOTTISH POWER: Names New Chief Executive

SKYEPHARMA PLC: Postpones R&D Day Meetings
SOUTH CAVE: Files for Liquidation
TEMPLE WINDOWS: Appoints Liquidator from Begbies Traynor
VIP OFFICES: Calls in Liquidator
WEARDALE RAILWAYS: Calls Meeting to Tackle CVA Proposals


                            *********


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


CZECH AIRLINES: Tvrdik to Blame for Airline's Woes, Say Unions
--------------------------------------------------------------
Trade unions at Czech Airlines are opposed to the elevation of
outgoing president Jaroslav Tvrdik to the supervisory board.

According to Czech Happenings, five trade unions oppose his
appointment because they believe he is to blame for the
company's poor performance in the last ten years.

Mr. Tvrdik, who is set to step down this week, has the support
of the board and management, contrary to the unions' claim, CSA
board member Jan Vana told the paper.  He defended the firm's
performance by saying that under international accounting
standards, CSA unlike many other comparable air carriers, will
post a profit of US$3 million to US$4 million (CZK70 million -
CZK90 million) this year.

There are plans to privatize the state-controlled firm this year
once the market condition improves.  The Finance Ministry holds
more than 56% of CSA; bailout agency CKA holds the rest.

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


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


BENEFON OYJ: Annual Net Loss Amounts to EUR3.1 Mln Under IFRS
-------------------------------------------------------------
Benefon Oyj will proceed to prepare and publicize its
consolidated financial statements in accordance to IFRS
(International Financial Reporting Standards) beginning from the
financial period ending on Dec. 31, 2005.  The Company has
prepared an opening balance sheet according to IFRS standards on
the adoption date Jan. 1, 2004 and comparison information from
year 2004.

The interim reports in year 2006 with comparison information
will be prepared according to the new standards.  The change of
accounting standards in preparing the financial statements has
most essentially affected the preparation and presentation of
the group financial statements in these sub-segments:

(a) Intangible Assets

The Ismap acquisition was concluded in year 2004.  Part of the
acquisition price was paid by issuing own shares.  The issued
shares have been valuated at their fair price and booked in
shareholders' equity.  The goodwill EUR41,000 from the
acquisition has been booked as cost.

(b) Transaction Expenses Caused by Equity Operations

The transaction expenses of the share issues have been
subtracted from the equity and, in regard of non-finished share
issues, booked as prepayments in short term receivables.

(c) Payments in Shares

Stock options given to personnel and one business partner as
compensation for services provided by them have been measured at
fair value at the moment of issuance.  The fair value has been
booked as cost in the period during which the right was
incurred.  According to their nature, the costs have been
handled as personnel and marketing costs and the counter amount
has been booked in the shareholders' equity.

(d) Financing Instruments

So-called FOS-debt (debt to the banks) with interest has been
booked as income because, according to the decision by the
District Court about ending the corporate reorganization
program, it has ceased to be.  On grounds of the related
settlement agreement, the banks waived their receivables on the
condition that the reorganization supervisor withdrew the
regression suits.  The debt may be re-instituted only in case
Benefon would apply for new re-organization or bankruptcy prior
to Sept. 30, 2008.

The product development licensing agreement with Benecap was on
grounds of IFRS rules interpreted to be a financing arrangement.
Therefore, the product development costs paid by Benecap were
booked at Benefon as expenses and, correspondingly, as debt.
The expenses and the amount corresponding to the stock options
included in the agreement were handled as financing costs.
Capital loans and convertible bond loans have been divided into
components of equity and liabilities.

In the transition period, the segment reporting in accordance
with the IAS 14 did not cause a change in regard of the prior
practices of preparing financial statements.  The priority
segments to be reported are the business segments.  At the
moment, there is only one discernible segment: mobile telematics
equipment.  Its share of net sales, result and assets has been
over 90% and at the moment almost 100%.

The retirement pension arranged by means of the TEL insurance,
falling in the domain of IAS 19, is from the employer's
viewpoint a payment-based arrangement and, therefore, the
booking practices are not changed.  In the unemployment and
disability cases falling within the TEL-system, the debt is
booked on basis of an event incurred by the obligation, meaning
that for this there is no difference regarding the booking
practices in the Finnish Accounting System.

The fixed assets have continued to be valued on grounds of
original acquisition cost and, therefore, there is no difference
with the Finnish accounting practices.

The inventories have been measured at their net realization
value.  In accordance with the IAS 2 standard, the book value
includes fixed manufacturing overhead.  The change in valuation
practices has caused no essential effect in the inventory value
because the amount of finished products is low.

Result Comparison Account
                                           2004    Sept. 1, 2005

Result in FAS                              8822      -2327
Difference in inventory valuation             3         -1
Product development expenses, Benecap-licensing agrt -1033
Booking of FOS debt as income                         1627
Transaction costs of share issues           158         88
Personnel options                                      -66
Goodwill valuation in Ismap acquisition     -41
Interest of capital loans                  -184       -227
Result in IFRS                             8758      -1939

Equity Comparison Account
                      Jan. 1, 2004  Dec. 31, 2004 Sept. 30, 2005

Equity in FAS                 -12154        1461      1584
Transaction costs of share issues            -80       -86
Capital loans into debt        -1750       -1976     -4426
Equity portion of the debt      1135         496       799
Capital loan interests in 2003   -69         -69       -69
Goodwill from Ismapm acquisition                        41
Options                                                 66
Other                              7           7       -16
Difference in result of the period           -64       388
Equity in IFRS                -12831        -184     -1760

The provided figures have not been audited

Update of Financial Projections in IFRS

The Company also replaces the latest financial projections given
on Dec. 22, 2005 with these projections made in accordance with
the IFRS-standards:

According to the latest updated financial information available,
the net revenue for 2005 is estimated to be at a level of EUR7.5
million and the net loss about EUR3.1 million for the full year.
Corresponding figures for Q4/2005 are the sales revenue of
EUR1.7 million and the net loss of EUR1.2 million.  The company
believes that if sufficient long-term financing of at a minimum
of EUR11.0 million is closed by the end of January, then it will
be able to introduce and start deliveries of its new product
during Q1/2006 and reach the revenue and net income of EUR66.5
million and EUR7.0 million, respectively, for whole year 2006.
As communicated on several occasions, the projections for 2006
are highly dependent on securing the sufficient long-term
financing.  There are no changes in company's business outlooks.

                        About the Company

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

At the same time, the Company also paid to non-collateralized
creditors of the Company additional payments, which more than
doubled the payments to the non-collateralized creditors
determined in the reorganization program.  It will launch a
directed share issue this month to secure sufficient long-term
financing to meet projected revenue and net income numbers.

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

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


M-REAL OYJ: Fourth-quarter Result Weaker than Expected
------------------------------------------------------
M-Real Oyj will report EUR40 million non-recurring expenses in
the fourth quarter, EUR25 million of which is due to cost
savings and efficiency improvement program in the Pont Sainte
Maxence mill in France.

The company's headcount will be further reduced by approximately
60.  The move will translate to redundancy and other non-
recurring expenses amounting to EUR4 million.  Furthermore, the
book value of the mill's intangible and tangible assets
excluding land areas, amounting to EUR21 million, will be
written down in their entirety.

The remaining non-recurring items are mainly attributable to the
already decided cost savings and efficiency improvement programs
carried out in M-real's other units in 2006.

M-real's fourth quarter result excluding non-recurring items is
somewhat weaker than the third-quarter result.  The full-year
2005 result before taxes including non-recurring items will be
clearly negative.

The cost savings and efficiency improvement program announced in
2004 is progressing in line with targets.  According to the
current estimate, the non-recurring expenses caused by the
program will amount to a total of EUR20-30 million in 2006.

CONTACT:  M-REAL CORPORATION
          Hannu Anttila, President and CEO
          Phone: +358 10 469 4343
          Juhani Poho, Executive Vice President and CFO
          Phone: +358 10 469 5283


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


EUROTUNNEL S.A.: To Leave Euronext's Deferred Settlement Service
----------------------------------------------------------------
Eurotunnel S.A. will leave the SRD (Deferred settlement service
on Euronext in Paris), on 28 March 2006.

This follows the decision recently taken by Euronext, in
agreement with the French Market Authorities.  The Group is
pleased with this decision which is appropriate to the present
circumstances and which is in line with a recurring request from
a segment of its shareholders.

Regarding the recent erratic movements in the share price,
Eurotunnel confirms that it has no knowledge of the causes of
this unusual activity and indicates that, at [January 12], no
specific event inherent to the Group has taken place, which
could justify them.

Negotiations with the Ad hoc committee continue to follow their
normal course, but it is not possible, at this stage, to
anticipate their outcome.

Eurotunnel also confirms that the holders of stabilization notes
and advances did not want to take up the option of extending the
conversion period, as had been proposed by the Group.  This
decision reinforces the choice of the Joint Board to treat the
debt as a whole during the negotiations.  As indicated in the
interim accounts, at 30 June 2005, the Group's forecast cash
position for 2006 includes the financial charge that results
from non-conversion.

Under normal operating conditions, the Group will be able to
meet its contractual commitments until the start of 2007, the
point at which the first repayments of the principal of the debt
become due.

The finance agreements (1987), as amended, provides, should an
event of default occur, the possibility of a contractual
moratorium (Standstill) which, under certain conditions, enables
the Group to renegotiate its debt, while continuing its business
normally, and which instigates a specific order of payments of
the Group's financial charges.

[*] Deferred settlement service on Euronext in Paris is a system
which allows investors to benefit from leveraging and differed
payments.

                        About the Company

Eurotunnel is quoted on the London, Paris and Brussels Stock
Exchanges.  Trading in the U.K. as Eurotunnel plc and in France
as Eurotunnel S.A., the Eurotunnel Group has been transporting
people and goods through the Channel Tunnel between the U.K. and
France since 1994.  The British and French governments have
granted Eurotunnel a concession to operate the Channel Tunnel
until 2086.  Eurotunnel's operating revenue in 2004 was GBP538
million.  It employs 3,205 people split between the U.K. (1,278)
and France (1,927).

Trouble began when costs to build the tunnels that connect U.K.
and France started to overrun before it opened in 1994.
Problems mounted when tourist traffic fell following the Iraq
war.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004 auditor KPMG Audit Plc said the company faces
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.  In
January Fitch mentioned that the real crunch for the company
looms by 2007 when junior debt amortizations become burdensome.

Eurotunnel is now struggling to pay GBP6.4 billion in debt with
accrued interest of GBP298 million as of 2004.  In April, the
company began negotiations with an ad-hoc committee,
representing majority of junior creditors, namely European
Investment Bank, Franklin Mutual Advisers LLC, MBIA and Oaktree
Capital Management.

CONTACT:  EUROTUNNEL S.A.
          Cheriton Park
          Cheriton High Street
          Folkestone
          Kent CT19 4QS
          United Kingdom
          Phone: +44-1303-288-750
          Fax: +44-1303-850-360
          Web site: http://www.eurotunnel.co.uk

          Press Office
          Phone: + 44 (0) 1303 288728
                 or + 44 (0) 1303 288737
          E-mail: press.uk@eurotunnel.com

          Investor Inquiries
          Xavier Clement
          Phone: + 331 55 27 36 27
          E-mail: xavier.clement@eurotunnel.com


GOLDENBERG: Bankruptcy Imminent
-------------------------------
A restaurant that was the scene of a massacre that caught
international attention in 1982 will declare bankruptcy within
days, according to AFP.

Gilbert Werndorfer, manager of Goldenberg, said the 55-year-old
Jewish restaurant in Marais district in Paris was closed down
two months ago after failing sanitary inspection.  Its 18
employees received their salaries for December after they
forcibly occupied the restaurant on Tuesday.

A court will either place the firm into liquidation or
receivership after declaring it bankrupt.

CONTACT:  GOLDENBERG
          69, Avenue de Wagram - 75017- Paris
          Phone: 01 42 27 34 79
          Fax: 01 42 27 61 91


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


BAUTRANS GMBH: Dresden Court Names White & Case Administrator
-------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Bautrans GmbH Transportvermittlung fuer Kippfahrzeuge on
December 22.  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 Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting on March 21, 2006, 11:00 p.m. at the district court
of Dresden, Saal D132, Olbrichtplatz 1, 01099 Dresden, at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  BAUTRANS GmbH TRANSPORTVERMITTLUNG FUER KIPPFAHRZEUGE
          Sassnitzer Str. 13 in 01109 Dresden

          Bettina Schmudde, Administrator
          White & Case Insolvenz GbR
          Konigstrasse 1, 01097 Dresden
          Web site: http://www.whitecaseinso.de


BG BOWLING: Court to Verify Claims May
--------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against BG Bowling GmbH & Co. Betriebs - KG on
January 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 31, 2006 to register their claims with court-appointed
provisional administrator Christoph Rosenmueller.

Creditors and other interested parties are encouraged to attend
the meeting on February 7, 2006, 9:50 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
30, 2006, 9:35 a.m. at the same venue.

CONTACT:  BG BOWLING GmbH & Co. BETRIEBS - KG
          Kleiststrasse 3/6,10787 Berlin

          Christoph Rosenmueller, Administrator
          Berliner Str. 117, 10713 Berlin


BONALUX F. KALTHOFF: Creditors' Claims Due Next Month
-----------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Bonalux F. Kalthoff Glasmanufaktur und Lampenfabrik GmbH & Co.
KG on January 1.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until February 24, 2006 to register their claims with court-
appointed provisional administrator Dr. Christian Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting on March 30, 2006, 11:15 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
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  BONALUX F. KALTHOFF GLASMANUFAKTUR UND LAMPENFABRIK
          GmbH & Co. KG
          Karl-Hass-Str. 17, 53859 Niederkassel

          Dr. Christian Frystatzki, Administrator
          Sankt Augustiner Strasse 94 a, 53225 Bonn
          Phone: 0228/ 40 09 40
          Fax: 40 09 479


CARNIFEX CARS: Berlin Company Falls into Bankruptcy
---------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Carnifex Cars Ltd. on December 27.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 21, 2006
to register their claims with court-appointed provisional
administrator Knut Rebholz.

Creditors and other interested parties are encouraged to attend
the meeting on February 16, 2006, 9:10 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
18, 2006, 9:05 a.m. at the same venue.

CONTACT:  CARNIFEX CARS LTD.
          Krefelder Str. 1,10555 Berlin

          Knut Rebholz, Administrator
          Cicerostr. 22, 10709 Berlin


ELEXSO VISION: Creditors to Meet March
--------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against ELEXSO Vision Technology GmbH on December 28.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until February 14,
2006 to register their claims with court-appointed provisional
administrator Burckhardt Reimer.

Creditors and other interested parties are encouraged to attend
the meeting on March 14, 2006, 9:50 a.m. at the district court
of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg,
4. Etage, Anbau, Saal B 405, at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  ELEXSO VISION TECHNOLOGY GmbH
          Winsbergring 3, 22525 Hamburg
          Contact:
          Gunnar Lauritzen and Jos Mallant, Managers

          Burckhardt Reimer, Administrator
          Domstrasse 15, 20095 Hamburg
          Phone: 41522416
          Fax: 41522-411


OFFSET-DRUCKEREI: Under Bankruptcy Administration
-------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Offset-Druckerei Gerhard Weinert GmbH on
January 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 27, 2006 to register their claims with court-appointed
provisional administrator Dr. Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on February 15, 2006, 9:15 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
24, 2006, 9:05 a.m. at the same venue.

CONTACT:  OFFSET-DRUCKEREI GERHARD WEINERT GmbH
          Saalburgstrasse 3,12099 Berlin

          Dr. Wolfgang Schroder, Administrator
          Genthiner Str. 48, 10785 Berlin


PADUS INDUSTRIELLE: Proofs of Claim Due February
------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against PADUS industrielle Fertigung Packheiser, Duddeck und
Zurbrueggen OHG on December 28.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until February 24, 2006 to register their claims
with court-appointed provisional administrator Dr. Hans-U.
Hildebrandt.

Creditors and other interested parties are encouraged to attend
the meeting on March 23, 2006, 10:20 a.m. at the district court
of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg,
4. Etage, Anbau, Saal B 405, at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  PADUS INDUSTRIELLE FERTIGUNG PACKHEISER, DUDDECK UND
          ZURBRUEGGEN OHG
          Weidenbaumsweg 139, 21035 Hamburg
          Contact:
          Jorn Packheiser
          Haidkamp 20, 21039 Bornsen
          Gerhard Duddeck
          Torgelower Strasse 3d, 21493 Schwarzenbek
          Guenther Zurbrueggen
          Eschenhofweg 16a, 21039 Hamburg

          Dr. Hans-U. Hildebrandt, Administrator
          Raboisen 38, 20095 Hamburg
          Phone: 33446-0
          Fax: 33446-111


REINICKENDORFER STRASSE: Court Calls in Administrator
-----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Reinickendorfer Strasse Grundstuecks - GmbH
& Co. Wohnanlagen KG on January 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 19, 2006 to register their claims
with court-appointed provisional administrator Christoph
Rosenmueller.

Creditors and other interested parties are encouraged to attend
the meeting on February 9, 2006, 12:00 p.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
18, 2006, 12:00 p.m. at the same venue.

CONTACT:  REINICKENDORFER STRASSE GRUNDSTUECKS - GmbH & Co.
          WOHNANLAGEN KG
          Kleiststrasse 3-6,10787 Berlin

          Christoph Rosenmueller, Administrator
          Berliner Str. 117, 10713 Berlin


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


RENO DE MEDICI: Calls Special Meeting to Discuss Demerger
---------------------------------------------------------
Savings shareholders are called to a special general meeting to
be held in first call at 9:30 a.m. on 10 February 2006 at the
offices of Studio Notarile Marchetti in Via Agnello 18, Milan
and, as may be necessary, in second call on 13 February 2006 at
the same time and place and, as may be further necessary, in
third call at 9:30 a.m. on 14 February 2006 at the company's
offices in via G. De Medici 17, Pontenuovo di Magenta, to
discuss and resolve:

(a) the resolution of the extraordinary shareholders' meeting
    approving the plan for the partial and proportional demerger
    of Reno De Medici S.p.A. into RDM Realty S.p.A., a newly
    established company; and

(b) related and consequent resolutions.

Savings shareholders shall have the right to attend the meeting
if they have lodged the appropriate certificate issued by an
intermediary belonging to the centralized administration system
Monte Titoli S.p.A. in accordance with law and the company's
articles of association.

Holders of shares which have not yet been dematerialized shall
request an intermediary to issue such certificate against the
delivery of their shares to the intermediary for registration as
dematerialized shares in the centralized administration system.
The documentation required by prevailing legislation and
regulations regarding the issue on the agenda shall remain
lodged at the company's registered office and at Borsa Italiana
S.p.A. within the terms of law, and shareholders may obtain a
copy on request.  This documentation may also be consulted at
http://www.renodemedici.it Shareholders are kindly invited to
arrive one hour prior to the commencement of proceedings in
order to assist registration procedures.

                            *   *   *

In December, Standard & Poor's Ratings Services said its 'B'
long-term and short-term corporate credit ratings on Reno De
Medici S.p.A. remain on CreditWatch with negative implications,
where they were placed on Nov. 22, 2005.

"The CreditWatch status now mainly reflects concerns related to
persisting tough market conditions that are likely to affect
RDM's weak operating cash flows," said Standard & Poor's credit
analyst Barbara Castellano.

The execution risk related to the refinancing plan for the
EUR145 million bond issued by Reno De Medici International S.A.
has been substantially reduced since the CreditWatch placement,
thanks to the recently announced sale of Aticarta, which will
reduce RDM's debt by an estimated EUR15 million, and the agreed
arrangement of two new credit facilities expected to be
concluded shortly: The first one, for EUR40 million, will be
granted to Red Im. -- RDM's real estate subsidiary, which is to
be demerged from the group -- and the second, for EUR60 million,
will be granted to RDM.  The balance of EUR30 million should
come from RDM's already available funds.

CONTACT:  RENO DE MEDICI S.p.A.
          Via G. de Medici, 17
          20013 Pontenuovo di Magenta,
          Milano, Italy
          Phone: +39-029-7960-1
          Fax: +39-029-7960-245
          Web site: http://www.renodemedici.it

          Investor Relations
          Guido Vigorelli
          Phone: 02/979601
          E-mail: investor.relations@renodemedici.it

          Alessandro Iozzia -
          E-mail: Alessandro.iozzia@bonaparte48.com
          Monica Strigelli
          Monica.strigelli@bonaparte48.com
          Phone: 02/8800971
          Fax: 02/72010530


RENO DE MEDICI: Board Member Leaves
-----------------------------------
Ugo Dell'Aria Burani resigned, for personal reasons, both as
company executive and member of the Board of Directors of Reno
De Medici S.p.A., with effect December 31, 2005.

Mr. Dell'Aria Burani was deputy chairman of the Board and member
of the executive committee, as non-independent director, without
specific management appointments.  He was not member of other
internal committees.  He owns 717,595 shares of Reno De Medici
S.p.A. (approx. 0.27% of share capital).

Reno de Medici -- http://www.renodemedici.it-- is Italy's
largest and Europe's second largest manufacturer of cardboard
produced using recycled raw materials.  In December, Standard &
Poor's Ratings Services said its 'B' long-term and short-term
corporate credit ratings on Reno De Medici S.p.A. remain on
CreditWatch with negative implications, where they were placed
on Nov. 22, 2005.

"The CreditWatch status now mainly reflects concerns related to
persisting tough market conditions that are likely to affect
RDM's weak operating cash flows," said Standard & Poor's credit
analyst Barbara Castellano.

The execution risk related to the refinancing plan for the
EUR145 million bond issued by Reno De Medici International S.A.
has been substantially reduced since the CreditWatch placement,
thanks to the recently announced sale of Aticarta, which will
reduce RDM's debt by an estimated EUR15 million, and the agreed
arrangement of two new credit facilities expected to be
concluded shortly: The first one, for EUR40 million, will be
granted to Red Im. -- RDM's real estate subsidiary, which is to
be demerged from the group -- and the second, for EUR60 million,
will be granted to RDM.  The balance of EUR30 million should
come from RDM's already available funds.

CONTACT:  RENO DE MEDICI S.P.A.
          Guido Vigorelli
          Phone: 02/979601
          E-mail: investor.relations@renodemedici.it

          Alessandro Iozzia -
          E-mail: Alessandro.iozzia@bonaparte48.com
          Monica Strigelli
          Monica.strigelli@bonaparte48.com
          Phone: 02/8800971
          Fax: 02/72010530


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


GETRONICS N.V.: Expands Data Services Activities
------------------------------------------------
Getronics PinkRoccade said that on January 1, 2006, it acquired
Ordina N.V.'s data services activities.   Both parties have
reached an agreement on the sales price.   In addition to all
existing contracts and assets, Getronics PinkRoccade will assume
about 35 members of staff from Ordina, effective 1 January 2006.

The basic sales price of approximately EUR4 million for these
activities will be paid in cash and in two installments -- one
at the beginning and one at the end of 2006 -- and an earn-out.
The earn-out will be settled in February 2008, based on the
business' financial performances.

The outsourcing business, which was acquired provides support
services for the basic processes of UWV, the Dutch Employee
Insurance Implementing Body.  Getronics PinkRoccade is the
largest provider of data services in The Netherlands, with
computer centers throughout the country.  With the acquisition
of Ordina's data services activities, Getronics PinkRoccade
strengthens its already firm presence in the social security
market.

About Getronics PinkRoccade

With some 27,000 employees in over 30 countries and approximate
revenues of EUR3 billion, Getronics is one of the world's
leading providers of vendor independent ICT solutions and
services.

In The Netherlands, Getronics PinkRoccade enhances its clients'
business processes with intelligent and efficient ICT technology
applications at a strategic, operational and administrative
level, thereby enabling its clients to concentrate on their core
activities.  Organizations that work with information-intensive
processes, such as the public sector, financial service
providers, industry and care providers, will find in Getronics
PinkRoccade an experienced and reliable partner.   With
approximately 10,000 staff Getronics PinkRoccade is the market
leader in the ICT services market in the Netherlands.

                            *   *   *

In May, Standard & Poor's Ratings Services revised its outlook
on Getronics N.V. to stable from positive.  At the same time,
Standard & Poor's affirmed its 'B+' long-term corporate credit
and 'B-' senior unsecured debt ratings on the group; and
assigned its 'B+' rating and '3' recovery rating to Getronics'
EUR300 million (US$388 million) senior secured bank loan,
indicating Standard & Poor's expectation of meaningful (50%-80%)
recovery of principal in the event of a default.

"The outlook revision follows our review of the group's business
and financial profiles," said Standard & Poor's credit analyst
Patrice Cochelin.  "We expect Getronics to again generate weak
free cash flow in 2005 after a negative figure in 2004."

An upgrade to the 'BB-' category is consequently unlikely in the
coming months.  Getronics' disappointing revenues in recent
months, coupled with gross margins capped at less than 20%,
attest to fierce competition in the company's main markets.

"Getronics' balance-sheet and liquidity positions are
nevertheless expected to continue to merit a slightly higher
rating," added Mr. Cochelin.

Over the past two months, Getronics completed the acquisition of
Dutch competitor Pinkroccade N.V., refinanced its EUR175 million
credit facility with a new EUR300 million secured facility
(excluding a EUR200 bridge loan), and closed a EUR400 million
equity offering to finance the cash component of the acquisition
and refinance part of its preferred stock.  Pro forma for these
transactions, the company's debt will essentially comprise its
EUR100 million bond maturing in 2008, a new EUR150 million
revolving credit facility due in March 2008, and a EUR75 million
acquisition tranche due in March 2008, which will be reduced by
EUR25 million in March 2006.

"The stable outlook reflects our expectation that restructuring
costs will continue to impair Getronics' free cash flow
generation in 2005, albeit without threatening its liquidity
position.  We may change the outlook to positive if Getronics'
free operating cash flow generation improves to a sustainable
positive figure after restructuring costs.  Conversely, if
service revenues continue to fall or liquidity weakens
materially, we may revise our outlook to negative.  Small
acquisitions in the company's core business should be
accommodated within the current rating," Mr. Cochelin said.

CONTACT:  GETRONICS N.V.
          Media Relations
          Phone: +31 6 22196721
          Fax: +31 30 274 7650
          E-mail: media@getronics.com

          Investor Relations
          Phone: +31 20 586 1982
          Fax: +31 20 586 1455
          E-mail: investor.relations@getronics.com


KONINKLIJKE AHOLD: Consolidated Q4 Net Sales Flat
-------------------------------------------------
Ahold announced consolidated net sales (excluding VAT) of
EUR10.8 billion for the fourth quarter (Q4) of 2005.  Net sales,
excluding the impact of currency and week 53 of 2004, increased
by 0.6% in Q4 2005.

Ahold's 2004 fiscal year consisted of 53 weeks due to its use of
a 364-day calendar (13 four-week periods per year) that requires
an extra week in certain years.  For comparison purposes in this
press release fiscal year 2004 and Q4 2004 have been adjusted to
a 52-week and 12-week calendar respectively by excluding week
53, except for the table on page two.  Additional information on
the exclusion of week 53 of 2004 can be found on page five.

The figures presented in this trading statement include net
sales accounted for in accordance with International Financial
Reporting Standards ("IFRS"), which is Ahold's primary GAAP.
Under IFRS, net sales figures are adjusted to exclude
discontinued operations. The impact from the adoption of IFRS is
discussed under "Adoption of IFRS" on page four.

The net sales figures presented in this press release are
preliminary and unaudited.

                Stop & Shop/Giant-Landover Arena

Q4 2005

(a) Net sales in the Arena increased by 2.3% to US$3.8 billion,
    excluding week 53 of 2004.

(b) Identical sales at Stop & Shop increased by 0.5%. Identical
    sales, excluding net sales of gasoline, increased by 0.1%,
    primarily resulting from strong sales during the holiday
    season.

(c) Identical sales at Giant-Landover decreased by 1.0%. Strong
    sales during the holiday season had a positive impact.

(d) Comparable sales at Stop & Shop increased by 1.8% while at
    Giant-Landover they decreased by 0.4%.

FY 2005

Net sales in the Arena increased by 3.5% to US$16.3 billion,
excluding week 53 of 2004. Identical sales at Stop & Shop
increased by 0.2% while at Giant-Landover they decreased by
3.0%. Comparable sales at Stop & Shop increased by 0.8% while at
Giant-Landover they decreased by 2.4%.

                    Giant-Carlisle/Tops Arena

Q4 2005

(a) Net sales in the Arena decreased by 8.1% to US$1.4 billion,
    excluding week 53 of 2004. Excluding week 53 and the
    divested convenience stores, net sales decreased by 3.2%.

(b) Identical sales at Giant-Carlisle increased by 2.9%.
    Excluding net sales of gasoline, they increased by 2.4%,
    primarily due to strong sales during the holiday season.

(c) Identical sales at Tops decreased by 8.3%.  Excluding net
    sales of gasoline, they decreased by 8.7%, primarily due to
    weak sales in the northeast Ohio region.

(d) Comparable sales at Giant-Carlisle increased by 5.1% while
    at Tops they decreased by 7.5%.

FY 2005

Net sales in the Arena increased by 0.5% to US$6.0 billion,
excluding week 53 of 2004 and the divested convenience stores.
Identical sales at Giant-Carlisle increased by 3.6% while at
Tops they decreased by 4.7%. Comparable sales at Giant-Carlisle
increased by 5.1% while at Tops they decreased by 3.9%.

                       Albert Heijn Arena

Q4 2005

(a) Net sales in the Arena increased by 6.1% to EUR1.6 billion,
    excluding week 53 of 2004.

(b) Net sales at Albert Heijn increased by 6.5% to EUR1.4
    billion, excluding week 53 of 2004.

(c) Identical sales at Albert Heijn increased by 5.0%, mainly
    driven by the repositioning program and strong sales during
    the holiday season.

FY 2005

Net sales in the Arena increased by 4.6% to EUR6.6 billion,
excluding week 53 of 2004. At Albert Heijn, net sales increased
by 5.1% to EUR6.0 billion, excluding week 53 of 2004, while
identical sales increased by 4.2%.

                      Central Europe Arena

Q4 2005

(a) Net sales in the Arena increased by 1.6% to EUR510 million.
    Net sales, excluding currency impact, the impact of the
    divested Polish hypermarkets and the acquired Julius Meinl
    stores, decreased by 0.6%.

(b) Identical sales in the Arena decreased by 8.5%, primarily
    due to negative publicity in the Czech Republic concerning
    the quality of certain perishable products that is being
    addressed.

FY 2005

Net sales in the Arena increased by 4.7% to EUR1.8 billion. Net
sales, excluding currency impact, the impact of the divested
Polish hypermarkets and the acquired Julius Meinl stores,
increased by 4.4%.  Identical sales decreased by 4.9% due to
fierce competition and the negative publicity in the Czech
Republic.

                            Schuitema

Q4 2005

Net sales were flat at EUR746 million, excluding week 53 of
2004.

FY 2005

Net sales increased by 0.3% to EUR3.1 billion, excluding week 53
of 2004.

                        U.S. Foodservice

Q4 2005

(a) Net sales increased by 1.0% to US$4.2 billion, excluding
    week 53 of 2004.

(b) Net sales were negatively impacted by approximately 1% as a
    result of the decision to exit certain business.

FY 2005

Net sales decreased by 0.4% to US$18.5 billion, excluding week
53 of 2004.  These were negatively impacted by approximately 2%
as a result of the decision to exit certain business.
Unconsolidated joint ventures and associates

Q4 2005

(a) Net sales at Ahold's unconsolidated joint ventures and
    associates decreased by 3.1% to EUR2.5 billion.

(b) Net sales at ICA decreased by 0.2% to SEK19.5 billion.  Net
    sales, excluding the impact of the deconsolidation of the
    joint venture in the Baltics, increased by 4.9%.

(c) Net sales grew strongly at ICA Sweden driven by increased
    volumes following the price reduction program launched in
    March 2005. In Norway, net sales decreased due to a
    reduction in the number of stores, strong competition and a
    store conversion program.

FY 2005

Net sales at Ahold's unconsolidated joint ventures and
associates decreased by 2.3% to EUR9.5 billion.
          Unconsolidated joint ventures and associates

Q4 2005

(a) Net sales at Ahold's unconsolidated joint ventures and
    associates decreased by 3.1% to EUR2.5 billion.

(b) Net sales at ICA decreased by 0.2% to SEK19.5 billion.  Net
    sales, excluding the impact of the deconsolidation of the
    joint venture in the Baltics, increased by 4.9%.

(c) Net sales grew strongly at ICA Sweden driven by increased
    volumes following the price reduction program launched in
    March 2005. In Norway, net sales decreased due to a
    reduction in the number of stores, strong competition and a
    store conversion program.

FY 2005

Net sales at Ahold's unconsolidated joint ventures and
associates decreased by 2.3% to EUR9.5 billion.  Net sales at
ICA decreased by 2.1% to SEK72.0 billion. Net sales, excluding
the impact of the deconsolidation of the joint venture in the
Baltics and the divestment of the Danish operations, increased
by 4.0%.

A full copy of this press release is available free of charge at
http://bankrupt.com/misc/Ahold.pdf

                        About the Company

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

                         Status to Date

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

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

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

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

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

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

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


ROYAL SHELL: Cancels 600,000 'A' Shares
---------------------------------------
On 12 January 2006, Royal Dutch Shell plc purchased for
cancellation 450,000 'A' Shares at a price of EUR27.01 per
share.  It further purchased for cancellation 150,000 'A' Shares
at a price of 1,849.96 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,935,377,974.

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: Unveils 2006 Dividend Timetable
--------------------------------------------
Royal Dutch Shell plc has revealed the intended timetable for
the 2006 quarterly interim dividends.

    Declaration     Ex-dividend     Record date*    Payment date
           date            date

Q405 2 Feb 2006      8 Feb 2006     10 Feb 2006    15 March 2006


Q106 4 May 2006      10 May 2006     12 May 2006    14 June 2006

Q206 27 July 2006    2 August 2006   4 August 2006   13 Sep 2006

Q306 26 October 2006  1 Nov 2006      3 Nov 2006     13 Dec 2006

[*] London record date.  For shares held in Euroclear, the
record date is set as the date prior to the ex-dividend date.

On each declaration date Royal Dutch Shell will declare its
dividend per share in euro and announce the equivalent amounts
in pounds sterling and U.S. dollars.

The exchange rate used to determine the pounds sterling and U.S.
dollar amounts will be determined on the business day prior to
the declaration date.

Currency Election

Dividends declared on `A' shares will be paid in euro, although
holders of `A' shares will be able to elect to receive pounds
sterling.  Dividends declared on `B' shares will be paid in
pounds sterling, although holders of `B' shares will be able to
elect to receive euro.  The deadline for making a currency
election is the business day prior to the declaration date.
Holders of American Depositary Receipts (ADRs) will receive
payment in U.S. dollars.

                        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


===========
N O R W A Y
===========


PETROLEUM GEO-SERVICES: Acquires Tanker for FPSO Conversion
-----------------------------------------------------------
Petroleum Geo-Services A.S.A. said that its wholly owned
subsidiary PGS Production has entered into an agreement to
purchase the shuttle tanker MT "Rita Knutsen" from Knutsen OAS
Shipping for US$35 million.

PGS Production has developed plans for a conversion of the ship
to a Floating Production, Storage and Offloading Unit (FPSO).
The vessel is considered as a possible FPSO solution for several
upcoming projects, and a conversion will be started when a firm
contract for the ship is secured in the market.  "Rita Knutsen"
is a double hull vessel of 124.472 dwt, built by the Daewoo
shipyard in Korea in 1986.

Pending a suitable contract, the ship will be operated by
Knutsen OAS Shipping on a bareboat agreement, which ensures PGS
a satisfactory return of capital on the purchase price.

PGS' Chairman of the Board Jens Ulltveit-Moe is a major
shareholder of Knutsen OAS Shipping.  In accordance with good
governance, the Chairman has not in any way been involved in the
Board decision-making relating to this transaction.

President of PGS Production Espen Klitzing said: "This is an
important move in our announced international expansion
strategy.  In today's FPSO market it is crucial to have secured
tanker capacity for conversion prior to bidding on potential
projects.  PGS Production has in the last months scanned the
market for suitable tankers and has found "Rita Knutsen" as the
best candidate.  We are currently evaluating various
opportunities and will be bidding on projects in the near
future."

Petroleum Geo-Services (OSE and NYSE: PGS) is a technologically
focused oilfield service company principally involved in
geophysical and floating production services.  PGS provides a
broad range of seismic and reservoir services, including
acquisition, processing, interpretation, and field evaluation.
PGS owns and operates four floating production, storage and
offloading units (FPSOs).  PGS operates on a worldwide basis
with headquarters at Lysaker, Norway.  For more information on
Petroleum Geo-Services visit http://www.pgs.com

CONTACT:  PETROLEUM GEO-SERVICES ASA
          Ola Bosterud
          Phone: +47 67 52 64 00
          Mobile:  +47 90 95 47 43

          Christopher Mollerlokken
          Phone: +47 67 52 64 00
          Mobile: +47 90 27 63 55

          U.S. Investor Services
          Renee Sixkiller
          Phone: +1 281 509 8548


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


KIROVSKIY MEAT: Kaluga Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Kaluga region commenced bankruptcy
proceedings against Kirovskiy Meat Combine after finding the
open joint stock company insolvent.  The case is docketed as
A23-224/05B-17-7.  Mr. V. Yunin has been appointed insolvency
manager.  Creditors have until January 25, 2006 to submit their
proofs of claim to 248009, Russia, Kaluga, Mayakovskogo Str. 17.

CONTACT:  KIROVSKIY MEAT COMBINE
          Russia, Kaluga region, Kirov region

          V. YUNIN
          Insolvency Manager
          248009, Russia, Kaluga region,
          Mayakovskogo Str. 17


KRASNOBORSKOYE: Proofs of Claim Deadline Nears
----------------------------------------------
The Arbitration Court of Arkhangelsk region commenced bankruptcy
proceedings against Krasnoborskoye after finding the repair
company insolvent.  The case is docketed as A05-2343/05-6.  Mr.
A. Shpakovskiy has been appointed insolvency manager.  Creditors
have until January 26, 2006 to submit their proofs of claim to
165300, Russia, Arkhangelsk region, Kotlas, Ordzhonikidze Str.
30, Office 25.

CONTACT:  KRASNOBORSKOYE
          Russia, Arkhangelsk region, Krasnoborski region,
          Frolovskaya, Pridorozhnaya Str. 11

          A. SHPAKOVSKIY
          Insolvency Manager
          165300, Russia, Arkhangelsk region,
          Kotlas, Ordzhonikidze Str. 30, Office 25


MACHINE TOOL: Bankruptcy Hearing Set Thursday
---------------------------------------------
The Arbitration Court of Kareliya republic has commenced
bankruptcy supervision procedure on open joint stock company
Machine Tool Factory.  The case is docketed as 26-4193/2005-18.
Ms. E. Idelchik has been appointed temporary insolvency manager.
A hearing will take place on January 18, 2006, 3:30 p.m.

CONTACT:  MACHINE TOOL FACTORY
          185034, Russia, Kareliya republic, Petrozavodsk,
          Yuzhnaya Promzone, Post User Box 120

          E. IDELCHIK
          Temporary Insolvency Manager
          185035, Russia, Kareliya republic,
          Petrozavodsk, Gogolya Str. 54


METAL-WORKING: Last Day for Filing Claims January 26
----------------------------------------------------
The Arbitration Court of Kareliya republic commenced bankruptcy
proceedings against Metal-Working after finding the company
insolvent.  The case is docketed as A26-654/2005-18.  Ms. T.
Rogozina has been appointed insolvency manager.  Creditors have
until January 26, 2006 to submit their proofs of claim to
185001, Russia, Kareliya republic, Petrozavodsk, Post User Box
260.

CONTACT:  METAL-WORKING FACTORY
          186500, Russia, Kareliya republic,
          Belomorsk, Voronina Str. 4a

          T. ROGOZINA
          Insolvency Manager
          185001, Russia, Kareliya republic,
          Petrozavodsk, Post User Box 260


MOKOVSKIY BRICKWORKS: Kursk Court Brings in Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
supervision procedure on limited liability company Mokovskiy
Brickworks.  The case is docketed as A35-8875/05 "g".  Mr. S.
Bulgakov has been appointed temporary insolvency manager.

CONTACT:  MOKOVSKIY BRICKWORKS
          Russia, Kursk region

          S. BULGAKOV
          Temporary Insolvency Manager
          305023, Russia, Kursk region,
          Litovskaya Str. 12A


NORTH SEA: Sausage Factory Hires Insolvency Manager
---------------------------------------------------
The Arbitration Court of Murmansk region commenced bankruptcy
proceedings against North Sea after finding the sausage factory
insolvent.  The case is docketed as A42-1673/2005.  Mr. S.
Malanin has been appointed insolvency manager.  Creditors have
until January 26, 2006 to submit their proofs of claim to
620039, Russia, Ekaterinburg, Post User Box 57.

CONTACT:  NORTH SEA
          Russia, ZATO, Severomorsk

          S. MALANIN
          Insolvency Manager
          Russia, Petrozavodsk, Vodanskaya


ORSKOYE: Orenburg Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Orskoye after finding the freight forwarder
insolvent.  The case is docketed as A47-8368/2005-14GK.  Mr. Y.
Borzunov has been appointed insolvency manager.

CONTACT:  ORSKOYE
          Russia, Orenburg region,
          Orsk, Pobeda

          Y. BORZUNOV
          Insolvency Manager
          462428, Russia, Orenburg region,
          Orsk, Molodeznhaya Str. 2-2a


PETROZAVODSKIY: Insolvency Manager Takes over Firm
--------------------------------------------------
The Arbitration Court of Kareliya republic commenced bankruptcy
proceeding against Petrozavodskiy after finding the company
insolvent.  The case is docketed as A26-7329/2005-18.  Ms. E.
Idelchik has been appointed insolvency manager.

CONTACT:  PETROZAVODSKIY
          185005, Russia, Kareliya republic,
          Petrozavodsk, Rigachina Str. 64

          E. IDELCHIK
          Insolvency Manager
          185035, Russia, Kareliya republic,
          Petrozavodsk, Gogolya Str. 54


SEL-KHOZ-TEKH-PROM: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy supervision procedure on open joint stock
company Sel-Khoz-Tekh-Prom.  The case is docketed as #A20-
7800/05.  Ms. L. Boginskaya has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 360000, Russia, Nalchik, Baysultanova Str. 2, Post User Box
180.

CONTACT:  SEL-KHOZ-TEKH-PROM
          Russia, Kabardino Balkariya republic,
          Nalchik, 7th Promproezd

          L. BOGINSKAYA
          Temporary Insolvency Manager
          360000, Russia, Nalchik,
          Baysultanova Str. 2, Post User Box 180


TELMINSKAYA: Sewing Factory Goes Bankrupt
-----------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Telminskaya (TIN 3840000160) after finding
the sewing factory insolvent.  The case is docketed as A19-
22055/05-49.  Mr. A. Sazhin has been appointed insolvency
manager.

CONTACT:  TELMINSKAYA
          Russia, Irkutsk region,
          Usolskiy region, Telma

          A. SAZHIN
          Insolvency Manager
          664047, Russia, Irkutsk region,
          Post User Box 165


YUKOS OIL: To Use Sibneft Dividend to pay Tax Liability
-------------------------------------------------------
Yukos Oil Company said it has been paid the dividend due it from
OAO "Sibneft" in the amount of RUB12,003,168,969.30 or
US$417,067,778.88.

Yukos will place the entire amount of the dividend funds into
the accounts of Yukos Oil Company and will use 100% of those
funds to continue paying its alleged tax liability to the
Russian authorities.

While Yukos still maintains that the tax liability is illegal
and is pursuing all its legal options, the remaining tax
liability, after applying the latest payment, will be
approximately US$6.3 billion of the initial US$27.5 billion.

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It 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.  It
reported a loss of RUB417.5 billion in 2005.

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\


YUKOS OIL: Court Reverses Ruling; Orders Return of RUB1.5B Award
----------------------------------------------------------------
The Moscow Arbitration has upheld the RUB3 billion counter claim
filed by Trust Bank against Yukos Oil, which is seeking
compensation for its lost bills of exchange.

The case, which lasted six months, was closed late December, but
the copy of the decision was released only on Wednesday,
Kommersant says.  Yukos had sought and won RUB1.5 billion
compensation for allegations the bank, which it formerly
controls, had illegally written off bills of exchange it
transferred for keeping.  Since the court upheld Trust's counter
claim, and Yukos already received RUB1.5 billion, the oil and
gas company now only owes the bank the remaining RUB1.5 billion.

Yukos controlled Trust Bank until late 2004 via MFO Menatep,
then holder of the majority interest in Trust.

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It 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.  It
reported a loss of RUB417.5 billion in 2005.

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\


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


CJSC PRIVATBANK: Fitch Affirms B Rating; Outlook Stable
-------------------------------------------------------
Fitch Ratings has changed the Outlooks on the Long-term ratings
of three Ukrainian banks -- JSC The State Export-Import Bank of
Ukraine (Ukrexim), CJSC ProCredit Bank (ProCredit Ukraine), and
CJSC Privatbank (Privat) -- to Stable from Positive.

This follows the recent revision in Outlook on Ukraine's foreign
and local currency Issuer Default Ratings of 'BB-' to Stable
from Positive.

CJSC Privatbank (Privat): Long-term rating 'B', Short-term 'B',
Support '4' and Individual 'D'.

The revision in Outlook to Stable for Privat's Long-term rating
reflects the reduced likelihood of an improvement in the
government's ability to support the bank, following the change
in the Outlook on the sovereign ratings.  Fitch comments that
Privat's Long-term, Short-term and Support ratings reflect the
agency's view of the strong propensity of the Ukrainian
authorities to provide support for the bank in case of need,
based on Privat's size and importance to the banking sector: it
is the country's largest bank, with shares of approximately 11%
in sector assets and 13% in retail deposits at end-H105.

However, Fitch again notes that the ratings also factor in the
probable limited ability of the authorities to provide support
if required, as reflected in the 'BB-' sovereign ratings.

CONTACT:  CSJC PRIVATBANK
          Web site: http://www.privatbank.com.ua

          FITCH RATINGS
          James Watson
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901
          Lindsey Liddell, London
          Phone: +44 207 417 3495

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


PROCREDIT BANK: Outlook Changed to Stable; BB- Rating Affirmed
--------------------------------------------------------------
Fitch Ratings has changed the Outlooks on the Long-term ratings
of three Ukrainian banks -- JSC The State Export-Import Bank of
Ukraine (Ukrexim), CJSC ProCredit Bank (ProCredit Ukraine), and
CJSC Privatbank (Privat) -- to Stable from Positive.

This follows the recent revision in Outlook on Ukraine's foreign
and local currency Issuer Default Ratings of 'BB-' to Stable
from Positive.

CJSC ProCredit Bank (ProCredit Ukraine): Long-term foreign
currency 'BB-', Long-term local currency 'BB', Short-term
foreign and local currency 'B', Support '3' and Individual 'D'.

The change in Outlook to Stable for ProCredit Ukraine's foreign
and local currency Long-term ratings reflects the change in
Outlook on the sovereign ratings. At present, the Country
Ceiling limits the extent to which support from the bank's
shareholders, in particular from ProCredit Holding AG (rated
'BBB-', based on support from its own shareholders) can be
factored into ProCredit Ukraine's Long-term ratings.

CONTACT:  PROCREDIT BANK
          86 Bozhenka Str.
          Kyiv 03150
          Ukraine
          Phone: 044 490 60 80
          Fax: 044 490 60 81
          E-mail: info@procreditbank.com.ua
          Web site: http://www.procreditbank.com.ua

          FITCH RATINGS
          James Watson
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901
          Lindsey Liddell, London
          Phone: +44 207 417 3495

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


UKREXIMBANK: Fitch Revises Outlook to Stable
--------------------------------------------
Fitch Ratings has changed the Outlooks on the Long-term ratings
of three Ukrainian banks -- JSC The State Export-Import Bank of
Ukraine (Ukrexim), CJSC ProCredit Bank (ProCredit Ukraine), and
CJSC Privatbank (Privat) -- to Stable from Positive.

This follows the recent revision in Outlook on Ukraine's foreign
and local currency Issuer Default Ratings of 'BB-' to Stable
from Positive.

JSC The State Export-Import Bank of Ukraine (Ukrexim): Long-term
'BB-', Short-term 'B', Support '3' and Individual 'D/E'.

The change in Outlook to Stable on Ukrexim's Long-term rating
reflects the reduced likelihood of an improvement in the
government's ability to support the bank, as reflected in the
change in the Outlook on the sovereign ratings.  Ukrexim's Long
term, Short-term and Support ratings reflect Fitch's view of the
very strong propensity of the Ukrainian authorities to provide
support for the bank in case of need, although the ability to
provide that support is less certain, as reflected in Ukraine's
Long-term 'BB-' ratings.

Ukrexim is 100%-owned by the state (represented by the Cabinet
of Ministers of Ukraine), and non-binding letters of support
from the government have been provided in the offering circulars
of the bank's international debt issues.

CONTACT:  UKREXIMBANK
          127 Gorkogo Street
          Kyiv-150
          03150 Ukraine
          E-mail: bank@eximb.com
          Web site: http://www.eximb.com/en

          FITCH RATINGS
          James Watson
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901
          Lindsey Liddell, London
          Phone: +44 207 417 3495

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


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


ACTIVELAND (FAR EAST): Administrators from S F Plant Move in
------------------------------------------------------------
Company Names: ACTIVELAND (FAR EAST) LIMITED
               (Company No 03541797)

               ACTIVELAND LIMITED
               (Company No 03527732)

Simon Franklin Plant and Daniel Plant (IP Nos 9155, 9207) of S F
Plant & Co were appointed administrators of these companies on
Dec. 22.  The firms sell clothing and footwear.

CONTACT:  ACTIVELAND LTD.
          N17 Studios, 784-788 High Road,
          Tottenham, London N17 0DA
          Phone: 020 8808 4602

          S. F. PLANT & CO.
          Lutomer House Business Centre
          100 Prestons Road
          London E14 9SB
          Phone: 0207 538 2222
          Fax: 0207 538 3322


ACTIVE LIFE: Beauty Center Hires Administrator
----------------------------------------------
Philip Michael Lyon and Alistair Steven Wood (IP Nos 002108,
007929) of Mazars were appointed joint administrators of Active
Life Toning And Beauty Centres Limited (Company No 04815308) on
Dec. 23.

CONTACT:  ACTIVE LIFE TONING & BEAUTY CENTRES
          Oak Tree House, Atherstone Road,
          Swadlincote, Derbyshire DE12 7EL
          Phone: 01530515355

          MAZARS LLP
          Cartwright House,
          Tottle Road,
          Nottingham NG2 1RT
          Web site: http://www.mazars.co.uk


ADJUSTBETTER LIMITED: Clothing Retailer Appoints Administrator
--------------------------------------------------------------
Neville Barry Kahn, Nicholas James Dargan and Lee Antony Manning
(IP Nos 008690, 008024, 006477) of Deloitte and Touche LLP were
appointed administrators of Adjustbetter Limited (Company No
02705296) on Jan. 3.  Its registered office is at 3rd Floor, 125
Kensington High Street, London W8 5SU.

Adjustbetter Limited sells clothing.  Its trading name is
Kookai.  It has 500 workers with a turnover of EUR50 million.

CONTACT:  ADJUSTBETTER LIMITED
          123d, Kensington High Street
          London W8 5SF
          United Kingdom
          Phone: +44 (20) 79 37 44 11
          Fax: +44 (207) 937 11 98

          DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


CARA FRIZZINI: Hires S F Plant & Co. to Liquidate Business
----------------------------------------------------------
Simon Franklin Plant and Daniel Plant (IP Nos 9155, 9207) of S F
Plant & Co. were appointed administrators of Cara Frizzini
Limited (Company No 04269167) on Dec. 22.  Cara Frizzini sells
footwear.

CONTACT:  CARA FRIZZINI LIMITED
          Unit 8 N17 Studios
          784-792 High Road
          London N17 0DA
          Phone: 020 8885 1456
          Fax: 020 8801 1780
          E-mail: sales@carafrizzini.com
          Web site: http://www.carafrizzini.com/

          S. F. PLANT & CO.
          Lutomer House Business Centre
          100 Prestons Road
          London E14 9SB
          Phone: 0207 538 2222
          Fax: 0207 538 3322


CURETON LIMITED: Names Administrators from Cooper Parry
-------------------------------------------------------
Tyrone Shaun Courtman (IP No 7237) and Rashpal Singh Sandhu (IP
No 8151) of Cooper Parry LLP were appointed joint administrators
of Cureton Limited (Company No 4833046) on Dec. 22.

Cureton Limited -- http://curetonltd.co.uk/-- is engaged in
plumbing, heating, PVCu closures & windows, insulation,
drylining & plaster works.  It also supplies building materials.

CONTACT:  CURETON LIMITED
          16 Station Road
          Hinckley, Leicestershire LE10 1AW
          Phone: 01455 637777
          Fax: 01455 630810

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

          COOPER PARRY LLP
          The Crescent
          King Street
          Leicester
          Leicestershire LE1 6RX
          Phone: 0116 285 4424


EASYNET GROUP: BSkyB Receives 96% Valid Acceptances for Offer
-------------------------------------------------------------
Following the announcement on 6 January 2006 that the Offer had
been declared unconditional in all respects, Sky Broadband
Services Limited (Offeror), a unit of British Sky Broadcasting
Group plc, has disclosed that, as at 3:00 p.m. (London time) on
11 January 2006, it has acquired or received valid acceptances
under the Offer in respect of a total of 115,582,867 Easynet
Group plc Shares.  The shares represent approximately 96% of the
existing issued share capital of Easynet.

As valid acceptances of the Offer have been received in respect
of more than nine-tenths in value of Easynet Shares to which the
Offer relates, the Offeror has sent to non-assenting Easynet
Shareholders notices implementing the procedure set out in
sections 428 to 430F of the Companies Act 1985 to acquire
compulsorily those Easynet Shares which have not been assented
to the Offer.

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

Application will be made to the U.K.L.A. for the cancellation of
the listing of the Easynet Shares on the Official List and to
the London Stock Exchange for the cancellation of the admission
to trading of the Easynet Shares on the London Stock Exchange's
market for listed securities, in each case to take effect on 9
February 2006, which is 20 business days following the date of
this announcement.

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

                            *   *   *

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.

BSkyB CEO James Murdoch 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."

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


ESCAPE LEISURE: Names Atherton Bailey Administrator
---------------------------------------------------
Malcolm Peter Fillmore and Ms. Ranjit Bajjon (IP Nos 6525, 8756)
of Atherton Bally LLP were appointed joint administrators of
Escape Leisure Limited (Company No 4084679) on Dec. 29.

CONTACT:  ATHERTON BAILEY LLP
          3-4 The Courtyard
          East Park, Crawley
          West Sussex RH10 6AG
          Phone: 01293 410333
          Fax: 01293 428530
          E-mail: m.fillmore@athertonbailey.com


FAIR ORGANICS: Calls in Tenon Recovery Administrator
----------------------------------------------------
Duncan Beat (IP No 8161) of Tenon Recovery was appointed
administrator of Fair Organics Limited (Company No 05151171) on
Dec. 30.  The company sells fruit vegetables.

Fair Organics Limited offers wide range of home delivery service
of fully organic products including fruit and vegetables, wine,
beer and dairy products, baby food and many other lines at
reasonable prices.

CONTACT:  FAIR ORGANICS LTD.
          The Dairy
          High Laver Hall
          High Laver
          Ongar, Essex CM5 0DU
          United Kingdom
          Phone: +44 01277 890188
          Fax: +44 01277 890111
          Web site: http://www.fairorganics.co.uk/

          TENON RECOVERY
          Salisbury House
          31 Finsbury Circus
          London EC2M 5SQ
          Phone: 020 7628 2040
          Fax: 020 7638 0217
          Web site: http://www.tenongroup.com


JAMES WATT: Files for Administration
------------------------------------
Robert Michael Young and Ian Michael Rose (IP Nos 7875, 9144) of
Begbies Traynor were appointed joint administrators of James
Watt Limited (Company No 03696581) on Dec. 23.  The company is
engaged in maintaining and repairing motor vehicles.

CONTACT:  THE P&A PARTNERSHIP
          The Old Barn, Caverswall Park, Caverswall Lane
          Stoke on Trent ST3 6HP
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


LASER 2: Direct Mailing Firm Falls into Bankruptcy
--------------------------------------------------
David Leighton Cockshott and Paul Andrew Whitwam (IP Nos 8974,
8346) of BWC Business Solutions were appointed joint
administrators of direct mailing firm Laser 2 Mail Limited
(Company No 04864523) on Dec. 29.

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


LESLIE GROUP: Administrators form Tenon Recovery Move in
--------------------------------------------------------
Martin A. Shaw and Charles M. Brook (IP Nos 6334, 9157) of Tenon
Recovery were appointed joint administrators of Leslie Group
Limited (Company No 01585707) on Dec. 22.

The Leslie Group -- http://www.leslie.co.uk/-- is a hot forging
company, producing components from a wide range of non-ferrous
metals, including high tensile brasses, high conductivity
copper, and aluminum alloys and the more usual forging brasses.

CONTACT:  LESLIE GROUP
          198-202 Waterloo RD
          Yardley, Birmingham B25 8LD
          England, United Kingdom
          Phone: 0044 121 708 1123
          E-mail: sales@leslie.co.uk

          TENON RECOVERY
          100 Wakefield Road
          Lepton, Huddersfield
          West Yorkshire HD8 0DL
          Phone: 01484 607444
          Fax: 01484 608776
          E-mails: martin.shaw@tenongroup.com
                   charles.brook@tenongroup.com


PHILEAS FOGG: Names Leonard Curtis Liquidator
---------------------------------------------
A. Whelan, director of Phileas Fogg Travel Limited, informs that
a resolution to wind up the company was passed at an EGM held on
Nov. 28 at Leonard Curtis & Co, One Great Cumberland Place,
Marble Arch, London W1H 7LW.  N. A. Bennett of Leonard Curtis &
Co, One Great Cumberland Place, Marble Arch, London W1H 7LW was
appointed liquidator.

CONTACT:  PHILEAS FOGG TRAVEL LIMITED
          Web site: http://www.phileasfoggtravel.co.uk/


PILLANS & WADDIES: Fate Known in Days
-------------------------------------
Ormolu is reviewing funding options to secure the future of its
Edinburg-based print subsidiary Pillans & Waddies, according to
The Herald.  Bob Hodgson, chairman and chief executive of
Ormolu, expects to make an announcement within days.

Pillans was formed in 2003 from a merger of Pillans & Wilson,
and Waddies, companies whose histories have been marked with
financial difficulties.  In April 2005, Pillans & Waddies tapped
the Pension Protection Fund to solve its pension deficit without
going into insolvency.

Ormolu also has London and Scottish operations.  The group
posted trading deficits of more than GBP10 million in 2002 and
2003 due to tough competition particularly from Eastern Europe.
Pillans & Waddies, formerly Trafford Press Commercial, already
shut down its Manchester operation in May 2004.

At its recent annual report, it emerged that Ormolu continues to
rely on its banker, Bank of Scotland, for support despite the
return to profit of its Scottish operation.  Ormolu ended 2004
with an GBP18.4 million overdraft repayable on demand.

Mr. Hodgson said directors are in negotiations with the bank
regarding ongoing funding position.  The bank promised to
support the company in the short-term provided its trading
performance remains satisfactory, and meets requirements of
funding facility.

CONTACT:  PILLANS & WADDIES
          Ormolu House
          Dewar Square
          Deans Industrial Estate
          Livingston
          EH54 8SA
          Phone: 01506 419393
          Fax: 01506 412704
          Web site: http://www.pillanswaddies.com/


R.A. FITTERS: Goes into Liquidation
-----------------------------------
Roger Andrews, chairman of R.A. Fitters Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 28 at The Castle Hotel, Castle Green, Taunton, Somerset TA1
1NF.  Gordon Johnston of hjs Recovery, 12-14 Carlton Place,
Southampton, Hampshire SO15 2EA was appointed liquidator.

CONTACT:  RA FITTERS LTD.
          22 Monmouth Street
          Bridgwater
          TA6 5EJ
          Somerset
          Phone: 01278 431950
          Fax: 01278 431979


SCOTTISH POWER: Names New Chief Executive
-----------------------------------------
The Board of Scottish Power plc has revealed that Philip Bowman
will succeed Ian Russell as Group Chief Executive with effect
from 16 January 2006.

Scottish Power Chairman Charles Miller Smith said: "I am
delighted to be able to welcome Philip to Scottish Power.  He
has extensive experience at the helm of major public companies
and a consistent track record of building value for
shareholders.  He will bring a fresh perspective to Scottish
Power and we look forward to working with him.  I would like to
thank Ian for his significant contributions over the last 11
years, first as Group Finance Director and then as Group Chief
Executive.  The Group is in robust health, the sale of
PacifiCorp is proceeding on schedule, and the Group is on track
to deliver strong results for the full year."

                            *   *   *

In November, Scottish Power ended takeover talks with Germany's
E.ON AG.  According to the Financial Times, independent advice
from Morgan Stanley and UBS said the offer did not reflect fair
value for the asset.  Besides, shareholders won't get any money
until 2007 anyway.

Scottish Power was subject of takeover speculations in the U.K.
after the sale in August of its U.S. arm PacifiCorp to American
billionaire Warren Buffet for a net loss of GBP442 million.  The
US$9.4 billion (GBP5.1 billion) disposal took about two-thirds
off its value.  Utility giants E.ON and Centrica were
immediately linked to possible takeover.  But analysts then
think an acquisition by a U.K. player could meet face tough
problems with regulator Ofgem, which is intent on maintaining
tight competition on the power supply sector.

Centrica, which is the owner of British gas and Scottish Gas,
captures 57% of the gas market share in the U.K.  German E.ON's
Powergen has nearly half of that, which is just a little bigger
than Scottish Power's.

The sale of PacifiCorp could take between 12 and 18 months to
complete, giving the prospective buyers enough time to plot an
acquisition strategy.

CONTACT:  SCOTTISH POWER PLC
          1 Atlantic Quay
          Glasgow
          G2 8SP, United Kingdom
          Phone: +44-141-248-8200
          Fax: +44-141-248-8300
          Web site: http://www.scottishpower.plc.uk

          Jennifer Lawton, Head of Investor Relations
          Phone: 0141 636 4527

          David Ross, Investor Relations Manager
          Phone: 0141 566 4853

          Colin McSeveny, Group Media Relations Manager
          Phone: 0141 636 4515


SKYEPHARMA PLC: Postpones R&D Day Meetings
------------------------------------------
SkyePharma plc disclosed Thursday that, because of the ongoing
Strategic Review, the Company has concluded that its R&D Day
meetings, scheduled to be held on Wednesday 25 January 2006 in
London and on Thursday 26 January in New York, cannot go ahead
as planned.  These meetings are therefore postponed until
further notice.

                            *   *   *

On 17 November 2005 the Board of SkyePharma announced that
following an unsolicited approach from a third party the Board
had decided to review all of its strategic options, including,
inter alia, offers for the Company as a whole.

On 8 December SkyePharma also announced that the Company had
received a number of expressions of interest, both with respect
to individual assets owned by the Company as well as potential
cash offers for the Company as a whole.  In the light of such
interest, the Board decided to allow a number of parties access
to a data room to commence due diligence on the Company.

The Board of SkyePharma continues to seek potential offers for
the Company as a whole, but it is not clear at this stage that
an offer for the Company, whether in cash or otherwise, which is
capable of recommendation, will be forthcoming.  In addition, a
number of parties remain interested in potentially acquiring
individual assets owned by the Company.

                        About the Company

SkyePharma plc, headquartered in London, develops pharmaceutical
products benefiting from world leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations.  In May, it reported net loss of GBP24.3 million
for 2004, a decrease of 44% compared with GBP43.2 million in
2003.

In September, the Board of SkyePharma proposed to raise
approximately GBP35 million (net of expenses) by means of a 1
for 5 Rights Issue of 125,627,357 New Ordinary Shares at 30
pence per share to Qualifying Shareholders.

CONTACT:  SKYEPHARMA PLC
          105 Piccadilly
          London
          United Kingdom
          W1J 7NJ
          Phone: +44 20 7491 1777
          Fax: +44 20 7491 3338
          Web site: http://www.skyepharma.com


SOUTH CAVE: Files for Liquidation
---------------------------------
K. Fellowes, chairman of South Cave News Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 28 at Carrick Read Insolvency, Norwich House, Savile
Street, Hull HU1 3ES.  Peter O'Hara of O'Hara & Co, Wesley
House, Huddersfield was appointed liquidator.

CONTACT:  SOUTH CAVE NEWS LTD.
          81 Market Place, South Cave, Brough
          North Humberside HU15 2AS
          Phone: 01430424190


TEMPLE WINDOWS: Appoints Liquidator from Begbies Traynor
--------------------------------------------------------
Temple Windows & Doors Ltd. informs that a resolution to wind up
the company was passed at an EGM held on Nov. 24 at The Old
Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG.
Lloyd Biscoe of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG was appointed
liquidator.

CONTACT:  TEMPLE WINDOWS & DOORS LTD.
          Dagenham
          Essex RM10 8TX
          Phone: 0800 5878868


VIP OFFICES: Calls in Liquidator
--------------------------------
V. Tennant, chairman of VIP Offices Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 29 at Greetwell Place, 2 Limekiln Way, Greetwell Road,
Lincoln LN2 4US.  Charles Howard Ranby-Gorwood was appointed
liquidator.

CONTACT:  VIP OFFICES LTD.
          116 Bloomfield Road, Tipton
          West Midlands DY4 9ES
          Phone: 01215579853


WEARDALE RAILWAYS: Calls Meeting to Tackle CVA Proposals
--------------------------------------------------------
The joint administrators of Weardale Railways Limited, Ian Green
and Steve Ellis of PricewaterhouseCoopers have revealed that
they are circulating notice to the company's members and
creditors, calling a meeting on Friday, 27 January 2006 to
discuss and approve proposals for a Company Voluntary
Arrangement (CVA).

The proposals offer a dividend of 25 pence in the pound to the
unsecured creditors of the company.  Should the CVA proposals be
accepted by the creditors, the constitution of the board of the
company will alter and ECT Group CIC will, in due course, become
responsible for the operation of the railway.

The joint administrators would like to take this opportunity to
thank the creditors, employees and funders for their continued
support.

It has only been possible to propose the CVA as a result of the
direct support of these organizations:  County Durham
Development Company; ECT Group Limited; Government Office North
East; Northern Rock Foundation; Sherburn Stone Company; Weardale
Railway Trust; and Wear Valley District Council.

Ian Green said: "We and Dickinson Dees, the administrators'
legal advisers, have worked very hard to formulate a proposal
that provides the creditors with the opportunity to receive a
substantially higher dividend than any alternative solution
would have delivered.  In addition the proposed CVA will allow
the railway to continue to operate, benefiting the local
community."

                            *   *   *

Ian Green and Steve Ellis of PricewaterhouseCoopers were
appointed joint administrators of Weardale Railways Limited on 5
January 2005.

The joint administrators of Weardale Railways Limited held a
formal meeting of creditors on 14 March 2005 in accordance with
the Insolvency Act 1986 and the creditors who attended the
meeting unanimously voted for the administrators to continue to
explore the possibility of a company voluntary arrangement in
order to safeguard the future of the railway.

CONTACT:  WEARDALE RAILWAYS LIMITED
          Stanhope Station
          Stanhope
          Bishop Auckland
          Co. Durham DL13 2YS
          Phone: 01388 529566
          Fax: 01388 529286
          E-mail: info@weardale-railway.org.uk

          PRICEWATERHOUSECOOPERS
          Jenny Britton
          Business Recovery Services PR Manager
          Phone: 020 7212 2970
          Mobile: 07855 522485

          Katy Gallimore
          Phone: 0113 289 4675


                            *********


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-
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Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson, Liv
Arcipe, Julybien Atadero and Jay Malaga, Editors.

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

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